|Fund Codes||Class A||Corporate Class|
|Managed By:||CI Investments Inc.|
|Advisors:||Tetrem Capital Management Ltd.|
|Assets Under Management*:||$995.4 million|
|Portfolio Manager:||Daniel Bubis, Aaron Clarke and Alec MacIsaac|
|Asset Class:||Canadian Equity|
|Inception Date:||July 2003|
|Min. Initial Investment:||$500|
|Min. PAC Investment:||$50|
|Management Expense Ratio:||2.37%|
|Royal Bank of Canada||4.13%|
|Bank of Nova Scotia||2.92%|
|Canadian Natural Resources||2.44%|
|Power Corp of Canada||1.93%|
|Canadian National Railway||1.91%|
Based on 3-year standard deviation relative to other funds in its category, from Globe Investor.
(Class A)CI Canadian Investment Corporate Class (Class A shares)
This fund's objective is to achieve long-term capital growth by investing primarily in shares of major Canadian corporations. Any change to the investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.
This chart shows you the fundīs annual performance and how an investment would have changed over time.
As at March 31, 2014
After a strong 2013, we are pleased to report that our portfolios delivered positive results in the first quarter. At a high level, the Canadian equity portfolio benefitted from holdings in the energy sector.
In the Canadian equity portfolio, airline holdings acted as a drag due to investor concerns related to a weak Canadian dollar, which we see as an over-reaction. We were able to take advantage of the situation and increase our position in WestJet, where the outlook for the business franchise remains positive. In the dividend portfolio, the relatively new holding Suncor Energy lagged its peers, which we saw as an opportunity to further build out the position. Our conviction was confirmed by the company's announcement that it would raise its dividend by 15%.
During the quarter, we introduced Capital Power into our portfolios. It is rare for a utility company to fit our value framework, but in this case our analysis indicated the stock price did not take into account the positive changes that are occurring at the company.
As we predicted last quarter, Canadian energy stocks have started to move. The debottlenecking of Canadian heavy oil has begun, which should lead to higher realized pricing for producers. In anticipation, investor capital flowed into the sector, to the benefit of portfolio holding. Additionally, natural gas inventories have rapidly declined to below-average levels, a process that was amplified by an unusually cold winter. Out of interest, the forward pricing of natural gas indicates that higher pricing could endure longer than was expected at the beginning of the year, which in our opinion is not fully reflected in stock valuations.
Source: The Globe and Mail Inc.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. *Assets under management are as at the end of the most recent quarter ending March 31, June 30, September 30 or December 31.
|Funds mentioned at this website are available only to Canadian residents.||
© 2014 CI Financial Corp.