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Mutual Funds

Fund Facts
as at March 31, 2014

Fund Codes Class A
ISC CIG11115
DSC CIG11165
LSC CIG11465

Managed By:CI Investments Inc.
Advisors:Black Creek Investment Management Inc.
Assets Under Management*:$551.1 million
Portfolio Manager:Richard Jenkins
Asset Class:Global Balanced
Inception Date:January 2007
NAV:$13.92
Min. Initial Investment:$500
Subsequent Purchase(s):$50
Min. PAC Investment:$50
Management Expense Ratio:2.47%

Top Holdings
as at March 31, 2014

CI Signature Corporate Bond Cl I35.10%
Oracle Corp.3.39%
FTI Consulting3.18%
Wienerberger AG3.13%
Prosafe SE3.10%
HeidelbergCement AG3.07%
Grupo Televisa3.05%
Nabtesco Corp.3.04%
Gerresheimer Glas Ag Ord2.96%
Galp Energia SGPS2.96%
Total62.98%

Volatility Meter

VOLATILITY METER: 9
Low High

Based on 3-year standard deviation relative to other funds in its category, from Globe Investor.

Equity Style and Capitalization Overview

Blend Growth Value
Large
Mid
Small

(Class A)

Black Creek Global Balanced Fund (Class A units) *
Also available: Class A, F, & I

Objective

The fundamental investment objective of Black Creek Global Balanced Fund is to seek the growth of long term total return by investing primarily in a balanced portfolio of equities, convertible and fixed income securities issued by governments, supra-national agencies or corporations anywhere in the world.


Compound Returns and Quartile Rankings
as at March 31, 2014

This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and the fund's quartile ranking within the Globefund Peer Group. The returns listed below are percentages. Performance of the fund versus its official benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10Yr Since Inception*
Qrtl 1 2 1 1 1 1 {N/A} {N/A}
Return 5.14 0.58 5.14 26.2 13.33 14.07 {N/A} 6.08
Grp Avg 3.69 0.3 3.69 15.9 7.2 11.46 4.32 {N/A}
*January 31, 2007

Performance Data

This chart shows you the fundīs annual performance and how an investment would have changed over time.


Current Value of a $10,000 Investment

Compare With CI Peer
Initial Investment Amount
Time Frame Start
End

Asset Class as at March 31, 2014

Equity Sectors as at March 31, 2014

Geographic Composition as at March 31, 2014


Fund Advisor Profile

Black Creek Investment Management is an independent investment management firm led by industry veterans Bill Kanko and Richard Jenkins. Together, these award-winning managers have over 50 years of combined investment experience. The Black Creek team builds concentrated portfolios of companies that represent their unique insights and proprietary ideas.

Commentary

As at December 31, 2013

Global equity markets continued to rise in the fourth quarter. Investors increasingly took the view that the global economy was improving and that "risk" (in the form of equities) was becoming more attractive in a world of rising long-term interest rates. Most markets were being supported by accommodative monetary policies on the part of central banks. Developed markets outperformed emerging markets, with the U.S. and Japan leading the way.

One of the most positive developments for the global economy in the long term was the announcement of reforms to come in China. These reforms cover areas such as property rights, the move to market-based pricing for input factors, interest rate deregulation, the abolishment of the one-child policy, and tax reform, among others. If implemented, these reforms should help with the rebalancing of China's economy away from exports and toward domestic consumption, will better help to determine which companies are truly competitive, and will improve the capital allocation process in China.

While global equities in U.S. dollar terms were up over 23% last year, earnings per share growth was only about 6.4%. We have had multiple expansion for equities, and they are now selling for about 16 times trailing earnings, at the higher end of the historical range. We find that many companies with average growth prospects are now selling in excess of 20 times earnings. This would suggest that prospective returns for equities over the next five to 10 years could be in the mid-to-high single-digit percentage area. We should certainly not count on more double-digit percentage return years. Conditions seem ripe for a possible bubble in equities, driven mainly by the easy monetary policies of central banks. Our preference at this point is still equities over long bonds and cash, but we remain vigilant.

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.
* Formerly Castlerock Global Balanced Fund (Series A)


Funds mentioned at this website are available only to Canadian residents. 

© 2014 CI Financial Corp.