july 15, 2019 · sector allocation financials 18.5% information technology 13.7% real estate 12.4%...
TRANSCRIPT
| JULY 15, 2019
SECTOR ALLOCATIONFinancials 18.5%Information Technology 13.7%Real Estate 12.4%Consumer Staples 9.8%Energy 9.5%Consumer Discretionary 7.8%Industrials 7.3%Investment Funds 7.1%Communication Services 4.2%Utilities 4.2%Health Care 2.3%Materials 2.1%Convertible Bonds 1.1%
GEOGRAPHIC ALLOCATION
INDUSTRY ALLOCATIONS AS AT JULY 15, 2019
U.S.: 64.0%
Canada: 36.0%
9.9%9.5%
8.7%7.8%
7.1%4.6%
4.1%3.5%
2.9%2.8%
2.5%2.5%2.5%
2.4%2.3%2.3%2.3%2.3%2.3%
2.2%2.2%
2.1%2.1%2.1%2.1%2.1%
1.7%1.1%
Financials - Property & Casualty InsuranceEnergy - Oil & Gas Storage & Transportation
Information Technology - Data Processing & Outsourced ServicesConsumer Discretionary - Restaurants
Investment FundsReal Estate - Specialized REITs
Financials - Diversified BanksReal Estate - Retail REITs
Information Technology - Systems SoftwareConsumer Staples - Hypermarkets & Super CentersCommunication Services - Movies & Entertainment
Industrials - Environmental & Facilities ServicesIndustrials - Railroads
Consumer Staples - Personal ProductsConsumer Staples - Household Products
Consumer Staples - Packaged Foods & MeatsFinancials - Asset Management & Custody Banks
Health Care - Health Care EquipmentIndustrials - Aerospace & Defense
Financials - Financial Exchanges & DataReal Estate - Office REITs
Information Technology - Communications EquipmentMaterials - Gold
Real Estate - Industrial REITsUtilities - Electric Utilities
Utilities - Water UtilitiesCommunication Services - Integrated Telecommunication Services
Convertible Bonds
9.8% Consumer StaplesUS;COST Costco Wholesale CorpUS;EL Estée Lauder Cos IncUS;MDLZ Mondelēz International IncUS;PG Proctor & Gamble Co
9.5% EnergyCA;ENB Enbridge IncUS;KMI Kinder Morgan IncCA;PPL Pembina Pipeline CorpCA;TRP TC Energy Corp
7.8% Consumer DiscretionaryUS;MCD McDonald's CorpCA;QSR Restaurant Brands International IncUS;SBUX Starbucks Corp
7.3% IndustrialsCA;CP Canadian Pacific Railway LtdUS;TDG TransDigm Group IncCA;WCN Waste Connections Inc
HOLDINGS AS AT JULY 15, 2019
18.5% FinancialsUS;ALL Allstate CorpCA;BAM.A Brookfield Asset Management IncCA;IFC Intact Financial CorpUS;PGR Progressive CorpCA;RY Royal Bank of CanadaUS;SPGI S&P Global IncCA;TD Toronto-Dominion BankUS;TRV Traveler Cos Inc
13.7% Information TechnologyUS;CSCO Cisco Systems IncUS;FISV Fiserv IncUS;MA Mastercard IncUS;MSFT Microsoft CorpUS;V Visa Inc
12.4% Real EstateCA;AP.UN Allied Properties Real Estate Investment TrustUS;AMT American Tower CorpCA;CHP.UN Choice Properties Real Estate Investment TrustUS;CCI Crown Castle International CorpCA;GRT.UN Granite Real Estate Investment TrustCA;REI.UN RioCan Real Estate Investment Trust
7.1% Investment FundsUS;BMSK Barometer Music Royalty FundCA;BFIX Barometer Tactical Fixed Income Pool
4.2% Communication ServicesCA;BCE BCE IncUS;DIS Walt Disney Co
4.2% UtilitiesUS;AWK American Water Works Company IncCA;FTS Fortis Inc
2.3% Health CareUS;BSX Boston Scientific Corp
2.1% MaterialsCA;FNV Franco-Nevada Corp
1.1% Convertible BondsBond Moxie Holdings LLC 8% CV 02MAY21
0.0% Cash and Cash Equivalents0.0% Index Hedge as at July 15, 2019
ASSET ALLOCATION
GEOGRAPHIC ALLOCATION
INDUSTRY ALLOCATIONS AS AT JULY 15, 201930.1%
22.7%
14.6%
12.3%
9.9%
9.0%
8.5%
7.7%
6.7%
6.0%
3.9%
3.8%
2.1%
-1.5%
-2.6%
-2.6%
-2.7%
-3.4%
-4.3%
-6.0%
-14.2%
Information Technology
Consumer Discretionary
Financials
Industrials
Emerging Markets - Equities
U.S. Large Cap
Energy
U.S. Mid Cap
Precious Metals
China
U.S. Small Cap
Health Care
Materials
Volatility
Fixed Income - High Yield
Utilities
Fixed Income - U.S. Corporate
Real Estate
Fixed Income - Preferred
Currency - U.S. Dollar
Fixed Income - U.S. Government
N. American Equities: 98.1%Commodities: 17.3%Emerging Markets: 15.9%Volatility: (1.5%)Currencies: (6.0%)Fixed Income: (23.8%)
U.S.: 82.4%
Asia: 8.7%
South America: 4.2%
Europe: 3.0%
Canada: 1.7%
12.3% IndustrialsUS;FXR First Trust Industrials/Producer Durables AlphaDEX FundUS;PHO Invesco Water Resources ETFUS;ITA iShares US Aerospace & Defense ETFUS;IYJ iShares US Industrials ETF
9.9% Emerging Markets - EquitiesUS;INDY iShares India 50 ETFUS;ILF iShares Latin America 40 ETFUS;EWZ iShares MSCI Brazil Index ETFUS;ERUS iShares MSCI Russia ETF
9.0% U.S. Large CapUS;PKW Invesco Buyback Achievers ETFUS;QQQ Invesco QQQ Trust Series 1US;DIA SPDR Dow Jones Industrial Average ETF Trust
8.5% EnergyUS;AMLP Alerian MLP ETFUS;TAN Invesco Solar ETFUS;XOP SPDR S&P Oil & Gas Exploration & Production ETFUS;BNO United States Brent Oil Fund
7.7% U.S. Mid CapUS;FPX First Trust US Equity Opportunities ETFUS;XMMO Invesco S&P MidCap Momentum ETF
6.7% Precious MetalsUS;GDX VanEck Vectors Gold Miners ETFUS;GDXJ VanEck Vectors Junior Gold Miners ETF
30.1% Information TechnologyUS;ARKG ARK Genomic Revolution Multi-Sector ETFUS;ARKW ARK Web x.0 ETFCA;CYBR Evolve Cyber Security Index FundUS;SKYY First Trust Cloud Computing ETFUS;FXL First Trust Technology AlphaDEX FundUS;IGM iShares Expanded Tech Sector ETFUS;IGV iShares North American Tech-Software ETFUS;SOXX iShares PHLX Semiconductor ETFUS;XSD SPDR S&P Semiconductor ETFUS;XLK Technology Select Sector SPDR Fund
22.7% Consumer DiscretionaryUS;IPAY ETFMG Prime Mobile Payments ETFUS;FDN First Trust Dow Jones Internet Index ETFUS;PBS Invesco Dynamic Media ETFUS;IYC iShares US Consumer Services ETFUS;ITB iShares US Home Construction ETFUS;XHB SPDR S&P Homebuilders ETFUS;VCR Vanguard Consumer Discretionary Index Fund ETF
14.6% FinancialsUS;IAI iShares U.S. Broker-Dealers ETFUS;IYG iShares U.S. Financial Services FundUS;KBE SPDR S&P Bank ETFUS;KIE SPDR S&P Insurance ETF
6.0% ChinaUS;CHIQ Global X MSCI China Consumer Discretionary ETFUS;ASHR Xtrackers Harvest CSI 300 China A-Shares ETF
3.9% U.S. Small CapUS;IWY iShares Russell Top 200 Growth ETF
3.8% Health CareUS;IHI iShares US Medical Devices ETF
2.1% MaterialsUS;PICK iShares MSCI Global Metals & Mining Producers ETF
-1.5% Volatility-2.6% Fixed Income - High Yield-2.6% Utilities-2.7% Fixed Income - U.S. Corporate-3.4% Real Estate-4.3% Fixed Income - Preferred-6.0% Currencies - U.S. Dollar-14.2% Fixed Income - U.S. Government
0.0% Cash and Cash Equivalents0.0% Index Hedge as at July 15, 2019
HOLDINGS AS AT JULY 15, 2019
SECTOR ALLOCATIONInformation Technology 27.5%Industrials 16.1%Financials 11.9%Communication Services 11.3%Materials 9.9%Health Care 5.8%Consumer Discretionary 4.8%Real Estate 4.7%Consumer Staples 4.4%Utilities 3.2%Convertible Bonds 0.4%
GEOGRAPHIC ALLOCATION
INDUSTRY ALLOCATIONS AS AT JULY 15, 2019
7.6%5.5%
5.4%5.3%
5.2%3.4%
3.3%3.2%
3.1%2.9%
2.8%2.8%2.8%
2.7%2.6%2.6%2.6%
2.5%2.5%2.5%2.5%
2.4%2.4%
2.3%2.3%2.3%2.3%
2.2%2.2%2.2%
2.1%2.1%
1.0%0.4%
Materials - GoldInformation Technology - Data Processing & Outsourced Services
Industrials - Research & Consulting ServicesInformation Technology - Internet Services & Infrastructure
Communication Services - Cable & SatelliteInformation Technology - Application Software
Health Care - PharmaceuticalsUtilities - Gas Utilities
Information Technology - IT Consulting & Other ServicesIndustrials - Environmental & Facilities Services
Communication Services - PublishingFinancials - Specialized Finance
Information Technology - Communications EquipmentIndustrials - Airlines
Consumer Discretionary - Hotels, Resorts & Cruise LinesIndustrials - Aerospace & Defense
Information Technology - Systems SoftwareFinancials - Asset Management & Custody Banks
Health Care - Life Sciences Tools & ServicesIndustrials - Industrial Conglomerates
Real Estate - Specialized REITsInformation Technology - Electronic Equipment & Instrumentation
Information Technology - SemiconductorsCommunication Services - Interactive Media & Services
Consumer Staples - Packaged Foods & MeatsFinancials - Property & Casualty Insurance
Materials - Specialty ChemicalsConsumer Discretionary - Internet & Direct Marketing Retail
Financials - Thrifts & Mortgage FinanceReal Estate - Industrial REITs
Consumer Staples - Food RetailFinancials - Reinsurance
Communication Services - BroadcastingConvertible Bonds
7.6%
U.S.: 58.0%
Canada: 42.0%
27.5% Information TechnologyUS;ADP Automatic Data Processing IncCA;GIB.A CGI IncUS;KEYS Keysight Technologies IncCA;LSPD Lightspeed POS IncUS;MRVL Marvell Technology Group LtdUS;MSI Motorola Solutions IncUS;OKTA Okta IncUS;PYPL PayPal Holdings IncUS;NOW ServiceNow IncCA;SHOP Shopify Inc
16.1% IndustrialsCA;AC Air CanadaCA;CAE CAE IncUS;ROP Roper Technologies IncCA;TRI Thomson Reuters CorpUS;VRSK Verisk Analytics IncCA;WCN Waste Connections Inc
11.9% FinancialsUS;ACGL Arch Capital Group LtdCA;CIX CI Financial CorpCA;EFN Element Fleet Management Corp
US;FNMA Federal National Mortgage Association - Preferred
US;RNR RenaissanceRe Holdings Ltd
11.3% Communication ServicesUS;ATUS Altice USA IncCA;CCA Cogeco Communications IncCA;CJR.B Corus Enterainment IncUS;NYT New York Times CoUS;SNAP Snap Inc
9.9% MaterialsCA;AEM Agnico Eagle Mines LtdCA;ABX Barrick Gold CorpUS;ECL Ecolab IncCA;KL Kirkland Lake Gold LtdCA;OR Osisko Gold Royalties Inc
5.8% Health CareUS;IQV IQVIA Holdings IncUS;ZTS Zoetis Inc
4.8% Consumer DiscretionaryUS;AMZN Amazon.com IncUS;HLT Hilton Worldwide Holdings Inc
4.7% Real EstateUS;CCI Crown Castle International CorpCA;SMU.UN Summit Industrial Income REIT
4.4% Consumer StaplesCA;ATD.B Alimentation Couche-Tard IncUS;MDLZ Mondelēz International Inc
3.2% UtilitiesCA;ACI AltaGas Canada Inc
0.4% Convertible Bonds
0.0% Cash and Cash Equivalents0.0% Index Hedge as at July 15, 2019
HOLDINGS AS AT JULY 15, 2019
SECTOR ALLOCATIONGovernment Bonds 10.5%Information Technology 10.5%Communication Services 10.2%Financials 8.5%Corporate Bonds 8.2%Convertible Bonds 8.1%Energy 8.1%Materials 7.4%Real Estate 6.7%Industrials 6.3%Utilities 5.7%Consumer Staples 4.3%Consumer Discretionary 2.6%Health Care 2.4%Cash 0.5%
GEOGRAPHIC ALLOCATIONASSET ALLOCATION
10.5%8.2%
8.1%5.3%
5.1%4.6%
4.3%3.9%
3.8%3.6%3.6%
3.2%3.0%3.0%
2.9%2.8%2.8%
2.6%2.5%
2.4%2.4%2.4%
2.3%2.1%2.1%
2.0%0.5%
Government BondsCorporate Bonds
Convertible BondsMaterials - Gold
Energy - Oil & Gas Storage & TransportationCommunication Services - Integrated Telecommunication Services
Consumer Staples - Food RetailInformation Technology - Data Processing & Outsourced Services
Industrials - Environmental & Facilities ServicesInformation Technology - IT Consulting & Other Services
Utilities - Water UtilitiesCommunication Services - Publishing
Energy - Oil & Gas Exploration & ProductionInformation Technology - Systems Software
Financials - Asset Management & Custody BanksFinancials - Diversified Banks
Financials - Financial Exchanges & DataConsumer Discretionary - Hotels, Resorts & Cruise Lines
Industrials - Industrial ConglomeratesCommunication Services - Movies & Entertainment
Health Care - Health Care EquipmentReal Estate - Retail REITs
Real Estate - Residential REITsMaterials - Specialty Chemicals
Utilities - Electric UtilitiesReal Estate - Office REITs
Cash
Canada: 51.4%
U.S.: 48.6%
Equities: 70.4%Government Bond: 10.5%Corporate Bond: 8.2%Convertible Bond: 8.1%Preferred Stock: 2.3%Cash: 0.5%
INDUSTRY ALLOCATIONS AS AT JULY 15, 2019
10.5% Government BondsBond Canadian Government 2% 01SEP23Bond U.S. Government 2.5% 31JAN24
10.5% Information TechnologyCA;GIB.A CGI IncUS;MSFT Microsoft CorpUS;V Visa Inc
10.2% Convertible BondsBond Cargojet Inc 4.65% CV 31DEC21Bond Fiera Capital Corp 5% CV 30JUN23Bond Moxie Holdings LLC 8% CV 02MAY21
10.2% Communication ServicesCA;BCE BCE IncUS;NYT New York Times CoUS;DIS Walt Disney Co
8.5% FinancialsCA;CIX CI Financial CorpCA;RY Royal Bank of CanadaUS;SPGI S&P Global Inc
8.2% Corporate BondsBond Enbridge Inc 5.375% 27SEP77Bond Fairfax Financial Ltd 4.85% 17APR28 USDBond Parkland Fuel Corp 6% 21NOV22
8.1% EnergyCA;ENB_PFI Enbridge Inc – PreferredUS;HES Hess CorpCA;PPL Pembina Pipeline Corp
7.4% MaterialsCA;ABX Barrick Gold CorpUS;ECL Ecolab IncCA;FNV Franco-Nevada Corp
6.7% Real EstateCA;AP.UN Allied Properties Real Estate Investment TrustCA;IIP.UN InterRent Real Estate Investment TrustCA;REI.UN RioCan Real Estate Investment Trust
6.3% IndustrialsUS;HON Honeywell International IncCA;WCN Waste Connections Inc
5.7% UtilitiesUS;AWK American Water Works Company IncCA;EMA Emera Inc
4.3% Consumer StaplesCA;ATD.B Alimentation Couche-Tard IncCA;L Loblaw Companies Ltd
2.6% Consumer DiscretionaryUS;AMZN Amazon.com IncUS;HLT Hilton Worldwide Holdings Inc
2.4% Health CareUS;BSX Boston Scientific Corp
0.5% Cash and Cash Equivalents0.0% Index Hedge as at July 15, 2019
HOLDINGS AS AT JULY 15, 2019
SECTOR ALLOCATION
Information Technology 23.2%Financials 15.4%Industrials 13.8%Health Care 11.3%Communication Services 10.9%Real Estate 10.1%Materials 9.6%Consumer Staples 4.8%Convertible Bonds 0.9%
GEOGRAPHIC ALLOCATION
INDUSTRY ALLOCATIONS AS AT JULY 15, 2019
9.8%9.6%
6.2%5.4%
4.7%4.3%
3.7%3.6%
3.1%3.0%2.9%2.8%2.8%2.7%2.6%2.6%2.6%2.6%2.5%2.4%2.4%2.4%2.4%2.4%
2.3%2.3%2.3%2.2%
2.0%1.6%
0.9%0.5%
0.3%-1.5%-2.4%
Health Care - PharmaceuticalsMaterials - Gold
Communication Services - Cable & SatelliteIndustrials - Research & Consulting ServicesInformation Technology - Systems Software
Financials - Asset Management & Custody BanksInformation Technology - IT Consulting & Other Services
Financials - Specialized FinanceCommunication Services - Publishing
Information Technology - Communications EquipmentIndustrials - Air Freight & Logistics
Financials - Property & Casualty InsuranceReal Estate - Real Estate Services
Health Care - Life Sciences Tools & ServicesIndustrials - Industrial Conglomerates
Information Technology - Electronic Equipment & InstrumentationInformation Technology - Semiconductors
Real Estate - Industrial REITsConsumer Staples - Packaged Foods & Meats
Consumer Discretionary - RestaurantsFinancials - Reinsurance
Industrials - Human Resource & Employment ServicesInformation Technology - Internet Services & Infrastructure
Real Estate - Specialized REITsConsumer Staples - Food Retail
Financials - Thrifts & Mortgage FinanceReal Estate - Retail REITs
Information Technology - Internet Software & ServicesInformation Technology - Application Software
Communication Services - BroadcastingConvertible Bonds
Industrials - Aerospace & DefenseHealth Care - Health Care Equipment
Health Care - Health Care FacilitiesConsumer Discretionary - General Merchandise Stores
Canada: 55.4%
U.S.: 44.6%
23.2% Information TechnologyCA;GIB.A CGI IncUS;KEYS Keysight Technologies IncCA;LSPD Lightspeed POS IncUS;MRVL Marvell Technology Group LtdUS;MSI Motorola Solutions IncUS;OKTA Okta IncUS;NOW ServiceNow Inc
15.4% FinancialsUS;ACGL Arch Capital Group LtdCA;CIX CI Financial CorpCA;EFN Element Fleet Management Corp
US;FNMA Federal National Mortgage Association - Preferred
CA;FBCI.PP First Block Capital IncUS;RNR RenaissanceRe Holdings Ltd
13.8% IndustrialsCA;CAE CAE IncCA;CJT Cargojet IncUS;CCC Clarivate Analytics PLCCA;MSI Morneau Shepell IncUS;ROP Roper Technologies IncUS;VRSK Verisk Analytics Inc
11.3% Health Care CA;FAF.R Fire & Flower Holdings CorpCA;HDRX.PP HydRx Farms LtdUS;IQV IQVIA Holdings IncCA;MSC Molecular Science CorpCA;MXY MXY Holdings LLCUS;ZTS Zoetis Inc
10.9% Communication ServicesUS;ATUS Altice USA IncCA;CCA Cogeco Communications IncCA;CJR.B Corus Enterainment IncUS;NYT New York Times Co
10.1% Real EstateCA;CHP.UN Choice Properties Real Estate
Investment TrustUS;CCI Crown Castle International CorpCA;FSV FirstService CorpCA;SMU.UN Summit Industrial Income REIT
9.6% MaterialsCA;AEM Agnico Eagle Mines LtdCA;DGC Detour Gold CorpCA;KL Kirkland Lake Gold LtdCA;OR Osisko Gold Royalties Inc
4.8% Consumer StaplesCA;ATD.B Alimentation Couche-Tard IncUS;MDLZ Mondelēz International Inc
0.9% Convertible Bonds
0.0% Cash and Cash Equivalents0.0% Index Hedge as at July 15, 2019
HOLDINGS AS AT JULY 15, 2019
ALLOCATION
Government Bonds 100%
GEOGRAPHIC ALLOCATION
Canada: 72.3%
U.S.: 27.7%
100%
1.1%
Government Bonds
Cash
INDUSTRY ALLOCATIONS AS AT JULY 15, 2019
100% Government BondsBond Canada Government 0.75% 01SEP21Bond Canada Government 2.0% 01NOV20Bond Canada Government 2.0% 01SEP23Bond Canada Government 2.0% 01JUN28Bond Canada Government 5.0% 01JUN37Bond U.S. Treasury Note 2.75% 30NOV20Bond U.S. Treasury Note 2.875% 30NOV23Bond U.S. Treasury Note 3.125% 15NOV28
0.0% Cash Balance
HOLDINGS AS AT JULY 15, 2019