performance universe of pension managers’ pooled funds...jun 30, 2016 · performance universe of...

Knowledge & Insights

Performance universe of pension managers’ pooled fundsAs at June 30, 2016

Performance universe of pension managers’ pooled funds as at June 30, 2016 | August 2016 Morneau Shepell 2

The managers who contribute to the Universe manage assets totaling approximately $470 billion, including pension funds assets of some $230 billion. Rates of return are calculated before deduction of management fees and in Canadian dollars.

You may wish to complete your review of rates of return by consulting our risk analysis. It illustrates the manager’s risk and style.

This brochure presents excerpts from our Performance Universe – produced quarterly. Complete and Express versions of the Performance Universe are available by subscription. If you would like more information or to subscribe to one or more Universes, please contact us at 514.878.9090, local 8304.

Jeannette Moussally, AnalystJean Bergeron, PartnerAsset & Risk Management


Fund name Manager style Quarter Year to dateAnnualized rate of return

1 year 3 years 5 years% R % R % R % R % R

AGF Pooled Canadian Balanced GARP 1.93 32 5.85 3 -2.65 41 5.19 42 1.79 42AGF Pooled High Income GARP 3.72 3 10.09 1 -1.29 38 4.57 43 1.28 43Beutel Goodman Value 1.93 31 2.04 26 2.18 27 9.09 31 8.33 15Burgundy Balanced Foundation Value 2.94 11 3.06 13 5.09 5 10.63 11 10.50 5Burgundy Balanced Pension Value 2.95 9 4.19 9 4.79 7 10.07 17 9.72 7Burgundy Partners’ Balanced RSP Value 3.08 8 4.26 8 3.36 16 9.63 24 9.99 6CC&L Balanced Plus Fund II1 Core 2.55 21 2.51 22 1.91 29 9.78 21 8.27 20CC&L Genesis Fund1 Core 2.57 19 2.51 21 1.88 30 9.72 22 8.28 18CGOV Balanced Core 1.83 33 2.09 25 3.58 14 10.64 10 9.69 8CGOV Equity Fund Core 2.17 29 2.30 23 4.34 9 14.49 1 12.90 1CI Signature Canadian Balanced Core 2.47 24 0.35 39 -1.48 39 8.23 36 6.94 39CI Signature Income & Growth Fund Core 3.35 5 0.52 38 -2.70 42 8.02 38 7.44 34CIBC Pooled Balanced Fund Core 3.39 4 4.64 7 5.08 6 8.46 35 7.66 28Co-operators Value 1.80 35 2.80 18 4.18 12 10.19 16 7.59 31Duncan Ross Equity Fund Value -1.33 43 -4.18 43 -2.82 43 12.42 3 11.78 2Fidelity Strategic Balanced Trust Core 2.40 26 1.60 32 2.64 21 10.79 8 8.87 12Fidelity Tactical Asset Allocation Trust Other 2.56 20 1.97 27 1.37 33 9.48 26 7.88 26Fiera Capital Balanced Fund1 Core 2.91 15 2.68 20 3.77 13 9.90 19 8.31 17Fiera Sceptre Balanced - Core Fund1 Core 2.54 22 1.80 30 2.64 22 10.36 14 8.64 13

Foyston, Gordon & Payne Value 2.61 18 2.88 16 0.41 35 7.67 40 7.53 32Franklin Bissett Canadian Balanced Fund1 GARP 4.13 2 5.83 4 2.08 28 7.94 39 7.92 25Franklin Bissett Dividend Income Fund1 GARP 4.72 1 8.94 2 4.51 8 7.24 41 7.94 23Franklin Quotential Balanced Growth1 Growth 1.44 38 -1.40 42 -1.53 40 9.27 29 7.47 33Franklin Templeton Institutional Balanced Trust1 GARP 2.27 27 1.97 28 2.37 24 9.41 27 8.63 14

Gryphon Balanced Fund GARP -0.07 42 -1.09 40 -0.73 36 8.18 37 5.93 41

Diversified fundsAs at June 30, 2016

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI




Guardian Balanced Fund Growth 1.83 34 1.76 31 3.42 15 9.58 25 6.86 40Industrial Alliance Diversified Fund GARP 3.14 7 5.00 6 4.32 10 11.22 7 8.32 16Industrial Alliance Opportunity Fund Value 2.93 14 4.05 11 2.29 26 11.75 5 8.06 21Industrial Alliance Security Fund Value 2.94 12 4.12 10 5.63 3 9.65 23 7.36 35Invesco (Growth)1 Growth 0.46 41 0.92 34 2.84 19 10.29 15 8.28 19Invesco (Trimark Value)1 Value 0.88 40 3.20 12 2.51 23 9.80 20 9.00 11Jarislowsky Fraser1 GARP 1.77 37 0.69 37 4.21 11 10.45 13 9.59 9Leith Wheeler1 Value 2.79 16 3.06 14 1.45 32 8.62 33 8.06 22Manulife AM Monthly High Income1 Value 1.79 36 5.50 5 5.97 2 11.93 4 10.94 4Manulife Asset Management Diversified Fund1 Core 0.93 39 -1.29 41 -1.00 37 8.52 34 7.07 38Mawer Balanced Pooled Fund GARP 2.08 30 1.48 33 6.06 1 13.12 2 11.67 3MFS Balanced Fund1 Core 2.94 10 0.84 35 1.46 31 10.06 18 7.86 27MFS Balanced Growth Fund1 Growth 2.54 23 1.95 29 2.76 20 10.74 9 7.65 30MFS Balanced Value Fund1 Value 3.31 6 2.72 19 5.12 4 11.38 6 9.17 10PH&N Balanced Pension Trust GARP 2.93 13 2.85 17 3.00 17 10.58 12 7.93 24Scheer Rowlett Balanced Fund Value 2.44 25 3.01 15 2.93 18 9.06 32 7.21 36SEI Investments Value 2.24 28 0.72 36 1.25 34 9.34 28 7.66 29TD Emerald Balanced Fund1 Passive 2.75 17 2.19 24 2.35 25 9.14 30 7.19 37

Number of funds 43 43 43 43 43

Diversified fundsAs at June 30, 2016 (cont’d)



Diversified fundsAs at June 30, 2016 (cont’d)

Rank Quarter Year to date 1 year 3 years 5 years

% % % % %5th percentile 3.69 5.85 5.58 12.38 11.601st quartile 2.94 3.63 4.20 10.61 8.93Median 2.54 2.51 2.64 9.72 8.063rd quartile 1.88 1.54 1.41 8.84 7.5095th percentile 0.50 -1.27 -2.54 7.28 6.02

Benchmark2 3.52 3.82 3.42 9.37 7.60∆ Benchmark3 3.48 3.62 3.06 9.55 7.66

5 years3 years1 yearYearto date

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2 45% fixed income/55% equity3 40% fixed income/60% equity


Fund name Quarter Year to dateAnnualized rate of return


Addenda (Government Long Term Active Duration)1 5.05 15 7.69 15 9.63 8 8.95 8 7.65 10Addenda Bonds Corporate Core Pooled Fund1 2.43 68 3.99 60 4.50 57 5.43 50 5.81 19Addenda Core Bond Pooled Fund1 3.02 27 4.47 31 5.61 27 5.75 35 5.38 44Addenda Corporate Long Bond Pooled Fund1 5.32 13 8.44 8 8.28 12 8.34 10 8.73 3Addenda Universe Active Duration1 2.34 69 3.83 66 4.72 55 5.34 56 4.76 62AGF Pooled Fixed Income1 2.62 54 3.44 69 3.56 62 5.87 28 5.52 31Baker Gilmore Bond Fund1 2.82 39 3.58 67 3.87 61 5.19 58 4.96 61Beutel Goodman 2.84 35 4.25 44 4.85 54 4.18 65 3.99 65Beutel Goodman (Long Term) 5.72 5 8.54 6 9.03 10 7.71 11 7.34 11Beutel Goodman (Prov./Corp.) 3.05 25 4.62 26 4.99 47 4.39 64 4.44 64

Burgundy Bond Fund 2.73 47 4.18 47 5.76 24 5.58 42 5.10 57Burgundy Core Plus Bond Fund 2.83 37 4.80 21 4.30 59 4.85 63 5.25 50Burgundy Total Return Bond Fund 3.03 26 5.73 18 2.04 68 3.82 67 5.61 26Casgrain S.E.C. 3.16 23 8.30 11 1.40 69 -2.31 70 2.59 68CC&L Core Bond Fund1 2.72 49 4.55 28 6.11 15 6.15 22 5.54 29CC&L Long Bond Fund1 5.39 11 8.57 4 10.45 3 9.63 2 8.76 2CI Signature Canadian Bond Fund 2.83 38 4.28 41 5.83 21 6.16 21 5.75 20CI Signature Core Bond Fund 2.68 51 4.33 36 6.00 18 6.47 13 5.98 17CI Signature Corporate Bond Fund 4.05 17 4.17 48 2.17 66 6.22 20 6.86 13CIBC Pooled Canadian Bond Index Fund 2.67 52 4.13 51 5.33 34 5.69 38 5.26 48CIBC Pooled Canadian Bond Overlay Fund 2.97 29 4.34 35 5.58 28 6.30 17 5.64 24CIBC Pooled Fixed Income Fund 2.81 40 4.47 30 5.51 31 5.70 36 5.47 36Co-operators 3.23 22 4.77 22 6.01 17 5.87 30 5.45 37FIAM Canadian Long Bond Core Plus Trust 6.13 2 8.83 2 8.88 11 8.61 9 8.32 9Fidelity Bond Core Plus 3.14 24 4.74 23 4.90 51 5.56 44 5.58 27

Canadian bondsAs at June 30, 2016

1 Investment Manager Signatory of UN PRI




Fidelity Canadian Bond Trust 2.88 33 4.27 42 5.18 40 5.77 32 5.52 32Fidelity Canadian Long Bond Trust 6.00 3 8.43 9 9.20 9 9.03 7 8.48 7Fiera Capital Active Fixed Income Universe Fund1 2.73 48 4.26 43 5.43 33 5.55 45 5.42 41Fiera Capital Blended Active Fixed Income Fund1 2.59 58 3.94 63 4.98 49 5.43 51 5.02 59Fiera Capital Corporate Mid-Term Bond Fund1 2.71 50 4.72 24 5.54 29 6.27 19 6.32 15Fiera Capital Corporate Universe Bond Fund1 2.80 42 4.23 45 4.87 53 5.45 49 5.62 25Fiera Capital Ethical Active Fixed Income Universe1 2.44 66 3.86 64 5.07 45 5.36 54 5.25 51Fiera Capital High Yield Strategy1 5.14 14 7.18 16 -0.23 71 3.96 66 5.66 22Fiera Capital Tactical Fixed Income1 2.92 30 4.10 52 5.03 46 5.37 53 5.30 46Fiera Credit Fund1 2.43 67 4.00 59 4.20 60 5.12 62Fiera Integrated Fixed Income - Universe Fund1 2.79 43 3.95 61 4.89 52 5.76 33 5.44 39Foyston, Gordon & Payne 2.45 65 3.52 68 4.50 56 5.31 57 5.16 55Franklin Bissett Bond Fund1 3.70 18 4.64 25 4.34 58 5.69 37 5.45 38Guardian Canadian Bond Fund 2.45 64 4.04 56 5.30 35 5.59 40 5.22 52Guardian High Yield 5.50 8 4.07 54 -0.37 72 5.14 61 6.63 14Guardian Short Duration Bond fund 0.91 71 1.57 71 2.24 65Industrial Alliance Bond Fund 2.65 53 4.28 40 5.52 30 5.87 29 5.48 35Industrial Alliance Long Term Bond Fund 5.37 12 8.50 7 9.99 5 9.12 5 8.48 6Industrial Alliance Short Term Bond Fund 0.89 72 1.37 72 2.12 67 3.13 69 3.06 67Invesco (Trimark Core)1 2.86 34 4.14 49 5.44 32 5.35 55 5.00 60Jarislowsky Fraser1 2.49 63 4.09 53 4.95 50 5.39 52 5.53 30Leith Wheeler Core Active Bond Fund1 2.88 32 4.40 33 5.68 25 5.94 26 5.64 23Leith Wheeler1 2.75 44 4.32 38 5.67 26 5.92 27 5.51 33Manulife AM Index1 2.62 55 4.07 55 5.20 38 5.57 43 5.17 53

Manulife Asset Management Real Return Bond Fund1 3.66 19 5.82 17 5.25 37 6.30 16 4.44 63

Canadian bondsAs at June 30, 2016 (cont’d)




1 Investment Manager Signatory of UN PRI 2 Not eligible for Group RRSP money



Manulife Canadian Core Fixed Income1 2.84 36 4.03 57 4.99 48 5.62 39 5.26 49Manulife Canadian Core Plus Fixed Income1 3.29 20 4.33 37 2.98 63 5.14 60 5.56 28Manulife Canadian Long Duration Fixed Income1 5.44 9 8.30 10 10.10 4 9.52 3 9.03 1Mawer Canadian Bond Pooled Fund 2.62 56 4.36 34 5.90 19 5.76 34 5.41 42MFS Canadian Fixed Income Fund1 2.88 31 4.31 39 5.16 41 5.78 31 5.39 43MFS Canadian Long Term Fixed Income Fund1 5.63 7 8.60 3 9.65 7 9.25 4 8.54 5Montrusco Bolton Fixed Income Strategy1 2.59 59 4.14 50 5.27 36 5.54 46 5.15 56Optimum Relative Value Bonds 5.83 4 9.45 1 11.43 1Optimum Short Term Canadian Bonds1 1.06 70 1.93 70 2.78 64 3.41 68 3.24 66Optimum Universe Canadian Bonds1 2.56 60 4.44 32 6.13 14 6.37 14 5.43 40Optimum Universe Quantitative Canadian Bonds1 2.74 46 4.57 27 5.78 23 6.31 15 5.91 18PH&N Bond Fund 2.80 41 4.55 29 5.87 20 6.10 23 5.49 34PH&N Core Plus Bond Fund 3.24 21 5.14 19 6.30 13 6.55 12PH&N Enhanced Total Return Bond Fund 3.01 28 4.81 20 6.05 16 6.29 18 5.72 21PH&N High Yield Bond Fund 6.99 1 8.56 5 1.18 70 5.17 59 6.10 16PIMCO Canada Canadian Core Plus Bond Trust1 2.53 62 3.86 65 5.80 22 6.00 24 5.28 47PIMCO Canada Canadian Core Plus Long Bond Trust1 5.66 6 8.29 12 11.07 2 9.99 1 8.70 4RBC High Yield Bond Fund 4.36 16 8.24 13 5.08 44 5.97 25 6.88 12SEI Investments (Fixed Income) 2.75 45 4.19 46 5.16 42 5.54 47 5.34 45TD Emerald Canadian Bond (Long Term)1 5.40 10 8.07 14 9.75 6 9.03 6 8.32 8TD Emerald Canadian Bond (PFT)1,2 2.60 57 4.02 58 5.19 39 5.58 41 5.16 54TD Emerald Canadian Bond Index1 2.55 61 3.94 62 5.14 43 5.51 48 5.10 58Number of funds 72 72 72 70 68




% % % % %5th percentile 5.77 8.57 10.04 9.19 8.641st quartile 3.67 5.29 5.93 6.28 5.93Median 2.84 4.33 5.26 5.73 5.493rd quartile 2.62 4.07 4.82 5.37 5.2495th percentile 2.39 3.49 1.75 3.89 4.15


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∆ Benchmark




Addenda Active Duration1 2.34 38 3.83 35 4.72 33 5.34 34 4.76 37Addenda Bonds Universe Core Pooled Fund1 3.02 3 4.47 9 5.61 12 5.75 17 5.38 21AGF Pooled Fixed Income1 2.62 26 3.44 38 3.56 38 5.87 10 5.52 8Baker Gilmore Universe Bond Fund1 2.82 14 3.58 36 3.87 37 5.19 36 4.96 36Beutel Goodman 2.84 10 4.25 20 4.85 32 4.18 38 3.99 38Burgundy Core Plus Bond Fund 2.83 12 4.80 2 4.30 36 4.85 37 5.25 26CC&L Core Bond Fund1 2.72 22 4.55 6 6.11 2 6.15 6 5.54 6CI Signature Canadian Bond Fund 2.83 13 4.28 17 5.83 8 6.16 5 5.75 3CI Signature Core Bond Fund 2.68 23 4.33 13 6.00 5 6.47 1 5.98 1CIBC Pooled Canadian Bond Index Fund 2.67 24 4.13 24 5.33 17 5.69 20 5.26 24CIBC Pooled Fixed Income Fund 2.81 15 4.47 8 5.51 14 5.70 18 5.47 13Co-operators 3.23 2 4.77 3 6.01 4 5.87 12 5.45 14Fidelity Canadian Bond Trust 2.88 8 4.27 18 5.18 22 5.77 14 5.52 9Fiera Capital Active Fixed Income Universe Fund1 2.73 21 4.26 19 5.43 16 5.55 25 5.42 18Fiera Capital Blended Active Fixed Income Strategy1 2.59 30 3.94 33 4.98 29 5.43 29 5.02 34Fiera Capital Ethical Active Fixed Income Universe1 2.44 37 3.86 34 5.07 26 5.36 32 5.25 27Fiera Capital Tactical Fixed Income1 2.92 5 4.10 25 5.03 27 5.37 31 5.30 23Fiera Integrated Fixed Income - Universe Fund1 2.79 17 3.95 31 4.89 31 5.76 15 5.44 16Foyston, Gordon & Payne 2.45 36 3.52 37 4.50 34 5.31 35 5.16 31Franklin Bissett Bond Fund1 3.70 1 4.64 4 4.34 35 5.69 19 5.45 15Guardian Canadian Bond Fund 2.45 35 4.04 28 5.30 18 5.59 22 5.22 28

Industrial Alliance Bond Fund 2.65 25 4.28 16 5.52 13 5.87 11 5.48 12Invesco (Trimark Core)1 2.86 9 4.14 22 5.44 15 5.35 33 5.00 35Jarislowsky Fraser1 2.49 34 4.09 26 4.95 30 5.39 30 5.53 7Leith Wheeler Core Active Bond Fund1 2.88 7 4.40 11 5.68 10 5.94 8 5.64 5

Canadian bonds Universe mandateAs at June 30, 2016





Leith Wheeler1 2.75 18 4.32 14 5.67 11 5.92 9 5.51 10Manulife AM Canadian Bond Index1 2.62 27 4.07 27 5.20 20 5.57 24 5.17 29Manulife AM Canadian Core Fixed Income1 2.84 11 4.03 29 4.99 28 5.62 21 5.26 25Mawer Canadian Bond Pooled Fund 2.62 28 4.36 12 5.90 6 5.76 16 5.41 19MFS Canadian Fixed Income Fund1 2.88 6 4.31 15 5.16 23 5.78 13 5.39 20Montrusco Bolton Fixed Income Strategy1 2.59 31 4.14 23 5.27 19 5.54 26 5.15 32Optimum Universe Canadian Bonds1 2.56 32 4.44 10 6.13 1 6.37 2 5.43 17Optimum Universe Quantitative Canadian Bonds1 2.74 20 4.57 5 5.78 9 6.31 3 5.91 2PH&N Bond Fund 2.80 16 4.55 7 5.87 7 6.10 7 5.49 11PH&N Enhanced Total Return Bond Fund 3.01 4 4.81 1 6.05 3 6.29 4 5.72 4SEI Investments (Fixed Income) 2.75 19 4.19 21 5.16 24 5.54 27 5.34 22TD Emerald Canadian Bond (PFT)1,2 2.60 29 4.02 30 5.19 21 5.58 23 5.16 30TD Emerald Canadian Bond Index1 2.55 33 3.94 32 5.14 25 5.51 28 5.10 33Number of funds 38 38 38 38 38

Canadian bonds Universe mandateAs at June 30, 2016 (cont’d)

1 Investment Manager Signatory of UN PRI 2 Not eligible for Group RRSP money


Canadian bonds Universe mandateAs at June 30, 2016 (cont’d)


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to date 1 year 3 years 5 years

% % % % %5th percentile 3.05 4.77 6.06 6.32 5.781st quartile 2.84 4.43 5.67 5.87 5.50Median 2.74 4.26 5.24 5.69 5.403rd quartile 2.60 4.03 4.98 5.45 5.1895th percentile 2.45 3.57 4.24 5.14 4.93

∆ Benchmark




Addenda Canadian Equity Pooled Fund1 Value 1.56 53 6.08 42 4.22 9 10.97 14 6.01 29Beutel Goodman Value 1.91 51 6.27 40 2.29 25 10.22 24 8.46 9Burgundy Canadian Large Cap Fund Value 2.79 45 10.87 8 -1.38 45 6.20 56Burgundy Focus Canadian Equity Value 3.49 24 9.65 16 -4.27 57 5.32 60 6.28 23CC&L Canadian Equity Fund1 Core/GARP 4.76 12 8.35 25 -0.81 41 11.92 9 7.40 18CC&L Q Canadian Equity Core Fund1 Core 5.75 6 9.45 19 2.20 26 10.35 20 6.74 21CC&L Q Canadian Equity Growth Fund1 Growth 5.76 5 8.37 24 2.40 23 11.29 12 8.19 10CGOV Canadian Equity Fund GARP 2.92 42 9.64 17 -5.16 58 6.53 55 4.92 43CGOV Dividend Fund Core 2.37 49 7.66 30 -0.70 39 11.56 11 11.39 2CI Cambridge All Canadian Equity GARP 3.99 19 7.00 35 2.68 21 13.41 4CI Signature Canadian Equity Plus Core 3.17 35 1.71 61 -1.60 47 10.01 31 7.78 14CI Signature Dividend Core 3.54 23 3.09 59 1.14 30 9.17 36 8.46 8CIBC (Value) Value 3.01 39 8.31 26 2.91 17 7.74 46 4.94 42CIBC S&P/TSX Index Fund Passive Index 5.01 10 9.73 14 -0.24 34 8.20 44 4.19 49Co-operators Value 1.55 54 5.77 46 4.08 10 11.08 13 6.19 24Cote 100 Canadian Large Cap Core 1.16 58 3.91 53 6.25 6 15.53 1 13.61 1Fidelity Canadian Core Equity Trust Core 3.58 21 7.15 32 1.89 28 11.65 10 7.07 19Fidelity Canadian Focused Equity Trust Core 4.96 11 7.57 31 3.23 15 13.81 2 10.01 4Fidelity Canadian Systematic Equity Trust Core 3.30 31 7.03 34 2.82 19 12.41 7 7.72 15Fiera Capital Canadian Equity - Growth1 Growth 3.45 25 6.68 37 -1.58 46 10.79 17 5.63 33Fiera Capital Canadian Equity - Selexia1 Value 3.38 26 5.27 48 -6.28 60 5.69 58 5.44 37Fiera Capital Canadian Equity - Value1 Value 3.92 20 6.17 41 0.10 32 7.65 49 4.62 47Fiera Capital Canadian Equity Core1 Core 2.59 47 3.76 55 -2.71 51 9.03 38 5.09 40Fiera Capital Canadian Equity ESG - Selexia1 Value 3.57 22 5.82 44 -6.08 59 5.62 59 5.56 35

Fiera Capital Canadian Equity Value ESG1 Value 4.65 13 9.66 15 2.90 18 8.35 42 5.02 41

Canadian equityAs at June 30, 2016





Foyston, Gordon & Payne Value 3.15 36 9.03 23 -0.52 37 7.22 51 6.14 26Franklin Bissett Canadian Equity Fund1 Growth 4.01 18 10.58 9 4.02 11 10.12 27 8.73 7GE Canadian Equity Pooled Fund1 Core 7.02 3 11.83 5 2.32 24 8.91 39 4.82 44Gryphon GARP 1.17 57 5.79 45 -1.68 48 7.71 47 3.78 52Guardian Canadian Equity Fund Growth 2.25 50 7.03 33 3.11 16 10.19 26 6.92 20Guardian Equity Income GARP 5.03 9 12.84 3 3.77 12 7.17 52 7.56 16Guardian Growth Income GARP 2.38 48 9.10 22 2.13 27 6.87 54Heward Canadian Dividend Growth Fund Core 2.68 46 8.26 28 6.62 5 10.28 22 9.03 6Hexavest1 Core 9.01 2 16.97 2 12.32 2 10.90 15 5.54 36Hillsdale Canadian Core Equity Fund Core 5.97 4 9.12 21 3.42 14 12.40 8 7.84 12Industrial Alliance (Growth) Growth 3.21 33 5.96 43 -1.13 43 10.26 23 6.01 30Industrial Alliance Canadian Equity Value Value 3.30 30 3.49 57 -1.20 44 7.81 45 4,09 50Industrial Alliance Dividend Fund Large Cap Value 2.93 41 8.29 27 6.90 4 10.85 16 7.88 11Invesco (Growth)1 Growth -1.56 62 -2.47 62 0.70 31 12.43 6 9.31 5Invesco (Trimark Value)1 Value 4.54 14 2.75 60 -15.75 62 -0.72 62 1.89 56Jarislowsky Fraser1 GARP 1.23 56 6.46 38 5.43 7 10.06 29 7.81 13Leith Wheeler1 Value 4.35 17 11.26 6 -0.74 40 8.40 41 6.68 22Manulife AM Canadian Large Cap Growth1 Growth 1.84 52 3.49 56 -3.23 52 10.48 19 5.59 34Manulife AM Large Cap Value1 Value 0.64 60 6.44 39 -1.76 49 7.09 53 6.18 25

Manulife Capped Canadian Equity Fund1 Core 0.81 59 4.42 51 -3.35 54 9.07 37 4.68 46Mawer Canadian Equity Pooled Fund GARP 0.61 61 4.76 50 2.52 22 13.24 5 10.94 3MFS Canadian Equity Core Fund1 Core 3.25 32 4.32 52 -2.57 50 10.20 25 5.17 38MFS Canadian Equity Growth Fund1 Growth 3.18 34 3.40 58 -4.21 56 9.96 32 3.91 51MFS Canadian Equity Value Fund1 Value 3.37 28 5.17 49 -1.12 42 10.34 21 6.14 27

MFS Responsible Canadian Equity Fund1 Core 2.91 43 3.88 54 -3.37 55 9.55 33 5.10 39

Canadian equityAs at June 30, 2016 (cont’d)






Montrusco Bolton Can All Cap Equity Strategy1 Growth 1.52 55 12.07 4 -8.64 61 0.17 61 -2.25 57Montrusco Bolton Quantitative Canadian Equity1 Quantitative 28.06 1 33.75 1 24.63 1 8.80 40 5.79 32Optimum Canadian Equity1 Value 2.97 40 9.63 18 1.54 29 5.87 57 2.79 55PCJ Investment Counsel1 Growth 3.38 27 6.82 36 -3.28 53 7.66 48 3.70 54PH&N Canadian Equity Fund Growth 5.33 7 9.74 13 -0.32 35 10.12 28 6.13 28PH&N Canadian Equity Value Fund Value 3.09 38 9.30 20 3.68 13 10.06 30 7.41 17RBC QUBE Canadian Equity Fund Growth 4.39 16 8.07 29 -0.69 38 9.22 35RBC QUBE Low Volatility Canadian Equity Fund Core 2.83 44 9.94 11 10.46 3 13.79 3Scheer Rowlett Canadian Equity Fund Value 3.35 29 10.46 10 2.70 20 7.30 50 3.74 53SEI Investments Other 3.13 37 5.38 47 -0.46 36 9.54 34 4.77 45TD Emerald Cdn Equity Index Fund1 Passive Index 5.04 8 9.80 12 -0.20 33 8.25 43 4.21 48TD Emerald Enhanced Cdn Equity PFT1 Enhanced Index 4.45 15 11.00 7 5.07 8 10.65 18 5.99 31Number Of Fund 62 62 62 62 57





% % % % %5th percentile 5.95 12.06 6.89 13.40 10.201st quartile 4.38 9.65 3.06 10.84 7.72Median 3.28 7.36 0.40 9.99 6.013rd quartile 2.62 5.48 -1.59 7.72 4.9295th percentile 0.82 3.11 -6.03 5.62 3.52

S&P/TSX 5.07 9.84 -0.20 8.27 4.21∆ S&P/TSX cap. 5.07 9.84 -0.20 8.27 4.21


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Beutel Goodman Value 10.04 7 10.52 7 5.18 4 13.16 5 7.62 6CIBC Pooled Smaller Companies Fund Growth 11.20 5 14.69 5 4.22 5 12.16 6 4.70 10Cote 100 Premier Growth 4.73 12 2.67 11 12.70 2 22.73 1 20.71 1Fiera Capital Canadian Equity Small Cap Core1 Core 7.07 8 8.40 9 2.95 7 15.70 4 9.84 4Fiera Capital Small Cap Equity1 Growth 10.40 6 10.94 6 3.17 6 15.86 3 9.41 5Foyston, Gordon & Payne Canadian Small Cap Value 4.91 11 8.55 8 -3.88 10 6.28 10 6.36 8Franklin Bissett Small Cap Fund1 Growth 12.36 3 16.31 4 -3.10 9 5.47 11 7.31 7Guardian Small Mid Cap Equity GARP 5.90 9 8.37 10 -6.69 12 4.32 12 2.42 12Hillsdale Core 15.93 1 22.61 1 18.97 1 16.70 2 10.14 3Laurus Enterprise Small Cap Fund Core 5.20 10 1.55 12 -4.81 11 9.72 8 10.21 2Montrusco Bolton Can. Small Cap Equity Strategy1 Core 11.48 4 16.32 3 1.93 8 7.05 9 3.57 11PCJ Canadian Small Capitalization Fund1 Growth 12.44 2 18.00 2 5.86 3 11.64 7 5.84 9Number of funds 12 12 12 12 12

Small cap Canadian equityAs at June 30, 2016



Small cap Canadian equityAs at June 30, 2016 (cont’d)


% % % % %5th percentile 14.01 20.08 15.52 19.41 14.931st quartile 11.70 16.31 5.35 15.74 9.91Median 10.22 10.73 3.06 11.90 7.463rd quartile 5.73 8.40 -3.29 6.86 5.5695th percentile 4.83 2.17 -5.66 4.95 3.05 SS&P/TSX small cap. 17.93 27.98 9.78 7.73 -0.09

∆ BMO small cap. weighted 14.71 23.50 5.52 7.04 1.03


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25%

30%




Addenda U.S. Equity Pooled Fund1 GARP 0.19 29 -6.84 26 1.46 24 19.30 12 18.67 13Beutel Goodman Value 4.71 3 1.06 6 6.86 13 19.22 14 19.79 5Burgundy American Equity Value 2.18 18 -2.68 15 10.09 4 19.76 10 19.11 9Burgundy Smaller Companies Fund Value 2.19 17 -2.31 13 3.77 21 16.79 26 18.95 10Burgundy U.S. Small/Mid Cap Value 2.86 12 -2.01 11 4.23 18 16.15 28 17.77 18CC&L Q U.S. Equity Fund1 Core 2.16 19 -2.54 14 6.37 15 20.07 8 19.71 6Co-operators Value 0.18 30 -7.02 27 1.28 25 18.76 17 18.26 16Cote 100 US2 Core 3.56 7 2.08 5 13.34 3 23.73 1 22.62 1Duncan Ross Pooled Trust Value -1.67 32 -5.66 22 -3.96 31 13.70 31 15.14 25Fidelity U.S. Large Cap Core Trust Core 1.25 25 -6.63 24 0.13 27 19.20 15 17.28 21Fiera Capital U.S. Equity ESG1 Core 1.41 23 -1.67 10 9.41 6 23.09 2 21.24 3Fiera Capital U.S. Equity Fund1 Core 1.39 24 -1.63 9 8.65 9 22.82 3 20.83 4Foyston, Gordon & Payne Value 3.19 9 -2.69 16 -0.43 28 13.91 30 14.73 27Franklin Flex Cap Growth Fund (O)1 Growth 1.13 26 -11.36 32 -4.16 32 17.40 24 14.49 28Franklin U.S. Rising Dividends Fund1 Value 4.24 5 2.51 4 10.05 5 17.94 21 17.67 19Hexavest1 Core 6.39 1 5.37 1 19.57 2 21.43 4 18.93 11Hillsdale U.S. Equity Core 5.05 2 -2.19 12 3.94 20 20.80 6 21.68 2Industrial Alliance U.S. Equity Core 1.66 21 -6.24 23 4.36 17 19.20 16 17.93 17Jarislowsky Fraser1 GARP 2.09 20 -3.58 19 8.39 10 20.14 7 19.32 8Manulife AM U.S. Large Cap Core Pooled Fund1 Core 2.79 14 -7.85 31 4.23 19 18.47 20 18.47 15

Mawer U.S. Equity GARP 2.87 11 -1.14 8 9.36 8 20.02 9 19.68 7MFS U.S. Equity Core Fund1 Core 3.21 8 -4.59 20 5.16 16 18.48 19Montrusco Bolton U.S. Equity Strategy1 Growth 1.55 22 -5.64 21 6.39 14 17.62 23 16.65 24PH&N U.S. Equity Fund GARP 0.88 27 -7.05 28 -1.42 29 14.04 29 14.89 26

RBC QUBE U.S. Equity Fund Core -0.46 31 -7.47 29 3.22 22 18.56 18

U.S. equityAs at June 30, 2016

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI2 Not eligible for Group RRSP money




RBC QUBE U.S. Low Volatility Equity Fund Core 3.79 6 3.94 2 20.41 1 21.15 5SEI U.S. Large Company Core 0.32 28 -7.48 30 1.16 26 17.20 25 17.59 20Sprucegrove Value 4.25 4 0.14 7 9.38 7 16.54 27 16.68 23TD Emerald HDG Syn U.S. Equity PFT1,2,3 Index 2.46 16 3.39 3 3.19 23 11.22 32 11.67 29TD Emerald U.S. Market Index1 Index 2.77 15 -3.12 18 7.80 12 19.26 13 18.54 14TD Emerald U.S. Pooled Fund1 Core 2.84 13 -2.94 17 8.14 11 19.61 11 18.92 12UBS (Canada) American Equity Fund1 Core 3.06 10 -6.82 25 -2.78 30 17.65 22 17.14 22Number of Fund 32 32 32 32 29

U.S. equityAs at June 30, 2016 (cont’d)

1 Investment Manager Signatory of UN PRI2 Not eligible for Group RRSP money3 Hedged


U.S. equityAs at June 30, 2016 (cont’d)


Quarter-10%

-5%

0%

5%

10%

15%

20%

25%Rank Quarter Year


% % % % %5th percentile 4.86 3.64 16.15 22.94 21.511st quartile 3.20 -1.51 8.82 20.03 19.32Median 2.33 -2.81 4.76 18.98 18.473rd quartile 1.36 -6.68 1.41 17.35 17.1495th percentile -0.11 -7.65 -3.31 13.82 14.59∆ S&P 500 1.90 -3.09 7.55 19.57 18.84




Addenda Capital’s EAFE Equity Pooled1 GARP -1.49 16 -9.13 15 -2.07 8 10.53 13Beutel Goodman Value -2.02 22 -7.08 9 -7.12 23 5.93 30 4.65 29Burgundy EAFE Value 2.83 1 -0.47 1 12.55 1 18.07 2 16.44 1CC&L Q International Equity Fund1 Core 0.20 10 -8.80 13 -5.56 16 11.02 10 9.96 8CIBC Pooled EAFE Equity Growth 1.06 7 -8.12 12 1.79 5 12.17 8 11.21 7CIBC Pooled International Equity Index Fund Index -0.88 13 -10.44 21 -6.39 19 9.24 24 7.77 20Fidelity Concentrated International Small Cap1 Value -3.49 28 -9.17 16 2.02 4 15.84 3 12.37 5Fidelity International Growth Trust1 Growth -1.84 21 -10.98 23 -6.10 17 9.57 19 8.59 13Fidelity Select International Equity Trust1 Value -1.78 19 -11.44 24 -8.91 28 9.29 22 8.34 15Fidelity Select International Plus Trust1 Value -0.75 12 -8.97 14 -8.42 27 9.28 23 7.20 26Fiera Capital International Equity ESG1 Core 1.38 3 -5.28 5 1.51 6 13.02 7 12.64 3Foyston, Gordon & Payne Value 0.94 9 -6.20 7 -4.75 15 8.98 25 7.35 24Franklin Bissett International Equity1 Value -2.28 24 -13.20 29 -8.07 26 10.00 16 8.08 18Global Alpha International Small Cap Equity Fund1 Core 1.38 4 -5.13 4 9.03 2 21.97 1 15.84 2Gryphon Europac GARP -2.64 26 -12.75 28 -7.15 24 9.31 21 7.36 23Guardian International Equity Fund GARP -3.33 27 -13.21 30 -6.51 21 10.04 15 7.00 28Hexavest (Europac) Class B1,2 Core 1.18 5 -2.12 3 -4.33 12 7.61 28 8.12 17Hexavest (Europac)1 Core 1.00 8 -5.75 6 -0.19 7 10.97 11 9.54 9Industrial Alliance International Equity Core -2.27 23 -9.87 19 -3.51 11 11.56 9 8.45 14Invesco (Growth)1 Growth -2.48 25 -7.17 10 -2.28 9 13.66 5 11.59 6Jarislowsky Fraser1 GARP 1.14 6 -8.11 11 -4.69 14 9.67 18 9.53 10Mawer International Equity Fund GARP 1.66 2 -1.41 2 6.95 3 15.57 4 12.63 4MFS International Equity Fund II1 Core -1.62 17 -9.71 18 -6.77 22 9.78 17 8.88 12NS Partners International Equity Fund GARP -1.83 20 -12.32 26 -6.39 18 10.09 14 9.02 11

PH&N Overseas Equity Pension Trust Value -1.69 18 -9.21 17 -3.16 10 13.08 6 7.70 21

International equityAs at June 30, 2016

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI2 Hedged




SEI Investments (Active) Value -1.21 15 -9.91 20 -4.62 13 10.72 12 8.33 16Sprucegrove Value -0.06 11 -6.90 8 -7.25 25 7.50 29 7.15 27TD Emerald International Equity1 Passive Index -0.94 14 -10.54 22 -6.47 20 9.51 20 8.05 19Templeton International Equity Trust1 Value -3.87 29 -12.11 25 -10.80 29 8.51 27 7.28 25Templeton International Stock Trust1 Value -3.89 30 -12.44 27 -10.90 30 8.77 26 7.38 22Number of funds 30 30 30 30 29

International equityAs at June 30, 2016 (cont’d)



International equityAs at June 30, 2016 (cont’d)


Quarter-15%

-10%

-5%

0%

5%

10%

15%



% % % % %5th percentile 1.53 -1.73 8.10 17.06 14.561st quartile 0.99 -6.94 -2.12 12.02 9.96Median -1.35 -9.15 -5.16 10.02 8.343rd quartile -2.20 -10.87 -7.03 9.28 7.3895th percentile -3.70 -13.00 -9.95 7.55 7.06∆ E.A.F.E3 -1.06 -10.64 -6.55 9.39 7.90

3 E.A.F.E.: Europe, Australasia and Far East




Addenda Capital’s Global Equity Pooled1 Core 1.03 30 -5.52 28 4.30 21 14.37 22AGF Global Core Equity Pooled Fund1 Core 3.96 7 -1.75 13 4.72 19 15.56 13 14.44 11Beutel Goodman Value 1.12 29 -3.53 20 -1.16 32 11.31 35 11.74 24Burgundy Global Equity Fund Value 3.08 11 -1.15 11 11.56 4 19.21 3 18.21 2Burgundy Global Focused Opportunities Fund Value 3.85 9 0.04 9 7.45 10 16.94 10 16.72 4Burgundy Partners’ Global Value 2.52 15 0.34 8 6.87 12 15.06 17 15.08 8CC&L Q Global Equity Fund1 Core 1.17 28 -5.90 30 0.84 27 14.88 19 14.64 10CGOV Equity Fund Core 3.26 10 -0.27 10 3.76 22 14.19 25CI Signature Global Equity Fund Core 1.87 22 -6.85 34 -3.20 37 11.43 34 11.77 22Fidelity Select Global Core 0.50 34 -7.31 36 -1.66 34 15.12 15 13.51 14Fidelity Select Global Plus Trust Core 0.72 33 -6.63 33 -2.25 36 14.44 21 12.28 20Fiera Capital Global Equity Fund1 Core 2.22 19 -2.81 17 6.08 13 18.15 6 17.08 3Fiera Capital Global Small Cap Strategy1 Growth 1.02 31 -7.79 38 -7.27 41 11.02 39 7.92 31Franklin World Growth Corporate Class (O)1 Growth -1.64 41 -9.70 41 -2.22 35 13.76 28 10.83 28Global Alpha Global Small Cap1 Core 2.22 20 -2.80 16 2.88 23 17.26 8 15.45 7Gryphon (GIIC Global Fund) GARP -2.51 42 -10.99 42 -3.96 38 12.62 31 10.70 29

Guardian Fundamental Global Equity Fund Core 0.86 32 -2.14 14 8.89 7Guardian Global Dividend Growth Equity GARP 3.07 12 -3.52 19 6.02 14 14.78 20 11.77 21

Hexavest Global Equities All Countries Class B1,2 Core 3.86 8 6.69 2 5.32 16

Hexavest Global Equities All Countries1 Core 4.21 4 1.56 6 9.50 5 15.62 12 13.38 15Hexavest World Class B1,2 Core 4.24 3 7.06 1 7.08 11 11.12 38 10.66 30Hexavest1 Core 4.51 1 1.72 4 11.68 3 17.07 9 15.03 9Industrial Alliance Global Equity Core -0.59 38 -7.40 37 0.32 29 15.13 14 12.81 17Invesco (Trimark Value)1 Value 4.43 2 1.61 5 9.23 6 17.42 7 16.30 6Invesco Global Small Cap1 Core -1.62 40 -7.28 35 -4.40 39 13.49 29

Global equityAs at June 30, 2016

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI2 Hedged




Jarislowsky Fraser1 GARP 2.35 17 -3.98 22 2.65 24 15.09 16 14.37 12Manulife AM Global Equity Pooled Fund1 Core 2.57 14 -4.09 23 8.20 8 11.19 37Mawer Global Equity Core 1.49 27 -2.84 18 7.93 9 18.22 5 16.61 5Mawer Global Small Cap Core -0.04 36 -5.90 29 4.60 20 22.40 1 20.86 1MFS Blended Research Global Eq. Extension Fund1 Core -3.60 45 -12.93 45 -7.32 42 13.00 30 11.76 23MFS Global Equity Growth Fund1 Growth 1.80 23 -1.35 12 5.61 15 16.46 11 12.95 16MFS Global Research Fund1 Core 2.94 13 -5.11 26 0.65 28 14.35 23 12.51 18MFS Low Volatility Global Equity Fund1 Core 4.17 6 1.45 7 13.14 2Montrusco Bolton Global Equity Strategy1 Growth 2.03 21 -6.46 31 -1.07 31 13.91 27 14.03 13Optimum Foreign Equity1 Value 0.32 35 -5.11 27 2.19 25 14.21 24 12.45 19PH&N Global Equity Fund GARP 1.66 25 -5.07 24 4.85 17 18.32 4RBC Global Equity Focus Fund Core 1.65 26 -5.11 25 4.84 18RBC QUBE Global Equity Fund Core -1.11 39 -9.32 40 -1.61 33 15.01 18RBC QUBE Low Volatility Global Equity Fund Core 4.17 5 3.51 3 17.65 1 19.32 2Schroder Global Alpha Fund (Canada)1 Core 2.24 18 -6.54 32 1.17 26 13.98 26Sprucegrove Value 2.37 16 -2.38 15 -0.13 30 11.27 36 11.12 27

Templeton Global Equity Trust1 Value -3.11 43 -12.92 44 -10.03 44 11.83 32 11.59 25Templeton Global Smaller Companies1 Value -0.25 37 -3.73 21 -4.80 40 8.18 40 6.15 32Templeton Global Stock Trust1 Value -3.12 44 -12.75 43 -10.07 45 11.51 33 11.50 26

UBS (LUX) Global Sustainable Equity Fund -(CAD) I-X acc1,3 Growth (ESG) 1.67 24 -8.04 39 -7.81 43Number of funds 45 45 45 40 32

Global equityAs at June 30, 2016 (cont’d)

GARP: growth of reasonable price1 Investment Manager Signatory of UN PRI3 Not eligible for Group RRSP money


Global equityAs at June 30, 2016 (cont’d)


Quarter-15%

-10%

-5%

0%

5%

10%

15%



% % % % %5th percentile 4.23 3.15 11.66 19.22 17.591st quartile 3.07 -1.35 6.87 16.58 15.04Median 1.80 -4.09 2.88 14.61 12.883rd quartile 0.50 -6.85 -1.66 12.90 11.7095th percentile -2.99 -12.40 -7.71 11.12 9.42∆ MSCI World 1.42 -5.90 1.13 14.62 13.15


Other fundsAs at June 30, 2016

Emerging markets


% % % % %5th percentile 6.99 9.22 7.12 11.06 8.621st quartile 3.84 3.52 -1.42 10.29 6.88Median 2.78 0.49 -4.03 7.44 3.603rd quartile 2.46 -0.08 -5.77 5.61 2.3895th percentile 1.97 -2.18 -6.80 4.43 1.61MSCI Emerging Markets 1.21 -0.34 -8.16 5.88 2.46Number of funds 14 14 14 14 11

Mortgages


% % % % %5th percentile 1.07 1.95 2.84 4.48 4.321st quartile 1.03 1.82 2.83 4.40 4.26Median 0.99 1.66 2.83 4.29 4.193rd quartile 0.94 1.50 2.83 4.19 4.1195th percentile 0.90 1.37 2.83 4.10 4.05Number of funds 2 2 2 2 2

Hedge fundsAs at June 30, 2016



CC&L All Strategies Fund 0.81 2 1.71 3 11.65 2 24.19 1 25.59 1CC&L Market Neutral Fund -2.02 6 -6.23 6 -3.02 6 13.42 5 17.49 3

CC&L Multi-Strategy Fund -0.15 5 -0.29 4 9.72 3 14.76 4 15.17 4CC&L Q Market Neutral Fund 0.83 1 3.79 1 26.82 1 22.08 2 18.49 2

Fiera Capital North American Market Neutral Fund 0.35 4 2.53 2 2.78 4 10.16 6 4.38 5PCJ Absolute Return Trust 0.40 3 -4.47 5 0.62 5 18.02 3Dow Jones Credit Suisse Hedge Fund Index 0.05 -8.18 -0.95 9.75 9.07Number of funds 6 6 6 6 5


Asset Management ConsultingMorneau Shepell provides independent advice on all aspects of asset/liability management for pension funds including the following:

Investment Policy• Matching asset allocation to liability• Projection of liability and risk analysis• Cost Control• Structure of portfolio management

assignments

Investment Performance• Independent performance evaluation

reports• Benchmarking performance and risks• Reporting process of managers

to trustees

Governance• Outsourcing of fund management

monitoring• Review of controls and assignments• Review of safeguards on derivative

instruments

Portfolio Managers• Selection of managers for both

DB and DC plans• Contracting of managers• Agreement on management fees

Investment Strategy• Measure of the reduction of your

pension costs associated with various levels of investment risks.

© 2016 Morneau Shepell Ltd.

@Morneau_Shepell

morneaushepell.com

Morneau Shepell

Morneau Shepell is the only human resources consulting and technology company that takes an integrative approach to employee assistance, health, benefits, and retirement needs. The Company is the leading provider of employee and family assistance programs, the largest administrator of retirement and benefits plans and the largest provider of integrated absence management solutions in Canada. Through health and productivity, administrative, and retirement solutions, Morneau Shepell helps clients reduce costs, increase employee productivity and improve their competitive position. Established in 1966, Morneau Shepell serves approximately 20,000 clients, ranging from small businesses to some of the largest corporations and associations in North America. With almost 4,000 employees, Morneau Shepell provides services to organizations across Canada, in the United States, and around the globe. Morneau Shepell is a publicly traded company on the Toronto Stock Exchange (TSX: MSI).

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performance universe of pension managers’ pooled funds...jun 30, 2016 · performance universe of...

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