july 8, 2019 · sector allocation financials 19.7% information technology 13.5% real estate 13.0%...

| JULY 8, 2019

SECTOR ALLOCATIONFinancials 19.7%Information Technology 13.5%Real Estate 13.0%Consumer Staples 9.8%Energy 9.5%Industrials 7.4%Investment Funds 7.2%Consumer Discretionary 5.8%Utilities 4.3%Communication Services 4.2%Health Care 2.4%Materials 2.1%Convertible Bonds 1.1%

GEOGRAPHIC ALLOCATION

U.S.: 64.6%

Canada: 35.4%

INDUSTRY ALLOCATIONS AS AT JULY 8, 2019

10.2%9.5%

8.6%7.2%

5.8%5.0%

4.7%3.6%

2.8%2.7%

2.6%2.5%

2.4%2.4%2.4%2.4%2.4%

2.3%2.3%2.3%2.3%

2.2%2.2%

2.1%2.1%2.1%

1.8%1.1%

Financials - Property & Casualty InsuranceEnergy - Oil & Gas Storage & Transportation

Information Technology - Data Processing & Outsourced ServicesInvestment Funds

Consumer Discretionary - RestaurantsFinancials - Diversified Banks

Real Estate - Specialized REITsReal Estate - Retail REITs

Information Technology - Systems SoftwareConsumer Staples - Hypermarkets & Super Centers

Industrials - RailroadsIndustrials - Environmental & Facilities Services

Communication Services - Movies & EntertainmentConsumer Staples - Packaged Foods & Meats

Consumer Staples - Personal ProductsHealth Care - Health Care Equipment

Real Estate - Industrial REITsConsumer Staples - Household Products

Financials - Asset Management & Custody BanksIndustrials - Aerospace & Defense

Real Estate - Office REITsFinancials - Financial Exchanges & Data

Utilities - Water UtilitiesInformation Technology - Communications Equipment

Materials - GoldUtilities - Electric Utilities

Communication Services - Integrated Telecommunication ServicesConvertible 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

7.4% IndustrialsCA;CP Canadian Pacific Railway LtdUS;TDG TransDigm Group IncCA;WCN Waste Connections Inc

7.2% Investment FundsUS;BMSK Barometer Music Royalty FundCA;BFIX Barometer Tactical Fixed Income Pool

HOLDINGS AS AT JULY 8, 2019

19.7% 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

13.5% Information TechnologyUS;CSCO Cisco Systems IncUS;FISV Fiserv IncUS;MA Mastercard IncUS;MSFT Microsoft CorpUS;V Visa Inc

13.0% 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

5.8% Consumer DiscretionaryUS;MCD McDonald's CorpUS;SBUX Starbucks Corp

4.3% UtilitiesUS;AWK American Water Works Company IncCA;FTS Fortis Inc

4.2% Communication ServicesCA;BCE BCE IncUS;DIS Walt Disney Co

2.4% 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 8, 2019

ASSET ALLOCATION


INDUSTRY ALLOCATIONS AS AT JULY 8, 201927.6%

22.4%18.6%

14.4%8.9%

8.0%7.9%

5.7%5.7%5.7%

4.1%4.0%4.0%

2.3%1.1%

-1.8%-2.1%-2.8%-3.0%-3.3%-3.7%-4.2%-6.5%-13.0%

Information TechnologyConsumer Discretionary

IndustrialsFinancials

ChinaU.S. Mid Cap

Emerging Markets - EquitiesPrecious MetalsU.S. Large Cap

EnergyHealth Care

U.S. Small CapDividendMaterials

AgricultureVolatility

Fixed Income - High YieldUtilities

Fixed Income -U.S. CorporateFixed Income - Preferred

Real EstateConsumer Staples

Currency - U.S. DollarFixed Income - U.S. Government

U.S.: 79.3%

Asia: 13.6%

Canada: 3.9%

Europe: 3.2%

N. American Equities: 100.4%Emerging Markets: 16.8%Commodities: 12.5%Volatility: (1.8%)Currencies: (6.5%)Fixed Income: (21.4%)

14.4% 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

8.9% ChinaUS;CHIQ Global X MSCI China Consumer Discretionary ETFUS;EWH iShares MSCI Hong Kong ETFUS;ASHR Xtrackers Harvest CSI 300 China A-Shares ETF

8.0% U.S. Mid CapUS;FPX First Trust US Equity Opportunities ETFUS;XMMO Invesco S&P MidCap Momentum ETF

7.9% Emerging Markets - EquitiesUS;INDY iShares India 50 ETFUS;ERUS iShares MSCI Russia ETF

5.7% Precious MetalsUS;GDX VanEck Vectors Gold Miners ETFUS;GDXJ VanEck Vectors Junior Gold Miners ETF

5.7% U.S. Large CapUS;PKW Invesco Buyback Achievers ETFUS;QQQ Invesco QQQ Trust Series 1

5.7% EnergyUS;TAN Invesco Solar ETFUS;XOP SPDR S&P Oil & Gas Exploration & Production ETF

27.6% Information TechnologyUS;ARKW ARK Web x.0 ETFCA;CYBR Evolve Cyber Security Index FundUS;SKYY First Trust Cloud Computing ETFUS;FXL First Trust Technology AlphaDEX FundUS;FINX Global X FinTech ETFUS;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

22.4% 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

18.6% IndustrialsUS;FXR First Trust Industrials/Producer Durables AlphaDEX FundUS;PHO Invesco Water Resources ETFUS;ITA iShares US Aerospace & Defense ETFUS;IYJ iShares US Industrials ETFUS;ROBO ROBO Global Robotics and Automation Index ETF

4.1% Health CareUS;IHI iShares US Medical Devices ETF

4.0% U.S. Small CapUS;IWY iShares Russell Top 200 Growth ETF

4.0% DividendUS;QUAL iShares MSCI USA Quality Factor ETF

2.3% MaterialsUS;PICK iShares MSCI Global Metals & Mining Producers ETF

1.1% Agriculture

-1.8% Volatility-2.1% Fixed Income - High Yield-2.8 Utilities-3.0% Fixed Income - U.S. Corporate-3.3% Fixed Income - Preferred-3.7% Real Estate-4.2% Consumer Staples-6.5% Currencies - U.S. Dollar-13.0% Fixed Income - U.S. Government



SECTOR ALLOCATIONInformation Technology 26.4%Industrials 17.0%Financials 12.6%Communication Services 12.0%Materials 9.5%Health Care 6.2%Real Estate 5.0%Consumer Staples 4.7%Utilities 3.4%Consumer Discretionary 2.8%Convertible Bonds 0.4%



7.1%5.7%5.7%

5.2%3.7%

3.5%3.4%

3.3%3.2%

3.1%3.0%

2.9%2.9%2.9%

2.8%2.8%

2.7%2.7%2.7%2.7%2.7%

2.6%2.5%2.5%

2.4%2.4%

2.3%2.3%

2.2%2.1%

1.8%1.8%

0.4%

Materials - GoldIndustrials - Research & Consulting Services

Information Technology - Data Processing & Outsourced…Communication Services - Cable & Satellite

Information Technology - Application SoftwareHealth Care - Pharmaceuticals

Utilities - Gas UtilitiesInformation Technology - IT Consulting & Other Services

Information Technology - Internet Services & InfrastructureIndustrials - Environmental & Facilities Services

Financials - Thrifts & Mortgage FinanceCommunication Services - Publishing

Industrials - AirlinesInformation Technology - Communications Equipment

Consumer Discretionary - Hotels, Resorts & Cruise LinesFinancials - Specialized Finance

Financials - Asset Management & Custody BanksHealth Care - Life Sciences Tools & Services

Industrials - Aerospace & DefenseInformation Technology - Systems Software

Real Estate - Specialized REITsIndustrials - Industrial Conglomerates

Consumer Staples - Packaged Foods & MeatsInformation Technology - Electronic Equipment &…

Information Technology - SemiconductorsMaterials - Specialty Chemicals

Financials - ReinsuranceReal Estate - Industrial REITs

Consumer Staples - Food RetailCommunication Services - Broadcasting

Communication Services - Interactive Media & ServicesFinancials - Property & Casualty Insurance

Convertible Bonds

U.S.: 55.8%

Canada: 44.2%

26.4% 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;PYPL PayPal Holdings IncUS;NOW ServiceNow IncCA;SHOP Shopify Inc

17.0% IndustrialsCA;AC Air CanadaCA;CAE CAE IncUS;ROP Roper Technologies IncCA;TRI Thomson Reuters CorpUS;VRSK Verisk Analytics IncCA;WCN Waste Connections Inc

12.6% 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

12.0% Communication ServicesUS;ATUS Altice USA IncCA;CCA Cogeco Communications IncCA;CJR.B Corus Enterainment IncUS;NYT New York Times CoUS;SNAP Snap Inc

9.5% MaterialsCA;AEM Agnico Eagle Mines LtdCA;ABX Barrick Gold CorpUS;ECL Ecolab IncCA;KL Kirkland Lake Gold Ltd

6.2% Health CareUS;IQV IQVIA Holdings IncUS;ZTS Zoetis Inc

5.0% Real EstateUS;CCI Crown Castle International CorpCA;SMU.UN Summit Industrial Income REIT

4.7% Consumer StaplesCA;ATD.B Alimentation Couche-Tard IncUS;MDLZ Mondelēz International Inc

3.4% UtilitiesCA;ACI AltaGas Canada Inc

2.8% Consumer DiscretionaryUS;HLT Hilton Worldwide Holdings Inc

0.4% Convertible Bonds



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%

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% Communication ServicesCA;BCE BCE IncUS;NYT New York Times CoUS;VZ Verizon Communications IncUS;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% Convertible BondsBond Cargojet Inc 4.65% CV 31DEC21Bond Fiera Capital Corp 5% CV 30JUN23Bond Moxie Holdings LLC 8% CV 02MAY21

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;HLT Hilton Worldwide Holdings Inc

2.4% Health CareUS;BSX Boston Scientific Corp



SECTOR ALLOCATIONInformation Technology 21.5%Financials 17.4%Industrials 15.8%Health Care 14.9%Real Estate 10.8%Communication Services 9.5%Materials 9.0%Consumer Staples 5.1%Convertible Bonds 1.0%Consumer Discretionary -2.5%Energy -2.5%


Canada: 55.6%

U.S.: 44.4%


13.3%9.0%

5.7%4.8%

4.6%3.8%3.8%

3.6%3.5%

3.2%3.1%3.0%2.9%2.9%2.9%2.8%2.8%2.7%2.7%2.7%2.6%2.6%2.5%2.5%2.4%2.4%

2.3%2.2%

2.0%1.0%

0.3%-1.6%-2.5%-2.5%

Health Care - PharmaceuticalsMaterials - Gold

Industrials - Research & Consulting ServicesInformation Technology - Systems Software

Financials - Asset Management & Custody BanksFinancials - Thrifts & Mortgage Finance

Information Technology - IT Consulting & Other ServicesFinancials - Specialized Finance

Communication Services - Cable & SatelliteCommunication Services - Publishing

Information Technology - Communications EquipmentReal Estate - Real Estate Services

Financials - Property & Casualty InsuranceHealth Care - Life Sciences Tools & Services

Industrials - Air Freight & LogisticsCommunication Services - Broadcasting

Real Estate - Industrial REITsConsumer Staples - Packaged Foods & Meats

Industrials - Industrial ConglomeratesInformation Technology - Electronic Equipment & Instrumentation

Information Technology - SemiconductorsReal Estate - Specialized REITs

Financials - ReinsuranceIndustrials - Human Resource & Employment Services

Consumer Staples - Food RetailReal Estate - Retail REITs

Information Technology - Internet Software & ServicesInformation Technology - Application Software

Industrials - Aerospace & DefenseConvertible Bonds

Health Care - Health Care EquipmentHealth Care - Health Care Facilities

Consumer Discretionary - General Merchandise StoresEnergy - Oil & Gas Exploration & Production

21.5% Information TechnologyCA;GIB.A CGI IncCA;LIVE Globalive Technology IncUS;KEYS Keysight Technologies IncCA;LSPD Lightspeed POS IncUS;MRVL Marvell Technology Group LtdUS;MSI Motorola Solutions IncUS;NOW ServiceNow Inc

17.4% FinancialsUS;ACGL Arch Capital Group LtdCA;CIX CI Financial CorpCA;EFN Element Fleet Management Corp

US;FNMA_PS Federal National Mortgage Association - Preferred

CA;FBCI.PP First Block Capital IncUS;RNR RenaissanceRe Holdings Ltd

15.8% IndustrialsCA;CAE CAE IncCA;CJT Cargojet IncUS;CCC Clarivate Analytics PLCCA;FLT Drone Delivery Canada CorpCA;MSI Morneau Shepell IncUS;ROP Roper Technologies IncUS;VRSK Verisk Analytics Inc

14.9% Health Care CA;ACRG Acreage Holdings IncCA;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

10.8% Real EstateCA;CHP.UN Choice Properties Real Estate

Investment TrustUS;CCI Crown Castle International CorpCA;FSV FirstService CorpCA;SMU.UN Summit Industrial Income REIT

9.5% Communication ServicesUS;ATUS Altice USA IncCA;CCA Cogeco Communications IncCA;CJR.B Corus Entertainment IncUS;NYT New York Times Co

9.0% MaterialsCA;AEM Agnico Eagle Mines LtdCA;DGC Detour Gold CorpCA;KL Kirkland Lake Gold Ltd

5.1% Consumer StaplesCA;ATD.B Alimentation Couche-Tard IncUS;MDLZ Mondelēz International Inc

1.0% Convertible Bonds

-2.5% Consumer Discretionary-2.5% Energy



ALLOCATIONGovernment Bonds 98.9%Cash 1.1%


Canada: 72.3%

U.S.: 27.7%


98.9%

1.1%

Government Bonds

Cash

98.9% 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

1.1% Cash Balance


july 8, 2019 · sector allocation financials 19.7% information technology 13.5% real estate 13.0%...

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