| 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
GEOGRAPHIC 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
0.0% Cash and Cash Equivalents0.0% Index Hedge as at July 8, 2019
HOLDINGS AS AT JULY 8, 2019
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%
GEOGRAPHIC ALLOCATION
INDUSTRY ALLOCATIONS AS AT JULY 8, 2019
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
0.0% Cash and Cash Equivalents0.0% Index Hedge as at July 8, 2019
HOLDINGS AS AT JULY 8, 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
INDUSTRY ALLOCATIONS AS AT JULY 8, 2019
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
0.5% Cash and Cash Equivalents0.0% Index Hedge as at July 8, 2019
HOLDINGS AS AT JULY 8, 2019
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%
GEOGRAPHIC ALLOCATION
Canada: 55.6%
U.S.: 44.4%
INDUSTRY ALLOCATIONS AS AT JULY 8, 2019
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
0.0% Cash and Cash Equivalents0.0% Index Hedge as at July 8, 2019
HOLDINGS AS AT JULY 8, 2019
ALLOCATIONGovernment Bonds 98.9%Cash 1.1%
GEOGRAPHIC ALLOCATION
Canada: 72.3%
U.S.: 27.7%
INDUSTRY ALLOCATIONS AS AT JULY 8, 2019
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
HOLDINGS AS AT JULY 8, 2019
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