Our investment process – disciplined and repeatable.

• Defines the investment objectives and guidelines applicable to your portfolio
• Reflects your objectives and risk tolerance
• Creates a framework for a diversified asset mix
• Provides transparent disclosure
• Governs investment decisions the portfolio manager will make on a discretionary basis

• Top-down look at economies with short- and long-term outlooks
• Impact on asset allocation – exposure to cash, bonds, stocks – relative to the IPS target allocation
• Impact on sector allocation – exposure to stocks within various sectors
• Impact on fixed income duration – exposure within bonds to credit and term
• Impact on currencies – exposure to non-Canadian dollar denominated investments

• Quantitative analysis of stock universe (factors based investing)
  • A factor captures stock characteristics – e.g., value, growth, momentum
• Value factors include valuation multiples – price/earnings, price/book, price/cash flow
• Growth factors include earnings growth, positive earnings revisions, positive earnings surprises
• Identify investment opportunities through analysis of a specific set of factors for each investment mandate – leads to more effective analysis of a broader investment universe
• Disciplined approach to security selection

• Due diligence for confirmation on buy and sell decisions
• Continued monitoring of existing holdings
• Corporate developments that may impact future profitability and/or forward estimates
• Identify risks that might not be captured by quantitative analysis:
  • Customer or revenue concentration
  • Industry trends and changes
  • External factors that may impact future profitability
  • Debt covenants
  • Supply chain delays
  • Corporate governance and management changes

Dynamically adjusted for asset allocation and securities content.