Harbour - CI Investments

Report
HARBOUR ADVISORS UPDATE
ROGER MORTIMER
Since 1997, Roger Mortimer has been the lead
manager of multiple mutual funds for Canadian and
U.S. investors including Canadian equity, Canadian
income, and global equity.
• Experienced and successful value manager
• Consistent market outperformance
• Excellent history of downside protection
• Winner of multiple third-party awards and recognition.
• Strong fit with Harbour’s value-based investment philosophy
A HISTORY OF SUCCESS
AIM Canadian First Class
Category King 2003
AIM Global Value Fund
Five-Star Rated
AIM Canadian First Class
AIM Canadian First Class
AIM Canadian Income Fund
AIM Global Value Fund
AIM Canadian First Class
All Star Fund, 2002
PAST PERFORMANCE
Roger Mortimer has managed multiple mandates over the course of his career,
including Canadian equity, Canadian balanced, sector equity, global equity, and
diversified income funds. His outperformance in each of these asset class speaks
to his effectiveness and versatility as a stock-picker.
Source: Bloomberg
$25,000
$21,000
$19,000
Sep-97
Oct-97
Nov-97
Dec-97
Jan-98
Feb-98
Mar-98
Apr-98
May-98
Jun-98
Jul-98
Aug-98
Sep-98
Oct-98
Nov-98
Dec-98
Jan-99
Feb-99
Mar-99
Apr-99
May-99
Jun-99
Jul-99
Aug-99
Sep-99
Oct-99
Nov-99
Dec-99
Jan-00
Feb-00
Mar-00
Apr-00
May-00
Jun-00
Jul-00
Aug-00
Sep-00
Oct-00
Nov-00
Dec-00
Jan-01
Feb-01
Mar-01
Apr-01
May-01
Jun-01
Jul-01
Aug-01
Sep-01
Oct-01
Nov-01
Dec-01
Jan-02
Feb-02
Mar-02
Apr-02
May-02
Jun-02
Jul-02
Aug-02
Sep-02
Oct-02
Nov-02
Dec-02
Jan-03
Feb-03
Mar-03
Apr-03
May-03
Jun-03
Jul-03
Aug-03
Sep-03
Oct-03
Nov-03
Dec-03
Jan-04
Feb-04
Mar-04
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
PAST PERFORMANCE
Trimark Canadian First Class vs, the TSX and the Peer Group, (Sep 97 to Feb 05)
$24,392
$23,000
143.9%
-6.6%
54.8%
Trimark Canadian First Class
Globe Canadian Focused Equity Peer Index
S&P/TSX Total Return
$17,000
$15,000
$15,478
$13,000
$11,000
$9,000
$9,934
$7,000
$5,000
CONSISTENT LOW-VOLATILITY APPROACH
Harbour and Harbour Growth & Income vs.
S&P TSX Composite TR
15 Year risk/reward chart
Harbour and Harbour Growth & Income vs.
S&P TSX Composite TR
5 Year risk/reward chart
3%
12%
11%
2%
10%
2%
Return
Return
9%
8%
1%
7%
6%
1%
5%
4%
8%
9%
10%
11%
12%
13%
Volatility
Source: Paltrack, as at August 31, 2013
14%
15%
16%
17%
18%
0%
10%
11%
12%
13%
14%
Volatility
15%
16%
17%
18%
THE FUNDS
THE FUNDS
Fund
Lead manager(s)
Harbour
Stephen Jenkins
Harbour Global Equity
Stephen Jenkins
Harbour Growth & Income
Roger Mortimer
Harbour Global
Growth & Income
Roger Mortimer
Harbour Voyageur
Aleksy Wojcik, Phil D’Iorio, Doug Cooper
THE HARBOUR PHILOSOPHY
Harbour invests in quality businesses
with promising futures, and then only if they
are available at a sensible price.
OVER 75 YEARS OF INVESTMENT EXPERIENCE
Stephen Jenkins, CFA
Roger Mortimer
Senior Portfolio Manager
Senior Portfolio Manager
Aleksy Wojcik, CFA
Phil D’Iorio, CFA
Senior Analyst & Portfolio Manager
Senior Analyst & Portfolio Manager
Doug Cooper, CFA
Senior Analyst & Portfolio Manager
Greg Chan, CFA
Jeremy Rosa, CFA
Investment Analyst
Investment Analyst
Brandi Miotto
Executive Coordinator
CONSISTENT LOW-VOLATILITY APPROACH
Management style:
• Concentrated portfolio
• Contrarian in nature
• Long-term focus to investments
• Bottom-up research intensive approach to security selection
• Strategic cash allocation
• High conviction = Low-turnover
SECURITY SELECTION REQUIREMENTS
Good Business
• Industry leader
• Competitive advantage
• Strong balance sheet
• Free cash flow generation
Good People
• Proven management
• Wise allocators of capital
• Shareholder focus
Good Price
• Margin of safety
• Discount to fair value
• Conservative assumptions
THE EQUITY FUNDS
Harbour Fund
As of August 31, 2013
Harbour Global Equity
As of August 31, 2013
Asset Class
Canadian Equity
US Equity
International Equity
Cash & equivalents
%
54%
25%
11%
10%
Asset Class
International Equity
US Equity
Cash
Canadian Equity
%
42%
33%
19%
6%
Sector
Financials
Energy
Materials
Technology
Consumer staples
Consumer discretionary
Industrials
Health Care
Utilities
%
26%
23%
11%
8%
8%
7%
4%
3%
0%
Sector
Industrials
Consumer staples
Energy
Technology
Financials
Materials
Consumer discretionary
Health Care
Utilities
%
20%
14%
11%
10%
9%
7%
6%
4%
0%
THE ASSET ALLOCATION FUNDS
Growth & Income
Global Growth & Income
DATE: 31-Aug-13
Asset class
%
Canadian equity
48%
U.S. equity
21%
Cash & equivalents
16%
International equity
8%
Government bonds
7%
Other
0%
DATE: 31-Aug-13
Asset class
%
International equity
30%
U.S. equity
30%
Cash & equivalents
24%
Canadian equity
9%
Government bonds
6%
Other
0%
Sector
Financials
Energy
Cash & equivalents
Materials
Technology
Consumer staples
Government bonds
Industrials
Health care
Consumer discretionary
Utilities
Telecommunication
Other
Sector
Cash & equivalents
Industrials
Financials
Energy
Technology
Consumer staples
Government bonds
Materials
Consumer discretionary
Health care
Utilities
Telecommunication
Other
%
24%
18%
16%
10%
9%
8%
7%
3%
2%
2%
0%
0%
0%
%
24%
17%
12%
9%
9%
9%
6%
6%
4%
4%
0%
0%
0%
CONCLUSION
• Harbour has a long history of consistent management style and
process that has led to consistent results for clients.
• Harbour is happy to welcome Roger Mortimer, a seasoned and
successful manager with a history of managing investors assets
with similar success and style.
• “Under the leadership of Stephen Jenkins and newly hired
Roger Mortimer, I am confident that going forward Harbour
will continue to flourish.” – Gerry Coleman
Thank You
FOR ADVISOR USE ONLY
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the
prospectus before investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are the
historical annual compounded total returns including changes in security value. All performance data assume reinvestment of all distributions or
dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that
would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. ®CI
Investments, the CI Investments design, Harbour Advisors and Harbour Mutual Funds are registered trademarks of CI Investments Inc.

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