July - Summer Edition - CI Investments

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Table of contents Message from Derek J. Green 1 Market Update Introducing Black Creek Funds 2 Book reviews 7 Portfolio Snapshot – Cambridge Funds 14 Signature Market Roundup 20 Managers’ Commentary 28 CI Investment Consulting 28 Black Creek Investment Management 30 Harbour Advisors 32 Cambridge Advisors 34 Tetrem Capital Management Ltd. 35 Scorecard 71 CI Corporate Class 72 Signature Funds 73 Harbour Funds ® 73 Synergy Funds 74 CI Funds ® 74 Portfolio Series 74 Portfolio Select Series 75 Insight ® Units/Shares 75 Hedge Funds 75 Labour-sponsored Funds 76 CI GIFs 77 CI Segregated Funds 78 Legacy Segregated Funds ® I & II 78 Clarica MVP Segregated Funds 79 Clarica Portfolio Segregated Funds 80 SunWise ® I 82 SunWise ® II 83 SunWise ® Elite 91 SunWise ® Essential Series 96 CI Sales Team 100 Globefund profiles as at June 30, 2011 38 Portfolio Series Portfolio Series Income Fund 39 Portfolio Series Conservative Fund 40 Portfolio Series Conservative Balanced Fund 41 Portfolio Series Balanced Fund 42 Portfolio Series Balanced Growth Fund 43 Portfolio Series Growth Fund 44 Portfolio Series Maximum Growth Fund 45 Global Equity Funds Cambridge Global Equity Corporate Class 46 CI Global Fund 47 CI Global High Dividend Advantage Fund 48 Harbour Foreign Equity Corporate Class 49 Synergy Global Corporate Class 50 CI International Value Fund 51 CI Emerging Markets Fund 52 American Equity Funds CI American Managers ® Corporate Class 53 CI American Value Corporate Class 54 Canadian Equity Funds Cambridge Canadian Equity Corporate Class 55 CI Canadian Investment Fund 56 Harbour Fund 57 Signature Select Canadian Fund 58 Synergy Canadian Corporate Class 59 Balanced Funds Cambridge Canadian Asset Allocation Corp. Class 60 Harbour Growth & Income Fund 61 Signature Income & Growth Fund 62 Signature Canadian Balanced Fund 63 Industry-specific Funds Signature Canadian Resource Fund 64 Signature Global Energy Corporate Class 65 Income Funds Signature Canadian Bond Fund 66 Signature Dividend Fund 67 Signature High Income Fund 68 Signature Diversified Yield Fund 69 Signature Corporate Bond Fund 70 For Advisor Use Only
Summer 2011 Dear Advisor, CI Investments is pleased to announce the launch of the Black Creek funds, which offer you the proven investment expertise of Bill Kanko and Richard Jenkins of Black Creek Investment Management. The three new funds – Black Creek Global Leaders Corporate Class, Black Creek International Equity Corporate Class and Black Creek Global Balanced Corporate Class – provide you and your clients with compelling new global investment options at CI. Bill and Richard have consistently produced excellent results in their long careers as money managers. Since 2006, Black Creek has managed portfolios for our Castlerock Investments affiliate, outperforming their benchmarks and peer group. The new funds now provide you with access to Black Creek through the CI platform and with the benefits of the CI Corporate Class structure. The Black Creek managers will use the same successful approach used with their Castlerock funds. For more information about the Black Creek team and the new funds, please see the interview starting on page 2. For current information on Black Creek’s Castlerock funds, please visit www.castlerockinvestments.ca. We believe that this fund launch is especially timely, given that the Canadian market has performed very well in recent years. As a result, some client portfolios may be overweight Canada, requiring an increased allocation to global investments to enhance diversification and reduce risk. Consider that during the second quarter, the Canadian stock market performed significantly worse than the U.S. and broad global market indexes. The S&P/TSX Composite Index declined 10% from April to June before rebounding at the end of June to reduce its quarterly loss to 5.2%. This action was driven primarily by a pullback in the resource sectors, which now account for a 50% weighting on the index. In addition to the Black Creek funds, CI offers a rich selection of global funds, including Signature Select Global Fund, Harbour Foreign Equity Corporate Class, Cambridge Global Equity Corporate Class, CI Global High Dividend Advantage Fund and CI International Value Fund. Our lineup also includes globally oriented balanced and income funds, such as Signature Diversified Yield Fund. In other news, we have made our first addition to the Harbour family of funds since 2002 with the launch of Harbour All Cap Corporate Class. This fund offers the conservative, value-oriented approach of the Harbour team in a flexible mandate investing primarily in Canadian companies, with no restrictions on market capitalization. Also available now are the Fund Facts documents for CI’s mutual funds. Fund Facts are a regulatory requirement and provide fund information such as holdings, past performance and costs of investing. CI’s Fund Facts can be accessed through a link on our home page (under What’s New) or by going directly to www.fundfacts.com. The new funds now provide you with access to Black Creek through the CI platform and with the benefits of the CI Corporate Class structure. We have other intiatives planned for this fall to help you build your business. These include a revised investment program for high net worth clients and extensive information from our portfolio managers through meetings, roadshows, webcasts and podcasts. In the meantime, you can find manager commentary and other information in this issue of Perspective, as well as on our website, www.ci.com. And, as always, feel free to contact your CI Sales Team. Wishing you and your family a safe and enjoyable summer, Derek J. Green President CI Investments SUMMER 2011 PERSPECTIVE AS AT JUNE 30, 2011 1
Page 1: www.ci.com/perspective Summer 2011
Page 5 and 6: Introducing Black Creek That gives
Page 7 and 8: Introducing Black Creek [Q] Why hav
Page 9 and 10: Book reviews Book reviews Settling
Page 11 and 12: Book reviews NON-FICTION: The Big S
Page 13 and 14: Book reviews Brandon Snow Principal
Page 15 and 16: Book reviews Malcolm White Vice-Pre
Page 17 and 18: Portfolio Snapshot Performance YTD
Page 23 and 24: Signature Market Roundup Interest r
Page 25 and 26: Signature Market Roundup Consumer p
Page 27 and 28: Signature Market Roundup Global ind
Page 29 and 30: Signature Market Roundup High-yield
Page 31 and 32: Commentary In addition to the above
Page 33 and 34: Commentary eBay and Wienerberger. C
Page 35 and 36: Commentary Stephen Jenkins Senior V
Page 37 and 38: Tetrem Capital Management Ltd. Comm
Page 39 and 40: In choosing the Fund Manager of the
Page 41 and 42: Fund Facts as at June 30, 2011 Fund
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Fund Facts as at June 30, 2011 Fund
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Summary of capped funds MUTUAL/HEDG
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CI Corporate Class cont’d LEAD MA
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Portfolio Select Series LEAD MANAG
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CI GIFs (Class A units) 1 Issued by
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Clarica MVP Segregated Funds LEAD M
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Clarica Portfolio Segregated Funds
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SunWise ® I Funds Full Guarantee c
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SunWise ® II Funds Basic Guarantee
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SunWise ® II Funds Combined Guaran
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SunWise ® II Funds Full Guarantee
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SunWise ® Basic Guarantee Elite Fu
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SunWise ® Elite Funds Combined Gua
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SunWise ® Full Guarantee cont’d
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SunWise ® Investment Class Essenti
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SunWise ® Estate Class cont’d Es
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All commentaries are published by C
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July - Summer Edition - CI Investments

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