July - Summer Edition - CI Investments

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Fund Facts as at June 30, 2011 Fund Codes Class A Corporate Class ISC CIG9010 CIG2308 DSC CIG9060 CIG3308 LSC CIG1150 CIG1308 Signature Corporate Bond Fund (Class A) Also available: Class F & I Mutual Funds (Class A) Managed By: CI Investments Inc. Advisors: Signature Global Advisors Assets Under Management*: $239.7 million Portfolio Manager: Geof Marshall, John Shaw and James Dutkiewicz Asset Class: Canadian Fixed Income Inception Date: December 2001 NAV: $9.84 Min. Initial Investment: $500 Subsequent Purchase(s): $50 Min. PAC Investment: $50 Management Expense Ratio: 2.10% ÿ Top Holdings as at June 30, 2011 International Lease Finance, 8.75%, 1.01% March 15, 2017 Harvest Operations Corp., 6.88%, 0.98% October 1, 2017 Lincoln National Corp., 7.00%, May 0.92% 17, 2066 National Money Mart Company, 0.80% 10.38%, December 15, 2016 Bank of America, 8.00%, January 30, 0.80% 2049 CB Richard Ellis Group, 11.63%, June 0.77% 15, 2017 Calpine Corp., 7.50%, February 15, 0.73% 2021 SunGard Data Systems, 10.25%, 0.73% August 15, 2015 Digicel, 12.00%, April 1, 2014 0.71% Multiplan Inc, 9.88%, September 1, 0.69% 2018 Total 8.14% OBJECTIVE The fund’s investment objective is to achieve a yield advantage by using fundamental value analysis to evaluate investments. The fund will invest mainly in fixed−income securities that are investment grade and below investment grade. The fundamental investment objective of the fund can only be changed with the approval of a majority of the votes cast by unitholders at a meeting called specifically to vote on the change to the investment objectives. Compound Returns and Quartile Rankings (as at June 30, 2011) This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’s benchmark Globe High Yield Fixed Income Peer Index. The returns listed below are percentages. Performance of the fund versus its official benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this web page. Since YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10Yr Inception* Qrtl 4 3 3 4 3 3 {N/A} {N/A} Return 2.49 −1.07 0.39 7.97 7.24 5.25 {N/A} 4.38 Grp Avg 3.28 −0.88 0.74 10.48 8.1 6.09 5.46 {N/A} Ind Ret 3.05 −0.88 0.74 9.0 6.9 5.01 5.24 {N/A} *December 17, 2001 Performance Data This chart shows you the fund´s annual performance and how an investment would have changed over time. 20% 0% −20% Bond Type Bond Term 1.9 4.6 CI Signature Corporate Bond 5.1 3.7 −0.8 −7.4 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Corporate Debentures 89.7% Municipal Bonds 0.3% Other 9.3% Federal Bonds 0.7% 4.9 Current Value of a $10,000 Investment $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 19.9 CI Signature Corporate Bond 9.3 $15,052 Volatility Meter Low High Based on 3−year standard deviation relative to other funds in its category, from Globe HySales. 5−10 years maturity 53.4% Other 9.3% 10−20 years maturity 2.7% 1−5 years maturity 23.1% More than 20 years maturity 11.4% $4,000 $2,000 $0 Dec02 Dec04 Dec06 Dec08 Dec10 Fixed Income and Capitalization Overview Spread Rate Blend Long Blend Short Source: CI Investments and CTVglobemedia Publishing Inc. Geographic Composition Luxembourg 1.6% Marshall Islands 1.2% United Kingdom 1.7% Canada 38.9% United States 40.8% Other 13.3% Bermuda 1.4% Cayman Islands 1.2% 70 SUMMER 2011 PERSPECTIVE AS AT JUNE 30, 2011
Summary of capped funds MUTUAL/HEDGE FUNDS CI Short–Term Corporate Class is closed to new investors; existing investors may continue to make deposits. CI Global Opportunities Fund is closed to new investors and to new deposits. SEGREGATED FUNDS Legacy The Legacy Segregated Funds are closed to new investors and new deposits, with the exception of PACs established on or before September 30, 2010. Additional restrictions may apply. CI Segregated Funds The CI Segregated Funds are closed to new investors and new deposits. CI GIF The CI Guaranteed Investment Funds are closed to new investors and new deposits, with the exception of PACs established on or before September 30, 2010. Additional restrictions may apply. Clarica MVP The Clarica MVP Segregated Funds are closed to new investors; existing policyholders may continue to make deposits. Clarica Portfolio The Clarica Portfolio Segregated Funds are closed to new investors and new deposits, with the exception of PACs established on or before July 31, 2009. Additional restrictions may apply. FOR DEALER USE ONLY SunWise I The SunWise I Segregated Funds are closed to new investors and new deposits, with the exception of PACs established on or before August 28, 2009. Additional restrictions may apply. SunWise II The SunWise II Segregated Funds are closed to new investors. Existing investors with contracts issued up to February 26, 2003 may continue to make deposits; investors with contracts issued after February 26, 2003 may not make new deposits, with the exception of PACs established on or before July 31, 2009. Additional restrictions may apply. SunWise Elite The SunWise Elite Segregated Funds, including SunWise Elite Plus, are closed to new investors. No new deposits can be made into Class A and Class A (GWB) units, with the exception of PACs established on or before July 31, 2009. Existing investors in Class B, Class B (GWB), Class C and Class C (GWB) units may continue to make deposits subject to a $25,000 annual limit (effective November 1, 2010), with the exception of PACs established prior to November 1, 2010. Additional restrictions may apply. MONTHLY PERFORMANCE SCORECARD AS AT JUNE 30, 2011 71
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www.ci.com/perspective Summer 2011
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Summer 2011 Dear Advisor, CI Invest
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Introducing Black Creek That gives
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Introducing Black Creek [Q] Why hav
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Book reviews Book reviews Settling
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Book reviews NON-FICTION: The Big S
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Book reviews Brandon Snow Principal
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Book reviews Malcolm White Vice-Pre
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Portfolio Snapshot Performance YTD
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Portfolio Snapshot Performance YTD
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Page 23 and 24: Signature Market Roundup Interest r
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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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Page 75 and 76: CI Corporate Class cont’d LEAD MA
Page 77 and 78: Portfolio Select Series LEAD MANAG
Page 79 and 80: CI GIFs (Class A units) 1 Issued by
Page 81 and 82: Clarica MVP Segregated Funds LEAD M
Page 83 and 84: Clarica Portfolio Segregated Funds
Page 85 and 86: SunWise ® I Funds Full Guarantee c
Page 87 and 88: SunWise ® II Funds Basic Guarantee
Page 89 and 90: SunWise ® II Funds Combined Guaran
Page 91 and 92: SunWise ® II Funds Full Guarantee
Page 93 and 94: SunWise ® Basic Guarantee Elite Fu
Page 95 and 96: SunWise ® Elite Funds Combined Gua
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Page 101 and 102: SunWise ® Estate Class cont’d Es
Page 103 and 104: All commentaries are published by C
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