March - CI Investments

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Signature ReportSignature Diversified Yield –Representative holdingsHigh-yield bondsInternational Lease Finance Corp. – B1/BB+ rated andthe largest aircraft lease provider in the world. ILFC waspreviously cut off from the public debt markets because itis part of AIG. Nonetheless, the company has continuedto generate high levels of free cash flow via its stable leaseportfolio, and it has skillfully managed its debt maturities.ILFC is poised to take advantage of increasing global aviationdemand, particularly from emerging markets. It is a very goodbusiness on a stand-alone basis, but it is also a very attractiveacquisition candidate for a better-capitalized company.MGM Mirage – rated B1/B by Moody’s and Standard &Poor’s, respectively, at the senior secured level, and Caa1/CCC+ at the senior unsecured level. MGM is the premierhotel and gaming company in the world with marqueeproperties on the Las Vegas strip and in Macau. MGM isleveraged to a recovery in U.S. consumer spending. It hasa leading market share in Las Vegas with 50% of revenuesand 42% of hotel rooms. An IPO of its Macau joint venturecould raise as much as US$1 billion, further strengtheningthe balance sheet.Intelsat – Caa2/CCC+ rated satellite operator. As thelargest private satellite operator in the world, Intelsat is wellpositionedto benefit from an increasingly interconnectedworld that needs to send greater digital content and broadcasttranscontinental traffic further. A leveraged buyout from2005, Intelsat is a prime candidate for an IPO which wouldbe a credit risk positive event for bondholders.Kansas City Southern – B1/B rated U.S. railway operatorwhich serves as a key link between the commercial andindustrial markets of Mexico and the U.S. Kansas CitySouthern is well positioned to benefit from economicrecovery, manufacturing and port infrastructure expansionin Mexico, as well as recent upgrades to its own rail network.Fortescue Metals Group – B2/B rated Australian iron oreproducer, which has benefited from sharply rising iron oreprices driven by increased steel production in China andthe emerging markets. These bonds benefit from security onother company’s key operating assets. The bond covenantsmay require the company to pay a premium to bondholdersto rapidly carry out further expansion of its reserves.Denbury Resources – B1/BB rated oil and gas companyoperating in the U.S. Gulf Coast and Rocky Mountainregions. Denbury is one of the largest crude oil-focused NorthAmerican exploration and production companies and one ofthe largest carbon dioxide enhanced oil recovery operators.Denbury is primarily engaged in tertiary oil production,injecting carbon dioxide into mature oil reservoirs to boostrecoveries.Linn Energy – B3/B rated oil and gas company operatingin the U.S. mid-continent, California and Permian basins.Operating similar to an income trust, Linn focuses exclusivelyon long-lived, largely oil and liquids-rich natural gasproducing fields instead of riskier exploration. Oil and naturalgas production is hedged approximately 100% for 2010 and2011, and approximately 75% of oil production is hedged for2012 and 2013.PAGE 6 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010
Signature ReportReal estateInfrastructure holdingsGreat Portland Estates – a U.K. REIT focused on WestendLondon. This company is currently benefiting from thestrong bounce in London property values. In addition, thecompany will benefit from the economic recovery becauseLondon is a supply-constrained market.Commonwealth Property Office – an Australian REIT withgreat leverage to the rapid economic recovery in Australia.Chartwell Seniors Housing REIT – a Canadian REITfocused on seniors housing. This company suffered fromengaging in many of the excesses of the previous propertyboom. However, new management has done a good job atre-focusing the company to benefit from the strongfundamentals in the sector.Atlantia – an Italian toll road company that has seenautomobile traffic growth turn positive again; truck trafficgrowth should turn positive over the coming months.MAp Airports – an Australian airport operator with Sydneyairport as its major asset. Strong passenger growth is expectedthis year.Abertis Infraestructuras – a Spanish toll road company withassets mainly in Spain and France. Its stock has been undersome pressure due to the sluggish economic recovery inSpain and concerns about government finances. Valuation isvery compelling, despite few near-term catalysts.Transurban Group – an Australian toll road operator. Trafficgrowth has been very strong over the past few quarters.A takeover by Canadian pension funds has not materializedsince the speculation began last November and the stock haslagged slightly as a result.PAGE 7 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010
Page 5: Signature Reportof the average bond
Page 10: Signature ReportMarket RoundupGloba
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Page 15 and 16: Signature ReportHigh-yield bondsGeo
Page 17 and 18: Sterling’sWorld ReportIs Greece a
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Page 22 and 23: Spotlight onStephen JenkinsGood man
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Page 36 and 37: COMMENTARYCambridge AdvisorsMost of
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Page 44 and 45: COMMENTARYEpoch Investment Partners
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Page 48 and 49: COMMENTARYLegg Mason Capital Manage
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Labour-sponsored FundsLEAD MANAGERC
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CI Segregated FundsIssued by Unity
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Clarica PortfolioSegregated FundsIs
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SunWise ® I FundsBasic GuaranteeIs
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SunWise ® Elite FundsBasic Guarant
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CI Sales TeamNeal KerrSenior Vice-P
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2009Analysts’ ChoiceInvestment Fu
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March - CI Investments

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