2012-2013 Makivik Annual Report

sᐅtᑎ3ᕐ[ᕕsᐅAᒍtᑎ5ᑦtᑎkᓄ5ᑦ wᐃkᓄ3ᕐnᓴDᕈtᑎ5ᑦNᓇkᓄ5ᑦ sᐅkᓄ3ᕐiᓂcᖃ3ᕐhᓱtᑎ4ᒃ +1.35-uᒥ4ᒃ. bᑕmᒪ8ᓐNᓇ Öᑌàᒣ4ᒃvᑲlᓗ xᐊ3ᕐtᑎlᓗAᒍ, ®ᑮNᓇsᐅ/ᔭiᓂ4ᒃ xᐊdᖁ[ᕕCᕋsᐅtᑎAᒍtᑎcᖃ3ᕐ[ᕕuᒥ
iᓂsᐅ3ᕐDᕈãᓭiᓂ4ᒃfᑯ5ᑦ sᐅkᓄ3ᕐiᓂqᖏ5ᑦ eᕿvᑲ3ᕐtᑎ xᐊ5ᑦ xᐊqᖏÔᔫ1ᖕqᖏ©ᑑZᒐlᓗ xᐊuᒥ4ᒃ sᐅkᓄ3ᕐyᓯQᒋ xᐊ3ᕐyᓯmᒪMᓚsᐅ3ᕐgᑐ5ᑦ xᐊ3ᕐÇᕌiᓂ R!.!-uᒥoᓕᐋ€8ᓐaᖑMᓚsᐅJᔪ5ᑦhᓱtᑎ4ᒃ,
bᑕfᑯAᒍ8ᓐNᓇyᓯ/ᔭcᖃoᓕMᓚsᐅCᕋ5ᑦbᑕ sᐅtᑎ3ᕐbᑕsᐅAᒍtᑎiᓂ4ᒃ $.!%-uᒥ4ᒃ sᐅkᓄ3ᕐiᓂoᓕ8ᓐiᓂ4ᒃ.
gᑐ1ᖕzᖓ[ᕕtᑎAᒍ5ᑦ ®ᑮNᓇsᐅ/ᔭoᓕsᐅCᕋhᓱAᒍtᑎtᑎAᒍ5ᑦ Wᐱ?ᕙ9ᓪoᓕdᖁtᑎcᖃ3ᕐtᑎbᑕsᐅîᓃ5ᑦ xᐊqᖏJᔪvᑲ9ᓪMᓚmᒪEᕆsᐅMᓚsᐅ3ᕐgᑐ5ᑦ xᐊ3ᕐÇᕌAᒍMᓚsᐅ3ᕐgᑐuᒥ bᑕmᒪ8ᓐNᓇlᓗ Wᐱ4ᒃvᑲbᑕsᐅyᓯmᒪMᓚsᐅ3ᕐdᖁ6ᖅ
gᑐ1ᖕzᖓ[ᕕdᖁtᑎtᑎAᒍ5ᑦ ®ᑮNᓇsᐅ/ᔭoᓕsᐅDᕈtᑎcᖃ3ᕐiᓂbᑕ mᒪrᑭ5ᑦÔᔫuᒥ xᐊeᕿiᓂEᕆMᓚsᐅ3ᕐbᑕqᖏ8ᓐkᓄ5ᑦ. xᐊuᒥEᕆvᑲuᒥsᐅ5ᑦ gᑐ1ᖕzᖓ[ᕕtᑎAᒍ5ᑦ ®ᑮNᓇsᐅ/ᔭoᓕsᐅCᕋhᓱAᒍtᑎqᖏ5ᑦ
®ᑮNᓇsᐅ/ᔭiᓂ4ᒃ wᐃtᑎ3ᕐtᑎyᓯiᓂcᖃMᓚsᐅ3ᕐmᒪbᑕ Wᐱ4ᒃvᑲbᑕsᐅJᔪiᓂ4ᒃ vᑲJᔪyᓯAᒍtᑎsᐅ5ᑦhᓱtᑎ4ᒃ wᐃkᓄ3ᕐnᓴgᑐiᓂ4ᒃ eᕿgᑐ3ᕐqᖏsᐅtᑎ5ᑦyᓯAᒍtᑎtᑎAᒍ5ᑦ sᐅkᓄ3ᕐiᓂiᓂ4ᒃ wᐃMᓚcᖃ3ᕐuᒥhᓱtᑎ4ᒃ
Wᐱiᓂ xᐊ3ᕐiᓂiᓂ4ᒃ xᐊ©ᑑtᑎ/ᔭsᐅMᓚsᐅJᔪJᔪiᓂ4ᒃ xᐊuᒥEᕆvᑲuᒥsᐅ5ᑦ vᑲ?ᕙmᒪgᑐcᖃ4ᒃfᑯqᖏbᑕ nᓴiᓂ3ᕐëᕓyᓯmᒪAᒍtᑎuᒥAᒍ5ᑦ xᐊsᐅMᓚ5ᑦ/ᔭEᕆ xᐊEᕆAᒍtᑎQᒋMᓚsᐅJᔪ/ᔭqᖏ8ᓐkᓄ5ᑦ kᓄNᓇoᓕ3ᕐMᓚdᖁtᑎuᒥ
®ᑮNᓇsᐅ/ᔭTaᖑ5ᑦ mᒪrᑭbᑕZᒐhᓱAᒍtᑎqᖏ8ᓐiᓂ4ᒃ.
dᖁ[ᕕ xᐊhᓱ2ᑉSᐳzᖓ gᑐnᓴ3ᕐbᑕsᐅtᑎ5ᑦyᓯQᒋ xᐊuᒥ4ᒃ gᑐ1ᖕzᖓ[ᕕdᖁtᑎtᑎAᒍ5ᑦ xᐊ9ᓪMᓚdᖁtᑎKᕗ5ᑦ çᖄqᖏsᐅtᑎiᓂcᖃMᓚsᐅEᕆ xᐊqᖏ5ᑦ bᑕmᒪqᖏ8ᓐiᓂ4ᒃ xᐊuᒥEᕆvᑲuᒥsᐅ9ᓪlᓗ
vᑲNᓇbᑕuᒥsᐅ9ᓪlᓗ gᑐ1ᖕzᖓ[ᕕtᑎAᒍ5ᑦ ®ᑮNᓇsᐅ/ᔭiᓂ4ᒃ xᐊsᐅMᓚ5ᑦyᓯAᒍtᑎqᖏ8ᓐiᓂ4ᒃ ®ᑮNᓇsᐅ/ᔭ7ᒻmᒪᕇ‰5ᑦ gᑐ1ᖕzᖓ[ᕕcᖃ3ᕐtᑎbᑕsᐅ[ᕕqᖏ8ᓐiᓂ. yᓯ2ᑉtᑎ7ᒻWᐱEᕆ #),
@)!#-aᖑoᓕMᓚsᐅJᔪ7ᒻmᒪiᓂ5ᑦ xᐊuᒥEᕆvᑲuᒥsᐅ5ᑦ ®ᑮNᓇsᐅ/ᔭoᓕEᕆAᒍtᑎtᑎAᒍ5ᑦ xᐊdᖁ[ᕕcᖃsᐅtᑎ[ᕕzᖓ5ᑦbᑕ WᐱNᓇhᓱZᒐdᖁtᑎªᓅoᓕzᖓJᔪtᑎAᒍ5ᑦ sᐅkᓄ3ᕐiᓂcᖃ3ᕐtᑎyᓯAᒍtᑎqᖏ5ᑦ
sᐅkᓄ3ᕐyᓯQᒋ xᐊ3ᕐyᓯmᒪMᓚsᐅJᔪKᕗ5ᑦ !#.!-kᓄ5ᑦ –fᑯtᑎAᒍ9ᓪlᓗ rᑭyᓯbᑕsᐅmᒪJᔪ5ᑦ sᐅkᓄ3ᕐyᓯQᒋ xᐊ3ᕐyᓯmᒪMᓚsᐅJᔪ5ᑦhᓱtᑎ4ᒃ !&.$-kᓄ5ᑦ xᐊ3ᕐÇᕌAᒍMᓚsᐅJᔪÔᔫ2ᑉ
nᓴiᓂ xᐊiᓂ. xᐊuᒥEᕆvᑲuᒥsᐅ5ᑦ ®ᑮNᓇsᐅ/ᔭdᖁtᑎqᖏ5ᑦ hᓱ3ᕐCᕋbᑕsᐅiᓂcᖃMᓚsᐅ3ᕐtᑎNᓇQᒋ5ᑦ, xᐊuᒥEᕆvᑲuᒥ ®ᑮNᓇsᐅ/ᔭoᓕsᐅCᕋhᓱAᒍtᑎtᑎAᒍ5ᑦ gᑐ1ᖕzᖓ[ᕕcᖃDᕈtᑎKᕗ5ᑦ
wᐃtᑎ3ᕐtᑎyᓯAᒍtᑎQᒋAᒍ8ᓐNᓇyᓯMᓚsᐅJᔪ?ᕙKᕗ5ᑦ vᑲbᑕAᒍtᑎcᖃDᕈtᑎQᒋ5ᑦhᓱQᒋ9ᓪlᓗlᓗ sᐅtᑎ3ᕐbᑕsᐅAᒍtᑎcᖃ3ᕐhᓱbᑕ dᖁ{ᕝ?ᕙyᓯiᓂoᓕ8ᓐiᓂ4ᒃ T@$.#%-iᓂ4ᒃ Ìᑖ4ᒃfᑯãᓭ8ᓐNᓇiᓂ sᐅ9ᓪlᓗoᓕ8ᓐiᓂ4ᒃ.
bᑕmᒪ4ᒃfᑯ xᐊ ÖᑌàᒣAᒍ8ᓐNᓇyᓯMᓚeᕿcᖃ5ᑦbᑕMᓚsᐅ3ᕐgᑐ5ᑦ Nᓇfᑯ3ᕐmᒪbᑕ wᐃMᓚsᐅcᖃbᑕsᐅiᓂEᕆcᖃ5ᑦbᑕMᓚsᐅ3ᕐbᑕKᕗ5ᑦ cᖃkᓄwᐃ1ᖕqᖏyᓯ xᐊ3ᕐiᓂcᖃEᕆ xᐊcᖃ3ᕐiᓂkᓄ9ᓪlᓗ iᓂsᐅ[ᕕ3ᕐiᓂ xᐊ[ᕕ8ᓐiᓂlᓗ
WᐱNᓇhᓱZᒐdᖁtᑎcᖃ3ᕐgᑐkᓄ5ᑦ wᐃMᓚsᐅcᖃbᑕsᐅiᓂ5ᑦtᑎkᓄ5ᑦ, Ìᑖ4ᒃfᑯ -
xᐊ4ᒃ Wᐱsᐅiᓂ3ᕐ xᐊsᐅcᖃbᑕsᐅMᓚsᐅ3ᕐmᒪîᓃ4ᒃ ®ᑮNᓇsᐅ/ᔭoᓕsᐅ3ᕐ[ᕕtᑎAᒍ5ᑦ
WᐱNᓇhᓱ xᐊ3ᕐ[ᕕsᐅhᓱtᑎ4ᒃ xᐊuᒥEᕆvᑲuᒥsᐅ5ᑦ kᓄNᓇqᖏ8ᓐiᓂ.
wᐃMᓚcᖃEᕆ xᐊ9ᓪMᓚuᒥ5ᑦhᓱtᑎ4ᒃ, sᐅtᑎ3ᕐ[ᕕsᐅAᒍtᑎ5ᑦtᑎiᓂ4ᒃ xᐊuᒥEᕆvᑲuᒥ
xᐊ9ᓪMᓚdᖁtᑎcᖃDᕈtᑎtᑎAᒍ5ᑦ vᑲNᓇbᑕuᒥsᐅ5ᑦ ®ᑮNᓇsᐅ/ᔭ5ᑦnᓴ/ᔭqᖏ8ᓐiᓂ4ᒃ
kᓄ5ᑦtᑎEᕆcᖃ5ᑦbᑕhᓱbᑕ xᐊuᒥEᕆvᑲuᒥsᐅ5ᑦ ®ᑮNᓇsᐅ/ᔭdᖁtᑎqᖏ8ᓐkᓄ5ᑦ
bᑕmᒪ4ᒃfᑯkᓄzᖓ Wᐱ?ᕙ9ᓪoᓕbᑕsᐅiᓂcᖃMᓚsᐅCᕋ5ᑦbᑕ %-aᖑyᓯmᒪJᔪiᓂ4ᒃ
xᐊuᒥEᕆvᑲuᒥsᐅ5ᑦ ®ᑮNᓇsᐅ/ᔭqᖏtᑎAᒍ5ᑦ nᓴiᓂ xᐊ8ᓐiᓂ
®ᑮNᓇsᐅ/ᔭtᑎAᒍ5ᑦ xᐊ3ᕐÇᕌAᒍEᕆMᓚsᐅJᔪ/ᔭ5ᑦtᑎkᓄ5ᑦ. vᑲNᓇbᑕuᒥsᐅtᑎAᒍ5ᑦ
gᑐ1ᖕzᖓ[ᕕcᖃDᕈtᑎKᕗ5ᑦ bᑕfᑯJᔪ8ᓐNᓇyᓯAᒍtᑎQᒋMᓚsᐅ3ᕐbᑕKᕗ5ᑦ
xᐊ8ᓐâᓀAᒍtᑎQᒋ5ᑦhᓱtᑎQᒋ9ᓪlᓗ sᐅtᑎ3ᕐ[ᕕsᐅAᒍtᑎiᓂ4ᒃ sᐅkᓄ3ᕐiᓂoᓕ8ᓐiᓂ4ᒃ
This is thanks to our considerable exposure to
the healthcare and consumer staples industries,
which were among the best performing
industries in the US. In addition, the return on
the US portfolio when converted to Canadian
year. Our Canadian stock portfolio’s realized
which Makivik had very limited exposure. Our
When we take into consideration the increase in market
value of our stock and bond portfolios of $31.1-million, our
This year, we managed to slightly exceed our targeted
budget in dollar terms. It gives me great pleasure to report
in 2012 to $347,445,879. In spite of the appreciation in our
investment portfolio, we are still committed to reducing our
overall costs, as the low interest rate environment persists
and global growth is expected to remain sluggish.
Makivik continuously supports community initiatives in the
donated towards various charitable, recreational, cultural, and
ANTHONY ITTOSHAT
lars
américains, le rendement réalisé et non réalisé de notre
des soins de santé et des biens de consommation, deux des
industries les plus performantes aux États-Unis. De plus, le
rendement du portefeuille américain, une fois converti en
valeur du dollar américain par rapport à l’exercice précédent.
secteur des matériaux, un domaine où Makivik est très peu
-
de l’augmentation de la valeur de marché de nos portefeuilles
mᒪrᑭ{ᕝ[ᕕ4ᒃ• Makivik Corporation • Société Makivik 27