2014 ANNUAL REPORT

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MISSION STATEMENT To lead the investment profession by promoting ethical behaviour, professional excellence, and fellowship.

VISION STATEMENT To be the gold standard investment professional designation.

OFFICERS DIRECTORS President Candidates Committee Chair Daren Atkinson, CFA Jessie Bobinski, CFA Leith Wheeler Investment Counsel Dixon Mitchell Investment Counsel Vice President University Outreach Committee Chair Maria Pacella, CFA Eric Bukovinsky, CFA Terramera Yaletown Venture Partners, Inc. Treasurer Programs Committee Co-Chair Duane Tup Chong, CFA Dmitri Kotliarov, CFA KPMG Travelers Capital Corporation Secretary Sponsorship Committee Chair David Smith, CFA Paul Martin, CFA Pinnacle Fund Administration Phillips, Hager & North Past President Social Committee Chair David Barr, CFA Troy Peart, CFA PenderFund Management Royal Bank of Canada Forecast Dinner Committee Chair Ross Turnbull, CFA Odlum Brown Public Awareness Committee Daniel Wong, CFA Connor, Clark & Lunn Private Capital

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TABLE OF CONTENTS President's Message ............................................................ 4 Candidates Committee ........................................................ 6 Finance & Governance Committee ..................................... 8 Forecast Dinner Committee ................................................ 9 Membership Committee ..................................................... 10 Programs Committee .......................................................... 11 Public Awareness Committee ............................................. 13 Social Committee ................................................................ 15 Sponsorship Committee ...................................................... 16 University Outreach Committee ......................................... 18 Women's Symposium Committee....................................... 19 New Charterholders ............................................................ 20 Committee Volunteers ........................................................ 21

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PRESIDENT'S MESSAGE Daren Atkinson, CFA Dear members of CFA Society Vancouver,

I am pleased to report to our membership that CFA Society

Vancouver had another very successful year due to the efforts

of our board members, volunteers and staff.

One area our Society focused on during the 2013/2014 fiscal

year was promoting awareness of the charter and its

importance in today’s environment. In this regard, our

society has been very excited to support a global CFA

Institute initiative called “The Future of Finance,” whose

objective is to create positive change in the financial industry. This endeavor is built around

the following six focus areas:

1. Investors 1st – the fiduciary duty to protect investor interests

2. Financial knowledge – empowering investors to make better decisions

3. Regulation and enforcement – protecting investors and preserving capital market

integrity

4. Retirement security – sensible solutions for pension systems worldwide

5. Safeguarding the system – promoting stability and minimizing systemic risk

6. Transparency and fairness – standards to promote and open and honest financial

system.

CFA Society Vancouver has engaged in a variety of activities to support these initiatives. To

date our efforts have been focused on the publication of our semi-annual BC Investor

Outlook, which is intended to further investor education by providing objective and unbiased

content focused on the economy, capital markets, portfolio management, taxation, estate

planning and other topics of interest to investors in our local market. We are also hosting bi-

annual Wealth Management Conferences which are designed to appeal to private investors by

accessing the talent pool of CFA Society Vancouver’s membership and industry contacts to

help address issues and challenges facing investors.

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Another significant accomplishment during the year was the Women’s Symposium we hosted

last November, a full day event with a focus on changing the demographic perception of

leadership and professional careers. The symposium was the first women focused event

organized by CFA Society Vancouver. We received tremendous support from the local

business community and the event sold out well in advance. Feedback was extremely positive

and we will definitely look to host similar events in the future.

CFA Society Vancouver is a not-for-profit organization and we could not provide the

programs and events we offer to our membership without the help of our volunteers. We are

very fortunate to have three very qualified individuals up for election to join our board this

year, including Kelly Woodall (Partner at Seymour Investment Management), Wally

Trueman (Fixed Income Trader at Odlum Brown) and Michael Job (Private Client Portfolio

Manager at Leith Wheeler Investment Counsel).

I have personally been involved with our Society’s Board for over six years and have

thoroughly enjoyed the experience. Earning the CFA Charter was a significant milestone in

my career and I have been fortunate to give back through my role on the board. It has been

my privilege to serve our membership as President of CFA Society Vancouver over the past

year. I look forward to continuing to watch our society evolve and grow as we approach the

50th anniversary of CFA Society Vancouver in 2015.

Sincerely,

Daren Atkinson, CFA

President

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CANDIDATES COMMITTEE Jessie Bobinski, CFA CFA Society Vancouver supported its nearly 1,100 candidates through a number of initiatives

and programs in the 2013/2014 fiscal year. Notably, this was the first year we offered the

Candidate Associate Membership, an optional membership that provides discounts to mock

exams, access to a “Day in the Life” event, a Level 1 and Level 2 Financial Statement Analysis

workshop, study group co-ordination, candidate reception, charter award ceremony ticket for

new charter recipients and access to the job board. We have enjoyed great success with the

Candidate Associate Membership, as approximately 20% of our candidates are utilizing the

membership program with the numbers growing as we reach the June exam period.

In December 2013, we welcomed Beth Hamilton-Keen, board member with the Board of

Governors of the CFA Institute, as the keynote of the charter awards ceremony. Fifty five of

the 84 charter recipients enjoyed an amazing dinner at the Four Seasons Hotel with their

friends, families and past presidents of CFA Society Vancouver.

In March 2014, we welcomed Michael McMillan, Director of Ethics and Professional

Standards at CFA Institute, as the keynote of the candidate reception. Candidates had the

opportunity to network and enjoy presentations from local CFA charterholders, who shared

personal stories of study success and discussed the importance of the CFA charter in their

career. Further, a local recruiting firm, McNeill Nakamoto, was present to discuss the

importance of the CFA charter when seeking a role in finance, as well as resume and

interview tips.

In December 2013 and May 2014, we hosted two mock exams created by BSAS and Schweser.

Candidates had the opportunity to attempt these two exams over two consecutive Saturdays.

The mock exams were well attended with approximately 30% of the candidates taking

advantage of the additional exam practice.

In addition, we participated in the CFA Institute scholarship program, facilitated the

organization of study groups, created and issued regular newsletters and hosted two social

events in June (the after-exam party) and October.

We continued our strong relationship with Morgan International, who has graciously

continued to sponsor our Candidate programs. Further, we have begun a relationship with

the UBC DAP program and we thank them for providing us with future mock exam space and

instructors for our financial analysis workshops.

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We sincerely thank the many volunteers, including industry professionals, charterholders and candidates, as without their support we would not be able to continue the programs we offer today.

2013 Charter Awards Ceremony

2013 Charter Awards Ceremony

Beth Hamilton-Keen

Mock Exam May 2013

2014 Candidate Reception

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FINANCE & GOVERNANCE COMMITTEE Duane Tup Chong, CFA The Finance Committee assists the Board of Directors in its duty to manage the net assets of the

Society. The Committee adheres to the Investment Policy Statement (“IPS”) which outlines the

investment objectives, time horizon and constraints, including overall tolerance for risk as

approved by the Board of Directors. The IPS specifically prohibits investments in any products

where there may be a real or perceived conflict of interest with any member of the Board or the

Committee.

During fiscal 2014, the Committee met multiple times during the period to discuss the Society’s

operating results. The net assets of the Society increased from $381 thousand to $480 thousand

for the period, largely due to the Society’s operating surplus for the period. Currently, the net

assets are allocated approximately 50% cash and cash equivalents, 30% fixed income and 20%

equities. The investments are invested in mutual funds developed by major financial

institutions. The Committee monitors and balances this portfolio based on the constraints of

the IPS on a quarterly basis.

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FORECAST DINNER COMMITTEE Ross Turnbull, CFA & Jason Anderson, CFA CFA Society Vancouver was proud this past January to host the 36th Annual Forecast Dinner,

which has once again set the standard for gala dinners in the city's investment community.

Capacity at the Hyatt Regency ballroom in Vancouver was stretched another 3% for the tour de

force, so that 643 CFA Society members and guests could sample the market prognostications of

esteemed headliners John Mauldin, Jim Gilliland, and Avery Shenfeld.

The speakers' views were consistent in that all three expected the TSX and S&P500 to rally in a

narrow band in line with nominal GDP growth as the North American economic recovery takes

hold. The S&P500 was generally expected to slightly outperform the TSX, despite continued

monetary stimulus tapering by the Federal Reserve Bank, which was also expected to lead to

slightly higher 10 year sovereign yields in both Canada and the USA.

Major Event Committee and Sponsorship Committee volunteers worked hard to increase the

number of sponsors 45% from the prior year, which was reflected in the sumptuous menu and

wine list procured by event organizers. Meticulous attention to detail and time management

allowed for all the proceedings to be completed on schedule with numerous tables afterwards

regrouping in the hotel bar for extended and animated variations on the evening investment

themes.

From left: Ross Turnbull, John Mauldin, Ian Robertson, John Gjervan, Andrew Sweeney

Congratulations to Mary Lou Miles

2013 Forecast Winner

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MEMBERSHIP COMMITTEE Virginia Coles CFA Society Vancouver was founded in 1965 and has a long proud history, offering programs

of interest and other services to our members. The volunteers at CFA Society Vancouver have

worked hard to meet the needs of our membership for the past 48 years, as our industry

continues to evolve. We have conducted a number of surveys over the past several years and

the feedback has been extremely valuable. The areas that consistently rank highest in terms

of the priorities our members would like us to focus on include:

Hold Educational Events (including High Profile speaker events)

Provide Career Development Resources

Promote the CFA Charter Locally

The scope of the events we offer has expanded significantly to meet these objectives. It is

important to note that all of our events are put on for the benefit of our members and are run

at break even or often a loss. We are also increasing our outreach efforts, as we look to raise

investor awareness of the Charter, the high ethical standards it imposes on Charterholders

and its importance in today’s environment. In order to meet the growing needs of our

membership, the Board of CFA Society Vancouver hired a professional administrator in 2010.

Your membership with CFA Society Vancouver provides you the following benefits:

Access to CFA Society Vancouver job board (restricted to members)

Members receive discounts of up to 20% on our events

CFA Society Vancouver offers several events each year exclusive to members (examples include upcoming presentation with Deputy Governor of the Bank of Canada, Timothy Lane, and member only social events)

Priority registration for events with limited capacity (e.g. Annual Forecast Dinner, CFA Day)

CFA Society Vancouver social media groups (e.g. LinkedIn)

Member discounts with Perkopolis (up to 20% off car rentals, up to 40% off hotel bookings, up to 30% off movie tickets, up to 60% off at OK Tire and discounts at Disney World)

Contact information updated with CFA Institute

List of annual event payments upon request CFA Society Vancouver has a total of 1,257 Regular and Affiliate members, up from 1166 in 2013 and a member retention rate is 94.5%, which is approximately 8% higher than all other CFA Societies.

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PROGRAMS COMMITTEE David Smith, CFA & Dmitri Kotliarov, CFA CFA Society Vancouver had one of its most active years in delivering programs and events. We

opened the box this year to broaden the scope, structure and variety of events, which resulted in

several selling out. We could not put on all of these events without the continuing support of

our dedicated committee, our programs sponsor, Horizons ETFs, and of course the participation

of our membership and guests. Next year we look to build on the great success we had this year

buy widening the topic areas, offering more CE credits and focusing on high quality events. As

always, we appreciate all your feedback as it helps strengthen our programs offerings.

A few highlights of the year:

CFA Day in September with David Foot was a fantastic event with our largest attendance of

the year. David Foot, as always, entertained the audience and presented updated results of

his enlightening research on demographics and their impact on the global economy.

February saw the return of the Alternative Investment Outlook Forum and our partnership

with CAIA and PRMIA in hosing this event. Several investment professionals across many

topic areas, graciously donated their time to give the audience an inside look into the inner

workings of Alternative Investments. We look to build on this success for next year and

address new issues impacting alternative investments and the investing community.

Below is a summary of all our events of the year:

Options for Enhanced Yield May 09 Accounting Scandals October 22

Derivatives Reform May 16 Presenting Like a Leader November 07

Minimum Risk Strategies May 23 Commercial Real Estate November 26

Mining Essentials Course May 24 Price of Gold December 05

Global Economy June 06 Alternative Investment Outlook Forum February 27

Currency Wars June 18 Environmental, Social and Governance Issues February 28

Monte Carlo Approach and Simulation July 09 Ethics March 12

Mergers & Acquisitions September 10 Global Opportunities March 25

CFA Day – Demographics September 23 Sustainable Withdrawal Rates April 08

GIPS Performance Measurement September 26 Goals Based Wealth Management April 22

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Alternative Investment Outlook Forum February 27, 2014

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PUBLIC AWARENESS COMMITTEE Daren Atkinson, CFA & Daniel Wong, CFA The CFA designation competes for recognition with a number of other professional

organizations in financial services in Canada. For this reason “promoting the

value/increasing awareness of the CFA charter among the investing public” was identified as

a key priority amongst Canadian CFA Society members in the CFA Institute’s most recent

member survey.

As mentioned in this year’s President’s address, a key area of focus for CFA Society Vancouver

has been promoting awareness of the charter. Our Society has several initiatives under way

which we feel will help assist these efforts. We launched our semi-annual publication – the

BC Investment Outlook - in June 2013, which provides investors objective and unbiased

content focused on the economy, capital markets, portfolio management, taxation, estate

planning and other topics of interest to investors in our local market. We are also hosting bi-

annual Wealth Management Conferences which are designed to appeal to our membership as

well as the investing public.

On a national basis, CFA Societies across Canada are working together to raise awareness of

the Charter amongst the investing public. There are currently preliminary plans in place to

create a national website which would provide unbiased investment educational content to

investors. We are also discussing a national public awareness campaign to help promote the

CFA designation to Canadian investors as the pre-eminent mark of integrity and investment

knowledge.

It is our expectation that as a result of these efforts, investors will increasingly demand the

expertise of a CFA Charterholder when looking for an investment advisor/counselor.

CFA Society Vancouver continues to help support the Canadian Advocacy Council for

Canadian CFA Institute Societies (“CAC”). The CAC is a Pan Canadian body representing the

interests of Canadian CFA Institute societies with regards to advocating CFA Institute’s Code

of Ethics and Standards of Practice to Canada’s securities regulators, standard setters, self-

regulatory organizations, industry groups and legislators. The committee responded to a

wide variety of requests for comments in the 2013/14 fiscal year on issues ranging from

investor rights to proxy voting.

In the past year, CFA Society Vancouver continued to expand the use of social media to

connect with our members. On Twitter (@cfavancouver), we live tweeted from various events

including luncheons, the annual Forecast Dinner, and the recent Wealth Conference. It has

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become one of the tools to communicate upcoming CFA Society Vancouver events and

reminders of any last minute detail changes. There are close to 500 followers and the plan is

to continue to grow and connect with members with the Society as well as with our peers

across the CFA Institute.

Members can also connect with CFA Society Vancouver and with each other through

LinkedIn. This is a great forum for members to share ideas, career opportunities, and

professional updates. This social platform is more acutely focused on matters related to the

finance profession and we will continue to grow its usage in helping our members connect. If

you have not already done so, please find CFA Society Vancouver on LinkedIn.

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SOCIAL COMMITTEE Troy Peart, CFA CFA Society Vancouver's Social Committee had another successful year hosting five events,

two in partnership with the Chartered Professionals Accountants of BC and the Canadian Bar

Association of BC.

The committee continued its support of candidates by organizing pub nights in October and

June, following the June CFA exam. These events are very important for candidates, as they

provide the opportunity to share exam stories and successes as well as to network within

Vancouver's finance community.

The annual Monte Carlo Night on June 19, 2013 was well received by professionals with

a wide range of designations, including CFA, CA, CGA, and LLB which definitely achieved

one of the key CFA membership requests to create opportunities to broaden the awareness of

the CFA designation within complementary professional circles.

On April 24, 2014, CFA Society Vancouver hosted its first wine dinner at Lupo Restaurant

where guests enjoyed a five course meal paired with a selection of wines from Italy and

British Columbia. Feedback was excellent, so the wine dinner may become an annual event

for the Society.

Events June 1 CFA Exam After Party June 19 Monte Carlo Night October 10 Candidate Pub Night December 10 Holiday Affair April 24 Wine Dinner 24

April Wine Dinner at Lupo Restaurant

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SPONSORSHIP COMMITTEE Paul Martin, CFA Sponsorship is an important activity for your Board of Directors. In the most recent fiscal

year, sponsorship represented 18% of the Society’s revenues. This allows us to offer events

such as our forecast dinner and our lunch programs at or close to their cost.

This year’s sponsorship revenue set a record. For that, we thank our sponsors, as well as the

volunteers who contributed to our efforts.

Looking ahead, our objectives are to further improve the value that our sponsors receive from

supporting us. We also want to continue to improve our processes around managing

sponsorships, including pursuing multi-year arrangements with sponsors, to reduce the

volatility in revenue from year to year that we have experienced in the past

Thank you to the following sponsors for their generous support of our programs and events. Candidate Sponsors

Programs Sponsors

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Forecast Dinner Sponsors

Women's Symposium Sponsors

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UNIVERSITY OUTREACH COMMITTEE Eric Bukovinsky, CFA CFA Society Vancouver’s University Relations Committee increases the awareness of the

designation among students and pre-candidates in the Lower Mainland. For the current year,

the committee held numerous information sessions and spoke at university events in the

greater Vancouver area. In addition to the outreach activities, the committee held the local

competition for the CFA Institute Research Challenge.

The Research Challenge is an annual global competition involving over three thousand

students and over seven hundred universities. The purpose of the competition is to provide

students with hands-on mentoring and intensive training in financial analysis. Six

universities participated in this year’s local competition; each team producing a research

report and presentation on the subject company, Ritchie Brothers Auctioneers. The winning

university of the local competition was University of British Columbia, earning the right to

participate in the regional competition held in Denver, Colorado.

The work of the University Relations Committee could not be accomplished without the

outstanding commitment of the more than thirty volunteers who have made each and every

event a success.

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WOMEN'S SYMPOSIUM COMMITTEE Maria Pacella, CFA

Effecting Change: 2013 CFA Society Vancouver Women’s Symposium

Leadership challenges for women has been a much talked about topic for many years, but

recently reignited with more direct dialogue by high-profile executives like Sheryl Sandberg in

her book Lean In. Advancing your career is a challenge that women across a variety of

industries and positions face, including finance and investments. This presented CFA Society

Vancouver the opportunity to organize a cross-functional event to attract not only our

membership, but also other members of the local professional community.

The first women focused event hosted by CFA Society Vancouver was held on November 5, 2013.

The symposium comprised five panels and a keynote address by Jessica Herrin, CEO and

Founder of Stella & Dot. The full day event attracted over 250 participants, many senior

executive speakers, prominent local CFA charterholders and great community support. The

panels, consisting of over 25 speakers, both men and women, focused on a variety of topics and

personal stories:

Promoting Women in the Workplace

Navigating your Personal Finances

What it Takes to be a CEO in a Man’s World

Get Women on Board – A Call to Action

The Art of Negotiations – How to Get What you Want and not Apologize for it

The success of this event clearly demonstrates that many individuals and organizations are more

open and willing to participate in the conversation and are trying to effect change in a variety of

ways than ever before. The event would not have been possible without the generous support

of all our sponsors. We look forward to hosting future events like this for our members and the

Greater Vancouver professional community.

Keynote Speaker: Jessica Herrin, Stella & Dot

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NEW CHARTERHOLERS 2013 Congratulations to the following individuals for earning their CFA charter in 2013.

Abigail Diane Syyong, CFA Guo Sally, CFA Peleg Bartfeld, CFA

Amir Boloor Foroosh, CFA Hong Liang, CFA Peyvand Bayzae, CFA

Andrew William Blazenko, CFA Jay Dilley, CFA Pieter Andrew Giezen, CFA

Anna Komissarova, CFA Jeanette Uy Hatol, CFA Qianying Zhou, CFA

Anson Lo, CFA Joe Kang Ma, CFA Ran Sun, CFA

Antony David Ramsden, CFA John Haggett, CFA Richard Daniel Arienzale, CFA

April Gagnon, CFA Jui-I Reya Lu, CFA Ryan Scott Mymko, CFA

Arsalan Farrokh, CFA Justin Jin-Hyung Cha, CFA Samson Yee Shun Mui, CFA

Ashkan Mohammadian-khezerlou, CFA Kalen Joseph Stewart, CFA Samuel Kenneth Meraw, CFA

Bahman Shafiei, CFA Kevin Arthur Mah, CFA Sean Young, CFA

Bardia Baradarani, CFA Kim Ly Uy, CFA Shannon Suzanne Sabine August, CFA

Blake Ryan Steels, CFA Krysta Janine Rehaag, CFA Stephane Guerraz, CFA

Bradley J. Bennest, CFA Lawrence William Schouten, CFA Stephen Szu Hao Chang, CFA

Brian Spencer Martin, CFA Lee Michael Edwards, CFA Tatenda Chirusa, CFA

Chih-ling Yin, CFA Lisa Marie Meger, CFA Thompson Pascal James, CFA

Christopher Gregory Michael Gillett, CFA Lori Robin Satov, CFA Tony Emil Buonaguro, CFA

Christopher Michalak, CFA Marc L. Ricou, CFA Trevor James O'Reilly, CFA

Darren Tze-Yen Lai, CFA Marc L. Tomlinson, CFA Victor Chin Yong Whang, CFA

David Craig McGowan, CFA Mark Anthony Tiberio, CFA Victor Kar-Kit Ko, CFA

Davies Town, CFA Mark Man Ho Tsang, CFA Vivian Si Yan Chow, CFA

Duncan Lai, CFA Martin Gordon McNish, CFA Wael Tfaily, CFA

Ellen Hoi Lam Chui, CFA Michael John Forge, CFA Wayne Aaron D'Sylva, CFA

Erfan Kazemi-Esfahani, CFA Michal Jan Krol, CFA Wei Zhang, CFA

Eric Leung Heng Chin, CFA Milan Raj Roy, CFA William Ben Temple, CFA

Farhan Anwar Beg, CFA Naraporn U-nanupap, CFA Wing Chung Tang, CFA

Gaganpreet Lalli, CFA On Tou Ernest Tsui, CFA Xiao Ning Liu, CFA

Gee Yoon Bae, CFA Parveen Walia, CFA Ximeng Sun, CFA

Glenn Neil Schoenroth, CFA Patrick Edward Padmore, CFA

Graham Sheppard, CFA Patrick Wilson, CFA

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COMMITTEE VOLUNTEERS CFA Society Vancouver would not be able to provide the level of support it does without the dedication of the following volunteers. The board of directors of CFA Society Vancouver would like to thank all of our volunteers for their hard work in making our organization a success. Candidates Committee University Outreach Committee Tricia Wu Ethan Dang Anna Imperial, CFA Randal Wong, CFA Estelle L'Heureux Gary Liang, CFA Jatinder Rai Tracy Steele, CFA Simon Tso Simon Dyakowski, CFA Andrew Blazenko, CFA Jamie Kozak, CFA William Wong Finance & Governance Committee Geoff Castle Deepak Gill Edison Lee Scott Blair, CFA Forecast Dinner Committee Glenn Powers, CFA Jason Anderson, CFA Jason Smolensky, CFA Jordie Hutchinson, CFA Programs Committee Kenton Freitag, CFA Nick Karliychuk, CFA Amarjit Grewal, CFA Theoni Pilarinos, CFA Deon Vernooy, CFA Jacqueline Kwok, CFA Sean Finucane, CFA Chris Haines, CFA Stephen Boland, CFA Jason Zandberg, CFA Public Awareness Committee Sheila Broughton, CFA Michael Job, CFA Derek Yee, CFA Kelly Woodall, CFA Women's Symposium Committee Sponsorship Committee Janine Guenther, CFA Kelvin Kwong, CFA Sarah Sharafzadeh Anna Imperial, CFA Cindy Hu Jennifer Liu Nikoo Nasr Bea Valles Theoni Pilarinos Estelle L'Heureux