Embed Size (px)
Citation preview
FIXED-INCOME INVESTING IN A RISING RATE ENVIRONMENT
LAWRENCE PARK STRATEGIC INCOME FUND
EXECUTIVE SUMMARY
Lawrence Park Strategic Income Fund (“LPSIF”)
Exposure to global corporate bond markets
with
Protection from rising interest rates
• Corporate bond fund with floating-rate exposure, designed to outperform DEX corporate bond funds during periods of rising interest rates
• Run by Lawrence Park Capital Partners (30% ownership by CI Financial Corp.) • Monthly income, with possible capital appreciation• Target annual return over long term of 4-6%
LAWRENCE PARK CAPITAL PARTNERS LTD.
Who should invest in the Fund?
• Investors seeking enhanced returns over traditional fixed income• Investors concerned about rising interest rates in the next 2-5
years• Investors who seek low volatility and capital preservation in their
investment strategies
Why invest in GICs?
LAWRENCE PARK CAPITAL PARTNERS LTD.
• Minority-owned by CI Financial Corp.
• CI was lead investor in the Lawrence Park Credit Strategies Fund (accredited investors), which was launched on March 1, 2012 and posted a 10.79% net return for its first year
• Lawrence Park manages 15% of the United Canadian Fixed Income Pool, alongside Signature Global Asset Management
• CI (Portfolio Series) recently invested $70 million in LPSIF
• Lawrence Park’s total AUM is $325 million
• Four seasoned PMs with significant fixed-income and credit expertise from global and Canadian banks, as well as hedge funds
OUR EXECUTIVE TEAM
David A. Fry, MBA, CFAFounding Partner, Chief Executive OfficerPrior to co-founding Lawrence Park Capital Partners in 2011, David was Head of Global Markets for Deutsche Bank Canada. His 21-year career includes senior positions in fixed-income at ABN Amro in London, and TD Securities in London, New York and Toronto. David holds an MBA from McGill University, and has been a CFA charterholder since 1996.
Andrew C. Torres, BMathFounding Partner, Chief Investment OfficerAndrew is a former Vice-Chair at TD Securities Inc., with a 20-year career managing credit portfolios in major financial centres including London, New York and Toronto. Prior to co-founding Lawrence Park Capital Partners in 2011, Andrew was a partner and portfolio manager at Aladdin Capital Partners in London, U.K.
John B. Young, CA, CFAPartner, Finance & OperationsJohn’s career in finance spans 19 years, having traded large credit portfolios at both a major bank and a global hedge fund. In London, John was the European Portfolio Manager for Fore Research, a New York-based global hedge fund. John was previously a senior member of the convertible arbitrage desk at TD Securities in New York. John has been a CFA charterholder since 1996 and earned a CA designation in 1991.
Jason Crowley, MBA, CFAPartner, Portfolio ManagerPrior to joining Lawrence Park Capital Partners, Jason spent his entire career in credit at the Bank of Nova Scotia in Toronto. With roles spanning across risk, credit portfolio management, and proprietary trading, Jason’s 17 years at BNS saw him take on increasing responsibility, ultimately rising to Managing Director and Head of Credit Derivatives Trading. Jason has an MBA from McMaster University and earned his CFA charter in 2001.
WHERE WE’VE COME FROM
Source: Global Financial Database, Goldman Sachs Global ECS Research.
2.90%
WHERE WE ARE NOW: THE PAIN BEGINS!
XCB= iShares DEX Corporate Index ETFXBB= iShares DEX Universe Index ETFHYG= iShares iBOXX HY Index ETFLQD= iShares iBOXX IG Index ETF
Source: BlackRock, Inc.
Return
THE LAWRENCE PARK ADVANTAGE: FIXED INCOME, ONLY SMARTER
• Corporate bond exposure, while minimizing interest-rate risk• Participate in the upside of a global economic recovery, without
the downside of higher rates• Diversify beyond the narrow sectoral bias of Canadian fixed
income• Specialize in investment-grade corporate debt (BBB), filling in the
gap between domestic index-based funds and high yield• Hedge against interest rate, currency and selected credit risk to
reduce portfolio volatility
LP PORTION OF UNITED CANADIAN FIXED INCOME POOL – PERFORMANCE
United FI = United Fixed Income Pool (gross returns)DEX = iShares DEX Corporate Bond Index (XCB:CN Equity)CAN 10 YR Yield = Current On the run Canadian 10-year government bond bid yield
Source: RBC IS/Bloomberg
3.25% outperformance YTD
FIXED INCOME COMPARISON
Attribute DEX IndexLawrence Park
Strategic IncomeHigh Yield
Interest Rate Risk High Low Moderate
Credit Risk Low Moderate High
Call Risk Low Low High
Geographic Focus Canada Global Canada/U.S.
PORTFOLIO HEDGING
• Interest rate duration managed using swaps and futures to minimize susceptibility to rising rates: duration target ≤ 1 year
• FX forward contracts used to minimize currency exposure• Credit indices may be used opportunistically to hedge adverse
credit conditions
SELECTED PORTFOLIO METRICS: (LP PORTION OF UNITED CANADIAN FIXED INCOME POOL)
Measure Headline
YTD Returns (gross) 1.78%
UP months/ Down Months 7/2
Best Months/Worst Month +0.63%/-0.74%
Annualized Volatility 0.87%
Interest Rate Duration 0.78 Yrs.
Sharpe Ratio 1.55
Average Credit Rating A-
HY Exposure 3.38%
Number of Issuers 66
Number of credit Positions 90
Primary Industry Focus Financials, REITS, Consumer – Non Cyclical,
Media & Telecom As of August 30, 2013
SELECTED PORTFOLIO METRICSLP PORTION OF UNITED CANADIAN FIXED INCOME POOL
As of August 30, 2013
LP PORTION OF UNITED CANADIAN FIXED INCOME POOL – TOP HOLDINGS*
Description Rating Currency % NAV
Ford 4.875% 3/14 Senior Notes Baa3 CAD 2.69%
Toronto-Dominion 2.433% 08/17 Senior Notes Aa1 CAD 2.59%
Enercare Solutions 4.6% 02/20 Senior Notes Baa2 CAD 2.28%
Goldman Sachs 5.25% 06/16 Senior Notes A3 CAD 2.26%
Lloyds TSB Bank 5.28% 4/16 Senior Notes A2 CAD 2.25%
BMO 2.39% 07/17 Senior Notes Aa3 CAD 2.11%
JP Morgan 2.92% 09/17 Senior Notes A2 CAD 2.11%
Shoppers Drug Mart 2.01% 05/16 Snr. Notes BBB+ CAD 2.11%
Reliance LP 4.574 3/17 Senior Notes BBB CAD 1.80%
*Excluding hedges and money-market positions as of August 30, 2013 (LP portion of the United Canadian Fixed Income Pool)
VIEW FROM THE DESK:CURRENT CONSIDERATIONS
MacroThe Fed has delayed the commencement of tapering QE, however we expect that the tapering will begin in 2013, and be completed in late 2014 Rate markets remain susceptible to significant volatility given divergent expectations of the taperWhile Short-term rates in both Canada and the US will not likely move much before 2015, longer-term bond yields are subject to further rises as the economic picture improvesEurope is coming out of recession and presents a few select value opportunities We welcome a return to fundamental based rate moves, where good economic numbers imply expansion/inflations/higher bond yields, tighter credit CreditCredit fundamentals remain positive. US economic recovery is on track. 2nd quarter earnings have been generally robustEuropean is emerging from recession, led by UK and Germany. Systemic risk has abated since 2011.Corporate default rates remain low.Banking sector continues to be a stronger credit than equity story as they adapt to regulatory mandated smaller balance sheets and lower leverage
SUMMARY
Capital Preservation
Low volatility
Consistent Returns
FUND FACTS AND CODES
FEL DSC LL
Fund Codes CIG671 CIG871 CIG1871 CIG4671 CIG16156 CIG18156
Management fee 0.85% 1.20% 0.70%
Administration fee 0.20% 0.15% 0.15%
Commissionnegotiable up to 5%
5% 2% nonenegotiable up to 5%
none
Trailer fee 0.50% 0.25% 0.25%*negotiable
up to 1.50%0.50%
negotiable up to 1.25%
* 0.25% trailing commission for three years, thereafter 0.50%
Class E Class O
1.75%
0.20%
Class A
Class F
Note: the fund is also available in $US
®CI Investments and the CI Investments design are registered trademarks of CI Investments Inc. TM Portfolio Series and Signature Global Asset Management are trademarks of CI Investments Inc. This communication is published by CI. Any commentaries and information contained in this communication are provided as a general source of information and should not be considered personal investment advice. Every effort has been made to ensure that the material contained herein is accurate at the time of publication. However, CI cannot guarantee its accuracy or completeness and accepts no responsibility for any loss arising from any use of or reliance on the information contained herein.
Facts and data provided by CI and other sources are believed to be reliable when posted. CI cannot guarantee that they are accurate or complete or that they will be current at all times. Information in this presentation is not intended to provide legal, accounting, investment or tax advice, and should not be relied upon in that regard. CI and its affiliates will not be responsible in any manner for direct, indirect, special or consequential damages howsoever caused, arising out of the use of this presentation. You may not modify, copy, reproduce, publish, upload, post, transmit, distribute, or commercially exploit in any way any content included in this presentation. You may download this presentation for your activities as a financial advisor provided you keep intact all copyright and other proprietary notices. Unauthorized downloading, re-transmission, storage in any medium, copying, redistribution, or republication for any purpose is strictly prohibited without the written permission of CI.
Thank You
FOR ADVISOR USE ONLY
AN ALTERNATIVE APPROACH TO CANADIAN EQUITY INVESTING
RED SKY CAPITAL MANAGEMENT LTD.:AN ALTERNATIVE INVESTMENTS PORTFOLIO TEAM
Why should advisors/investors consider alternative investments?
• The potential to generate positive returns in a variety of market conditions
• Enhance diversification
• Improve portfolio returns
• Reduce portfolio risk
Team Background Coverage
Timothy Lazaris, CA, CFA,CEO and CIO
• 3 years Portfolio Manager, CIO at RSCM• Founder and 2.5 years Portfolio Manager at GMP Investment Management (GMPIM)
• 10 years Research Analyst at GMP Securities• 5 years Research Analyst at RBC Capital Markets (Ranked #1 in Canada by Brendan Woods)
• Portfolio Construction• Capital Allocation• Risk Management• Focused on Core Investment Ideas
• Financial Services/Media Telcos
Keith Lam, CA, CFAManaging Partner and CFO
• 3 years Portfolio Manager at RSCM • 2.5 years Associate Portfolio Manager at GMPIM• 3 years Research Analyst at GMP Securities
• Financial Services• Technology• Real Estate
Dariusz Nieciecki, CFAManaging Partner
• 3 years Portfolio Manager at RSCM• 2.5 years Associate Portfolio Manager at GMPIM• 3 years Global M&A at Lehman Brothers/Scotia Capital
• 2 years Equity Research at CIBC World Markets and TD Securities
• Energy• Industrials• Healthcare• Transportation
Brian Huen, CFAManaging Partner
Niall HenryAssociate
• 2.5 years Portfolio Manager at RSCM• 6 years Institutional Equity Sales at CIBC and UBS• 2 years Private Equity at TD Capital• 3 years Investment Banking / M&A at CSFB
• 5 years as Institutional Equity Trader at CIBC• 2 years as Trader at BC Investment Management
• Materials• Consumers• Event Driven / Merger Arbitrage
RED SKY CAPITAL MANAGEMENT LTD.
Red Sky portfolio team
RED SKY CAPITAL MANAGEMENT LTD.
Source: Red Sky Capital Management
Source: Red Sky Capital Management
Sept-10
July-13
RED SKY CAPITAL MANAGEMENT LTD.
RED SKY CAPITAL MANAGEMENT LTD.
How alternative funds differ from mutual funds
Absolute versus relative return mandate
Risk manager• Loss of dollars versus benchmark
Available investment tools• Short selling• Hedging via derivatives• Elevated cash – up to 100%• Leverage
Compensation is mostly from performance fees
• Identify emerging macro economic themes
• Identify where we are in the market cycle
• Consider social / political landscape and the potential impact on overall investment thesis
• Determine optimal overall long / short bias given existing and expected market conditions
• Anticipate any changes in key macroeconomic factors that may impact the funds overall investment thesis
• Identify those sectors which we believe provide investment opportunities based on our macro analysis
• Seek out sectors on a global basis that is consistent with our favoured macroeconomic themes
• The fund will not invest in sectors or industries that we cannot understand or are unable to develop an expertise
• Rigorous fundamental analysis to identify companies best or worst positioned in the context of the macro environment
• Bifurcate between short-term trading opportunities and long-term investments
• Seek out companies with near-term catalysts that may create significant volatility in the price of the firms’ securities
• Consider different parts of the capital structure to capture most attractive risk-adjusted returns
• Leverage our strong relationships with key market participants to identify best investment opportunities
• Sentiment towards an asset, sector or theme is a critical consideration
• Utilize technical analysis to realize optimal trading strategies for our favourite names
• Identify exit/entry points based on technical factors
• Select optimal investment in the capital structure
• Adhere to strict risk management process
• Limit concentration in any one industry, company or strategy
• Exploit asymmetric risk/return profiles to maximize effectiveness of hedging or investment positions
• Portfolio management system used to continuously monitor overall exposure and liquidity
RED SKY CAPITAL MANAGEMENT LTD.
Investment process
Capital
CoreCore TradingTrading Market neutralMarket neutral
• Fundamental stock selection• Detailed due diligence• Continuous review
• Sentiment or momentum driven• Technical analysis• Systematic stop losses
• Event-driven/ M&A• Capturing a defined return• Complex review process
Long bias Long or short Uncorrelated
Capital allocation• Macroeconomic factors• Market sentiment• Fundamental valuation
Capital allocation• Macroeconomic factors• Market sentiment• Fundamental valuation
RED SKY CAPITAL MANAGEMENT LTD.
Multi-strategy portfolio approach
RED SKY CAPITAL MANAGEMENT INC.
Red Sky Partners – portfolio allocations as at July 31, 2013
*Market Neutral includes cash
Financials 37%
Energy 14%Information Technology
8%
Consumer Disc 10%
Materials 6%
Consumer Staple 6%
Industrial 4%
Health Care 2%Utilities 1%
Cash 12%
Core 60%Trading 23%
Market Neutral* 14%
Hedges 3%
Source: Red Sky Capital Management Ltd.
RED SKY CAPITAL MANAGEMENT INC.
Red Sky Partners Fund Series A/B – performance (CAD)
Since inception: RSPF Series A/B: +13.35% TSX Index Total Return: +13.98%
Source: Red Sky Capital Management
RED SKY CAPITAL MANAGEMENT INC.
Source: Red Sky Capital Management
RED SKY CAPITAL MANAGEMENT LTD.
Focused on Absolute Performance – not relative• Includes the best ideas from Partners Fund• Diversification but not indexation• Primary Risk management tool - Cash • Ability to short and use other hedge techniques Equity Fund – multi strategy• Core Investments• Opportunistic / trading of volatility• Market Neutral – cash up to 40%• Foreign exposure (USA) up to 40%• Any market capitalization• Industry Agnostic
Red Sky Canadian Equity Corporate Class: A mutual fund managed by our alternative investment team
*Market Neutral includes cash.
RED SKY CAPITAL MANAGEMENT LTD.
Red Sky Cdn. Equity Corp. Class - portfolio allocations as at July 31, 2013
Financials 27%
Energy 8%
Information
Technology 14%
Consumer Disc 19%
Materials 7%
Consumer Staple 8%
Industrial 4%
Utilities 2%
Cash 9%
Core, 97%
Trading, 1%
Market Neutral*,
2%
Financials 27%
Energy 8%
Information
Technology 14%
Consumer Disc 19%
Materials 7%
Consumer Staple 8%
Industrial 4%
Utilities 2%
Cash 9%
Core 97%
Trading 1%Market Neutral* 2%
Source: Red Sky Capital Management Ltd.
Monthly returns
YTDS&P/TSX Series B Jan Feb Mar Apr May June July August Sept Oct Nov Dec
2013 3.70% 2.03% 1.04% -2.06% 2.86% -0.09% 4.28% 12.21% 2.28%
All returns in Canadian Dollars. – YTD data as of end of July 2013 - S&P/TSX is the total return index
RED SKY CAPITAL MANAGEMENT LTD.
Red Sky Canadian Equity Corporate Class – performance
• Each member of the PM team has invested in this fund.
• There is a lot of capacity to grow this fund which will help improve performance not negatively impact it.
Year-to-date (as at July 31st), the Red Sky Canadian Equity Corporate Class has outperformed the S&P/TSX Index by ~10%
Source: Red Sky Capital Management
RED SKY CAPITAL MANAGEMENT LTD. - MARKET OUTLOOK
Macro economic factors:
• U.S. recovery – later stage
• European recovery – early stage
• Emerging market/China uncertainty
• Allocation of assets from bonds to equity as rates rise – Fed Policy Impact
• Middle East Tensions (August 28)
RED SKY CAPITAL MANAGEMENT LTD. – MARKET OUTLOOK
ConstructiveFinancials
TechnologyConsumer
EnergyLarge caps with dividends
Less constructiveBase metals
Precious metalsTelecom
Real estateSmall/micro caps
RED SKY CAPITAL MANAGEMENT LTD.
Top 5 long investment ideas – 12/18 months
Name Sector Thesis Current price *
Target price
Expected return
Element Financial (EFN-TSX) Financials Growth company with superior management. Partnered with Life Insurance Industry. Filling a large gap in asset based finance after financial crisis. Growth is a both organic and acquisitive. Rising ROE and exit strategy to sell to large FI.
$11.84 $19.00 60%
JP Morgan(JPM-NYSE)
Financials Money center bank with excellent management. Will see earnings growth faster than US economy both in retail and wholesale banking. Ability to raise dividends. Valuation still below normal levels. Housing and consumer recovery theme.
$50.58 $65.00 32%
Empire Co. Ltd(EMP.A-TSX)
Consumer Staples
Empire’s proposed acquisition of Safeway is a landmark deal as it solidifies its position as the #2 grocery in Canada. We think the company is being overly conservative on synergies of $200M over a 3-year timeframe and think that based on previous transactions and synergy realizations at (Metro / A&P Canada), Empire can realize synergies of over $300M which would yield a share price around $100.
$80.32 $100.00 26%
Redknee Solutions (RKN-TSX)
Technology A provider of communication software solutions to telcos. Just completed a transformational acquisition from Nokia Siemens (BSS) platform, at a very attractive price of 0.26x P/S. BSS added 130 customers to RKN, 90% are new. Highly accretive with much higher EBITDA margins. Valuation at a material discount to its peers. Re-rate as they execute takes price higher. (18 mnth target)
$4.35 $6.00 38%
Bellatrix Exploration (BXE-TSX)
Energy Large drilling inventory in 2 great plays Cardium & Notikewin (60/40) Gas/Oil. Top tier cash flow and production growth (60%). Attractive valuation (in-line/discount to group). Strong B/S with access to capital and potential for further joint ventures. Extremely attractive IRRs – operational progress outweighs most commodity risk.
$6.73 $10.00 49%
RED SKY CAPITAL MANAGEMENT LTD.
• Alternative investments make good sense in every portfolio and the Red Sky Partners Fund has a proven track record of capital preservation and risk-adjusted returns.
• Our partnership with CI Financial is very unique and now we can offer our team and investment process to mutual fund investors through Red Sky Canadian Equity Corporate Class
• In both cases, the Portfolio team has significant committed capital
Summary
RED SKY CAPITAL MANAGEMENT LTD.
Brookfield Place, 181 Bay Street, Suite 900
Toronto, Ontario, M5J 2T3
Tel: 416.642.2209
Fax: 416.642.0929
www.redskycm.com
Timothy Lazaris
Brian Huen
Capital preservation
Diversification
Risk management
•Historically have generated consistent annual investment returns and long-term capital appreciation of the units.
•Employ active hedging strategies and short positions to maintain a balanced portfolio.• Interests of portfolio management team strongly aligned with Unitholders.
• Industry , position, and strategy limits ensure a well diversified portfolio at all times.•Core and Trading positions limited to a max of 5% and 3% of AUM respectively.•Ability to invest in multiple markets and asset classes provides a unique opportunity.
•Utilize technology and a rigorous risk management process to minimize portfolio volatility.
•Strict liquidity metrics are continuously monitored by the portfolio management team.
•Strict limits on investments in small-caps and private placements.
APPENDIX – RISK FOCUS
Core portfolio Trading portfolio Market neutral
Investment style Fundamental bottom-up Sentiment, technical factors
Event-driven, merger arbitrage
Trade duration Mid and long-term Short-term Short and mid-term
Trade size Larger (max 5% of fund) Smaller (max 3% of fund) Trade dependent – may deploy leverage
Profit & loss realization
Target driven (or change in fundamental thesis)
Systematic Completion of transaction
Risk management review
Position size, liquidity, industry concentration
Liquidity and adherence to established stop losses
Detailed due diligence
APPENDIX – PORTFOLIO CONSTRUCTION
APPENDIX - BIOGRAPHIES
Timothy Lazaris CA, CFA - President & CEO
• Prior to founding Red Sky Capital Management Inc. (RSCM), Timothy Lazaris was one of the founders and a managing partner of GMP Investment Management L.P.. Before that, he was a Director and one of the early partners of GMP Securities L.P. having joined in March 1998 to establish the Financial Services practice. Prior to GMP, he was a Vice President at RBC Capital Markets and a Research Analyst. Over his 14 year career as a research analyst, specializing in Financial Services, he achieved high rankings in independent surveys including a number one ranking in Canada as determined by Brendan Woods. Mr. Lazaris is a graduate of the University of Toronto (St. Michaels College) where he earned his Bachelor of Commerce degree and continued his professional education by obtaining his Chartered Accountants (CA) designation while working at Deloittes and his Chartered Financial Analyst (CFA) designation. Mr. Lazaris was a member of the Bishop Strachan School Board of Trustees where he is the head of the Audit Committee and a member of the Investment Committee and is currently a member of the Bishop Strachan School Board of Governors and a member of the Finance Committee.
APPENDIX - BIOGRAPHIES
Keith Lam CA, CFA – Managing Partner & CFO
• Prior to joining the Red Sky Capital Management Inc., Keith Lam was a Vice-President and Associate Portfolio Manager of GMP Investment Management evaluating investment opportunities across a wide range of industries utilizing equity, credit and derivative securities. Previously, Mr. Lam was both a Research Associate and Research Analyst at GMP Securities L.P. covering the Financial Services sector. Prior to GMP, Mr. Lam was a Senior Accountant at Deloitte & Touche LLP where he worked on assurance and advisory engagements for two of Canada's largest financial institutions. Mr. Lam is a graduate of the University of Waterloo where he earned his Bachelor of Mathematics and Master of Accounting degrees in 2004. Mr. Lam continued his professional education by obtaining his Chartered Accountant (CA) designation in 2005 while articling at Deloitte & Touche, and also obtained his Chartered Financial Analyst (CFA) designation in 2008.
APPENDIX - BIOGRAPHIES
Dariusz Nieciecki, CFA – Managing Partner
• Prior to joining Red Sky Capital Management Inc. (RSCM), Dariusz Nieciecki was a Vice-President and Associate Portfolio Manager of GMP Investment Management L.P. (GMPIM) responsible for the development and execution of investment strategies across a wide range of industry sectors utilizing equity, credit and derivative securities. Prior to joining GMPIM, Mr. Nieciecki, was an Associate in the Global Mergers & Acquisitions group at Lehman Brothers and Scotia Capital for approximately 3 years. Mr. Nieciecki advised corporate clients and financial sponsors on various financial advisory mandates including mergers, acquisitions, divestitures, leveraged buyouts and recapitalizations. Prior to that, Mr. Nieciecki worked in the Equity Research Department at TD Securities and CIBC World Markets with a top-ranked analyst. Mr. Nieciecki received his Bachelor of Commerce from Queen's University in 2000 and his MBA from the Schulich School of Business at York University in 2003. Mr. Nieciecki also obtained his Chartered Financial Analyst (CFA) designation in 2005.
APPENDIX - BIOGRAPHIES
Brian Huen, CFA – Managing Partner• Prior to joining Red Sky Capital Management Inc. (RSCM), Brian Huen was a Executive Director at
CIBC Wholesale Bank in its Institutional Equity Division and spearheaded the Bank's hedge fund efforts. Prior to CIBC, Brian was a Director at UBS Canada in its Institutional Equities Sales Division advising global hedge fund clients on event-driven, risk arbitrage and equity long / short trading strategies. Brian has also held various positions at TD Capital, Credit Suisse and Scotia Capital. Brian holds both a Masters Degree in Business (MBA) and an Honours Business Administration (HBA) degree from the Ivey Business School at the University of Western Ontario. He is also a Certified Management Accountant (CMA) and a Chartered Financial Analyst (CFA) charterholder.
Niall Henry – AssociatePrior to joining Red Sky Capital Management Inc. (RSCM), Niall Henry was a Director of Institutional Equity Trading at CIBC where he was in charge of liability trading of the REIT and Forestry sectors. Prior to CIBC, Niall held the position of Equity Trader at bcIMC (B.C. Investment Management Corporation), focused on the Canadian equity market but also international equity markets in Europe and Asia. Niall holds a Bachelor of Commerce (BCom) from the University of Victoria in Victoria, B.C.
Thank you
For advisor use only
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are the historical annual compounded total returns including changes in security value. All performance data assume reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. ®CI Investments, the CI Investments design, Cambridge, Perspective, Synergy Mutual Funds, Harbour Advisors, Harbour Funds, Global Managers, American Managers, Insight and Insight Program, Legacy Funds, and CI Guaranteed Investment Funds are registered trademarks of CI Investments Inc. ™Portfolio Select Series, Portfolio Series, Signature Global Asset Management, Signature Funds, G5|20 Series, the G5|20 Series design and CI Guaranteed Retirement Cash Flow Series are trademarks of CI Investments Inc.
