WILLOUGHBY COMMENTARY INVESTMENT POOL · portfolio provides investors with a buffer against volatile equity markets and as a result, it helps reduce losses during negative equity

WILLOUGHBYINVESTMENT POOL

Q4 REPORT – SERIES FDECEMBER 31, 2019

• COMMENTARY

• ALLOCATION BY ASSET CLASS

• PERFORMANCE HISTORY

• PORTFOLIO HOLDINGS

• TRADING ACTIVITY

COMMENTARY

TOTAL PORTFOLIO SOLUTIONS

WILLOUGHBY INVESTMENT POOL – SERIES FQ4 REPORT – DECEMBER 31, 2019

North American equity markets continued their surge toward record setting levels during the fourth quarter of 2019. Rather than focusing on trade news, markets focused on the consistent and steady earnings being produced by many great companies in North America, despite an unresolved trade dispute between the world’s two largest trading nations. A resolution of sorts, the so-called Phase One Trade Agreement, was signed in early December by the USA and China and it has served to further put markets more at ease as the year wrapped up.

The Fourth Quarter of 2019 did not start out particularly well for either the broader markets or for WIP. Negative expectations were quickly forgotten when equities showed resilience as the earnings season progressed, and markets began to look up again. Despite a Canadian Dollar that appreciated over 2%, WIP outpaced its benchmark significantly during Q4 2019 as the S&P 500 (+6.24% in C$ terms) and the TSX (+2.43%) rallied to new heights.

The Willoughby Investment Pool is a balanced fund and holds approximately 80% of assets in stocks and 20% in bonds. The bond portion of the portfolio provides investors with a buffer against volatile equity markets and as a result, it helps reduce losses during negative equity markets. At the end of the Fourth Quarter, WIP (F) issued a 0.93% distribution to shareholders for a total distribution of 1.43% in 2019. The F class had a total return of 19.61% in 2019.

We continue to see reasons for optimism in North American equity markets in 2020. With unemployment, interest rates and inflation all running at all-time low levels, it appears that this historic economic cycle has room to continue. Accordingly, we remain positive on equity markets, in general, over the longer-term as we continue to be able to identify stocks with strong earnings trends that trade at reasonable valuations.

Q4 By the Numbers:

• WIP (F): Sept 30, 2019 NAV (post distribution): $11.3245; Dec 31, 2019 NAV (pre-distribution): $12.0658 = +6.55%• WIP (A): Sept 30, 2019 NAV (post distribution): $10.9616; Dec 31, 2019 NAV (pre-distribution): $11.6478 = +6.26% • Distributions in Q4 2019:

- WIP (F): $0.1125/unit (0.93%)- WIP (A) $0.1355/unit (1.15%)

ASSET ALLOCATION & PERFORMANCE HISTORY

PERFORMANCE HISTORY


$9,500.00

$10,000.00

$10,500.00

$11,000.00

$11,500.00

$12,000.00

$12,500.00

$13,000.00Fund Yearly Returns

2016 4.84%

2017 8.64%

2018 -7.08%

2019 19.61%

* Fund start date is April 14, 2019

*

ASSET ALLOCATION

American Equity 51.0%

Canadian Equity 25.9%

Cash 8.7%

Other 8.5%

Fixed Income Securities 5.9%

Notes: Funds have been allocated in more than one asset class.

PORTFOLIO HOLDINGS


CASH & CASH EQUIVALENT

FIXED INCOME

8.70%


-0.05%

PORTFOLIO HOLDINGS


CANADIAN EQUITIES

17.97 % 0.41%


PRECIOUS METALS FUND

25.91% 6.97%

3.02% 22.97%

PORTFOLIO HOLDINGS

AMERICAN EQUITIES


US MID CAP GROWTH FUND

GLOBAL DIVIDEND FUND

PORTFOLIO HOLDINGS

OTHER

HEALTH SCIENCES FUNDGLOBAL TECHNOLOGY INNOVATORS

SCIENCE AND TECHNOLOGY FUND



TRADING ACTIVITY

PURCHASES Average Purchase Price

ALIMENT COUCHE-TARD-B SVDOLLARAMATFI INTERNATIONAL INCNVIDIA CORPALIGN TECH INCWASTE CONNECTION INCCANADIAN PACIFIC RAILVAIL RESORTS INCLULULEMON ATHLETICA INCOLD DOMINION FREIGHT LINENETFLIX INCTORONTO DOMINION BANKSHOPIFY INC CL-A SVSMARKETAXESS HLDGS INCAMERICAN EXPRESS COMEDTRONIC PLCACTIVISION BLIZZARD INCSTRYKER CORPBOOKING HOLDINGS INCDYN PRE METAL-F/NL/NCI FIRST ASSET HISA ETFPROV OF B.C. P/N 23SP19KELLOGG COSYSCO CORPFACEBOOK INC CL-APAYPAL HOLDINGS INCSTARBUCKS CORPBADGER DAYLIGHTING LTDZOETIS INC-AISHR CORE CDN UNIV BD ETFISHRS CORE CDN L/T BD ETFCELESTICA INC SVHOME DEPOT INC

46.4 CAD46.3 CAD43.0 CAD

172.3 USD259.7 USD121.6 CAD296.3 CAD226.0 USD197.3 USD161.9 USD329.5 USD75.0 CAD

459.5 CAD364.3 USD117.7 USD109.2 USD53.7 USD

217.0 USD1994.9 USD

16.5 CAD50.0 CAD99.9 CAD64.3 USD80.9 USD

193.0 USD108.2 USD83.2 USD36.5 CAD

123.0 USD31.9 CAD25.9 CAD10.8 CAD

218.5 USD


PRECIOUS METALS FUND

TRADING ACTIVITY

PURCHASES Average Purchase Price

ENBRIDGE INCPURPOSE HIGH INT SVGS ETFAPPLIED MATERIALS INCCOSTCO WHOLESALE CORPISHARES SP/TSX CP MAT ETFABBVIE INCRITCHIE BROTHERS AUCTIONRHORZN LADDERED CDN PF ETFHORIZONS LAD CDN PF-A ET*KIRKLAND LAKE GOLD LTDREGENERON PHARM INCBANK OF AMERICATOROMONT INDUSTRIES LTDBROOKFIELD ASSET MGT-A LVBMO LADDERED PFD INDX ETFHORIZONS ACTV PFD-E ETF

50.6 CAD50.0 CAD60.4 USD

294.6 USD14.5 CAD88.4 USD52.9 CAD

0 CAD19.2 CAD61.3 CAD

366.0 USD33.1 USD65.5 CAD71.0 CAD9.6 CAD7.8 CAD


TRADING ACTIVITY

DISPOSITIONS Average Disposition Price

PREMIUM BRANDS HLDGS CORPDOLLARAMA INCNVIDIA CORPMASTERCARD INC CL-AALIGN TECH INCALPHABET INC CL-AWASTE CONNECTIONS INC-NEWAMAZON COM INCCANADIAN PACIFIC RAILCCL INDS INC-CL-B NVVAIL RESORTS INCLULULEMON ATHLETICA INCAIR CANADA VTG & VAR VTGANTHEM INCOLD DOMINION FREIGHT LINEPARKLAND FUEL CORPCINTAS CORPTD HLTH SCI-F /NL/NULTA BEAUTY INCJP MORGAN CHASE & COTORONTO DOMINION BANKHERSHEY COMPANY (THE)SHOPIFY INC CL-A SVSBRP INCCI FINANCIAL CORPMARKETAXESS HLDGS INCKEURIG DR PEPPER INCMANULIFE FINANCIAL CORPLENNAR CORPAMERICAN EXPRESS CO

95.2 CAD48.4 CAD

228.6 USD268.1 USD258.3 USD

1346.3 USD121.8 CAD

1730.0 USD314.5 CAD57.6 CAD

232.8 USD204.8 USD42.5 CAD

251.3 USD193.8 USD42.5 CAD

248.9 USD48.4 CAD

229.7 USD113.1 USD77.2 CAD

153.1 USD438.9 CAD58.1 CAD19.0 CAD

395.0 USD26.6 USD24.2 CAD58.5 USD

122.0 USD137.2 USD


U.S. HEALTH SCIENCES FUND

TRADING ACTIVITY

DISPOSITIONS Average Disposition Price

AMERIPRISE FINL INCNORTHROP GRUMMAN CORPMEDTRONIC PLCACTIVISION BLIZZARD INCSTRYKER CORPBOOKING HOLDINGS INCTD US BL/C EQ-F/NL/NDYN PWR GL GW-F/NL/NCI FIRST ASSET HISA ETFEMERA INC 2.9% 16JN23KELLOGG COSYSCO CORPLAM RESEARCH CORPFACEBOOK INC CL-ATD SCI&TEC SR-F/NL/NCBRE GROUP INC-APAYPAL HOLDINGS INCCI FA CANADIAN REIT ETFSTARBUCKS CORPMICROSOFT CORPBADGER DAYLIGHTING LTDZOETIS INC-AADOBE INCTD US M/C GRW F NL/NCOSTCO WHOLESALE CORPTD GL E&C-F /NL/NRITCHIE BROTHERS AUCTIONRHORIZONS LAD CDN PF-A ET*TOROMONT INDUSTRIES LTDCOMCAST CORP CL-ABOYD GROUP INCM FND T/U *WASTE MANAGEMENT INCWESTON GEORGE 4.75%-V PFDENBRIDGE INC PFD SER A

137.2 USD344.2 USD107.0 USD56.7 USD

212.8 USD1855.0 USD

30.1 CAD21.8 CAD50.0 CAD

101.4 CAD62.2 USD77.6 USD

257.8 USD196.4 USD24.8 CAD60.1 USD

101.0 USD18.6 CAD88.5 USD

150.7 USD34.8 CAD

120.7 USD315.0 USD43.9 CAD

293.0 USD65.2 CAD57.4 CAD

0 CAD70.4 CAD44.7 USD

184.0 CAD117.4 USD22.7 CAD23.8 CAD


U.S. BLUE CHIP EQUITY FUND

GLOBAL ENTERTAINMENT & COMMUNICATIONS FUND

SCIENCE AND TECHNOLOGY FUND

U.S. MID-CAP GROWTH FUND

POWER GLOBAL GROWTH FUND

Disclosure: Data as of December 31, 2019.

This report doesn’t represent your personal portfolio and it is not meant to replace the investment account statements provided by your financial institution. The underlying holdings and data provided in this report represent those of the Willoughby Investment Pool. Your personal investment account held at your financial institution may include other securities in addition to the Willoughby Investment Pool. For specific information including the amount of units you hold in the Willoughby Investment Pool, your cost base and any income distributions, please refer to your investment account statements or contact your financial advisor.

Commissions, trailing commissions, performance fees, management fees and expenses may be associated with pooled and mutual fund investments. Please read the Willoughby Investment Pool Simplified Prospectus before investing. You can obtain a Simplified Prospectus from Willoughby Asset Management Inc. The Simplified Prospectus for Willoughby Asset Management Inc.’s investment funds does not constitute an offer or solicitation to anyone in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.

The fund returns are not guaranteed, values change frequently and past performance may not be repeated. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. All returns are presented net of all fees, including the management fee, administration fees and expenses. Your financial institution may charge other fees and expenses. The portfolio return figures represent those of the Willoughby Investment Pool Series F. The management fee may vary from series to series. For further information on different fund pricing options please refer to the Simplified Prospectus.

WILLOUGHBY ASSET MANAGEMENT INC.MNP Tower, 3100-1021 W Hastings St.Vancouver, British Columbia, V6E 0C3Phone (local): 604.558.6822Toll Free: [email protected]

DISCLAIMER WILLOUGHBY INVESTMENT POOL – SERIES FQ4 REPORT – DECEMBER 31, 2019

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WILLOUGHBY COMMENTARY INVESTMENT POOL · portfolio provides investors with a buffer against volatile equity markets and as a result, it helps reduce losses during negative equity