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Signature Global Road Map Joe D’Angelo Vice President, Portfolio Management
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Transcript of Signature Global Road Map Joe D’Angelo Vice President, Portfolio Management
Signature Global Road MapJoe D’Angelo
Vice President, Portfolio Management
Industrials & Transportation Sector
March 2014
“Markets are interconnected. A successful investment approach should be equally integrated and connected – encompassing rates, credit, equity, commodities, property and foreign exchange within a coordinated global view.”
Eric BushellChief Investment OfficerSignature Global Advisors
Signature’s integrated market concept
Signature Overview
Facts
• Founded in 1990 and located in Toronto
• Investment team of 35 members – one of the largest in Canada
• Growth at a reasonable price investment style (GARP), manage diversified portfolios made up of large cap securities
• $44 billion assets under management1 – a sufficient amount to compete in terms of talent, research and trading
1 As of June 30th 2013
* Cash and cash equivalents: commercial paper, floating rate securities, bonds (money market) and government securities (money market)
Deep, specialized investment team
Shawna McIntee (7) Aldo Sunseri (26) Connie Lee (10)
Ryan Fitzgerald, CFA (7)
Stephane Champagne (16)
TRADING PROFESSIONALS
ERIC BUSHELL, CFA (18)
Sara Shahram, CFA (9)
Income Trusts/REITS
Goshen Benzaquen (10)
Energy & MaterialsScott Vali, CFA (15)
CHIEF INVESTMENT OFFICER
Drummond Brodeur, CFA (22) Matthew Strauss, CFA (17)
GLOBAL INVESTMENT STRATEGISTS
Eric Bushell, CFA (18)
Joshua Varghese (1)
Aero, Auto, Defence, UtilitiesMassimo Bonansinga, M.B.A. (21)
Gorlen Zhou (2)
Consumer
Henry Kwok (11)
Hoa Hong, CFA (10)
Tech, Media, TelecomMalcolm White, CFA (16)Jeremy Yeung, CFA (10)
John Hadwen, CFA (18)Financials
Industrials, TransportJoe D'Angelo, CFA (14)
Janice Wong, CFA, CPA (11)
High YieldGeof Marshall, CFA (15)
Kevin McSweeney, CFA (11)Brad Benson, M.A. (13)Carlton Ling, CFA (8)
Investment GradeJohn Shaw, CFA (21)
Leanne Ongaro, CFA (4)Jonathan Chew (1)
GLOBAL SECTOR/ ASSET CLASS SPECIALISTS
Derek Tucker, CFA (11)Shelly Ghai, M.B.A. (7)
Rates and Foreign Exchange
Matthew Strauss, CFA (17)Eric Bushell, CFA (18)
Darren Arrowsmith, CFA (12)
PreferredsJohn Shaw, CFA (21)
HealthcareJeff Elliott, PhD (10)
Signature’s Global Road Map: Peering into 2014
Economy
Synchronized global recovery taking shape, but growth will remain below historical averages.Rates With inflation relatively contained, low rate environment should persist. Rates expected to modestly drift higher this year.Currency
US $ strength to persist Risks
Currencies, Liquidity, Inflation? - Deflation?…
Economic Outlook - Expecting Better Growth Globally
US – Strong 2014 expected. • Weather impacted first quarter growth, but 2Q expected to show
strong rebound.
Europe – last year was difficult, particularly in first half. • However, growth prospects have improved for this year.
Emerging Markets – have suffered the most when the US rate environment changed last year. • Expect government policy to become more pro-growth this year.
Although debt problems at governments around the world persist, banking systems have improved which helps to reduce volatility.
Signature’s Global Road Map
Investment ConclusionsMajor Investment Implications:
Less Bonds
Less Canada
More Equity
More Global
Signature Can Help
Interest Rates and Stock Market Valuations
Source: Bloomberg
Apr-10
May-10
Jul-1
0
Sep-10
Nov-10
Dec-10
Feb-11Apr-1
1
Jun-11
Aug-11
Sep-11
Nov-11Ja
n-12
Mar-12Apr-1
2
Jun-12
Aug-12Oct-
12
Nov-12Ja
n-13
Mar-13
May-13
Jul-1
3
Aug-13Oct-
13
Dec-13
Feb-14
1.0
1.5
2.0
2.5
3.0
3.5
4.0
10.0
11.0
12.0
13.0
14.0
15.0
16.0
17.0
US 10 Year Yield S&P500 P/E Ratio
Inte
rest
Rat
es %
P/E
Ratio
Themes Within Industrials
Construction markets in US and Europe expected to show strong growth this year.• Note weather hurt growth last year.
Companies feel better about economic outlook• Will drive increase in capital expenditures, launch new products etc.
• Looking to make more acquisitions
• Productivity improvements ongoing
• Share buybacks and dividends used more to deploy free cash.
Automation, energy efficiency, & productivity related products continue to be in strong demand
Recurring revenue model increasing desired since it helps limit earnings volatility during economic downturns.
Signature positioning
Cash & gold• Cautionary holdings; overweight
Government bonds• Negative real returns; underweight
Investment-grade bonds• Specific opportunities; about even
High-yield bonds• Still finding value; overweight Equities• Strong, less economically
sensitive, quality; mild underweight
Signature global fund codes
Class A
Mutual FundClass A
Corporate Class Class F
Private Investment
Management
FEL DSC LL FEL DSC LLMF
TrustCorp Class
Class E
Class O
Signature Global Dividend 578 878 1778 2578 3578 1578 4778 4578 16149 18149
Signature Diversified Yield II 11111 11611 11461 11011 16152 18152
Signature Global Income & Growth 2111 3111 1111 2312 3312 1312 4111 4312 16144 18144
Signature Select Global 588 888 1688 2388 3388 1388 4688 4388 16146 18146
Signature International 864 874 1874 144 145 1145 121 148 16129 18129
Signature Emerging Markets 662 646 1646 277 276 1276 126 257 16123 18123
Signature Global Dividend Fund
Geographic Allocation
Portfolio allocations, as at January 31, 2014
Sector Allocation
Signature Diversified Yield II Fund
Portfolio allocations, as at January 31, 2014
Geographic Allocation Sector Allocation
Signature Global Income & Growth Fund
Portfolio allocations, as at January 31, 2014
Geographic Allocation Sector Allocation
CI Global Fund
Portfolio allocations, as at January 31, 2014
Geographic Allocation Sector Allocation
Source: Globefund
Signature International Fund
Portfolio allocations, as at January 31, 2014
Geographic Allocation Sector Allocation
Signature Emerging Markets Fund
Portfolio allocations, as at January 31, 2014
Geographic Allocation Sector Allocation
Source: Globefund
Thank youAll charts and illustrations in this guide are for illustrative purposes only. They are not intended to predict or project investment results.
®CI Investments and the CI Investments design are registered trademarks of CI Investments Inc. Signature Global Asset Management and the Signature Global Asset Management design are trademarks of CI Investments Inc.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.