Global Equity Fund

Objective

To grow your capital at a pace that significantly exceeds inflation through exposure to a collection of leading businesses around the world.

Is This Fund For You?

You have a reasonable investment time horizon (over 5 years) and a moderate to high tolerance for risk. Consider this fund if you seek exposure to a concentrated portfolio of companies in Europe, North America and Asia.

Geographic Profile

Global: the portfolio manager invests in equities around the globe. Concentration is focused in the developed world — the United States, Europe and Japan in particular. The fund's geographic allocation may vary considerably based on where the best opportunities lie.

Estimated long-term equity mix:

Strategy

The fund concentrates its assets in 45-55 stocks. The portfolio manager seeks to identify high quality businesses by focusing on companies with the following attributes: attractive business fundamentals; experienced, motivated company management; pricing power; sustainable competitive advantages; financial strength; and high or consistently improving market position, return on invested capital and operating margins. The manager then considers whether the company’s stock is trading at an attractive price relative to what it believes to be fair value.

Unitholder Responsibilities

• This fund is designed to provide you with exposure to foreign equities and currencies; make sure it fits into your investment plan.
• Understand the impact that foreign currencies can have on performance: when the Canadian dollar rises against a specific currency, stocks held in that currency decrease in value in Canadian dollar terms, and vice versa.
• Learn about Aristotle and their investment philosophy.
• Keep in mind that a concentrated portfolio may have greater short-term volatility than an index.

Portfolio Manager

Aristotle Capital Management

• Los Angeles-based investment manager founded in 2010.
• Independent, employee-owned.
• Experienced leadership team that has worked together for over 25 years.
• Owner’s mindset: similar to private equity investors, they take a long-term view, valuing the entire business and focusing on operating fundamentals rather than macroeconomic factors.
• Seek to identify catalysts that fall outside the short-term focus of the market, such as changes in leadership, divestitures/acquisitions, margin improvements, and productivity gains.