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Renaissance Investments™

CIBC Multi-Asset Absolute Return Strategy [SERIES A]



Investment Objective

The Fund's investment objective is to achieve a positive absolute return that exceeds the return of the Government of Canada 91-day treasury bills over rolling three-year periods, regardless of the prevailing economic conditions, by actively managing a diversified portfolio with direct and indirect exposure primarily to equity securities, fixed income securities, commodities, currencies, and derivatives investments.

In pursuing the Fund's investment objective, the Portfolio Advisor:

  • Aims to achieve a positive absolute return by targeting, over rolling three-year periods, an annualized return of 5% in excess of the Government of Canada 91-day treasury bills (gross of fees and expenses)
  • Aims to achieve an annualized volatility, under normal market conditions, at a level that is generally half the volatility of global equities represented by the MSCI AC World Index (CAD) measured over the same three-year rolling periods
Fund Specifications

Also available in Series F

Minimum Initial Investment:
Lump Sum
Initial: $500
Subsequent: $100

Distribution of Earnings:
The Fund expects to distribute net income semi-annually. Distributions of net realized capital gains are expected to occur annually in December of each year, though the Fund may also make distributions of income, capital gains and/or capital at any other time the Manager considers appropriate. All the Fund's distributions will be automatically reinvested in additional Units of the same series of Units of the Fund, unless your dealer has advised the Manager otherwise.

Pre-Authorized Chequing Investment (PAC):
$50 minimum investment for weekly, bi-weekly, monthly, bi-monthly, quarterly, semi-annually or annually.

Systematic Withdrawal Plan:
With minimum initial account value of $10,000. Withdrawals may be made weekly, bi-weekly, monthly, bi-monthly, quarterly, semi-annually or annually. $50 minimum.

Annual Management Fee (excluding applicable taxes): 1.90%

Annual Fixed Administration Fee (excluding applicable taxes): 0.20%

Series A ATL5012
   
Inception Date: October 22, 2018
   
Assets Under Management (000's)
As at:
$10,000
Portfolio Sub-Advisors

CIBC Asset Management

CIBC Asset Management (CIBC AM) is one of Canada's largest asset management firms and provides a broad range of high-quality global investment management solutions to retail and institutional clients.

Luc de la Durantaye, CIBC Asset Management Inc.

Luc de la Durantaye is the Chief Investment Strategist for CIBC Asset Management and leads the Multi-Asset and Currency Management team as Chief Investment Officer & Managing Director. In conjunction with CIBC AM's asset class leaders, he is responsible for shaping overall investment strategy by facilitating shared insights across teams. As leader of the Multi-Asset and Currency team, he is directly involved in the management of the currency process and oversees the Multi-Asset process as well as the firm's Investment Committee.

Mr. de la Durantaye joined CIBC AM in 2002 and has over three decades of investment experience. In a previous role, he was responsible for tactical asset allocation and currency management at the investment management division of a large Canadian financial institution. He began his career in 1985 as a financial analyst at a sell-side brokerage firm.

Mr. de la Durantaye holds a Bachelor of International Finance from école des hautes études commerciales of Montreal. He is also a CFA charterholder.

Francis Thivierge, CFA, CIBC Asset Management Inc.

Francis Thivierge leads the portfolio management activities for multi-asset strategies. In this role, he determines the strategies across equities, bonds and other asset classes and oversees their implementation in portfolios. Mr. Thivierge is also responsible for the development of investment processes underpinning the asset allocation and multi-asset strategies.

Mr. Thivierge joined CIBC Asset Management's predecessor firm in 1996. Prior to his current role, he held various positions on the Derivatives team, including Vice-President, Assistant Vice-President and Quantitative Analyst.

Mr. Thivierge holds a Master of Finance from Université de Sherbrooke and a Bachelor of Actuarial Science Degree from Laval University. He is also a CFA charterholder.

Patrick Bernes, CFA, CIBC Asset Management Inc.

Patrick Bernes is responsible for enhancing the development, management and implementation of various investment processes, models and strategies focused on multi-asset allocation. Mr. Bernes is also responsible for structuring strategies with the use of derivatives, such as options and volatility instruments, with the aim of providing optimal portfolio exposure while managing risks.

Prior to joining CIBC Asset Management in 2016, Mr. Bernes was a portfolio manager at PSP Investments, one of Canada's largest pension investment managers, where he developed and implemented various top-down investment processes. In this role, he also managed a portfolio with diverse risk exposures. Previous to this, Mr. Bernes was a member of CIBC's Asset Allocation team, where he contributed to the development of several existing equity and risk allocation models.

Mr. Bernes holds a Bachelor's degree in Finance from Concordia University. He is also a CFA charterholder.

Performance and Volatility

Performance
3 mo 6 mo 1 yr 3 yrs 5 yrs 10 yrs YTD Since
Inception
N/A N/A N/A N/A N/A

Due to security regulation performance is not available until one year post inception.


Calendar Year Performance
2018 2017 2016 2015 2014 2013 2012 2011 2010
N/A N/A N/A N/A N/A N/A N/A N/A N/A

Historical Pricing and Distributions

There can be no guarantee that the Fund will achieve its return and volatility targets. All investment performance is inherently subject to significant uncertainties and contingencies, many of which are beyond the Manager's control. In considering the return and volatility targets, you should bear in mind that such targeted performance and volatility is not a guarantee, projection or prediction and is not indicative of future results of the Fund.

The fund will make significant use of derivatives. The fund may use derivatives such as futures, forwards, swaps, options, covered warrants, debt like securities which have an option component or any combination of these instruments, the value of which is based upon the market price value or level of an index, or the market price or value of a security, currency, commodity or financial instrument. Derivative instruments may be used for the following purposes: to hedge, gain or reduce portfolio exposures. The fund may also use derivatives for currency management purposes. The fund's use of derivatives may introduce leverage into the fund. Leverage occurs when the fund's notional exposure to underlying assets is greater than the amount invested and is an investment technique that can magnify gains and losses. The information does not constitute legal or tax advice.

The Fund pays a management fee and fixed administration fee to the Manager in respect of Series A, Series F and Series O units. The Fund also pays fund costs and transaction costs. For more information about the fees and costs of the Fund, please read the prospectus.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Renaissance Investments family of funds simplified prospectus before investing. The indicated rates of return are the historical annual compounded total returns for the class A units including changes in unit value and reinvestment of all distributions, but do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed. The values of many mutual funds change frequently. Past performance may not be repeated.