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Month-End Holdings and Risk Statistics



This is composite performance. Please refer to “Risk Contribution Disclosure” at the bottom of this page.


1 Benchmark Disclaimer

The Benchmark approximates the returns to a Global Balanced Portfolio in Canadian dollars. It consists of the following investable universe of low-cost Exchange Traded Funds: 60% Vanguard Total World Stock Market, 20% Core US Aggregate Bond Index, 20% SPDR Barclays International Treasury Bond. Currency risk is hedged so that the benchmark maintains a constant 50% exposure to the U.S. dollar.

2 Performance Disclaimer
Past performance is not indicative of future results. The ReSolve Adaptive Asset Allocation: Growth (CAD) Composite is comprised of all portfolios that are members of a ReSolve Canadian dollar performance composite that follows the ReSolve Adaptive Asset Allocation methodology and that has expected volatility of annual returns in the range of 8% to 12%. Performance results are net of a 0.95% management fee from inception to February 1 2018, and net of a 1.45% management fee from February 1 2018 onward. ReSolve considers portfolios with an investment objective of “Growth” to have an expected volatility tolerance in this range. Portfolios included in this composite may use leverage of up to 200% of the portfolio to scale exposure to risk assets up and down in order to match a portfolio’s expected volatility to the target volatility of its associated strategy. Since September 30, 2015 leverage used has ranged between 0% and 99% of the value of the underlying portfolios, with an average of 33%. Prior to September 30, 2015 no leverage was used by any accounts in the composite. Portfolios included in this composite may also: use leverage to manage a dynamic currency hedge between the Canadian and the US dollar by selling or buying the US dollar while simultaneously buying or selling the Canadian dollar; additionally manage US dollar exposure through the use of hedged and unhedged ETFs; and may use exchange-traded options to hedge exposure to specific asset classes. Leverage may magnify losses as well as gains to the extent that leverage is employed. This composite was created September 1, 2015. Composite returns are presented in Canadian dollars.

Performance Disclosures
Past performance is not indicative of future performance. The performance data above represents the performance composite of the referenced mandate managed by ReSolve Asset Management Inc. Indicated returns of one year or more are annualized. Actual performance for individual client accounts may vary from the rate of return quoted within the documents depending on the timing of the initial investment and subsequent additions and/or withdrawals.

Risk Contribution Disclosure
Portfolio Risk Contribution is computed as the standard deviation of daily return observations. Individual asset risk is computed as the weighted marginal portfolio risk. Asset covariance is estimated using daily returns over the previous 50-days.