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1 Offered by way of Prospectus. Regulatory requirements only permit disclosure of performance reporting for those periods when the fund was offered by way of a prospectus.
2 RRSP eligible
Performance Calculation
Portfolio valuations are based on market values (not cost basis or book values), using trade date accounting. Accrual accounting is used for fixed-income securities and all other securities that accrue interest income. Accrual accounting is also used for dividends, as of ex-dividend date. Returns are calculated as total returns and they include realized and unrealized gains plus income. Returns from cash and cash equivalents held in the portfolios are included in the total-return calculations. Performance is calculated after the deduction of all trading expenses. Returns are time weighted rates of return that adjust for cash flows. Periodic returns are geometrically linked. Performance for periods of less than one year have not been annualized.
Geometric Linking
The daily or sub-period returns are geometrically linked together to arrive at the month's rate of return. The linking formula is:
(1 + S1) x (1 + S2) x ... (1 + Sn) - 1
where:
S1 is the first daily or sub-period return for the month,
S2 is the second daily or sub-period return for the month, and
Sn is the last daily or sub-period return for the month.
The same geometric linking formula is used when calculating quarterly, year-to-date, 1-year, or cumulative rates of return by substituting the daily returns with monthly returns.
Annualized Returns
Annualized returns express the rate of return of a portfolio over a given time period on an annual basis, or a return per year. Note that the annualized returns are moving numbers depending on the reporting period.
Step 1: Geometrically link the monthly returns to obtain a compound = CR
Step 2: Calculate the annualization factor 12/N
Step 3: Annualized return is = [(CR)12/N -1]*100
All performance is presented in Canadian dollar terms, gross of investment management fees. Past performance is not indicative of future results.
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