ICL Global Equity Fund - As at June 30, 2021
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Semi-Annual Management Report of Fund Performance ICL Global Equity Fund As at June 30, 2021 This semi-annual report of fund performance contains financial highlights but does not contain the complete semi-annual financial statements for the investment fund. You may request a copy of the semi-annual financial statements at no cost, by calling 1-800-363-2480, by writing to us at Integra Capital Limited (“Integra”), 130 King Street West, Suite 1500, P.O. Box 424, Toronto, Ontario, M5X 1E3 or by visiting our website at www.integra.com or the SEDAR website at www.sedar.com. Security holders may also contact us using one of these methods to request a copy of the Fund’s proxy voting policies and procedures, proxy voting disclosure record, or portfolio disclosure relating to the Fund.
Semi-Annual Management Report of Fund Performance as at June 30, 2021
ICL Global Equity Fund
Investment objective and strategies short-term volatility. The often leads to a fast rotation between
themes and stock market leaders, which in turn can lead to higher
The ICL Global Equity Fund seeks to provide long-term capital degrees of tracking error risk in the short term – as the path
growth through a portfolio of global equities, which are and transmissibility of the virus is often difficult for investment
sufficiently diversified to minimize investment risk. To achieve its managers to accurately predict. This ebb and flow can impact
objective, the Fund invests in stocks issued by companies around investors returns in the short run, but we continue to believe that
the world and includes both large and small-cap issuers. From longer term investment success comes from the continued and
time to time the Fund may invest in the Emerging Markets, up to a rigorous application of company analysis and superior investment
maximum of 25%. The Fund may hold up to an aggregate of 10% fundamentals. Company characteristics such as free cash flow
in cash or cash equivalents. generation, capital allocation, quality of the business model and
Newton Investment Management Limited, the Fund’s sub-advisor, management should triumph in the long run.
relies on an investment process which combines a global bottom- Another risk that equity investors should be cognizant of is
up stock selection approach based on proprietary stock and sector valuation risk. The recent waves of global monetary and fiscal
research within a strategic framework, with macro investment stimulus released by central banks in coordinated effort to battle
ideas based on anticipated economic trends and themes. Each the economic impacts of COVID-19, have entered the markets and
stock is evaluated in a global context. have pushed stock market valuations higher in particular markets.
Price-to-earnings multiples have expanded causing stock prices
Risk to rise without a commensurate increase in earnings and certain
areas of the equity market have become richly valued. There
Most of the Fund’s assets will be invested in common shares
remains a risk that the market could see a near term pullback if
of companies around the world, but largely outside of Canada.
price to earnings multiples were to contract to historic norms.
As a result, the Fund is exposed to stock market risk, specific
issuer risk as well as foreign security risk and currency risk. Stock The ICL Global Equity Fund can invest opportunistically in
market risk can be described as the potential for a decline in Emerging Markets, such as China. In China, there is an increasing
stock prices. Specific issuer risk of a company will be impacted by risk to investors from Government intervention. China has recently
various factors including profit growth, dividend policy, balance imposed harsh restrictions on its education sector and using the
sheet leverage, quality of management, market share, product force of policy making on its social media companies, leading to
development, and technology investment. market sell-offs. Continued government intervention could lead to
a permanent discount on Chinese assets as foreign investors could
The Fund may also invest in American Depository Receipts and
begin to demand a premium for investing in Chinese companies.
would therefore be exposed to ADR risk.
As at June 30, 2021, one unitholder held approximately 74.3% of
The ICL Global Equity Fund may enter into securities lending
the outstanding units of the Fund. The purchase or redemption
transactions. Securities lending transactions will be used in
of a substantial number of securities of a Fund may require the
conjunction with the Fund’s other strategies in an appropriate
manager to change the composition of the Fund’s portfolio
manner to achieve the Fund’s investment objectives. Accordingly,
significantly or may force the Fund’s sub-advisors to buy or sell
it may be subject to securities lending risks.
investments at unfavourable prices, which can affect the Fund’s
The impacts of COVID-19 continue to pose a significant risk for return.
equity investors. There are few different forms of risk to the equity
markets from the impact of the ongoing pandemic: 1) Market
Management discussion of fund performance
and Economic Risk, 2) Tracking Risk, 3) Short Term Volatility Risk.
Throughout the first half of 2021, we saw two general competing
themes in equity markets around COVID-19 – the re-opening
Results of operations
theme and the work-from-home theme. COVID-19 and its variants The ICL Global Equity Fund has struggled to keep pace in the most
can have a dramatic impact on the future outlook for economic recent quarter following the sharp reversal in markets leaders and
and market risk. The types of stocks rewarded under the re- has lagged the benchmark for the first half of the year. For the
opening theme (cycle and value stocks) are very different than quarter, six-month and one-year periods ended June 30, 2021
those rewarded under the work-from-home theme (large cap the Fund returned +4.8%, +8.5% and +24.0%, respectively. In
growth stocks). As the new ebb and flow between the potential comparison, the Fund’s benchmark (100% Morgan Stanley Capital
for a return to normal with businesses opening back up and International – World (Net) Index returned +6.2%, 9.9% and
the potential impacts of a fourth wave from the delta variant, 26.4% during the fourth quarter, six-month and one-year periods,
the market can be expected to experience a higher degree of
Page 2 of 9Semi-Annual Management Report of Fund Performance as at June 30, 2021
ICL Global Equity Fund
respectively. All the returns are presented in Canadian dollar terms The Fund lagged the benchmark for the first six months of 2021.
and gross of investment management fees. Returns for periods Allocations to Japan (+0.4%) and North America (+0.3%) were
less than one year are not annualized. positive contributors relative to the benchmark performance but
these positive contributions were not enough to offset the impact
Global equities delivered another six months of gains, drawing of the opportunistic allocation to Emerging Markets (-1.0%) –
strength from an impressive slate of U.S. economic data, robust which is out of benchmark – and the UK (-0.3%).
corporate earnings and further evidence that vaccination
programs are paving the way for a potential full reopening of From a sector perspective, stock selection in the Industrials
economies. However, pent-up consumer demand continued to (+0.9%), Information Technology (+0.5%) and Consumer Staples
disrupt supply chains and stoke inflation worries as the quick (+0.4%) were positive contributors to stock performance.
rebound in some economies and aggressive stimulus spending Mitigating these benefits were stock selection in the Consumer
plans exerted upward pressure on prices. Notable increases Discretionary sector (-1.7%), stock selection in the Financial
included oil prices, which struck milestone highs, alongside similar sector (-1.0%) and the combination of an underweight and stock
increases in tin, copper, corn, and lumber. Supply chain constraints selection in the Energy Sector (-0.5%).
further intensified price hikes as manufacturers rushed to restock
On a stock basis, relative contributors to performance for the first
depleted inventories amid pent-up demand, creating windows of
six months of 2021 include Applied Materials which rose earlier
scarcity and heightening costs.
in the year on news of Taiwan Semiconductor Manufacturing
Even as the economic recovery was well underway across most Company’s plans to increase capital expenditure in 2021. The
of the globe, activity in higher-income economies continued to shares of Applied Materials continue to perform well, supported
outpace that of lower-income countries. Emerging markets were by a strong set of quarterly results and strong demand for
hit with a double punch of rising inflation and a strengthening semiconductors. Goldman Sachs performed well over the initial
dollar. To offset depreciation in their own currencies and to phases of the first half of 2021 with banking stocks benefiting
control inflation, many central banks hiked interest rates. With more broadly from an upward shift in inflation expectations
a high number of COVID-19 cases and incomplete economic and, as such, the potential for higher rates. In addition, results
recoveries, these countries risk stifling their economic rebound. were strong as all of Goldman’s businesses delivered revenues
Emerging oil-producing countries were better positioned to which were ahead of consensus. Alphabet contributed positively,
handle rising inflation as prices continued to rise. releasing an exceptionally strong set of quarterly results in which
revenue growth comfortably surpassed expectations.
Finally, while successful vaccine rollouts in many parts of the
world (notably the U.S. and U.K.) renewed hopes of a sustained Detracting from performance on a stock basis in the first half
reopening of economies, the emergence of the Delta variant of 2021 were Ping An Insurance, Sony and Alibaba. Ping An
forced many countries to pause reopening plans. Further Insurance shares lagged despite a strong set of recent quarterly
uncertainty arose when the Fed telegraphed that it may gradually results indicating a faster-than-expected improvement in new
dial back its pandemic-era stimulus sooner than markets business value metrics. Sony disappointed the market as it
anticipated. missed guidance expectations for the year. Nevertheless, the
Fund retains it’s positive medium-term view on the company.
In terms of styles, while stock leadership in the markets seemed to Alibaba, the Chinese version of Amazon, struggled in 2021 as it
change twice during the most recent quarter, over the full quarter has been in Chinese government’s crosshairs of late, following
growth and quality-led, with the MSCI World Growth and MSCI the government’s halt of the Ant Group IPO and Alibaba financial
World Quality indices both outperforming the MSCI World index institution spinoff, leading to a complex and tense relationship
by approximately 3.0%, and value and small cap lagged by a with Chinese regulators. Despite these current stresses, cloud
similar margin. This marked a reversal from the first quarter when computing is still lagging in China. Alibaba is the biggest Chinese
projections of increased inflation in developed markets supported cloud company and the manager believes that the long-term
value and small cap factors. The biggest reversal occurred in opportunity still outweighs the short-term risks.
June when market sentiment changed, in part, due to more
hawkish comments from the U.S. Fed that suggested it might act The Fund experienced net inflows of $2.0 million during the year.
sooner to control inflation. This turned investors towards longer
Fund expenses vary period over period mainly as the result of
duration growth stocks better positioned to benefit from such an
changes in average Net Asset Values and investment activity.
environment, and away from the pro-cyclical themes that drove
Costs were slightly lower year over year during 2021. This was
market returns in the first quarter.
largely the result of lower withholding taxes.
Page 3 of 9Semi-Annual Management Report of Fund Performance as at June 30, 2021
ICL Global Equity Fund
Recent developments Post, RELX, Sony, Vivendi, Tencent, Prosus, DNB and M3 are
expected to beneficiaries of the Net Effects themes.
Global economic prospects remain uncertain. Although
economies have started to re-open from COVID-19-related Earth Matters theme tries to identify those companies poised
lockdowns, new variants of the virus and the uneven distribution to benefit from coordination of both pressure and intent
of vaccines globally means the crisis is far from over. Given the across individuals, businesses and governments to ignite action
economic uncertainty of the last 18 months, it is unsurprising for positive change. Earth matters considers a wide scope of
we have seen more volatility as the market expectation shifts environmental concerns, including resource depletion, and the
rapidly as it tries to incorporate new information. Even in the most impact this is having on government policy, corporate strategy
recent quarter, we have seen relatively small changes in long term and consumption behavior. Winners could include companies able
expectations (e.g. for inflation) lead to reasonably fast and sizeable to innovate and provide new products and services that mitigate
market moves. environmental pressures – electric vehicles, clean energy, resource
management and recycling, efficient infrastructure. Losers could
Our expectation is that this volatility and rotation in market be established companies who do not adapt their business models
leadership may continue for some time as markets process new or face rising financial/reputational risks of non-compliance with
data. environmental policy. Currently about 18% of the portfolio
Looking ahead, Newton’s concerns over equity valuations have securities are orientated to this theme.
expanded. They continue to look to their themes as they believe The portfolio remains tilted to the Consumer Discretionary,
these will be the long-term drivers of investment performance Information Technology, Consumer Staples and Industrials sectors.
– long after the short-term fiscal and monetary stimulants have The portfolios biggest underweights are in the Real Estate, Health
been removed. Care, Energy, Utilities and Materials sectors.
The ICL Global Equity Fund is biased to companies that are From a regional perspective, the fund is maintaining a sizeable
believed to be compounders with over 50% of the portfolio underweight to North American stocks, with overweights in
orientated to these names. The Fund looks to use it themes to Emerging Markets, Europe and the United Kingdom.
identify compounding companies with expectations for high
Returns-On-Invested-Capital (ROIC) and growth multiples. The The U.S. equity market was a strong performer over 2020, its
Fund looks to identify compounding companies that demonstrate heavy weighting within the tech sector being a significant driver.
a clear competitive advantage where the bulk of returns is The ICL Global Equity Fund’s exposure is a result of bottom-
expected to come from business growth. up stock selection and does not reflect a negative top down
view. The Fund’s U.S. holdings are heavily influenced by the Net
Currently the portfolio is orientated around a few larger Effects, Smart Revolution and Healthy Demand themes and the
investment themes. The driving themes of the ICL Global Equity expectations are for significant long-term growth from the Fund’s
Fund are the ‘Emerging Consumer and Value Retail’, ’Net Effects’ holdings exposed to these themes.
and ‘Earth Matters’.
Should a reflationary environment arise, EM equities are likely to
The ‘Emerging Consumer and Value Retail’ focuses on identifying be outperformers, especially if accompanied by USD weakness. In
companies for the portfolio that stand to benefit from rising any case, the team remains highly selective in this area as this is an
incomes and spending in emerging markets, and those retailers off-benchmark allocation and they continue to favour high-quality
that offer a distinct value proposition to indebted consumers. businesses that can compound and grow earnings.
Currently a little over 15% is orientated to securities representing
these themes. Names such as Informa, Suzuki, Meituan, Diageo, Recent additions to the portfolio include Volkswagen, which was
Unilever, L’Oreal, AIA, Ping An Insurance, Dollar General, Costco funded through the sale of Verizon and Kasikornbank in the Fund.
Wholesale and Associated British Foods are expected to be Volkswagen is a controversial name, but the company is starting
beneficiaries of these themes. to address its governance issues and has an upcoming focus on
electric vehicles. The EV/EBITDA multiple (an alternative valuation
The Net Effects themes focus the portfolio around technological method to P/E) is cheap at 3x, and it represents a cheaply priced
transformation across a range of industries. From infrastructure turnaround story.
& software requirements for shifting to cloud computing, to
companies providing digital solutions or repositioning their Otherwise, the fund has been adding to existing positions in TE
businesses for a digitalized world. Currently about 40% of the Connectivity, Albemarle, Novozymes, Bayer and Ferguson. These
portfolio securities are orientated to this theme. Names such as additions have been funded through reductions in Citigroup,
Taiwan semiconductor, ASML, SAP, Alibaba, Recruit, Deutsche Goldman Sachs, Meituan and Deuscthe Post.
Page 4 of 9Semi-Annual Management Report of Fund Performance as at June 30, 2021
ICL Global Equity Fund
Given the elevated economic uncertainty and financial Related party transactions
market distortions, we believe it merits a highly selective and
opportunistic investment approach, that will not be devoid of Manager, Portfolio Manager and Transfer Agent
heightened volatility in the short term. The Fund continues to
The Fund is managed by Integra. Integra provides or arranges
attempt to identify companies with growth potential, appropriate
for the provision of all general management and administrative
balance sheet structures and sustainable competitive advantages
services rendered by the Fund in its day-to-day operations,
but recent market valuation levels has made this harder.
including providing or arranging the provision of investment
advice and record-keeping services for the Fund.
Caution regarding forward-looking statements
As a result of providing investment advisory and management
This report may contain forward-looking statements about the
services, the Fund’s Manager receives management fees from
Fund, including its strategies and expected performance. Forward-
the Fund’s unitholders, based on the net asset value of the Fund.
looking statements include statements that are predictive in
These management fees are paid either by a redemption of units
nature, that depend upon or refer to potential future events or
or the unitholder, if an institution, may be invoiced and payment
market and economic conditions.
will be delivered to the Manager.
In addition, any statement that may be made concerning future
performance, strategies or prospects and possible future Fund
action, is also a forward-looking statement. Forward-looking
statements are based on current expectations and projections
about future events and are inherently subject to risks,
uncertainties and assumptions about the Fund and capital market
and economic factors.
Forward-looking statements are not guarantees of future
performance, and actual events and results may differ materially
from those expressed or implied in any forward-looking
statements made by the Fund. A wide range of factors may
contribute to these variances, including general economic,
geopolitical and market influences in Canada or globally, interest
rates and currencies, capital markets, technology innovations,
regulations and catastrophic events.
Investors are encouraged to consider these and other factors
including their own investment objectives carefully before making
any investment decisions and are urged to avoid placing undue
reliance on forward-looking statements.
Additionally, investors should be aware that the Fund has no
specific intention to update any forward-looking statements
whether as a result of new information and future events, prior to
the release of the next Management Report on Fund Performance.
Page 5 of 9Semi-Annual Management Report of Fund Performance as at June 30, 2021
ICL Global Equity Fund
Financial highlights
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financial
performance for the six-month period ended June 30, 2021 and for the financial years ended December 31, as indicated. This information
is on a per unit basis and is derived from the Fund’s unaudited interim financial statements and audited annual financial statements.
Six months ended June 30th Years ended December 31st
2021 2020 2019 2018 2017 2016
Net Asset Value, beginning of period(1) $7.77 $7.08 $6.36 $6.91 $6.41 $7.61
Increase (decrease) from operations:
Total revenue 0.08 0.14 0.18 0.17 0.15 0.18
Total expenses (0.02) (0.03) (0.04) (0.04) (0.04) (0.03)
Realized gains (losses) 0.26 0.33 0.34 0.74 0.16 0.89
Unrealized gains (losses) 0.33 0.68 0.77 (0.58) 0.54 (1.17)
Total increase (decrease) from operations (2) $0.65 $1.12 $1.25 $0.29 $0.81 ($0.13)
Distributions:
From income (excluding dividends) — — — — — —
From dividends (0.02) (0.10) (0.18) (0.15) (0.07) (0.16)
From capital gains (0.23) (0.34) (0.32) (0.71) (0.21) (0.90)
Return of capital — — — — — —
Total Annual Distributions (3)
($0.25) ($0.44) ($0.50) ($0.86) ($0.28) ($1.06)
Net Assets, end of period (1)
$8.17 $7.77 $7.08 $6.36 $6.91 $6.41
Ratios and Supplemental Data
(Based on Pricing NAV)
Net assets (000’s) $55,028 $53,017 $49,068 $44,250 $46,992 $42,248
Number of units outstanding 6,739,326 6,825,746 6,927,807 6,962,385 6,796,543 6,567,690
Expense ratio (%) 0.20% 0.19% 0.31% 0.25% 0.26% 0.14%
Expense ratio before waivers or absorptions (%) 0.20% 0.22% 0.31% 0.25% 0.26% 0.14%
Portfolio turnover rate (%) (4)
11.63% 26.99% 27.96% 24.18% 29.12% 42.60%
Trading expense ratio (%) (5)
0.03% 0.04% 0.03% 0.03% 0.06% 0.07%
Ratios and Supplemental Data
Supplementary information to the Financial Highlights calculations are based on the following:
(1) The information is derived from the Fund’s financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”).
(2) Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number of units outstanding
over the period.
(3) Distributions were paid in cash/reinvested in additional units of the Fund, or both.
(4) The Fund’s portfolio turnover rate is a measure of trading activity in a Fund’s portfolio. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in
the course of the year. The higher a Fund’s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater the chance of an investor receiving taxable capital gains
in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of a Fund.
(5) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of the Fund’s average net asset value during the period.
Management Fees
The Fund pays no management fees to Integra. For management services provided to them by Integra, clients of Integra will pay an
investment management fee directly to Integra, as set out in their agreement with Integra. The amount of the investment management
fee is negotiable between the client and Integra.
Page 6 of 9Semi-Annual Management Report of Fund Performance as at June 30, 2021
ICL Global Equity Fund
Past performance
The performance reported below assumes that all distributions Annualized Returns (%)
made by the Fund in the period shown were reinvested in
This table shows the fund’s historical annualized returns for the
additional units of the Fund. If an investor holds the Fund outside
periods shown ending June 30, 2021, compared to the returns of
of a registered plan, he/she will be taxed on these distributions.
its benchmark.
How the Fund has performed in the past does not necessarily 1 yr 3 yrs 5 yrs 10 yrs
indicate how it will perform in the future.
ICL Global Equity Fund 23.95 13.86 13.05 13.43
All rates of return are calculated based on Pricing NAV and are in
Canadian dollars unless stated otherwise. Benchmark 26.42 12.70 13.74 13.44
Note that the performance information does not take into account Benchmark
sales, redemption, distribution or other optional charges that
would have reduced returns or performance. How the investment The ICL Global Equity Fund Benchmark reflects the market sectors
fund has performed in the past does not necessarily indicate how in which the Fund invests.
it will perform in the future.
100% MSCI World (ND) Index
Fund Inception: August 27, 2008*
*Prior to this date, the Fund was a non-public mutual fund The MSCI World (ND) Index is a free float-adjusted market capitalization weighted index that is
designed to measure the equity market performance of developed markets. It consists of approximately
23 developed market country indices. Indices with net dividends reinvested use the same dividend
Year-by-year returns (%) minus-tax-credit calculations, but subtract withholding taxes retained at the source for foreigners who
do not benefit from a double taxation treaty.
The following bar chart shows the investment fund’s annual
performance for each of the years shown, and illustrates how the
investment fund’s performance was changed from year to year. In
percentage terms, the bar chart shows how much an investment
made on the first day of each financial year would have grown or
decreased by the last day of each financial year.
Annual Returns (%) ending June 30
40
30
25.68
22.84 22.43 23.95
20
12.36 11.33
8.60 9.65
10
3.45
0
-2.34
-10
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Page 7 of 9Semi-Annual Management Report of Fund Performance as at June 30, 2021
ICL Global Equity Fund
Summary of Investment Portfolio
as at June 30, 2021
Asset Mix Top 25 Holdings
% of Fund’s (excluding cash equivalents) % of Fund’s
Net Asset Value Net Asset Value
Global Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.49 1. Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.57
Other Assets, Net of Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . 1.51 2. Alphabet Inc., Class ‘A’ . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.13
3. Apple Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.83
Country Mix 4. Amazon.com Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.36
5. Goldman Sachs Group Inc. (The) . . . . . . . . . . . . . . . . . . . 2.83
% of Fund’s
Net Asset Value 6. Ferguson PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.65
China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.87 7. Applied Materials Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.63
Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.27 8. AIA Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.54
France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.49 9. Samsung SDI Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.48
Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.98 10. Citigroup Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.41
Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.50 11. Sony Group Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.40
Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.19 12. Alibaba Group Holding Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 2.31
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.02 13. Accenture PLC, Class ‘A’ . . . . . . . . . . . . . . . . . . . . . . . . . 2.29
Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.89 14. Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.29
South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.44 15. Mastercard Inc., Class ‘A’ . . . . . . . . . . . . . . . . . . . . . . . . . 2.22
Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.64 16. Taiwan Semiconductor Manufacturing Co. Ltd., ADR . . . . 2.20
Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.20 17. Diageo PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.14
Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.16 18. Vivendi SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.13
United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.00 19. RELX PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.07
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.84 20. Medtronic PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.97
Other Assets, Net of Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 1.51 21. SAP SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.93
22. Continental AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.86
Global Sector Mix 23. Texas Instruments Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.85
24. Dollar General Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.80
% of Fund’s
25. Swedbank AB, Series ‘A’ . . . . . . . . . . . . . . . . . . . . . . . . . . 1.67
Net Asset Value
Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.74
Total Fund Net Asset Value: $55,027,785
Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.53
Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.16
Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.31
The summary of investment portfolio may change due to
ongoing portfolio transactions of the investment fund. The most
Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.05
recent annual report, semi-annual report or quarterly report is
Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.65 available at no cost, by calling 1-800-363-2480, by writing to us
Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.75 at Integra Capital Limited, 130 King Street West, Suite 1500,
Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.51 P.O. Box 424, Toronto, Ontario, M5X 1E3 or by visiting our
Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.09 website at www.integra.com
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.70
Other Assets, Less Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.51
Page 8 of 9Integra Capital Limited 130 King Street West Suite 1500 P.O. Box 424 Toronto, Ontario M5X 1E3 Manager, Portfolio Manager, Transfer Agent and Registrar Integra Capital Limited, Toronto, Ontario Auditors KPMG LLP, Toronto, Ontario Legal Counsel Osler, Hoskin & Harcourt LLP ® Registered Canadian trademark
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