Interim Management Report of Fund Performance
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CIBC Asia Pacific Fund
Interim Management Report of Fund Performance
for the period ended June 30, 2021
All figures are reported in Canadian dollars unless otherwise noted.
This interim management report of fund performance contains financial highlights but does not contain either the interim financial report or annual
financial statements of the investment fund. You can get a copy of the interim financial report or annual financial statements at your request, and at
no cost, by calling toll-free at 1-800-465-3863, by writing to us at CIBC, Brookfield Place, 161 Bay Street, 22nd floor, Toronto, Ontario, M5J 2S1, or
by visiting our website at www.cibc.com/mutualfunds or SEDAR at www.sedar.com.
Unitholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures, proxy
voting disclosure record, or quarterly portfolio disclosure.
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Management Discussion of Fund Performance
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Results of Operations Individual detractors from the Fund’s performance included New
CIBC Asia Pacific Fund’s (referred to as the Fund) Portfolio Advisor is Oriental Education & Technology Group Inc. and Z Holdings Corp. New
CIBC Asset Management Inc. (referred to as CAMI or the Portfolio Oriental underperformed after the Chinese government announced a
Advisor). The commentary that follows provides a summary of the strategic review of after-school tutoring given that students are
results of operations for the six-month period ended June 30, 2021. All overworked. The risk that institutions may be forced to close on
dollar figures are expressed in thousands, unless otherwise indicated. weekends created uncertainty for the stock. Shortly after a
The Fund's net asset value decreased by 6% during the period, from mega-merger, Z Holdings’ messaging platform experienced a data
$156,208 as at December 31, 2020 to $146,377 as at June 30, 2021. breach, raising questions about the level of due diligence on the part of
Net redemptions of $8,234 and negative investment performance SoftBank Group Corp., which controls Z Holdings. The increased
resulted in an overall decrease in net asset value. uncertainty and deteriorating confidence around execution led the
Portfolio Advisor to sell Z Holdings from the Fund.
Class A units of the Fund posted a return of -2.4% for the period. The
Fund’s benchmark, the MSCI All Country Asia Pacific Index (referred to Stock selection in the health care and consumer staples sectors
as the benchmark), returned 2.2% for the same period. The Fund’s contributed to the Fund’s performance. A slight underweight exposure
return is after the deduction of fees and expenses, unlike the to the communication services sector also contributed to performance.
benchmark’s return. See the section Past Performance for the returns Individual contributors to the Fund’s performance included China Lesso
of other classes of units offered by the Fund. Group Holdings Ltd. and WuXi Biologics (Cayman) Inc. China Lesso
The COVID-19 pandemic continued to dominate the global economy benefited from increased sales as construction of buildings and
over the period. The distribution of vaccines allowed some economies infrastructure normalized in China. WuXi benefited from the massive
to reopen, and estimated growth in gross domestic product, a measure investment into biologics research and development that resulted from
of economic strength, was revised upwards. the pandemic. The Portfolio Advisor expects WuXi to establish itself as
a dominant and diversified franchise.
Each country in Asia dealt with COVID-19 in different stages. China
and Japan began vaccinating their populations during the period, while Several new holdings were added to the Fund over the period.
India and a few Southeast Asian countries were hit hard by a second Pure-play copper producer Antofagasta PLC was added to gain
wave of the virus and continued to recover only slowly. exposure to structural copper demand growth and strong pricing. The
Portfolio Advisor expects the stock of CapitaLand Ltd. to re-rate when it
Commodity prices were generally strong as demand reaccelerated sells its development business. Cochlear Limited has a robust market
while supply remained constrained. Crude oil prices rose by almost position in implants and recovering sales in 2021. Daifuku Co. Ltd. is
50% to above $75 USD per barrel, and some production that had been the leading automation franchise in Japan, and has a growing
suspended owing to the pandemic resumed. Gold prices declined international presence. Endeavour Group Ltd. was added to the Fund
despite higher global inflation expectations. when it was spun off from Woolworths Group Ltd., an existing holding.
The Portfolio Advisor added Neste OYJ after the sell-off in renewables
Cyclical stocks outperformed as investors rushed to gain exposure to
stocks, replacing the holding in China Petroleum & Chemical Corp.
the reopening of global economies and normalizing industrial activity.
(Sinopec). The Portfolio Advisor believes Nihon M&A Center Inc. can
Stock selection in and a slight overweight exposure to the consumer benefit from the aging demographics in Japan as business owners try
discretionary sector detracted from the Fund’s performance. to find successors. The Portfolio Advisor believes TakedaCIBC Asia Pacific Fund
Pharmaceutical Co. Ltd. is a turnaround story that offers promising CIBC World Markets Inc. (referred to as CIBC WM). CIBC SI, CIBC ISI,
returns. and CIBC WM are wholly-owned subsidiaries of CIBC.
The Fund’s existing holdings in Douzone Bizon Co. Ltd. and Largan CIBC may pay trailing commissions to these dealers and firms, except
Precision Co. Ltd. were increased at attractive valuations. for CIBC SI, in connection with the sale of units of the Fund. These
dealers and other firms may pay a portion of these trailing
Several holdings were eliminated from the Fund. The Portfolio commissions to their advisors who sell units of the Fund to investors.
Advisor’s investment thesis for American Tower Corp. had played out. CIBC does not pay trailing commissions to CIBC SI for selling units of
China Petroleum & Chemical Corp. was eliminated to take profits after the Fund, although overall sales of CIBC funds may be considered in
oil prices rose. The Portfolio Advisor was concerned that CSL Ltd., assessing the performance of their advisors and may therefore
which has a high valuation, may be affected by a lack of plasma contribute to their annual compensation.
supply. In the Portfolio Advisor’s view, Fisher and Paykel Healthcare
Corp. Ltd. also has a high valuation and faces difficult comparative Brokerage Arrangements and Soft Dollars
figures for ventilator sales. The Portfolio Advisor is disappointed by
Keppel DC REIT’s new strategy of making acquisitions outside its core The Portfolio Advisor makes decisions, including the selection of
data centre business. Teleperformance was sold to take profits. markets and dealers and the negotiation of commissions, with respect
to the purchase and sale of portfolio securities, certain derivative
The Fund’s holding in Samsung Electronics Co. Ltd. was trimmed to products and the execution of portfolio transactions. Brokerage
take profits. business may be allocated by the Portfolio Advisor to CIBC WM and
.
CIBC World Markets Corp., each a subsidiary of CIBC. CIBC WM and
Recent Developments CIBC World Markets Corp. may also earn spreads on the sale of fixed
The COVID-19 pandemic and the restrictions imposed by governments income securities and other securities and certain derivative products
around the world to limit its spread have disrupted the global economy to the Fund. A spread is the difference between the bid and ask prices
and financial markets in unprecedented and unpredictable ways. for a security in the applicable marketplace, with respect to the
COVID-19 outbreak may adversely affect the performance of the execution of portfolio transactions. The spread will differ based upon
Fund. various factors such as the type and liquidity of the security.
.
Related Party Transactions Dealers, including CIBC WM and CIBC World Markets Corp., may
Canadian Imperial Bank of Commerce (referred to as CIBC) and its furnish goods and services, other than order execution, to the Portfolio
affiliates have the following roles and responsibilities with respect to the Advisor in partial exchange for processing trades through them
Fund, and receive the fees described below in connection with their (referred to in the industry as “soft dollar” arrangements). These goods
roles and responsibilities. and services are paid for with a portion of the brokerage commissions
and assist the Portfolio Advisor with investment decision-making
Manager services for the Fund or relate directly to the execution of portfolio
CIBC is the Fund's manager (referred to as the Manager). CIBC transactions on behalf of the Fund.
receives management fees with respect to the Fund's day-to-day In addition, CIBC may enter into commission recapture arrangements
business and operations, calculated based on the net asset value of with certain dealers with respect to the Fund. Any commission
each respective class of units of the Fund as described in the section recaptured will be paid to the Fund.
entitled Management Fees. The Manager compensates its wholesalers
in connection with their marketing activities regarding the Fund. From During the period, the Fund paid brokerage commissions and other
time to time, CIBC may invest in units of the Fund. fees of $721 to CIBC WM; the Fund did not pay any brokerage
commissions or other fees to CIBC World Markets Corp. Spreads
Trustee associated with fixed income and other securities are not ascertainable
and, for that reason, cannot be included when determining these
CIBC Trust Corporation, a wholly-owned subsidiary of CIBC, is the
amounts.
Fund's trustee (referred to as the Trustee). The Trustee holds title to
the Fund's property (cash and securities) on behalf of its unitholders. Fund Transactions
Portfolio Advisor The Fund may enter into one or more of the following transactions
(referred to as the Related Party Transactions) in reliance on the
The portfolio advisor provides, or arranges to provide, investment
standing instructions issued by the IRC:
advice and portfolio management services to the Fund. CAMI, a
wholly-owned subsidiary of CIBC, is the Fund's portfolio advisor. • invest in or hold equity securities of CIBC or issuers related to a
portfolio sub-advisor;
Distributor
• invest in or hold non-exchange-traded debt securities of CIBC or an
Dealers and other firms sell the units of the Fund to investors. These
issuer related to CIBC, with terms-to-maturity of 365 days or more,
dealers and other firms include CIBC’s related dealers such as the
issued in a primary offering and in the secondary market;
principal distributor, CIBC Securities Inc. (referred to as CIBC SI), the
CIBC Investor’s Edge discount brokerage division of CIBC Investor • make an investment in the securities of an issuer for which CIBC
Services Inc. (referred to as CIBC ISI), the CIBC Imperial Investor WM, CIBC World Markets Corp., or any affiliate of CIBC (referred to
Service division of CIBC ISI, and the CIBC Wood Gundy division of as a Related Dealer or the Related Dealers ) acts as an underwriter
2CIBC Asia Pacific Fund
during the offering of the securities or at any time during the 60-day
period following the completion of the offering of such securities (in
the case of a “private placement” offering, in accordance with the
exemptive relief order granted by the Canadian securities regulatory
authorities and in accordance with the policies and procedures
relating to such investment);
• purchase equity or debt securities from or sell them to a Related
Dealer, where it is acting as principal;
• undertake currency and currency derivative transactions where a
Related Dealer is the counterparty;
• purchase securities from or sell securities to another investment
fund or a managed account managed by the Manager or an affiliate;
and
• engage in in-specie transfers by receiving portfolio securities from,
or delivering portfolio securities to, a managed account or another
investment fund managed by the Manager or an affiliate, in respect
of a purchase or redemption of units in the fund, subject to certain
conditions.
At least annually, the IRC reviews the Related Party Transactions for
which they have issued standing instructions. The IRC is required to
advise the Canadian securities regulatory authorities, after a matter
has been referred or reported to the IRC by the Manager, if it
determines that an investment decision was not made in accordance
with a condition imposed by securities legislation or the IRC in any
Related Party Transactions requiring its approval.
Custodian
CIBC Mellon Trust Company is the Fund's custodian (referred to as the
Custodian). The Custodian holds all cash and securities for the Fund
and ensures that those assets are kept separate from any other cash
or securities that the Custodian might be holding. The Custodian also
provides other services to the Fund including record-keeping and
processing of foreign exchange transactions. The Custodian may hire
sub-custodians for the Fund. The fees and spreads for services of the
Custodian directly related to the execution of portfolio transactions by
the Fund are paid by CAMI and/or dealer(s) directed by CAMI, up to
the amount of the credits generated under soft dollar arrangements
from trading on behalf of the Fund during that month. All other fees and
spreads for the services of the Custodian are paid by the Manager and
charged to the Fund on a recoverable basis. CIBC owns a 50% interest
in the Custodian.
Service Provider
CIBC Mellon Global Securities Services Company (referred to as CIBC
GSS) provides certain services to the Fund, including securities
lending, fund accounting and reporting, and portfolio valuation. Such
servicing fees are paid by the Manager and charged to the Fund on a
recoverable basis. CIBC indirectly owns a 50% interest in CIBC GSS.
3CIBC Asia Pacific Fund
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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 period ended June 30, 2021 and December 31 of any other period(s) shown.
The Fund's Net Assets per Unit¹ - Class A Units
2021 2020 2019 2018 2017 2016
Net Assets, beginning of period $ 21.78 $ 17.44 $ 15.04 $ 17.49 $ 13.26 $ 14.36
Increase (decrease) from operations:
Total revenue $ 0.24 $ 0.30 $ 0.50 $ 0.46 $ 0.17 $ –
Total expenses (0.35) (0.58) (0.53) (0.52) (0.47) (0.42)
Realized gains (losses) for the period 1.47 1.70 1.33 1.36 1.99 2.09
Unrealized gains (losses) for the period (1.94) 2.76 1.15 (3.68) 2.57 (2.77)
Total increase (decrease) from operations2 $ (0.58) $ 4.18 $ 2.45 $ (2.38) $ 4.26 $ (1.10)
Distributions:
From income (excluding dividends) $ – $ – $ 0.03 $ – $ – $ –
From dividends – – – – – –
From capital gains – – – – – –
Return of capital – – – – – –
Total Distributions3 $ – $ – $ 0.03 $ – $ – $ –
Net Assets, end of period $ 21.27 $ 21.78 $ 17.44 $ 15.04 $ 17.49 $ 13.26
1
This information is derived from the Fund's audited annual and unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted average number
of units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of the Fund, or both.
Ratios and Supplemental Data - Class A Units
2021 2020 2019 2018 2017 2016
Total Net Asset Value (000s) 4
$ 36,878 $ 35,474 $ 31,607 $ 30,995 $ 36,900 $ 29,111
4
Number of Units Outstanding 1,733,688 1,628,474 1,812,828 2,061,440 2,110,589 2,196,084
5
Management Expense Ratio 2.75%* 2.75% 2.75% 2.76% 2.75% 2.94%
Management Expense Ratio before waivers or
absorptions6 3.04%* 3.13% 3.22% 3.17% 3.24% 3.50%
Trading Expense Ratio7 0.26%* 0.27% 0.35% 0.19% 0.10% 0.26%
8
Portfolio Turnover Rate 32.23% 58.73% 82.66% 46.68% 18.80% 67.90%
Net Asset Value per Unit $ 21.27 $ 21.78 $ 17.44 $ 15.04 $ 17.49 $ 13.26
*
Ratio has been annualized.
4
This information is presented as at June 30, 2021 and December 31 of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7
The trading expense ratio represents total commissions and other portfolio transaction costs before income taxes expressed as an annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio advisor and/or portfolio sub-advisor manages the portfolio investments. A portfolio turnover rate of 100% is equivalent to a fund
buying and selling all of the securities in its portfolio once in the course of the period. The higher a portfolio turnover rate in a period, the greater the trading costs payable by a fund in the
period, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.
4CIBC Asia Pacific Fund
The Fund's Net Assets per Unit¹ - Class F Units
2021 2020 a
Net Assets, beginning of period $ 11.98 $ 10.00 b
Increase (decrease) from operations:
Total revenue $ 0.13 $ 0.06
Total expenses (0.10) (0.10)
Realized gains (losses) for the period 0.16 1.20
Unrealized gains (losses) for the period (1.22) 0.83
Total increase (decrease) from operations2 $ (1.03) $ 1.99
Distributions:
From income (excluding dividends) $ – $ –
From dividends – –
From capital gains – –
Return of capital – –
Total Distributions3 $ – $ –
Net Assets, end of period $ 11.78 $ 11.98
a
Information presented is for the period from July 6, 2020 to December 31, 2020.
b
Initial offering price.
1
This information is derived from the Fund's audited annual and unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted average number
of units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of the Fund, or both.
Ratios and Supplemental Data - Class F Units
2021 2020 a
Total Net Asset Value (000s)4 $ 7 $ –
Number of Units Outstanding4 633 1
5
Management Expense Ratio 1.65%* 1.64%*
Management Expense Ratio before waivers or
absorptions6 2.64%* 1.64%*
7
Trading Expense Ratio 0.26%* 0.27%
Portfolio Turnover Rate 8
32.23% 58.73%
Net Asset Value per Unit $ 11.78 $ 11.98
a
Information presented is for the period from July 6, 2020 to December 31, 2020.
*
Ratio has been annualized.
4
This information is presented as at June 30, 2021 and December 31 of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7
The trading expense ratio represents total commissions and other portfolio transaction costs before income taxes expressed as an annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio advisor and/or portfolio sub-advisor manages the portfolio investments. A portfolio turnover rate of 100% is equivalent to a fund
buying and selling all of the securities in its portfolio once in the course of the period. The higher a portfolio turnover rate in a period, the greater the trading costs payable by a fund in the
period, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.
5CIBC Asia Pacific Fund
The Fund's Net Assets per Unit¹ - Class O Units
2021 2020 2019 2018 2017 2016
Net Assets, beginning of period $ 31.41 $ 24.78 $ 21.36 $ 24.74 $ 18.34 $ 19.30
Increase (decrease) from operations:
Total revenue $ 0.34 $ 0.44 $ 0.75 $ 0.71 $ 0.21 $ 0.02
Total expenses (0.07) (0.11) (0.13) (0.08) (0.05) (0.09)
Realized gains (losses) for the period 2.25 2.37 1.89 1.98 2.78 2.91
Unrealized gains (losses) for the period (2.70) 4.06 1.62 (5.64) 3.68 (3.71)
Total increase (decrease) from operations2 $ (0.18) $ 6.76 $ 4.13 $ (3.03) $ 6.62 $ (0.87)
Distributions:
From income (excluding dividends) $ – $ 0.40 $ 0.74 $ 0.49 $ 0.13 $ –
From dividends – – – – – –
From capital gains – – – – – –
Return of capital – – – – – –
Total Distributions3 $ – $ 0.40 $ 0.74 $ 0.49 $ 0.13 $ –
Net Assets, end of period $ 31.09 $ 31.41 $ 24.78 $ 21.36 $ 24.74 $ 18.34
1
This information is derived from the Fund's audited annual and unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted average number
of units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of the Fund, or both.
Ratios and Supplemental Data - Class O Units
2021 2020 2019 2018 2017 2016
4
Total Net Asset Value (000s) $ 109,492 $ 120,734 $ 111,314 $ 97,279 $ 94,757 $ 75,461
4
Number of Units Outstanding 3,521,685 3,843,994 4,492,120 4,553,794 3,829,926 4,113,823
Management Expense Ratio5 0.00%* 0.00% 0.00% 0.01% 0.00% 0.00%
Management Expense Ratio before waivers or
absorptions6 0.01%* 0.01% 0.01% 0.02% 0.01% 0.01%
Trading Expense Ratio7 0.26%* 0.27% 0.35% 0.19% 0.10% 0.26%
Portfolio Turnover Rate 8
32.23% 58.73% 82.66% 46.68% 18.80% 67.90%
Net Asset Value per Unit $ 31.09 $ 31.41 $ 24.78 $ 21.36 $ 24.74 $ 18.34
*
Ratio has been annualized.
4
This information is presented as at June 30, 2021 and December 31 of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund (excluding commissions and other portfolio transaction costs), incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
7
The trading expense ratio represents total commissions and other portfolio transaction costs before income taxes expressed as an annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio advisor and/or portfolio sub-advisor manages the portfolio investments. A portfolio turnover rate of 100% is equivalent to a fund
buying and selling all of the securities in its portfolio once in the course of the period. The higher a portfolio turnover rate in a period, the greater the trading costs payable by a fund in the
.
period, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.
6CIBC Asia Pacific Fund
Management Fees
The Fund, either directly or indirectly, pays CIBC an annual management fee to cover the costs of managing the Fund. Management fees are based
on the Fund's net asset value and are calculated daily and paid monthly. Management fees are paid to CIBC in consideration for providing, or
arranging for the provision of, management, distribution, and portfolio advisory services. Advertising and promotional expenses, office overhead
expenses and trailing commissions are paid by CIBC out of the management fees received from the Fund. The Fund is required to pay applicable
taxes on the management fees paid to CIBC. Refer to the Simplified Prospectus for the annual management fee rate for each class of units. For
Class O units, the management fee is negotiated with and paid by, or as directed by, unitholders or dealers and discretionary managers on behalf of
unitholders. Such Class O management fee will not exceed the Class F unit management fee rate.
The following table shows a breakdown of the services received in consideration of the management fees, as a percentage of the management fees
collected from the Fund for the period ended June 30, 2021. These amounts do not include waived fees or absorbed expenses.
Class A Units Class F Units
Sales and trailing commissions paid to dealers 39.39% 0.00%
General administration, investment advice, and profit 60.61% 100.00%
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Past Performance
The performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution, or other
optional charges payable by any unitholder that would have reduced returns. Past performance does not necessarily indicate how a fund will perform
in the future.
The Fund’s returns are after the deduction of fees and expenses, and the difference in returns between classes of units is primarily due to
differences in the management expense ratio. See Financial Highlights section for the management expense ratio.
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Year-by-Year Returns
These bar charts show the annual performance of each class of units of the Fund for each of the periods shown, and illustrate how the performance
has changed from period to period. These bar charts show, in percentage terms, how an investment made on January 1 would have increased or
decreased by December 31, unless otherwise indicated.
Class A Units
60.0%
31.9%
30.0% 27.0% 24.9%
19.2% 16.2%
13.3%
7.7%
0.0%
-2.4%
-7.7%
-17.4% -14.0%
-30.0%
-60.0%
11 12 13 14 15 16 17 18 19 20 21a
a
2021 return is for the period from January 1, 2021 to June 30, 2021.
7CIBC Asia Pacific Fund
Class F Units
40.0%
19.8%
20.0%
0.0%
-1.7%
-20.0%
-40.0%
20a 21b
a
2020 return is for the period from July 6, 2020 to December 31, 2020.
b
2021 return is for the period from January 1, 2021 to June 30, 2021.
Class O Units
60.0%
35.6%
30.9% 28.4%
30.0% 22.8% 19.4%
16.8%
11.0%
0.0%
-1.0%
-5.0%
-14.8% -11.6%
-30.0%
-60.0%
11 12 13 14 15 16 17 18 19 20 21a
a
2021 return is for the period from January 1, 2021 to June 30, 2021.
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8CIBC Asia Pacific Fund
Summary of Investment Portfolio (as at June 30, 2021)
The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. A quarterly update is available by
visiting www.cibc.com/mutualfunds. The Top Positions table shows a fund’s 25 largest positions. If the fund holds fewer than 25 positions in total, all
positions are shown.
x x
% of Net Asset % of Net Asset
Portfolio Breakdown Value Top Positions Value
x x
Japan
x
33.8 WuXi Biologics (Cayman) Inc.
x
2.8
China
x
16.4 Taiwan Semiconductor Manufacturing Co. Ltd., ADR
x
2.7
Hong Kong
x
11.5 Meituan, Class 'B'
x
2.7
South Korea
x
9.2 Samsung SDI Co. Ltd.
x
2.7
Australia
x
8.8 China Lesso Group Holdings Ltd.
x
2.5
Singapore
x
6.6 Macquarie Group Ltd.
x
2.5
Taiwan
x
4.9 Tencent Holdings Ltd.
x
2.5
United States
x
2.4 Techtronic Industries Co. Ltd.
x
2.5
India
x
2.3 Alibaba Group Holding Ltd.
x
2.4
Chile
x
1.6 China Resources Gas Group Ltd.
x
2.4
Cash
x
1.3 MSCI Inc.
x
2.4
Other Assets, less Liabilities 1.2 Samsung Electronics Co. Ltd.
x
2.4
DBS Group Holdings Ltd.
x
2.3
HDFC Bank Ltd., ADR
x
2.3
Shiseido Co. Ltd.
x
2.3
GLP J-REIT
x
2.2
Tokyo Electron Ltd.
x
2.2
Singapore Telecommunications Ltd.
x
2.2
AIA Group Ltd.
x
2.2
Hanon Systems
x
2.2
Hong Kong Exchanges & Clearing Ltd.
x
2.2
Hoya Corp.
x
2.2
Takeda Pharmaceutical Co. Ltd.
x
2.2
China Mengniu Dairy Co. Ltd.
x
2.2
Largan Precision Co. Ltd. 2.1
9A note on forward-looking statements The management report of fund performance may contain forward-looking statements. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or other similar wording. In addition, any statements that may be made concerning future performance, strategies, or prospects and possible future actions taken by the fund, are also forward-looking statements. Forward-looking statements are not guarantees of future performance. These statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results and achievements of the fund to differ materially from those expressed or implied by such statements. Such factors include, but are not limited to: general economic, market, and business conditions; fluctuations in securities prices, interest rates, and foreign currency exchange rates; changes in government regulations; and catastrophic events. The above list of important factors that may affect future results is not exhaustive. Before making any investment decisions, we encourage you to consider these and other factors carefully. CIBC does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments, or otherwise prior to the release of the next management report of fund performance.
CIBC Mutual Funds
CIBC Family of Portfolios
CIBC
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Toronto, Ontario
M5J 2S1
CIBC Securities Inc.
1-800-465-3863
Website
www.cibc.com/mutualfunds
CIBC Securities Inc. is a wholly-owned subsidiary of CIBC and is the principal distributor of the CIBC Mutual Funds and the CIBC Family of Portfolios. CIBC Family of Portfolios are
mutual funds that primarily invest in other CIBC Mutual Funds. To obtain a copy of the simplified prospectus, call CIBC Securities Inc. at 1-800-465-3863 or ask your advisor.You can also read
