January 2012
Portfolio Objective
The investment objective of the Pool is to manage risk while providing above average long-term returns through capital appreciation and income. We achieve this by investing in equity securities of companies who have a history of dividend growth and by investing in growth-oriented companies that may pay dividends. The Pool pays a quarterly dividend with a current trailing 12 month yield of 3.50%. This pool actively invests in select fixed income securities primarily in Canada. This includes preferred shares, corporate bonds, and government bonds.
Strategy
The portfolio will be concentrated into 70-80 equity positions with no single position being greater than 5% of the market value of the fund. The fixed income component is not managed in a manner that matches an index. For tax effective income, the Pool will typically hold an allocation of 8-12% in Canadian preferred shares and the bond component will mainly be focused on select corporate bonds where we see attractive credit quality and yield spread. Asset allocation strategy of the Pool will target equity exposure in the 50-60% range, however in certain market environments, equity exposure may fall to as low as 30%.The Pool focuses on absolute returns and within this, the pool will utilize hedging strategies to reduce the volatility within the fund. The Pools will also utilize cash as an asset class and at times can hold overall portfolio cash levels in the 0-20% range.
Monthly Performance
| 2012 | Jan-12* | Feb-12 | Mar-12 | Apr-12 | May-12 | Jun-12 | Jul-12 | Aug-12 | Sept-12 | Oct-12 | Nov-12 | Dec-12 | YTD |
| McLean & Partners | 4.1% | 4.1% | |||||||||||
| Benchmark** | 2.1% | 2.1% |
| 2011 | Jan-11 | Feb-11 | Mar-11 | Apr-11 | May-11 | Jun-11 | Jul-11 | Aug-11 | Sept-11 | Oct-11 | Nov-11 | Dec-11* | 2011 |
| McLean & Partners | 0.7% | 0.9% | 0.5% | 0.9% | 0.4% | -1.2% | -1.2% | -2.6% | -3.4% | 4.5% | -1.6% | 0.3% | -1.5% |
| Benchmark** | 1.5% | 0.5% | -0.7% | 1.3% | 0.5% | -1.2% | -1.0% | -2.4% | -0.9% | 3.0% | 0.2% | 0.6% | 1.5% |
| 2010 | Jan-10 | Feb-10 | Mar-10 | Apr-10 | May-10 | Jun-10 | Jul-10 | Aug-10 | Sept-10 | Oct-10 | Nov-10 | Dec-10 | 2010 |
| McLean & Partners | -1.4% | 1.3% | 0.7% | 0.6% | -2.2% | -0.6% | 1.7% | 0.0% | 3.6% | 1.0% | -0.3% | 2.0% | 6.8% |
| Benchmark** | -1.0% | 0.4% | 0.9% | -0.1% | -3.5% | -0.6% | 3.1% | 0.4% | 3.3% | 1.9% | -1.2% | 2.4% | 5.8% |
| 2009 | Jan-09 | Feb-09 | Mar-09 | Apr-09 | May-09 | Jun-09 | Jul-09 | Aug-09 | Sept-09 | Oct-09 | Nov-09 | Dec-09 | 2009 |
| McLean & Partners | -1.9% | -3.0% | 1.5% | 1.3% | 3.0% | 3.3% | 0.8% | 2.5% | 2.0% | -0.8% | 1.6% | 1.3% | 12.6% |
| Benchmark** | -5.5% | -4.5% | 4.6% | 3.0% | 0.4% | 3.8% | 0.8% | 3.8% | 1.5% | -0.9% | 1.6% | 0.2% | 8.2% |
Note: Gross of Fees and Expenses
*Returns are estimates based on CIBC and Bloomberg
**60% MSCI World Index, 40% Dex Universe
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| Legal Structure: Open-end investment fund |
| Unit Pricing: CDN $ |
| Redemption: Weekly |
| Auditor: KPMG |
| Trustee: CIBC Mellon Trust company |
| Legal: Borden Ladner Gervais LLP |
If you are interested in learning more about this fund, please contact
Russ MacKay at (403) 234-6103 or rmackay@mcleanpartners.com
Disclaimer: McLean & Partners provides independent research and advice to its clients on a fee for service basis. The company is not engaged in any investment banking, underwriting, consulting or financial services activities on behalf of any companies. McLean & Partners’ research reports are for the sole purpose of managing client portfolios on a managed and non-managed basis. The company may engage in proprietary trading to invest surplus corporate cash balances. The opinions expressed herein are those of the author and do not necessarily represent those of McLean & Partners Wealth Management Ltd. The information contained in this report has been obtained from sources believed to be reliable, however, we cannot represent that it is accurate or complete. McLean & Partners Wealth Management Ltd. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.
