Private Investment Management. A disciplined investment approach

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1 Private Investment Management A disciplined investment approach

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3 03 A disciplined investment approach You have been able to accumulate a substantial amount of capital. However, the challenge is to preserve it, grow it, use it wisely and pass as much of it as possible on to the next generation as an inheritance. With a tightly inter-linked global economy, growing market volatility, laborious tax legislation and numerous other factors complicating things, this is no small feat and the size of your investment portfolio means that the stakes involved are considerable. Private Investment Management offers a high-end portfolio service that delivers what matters most to you: management of your financial assets. No compromises, no hype just a wealth of expertise combined with many years of experience and accumulated wisdom to deliver highly personalized portfolio management. What is Private Investment Management? Designed to meet the needs of affluent investors, Private Investment Management is a comprehensive discretionary portfolio management service offered by National Bank Trust that is closely patterned on institutional portfolio management but adapted to the realities of the individual investor. It provides disciplined investment management with the following features: Five model investment portfolios designed to accommodate five broad investment objectives; A methodology that establishes optimal combinations of asset classes, economic sectors, geographic regions and investment management styles for each portfolio; Access to investment vehicles usually available only to institutional investors; A selection of seasoned portfolio managers specifically chosen to provide complementary management styles; The flexibility of working with your account manager to achieve a very high degree of personalization for your portfolio; Strategic and tactical management that balances risk and return, and integrates fine-tuning according to prevailing market conditions; A structure that allows for lower costs compared to most other managed portfolio products; A fee that is calculated on a declining scale based on the size of the portfolio. In this brochure, we present Private Investment Management in detail, showing its structure, how it works, the expertise it draws on, and how it differs from other managed portfolio products.

4 04 INVESTING Private Investment Management Extensive diversification A successful investment strategy depends on more than security selection and market timing. The key to finding the best compromise between return and volatility is to apply the principles of diversification, which involves investing your wealth in a mix of different asset classes, economic sectors, geographic regions and management styles. Private Investment Management reaps the full benefits of diversification by incorporating a number of components into its portfolios, including: A wide variety of asset classes and subclasses Market risk can be best controlled by having exposure to a variety of asset classes. Each of the main asset classes described on the following page can also be broken down into subclasses. The full potential of diversification is achieved through a careful combination of these subclasses. To reduce concentration risk, each subclass in the portfolio is composed of many individual securities, so that a sub-par performance from one will usually be offset by higher returns from another. Money market Money market securities are very safe, liquid investments since they can usually be resold at any time on a secondary market. They represent the short-term, secure portion of your portfolio. Subclasses include federal and provincial Treasury bills, promissory notes and bonds maturing in less than one year. Fixed-income securities Fixed-income securities are an essential component of a well-diversified portfolio, since they are characterized by regular, predictable income and a return of capital at maturity. This is the asset class generally included in a portfolio to reduce volatility and/or generate cash flow. Subclasses include federal, provincial, corporate and high-yield bonds, as well as preferred shares. Stock market securities Like fixed-income securities, equities should be part of any well-diversified portfolio. With the highest potential returns, this is the asset class that delivers capital growth but its returns are also more volatile than those of fixed income or money market securities. Equities are divided into subclasses by geographic region, economic sector and level of capitalization. Alternative management Alternative management refers to nontraditional, complementary investment strategies whose returns typically have a low level of correlation with stock and bond market returns. The main goal of alternative management is to take advantage of market opportunities not available through traditional investments, while at the same time reducing a portfolio s overall volatility. More specialized asset subclasses One of the greatest benefits of Private Investment Management is the high degree of personalization it offers, which ensures the best possible fit with your own situation and objectives. Over and above the choice of five portfolios corresponding to five investor profiles, further personalization is achieved with a range of more specialized asset subclasses. Market risk can be best controlled by having exposure to a variety of asset classes.

5 05 A combination of management styles Financial markets don t move in a predictable fashion, and different investment management styles are rewarded at different times during an economic cycle. Diversification also involves combining portfolio management styles in order to reduce overall volatility and have part of the portfolio positioned at all times to benefit from the investment style the markets are favouring. An example of this would be combining two complementary styles in the equity component of a portfolio to reduce the volatility of the investment returns.

6 06 INVESTING Private Investment Management National Bank Trust s key role National Bank Trust is the architect and main portfolio manager of Private Investment Management. Working in close collaboration with Private Wealth 1859, its specialists design the portfolios, establish the strategies and craft the customizing options unique to this service. National Bank Trust has partnered with some of the leading portfolio managers from around the world in order to provide optimal diversification of both management styles and asset classes. Diversification also involves combining portfolio management styles in order to reduce overall volatility. A disciplined process for selecting portfolio managers Given the universe of portfolio managers around the world that National Bank Trust has access to, considerable value can be added by selecting the right ones. National Bank Trust uses a disciplined process to analyse the universe of managers and identify the best team or teams for each of Private Investment Management s portfolio mandates. The specific investment mandate is defined; Using a quantitative and qualitative analysis model, our team produces a list of leading portfolio managers for each of the specific mandates; All of the short-listed portfolio managers are interviewed; A selection is made and presented to the National Bank Trust and National Bank investment committees; Once the selection is approved, a specific mandate is given to the chosen portfolio manager; The mandate is monitored on a regular basis, and the portfolio manager s performance is analyzed each month. Universe of portfolio managers worldwide External consultants Investment committees Specific criteria Our selected portfolio managers

7 07 A rigorous methodology for portfolio construction Our priority is to offer you a highly-personalized investment solution that dovetails perfectly with your financial circumstances. Using your time horizon, risk tolerance, objectives and tax situation as inputs, we work together to define your investor profile and choose your model investment portfolio. After that, further analysis will enable your account manager to define an investment policy that is unique to you, and make the adjustments to this model portfolio in order to create your personal Private Investment Management portfolio. Identification of your investor profile You and your advisor Your National Bank Trust account manager You and your National Bank Trust account manager National Bank Trust and portfolio managers National Bank Trust and portfolio managers Recommendation of a Private Investment Management model portfolio Customization of portfolio with the selection of NBT Pooled Funds Management of NBT Pooled Funds Tactical deviation and rebalancing Mix of asset classes (money market, fixed income securities, equities, alternative investments) Geographic and regional diversification Combination of management styles Addition of specialized asset subclasses Weighting of economic sectors Business types and capitalizations Selection of individual securities Private Investment Management s Structure: NBT Pooled Funds Unlike most other managed portfolios that use mutual funds as building blocks or a fund of funds structure, National Bank Trust constructs your portfolio using NBT Pooled Funds, and in certain situations, individually-held securities. NBT pooled funds are private investment pools whose units are underwritten solely by National Bank Trust for the accounts it manages on a fully discretionary basis for its clients. Each pool is composed of a selection of securities that have been carefully chosen by the portfolio managers based on the specific investment mandate for that NBT Pooled Fund. This structure of pooled funds and individually-held securities allows us to keep Private Investment Management s costs significantly lower than those of most other managed portfolio products.

8 08 INVESTING Private Investment Management Five model portfolios To reflect your basic investor profile Potential return LOW VARIABILITY MODERATE VARIABILITY BALANCED GROWTH EQUITY Money Market Tactical Deviation Income Securities Equities Alternative Management Risk (volatility) Low variability Moderate variability Balanced Growth Equity 5 model portfolios and their targets Regular interest income and modest long-term capital growth. Regular interest income and moderate long-term capital growth. Regular interest and dividend income. Capital gains over the long term. High capital growth over the long term. Maximum capital growth over the long term. Money Market 2% 2.5% 2.5% 2.5% 2.5% Tactical Deviation 2.5% 2.5% 2.5% 2.5% Income Securities 73% 55% 33% 18% 10% Canadian, government and corporate bonds 43% 25% 15% 11% High-yield bonds 15% 10% 9% 7% 10% Preferred shares* 15% 20% 9% Equities 15% 30% 52% 67% 75% Canadian stocks 7% 12% 20% 22% 25% U.S. stocks 4% 6% 11% 15% 15% International stocks 4% 6% 11% 15% 15% Emerging markets stocks 3% 5% 7% 10% Real assets 3% 5% 8% 10% Alternative Management 10% 10% 10% 10% 10% Hedge funds 10% 10% 10% 10% 10% * Recommended for a taxable portfolio

9 09 The NBT Hedge Fund Pooled Fund Managing a hedge fund requires executing complex tactics involving a large number of asset classes and subclasses: equities, bonds, foreign currencies, options, futures, etc. Through its alternative management style, the NBT Hedge Fund Pooled Fund aims to generate positive returns with a low level of correlation to conventional stock and bond market returns. The NBT Hedge Fund Pooled Fund strives to generate positive returns even when markets are down, which means that its returns are generally less volatile than stock market returns. To ensure a made-to-measure fit Working from the model portfolio best suited to your investor profile, adjustments can then be made to ensure an even better fit with your objectives, time horizon, risk tolerance and tax situation: Asset allocation To allow for specific situations, such as generating more revenue for someone who relies on his or her investment portfolio to finance current living expenditures, the weightings of certain asset classes in the chosen model portfolio can be adjusted to account for such needs. Selection of asset subclasses The decision to include or exclude certain asset subclasses can be made based on an individual investor s situation. For instance, it may make sense to favour a certain asset subclass for tax reasons. You and your account manager can discuss whether some of the following asset subclasses are appropriate for your portfolio: High-yield bonds to increase income and provide the potential for capital gains; Real assets to increase the diversification of your portfolio; Preferred shares for non-registered accounts to take advantage of advantageous tax treatment of dividends; Emerging market equities to provide access to regions of high economic growth; A hedge fund to benefit from innovative strategies, and add an asset subclass to your portfolio whose returns have little correlation with those of stocks and bonds.

10 10 NBT Tactical Deviation Pooled Fund Tactical deviation involves making small adjustments to a portfolio s composition to protect against, or capitalize on the changing moods of financial markets. Under tactical deviation, derivatives are used instead of trading individual securities directly. Since they are based on market indexes or securities within a single asset class, derivatives can change a portfolio s asset mix in the same way as buying and selling individual securities but involve far fewer transactions (with considerable lower costs as a result) and provide greater tax efficiency. Rebalancing your portfolio Markets are constantly on the move, and the returns for different asset classes and subclasses are far from synchronized. This can cause the weighting of the various asset classes in your portfolio to deviate from their target allocations, which is why rebalancing is essential. Rebalancing consists of bringing the composition of your portfolio back to its target weighting thus preventing overexposure to one or more asset classes, while respecting your investor profile. Furthermore, thanks to this process, your portfolio takes advantage of the market fluctuations. By selling the units of the Pooled Fund that have achieved the best growth, you will cash in a part of the profit to invest it in other Pooled Funds at a more attractive cost. Asset Class A Asset Class B Buy 10% 40% 30% Asset Class A 40% 60% 70% Sell 10% Asset 60% Class B Target allocation Market fluctuations Rebalancing transactions After rebalancing Competitive management fees Private Investment Management s innovative structure results in a pricing that is very competitive compared to other managed portfolio solutions. Our management fees are: Calculated on a declining scale based on the portfolio s market value at month end; Tax-deductible for non-registered investments; Debited monthly in the form of NBT Money Market Pooled Fund units; Automatically adjusted for contributions and withdrawals; Designed to consider the value of your spouse s portfolio during fee calculations. NBT Pooled Funds for specific requirements For specific requirements, such as needs related to the U.S. dollar or to managing trust or estate funds, Private Investment Management also offers other specialized pooled funds.

11 11 Ongoing financial information With Private Investment Management, you are well informed. Among other things, you will receive: Comprehensive periodic statements that include your personal rate of return; Our newsletter The Financier, which discusses recent market developments, shares our investment managers current outlook and contains a detailed account of the returns of model portfolios in relation to market indexes, as well as the asset class mix; Semi-annual and annual reports detailing all the securities in the NBT Pooled Funds; Financial commentaries putting into a perspective market events and how your portfolio is being managed; Convenient and secure online access to your portfolio summary at all times.

12 Our managed solutions There comes a time when your investments require special attention or a greater degree of knowledge (taxation, currency management, legal aspects, etc.). A turnkey solution allows you to delegate these tasks to experts you can trust. The solutions below have been designed to combine complementary portfolio management with asset diversification strategies. Accumulation solutions Level of sophistication Diversified Funds Strategic Portfolios Managed Portfolios Private Investment Management Private Wealth 1859 Withdrawal solutions Managed Portfolios Retirement option Monthly Income Portfolios Minimum investment $500 $10,000 $100,000 $250,000 $1,000,000 Accumulation Solutions Diversified Funds 1 If you are looking for a simple and effective investment that gives you a well-diversified portfolio, this might be the right solution for you. Strategic Portfolios 1 Strategic Portfolios provide you with a complete solution: your savings will be invested in portfolios of different mutual funds selected for their complementarity and the diversification they provide. Managed Portfolios 1 Managed Portfolios allow you to make the most of market opportunities, thanks to a turnkey mutual fund investment solution combined with discretionary portfolio management services. Private Investment Management 2 Private Investment Management gives you access to a comprehensive discretionary portfolio management service that integrates institutional portfolio management techniques. Private Wealth Private Wealth 1859 provides individuals and families with an exclusive combination of advice and services that produces a highly customized offering extending well beyond the realm of traditional portfolio management. Withdrawal Solutions Monthly Income Portfolios 1 These innovative, tax-efficient portfolios are the result of a disciplined process and can be easily integrated into a retirement investment strategy. Managed Portfolios Retirement option 1 The Managed Portfolios Retirement option offer an easy way to receive fixed distributions 4 and have your assets professionally managed. 1 National Bank Mutual Funds (including the Diversified Funds and the Monthly Income Portfolios), National Bank Strategic Portfolios (the Strategic Portfolios ) and National Bank Managed Portfolios (the Managed Portfolios ) (collectively the Portfolios ) are offered by National Bank Investments Inc., a wholly owned subsidiary of National Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual funds investments and the use of an asset allocation service (such as the Portfolios). Please read the prospectus of the mutual funds or that of the funds in which the Portfolios may invest before making an investment. The funds securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. For money market funds, there can be no assurances that a fund will be able to maintain its net asset value per security at a constant amount or that the full amount of the investment in a fund will be returned. The funds are not guaranteed, their values change frequently and past performance may not be repeated. In respect of the Managed Portfolios, investors will enter into a discretionary management agreement with National Bank Trust Inc. (for all activity in Quebec, Prince Edward Island, Saskatchewan and New Brunswick) or Natcan Trust Company (for all activity in other Canadian provinces and territories), which gives the portfolio manager the authority to select, add or remove National Bank Mutual Funds forming part of the Managed Portfolios. There are no fees or expenses related to investing in the Managed Portfolios except for the fees and expenses related to investing in the funds that make up the Managed Portfolios. All distributions made by a fund included in the Managed Portfolios will be automatically reinvested for you. 2 Private Investment Management is offered by National Bank Trust Inc. and Natcan Trust Company, two subsidiaries of National Bank of Canada using the business name of National Bank Trust. 3 National Bank Private Wealth 1859 is a trade-mark used under licence by National Bank of Canada and some of its subsidiaries. 4 The distribution amount is said to be fixed for each National Bank Mutual Fund comprised in the Managed Portfolios (R series) as it does not vary from one distribution to the next. However, it is not guaranteed and may vary according to market conditions. The total amount of the distribution is weighted according to each of the funds constituting the Managed Portfolios and may vary due to rebalancing and tactical deviation. The distribution targets for National Bank Mutual Funds (R Series) are reviewed annually in January. Distributions for the R Series are comprised of net income and may also include a significant return of capital component.

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14 Simplifying your day-to-day banking transactions. Helping you carry out the projects that are important to you. Customizing solutions and advice for your short-term projects and retirement plans. Insuring you and your assets for your peace of mind. Making sure your estate is transferred to your loved ones. Helping decisionmakers grow their business. l For any questions please contact your advisor or call Private Investment Management s Customer Service Monday to Friday, from 8:30 a.m. to 5:00 p.m., at or toll free , or via at (2014/05) nbc.ca/pim 2014 National Bank of Canada. All rights reserved. Any reproduction, in whole or in part, is strictly prohibited without the prior written consent of National Bank of Canada.

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