Tracking Your Progress. A Guide To Your Quarterly Portfolio Review

Transcription

1 Tracking Your Progress A Guide To Your Quarterly Portfolio Review

2 Table Of Contents A Guide To Your Quarterly Portfolio Review Contents Investment Review Consolidated Summary Of Your Account Consolidated Performance Analysis Consolidated Portfolio Allocation Performance Analysis Investment Strategy Review Statement Of Positions Glossary Of Terms one two three four six seven eight nine ten eleven

3 A Guide To Your Quarterly Portfolio Review Exceptional And Easy-To-Understand Reporting Continual, objective monitoring is vital to the ongoing success of an investment plan. To help you understand how your CIBC Wood Gundy Investment Consulting Service (ICS) or CIBC Wood Gundy Advisor Managed Account (AMA) portfolio is performing and to track your progress to your stated investment goals, CIBC Wood Gundy provides a Quarterly Portfolio Review. This is a comprehensive performance report that integrates all of your portfolio information into one easy-to-understand statement. This report is mailed to you at the end of each quarter and is also available electronically through CIBC Wood Gundy Online. This guide outlines the major sections of your CIBC Wood Gundy Quarterly Portfolio Review. We suggest using it while reviewing your statement for the first time, and keeping it available for future reference. Monitoring Your Long-Term Goals Goal monitoring is key to effectively managing your wealth. Your Quarterly Portfolio Review is organized to provide a long-term perspective of your portfolio, while detailing short-term activity. Your Quarterly Portfolio Review includes a consolidated summary of your account, performance analysis and portfolio allocation, followed by an investment strategy review of each of your investment strategies. As with any long-term investment plan, it is important to monitor your portfolio regularly and evaluate performance over a full market cycle. Your CIBC Wood Gundy Investment Advisor can help you review your Quarterly Portfolio Review and answer any questions you may have. one

4 Contents The first page of your Quarterly Portfolio Review includes a table of contents that lists the page numbers for each section of the statement and the individual investment strategies in your portfolio. This page also references Your Personal Profile information and Your CIBC Wood Gundy Contacts. 559-XXXXX-XX Canadian Large-Cap Equity, ABC Investment Management XXXXX-XX Canadian Balanced, DEF Asset Management...12ent XXXXX-XX U.S. Large-Cap Equity, XYZ Asset Management Ltd XXXXX-XX International nal Equity, MNO Investment Partners, L.P XXXXX-XX International nal Equity, Sam Sample Group...32 two

5 Investment Review The Investment Review, prepared by the CIBC Wealth Management Consulting Group, provides a general overview of the markets for the reporting period. This overview includes a general summary of the prevailing economic and market conditions affecting each major asset class for the quarter under review. three

6 Consolidated Summary Of Your Account Account Summary This page provides a snapshot of your overall portfolio. Investment strategies that you own are referenced by asset class and investment manager. Details of the strategies include: Account number(s) Local value and account value The percentage of your total portfolio each investment represents The quarter end, one year and since inception investment performance Performance returns are reported in the base currency of the investment strategy. Returns for periods of longer than one year are annualized. The summary line, Total Investment, is reported in either Canadian or U.S. dollars, depending on which currency was selected at account opening. This is called your reporting currency. The appropriate exchange rates can be found below the table on this page. Consolidated Summary of Your Account Quarterly Portfolio Review December 31, YYYY ACCOUNT SUMMARY Investment Performance (%) * Ended December 31, YYYY Account Local Account % of One One Since Investment Strategy Investment Manager Number Value Value Total Quarter Year Inception Canadian Equities Canadian Large-Cap Equity ABC Investment Management 559-XXXXX-XX XX-XX 282, , % Canadian Balanced DEF Asset Management 530-XXXXX-XX 231, , % Canadian Equities Total 514, % U.S. Equities U.S. Large-Cap Equity XYZ Asset Management e Ltd. 559-XXXXX-XX 114, , % U.S. Equities Total 114, % International Equities International Equity MNO Investment Partners, L.P. 531-XXXXX-XX XXXX-XX 316, , % International Equity Sam Sample Group 531-XXXXX-XX XXX-XX 130, , % International Equities Total 521, % Total Investment 1,150, % The total investment return is reported in Canadian dollars, whereas the individual idual strategy returns rns are reported rt in the currency of the strategy. Throughout this report performance is reported rt ed gross of fees, which measures the total return before the management fees are deducted. The Account Value reported r in this Quarterly Portfolio olio Review is the sum of the total Market Value and the total Dividends Receivable/Accrued Interest. The Portfolio Value is the sum of the individual Account Values. * Returns for periods of longer than one year are annualized, while returns for periods of one year or less are actual returns (not annualized). Rates of exchange used in this Quarterly Portfolio olio Review are: 1 CA = US 1 US = CA If you had accounts that are now closed, they will be listed below the table for your reference. The historic results of your closed accounts are reflected in the consolidated portion of your Quarterly Portfolio Review. Prepared in confidence 3 Note: The account values shown in your Quarterly Portfolio Review may vary slightly from your CIBC Wood Gundy monthly statement due to the inclusion of accrued dividends and interest, post-period adjustments and/or the use of different pricing sources. four

7 Consolidated Summary Of Your Account December 31, YYYY Portfolio Valuation This graph shows the movement of your investments over time, and illustrates the effect of changes in the value of your portfolio. The shaded area represents your portfolio value over time, and the valleys and peaks represent changes in the market value of your investments. The dotted line represents net contributions since inception of your consolidated portfolio (deposits less withdrawals). The starting date and your initial contribution amount, and the ending date and portfolio value are shown to the right of the graph. Portfolio History This table shows how the activity in your portfolio affected its value over the quarter, since the beginning of the calendar year and since inception. These activities may include deposits, withdrawals, realized and unrealized gains and losses and total income. Your fees are included in the Change in Portfolio Value figure. five

8 Consolidated Performance Analysis Latest Analysis And Compound Annualized Returns This bar chart illustrates the short- and long-term results of your consolidated portfolio. Current quarter, year-to-date and one-year results are shown alongside the compound returns (where applicable) for three years, five years and since inception. Returns are annualized for all periods greater than one year. December 31, YYYY Annual Returns This bar chart shows the annual returns of your consolidated portfolio as of December 31 st for each full calendar year you have owned your investments. These annual returns can provide an indication of the consistency of real returns in your portfolio over time. 6/YY YYYY YYYY YYYY YYYY YYYY six

9 Consolidated Portfolio Allocation December 31, YYYY ALLOCATION BY ASSET CLASS Portfolio Value Current Quarter CASH & CASH EQUIVALENTS FIXED INCOME INVESTMENTS EQ UITY INVESTMENTS 39,954 92,568 1,017, % 8.05% 88.48% Total 1,150, % PORTFOLIO ALLOCATION Portfolio o Value Current Quarter CANADA UNITED STATES FINLAND FRANCE GERMANY IRELAND ITALY JAPAN NETHERLANDS PORTUGAL SPAIN SWEDEN SWITZERLAND UNITED KINGDOM EMERGING MARKETS REST OF THE WORLD 456, ,748 7,657 84,713 23,756 3,320 22, ,227 96,211 7,850 20,393 2,774 55, ,449 27,626 1, % 9.98% 0.67% 7.36% 2.07% 0.29% 1.98% 8.71% 8.36% 0.68% 1.77% 0.24% 4.87% 10.73% 2.40% 0.17% Total 1,150, % Allocation By Asset Class This pie chart shows the portions of cash and cash equivalents, fixed income investments and equity investments held within your portfolio, indicated in both dollar value and percentage terms. The value is shown in your reporting currency and includes dividends receivable and accrued interest. Portfolio Allocation This pie chart will be of particular interest to clients who are focused on international diversification, as it illustrates the geographic allocation of your portfolio in both market value and in percentage terms. If your portfolio is composed exclusively of fixed income strategies, the pie chart illustrates the allocation of bond issuers held within your portfolio. If your portfolio is comprised exclusively of equity strategies, the pie chart illustrates the allocation of industry sectors in your portfolio. Prepared in confidence 6 seven

10 Performance Analysis In this section, the performance of each investment strategy is measured against its benchmark index. If the first year of your participation is not a full calendar year, first year results are reported from the since inception date to the calendar year-end. December 31, YYYY eight Your Account Number and Type (ICS or AMA), Investment Manager, Investment Strategy and Benchmark are listed at the top of each page for your reference. Latest Analysis And Compound Annualized Returns This bar chart illustrates short- and long-term results for the investment strategy against its benchmark index. Current quarter, year-to-date and one-year results are shown alongside the compound annual returns (where applicable) for three years, five years and since inception. A description of the benchmark index is provided at the bottom of the page. Shorter-term results are less meaningful than cumulative results and should only be considered in the context of your longterm investment objectives. Short-term market fluctuations are generally not cause for urgent reaction. Annual Returns This bar chart shows the annual returns for the investment strategy and its benchmark index at December 31 st for each full calendar year you have owned your investments. These annual returns can provide an indication of the consistency of real returns in your portfolio over time.

11 Investment Strategy Review December 31, YYYY This is a market commentary prepared by your CIBC Wood Gundy Investment Consulting Service investment manager. The review summarizes the market environment and investment decisions made during the quarter for the specific strategy. The commentary may also provide some insight into the manager s future expectations. If your portfolio contains more than one investment strategy, a review for each is provided. Note: CIBC Wood Gundy Advisor Managed Account strategies do not include market commentaries. nine

12 Statement Of Positions One of the key benefits of your portfolio is that you are a direct shareholder in the companies held in each of your investment strategies. This page details each security position held, including cost, market price, market value, dividends receivable and interest accruals, estimated annual income, yield and unrealized gain/loss. The percentage weighting of each position within the strategy is indicated and the individual securities are grouped and summarized by asset class and industry sector. December 31, YYYY Note: The market prices shown in your Quarterly Portfolio Review may vary slightly from your CIBC Wood Gundy monthly statement due to post-period adjustments and/or the use of different pricing sources. ten

13 Glossary Of Terms Account Value This is the market value of the account expressed in the reporting currency selected by the client at account opening. Beginning Portfolio Value The beginning portfolio value shows the value of your investment portfolio at the beginning of the current quarter, the year-to-date and since inception. For example, in your Quarterly Portfolio Review for the second quarter, the beginning portfolio value of the quarter would be as of April 1 st, and the beginning portfolio value year-to-date would be as of January 1 st. The value since inception is the amount of money initially invested on the date the original purchase was made. Change In Portfolio Value This amount identifies the market value by which your account(s) have increased or decreased between the Beginning and Ending Portfolio Values. Included in this calculation are all deposits and withdrawals, realized gains and/or losses, total income, market fluctuations of invested assets and management fees. Ending Portfolio Value This references the value of your portfolio for the quarter-end, year-to-date and since inception time periods. Dividends Receivable/Accrued Interest This indicates dividends-per-share payments that have been declared or interest that has been earned but not yet paid. Local Value This is the value of the account in the currency of the strategy. Market Price The market price is the last reported security price during the reporting period for one unit of the security. Realized Gains/Losses A realized gain is the amount by which the value of a security you sold exceeds the amount you paid for it. You may have to pay tax on realized gains. A realized loss is the investment loss you incur when you sell a security for less than what you paid for it. For tax purposes, losses may be used to offset realized gains. For further information, please contact your tax advisor. Total Income This reflects income earned from your investments, including equity dividends and fixed income interest payments. Unit Cost The unit cost is the average cost of one unit of the security. Unrealized Gains/Losses Unlike a realized gain/loss, where you actually sell a security for profit/loss, an unrealized gain/loss occurs when you keep holding on to the security while it appreciates/depreciates relative to the price you paid for it. This is also known as paper profit/loss. Yield Yield is an annual rate of return of an investment, expressed as a percentage. Yield of a stock is calculated as the annual dividend payments divided by the stock's current share price. For bonds, yield is the effective rate of interest paid on a bond, calculated by the bond's coupon rate divided by the bond's market price. For further inquiries about your Quarterly Portfolio Review, please speak to your CIBC Wood Gundy Investment Advisor. eleven

14 Trademark of CIBC World Markets Inc. CIBC Wood Gundy will be responsible to CIBC Wood Gundy Investment Consulting Service clients for the advice provided by any Investment Manager.The ICS Program Manager, CIBC Asset Management Inc., is a subsidiary of Canadian Imperial Bank of Commerce. Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors. CIBC Wood Gundy is a division of CIBC World Markets Inc., a subsidiary of CIBC and Member CIPF. SKU# ICS (200801)