ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE
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1 GUARDIAN CAPITAL LP ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE Guardian High Yield Bond Fund December 31, 2014 This annual management report of fund performance contains financial highlights, but does not contain annual financial statements of the investment fund. You can obtain a copy of the annual financial statements at your request, and at no cost, by calling , by writing to us at Guardian Capital LP, Commerce Court West, 199 Bay Street, Suite 3100, P.O. Box 201, Toronto, Ontario, M5L 1E8, or by visiting our website at or SEDAR at Securityholders 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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3 GUARDIAN HIGH YIELD BOND FUND For the period ended December 31, 2014 Manager: Guardian Capital LP Annual Management Report of Fund Performance Management Discussion of Fund Performance Investment Objective and Strategies Guardian High Yield Bond Fund aims to generate a high level of interest income by investing predominantly in high-yield bonds and debentures issued by Canadian corporations and other Canadian entities, as well as other securities such as high-yield bonds offered in the non-canadian marketplace. The Fund is diversified by issuer and industry. The Manager maintains an income orientation, focusing on yield maximization in the context of rigorous credit analysis. Risk The risks associated with investing in the Fund remain as discussed in the prospectus. The Fund may be suitable for investors with a low to medium tolerance for risk, particularly those who seek income and potential capital gains through an investment in higher yielding bonds. Results of Operations (This commentary is based on the performance of Series I units of the Fund. Returns for other Series of units may vary, largely due to differences in fees and expenses. Please refer to the Past Performance section for specific Series level performance details.) The Fund s net assets increased by 12% to $110.5 million at December 31, 2014, from $98.3 million at December 31, Of this change, a $5.3 million increase was provided by investment performance and a $6.9 million increase came from net subscriptions. Guardian High Yield Bond Fund returned 6.3% during the year, lagging the Bank of America Merrill Lynch High Yield Canadian Issuers Index, which returned 7.4%. In comparison, the S&P/TSX Composite Index returned 10.6%, the broad-market FTSE/TMX Canada Universe Bond Index returned 8.8% and the FTSE/TMX High Yield Bond Index was up 2.5%. Despite positive results from most developed equity and bond markets over the period, volatility was again the constant theme throughout On the back of improving U.S. economic statistics, including a reduction in the unemployment rate and a low level of inflation, the U.S Federal Reserve continued to taper their Quantitative Easing program throughout the period and in October they formally announced the end of these stimulus purchases. The continued improvement of the U.S. economy was fairly balanced, as corporations took advantage of low interest rates to strengthen their balance sheets and consumer confidence was high due to rising home values and positive stock market returns. Despite these positive indicators in the world s largest economy, turmoil in foreign countries and a sudden drop in oil prices caused volatility worldwide. The yield on U.S. 10-year Treasury bills decreased from 3.03% at December 31, 2013 to an intra-period low of 2.07% and ended the period at 2.18%. Declining yields were the result of increased demand for U.S. government bonds, as they are viewed as a safe haven investment, especially during times of such a growing number of geopolitical uncertainties, which have included Russia s annexation of Crimea and increased tensions in the Middle East. Canadian bonds were also impacted, as Government of Canada 10-year bond yields began the year at 2.74% and trended downward to end the year at 1.79%. In the high yield sector, credit spreads fell through the first half of the period and bottomed out at about 430 basis points on average. Spreads then widened into year-end, and prices for high yield bonds fell accordingly. Late in the year, OPEC s refusal to cut oil production caused a significant decline in the price of oil, which saw WTI prices drop from highs of more than US$100/barrel to US$53/barrel at year end. This rapid price decline rattled markets worldwide, which further prodded investors to shift into the relative safety of government bonds. Bonds issued by energy and mining companies performed very poorly during the back half of the year, as oil and other commodity prices fell to multi-year lows. The Fund was mildly underweight these sectors, relative to the benchmark. While the Energy sector was by far the poorest performing group, high yield issues across most sectors weakened in sympathy. Pressure on prices was also felt through year-end, as large U.S. high yield mutual funds saw redemptions and outflows that triggered additional selling. During the period, the Fund s performance was supported by its exposure to higher quality issues relative to the benchmark s holdings. This included the Fund s weight of more than 20% investment grade bonds and it s higher than average cash levels. Portfolio duration was also shorter than the benchmark, which helped insulate the portfolio against falling bond prices in general, and will 3
4 GUARDIAN HIGH YIELD BOND FUND provide funds to invest at noticeably higher yields in The flight to safety and falling oil prices saw the Canadian dollar depreciating relative to the U.S. dollar, moving from $ to $ at the end of the year - one of the worst-performing currencies relative to deemed major economy currencies at that time. However, the depreciation of the Canadian dollar was not necessarily a weakness of the Canadian economy, but rather an appreciation of the U.S. dollar on the back of their relative economic strength and investors flight to safety. The Fund underperformed its US$-based Bank of America Merrill Lynch index primarily as a result of this Canadian dollar weakness. On average, the benchmark holds 80% US dollar denominated securities, while the Fund holds about 50% Canadian-dollar denominated bonds and about 50% US-dollar denominated bonds which were unhedged. As a result, during periods of Canadian dollar weakness, the Fund may lag benchmark returns when translated back to Canadian dollars. This impact reverses during periods of Canadian dollar strength. In terms of individual holdings that contributed to performance, Armstrong Energy 11.75%/2019, Charter Communications 5.25%/2022 and AES 7.25%/2021 all provided strong returns for the year. Detractors from performance included Allied Nevada Gold 8.75%/2019, Banro Corp. 10%/2017 and the holdings of Data & Audio Visual Wireless. During the year, the Manager upgraded overall portfolio quality and liquidity. The Fund s exposure to the Energy and Mining sectors was reduced, and increased weights in Financials and Telecommunications were implemented. Average term to maturity remained unchanged at a relatively short 4.0 years (vs 6.0 years for the benchmark). Recent Developments Global growth has slowed in recent months, although U.S. data indicates continued strength there. Political, regulatory, fiscal and monetary policies in the European Union will contribute to risk and uncertainty, and will continue to be a source of volatility for investors worldwide. With continued improving U.S. economic data, and communications from the Fed, capital markets expect the Fed to begin raising short-term interest rates during Reduced uncertainty regarding U.S. government spending and a decreasing fiscal drag will continue to positively impact U.S. economic growth. The decline in energy prices, through increasing consumer disposable income, should contribute positively to U.S. economic growth. Canada s resource-heavy economy is feeling the impact of weaker oil prices, although longer term it is expected that low energy prices will support a pickup in consumer spending globally. In that environment, corporate earnings should be positive, balance sheets healthy and default rates low all of which are supportive for high yield assets. Following the correction that happened at year-end, average credit spreads have widened to the cheapest levels in more than two years. This combination of still positive fundamentals and weaker prices should offer attractive buying opportunities in the high yield sector. The Manager anticipates deploying funds from the portfolio s more defensive holdings into opportunities as they arise. As of October 31, 2014, the distribution policy of this Fund was amended to facilitate distributions monthly, rather than quarterly. International Financial Reporting Standards The Fund adopted International Financial Reporting Standards ( IFRS ) effective January 1, 2014, with a transition date of January 1, The December 31, 2014 Financial Statements are the first set of annual financial statements of the Fund being reported under IFRS. As part of the transition to IFRS, the Fund included an opening statement of net assets as at January 1, 2013, restated its 2013 financial statements, and provided a reconciliation of prior periods net assets attributable to unitholders and its increase in net assets attributable to unitholders. The adoption of IFRS has resulted in the Fund s net assets per unit and the net asset value per unit converging to the same value, and changes to its presentation requirements. The Fund s equity is now classified as a liability and is presented as net assets attributable to unitholders, the total income in the statement of operations now includes realized and unrealized gains and losses and its operating expenses now include transaction costs and foreign withholding taxes. These changes resulted in certain of the Financial Highlights in this Annual Management Report of Fund Performance being restated based on the new measurement and presentation policies. The reader is encouraged to refer to Note 13 of the Fund s December 31, 2014 Financial Statements. 4
5 GUARDIAN HIGH YIELD BOND FUND Related Party Transactions Guardian Capital LP, the Manager of the Fund, is considered to be a related party of the Fund. The Manager receives an Administration Fee from the Fund, amounting to 0.18% of the average daily net asset value of the Fund, in return for the payment by the Manager of all the variable operating expenses of the Fund. The Independent Review Committee ( IRC ) has approved the Manager s Policy for this item and the Manager relies on this approval as a standing instruction from the IRC. The Manager received the Administration Fee and paid Fund expenses in accordance with this Policy during the year. The Fund may invest some of its available short-term cash in units of Guardian Canadian Short-Term Investment Fund, another investment fund managed by Guardian Capital LP, which invests its assets in high-quality shortterm fixed-income securities. As at December 31, 2014, the Fund had invested $10,471,890 or 9.5% of its net assets, in units of the Guardian Canadian Short-Term Investment Fund. This activity is consistent with standing instructions from the IRC. Past Performance The performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional units of the Fund. This performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. Past performance of the Fund does not necessarily indicate how the Fund will perform in the future. The performance shown below includes results prior to March 29, 2011 when the Fund was not a reporting issuer. Had the Fund been subject to the additional regulatory requirements applicable to a reporting issuer during such period, the expenses of the Series I units of the Fund would likely have been higher. The financial statements for the period when the Fund was not a reporting issuer, are available on the Manager s website at www. guardiancapitallp.com or upon request. Management Fees No management fees are payable or collected for Series I units of the Fund. Series W units are subject to a management fee which is based on a percentage of the average Series NAV during each month, calculated and accrued daily, and payable monthly. The Series W management fee is 1.30% per annum. The table below provides a breakdown of services received in consideration of the management fees, as a percentage of the management fees, for the period. Series W Series I Investment management and other general administration 38.5% n/a Trailer commissions 61.5% n/a 5
6 GUARDIAN HIGH YIELD BOND FUND Year-by-Year Returns The bar chart shows the Fund s performance for the period from January 1, 2014 to December 31, 2014, and annual performance for each of the prior years shown, and illustrates how the Fund s performance has changed from year to year. The chart shows in percentage terms, how much an investment made on the first day of each financial year would have grown or decreased by the last day of that financial year. Annual Compound Returns The table below shows the historical compound returns of the Fund for the periods indicated, as at December 31, The returns of a broad based market index are also shown. 1 Yr 3 Yrs 5 Yrs 10 Yrs Series I (%) Series I 32.45% Bank of America Merrill Lynch High Yield (%)* % % -6.45% -8.87% % % % % % Yr 3 Yrs 5 Yrs 10 Yrs Since Inception* Series W (%) 4.82 N/A N/A N/A 6.40 Bank of America Merrill Lynch High Yield (%)* * Inception date - October 1, N/A N/A N/A %* 4.82% Series W The Bank of America Merrill Lynch High Yield Canadian Issuers Index (unhedged) tracks the performance of below investment grade debt issued by Canadian corporations in both the Canadian and U.S. markets * Inception date - October 1,
7 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 periods indicated. The Fund s Net Assets per Unit (Series I) [1,2] GUARDIAN HIGH YIELD BOND FUND 12 months 12 months 12 months 12 months 12 months ended ended ended ended ended Dec. 31, Dec 31, Dec 31, Dec 31, Dec 31, Net Assets per unit, Beginning of Period $10.57 $10.56 $10.08 $10.33 $9.82 Increase (decrease) from operations: Total revenue Total expenses (0.02) (0.02) (0.02) (0.02) (0.02) Realized gains (losses) (0.16) Unrealized gains (losses) (0.52) (0.06) 0.40 (0.29) 0.30 Total increase (decrease) from operations [3] Distributions: From income (excluding Canadian dividends) (0.75) (0.76) (0.80) (0.76) (0.62) From Canadian dividends From capital gains (0.28) (0.09) (0.02) (0.04) (0.07) Return of capital Total Distributions [4] (1.03) (0.85) (0.82) (0.80) (0.69) Net Assets per unit, End of Period $10.21 $10.57 $10.53 $10.08 $10.33 [1] The Fund transitioned to International Financial Reporting Standards ( IFRS ) effective January 1, Because of the transition to IFRS, the net assets per unit at the beginning of 2013 has been restated to agree with the net asset value per unit. For periods after December 31, 2013, the net assets per unit and the net asset value per unit are equal. [2] The information provided for 2014 and 2013 is in accordance with IFRS. The information for 2012 and prior years is in accordance with previous Canadian GAAP. [3] 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 financial period. [4] Distributions were reinvested in additional units of the Fund. Ratios and Supplemental Data (Series I) 12 months 12 months 12 months 12 months 12 months ended ended ended ended ended Dec. 31, Dec 31, Dec 31, Dec 31, Dec 31, Total net asset value (000 s) [1] $110,101 $98,281 $78,935 $63,850 $55,163 Number of units outstanding [1] 10,778,887 9,298,859 7,473,740 6,311,020 5,319,078 Management expense ratio [2] 0.20% 0.21% 0.21% 0.20% 0.21% Management expense ratio before waivers and absorptions (%) 0.20% 0.21% 0.21% 0.20% 0.22% Trading expense ratio [3] 0.00% 0.00% 0.00% 0.00% 0.00% Portfolio turnover rate [4] 95.17% 77.43% 58.83% 67.14% % Net asset value per unit [1] $10.21 $10.57 $10.56 $10.12 $10.37 [1] This information is provided as at December 31, 2014, December 31, 2013, December , December 31, 2011, and December 31, [2] The management expense ratio is based on total expenses (excluding commissions, other portfolio transaction costs and withholding taxes) for the stated period and is expressed as an annualized percentage of daily average net asset value during the period. [3] The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value for the period. [4] The Fund s portfolio turnover rate indicates how actively the Fund s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in the portfolio once in the course of a 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 turnover rate and the performance of a fund. 7
8 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 periods indicated. The Fund s Net Assets per Unit (Series W) [1,2] GUARDIAN HIGH YIELD BOND FUND 12 months Period from ended Sept. 30 to Dec. 31, Dec 31, Net Assets per unit, Beginning of Period $10.02 $10.00 Increase (decrease) from operations: Total revenue Total expenses (0.18) (0.04) Realized gains (losses) Unrealized gains (losses) (1.04) (0.05) Total increase (decrease) from operations [3] (0.26) 0.13 Distributions: From income (excluding Canadian dividends) (0.64) (0.20) From Canadian dividends - - From capital gains (0.27) (0.09) Return of capital - - Total Distributions [4] (0.91) (0.29) Net Assets per unit, End of Period $9.61 $10.02 [1] The Fund transitioned to International Financial Reporting Standards ( IFRS ) effective January 1, Because of the transition to IFRS, the net assets per unit at the beginning of 2013 has been restated to agree with the net asset value per unit. For periods after December 31, 2013, the net assets per unit and the net asset value per unit are equal. [2] All information provided is in accordance with IFRS. [3] 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 financial period. [4] Distributions were reinvested in additional units of the Fund. Ratios and Supplemental Data (Series W) 12 months Period from ended Sept. 30 to Dec. 31, Dec 31, Total net asset value (000 s) [1] $397 $18 Number of units outstanding [1] 41,309 1,812 Management expense ratio [2] 1.68% 1.74% Management expense ratio before waivers and absorptions (%) 1.68% 1.74% Trading expense ratio [3] 0.00% 0.00% Portfolio turnover rate [4] 95.17% 77.43% Net asset value per unit [1] $9.61 $10.02 [1] This information is provided as at December 31, 2014 and December 31, [2] The management expense ratio is based on total expenses (excluding commissions, other portfolio transaction costs and withholding taxes) for the stated period and is expressed as an annualized percentage of daily average net asset value during the period. [3] The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value for the period. [4] The Fund s portfolio turnover rate indicates how actively the Fund s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in the portfolio once in the course of a 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 turnover rate and the performance of a fund. 8
9 GUARDIAN HIGH YIELD BOND FUND Summary of Investment Portfolio As at December 31, 2014 Portfolio Allocation % of Net Asset Value Top 25 Holdings % of Net Asset Value Canadian Corporate Bonds % Canadian Provincial Bonds...3.2% United States Corporate Bonds % Short-Term Securities % Common Stocks...0.1% Exchange-Traded Funds...1.0% Forward Currency Contracts...0.1% Other Net Assets...1.8% Guardian Canadian Short-Term Investment Fund, Series I...9.5% NRL Energy Investments Ltd. 8.25%, April 13, % Wynn Las Vegas LLC 4.25%, May 30, % Province of British Columbia 0.09%, March 25, % Superior Plus LP 6.50%, December 9, % Province of Ontario 0.09%, January 13, % Shaw Communications Inc. 4.35%, January 34, % Ford Credit Canada Ltd. 4.88%, February 8, % Province of Ontario 4.40%, March 8, % Millar Western Forest Products Ltd. 8.50%, April 1, % Newalta Corp. 5.88%, April 1, % Province of Ontario 0.10%, February 3, % Athabasca Oil Corp. 7.50%, November 19, % Wells Fargo Canada Corp. 3.04%, January 29, % Kodiak Oil & Gas Corp. 5.50%, January 15, % Sprint Corp. 7.25%, September 15, % HudBay Minerals Inc. 9.50%, October 1, % Lightstream Resources Ltd. 8.63%, February 1, % AK Steel Corp. 7.63%, May 15, % Alliance Grain Traders Inc. 9.00%, February 14, % Ford Credit Canada Ltd. 2.63%, November 21, % Province of New Brunswick 4.50%, February 4, % Videotron Ltd. 5.63%, June 15, % Paramount Resources Ltd. 8.25%, December 13, % Trevali Minining Corp %, May 30, % Top 25 Holdings as a percentage of net asset value % Total Net Asset Value $ 110,498,275 The Summary of Investment Portfolio may change due to ongoing portfolio transactions of the Fund. A quarterly update is available. If the Fund has invested in other investment funds, the prospectus and other information about the underlying investment funds are available on the internet via 9
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12 GUARDIAN CAPITAL LP 199 Bay Street, Suite 3100 Commerce Court West, P.O. Box 201 Toronto, Ontario M5L 1E8 This document may contain forward-looking statements relating to anticipated future events, results, circumstances, performance or expectations that are not historical facts, but rather represent our beliefs regarding future events. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward-looking statements will not prove to be accurate. We caution readers of this document not to place undue reliance on our forward-looking statements, as a number of factors could cause actual future results, conditions, actions or events to differ materially from the expectations, estimates or intentions expressed or implied in the forward-looking statements. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including but not limited to market and general economic conditions, interest rates, regulatory and statutory developments and the effects of competition in the geographic and business areas in which the Fund may invest. We caution that the foregoing list of factors is not exhaustive and that when relying on forward-looking statements to make decisions with respect to investing in the Fund, investors and others should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. Due to the potential impact of these factors, Guardian Capital LP does not undertake, and specifically disclaims, any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. 12
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