Alternative Investing
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- Iris Preston
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1 Alternative Investing An important piece of the puzzle Improve diversification Manage portfolio risk Target absolute returns Innovation is our capital. Make it yours.
2 Manage Risk and Enhance Performance An Important Asset Class Traditionally, many investors have relied mainly on asset classes like stocks and bonds to help them meet their investment goals. The global financial crisis of 2008/09, however, demonstrated that many traditional asset classes can, at times, all move together in one direction down. Today, with stocks vulnerable to a potential pullback and a 30-year bull market in bonds broadly seen as likely coming to an end, investors are increasingly looking to alternative asset classes to diversify and enhance returns. For many, alternative investments are no longer an alternative. They ve become an important component of a well-diversified portfolio. 250% 200% Equity/Bond Portfolio* vs. Auspice Managed Futures Excess Return Index Performance During Market Crisis Equity and Bond Portfolio* Auspice Managed Futures Excess Return Index Cumulative Return 150% 100% 50% 0% Market Crisis -50% 01/07/ /11/ /03/ /07/ /11/ /03/ /07/ /11/2012 The historical performance of the Auspice Managed Futures Excess Return Index and the returns of the hypothetical Equity and Bond portfolio is shown for illustrative purposes only. It is only meant to illustrate the effects of the compound growth rate and is not meant to forecast, imply or guarantee the future performance of any particular investment or index, which will vary. The performance results of the Auspice Managed Futures Excess Return Index prior to its inception (11/17/2010) are hypothetical, back-tested daily total returns. The performance data for the index and the hypothetical Equity and Bond Portfolio assumes no management fees, expenses or optional charges as well as the reinvestment of all distributions. Source: Bloomberg, between July 31, 2003 and July 31, * The Equity and Bond Portfolio consists of a 60.00% weight in the S&P/TSX Composite Index (Total Return) and a weight in the DEX Universe Bond Index (Total Return), using the historical returns of the indices. Large institutional and accredited high-net-worth investors have long used alternative investments to manage risk and enhance performance, especially in times of market uncertainty, financial instability, inflation and geopolitical uncertainty. In 2012 many large institutional investors had significant allocations to alternative investments, including: Yale Endowment Fund: 58% (includes resources, absolute return and private equity) Source: OMERS: 47% (private equity, private market and real assets) Source: Harvard Endowment Fund: Approximately 40% (includes resources, absolute return, real assets & private equity) Source: Ontario Teachers Pension Plan: 37% (includes commodities, absolute return, real assets) Source: CALPERs: 15% (includes resources, absolute return and private equity) Source: Diversify Your Portfolio Historically, alternative investment strategies have demonstrated that they can complement and diversify more traditional investments in various market conditions, offering returns that are largely uncorrelated to traditional stock and bond market movements. Alternatives Stocks Bonds/ Cash
3 Correlation Matrix Index Name MSDIBHFI AMFERI ABCERI S&P 500 DEX Morningstar Broad Hedge Fund Index Auspice Managed Futures Excess Return Index Auspice Broad Commodity Excess Return Index S&P 500 Index DEX Universe Bond Index To see the correlation of the Horizons Alternative Model Portfolio with the above securities and indices, please visit Source: Bloomberg, between December 31, 2002, and April 30, The historical performance of the Auspice Managed Futures Excess Return Index, Auspice Broad Commodity Excess Return Index and the Morningstar Broad Hedge Fund Index SM is shown for illustrative purposes only. It is not meant to forecast, imply or guarantee the future performance of any particular investment or index, which will vary. The performance results of the Auspice Managed Futures Excess Return Index and the Auspice Broad Commodity Excess Return Index prior to their inception (11/17/2010) are hypothetical, back-tested daily total returns. As an asset class, alternative investments have demonstrated their potential to diversify traditional equity and fixed-income portfolios, reduce risk and enhance returns in various market conditions. Investors should not focus on alternative asset classes in isolation. Their full value is demonstrated when used as part of an overall portfolio strategy. Research using ten years of back-tested historical market data (between December 31, 2002 and February 28, 2015.) shows that by combining Alternative Investments with various portfolios of stocks and bonds, an investor could have improved the overall performance of each portfolio tested, while lowering volatility: Hypothetical 60/40% Portfolio Hypothetical 5% Alternative Hypothetical 10% Alternative Hypothetical 20% Alternative 5.00% 55.00% 10.00% 50.00% 20.00% 60.00% Equities Bonds Equities Bonds Alternatives Equities Bonds Alternatives Equities Bonds Alternatives 60/40% 5% allocation 10% allocation 20% allocation Total Return (annualized)* 10.23% 9.92% 9.62% 9.22% Standard Deviation (ann.) 6.14% 5.77% 5.42% 5.22% Sharpe Ratio Source: Bloomberg, between November 30, 2009 and April 30, In all the above hypothetical examples, the Equity allocation is represented by a 50% allocation to the S&P 500 Index and a 50% allocation to the S&P/TSX Composite Index. The Bond allocation is represented by a 100% allocation to the DEX Universe Bond Index (Total Return). The Alternative allocation consists of a 25% weight in the Morningstar Broad Hedge Fund Index SM, a 25% weight in the Horizons Seasonal Rotation ETF, a 25% weight in the Auspice Managed Futures Excess Return Index and a 25% weight in the Auspice Broad Commodity Excess Return Index with no rebalancing. The Indices are not directly investable. The historical performance of the Auspice Managed Futures Excess Return Index, Auspice Broad Commodity Excess Return Index and the Morningstar Broad Hedge Fund Index SM is shown for illustrative purposes only. It is only meant to illustrate the effects of the compound growth rate and is not meant to forecast, imply or guarantee the future performance of any particular investment or index, which will vary. The performance results of the Auspice Managed Futures Excess Return Index and the Auspice Broad Commodity Excess Return Index prior to their inception (11/17/2010) are hypothetical, back-tested daily total returns. *Total return does not contemplate commissions, fees, expenses, optional charges or taxes which would have impacted an investor s return. Alternative Investments Meet ETFs Historically, alternative investments have been high-cost strategies not easily accessible to every investor. They are often restricted to sophisticated institutional investors or to accredited high-net-worth investors who can meet large minimum capital requirements in some cases, millions of dollars. Moreover, many alternative investment funds are relatively illiquid, with long capital lock-up periods or limited purchase/redemption windows. Others lack transparency, utilizing black box trading strategies that leave investors guessing at how much risk they are actually taking on. Horizons ETFs has made it easy for all investors, regardless of portfolio size or experience, to gain low-cost exposure to this exciting asset class through highly liquid, transparent ETFs.
4 The Horizons Suite of Alternative Investment ETFs We have four alternative-strategy ETFs available with the low fees you expect from Horizons ETFs: Horizons Morningstar Hedge Fund Index ETF (HHF) Horizons Auspice Managed Futures Index ETF (HMF) Horizons Seasonal Rotation ETF (HAC) Our suite of Alternative Investment ETFs makes it possible for every investor, regardless of experience or portfolio size, to access alternative strategies. Benefits of using an ETF to gain exposure to Alternative Investments: Transparent Cost effective Highly liquid Exchange traded No minimum investment No accreditation required No minimum holding period Horizons Morningstar Hedge Fund Index ETF (HHF): Seeks investment results, before fees and expenses, that correspond to the performance of the Morningstar Broad Hedge Fund Index SM, hedged to the Canadian Dollar. Uses an index replication strategy designed to mimic the overall investment activities and returns of the Morningstar Broad Hedge Fund Index SM First hedge fund index ETF ever offered in Canada Hedged to the Canadian Dollar No single-manager risk (Index is highly diversified) No minimum investment requirement No mandatory holding period No accreditation requirements to buy the ETF Intraday liquidity of an ETF No performance fee Low management fee: 0.95%* Sub-advisor: Fiera Capital Corporation 1 For more details see back cover HHF, Recipient of the 2012 William F. Sharpe Indexing Achievement Award for Most Innovative ETF 1
5 Horizons Auspice Managed Futures Index ETF (HMF): Seeks investment results, before fees and expenses, that correspond to the performance of the Auspice Managed Futures Excess Return Index, hedged to the Canadian dollar. Can be long or short futures contracts on 21 different futures in five or more broad sectors (e.g., energies, metals, agricultural commodities, interest rates and currencies) Seeks to capture upward and downward trending markets No equity index exposure and low correlation to equities Dynamic risk management process Resizes positions monthly based on volatility Contract roll optimization Low management fee: 0.95%* Sub-advisor: Auspice Capital Advisors Ltd. Horizons Seasonal Rotation ETF (HAC): Seeks to deliver long-term capital appreciation in all market cycles by tactically allocating exposure to equities, fixed income, commodities and currencies, T-bills or cash during periods that have historically demonstrated seasonal trends. Seasonal rotation involves investing in the market at the times of the year when it typically does well, or investing in sectors when they typically outperform the broad market The markets are influenced by seasonally recurring factors, such as: economic indicators corporate earnings consumer and business spending patterns announcements events Management fee: 0.75%* Performance fee: 20% of outperformance over high water mark and an annualized return of 5% (please see prospectus for more information) Benchmark: 5% Annualized Return Investment Manager: Horizons ETFs Management (Canada) Inc. *Class E units
6 Alternatives meet ETFs Horizons ETFs offers four alternative-strategy ETFs that can help reduce portfolio volatility, manage overall risk and achieve non-correlated returns. Gain alternative exposure with the liquidity, transparency and low cost of an ETF structure. HHF HMF HAC Horizons Morningstar Hedge Fund Index ETF Horizons Auspice Managed Futures Index ETF Horizons Seasonal Rotation ETF HHF, Recipient of the 2012 William F. Sharpe Indexing Achievement Award for Most Innovative ETF 1 Horizons alternative ETFs trade on the Toronto Stock Exchange. Learn more at HETF<GO> Commissions, trailing commissions, management fees and expenses all may be associated with an investment in Horizons Alternative Strategy ETFs managed by AlphaPro Management Inc. (the ETFs ). The ETFs are not guaranteed, their values change frequently and past performance may not be repeated. Certain ETFs may have exposure to leveraged investment techniques that magnify gains and losses and which may result in greater volatility in value and could be subject to aggressive investment risk and price volatility risk. Such risks are described in the ETFs prospectus. The prospectus contains important detailed information about the ETFs. Please read the prospectus before investing. The sub-advisor and investment manager have a direct interest in the management fees of the ETFs, and may, at any given time, have a direct or indirect interest in the ETFs or their holdings. The opinions expressed herein may not necessarily reflect the views and opinions of AlphaPro Management Inc. or any distributor of the ETFs. All comments, opinions and views expressed are of a general nature and should not be interpreted as investment advice to purchase or to sell mentioned securities. Please consult a qualified financial advisor before making an investment decision. Morningstar and Morningstar Broad Hedge Fund Index SM are registered trademarks of Morningstar, Inc. These marks have been licensed for certain purposes by AlphaPro Management Inc. Complete trademark and service-mark information is available at 1 The William F. Sharpe Award for Best ETF Innovation for 2012 is not an award based on performance. Nominees are selected from a pool of submissions from the industry and winners are selected by the Associate Editors of the Journal of Index Investing based on subjective qualitative criteria. For more information, please visit A
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