Renaissance Global Growth Currency Neutral Fund. Annual Management Report of Fund Performance

Transcription

1 Renaissance Goba Growth Currency Neutra Fund Annua Management Report of Fund Performance for the financia year ended August 31, 2015 A figures are reported in Canadian doars uness otherwise noted This annua management report of fund performance contains financia highights but does not contain the compete annua financia statements of the investment fund If you have not received a copy of the annua financia statements with this annua management report of fund performance, you can get a copy of the annua financia statements at your request, and at no cost, by caing us to-free at FUND (3863), by writing to us at Renaissance Investments, 1500 Robert-Bourassa Bouevard, Suite 800, Montrea, QC, H3A 3S6, by visiting the SEDAR website at sedarcom, or by visiting renaissanceinvestmentsca Unithoders may aso contact us using one of these methods to request a copy of the investment fund s proxy voting poicies and procedures, proxy voting discosure record, or quartery portfoio discosure Management Discussion of Fund Performance Investment Objective and Strategies Investment Objective: Renaissance Goba Growth Currency Neutra Fund (the Fund) seeks ong-term capita growth primariy through exposure to a goba equity fund that invests primariy in equity securities of companies ocated anywhere in the word (the Underying Fund) The Fund wi attempt to reduce its currency exposure to non-canadian doar currencies by impementing a currency hedging strategy Investment Strategies: The Fund invests primariy in units of Renaissance Goba Growth Fund and attempts to reduce its currency exposure to non-canadian doar currencies by impementing a currency hedging strategy that is aimed at protecting the Fund from non-canadian doar currency fuctuations in respect of units it owns in the Underying Fund The Fund may not be abe to hedge its currency exposure fuy and therefore coud be subject to some foreign currency exposure Risk The Fund is a goba equity fund that is suitabe for ong-term investors who can toerate medium investment risk For the period ended August 31, 2015, the Fund s overa eve of risk remains as discussed in the simpified prospectus Resuts of Operations The portfoio advisor of the Fund is CIBC Asset Management Inc (CAMI, the Manager, orportfoio Advisor) The portfoio sub-advisor of the Underying Fund is Water Scott & Partners Limited (Water Scott) The commentary that foows provides a summary of the resuts of operations for the period ended August 31, 2015 A doar figures are expressed in thousands, uness otherwise indicated The Fund's net asset vaue increased by 152% during the period, from $2,432 as at August 31, 2014 to $6,139 as at August 31, 2015 Net saes of $3,845 were partiay offset by negative investment performance, resuting in an overa increase in net asset vaue The percentage increase in net asset vaue was enhanced by the Fund s reativey ow asset base at the start of the period Cass A units of the Fund posted a return of -02% for the period The Fund s benchmark, the MSCI Word Index (oca currency) (the benchmark), returned 24% for the same period The Fund s return is after the deduction of fees and expenses, unike the benchmark See Past Performance for the returns of other casses of units offered by the Fund Over the period, internationa equity markets were significanty affected by decining oi prices and renewed uncertainty about the stabiity of the eurozone There was some market voatiity in Europe, with a fragie ceasefire in Ukraine, Greece s sovereign debt crisis, and the Swiss Nationa Bank s abandonment of a minimum exchange rate for the euro European equity markets remained reativey stabe despite these concerns, as the European Centra Bank continued its accommodative monetary poicy to support European economic recovery Japan remained argey out of favour with internationa investors During the second quarter of 2015, interest rates remained at a-time ows, infation remained absent, and economic growth was suggish in much of the word Quantitative easing, designed to be a mechanism to fue growth, did not meet its stated objective, in Water Scott s view Stock seection in Japan and overweight exposure to Asia-Pacific (excuding Japan) detracted from the Underying Fund s performance, as did stock seection in the financias sector Significant individua detractors incuded CNOOC LTD, Standard Chartered PLC, and EOG Resources Inc Much of CNOOC s share price decine was the resut of the steep drop in oi prices at the end of 2014 as we as more recent market voatiity in China s equity markets Standard Chartered PLC was simiary affected by the negative sentiment towards China and emerging markets more broady EOG Resources was aso directy impacted by the arge fa in the oi price Stock seection in Europe (excuding the UK) significanty contributed to the Underying Fund s performance Stock seection in Asia-Pacific (excuding Japan) and in the materias sector aso contributed

2 Renaissance Goba Growth Currency Neutra Fund moderatey to Underying Fund s performance Significant individua contributors incuded Nike Inc, The TJX Cos Inc, and MasterCard Inc Having deivered good resuts during the year, Nike benefited from its strong product innovation, successfu new manufacturing initiatives, and astute expoitation of onine opportunities TJX Companies reported consistenty strong same-store-saes growth throughout the year MasterCard continued to deiver soid financia resuts despite negative foreign currency movements, rapid technoogica deveopments, and dampened economic prospects in the emerging markets During the period, Water Scott added Novartis AG, Cognizant Technoogy Soutions Corp, and Compass Group PLC to the Underying Fund Research and deveopment at Novartis, a arge diversified pharmaceuticas company, has generated a strong pipeine of severa new drugs recenty approved, or hoping to gain approva, which shoud continue to drive growth Cognizant, which has consistenty outgrown its peers, was purchased for its highy dispersed cient base, abiity to ower the cost of ownership for its customers, and the muti-year nature of its business Water Scott eiminated the Underying Fund s hodings in China Shenhua Energy Co Ltd, BG Group PLC, HSBC Hodings PLC, Quacomm Inc, and Hermes Internationa China Shenhua was eiminated as the Chinese therma coa market has deteriorated in recent years, with weakening demand and an oversuppy The sae of Quacomm refects a deteriorating outook for the company Its chipset business has come under growing pressure as Appe Inc has gained market share Share price of BG Group rose on buy-out news and was sod on share price strength Recent Deveopments Internationa Financia Reporting Standards (IFRS) Investment companies that are pubicy accountabe enterprises or investment funds to which Nationa Instrument Investment Fund Continuous Discosure is appicabe, are required to adopt IFRS for the first time for interim financia reports and annua financia statements reating to annua periods beginning on or after January 1, 2014 As a resut, the Fund adopted IFRS as of September 1, 2014 and is pubishing its first annua financia statements, prepared in accordance with IFRS for the year ended August 31, 2015 The 2015 interim financia reports and annua financia statements incude 2014 comparative financia information and opening Statements of Financia Position as at September 1, 2013 As at August 31, 2015, the impact of the Fund's transition to IFRS is summarized as foows: Under IFRS, the Fund measures the fair vaue of its investments using the guidance in IFRS 13 Fair Vaue Measurement, which requires that if an asset or a iabiity has a bid price or an ask price, then its fair vaue is to be based on a price within the bid-ask spread that is most representative of fair vaue It aso aows the use of mid-market pricing or other pricing conventions that are used by market participants as a practica expedient for fair vaue measurements within a bid-ask spread The Fund has adopted accounting poicies for the vauation of investments to utiize mid-market prices that aign more cosey with the cacuation of net asset vaue (NAV) used to price unithoder transactions (Transaction NAV) IFRS 10 Consoidated Financia Statements provides an exception to the consoidation requirements and requires an investment entity to account for its subsidiaries at fair vaue through profit or oss The Manager has concuded that the Fund meets the definition of an investment entity as at August 31, 2015, August 31, 2014, September 1, 2013, and throughout the periods ended August 31, 2015 and August 31, 2014 Under Canadian generay accepted accounting principes (GAAP), the Fund accounted for its redeemabe units as equity Under IFRS, Internationa Accounting Standard 32 Financia Instruments Presentation (IAS 32) requires that units or shares of equity which incude a contractua obigation for the issuer to repurchase or redeem them for cash or another financia asset be cassified as a financia iabiity As at August 31, 2015, August 31, 2014 and September 1, 2013 the Fund s units did not meet the criteria in IAS 32 for cassification as equity and therefore have been recassified as financia iabiities on the Statements of Financia Position IFRS requires the presentation of a Statement of Cash Fows, incuding comparatives for 2014 The Fund has not previousy presented this statement as was permitted under Canadian GAAP Other recassifications, presentation differences, and additiona discosures are required in the financia statements to compy with IFRS Reated Party Transactions CIBC and its affiiates have the foowing roes and responsibiities with respect to the Fund, and receive the fees described beow in connection with their roes and responsibiities Manager, Trustee, and Portfoio Advisor of the Fund CAMI, a whoy-owned subsidiary of CIBC, is the Manager, Trustee, and Portfoio Advisor of the Fund CAMI receives management fees with respect to the day-to-day business and operations of the Fund, cacuated based on the net asset vaue of each respective cass of units of the Fund as described in Management Fees As Trustee, CAMI hods tite to the property (cash and securities) of the Fund on behaf of its unithoders As Portfoio Advisor, CAMI provides, or arranges to provide, investment advice and portfoio management services to the Fund CAMI aso compensates deaers in connection with their marketing activities regarding the Fund From time to time, CAMI may provide seed capita to the Fund Distributor Deaers and other firms se units of the Fund to investors These deaers and other firms incude CIBC s reated deaers such as the CIBC Investor s Edge discount brokerage division of CIBC Investor Services Inc (CIBC ISI), the CIBC Imperia Service division of CIBC ISI, and the CIBC Wood Gundy division of CIBC Word Markets Inc 2

3 Renaissance Goba Growth Currency Neutra Fund (CIBC WM) CIBC ISI and CIBC WM are whoy-owned subsidiaries of CIBC CAMI may pay saes commissions and traiing commissions to these deaers and firms in connection with the sae of units of the Fund These deaers and other firms may pay a portion of these saes commissions and traiing commissions to their advisors who se units of the Fund to investors Brokerage Arrangements and Soft Doars The Portfoio Advisor makes decisions, incuding the seection of markets and deaers and the negotiation of commissions, with respect to the purchase and sae of portfoio securities, certain derivative products (incuding futures) and the execution of portfoio transactions Brokerage business may be aocated by the Portfoio Advisor to CIBC WM and CIBC Word Markets Corp, each a subsidiary of CIBC CIBC WM and CIBC Word Markets Corp may aso earn spreads on the sae of fixed income securities, other securities, and certain derivative products (incuding forwards) to the Fund A spread is the difference between the bid and ask prices for a security in the appicabe marketpace, with respect to the execution of portfoio transactions The spread wi differ based upon various factors such as the nature and iquidity of the security Deaers, incuding CIBC WM and CIBC Word Markets Corp, may furnish goods and services, other than order execution, when CAMI processes trades through them (referred to in the industry as soft-doar arrangements) These goods and services are paid for with a portion of brokerage commissions and assist CAMI with investment decision-making services for the Fund or reate directy to the execution of portfoio transactions on behaf of the Fund The fees and spreads for services of the Custodian directy reated to the execution of portfoio transactions by the Fund are paid by CAMI and/or deaer(s) directed by CAMI, up to the amount of the credits generated under soft doar arrangements from trading on behaf of the Fund during that month In addition, the Manager may enter into commission recapture arrangements with certain deaers with respect to the Fund Any commission recaptured wi be paid to the Fund During the period, the Fund did not pay any brokerage commissions or other fees to CIBC WM or CIBC Word Markets Corp Spreads associated with fixed income and other securities are not ascertainabe and, for that reason, cannot be incuded when determining these amounts Fund Transactions The Fund may enter into the foowing transaction (the Reated Party Transaction) in reiance on the standing instructions issued by the Independent Review Committee (IRC): invest in or hod equity securities of CIBC or issuers reated to a portfoio sub-advisor; invest in or hod non-exchange-traded debt securities of CIBC or an issuer reated to CIBC in a primary offering and in the secondary market; make an investment in the securities of an issuer for which CIBC WM, CIBC Word Markets Corp, or any affiiate of CIBC (a Reated Deaer) acts as an underwriter during the offering of the securities at any time during the 60-day period foowing the competion of the offering of such securities (in the case of a "private pacement" offering, in accordance with the exemptive reief order granted by the Canadian securities reguatory authorities and in accordance with the poicies and procedures reating to such investment); purchase equity or debt securities from or se them to a Reated Deaer, where it is acting as principa; undertake currency and currency derivative transactions where a Reated Deaer is the counterparty; and purchase securities from or se securities to another investment fund or a managed account managed by the Manager or an affiiate of the Manager At east annuay, the IRC reviews the Reated Party Transactions for which they have issued standing instructions The IRC is required to advise the Canadian securities reguatory authorities if it determines that an investment decision was not made in accordance with conditions of its approva Custodian CIBC Meon Trust Company is the custodian of the Fund (the Custodian) The Custodian hods a cash and securities for the Fund and ensures that those assets are kept separate from any other cash or securities that the custodian might be hoding The Custodian aso provides other services to the Fund incuding record-keeping and processing of foreign exchange transactions The fees and spreads for services of the Custodian directy reated to the execution of portfoio transactions by the Fund are paid by CAMI and/or deaer(s) directed by CAMI, up to the amount of the credits generated under soft doar arrangements from trading on behaf of the Fund during that month A other fees and spreads for the services of the Custodian are paid by the Manager and charged to the Fund on a recoverabe basis CIBC owns a 50% interest in the Custodian Service Provider CIBC Meon Goba Securities Services Company (CIBC GSS) provides certain services to the Fund, incuding securities ending, fund accounting and reporting, and portfoio vauation Such servicing fees are paid by the Manager and charged to the Fund on a recoverabe basis CIBC indirecty owns a 50% interest in CIBC GSS 3

4 Renaissance Goba Growth Currency Neutra Fund Financia Highights The foowing tabes show seected key financia information about the Fund and are intended to hep you understand the Fund s financia performance for the period ended August 31 The Fund's Net Assets per Unit 1 - Cass A Units a Net Assets, beginning of period $ 1375 $ 1202 $ 1075 $ 979 $ 1000 b Increase (decrease) from operations: Tota revenue $ (090) $ (053) $ 009 $ (029) $ 040 Tota expenses (040) (037) (033) (028) (026) Reaized gains (osses) for the period (005) Unreaized gains (osses) for the period (059) Tota increase (decrease) from operations 2 $ (001) $ 164 $ 099 $ 099 $ (050) Distributions: From income (excuding dividends) $ $ $ 010 $ $ From dividends From capita gains 029 Return of capita Tota Distributions 3 $ $ $ 039 $ $ Net Assets, end of period $ 1373 $ 1375 $ 1202 $ 1075 $ 979 a Information presented is for the period from October 20, 2010 to August 31, 2011 b Initia offering price 1 This information is derived from the Fund's audited annua financia statements The Fund adopted IFRS on September 1, 2014 Previousy, the Fund prepared its financia statements in accordance with Canadian Generay Accepted Accounting Principes (GAAP) as defined in Part V of the CPA Canada Handbook Under Canadian GAAP, the Fund measured fair vaues of its investments in accordance with CICA Handbook Section 3855 which required the use of bid prices for ong positions and ask prices for short positions As such, the net assets per unit figure presented in the financia statements may differ from the net asset vaue cacuated for fund pricing purposes An expanation of these differences can be found in the notes to the financia statements issued prior to September 1, 2014 Upon adoption of IFRS, the Fund measures the fair vaue of its investments by using the cose market prices, where the cose market price fas within the bid-ask spread As such, the Fund's accounting poicies for measuring the fair vaue of investments in the financia statements are consistent with those used in measuring the net asset vaue for transactions with unithoders Accordingy, the opening net asset figure as at September 1, 2013 refects the adjusted amount in accordance with IFRS A figures presented for periods prior to September 1, 2013 were prepared in accordance with Canadian GAAP 2 Net assets and distributions are based on the actua number of units outstanding at the reevant time The tota increase (decrease) from operations is based on the weighted average number of units outstanding during the period 3 Distributions were paid in cash, reinvested in additiona units of the Fund, or both Ratios and Suppementa Data - Cass A Units a Tota Net Asset Vaue (000s) 4 $ 2,797 $ 2,233 $ 1,883 $ 358 $ 254 Number of Units Outstanding 4 203, , ,762 33,254 25,956 Management Expense Ratio 5 283% 286% 280% 275% 288%* Management Expense Ratio before waivers or absorptions 6 436% 528% 731% 1219% 605%* Trading Expense Ratio 7 004% 005% 012% 003% 012%* Portfoio Turnover Rate % 565% 2500% 4925% 2412% Net Asset Vaue per Unit $ 1373 $ 1375 $ 1202 $ 1075 $ 979 a Information presented is for the period from October 20, 2010 to August 31, 2011 * Ratio has been annuaized 4 This information is presented as at August 31 of the period(s) shown 5 Management expense ratio is based on the tota expenses of the fund (excuding commissions and other portfoio transaction costs), incurred by or aocated to a cass of units for the period shown, expressed as an annuaized percentage of the daiy average net asset vaue of that cass during the period 6 The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager The practice of waiving and/or absorbing management fees and operating expenses may continue indefinitey or may be terminated at any time without notice to unithoders 7 The trading expense ratio represents tota commissions and other portfoio transaction costs before income taxes expressed as an annuaized percentage of the daiy average net asset vaue during the period Spreads associated with fixed income securities trading are not ascertainabe and, for that reason, are not incuded in the trading expense ratio cacuation 8 The portfoio turnover rate indicates how activey the portfoio advisor and/or portfoio sub-advisor manages the portfoio investmentsa portfoio turnover rate of 100% is equivaent to a fund buying and seing a of the securities in its portfoio once in the course of the period The higher a portfoio turnover rate in a period, the greater the trading costs payabe by a fund in the period, and the greater the chance of an investor receiving taxabe capita gains in the year There is not necessariy a reationship between a high turnover rate and the performance of a fund 4

5 Renaissance Goba Growth Currency Neutra Fund The Fund's Net Assets per Unit 1 - Cass F Units a Net Assets, beginning of period $ 1368 $ 1178 $ 1053 $ 947 $ 1000 b Increase (decrease) from operations: Tota revenue $ (048) $ (049) $ 006 $ (032) $ 026 Tota expenses (020) (019) (017) (015) (009) Reaized gains (osses) for the period (005) Unreaized gains (osses) for the period (121) (076) Tota increase (decrease) from operations 2 $ (124) $ 198 $ 121 $ 114 $ (064) Distributions: From income (excuding dividends) $ $ $ 021 $ $ From dividends 001 From capita gains 028 Return of capita Tota Distributions 3 $ $ $ 050 $ $ Net Assets, end of period $ 1385 $ 1368 $ 1178 $ 1053 $ 947 a Information presented is for the period from January 10, 2011 to August 31, 2011 b Initia offering price 1 This information is derived from the Fund's audited annua financia statements The Fund adopted IFRS on September 1, 2014 Previousy, the Fund prepared its financia statements in accordance with Canadian Generay Accepted Accounting Principes (GAAP) as defined in Part V of the CPA Canada Handbook Under Canadian GAAP, the Fund measured fair vaues of its investments in accordance with CICA Handbook Section 3855 which required the use of bid prices for ong positions and ask prices for short positions As such, the net assets per unit figure presented in the financia statements may differ from the net asset vaue cacuated for fund pricing purposes An expanation of these differences can be found in the notes to the financia statements issued prior to September 1, 2014 Upon adoption of IFRS, the Fund measures the fair vaue of its investments by using the cose market prices, where the cose market price fas within the bid-ask spread As such, the Fund's accounting poicies for measuring the fair vaue of investments in the financia statements are consistent with those used in measuring the net asset vaue for transactions with unithoders Accordingy, the opening net asset figure as at September 1, 2013 refects the adjusted amount in accordance with IFRS A figures presented for periods prior to September 1, 2013 were prepared in accordance with Canadian GAAP 2 Net assets and distributions are based on the actua number of units outstanding at the reevant time The tota increase (decrease) from operations is based on the weighted average number of units outstanding during the period 3 Distributions were paid in cash, reinvested in additiona units of the Fund, or both Ratios and Suppementa Data - Cass F Units a Tota Net Asset Vaue (000s) 4 $ 3,342 $ 199 $ 141 $ 29 $ 11 Number of Units Outstanding 4 241,281 14,577 11,924 2,773 1,125 Management Expense Ratio 5 140% 146% 143% 149% 149%* Management Expense Ratio before waivers or absorptions 6 243% 371% 585% 1140% 495%* Trading Expense Ratio 7 004% 005% 012% 003% 012%* Portfoio Turnover Rate % 565% 2500% 4925% 2412% Net Asset Vaue per Unit $ 1385 $ 1368 $ 1178 $ 1053 $ 947 a Information presented is for the period from January 10, 2011 to August 31, 2011 * Ratio has been annuaized 4 This information is presented as at August 31 of the period(s) shown 5 Management expense ratio is based on the tota expenses of the fund (excuding commissions and other portfoio transaction costs), incurred by or aocated to a cass of units for the period shown, expressed as an annuaized percentage of the daiy average net asset vaue of that cass during the period 6 The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager The practice of waiving and/or absorbing management fees and operating expenses may continue indefinitey or may be terminated at any time without notice to unithoders 7 The trading expense ratio represents tota commissions and other portfoio transaction costs before income taxes expressed as an annuaized percentage of the daiy average net asset vaue during the period Spreads associated with fixed income securities trading are not ascertainabe and, for that reason, are not incuded in the trading expense ratio cacuation 8 The portfoio turnover rate indicates how activey the portfoio advisor and/or portfoio sub-advisor manages the portfoio investmentsa portfoio turnover rate of 100% is equivaent to a fund buying and seing a of the securities in its portfoio once in the course of the period The higher a portfoio turnover rate in a period, the greater the trading costs payabe by a fund in the period, and the greater the chance of an investor receiving taxabe capita gains in the year There is not necessariy a reationship between a high turnover rate and the performance of a fund 5

6 Renaissance Goba Growth Currency Neutra Fund Management Fees The Fund, either directy or indirecty, pays an annua management fee to CAMI to cover the costs of managing the Fund Management fees are based on the net asset vaue of the Fund and are cacuated daiy and paid monthy Management fees are paid to CAMI in consideration for providing, or arranging for the provision of, management, distribution, and portfoio advisory services Advertising and promotiona expenses, office overhead expenses, and traiing commissions are paid by CAMI out of the management fees received from the Fund The Fund is required to pay appicabe taxes on the management fees paid to CAMI Refer to the simpified prospectus for the maximum annua management fee rate for each cass of units No management fees or incentive fees are payabe by the Fund that, to a reasonabe person, woud dupicate a fee payabe by an Underying Fund for the same service The foowing tabe shows a breakdown of the services received in consideration of the management fees, as a percentage of the management fees coected from the Fund for the period ended August 31, 2015 These amounts do not incude waived fees or absorbed expenses CassAUnits CassFUnits Saes and traiing commissions paid to deaers 5199% 000% Genera administration, investment advice, and profit 4801% 10000% Past Performance The performance data provided assumes reinvestment of distributions ony and does not take into account saes, redemption, distribution, or other optiona charges payabe by any unithoder that woud have reduced returns Past performance does not necessariy indicate how a fund wi perform in the future Past performance for Cass O units has not been shown because, as at August 31, 2015, there were no Cass O units outstanding The Fund s returns are after the deduction of fees and expenses, and the difference in returns between casses of units is primariy due to differences in the management expense ratio See Financia Highights for the management expense ratio Year-by-Year Returns These bar charts show the annua performance of each cass of units of the Fund for each of the periods shown, and iustrate how the performance has changed from period to period These bar charts show, in percentage terms, how an investment made on September 1 woud have increased or decreased by August 31, uness otherwise indicated Cass A Units a 2011 return is for the period from October 20, 2010 to August 31,

7 x Renaissance Goba Growth Currency Neutra Fund Cass F Units a 2011 return is for the period from January 10, 2011 to August 31, 2011 Annua Compound Returns This tabe shows the annua compound return of each cass of units of the Fund for each indicated period ended on August 31, 2015 The annua compound return is aso compared to the Fund s benchmark(s) The Fund s benchmark is the MSCI Word Index (oca currency) 1 Year 3 Years 5 Years 10 Years* or Since Inception* Inception Date Cass A units -02% 97% 75% October 20, 2010 x MSCI Word Index (oca currency) 24% 147% 113% Cass F units 13% 112% 83% January 10, 2011 x MSCI Word Index (oca currency) 24% 147% 102% * If a cass of units has been outstanding for ess than 10 years, the annua compound return since inception is shown MSCI Word Index (oca currency) is a free foat-adjusted market capitaization Index composed of companies representative of the market structure of deveoped market countries in North America, Europe and the Asia/Pacific region A discussion of the reative performance of the Fund compared to its primary benchmark(s) can be found in Resuts of Operations 7

8 x x Renaissance Goba Growth Currency Neutra Fund Summary of Investment Portfoio (as at August 31, 2015) This Fund invests primariy in units of its Underying Fund and attempts to reduce its currency exposure to non-canadian doar currencies by impementing a currency hedging strategy You can find the prospectus and additiona information about the Underying Fund by visiting sedarcom The summary of investment portfoio may change due to ongoing portfoio transactions of the investment fund A quartery update is avaiabe by visiting renaissanceinvestmentsca The information beow shows the Portfoio Breakdown of the Fund and the Top Positions of Renaissance Goba Growth Fund For funds with fewer than 25 positions in tota, a positions are shown Cash and cash equivaents are shown in tota as one position % of Net Asset Portfoio Breakdown Vaue United States 504 Switzerand 84 Japan 84 Other Equities 83 Cash & Cash Equivaents 82 Hong Kong 70 France 43 United Kingdom 36 Denmark 21 Sweden 20 Other Assets, ess Liabiities 07 Forward & Spot Contracts -34 % of Net Asset Top Positions Vaue Cash 41 Nike Inc, Cass 'B' 23 Precision Castparts Corp 23 TJX Cos Inc 23 MasterCard Inc, Cass 'A' 22 Cognizant Technoogy Soutions Corp, Cass 'A' 22 Intuitive Surgica Inc 22 Stryker Corp 21 Giead Sciences Inc 21 Novo Nordisk AS, Series 'B' 21 Starbucks Corp 21 WW Grainger Inc 21 Reckitt Benckiser Group PLC 21 Hennes & Mauritz AB, Series 'B' 20 Adobe Systems Inc 20 Roche Hoding AG Genusscheine 20 Industria de Diseno Texti SA 20 Orace Corp 20 Johnson & Johnson 19 CNOOC Ltd 19 EOG Resources Inc 19 Nesté SA, Registered, Series 'B' 19 Taiwan Semiconductor Manufacturing Co Ltd, ADR 19 L'Oréa SA 19 Microsoft Corp 19 8

9 The management report of fund performance may contain forward-ooking statements Forward-ooking statements incude statements that are predictive in nature, that depend upon or refer to future events or conditions, or that incude words such as expects, anticipates, intends, pans, beieves, estimates, or other simiar wording In addition, any statements that may be made concerning future performance, strategies, or prospects and possibe future actions taken by the fund, are aso forward-ooking statements These statements invove known and unknown risks, uncertainties, and other factors that may cause the actua resuts and achievements of the fund to differ materiay from those expressed or impied by such statements Such factors incude, but are not imited to: genera economic, market, and business conditions; fuctuations in securities prices, interest rates, and foreign currency exchange rates; changes in government reguations; and catastrophic events CIBC Asset Management Inc does not undertake, and specificay discaims, any obigation to update or revise any forward-ooking statements, whether as a resut of new information, future deveopments, or otherwise prior to the reease of the next management report of fund performance

10 Renaissance Investments 1500 Robert-Bourassa Bouevard, Suite 800 Montrea, Quebec H3A 3S FUND (3863) Website renaissanceinvestmentsca CIBC Asset Management Inc, the manager and trustee of the Renaissance Investments famiy of funds, is a whoy-owned subsidiary of Canadian Imperia Bank of Commerce Pease read the Renaissance Investments famiy of funds simpified prospectus before investing To obtain a copy of the simpified prospectus, ca FUND (3863), emai us at info@renaissanceinvestmentsca, or ask your advisor Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc 02461E (201508)