Unitholder Update – January 2016

Welcome to the latest Unitholder Update. To access the notice you’re interested in, click on the links below:


Still Not Out of the Woods – Market Commentary from RBC Global Asset Management

The Canadian economy and the Canadian dollar have been in the news a great deal in the past few months. Capital markets have been volatile – values go up and down frequently.

Below is a link to commentary by RBC Global Asset Management (RBC GAM) on the current market situation, and their view on the financial outlook over the next period of time.

Still Not Out of the Woods Market Commentary from RBC Global Asset Management


 Rates of Return – Series A

Rates of Return Q4-2015

Returns for the period ending December 31, 2015


 Rates of Return – Series B

Rates of Return Q4-2015

Returns for the period ending December 31, 2015


Model Investment Portfolio: Historical Calendar-Year Investment Fund Returns

Returns for each portfolio have been calculated to demonstrate the value, as of December 31, 2015, of a $100,000 investment made on January 1, 2006.

Rates of Return Q4-2015

Returns for the period ending December 31, 2015

          Rates of return assume reinvestment of all distributions, after deduction of fees.

          Three-month rate of return is a simple return on investment (not annualized). 

          Annualized returns.

The management fee for Series B is higher than for Series A, which could affect performance.

The model portfolios provide hypothetical performance information using the stated fund allocations. Each model portfolio is calculated based on monthly SHSC investment fund Series A returns and assuming that allocations are rebalanced at the end of each month. Performance information comprises hypothetical returns based on a model portfolio, rather than actual returns. Providers should assess their overall investment objectives and risk tolerance to determine an appropriate asset mix for their portfolios. Past performance is not indicative of expected future returns.



DISCLAIMER: All opinions and forward-looking statements contained in this document constitute our judgment as of January 8, 2016, are subject to change without notice and are provided in good faith but without legal responsibility. Forward-looking statements involve inherent risk and uncertainties, so it is possible that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution you not to place undue reliance on these statements as a number of important factors could cause actual events or results to differ materially from those expressed or implied in any forward-looking statement. To the full extent permitted by law, neither RBC Global Asset Management Inc. nor any of its affiliates nor any other person accept any liability whatsoever for any direct or consequential loss arising from any use of the information contained herein.

Please consult your advisor and read the prospectus or Fund Facts document before investing. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. RBC Funds are offered by RBC Global Asset Management Inc. and distributed through authorized dealers.


Encasa now a member of the Responsible Investment Association

In early January, Encasa Financial Inc. became a member of the Responsible Investment Association (RIA).

Why is this important?

RIA members believe that the integration of environmental, social and governance (ESG) factors into the selection and management of investments can provide superior risk adjusted returns and positive societal impact.

How does the RIA do this?

The Responsible Investment Association’s purpose is to:

    • support the responsible investment activities of its members.
    • promote and support an integrated reporting framework in which there is standardized disclosure of material ESG information.
    • promote the integration of ESG factors into investment analysis and decision-making processes.
    • promote the practice of responsible investing in Canada.

“Encasa has practiced and supported responsible investment for years, and we enthusiastically welcome them as an RIA Associate Member,” said Deb Abbey, CEO of the Responsible Investment Association (RIA). “By joining the RIA, Encasa has further demonstrated their commitment to responsible investment. We look forward to strengthening our relationship and partnering with Encasa as we continue to grow responsible investing in Canada.” 


Encasa already screens investments through a Socially Responsible Investment (SRI) approach. Does Encasa use ESG too?  What’s the difference?

In December, the Encasa Board of Directors adopted a ‘Responsible Investment’ policy which includes both SRI and ESG approaches to responsible investment.  Investments in businesses or public entities whose activities have a negative social or environmental impact (eg tobacco, weapons, human rights violations, etc) will continue to be screened out of  Encasa’s Funds using SRI tools.   Simultaneously, investments in organizations and institutions whose policies, practices, and products are able to support the fulfillment of financial objectives , while reflecting positive outcomes in regards to environmental, social and governance (ESG) related considerations will be sought out.    Encasa recognizes that sound management of ESG risks and opportunities reflects well on the quality of management of the investment and is likely to lead to enhanced investment performance over the longer term.

“Encasa Financial Inc., at its inception, made a commitment to responsible investment. This aligns with the interests of our unitholders in building healthy and sustainable communities, and reflects our belief that responsible investment generates the best long term results. Encasa actively practices and promotes the adoption of progressive responsible investment approaches, including impact investing, and looks forward to the sharing of practices and learning from RIA and its members who share these beliefs.”   Derek Ballantyne, CEO, Encasa Financial Inc.

For more information about the Responsible Investment Association, visit their website at: https://riacanada.ca/about/#sthash.nQTpTJbN.dpuf