Message from the CEO

December 17, 2018

One of our commitments when we moved to a new delivery structure this fall was to improve communications with the clients invested in the Social Housing mutual funds. Investing in the capital markets, while important for ensuring growth in your capital reserves, can be fraught with uncertainty. We do not have control over the markets but can keep you informed about what is going on, and the views of the sub-advisers we work with.

To that end, attached is the first of what will become regular communication between you, Encasa and the sub advisers that we have hired to manage the three mutual funds.

Genus Capital Management, the investment manager charged with the responsibility for managing the Social Housing Canadian Equity Fund has provided a short overview on the recent volatility in stock markets, their opinion on the causes of that volatility and their outlook going forward for those markets.

This time of year offers the opportunity to reflect on all things important in our lives. While we know it has been a challenging period of transition for you as Encasa Financial has changed how we operate and who our partners are, we are grateful for your continued support and for your thoughtful comments and criticisms. It helps us to meet our commitment of excellence in client support.

Sincerely,

Derek Ballantyne
Chief Executive Officer,
Encasa Financial Inc.