Manager Profile

Bill Kanko and Richard Jenkins – the leaders of Black Creek Investment Management – have proven that quality active management adds value to a portfolio. They believe that their ability to develop proprietary investment ideas will grow wealth for their clients. Their goal is to provide capital growth over the long term through investment in common equities, and to achieve superior returns relative to equity market averages in general and to competitors.

Investment philosophy

The Black Creek managers turn the investment world upside down to look for global opportunities. They apply insights gained from over 140 years of collective investment experience to focus only on leading companies they believe have better future growth prospects than the market expects. From that list, they build concentrated portfolios of 25-35 companies, each selected on the basis of a distinct idea about its future value – an idea that’s proprietary to Black Creek and based on the team’s unique, experience-based insights.

Black Creek team

Bill Kanko, President & Portfolio Manager, has more than 34 years’ investment management experience. From 1999 to 2004, Bill managed global equity portfolios for AIM Trimark as lead manager of Trimark Fund and Trimark Select Growth Fund. During that time, he managed more than $13 billion in assets and Trimark Fund was a top-decile performer from 1999-2004. The fund won a Morningstar Award in 2002.

Richard Jenkins, Managing Director & Portfolio Manager, has 31 years of investment management experience. Prior to joining Black Creek, Richard spent over 14 years with AIM Trimark as the lead manager of the top-performing Trimark Europlus Fund and the Trimark Global Balanced Fund. During that time, he managed $10 billion in assets. Richard was named Morningstar Foreign Equity Fund Manager of the Year in 2015.

Matias Galarce, Director of Global Equities, joined Black Creek in 2006. He has over 15 years of investment experience and five years in the operational and consulting fields. Prior to Black Creek, he was part of the investment management team at Wirth Associates.

Evelyn Huang, Director of Global Equities, joined Black Creek in 2010. She has over 11 years of investment management experience, including five years with Invesco Trimark as an investment analyst and was co-manager of Trimark Select Growth Fund and Trimark International Companies Fund.

Samir Jhaveri, Director of Global Equities, has over 15 years of investment experience with a focus on global equities. Prior to joining Black Creek, Samir was a Portfolio Manager at OMERS where, as the first member of the internal global equities team, he helped build the research platform and the global equity fund. Samir began his investment career at McLean Budden in 2000, as a global equity analyst and held positions of increasing responsibility until leaving in 2005.

Heather Peirce, Director of Global Equities, joined Black Creek in September 2013 as Director of Global Equities. Heather has over 24 years of experience as an analyst and portfolio manager for global equities. Prior to joining Black Creek, Heather was a portfolio manager at Gryphon International. Prior to Gryphon, she was the Vice-President and Portfolio Manager at Invesco Trimark and was the lead manager of various global funds, including the Lipper Fund Award-winning Global Health Sciences Fund, and co-manager of the Trimark Fund.

Richard Schulte-Hostedde, Director of Global Fixed Income, has 16 years of experience as an analyst and portfolio manager. Prior to joining Black Creek in 2016, Richard spent eight years at Cumberland Private Wealth Management, where he was most recently Portfolio Manager, Fixed Income. He also has experience as an equity analyst at Cumberland and another firm. Richard began his investing career in 2001 as an analyst at AGF Funds.

UNIQUE INSIGHTS. PROPRIETARY IDEAS.

Investment process

Researchn Companies that are leaders in their markets

and gaining market share.n Companies with significant and sustainable

competitive advantages.n Companies with honest and competent

management.

Understandn Learn the economics and characteristics of different

businesses and industries. n Use knowledge, intuition and judgment to assess a

company’s potential for success.

Evaluaten Compare valuation with other holdings and

potential ideas.n Determine if the competitive advantage is real

and sustainable.

Investn Develop a proprietary position different from

what other investors are thinking.n If the value of a company is greater than what the

market sees, then an investment may be made.

Monitorn Continuously monitor holdings.n Sell “least favourite” idea if there is a proprietary view

of a company with greater future growth potential.

Sell discipline

An insatiable curiosity about the world’s investment opportunities means the Black Creek process is in continuous motion. The team constantly compares the best ideas not currently in the portfolios with their existing holdings. And when they believe – with conviction – that the best idea they don’t yet hold has greater potential to grow long-term wealth than their “least favourite” portfolio holding, that position is sold and the new idea added.

UNDERSTAND

EVALUATERESEARCH

INVEST

MONITOR

Investment approach

Black Creek’s investment process is guided by three qualities: knowledge, intuition and judgment. Having these attributes enhances flexibility, allowing the team to take investment paths other managers have neither the mandate nor experience to consider. They’ve spent decades evaluating companies through a proprietary lens, building a cumulative wealth of knowledge and insights. This experience fuels the unique investment ideas that consistently add long-term value to their portfolios.

Morningstar Awards © Morningstar Inc. All Rights Reserved.

This communication is published by CI Investments Inc. It is provided as a general source of information and should not be considered personal investment advice or an offer or solicitation to buy or sell securities. Every effort has been made to ensure that the material contained in this communication is accurate at the time of publication. However, CI Investments Inc. cannot guarantee its accuracy or completeness and accepts no responsibility for any loss arising from any use of or reliance on the information contained herein.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. ®CI Investments and the CI Investments are registered trademarks of CI Investments Inc. First published August 2011.

Black Creek funds Black Creek Global Leaders Fund A concentrated portfolio selected from global businesses that are leaders in their fields. Bill Kanko is the Lead Manager. Matias Galarce and Heather Peirce are co-managers.

Black Creek International Equity FundA concentrated portfolio selected from leading businesses located outside Canada and the United States. Richard Jenkins is the Lead Manager. Evelyn Huang is the co-manager.

Black Creek Global Balanced FundEquity portion has the same mandate as Black Creek Global Leaders Fund. (Signature Global Advisors manages the fixed-income portion.) Samir Jhaveri is the Lead manager and Richard Jenkins and Richard Schulte-Hostedde are co-managers.

The Black Creek funds are also available in CI Corporate Class.

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