willoughby commentary investment pool

WILLOUGHBYINVESTMENT POOL

Q3 REPORT – SERIES ASEPTEMBER 30, 2019

• COMMENTARY

• ALLOCATION BY ASSET CLASS

• PERFORMANCE HISTORY

• PORTFOLIO HOLDINGS

• TRADING ACTIVITY

COMMENTARY

TOTAL PORTFOLIO SOLUTIONS

WILLOUGHBY INVESTMENT POOL – SERIES AQ3 REPORT – SEPTEMBER 30, 2019

North American equity markets continued to experience high volatility without much longer-term direction as we closed out the third quarter of 2019. Rather than focusing on traditional drivers of stock market performance, like earnings growth, the markets have been focusing on political factors, such as impeachment of President Trump and international trade discussions.

As such, the S&P 500 index experienced a sharp decline at the beginning of August, followed by a gradual recovery through the end of the quarter to end up 1.9%. The TSX Composite Index followed a similar path, with slightly less volatility to end the quarter up 1.73%.

Following a negative Q4 2018, markets have performed well in 2019 with the S&P 500 rising 18.74% and the TSX Composite Index rising 16.24%. During 2019, the Canadian Dollar has risen 3.07%, which has negatively affected returns for Canadian investors holding US stocks. This decreases the S&P 500 returns to 15.67%.

The Willoughby Investment Pool is a balanced fund and holds approximately 80% of assets in stocks and 20% in bonds. The bond portion of the portfolio provides investors with a buffer against volatile equity markets and as a result, it helps reduce losses during negative equity markets but restricts performance during rising markets. At the end of the third quarter, Willoughby issued a 0.25% distribution to shareholders and produced an A class return of 11.39% for shareholders for year-to-date 2019.

Although we expect volatility to continue around political and trade issues, we remain positive on equity markets, in general, over the longer-term as we continue to be able to identify stocks with strong earnings trends that trade at reasonable valuations.

ASSET ALLOCATION & PERFORMANCE HISTORY

PERFORMANCE HISTORY

ASSET ALLOCATION

American Equity 62.00%

Canadian Equity 17.97%

Cash & Cash Equivalent 9.62%

Other 6.66%

Fixed Income Securities 3.76%

Notes: Funds have been allocated in more than one asset class.


$9,500.00

$10,000.00

$10,500.00

$11,000.00

$11,500.00

$12,000.00

$12,500.00

PORTFOLIO HOLDINGS



CASH & CASH EQUIVALENT

FIXED INCOME

9.62 %

PORTFOLIO HOLDINGS



CANADIAN EQUITIES

PRECIOUS METALS FUND

17.97 % 0.41%

81.200 (5.25)

17.96% 5.53%

6.45%

PORTFOLIO HOLDINGS WILLOUGHBY INVESTMENT POOL – SERIES AQ3 REPORT – SEPTEMBER 30, 2019

AMERICAN EQUITIES

US BLUE CHIP EQUITY FUND

PORTFOLIO HOLDINGS WILLOUGHBY INVESTMENT POOL – SERIES AQ3 REPORT – SEPTEMBER 30, 2019

AMERICAN EQUITIES

US MID CAP GROWTH FUND

GLOBAL DIVIDEND FUNDGLOBAL ENTERTAINMENT & COMMUNICATIONS FUND

OTHER

HEALTH SCIENCES FUND

GLOBAL TECHNOLOGY INNOVATORS

SCIENCE AND TECHNOLOGY FUND


6.73%

TRADING ACTIVITY

PURCHASES Average Purchase Price

ALIMENT COUCHE-TARD-B SVNVIDIA CORPALIGN TECH INCALPHABET INC CL-AWASTE CONNECTIONS INC-NEWCANADIAN PACIFIC RAILBOYD GROUP INCM FND T/UVAIL RESORTS INCUNITED HEALTH GROUP INCLULULEMON ATHLETICA INCAIR CANADA VTG & VAR VTGOLD DOMINION FREIGHT LINEULTA BEAUTY INCHERSHEY COMPANY (THE)DYN GL DIV-F /NL/NSHOPIFY INC CL-A SVSBRP INCMARKETAXESS HLDGS INCLENNAR CORPAMERICAN EXPRESS COMEDTRONIC PLCACTIVISION BLIZZARD INCSTRYKER CORPBOOKING HOLDINGS INCDYN PRE METAL-F/NL/NCI FIRST ASSET HISA ETFPROV OF B.C. P/N 23SP19KELLOGG COSYSCO CORPCBRE GROUP INC-ANBC BA 10SP19PAYPAL HOLDINGS INCCI FA CANADIAN REIT ETFNBC BA 4SP19NBC BA 30AG19NBC BA 3SP19MICROSOFT CORPBADGER DAYLIGHTING LTDZOETIS INC-A

84.5 CAD172.3 USD213.7 USD

1168.5 USD121.6 CAD296.3 CAD167.1 CAD242.1 USD265.3 USD193.2 USD43.3 CAD

161.9 USD328.7 USD136.2 USD25.1 CAD

431.8 CAD45.4 CAD

347.9 USD49.6 USD

121.6 USD108.4 USD52.5 USD

218.7 USD1994.9 USD

16.5 CAD50.0 CAD99.9 CAD64.3 USD73.6 USD51.8 USD99.9 CAD

109.5 USD18.5 CAD99.9 CAD

100.0 CAD99.9 CAD

137.4 USD42.3 CAD

123.0 USD


GLOBAL DIVIDEND FUND

PRECIOUS METALS FUND

TRADING ACTIVITY

DISPOSITIONS Average Disposition Price

PREMIUM BRANDS HLDGS CORPALIMENT COUCHE-TARD-B SVDOLLARAMA INCTFI INTERNATIONAL INCMASTERCARD INC CL-AWASTE CONNECTIONS INC-NEWAMAZON COM INCCCL INDS INC-CL-B NVBOYD GROUP INCM FND T/UVAIL RESORTS INCUNITED HEALTH GROUP INCLULULEMON ATHLETICA INCAIR CANADA VTG & VAR VTGANTHEM INCPARKLAND FUEL CORPCINTAS CORPTD HLTH SCI-F /NL/NNETFLIX INCULTA BEAUTY INCJP MORGAN CHASE & COTORONTO DOMINION BANKHERSHEY COMPANY (THE)SHOPIFY INC CL-A SVSCI FINANCIAL CORPFID G/T CL-P4 /NL/NTYSON FOODS INC - CL AMARKETAXESS HLDGS INCKEURIG DR PEPPER INCMANULIFE FINANCIAL CORPLAURENTIAN BANK OF CANADAAMERIPRISE FINL INCNORTHROP GRUMMAN CORPTC ENERGY CORPFIDELITY NATL INFO SVCS

95.2 CAD81.7 CAD

48.66 CAD38.9 CAD

268.1 USD120.9 CAD1730 USD57.6 CAD

178.2 CAD233.5 USD245.9 USD180.1 USD42.5 CAD

257.4 USD42.8 CAD

255.2 USD48.4 CAD

324.0 USD229.7 USD111.2 USD71.5 CAD

160.0 USD523.4 CAD19.0 CAD15.6 CAD81.5 USD

382.1 USD27.3 USD22.9 CAD44.0 CAD

135.7 USD368.4 USD65.2 CAD

138.8 USD


HEALTH SCIENCES FUND

GLOBAL TECHNOLOGY INNOVATORS

TRADING ACTIVITY

DISPOSITIONS Average Disposition Price

STRYKER CORPTD US BL/C EQ-F/NL/NDYN PRE METAL-F/NL/NDYN PWR GL GW-F/NL/NEMERA INC 2.9% 16JN23SYSCO CORPLAM RESEARCH CORPFACEBOOK INC CL-ATD SCI&TEC SR-F/NL/NSTARBUCKS CORPBADGER DAYLIGHTING LTDMETRO INC CB 3.39% 6DC27INTACT FINL CB 2.85%7JN27INTER PPLN CB2.734%18AP24FAIRFAX FIN CB 4.25%6DC27ENBRIDGE CB-27 3.2% 8JN27BROOKFIELD C26 3.8%16MR27BELL CDA CB-26 2.9%12AG26ALIMENT S6 RD3.056%26JL24MONTREAL 3% 1SP27INT-PROV QUEBEC 1OC22MFC RED 3.049%-F/R 20AG29HUSKY ENGY RED 3.6%10MR27FIRST CAP CB 3.753%12JL27CDN NAT RES CB 3.42%1DC26BRKFLD REN CB 3.63%15JA27

214.2 USD29.7 CAD16.5 CAD22.1 CAD

101.7 CAD75.0 USD

228.7 USD190.8 USD24.8 CAD95.3 USD46.9 CAD

105.1 CAD102.6 CAD101.0 CAD104.3 CAD104.0 CAD105.9 CAD102.3 CAD102.6 CAD107.3 CAD94.6 CAD

102.6 CAD104.0 CAD103.0 CAD103.3 CAD104.2 CAD


US BLUE CHIP EQUITY FUNDPRECIOUS METALS FUNDGLOBAL GROWTH FUND

SCIENCE AND TECHNOLOGY FUND

Disclosure: Data as of September 30, 2019.

This report doesn’t represent your personal portfolio and it is not meant to replace the investment account statements provided by your financial institution. The underlying holdings and data provided in this report represent those of the Willoughby Investment Pool. Your personal investment account held at your financial institution may include other securities in addition to the Willoughby Investment Pool. For specific information including the amount of units you hold in the Willoughby Investment Pool, your cost base and any income distributions, please refer to your investment account statements or contact your financial advisor.

Commissions, trailing commissions, performance fees, management fees and expenses may be associated with pooled and mutual fund investments. Please read the Willoughby Investment Pool Simplified Prospectus before investing. You can obtain a Simplified Prospectus from Willoughby Asset Management Inc. The Simplified Prospectus for Willoughby Asset Management Inc.’s investment funds does not constitute an offer or solicitation to anyone in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.

The fund returns are not guaranteed, values change frequently and past performance may not be repeated. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. All returns are presented net of all fees, including the management fee, administration fees and expenses. Your financial institution may charge other fees and expenses. The portfolio return figures represent those of the Willoughby Investment Pool Series A. The management fee may vary from series to series. For further information on different fund pricing options please refer to the Simplified Prospectus.

WILLOUGHBY ASSET MANAGEMENT INC.MNP Tower, 3100-1021 W Hastings St.Vancouver, British Columbia, V6E 0C3Phone (local): 604.558.6822Toll Free: [email protected]

DISCLAIMER WILLOUGHBY INVESTMENT POOL – SERIES AQ3 REPORT – SEPTEMBER 30, 2019

willoughby commentary investment pool

Documents