1. SUCCESS IN MULTI-ASSET CLASS INVESTING
CI Investment Consulting
Neal Kerr, SVP
Alfred Lam, MBA, CFA, VP & Portfolio Manager
Yoonjai Shin, CFA, Director

2. AGENDA CI’s multi-manager excellence
Investment Consulting Team and philosophy
Performance highlights
Investment process
Outlook

3. MULTI-MANAGER EXCELLENCE

4. CI INVESTMENT CONSULTING TEAM
Alfred Lam, CFA
VP & Portfolio Manager
Investment strategy / Asset allocations
Fund selection/ Currency strategy
Communications
Lewis Harkes, CFA
Senior Analyst
Fund/manager analysis
Performance reporting
Yoonjai Shin, CFA
Director
Fund/manager analysis
Asset allocations
Currency strategy
Fund selection
Project management
Andrew Ashworth
Analyst
Fund/manager analysis
Cash flow management
Performance reporting
Marchello Holditch, CFA
Senior Analyst
Fund/manager analysis

5. $20 billion in assets under management
PORTFOLIO MANAGEMENT
$20 billion in assets under management

6. INDUSTRY RECOGNITION Best Fund of Funds Award - 2011
Best Global Fixed Income Balanced Award
Morningstar Awards © Morningstar Inc. All Rights Reserved.
Lipper Fund Awards are given by Lipper, Inc. to recognize funds that have provided superior consistency and risk-adjusted returns when compared to a group of similar funds. Awards are given to the fund with the highest value within its category for the time periods of three, five and 10 years according to the Lipper Leader ratings for Consistent Return, which reflect funds’ historic returns, adjusted for volatility, relative to peers. Lipper Leader ratings change monthly. For more information, see lipperweb.com. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Users acknowledge that they have not relied upon any warranty, condition, guarantee, or representation made by Lipper. Any use of the data for analyzing, managing, or trading financial instruments is at the user’s own risk. This is not an offer to buy or sell securities. Portfolio Series Income Fund (Class A) was named Best Global Fixed Income Balanced Fund in February 2013 for the three and five-year periods ending Oct. 31, 2012, out of a category total of 26 and 19 funds, respectively.

7. WHAT ARE YOU INVESTING FOR?
For fun?
To get exposure to the markets?
For stability and to grow wealth?

8. TOTAL RETURN EQUATION
Optimize
Manage/Reduce
Minimize
Total return = Asset mix + Alpha + Market Beta + Currency – Tax – Fees
Maximize
Manage
Reduce

9. FORWARD-LOOKING ASSET MIXES
Price-Earnings Multiples
Based on 12 Month Forward Operating Earnings
Bottom Up Earnings Based on CPMS (TSE) and IBES (S&P) Consensus 26 24 22 20 18 16 14 12 10 8 86 88 90 92 94 96 98 00 02 04 06 08
TSX
S&P 500
Overweight US
Cumulative returns from
April 2011 to August 2013:
S&P/TSX -2.8%
S&P 500 C$ +40.4%
Source: TD Securities

10. DYNAMIC INCOME ASSET MIX TO ACHIEVE SUPERIOR RISK-ADJUSTED RETURNS
Weighting (%)
2011 Q4
2012 Q1 Q2 Q3
2013
2013Q2
Target
Cash 12 15 21 27 34 24 0%
Government & Investment grade debt 49 44 41 36 31
60%
High yield Corporate Bonds 22 19 18 13
20%
High-dividend Stocks 20
Duration (years)
5.1
4.5
4.2
4.1
3.3
3.1
Represented by Portfolio Select Series: Select Income Managed Corporate Class [CIG 2265]
Source: CI Investments

11. ACTIVE SECTOR AND STOCK SELECTION
Source: CI Investments, Wilshire Associates. Data as of July 31, 2013

12. CURRENCY MANAGEMENT ALSO SETS US APART
11.7% cumulative added value
10% hedged
30% hedged
30% hedged
50% hedged
70% hedged
Dynamic hedging introduced
Source: Bloomberg, CI Investments

13. Long-term Government of Canada bond yield
INVESTMENT PROCESS
1. Income markets
Average yield of Gov’t of Canada bonds with at least 10 years to maturity 18 16 14 12 10 8 6 4 2
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
2015
Long-term Government of Canada bond yield
Implications:
Low expected return:
~2% with 100% fixed income
Increased volatility and downside
Source: TD Securities

14. INVESTMENT PROCESS 2. Power of multi-asset class optimization
25% equity
75% cash
higher expected return
lower volatility
Base case

15. Select Income Managed - CIG 2265
INVESTMENT PROCESS
3. Add-on’s to cash
25%
equity
currencies
high yield bonds
investment grade
REITs
further enhance returns & diversification
reduce volatility
add-on’s to outperform cash
75%
Select Income Managed - CIG 2265

16. + INVESTMENT PROCESS 4. Add equity for longer-term horizons
Select Income Managed +
Canadian
equity
U.S.
equity
EAFE
equity EM
equity

17. SOLUTION FOR AN INVESTOR
Expected Return % . .
PE expansion . . .
Gov’t
Bonds
GIC
Volatility
100i
100e
40i60e
For illustration purposes only; there is no guarantee on results

18. OUTLOOK: CANADA VS. U.S. Price-Earnings Multiples
Based on 12 Month Forward Operating Earnings
Bottom Up Earnings Based on CPMS (TSE) and IBES (S&P) Consensus 26 24 22 20 18 16 14 12 10 8 86 88 90 92 94 96 98 00 02 04 06 08
TSX
S&P 500
Source: TD Securities

19. OUTLOOK: CANADA VS. U.S. 2013 2014 US 2.0% 3.2% Canada 1.6% 2.4%
GDP growth forecast
US 2.0% 3.2%
Canada 1.6% 2.4%
Source: CIBC

20. OUTLOOK: BOND MARKET
Even though overnight rates have not changed, bonds have been volatile
Government of Canada benchmark bond yields - 5 year GRAPH PERIOD: 1 year ending Sep 10, 2013 
Buying
Selling
Source: Bank of Canada

21. Thank You FOR ADVISOR USE ONLY
®CI Investments and the CI Investments design are registered trademarks of CI Investments Inc. This communication is published by CI. Any commentaries and information contained in this communication are provided as a general source of information and should not be considered personal investment advice. Every effort has been made to ensure that the material contained herein is accurate at the time of publication. However, CI 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.
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