FIXED-INCOME INVESTING IN A RISING
RATE ENVIRONMENT
LAWRENCE PARK STRATEGIC INCOME FUND
EXECUTIVE SUMMARY
Lawrence Park Strategic Income Fund (“LPSIF”)
Exposure to global corporate bond markets
with
Protection from rising interest rates
• Corporate bond fund with floating-rate exposure, designed to
outperform DEX corporate bond funds during periods of rising interest
rates
• Run by Lawrence Park Capital Partners (30% ownership by CI Financial
Corp.)
• Monthly income, with possible capital appreciation
• Target annual return over long term of 4-6%
LAWRENCE PARK CAPITAL PARTNERS LTD.
Who should invest in the Fund?
• Investors seeking enhanced returns over traditional fixed income
• Investors concerned about rising interest rates in the next 2-5
years
• Investors who seek low volatility and capital preservation in their
investment strategies
Why invest in GICs?
LAWRENCE PARK CAPITAL PARTNERS LTD.
• Minority-owned by CI Financial Corp.
• CI was lead investor in the Lawrence Park Credit Strategies Fund
(accredited investors), which was launched on March 1, 2012 and
posted a 10.79% net return for its first year
• Lawrence Park manages 15% of the United Canadian Fixed
Income Pool, alongside Signature Global Asset Management
• CI (Portfolio Series) recently invested $70 million in LPSIF
• Lawrence Park’s total AUM is $325 million
• Four seasoned PMs with significant fixed-income and credit
expertise from global and Canadian banks, as well as hedge funds
OUR EXECUTIVE TEAM
David A. Fry, MBA, CFA
Founding Partner, Chief Executive Officer
Prior to co-founding Lawrence Park Capital Partners in 2011, David was Head of Global Markets for
Deutsche Bank Canada. His 21-year career includes senior positions in fixed-income at ABN Amro in
London, and TD Securities in London, New York and Toronto. David holds an MBA from McGill
University, and has been a CFA charterholder since 1996.
Andrew C. Torres, BMath
Founding Partner, Chief Investment Officer
Andrew is a former Vice-Chair at TD Securities Inc., with a 20-year career managing credit
portfolios in major financial centres including London, New York and Toronto. Prior to cofounding Lawrence Park Capital Partners in 2011, Andrew was a partner and portfolio
manager at Aladdin Capital Partners in London, U.K.
John B. Young, CA, CFA
Partner, Finance & Operations
John’s career in finance spans 19 years, having traded large credit portfolios at both a major bank
and a global hedge fund. In London, John was the European Portfolio Manager for Fore Research, a
New York-based global hedge fund. John was previously a senior member of the convertible arbitrage
desk at TD Securities in New York. John has been a CFA charterholder since 1996 and earned a CA
designation in 1991.
Jason Crowley, MBA, CFA
Partner, Portfolio Manager
Prior to joining Lawrence Park Capital Partners, Jason spent his entire career in credit at the
Bank of Nova Scotia in Toronto. With roles spanning across risk, credit portfolio
management, and proprietary trading, Jason’s 17 years at BNS saw him take on increasing
responsibility, ultimately rising to Managing Director and Head of Credit Derivatives Trading.
Jason has an MBA from McMaster University and earned his CFA charter in 2001.
WHERE WE’VE COME FROM
2.90%
Source: Global Financial Database, Goldman Sachs Global ECS Research.
WHERE WE ARE NOW: THE PAIN BEGINS!
Return
XCB= iShares DEX Corporate Index ETF
XBB= iShares DEX Universe Index ETF
HYG= iShares iBOXX HY Index ETF
LQD= iShares iBOXX IG Index ETF
Source: BlackRock, Inc.
THE LAWRENCE PARK ADVANTAGE: FIXED
INCOME, ONLY SMARTER
• Corporate bond exposure, while minimizing interest-rate risk
• Participate in the upside of a global economic recovery, without
the downside of higher rates
• Diversify beyond the narrow sectoral bias of Canadian fixed
income
• Specialize in investment-grade corporate debt (BBB), filling in the
gap between domestic index-based funds and high yield
• Hedge against interest rate, currency and selected credit risk to
reduce portfolio volatility
LP PORTION OF UNITED CANADIAN FIXED
INCOME POOL – PERFORMANCE
3.25% outperformance
YTD
United FI = United Fixed Income Pool (gross returns)
DEX = iShares DEX Corporate Bond Index (XCB:CN Equity)
CAN 10 YR Yield = Current On the run Canadian 10-year government bond bid yield
Source: RBC IS/Bloomberg
FIXED INCOME COMPARISON
DEX Index
Lawrence Park
Strategic Income
High Yield
Interest Rate Risk
High
Low
Moderate
Credit Risk
Low
Moderate
High
Call Risk
Low
Low
High
Canada
Global
Canada/U.S.
Attribute
Geographic Focus
PORTFOLIO HEDGING
• Interest rate duration managed using swaps and futures to
minimize susceptibility to rising rates: duration target ≤ 1 year
• FX forward contracts used to minimize currency exposure
• Credit indices may be used opportunistically to hedge adverse
credit conditions
SELECTED PORTFOLIO METRICS:
(LP PORTION OF UNITED CANADIAN FIXED
INCOME POOL)
Measure
Headline
YTD Returns (gross)
1.78%
UP months/ Down Months
7/2
Best Months/Worst Month
+0.63%/-0.74%
Annualized Volatility
0.87%
Interest Rate Duration
0.78 Yrs.
Sharpe Ratio
1.55
Average Credit Rating
A-
HY Exposure
3.38%
Number of Issuers
66
Number of credit Positions
90
Primary Industry Focus
Financials, REITS, Consumer – Non Cyclical,
Media & Telecom
As of August 30, 2013
SELECTED PORTFOLIO METRICS
LP PORTION OF UNITED CANADIAN FIXED
INCOME POOL
Sector Exposure
9%
7%
Banks
9%
Diversified Finan Serv
31%
12%
Real Estate/REIT
Industrial
Media & Telecom
Sovereign
15%
17%
Insurance
Issuer Region Exposure
Rating Exposure
BBB
31%
Europe
12%
Canada
66%
Other
8%
United
States
18%
AA
22%
A
39%
Australia
4%
As of August 30, 2013
LP PORTION OF UNITED CANADIAN FIXED
INCOME POOL – TOP HOLDINGS*
Description
Rating
Currency
% NAV
Ford 4.875% 3/14 Senior Notes
Baa3
CAD
2.69%
Toronto-Dominion 2.433% 08/17 Senior Notes
Aa1
CAD
2.59%
Enercare Solutions 4.6% 02/20 Senior Notes
Baa2
CAD
2.28%
Goldman Sachs 5.25% 06/16 Senior Notes
A3
CAD
2.26%
Lloyds TSB Bank 5.28% 4/16 Senior Notes
A2
CAD
2.25%
BMO 2.39% 07/17 Senior Notes
Aa3
CAD
2.11%
JP Morgan 2.92% 09/17 Senior Notes
A2
CAD
2.11%
Shoppers Drug Mart 2.01% 05/16 Snr. Notes
BBB+
CAD
2.11%
Reliance LP 4.574 3/17 Senior Notes
BBB
CAD
1.80%
*Excluding hedges and money-market positions as of August 30, 2013 (LP portion of the
United Canadian Fixed Income Pool)
VIEW FROM THE DESK:
CURRENT CONSIDERATIONS
Macro
The Fed has delayed the commencement of tapering QE, however we expect that the tapering will
begin in 2013, and be completed in late 2014
Rate markets remain susceptible to significant volatility given divergent expectations of the taper
While Short-term rates in both Canada and the US will not likely move much before 2015, longer-term
bond yields are subject to further rises as the economic picture improves
Europe is coming out of recession and presents a few select value opportunities
We welcome a return to fundamental based rate moves, where good economic numbers imply
expansion/inflations/higher bond yields, tighter credit
Credit
Credit fundamentals remain positive. US economic recovery is on track. 2nd quarter earnings have
been generally robust
European is emerging from recession, led by UK and Germany. Systemic risk has abated since 2011.
Corporate default rates remain low.
Banking sector continues to be a stronger credit than equity story as they adapt to regulatory
mandated smaller balance sheets and lower leverage
SUMMARY
 Capital Preservation
 Low volatility
 Consistent Returns
FUND FACTS AND CODES
Class A
Fund Codes
FEL
DSC
LL
Class F
Class E
Class O
CIG671
CIG871
CIG1871
CIG4671
CIG16156
CIG18156
Management fee
1.75%
0.85%
1.20%
0.70%
Administration fee
0.20%
0.20%
0.15%
0.15%
Commission
Trailer fee
negotiable
up to 5%
5%
2%
none
negotiable
up to 5%
none
0.50%
0.25%
0.25%*
negotiable
up to 1.50%
0.50%
negotiable
up to 1.25%
* 0.25% trailing commission for three years, thereafter 0.50%
Note: the fund is also available in $US
Thank You
FOR ADVISOR USE ONLY
®CI Investments and the CI Investments design are registered trademarks of CI Investments Inc. TM Portfolio Series and Signature Global Asset
Management are 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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they will be current at all times. Information in this presentation is not intended to provide legal, accounting, investment or tax advice, and should not be
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strictly prohibited without the written permission of CI.
AN ALTERNATIVE APPROACH TO
CANADIAN EQUITY INVESTING
RED SKY CAPITAL MANAGEMENT LTD.:
AN ALTERNATIVE INVESTMENTS PORTFOLIO
TEAM
Why should advisors/investors consider alternative investments?
• The potential to generate positive returns in a variety of
market conditions
• Enhance diversification
• Improve portfolio returns
• Reduce portfolio risk
RED SKY CAPITAL MANAGEMENT LTD.
Red Sky portfolio team
Team
Background
Coverage
Timothy Lazaris, CA, CFA,
CEO and CIO
• 3 years Portfolio Manager, CIO at RSCM
• Founder and 2.5 years Portfolio Manager at GMP
Investment Management (GMPIM)
• 10 years Research Analyst at GMP Securities
• 5 years Research Analyst at RBC Capital Markets
(Ranked #1 in Canada by Brendan Woods)
• Portfolio Construction
• Capital Allocation
• Risk Management
• Focused on Core Investment
Ideas
• Financial Services/Media
Telcos
Keith Lam, CA, CFA
Managing Partner and
CFO
• 3 years Portfolio Manager at RSCM
• 2.5 years Associate Portfolio Manager at GMPIM
• 3 years Research Analyst at GMP Securities
• Financial Services
• Technology
• Real Estate
Dariusz Nieciecki, CFA
Managing Partner
• 3 years Portfolio Manager at RSCM
• 2.5 years Associate Portfolio Manager at GMPIM
• 3 years Global M&A at Lehman Brothers/Scotia Capital
• 2 years Equity Research at CIBC World Markets and TD
Securities
• Energy
• Industrials
• Healthcare
• Transportation
Brian Huen, CFA
Managing Partner
• 2.5 years Portfolio Manager at RSCM
• 6 years Institutional Equity Sales at CIBC and UBS
• 2 years Private Equity at TD Capital
• 3 years Investment Banking / M&A at CSFB
• Materials
• Consumers
• Event Driven / Merger
Arbitrage
Niall Henry
Associate
• 5 years as Institutional Equity Trader at CIBC
• 2 years as Trader at BC Investment Management
RED SKY CAPITAL MANAGEMENT LTD.
12 YR Performance of S&P/500 vs. Credit Suisse Long/Short Index
250
110%
200
150
85%
100
CSFB L/S
S&P/500
Average Return
0.54%
0.51%
Source: Red Sky Capital Management
Best Month
5.23%
10.93%
Worst Month
-7.81%
-16.79%
Win/Loss %
65.9%
63.8%
Standard Deviation
2.20%
4.41%
Jun-13
Dec-12
Jun-12
Dec-11
Jun-11
Dec-10
Jun-10
Dec-09
Jun-09
Dec-08
Jun-08
Dec-07
Jun-07
Dec-06
Jun-06
Dec-05
Jun-05
Dec-04
Jun-04
Dec-03
Jun-03
Dec-02
Jun-02
0
Dec-01
50
RED SKY CAPITAL MANAGEMENT LTD.
Sept-10
Source: Red Sky Capital Management
July-13
RED SKY CAPITAL MANAGEMENT LTD.
How alternative funds differ from mutual funds
Absolute versus relative return mandate
Risk manager
• Loss of dollars versus benchmark
Available investment tools
• Short selling
• Hedging via derivatives
• Elevated cash – up to 100%
• Leverage
Compensation is mostly from performance fees
RED SKY CAPITAL MANAGEMENT LTD.
Investment process
• Identify emerging macro
economic themes
• Identify where we are in
the market cycle
• Consider social / political
landscape and the
potential impact on
overall investment thesis
• Determine optimal
overall long / short bias
given existing and
expected market
conditions
• Anticipate any changes in
key macroeconomic
factors that may impact
the funds overall
investment thesis
• Identify those sectors
which we believe
provide investment
opportunities based
on our macro
analysis
• Seek out sectors on a
global basis that is
consistent with our
favoured
macroeconomic
themes
• The fund will not
invest in sectors or
industries that we
cannot understand
or are unable to
develop an expertise
• Rigorous fundamental
analysis to identify
companies best or worst
positioned in the context
of the macro environment
• Bifurcate between shortterm trading
opportunities and longterm investments
• Seek out companies with
near-term catalysts that
may create significant
volatility in the price of
the firms’ securities
• Consider different parts
of the capital structure to
capture most attractive
risk-adjusted returns
• Leverage our strong
relationships with
key market
participants to
identify best
investment
opportunities
• Sentiment towards
an asset, sector or
theme is a critical
consideration
• Utilize technical
analysis to realize
optimal trading
strategies for our
favourite names
• Identify exit/entry
points based on
technical factors
• Select optimal
investment in the
capital structure
• Adhere to strict risk
management process
• Limit concentration in
any one industry,
company or strategy
• Exploit asymmetric
risk/return profiles to
maximize effectiveness
of hedging or
investment positions
• Portfolio management
system used to
continuously monitor
overall exposure and
liquidity
RED SKY CAPITAL MANAGEMENT LTD.
Multi-strategy portfolio approach
Capital
Capital allocation
• Macroeconomic factors
• Market sentiment
• Fundamental valuation
Core
• Fundamental stock selection
• Detailed due diligence
• Continuous review
Long bias
Trading
• Sentiment or momentum driven
• Technical analysis
• Systematic stop losses
Long or short
Market
neutral
• Event-driven/ M&A
• Capturing a defined return
• Complex review process
Uncorrelated
RED SKY CAPITAL MANAGEMENT INC.
Red Sky Partners – portfolio allocations as at July 31, 2013
Hedges 3%
Cash 12%
Market Neutral* 14%
Utilities 1%
Health Care 2%
Industrial 4%
Financials 37%
Consumer Staple 6%
Materials 6%
Trading 23%
Core 60%
Consumer Disc 10%
Information Technology
Energy 14%
8%
*Market Neutral includes cash
Source: Red Sky Capital Management Ltd.
RED SKY CAPITAL MANAGEMENT INC.
Red Sky Partners Fund Series A/B – performance (CAD)
Since inception: RSPF Series A/B:
+13.35%
TSX Index Total Return: +13.98%
Source: Red Sky Capital Management
RED SKY CAPITAL MANAGEMENT INC.
Avg. Monthly Standard Deviation - RSPF vs. TSX (since Jan 1, 2011)
35.00%
30.00%
25.00%
Avg. Monthly Standard Deviation
20.00%
RSPF = 9.09%
TSX Index = 13.03%
15.00%
10.00%
5.00%
0.00%
TSX Index
Source: Red Sky Capital Management
RSPF
RED SKY CAPITAL MANAGEMENT LTD.
Red Sky Canadian Equity Corporate Class: A mutual fund managed by our
alternative investment team
Focused on Absolute Performance – not relative
•
•
Includes the best ideas from Partners Fund
Diversification but not indexation
•
•
Primary Risk management tool - Cash
Ability to short and use other hedge techniques
Equity Fund – multi strategy
•
Core Investments
•
•
Opportunistic / trading of volatility
Market Neutral – cash up to 40%
•
•
•
Foreign exposure (USA) up to 40%
Any market capitalization
Industry Agnostic
RED SKY CAPITAL MANAGEMENT LTD.
Red Sky Cdn. Equity Corp. Class - portfolio allocations as at July 31, 2013
Cash 9%
Trading 1%
Utilities 2%
Industrial 4%
Market Neutral* 2%
Market Neutral*,
Cash 9%
Utilities 2%
Financials 27%
Trading, 1%
2%
Industrial 4%
Consumer Staple 8%
Financials 27%
Consumer Staple 8%
Materials 7%
Materials 7%
Energy
Energy 8%
8%
Core, 97%
Consumer Disc 19%
Consumer Disc 19%
Core 97%
Information
Information14%
Technology
Technology 14%
*Market Neutral includes cash.
Source: Red Sky Capital Management Ltd.
RED SKY CAPITAL MANAGEMENT LTD.
Red Sky Canadian Equity Corporate Class – performance
Monthly returns
Series B
2013
Jan
Feb
Mar
Apr
May
June
July
August Sept
Oct
Nov
Dec
3.70% 2.03% 1.04% -2.06% 2.86% -0.09% 4.28%
YTD
12.21% 2.28%
All returns in Canadian Dollars. – YTD data as of end of July 2013 - S&P/TSX is the total return index
• Each member of the PM team has invested in this fund.
• There is a lot of capacity to grow this fund which will help improve performance not
negatively impact it.
Year-to-date (as at July 31st), the Red Sky Canadian Equity Corporate Class has
outperformed the S&P/TSX Index by ~10%
Source: Red Sky Capital Management
S&P/
TSX
RED SKY CAPITAL MANAGEMENT LTD. MARKET OUTLOOK
Macro economic factors:
• U.S. recovery – later stage
• European recovery – early stage
• Emerging market/China uncertainty
• Allocation of assets from bonds to equity as rates rise –
Fed Policy Impact
• Middle East Tensions (August 28)
RED SKY CAPITAL MANAGEMENT LTD. –
MARKET OUTLOOK
North American portfolio sectors
Constructive
Financials
Technology
Consumer
Energy
Large caps with dividends
Less constructive
Base metals
Precious metals
Telecom
Real estate
Small/micro caps
RED SKY CAPITAL MANAGEMENT LTD.
Top 5 long investment ideas – 12/18 months
Name
Sector
Thesis
Current
price *
Target
price
Expected
return
Element Financial (EFN-TSX)
Financials
Growth company with superior management. Partnered with Life
Insurance Industry. Filling a large gap in asset based finance after
financial crisis. Growth is a both organic and acquisitive. Rising ROE and
exit strategy to sell to large FI.
$11.84
$19.00
60%
JP Morgan
(JPM-NYSE)
Financials
Money center bank with excellent management. Will see earnings
growth faster than US economy both in retail and wholesale banking.
Ability to raise dividends. Valuation still below normal levels. Housing
and consumer recovery theme.
$50.58
$65.00
32%
Empire Co. Ltd
(EMP.A-TSX)
Consumer
Staples
Empire’s proposed acquisition of Safeway is a landmark deal as it
solidifies its position as the #2 grocery in Canada. We think the
company is being overly conservative on synergies of $200M over a 3year timeframe and think that based on previous transactions and
synergy realizations at (Metro / A&P Canada), Empire can realize
synergies of over $300M which would yield a share price around $100.
$80.32
$100.00
26%
Redknee Solutions (RKNTSX)
Technology
A provider of communication software solutions to telcos. Just
completed a transformational acquisition from Nokia Siemens (BSS)
platform, at a very attractive price of 0.26x P/S. BSS added 130
customers to RKN, 90% are new. Highly accretive with much higher
EBITDA margins. Valuation at a material discount to its peers. Re-rate
as they execute takes price higher. (18 mnth target)
$4.35
$6.00
38%
Bellatrix Exploration
(BXE-TSX)
Energy
Large drilling inventory in 2 great plays Cardium & Notikewin (60/40)
Gas/Oil. Top tier cash flow and production growth (60%). Attractive
valuation (in-line/discount to group). Strong B/S with access to capital
and potential for further joint ventures. Extremely attractive IRRs –
operational progress outweighs most commodity risk.
$6.73
$10.00
49%
RED SKY CAPITAL MANAGEMENT LTD.
Summary
• Alternative investments make good sense in every portfolio and
the Red Sky Partners Fund has a proven track record of capital
preservation and risk-adjusted returns.
• Our partnership with CI Financial is very unique and now we can
offer our team and investment process to mutual fund investors
through Red Sky Canadian Equity Corporate Class
• In both cases, the Portfolio team has significant committed
capital
RED SKY CAPITAL MANAGEMENT LTD.
Brookfield Place, 181 Bay Street, Suite 900
Toronto, Ontario, M5J 2T3
Tel: 416.642.2209
Fax: 416.642.0929
info@redskycm.com
www.redskycm.com
Timothy Lazaris
Brian Huen
tim@redskycm.com
brian@redskycm.com
APPENDIX – RISK FOCUS
Capital
preservation
Diversification
Risk
management
•Historically have generated consistent annual investment returns and long-term
capital appreciation of the units.
•Employ active hedging strategies and short positions to maintain a balanced portfolio.
•Interests of portfolio management team strongly aligned with Unitholders.
•Industry , position, and strategy limits ensure a well diversified portfolio at all times.
•Core and Trading positions limited to a max of 5% and 3% of AUM respectively.
•Ability to invest in multiple markets and asset classes provides a unique opportunity.
•Utilize technology and a rigorous risk management process to minimize portfolio
volatility.
•Strict liquidity metrics are continuously monitored by the portfolio management team.
•Strict limits on investments in small-caps and private placements.
APPENDIX – PORTFOLIO CONSTRUCTION
Core portfolio
Trading portfolio
Market neutral
Investment style
Fundamental bottom-up
Sentiment, technical factors
Event-driven, merger
arbitrage
Trade duration
Mid and long-term
Short-term
Short and mid-term
Trade size
Larger (max 5% of fund)
Smaller (max 3% of fund)
Trade dependent – may
deploy leverage
Profit & loss realization
Target driven (or change in
fundamental thesis)
Systematic
Completion of
transaction
Risk management
review
Position size, liquidity,
industry concentration
Liquidity and adherence to
established stop losses
Detailed due diligence
APPENDIX - BIOGRAPHIES
Timothy Lazaris CA, CFA - President & CEO
•
Prior to founding Red Sky Capital Management Inc. (RSCM), Timothy Lazaris was one of the
founders and a managing partner of GMP Investment Management L.P.. Before that, he was a
Director and one of the early partners of GMP Securities L.P. having joined in March 1998 to
establish the Financial Services practice. Prior to GMP, he was a Vice President at RBC Capital
Markets and a Research Analyst. Over his 14 year career as a research analyst, specializing in
Financial Services, he achieved high rankings in independent surveys including a number one
ranking in Canada as determined by Brendan Woods. Mr. Lazaris is a graduate of the University of
Toronto (St. Michaels College) where he earned his Bachelor of Commerce degree and continued
his professional education by obtaining his Chartered Accountants (CA) designation while working
at Deloittes and his Chartered Financial Analyst (CFA) designation. Mr. Lazaris was a member of
the Bishop Strachan School Board of Trustees where he is the head of the Audit Committee and a
member of the Investment Committee and is currently a member of the Bishop Strachan School
Board of Governors and a member of the Finance Committee.
APPENDIX - BIOGRAPHIES
Keith Lam CA, CFA – Managing Partner & CFO
•
Prior to joining the Red Sky Capital Management Inc., Keith Lam was a Vice-President and
Associate Portfolio Manager of GMP Investment Management evaluating investment
opportunities across a wide range of industries utilizing equity, credit and derivative securities.
Previously, Mr. Lam was both a Research Associate and Research Analyst at GMP Securities L.P.
covering the Financial Services sector. Prior to GMP, Mr. Lam was a Senior Accountant at Deloitte
& Touche LLP where he worked on assurance and advisory engagements for two of Canada's
largest financial institutions. Mr. Lam is a graduate of the University of Waterloo where he
earned his Bachelor of Mathematics and Master of Accounting degrees in 2004. Mr. Lam
continued his professional education by obtaining his Chartered Accountant (CA) designation in
2005 while articling at Deloitte & Touche, and also obtained his Chartered Financial Analyst
(CFA) designation in 2008.
APPENDIX - BIOGRAPHIES
Dariusz Nieciecki, CFA – Managing Partner
•
Prior to joining Red Sky Capital Management Inc. (RSCM), Dariusz Nieciecki was a Vice-President
and Associate Portfolio Manager of GMP Investment Management L.P. (GMPIM) responsible for
the development and execution of investment strategies across a wide range of industry sectors
utilizing equity, credit and derivative securities. Prior to joining GMPIM, Mr. Nieciecki, was an
Associate in the Global Mergers & Acquisitions group at Lehman Brothers and Scotia Capital for
approximately 3 years. Mr. Nieciecki advised corporate clients and financial sponsors on various
financial advisory mandates including mergers, acquisitions, divestitures, leveraged buyouts and
recapitalizations. Prior to that, Mr. Nieciecki worked in the Equity Research Department at TD
Securities and CIBC World Markets with a top-ranked analyst. Mr. Nieciecki received his
Bachelor of Commerce from Queen's University in 2000 and his MBA from the Schulich School
of Business at York University in 2003. Mr. Nieciecki also obtained his Chartered Financial
Analyst (CFA) designation in 2005.
APPENDIX - BIOGRAPHIES
Brian Huen, CFA – Managing Partner
•
Prior to joining Red Sky Capital Management Inc. (RSCM), Brian Huen was a Executive Director at
CIBC Wholesale Bank in its Institutional Equity Division and spearheaded the Bank's hedge fund
efforts. Prior to CIBC, Brian was a Director at UBS Canada in its Institutional Equities Sales
Division advising global hedge fund clients on event-driven, risk arbitrage and equity long / short
trading strategies. Brian has also held various positions at TD Capital, Credit Suisse and Scotia
Capital. Brian holds both a Masters Degree in Business (MBA) and an Honours Business
Administration (HBA) degree from the Ivey Business School at the University of Western Ontario.
He is also a Certified Management Accountant (CMA) and a Chartered Financial Analyst (CFA)
charterholder.
Niall Henry – Associate
Prior to joining Red Sky Capital Management Inc. (RSCM), Niall Henry was a Director of
Institutional Equity Trading at CIBC where he was in charge of liability trading of the REIT and
Forestry sectors. Prior to CIBC, Niall held the position of Equity Trader at bcIMC (B.C. Investment
Management Corporation), focused on the Canadian equity market but also international equity
markets in Europe and Asia. Niall holds a Bachelor of Commerce (BCom) from the University of
Victoria in Victoria, B.C.
Thank you
For advisor use only
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before
investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are the historical annual compounded total
returns including changes in security value. All performance data assume reinvestment of all distributions or dividends and do not take into account sales,
redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed,
their values change frequently and past performance may not be repeated.
®CI Investments, the CI Investments design, Cambridge, Perspective, Synergy Mutual Funds, Harbour Advisors, Harbour Funds, Global Managers, American
Managers, Insight and Insight Program, Legacy Funds, and CI Guaranteed Investment Funds are registered trademarks of CI Investments Inc. ™Portfolio Select
Series, Portfolio Series, Signature Global Asset Management, Signature Funds, G5|20 Series, the G5|20 Series design and CI Guaranteed Retirement Cash Flow
Series are trademarks of CI Investments Inc.