Chief Executive Officer Ryan Volk Chief Investment Officer Matthew Hoffer Chief Financial Officer Mark Richardson Chief Economist Ronald Chow The Update is a bi-weekly publication (once every two weeks), summarizing the performance of the portfolio of the Crescent School Investment Team (CSIT). The Update measures the portfolio against a specially-designed benchmark (Crescent TSX 60 Benchmark, or BM), taking into account the performance of the TSX 60 as a whole. Additionally, it will include commentary from certain members of the Executive Team regarding the state of the portfolio, the markets, and our outlook on the future. For any questions regarding The Update, please do not hesitate to contact any member of the Executive Team. - Ronald Chow, Chief Economist
Current Holdings Total Cost
Current Price
Total Market Value
% Change
26
$1,161.42
$44.62
$1,160.12
-0.11%
$62.15
25
$1,553.75
$61.24
$1,531.00
-1.46%
Husky Inc.
$27.24
36
$980.64
$28.12
$1,012.32
+3.23%
Bank of Nova Scotia
$61.25
32
$1,960.00
$65.13
$2,084.16
+6.33%
Toronto Dominion
$50.08
38
$1,903.04
$54.26
$2,061.88
+8.35%
Purchase Price
# of Shares
Rogers Communications
$44.67
Enbridge Inc.
Stock Name
Cash
$18,159.69
$18,159.69
Total Value
$25,782.34
$26,038.22
The Update
+1.09%
February 8, 2015
Crescent School Investment Team
Sector Performance Diversified
Industrials
Energy
Financials
CSIT
BM
CSIT
BM
CSIT
BM
CSIT
BM
% Change – Past Week
-0.11%
-0.69%
0.00%
-0.40%
+5.24%
+0.18%
+2.27%
+4.57%
% Change – Past Month
-0.11%
+5.34%
0.00%
+9.56%
+0.35%
+4.05%
+7.33%
+5.03%
% Change – Past Three Months
-0.11%
+16.02%
0.00%
+13.33%
+0.35%
-2.75%
+7.33%
-2.49%
% Change – Since Inception
-0.11%
+22.22%
0.00%
+4.01%
+0.35%
-10.32%
+7.33%
-4.48%
Portfolio Performance CSIT Portfolio
Crescent TSX 60 Benchmark
*Red Line*
*Blue Line*
% Change – Past Week
+0.70%
+2.29%
% Change – Past Month
+1.09%
+6.23%
% Change – Past Three Months
+1.09%
+4.22%
% Change – Since Inception
+1.09%
+0.54%
The Update
February 8, 2015
Crescent School Investment Team
Comments: Our portfolio includes a diverse range of companies. From our Financials sector, we have had our largest % gain in our portfolio (+7.33%), with the changes in TD and BNS adding $287 to our portfolio value. As well, we have holdings in Husky, Enbridge and Rogers Communications. This led to positive result of an overall 1.09% gain in our portfolio, outperforming our benchmark (although we have underperformed the benchmark in the past month - +1.09% vs 6.23%). This +0.55% gap, although narrowly ahead of the benchmark, speaks a lot to our success. However, 70% of our portfolio currently remains in cash. With our present gains, and our outlook to be fully invested within the next month, the team is in a very good position.
- Mark Richardson, Chief Financial Officer The outlook of the TSX remains a mixed bag of emotions, as we continue to monitor the high volatility of the market. However, the outlook of our portfolio looks rather promising: Rogers Communications has recently been added to our portfolio, along with Enbridge – both are projected as companies with strong growth – and we plan to move a portion of our portfolio into XSB, a short-term bond index fund. Furthermore, we are investigating investments into Canadian Tire, CGI Group and Potash Corporation of Saskatchewan – all strong-growth companies in their own respect. The potential for growth in our portfolio is extremely high, given our strong picks. - Matthew Hoffer, Chief Investment Officer
Final Remarks: We are now about halfway through the year, and with our portfolio starting to fill up, I am hoping that we can be fully invested by the end of March. Subtracting our current investments and those going nearcompletion (5 and 3 respectively), we have six or seven pitches still needed to be done. There are 6 meetings from here until then, so the basic logic is that these six meetings will average one stock-pitch each. We are well on our way to greater heights, as the Team continues to effectively investigate and ultimately invest in strong companies. - Ryan Volk, Chief Executive Officer
Executive Team: Ryan Volk, Chief Executive Officer ryanvolk@crescentschool.org Matthew Hoffer, Chief Investment Officer matthewhoffer@crescentschool.org Mark Richardson, Chief Financial Officer markrichardson@crescentschool.org Ronald Chow, Chief Economist ronaldchow@crescentschool.org Mr. Gavin Muranaka gmuranaka@crescentschool.org Mr. Michael Stephens mstephens@crescentschool.org Ms. Mita Bhattacharyya mbhattacharyya@crescentschool.org The Update
February 8, 2015