Mackenzie All-Equity Allocation ETF · TSX:MEQT
Mackenzie All-Equity Allocation ETF — Mackenzie Investments — Corporate Update (November 2023)
148 slides from Mackenzie All-Equity Allocation ETF's corporate update, November 2023
Slide 1: 2023 Mackenzie Fall Roadshow
2023 Mackenzie Fall Roadshow
Slide 2: Agenda
AGENDA Market Outlook: There is Safety in Numbers Managed Solutions: Making money in mayhem Equities Power Hour: Brandywine | Dynamic | Bluewater | North America Equities & Income Update: Primerica Head Office Field Leader: A Message from the Field FHSA: First Home Savings Account AI: Leveraging Cha
Slide 3: Market Outlook: There is Safety in Numbers
Market Outlook: There is Safety in Numbers Justin Truong, CFA Investment Strategy November 2023 FOR ADVISOR USE ONLY
Slide 4: Equities lead the way
Equities lead the way Capital markets YTD total returns YTD total return YTD total return (CAD) S&P/TSX Composite 0.1% S&P/TSX Small Cap Composite -3.7% S&P 500 10.7% 13.5% NASDAQ 23.6% 26.8% Russell 2000 -4.5% -2.0% Euro Stoxx 50 9.6% 11.0% UK FTSE 100 1.6% 4.7% Japan Nikkei 225 20.6% 6.9% MSCI Eme
Slide 5: Progress in the fight against inflation
Progress in the fight against inflation Global headline inflation rates (YoY %) 15% US Canada Eurozone Japan UK 12% 9% 6.7% 6% 4.3% 3.8% 3% 3.0% 0% -3% 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 Source: Bloomberg
Slide 6: Defying the negative pull of interest rates
Defying the negative pull of interest rates Consensus estimates real GDP growth (y/y % change) 2021 2022 2023 estimate 2024 estimate 2023 Beg. of Year Estimate 8.1 5.7 5.8 5.2 5.1 4.6 4.5 3.6 3.5 3.0 3.1 2.8 2.6 2.1 2.2 1.9 1.7 1.0 1.2 1.1 1.0 0.7 0.5 0.8 US Canada Eurozone China Japan World Source:
Slide 7: Inflation and growth tug of war
Inflation and growth tug of war 1 2 3 Inflation Financial Growth conditions slowdown Base case scenario • The year-to-date move higher in equities is unlikely to be sustained over the near term. • The lagged effects of restrictive monetary policy are exerting growing pressure on the economy and, in
Slide 8: Rates will rise “until the job is done”
Rates will rise “until the job is done” Global central bank overnight rates (%) 6% October 2022 5.50% Equity Bottom 5% 5.00% US Canada Eurozone 4.50% 4% 3% 2% 1% 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: Bloomberg October 31,
Slide 9: Yields are flashing yellow for equity investors
Yields are flashing yellow for equity investors Global 10-year bond yields 5.0% 4.93% 4.51% 4.0% 4.06% US 10-yr Canada 10-yr Germany 10-yr Japan 10-yr UK 10-yr 3.0% 2.80% 2.0% 1.0% 0.94% 0.0% -1.0% 2019 2020 2021 2022 2023 Source: Bloomberg October 31, 2023 FOR ADVISOR USE ONLY | 9
Slide 10: Earnings outlook for 2023 rolling downhill
Earnings outlook for 2023 rolling downhill 2023 consensus estimates EPS growth (y/y %) Oct ‘22 15% 12% 9% 6% 3% 0.8% 0% -1.4% -3% -6% -5.2% -8.3% -9% S&P 500 S&P/TSX MSCI Europe MSCI EM -12% 2021 2022 2023 Source: FactSet October 31, 2023 FOR ADVISOR USE ONLY | 10
Slide 11: Depleting the personal safety net
Depleting the personal safety net Accumulated personal savings post-pandemic Excess savings following onset of recessions Billion $ 600 2500 2020 500 2000 Personal savings (billion $, monthly) Pre-pandemic 400 1500 trend 300 1000 Accumulated excess Drawdowns of excess 2007 savings: $2.1 trillion sav
Slide 12: US consumer loan delinquencies on the rise
US consumer loan delinquencies on the rise Transition into serious delinquency (>90 days) 12% Auto Credit card Mortgage Student loan All 10% 8% 6% 5.1% 4% 2.4% 2% 1.2% 0.9% 0.6% 0% 03:Q1 07:Q3 12:Q1 16:Q3 03:Q3 04:Q1 04:Q3 05:Q1 05:Q3 06:Q1 06:Q3 07:Q1 08:Q1 08:Q3 09:Q1 09:Q3 10:Q1 10:Q3 11:Q1 11:Q3
Slide 13: Looking over the valley
Looking over the valley 1 2 3 Inflation Financial Growth conditions slowdown Back to Fundamentals • Central banks achieve their price stability goals, finishing the last mile • Interest rates stabilize • Economic growth bottoms • A new cycle is born FOR ADVISOR USE ONLY | 13
Slide 14: Setting up for 2024
Setting up for 2024 2024 consensus estimates EPS growth (y/y %) 21% 18.4% 18% S&P 500 S&P/TSX MSCI Europe MSCI EM 15% 12% 11.7% 10.9% 9% 6% 6.0% 3% 0% -3% 2022 2023 Source: FactSet October 31, 2023 FOR ADVISOR USE ONLY | 14
Slide 15: Valuations setting up the opportunity
Valuations setting up the opportunity S&P 500 S&P/TSX 35 32 S&P 500 Current Forward P/E = 19.7 S&P/TSX Composite Current Forward P/E = 14.1 32 Forward P/E Ratio 29 S&P 500 20-yr Historical Average Forward P/E = 17.1 28 Forward P/E Ratio 26 S&P/TSX Composite 20-yr Historical Average 24 Forward P/E =
Slide 16: Bulls outrun bears since 1942
Avg. duration Avg. return Bulls outrun bears since 1942 56 136% 15 -29% S&P 500 returns 500% Bull Return Bear Return Bull Bear 400% 300% Return 200% 100% 0% -100% 1942 1947 1952 1957 1962 1967 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017 2022 Source: Bloomberg October 31, 2023 *Local currency ;
Slide 17: The Safety Net of Investing
The Safety Net of Investing Downside Protection • Invest with a margin of safety in out of favour asset classes like fixed income Quality, Growth and • Quality, growth and dividends provide the bedrock for building a portfolio for Dividends capital appreciation and income Opportunity • Dislocations
Slide 18: Disclaimer
Disclaimer For advisor use only. No portion of this communication may be reproduced or distributed to the public as it does not comply with investor sales communication rules. Mackenzie disclaims any responsibility for any advisor sharing this with investors. Commissions, trailing commissions, manag
Slide 19: Managed Solutions: Making money in mayhem
Managed Solutions: Making money in mayhem
Slide 20: Mackenzie FuturePath Portfolios
Mackenzie FuturePath Portfolios Mackenzie FuturePath Monthly Income Portfolios Paul Taylor, MBA, CFA Vice President, Portfolio Manager, Multi-Asset Strategies Team October 2023 FOR ADVISOR USE ONLY
Slide 21: Multi-Asset Strategies Team
Multi-Asset Strategies Team 19 Members 35 Total years of institutional asset allocation experience* Nelson Arruda 15 Average years of industry experience* MFin, MSc, CFA Portfolio Manager | Senior Vice President | Head of Mackenzie Multi-Asset Strategies Team | Industry start: 2009 Portfolio Manager
Slide 22: Why managed solutions?
Why managed solutions? FOR ADVISOR USE ONLY
Slide 23: How much time do you spend on portfolio management?
How much time do you spend on portfolio management*? 4500 Advisors in study Time spent on portfolio management by 37% investment management focused advisors 2% Time spent on portfolio management by advisors that outsourced investment management What would you do with more time? * Portfolio managemen
Slide 24: Mackenzie managed solutions: one ticket portfolios
Mackenzie managed solutions: one ticket portfolios Thinks Sources Oversees Actively rebalances Reports About how to build an The best way to get Investments, risk By adjusting allocations To keep you updated. integrated portfolio that exposure across asset management and as required to maintain seek
Slide 25: Two solutions for different investment goals
Two solutions for different investment goals Mackenzie Mackenzie FuturePath FuturePath Monthly Portfolios Income Portfolios Growth oriented Lower risk highly diversified income focused
Slide 26: Mackenzie FuturePath Portfolios
Mackenzie FuturePath Portfolios FOR ADVISOR USE ONLY
Slide 27: Why Mackenzie FuturePath Portfolios?
Why Mackenzie FuturePath Portfolios? Growth oriented solution to help clients build wealth Globally invested across all major asset classes to help smooth your clients’ investment ride over time Active management to adjust to evolving markets and help keep your clients’ investment on track
Slide 28: Five Mackenzie FuturePath Portfolios to fulfill investors' needs
Five Mackenzie FuturePath Portfolios to fulfill investors’ different needs Mackenzie Return potential FuturePath Global Mackenzie Equity Portfolio Mackenzie FuturePath Global FuturePath Equity Balanced Canadian Fixed Portfolio Income Portfolio Mackenzie FuturePath Global Neutral Balanced Portfolio F
Slide 29: Mackenzie FuturePath total portfolio approach
Mackenzie FuturePath total portfolio approach Uses additional levers to add value Strategic asset allocation Tactical asset allocation Currency management Attempts to build the best Portfolio weights are tactically Holistic and integrated total performing portfolio without tilted to take advantage o
Slide 30: Tactical short-term positioning in 2023
Tactical short-term positioning in 2023 REQUIRES UPDATE FuturePath Tactical Positioning in 2023 (average tactical position across portfolios) As of September 2023.
Slide 31: Diversification with Mackenzie FuturePath Portfolios
Diversification with Mackenzie FuturePath Portfolios Sample investment universe Canadian Government Mortgage Backed Canadian Stocks Growth Stocks Bonds Securities Different asset classes perform differently from year to year. A well Global Government US Stocks Value Stocks Emerging Markets Debt Bond
Slide 32: FuturePath and Symmetry Portfolios performance
FuturePath and Symmetry Portfolios performance Mackenzie FuturePath - Series PH Returns % % of Peers Beaten Mackenzie - Series F YTD 1yr 3yr 5yr 10yr YTD 1yr 3yr 5yr 10yr Mack FuturePath Cdn Fxd Inc Port -1.5 -0.1 -- -- -- 51 82 -- -- -- Symmetry Fixed Income Portfolio -1.5 -0.1 -4.9 -0.1 1.4 51 8
Slide 33: Mackenzie FuturePath Monthly Income Portfolios
Mackenzie FuturePath Monthly Income Portfolios FOR ADVISOR USE ONLY
Slide 34: Canada's population is aging at a rapid rate
Canada’s population is aging at a rapid rate Population aged 0 to 14 years and 65 years and older, 1998 to 2018 (estimates) and 2019 to 2038 (projections), Canada 11 0 to 14 years old 8 million Canadians will 10 be over 65 by 2026 $5.45T 65 years and older Number: (millions) 9 8 $3.2T 7 6 5 Now 2030
Slide 35: New risks retirees face
New risks retirees face 1 Inflation and market (capital) 2 Sequence of returns (timing) 3 Longevity (outlasting)
Slide 36: Three Mackenzie FuturePath Monthly Income Portfolios
Three Mackenzie FuturePath Monthly Income Portfolios to fulfill investors’ different needs Growth Portfolio -For investors who seek asset Higher growth with predictable cash flow. Balanced Portfolio -For investors who seek monthly income and some long-term growth with less downside. 15% 85% Conserva
Slide 37: Mackenzie FuturePath Monthly Income Portfolios
Mackenzie FuturePath Monthly Income Portfolios For investors seeking globally diversified portfolios specifically designed to provide income, long-term growth, and downside protection potential. KEY BENEFITS Income focus built into portfolio Helps to protect your money construction with a 5% fixed r
Slide 38: Market crashes have occurred every 6 years on average
Since ’57, market crashes have occurred every 6 years, on average Max drawdowns from previous market crashes (-20% or more) 1957 1962 1966 1970 1974 1982 1987 2003 2009 2020 2022 • Since the 1950s, market crashes happened every -20% -21% 6 years on average -24% -27% -26% -30% -29% -34% • It takes an
Slide 39: Several market corrections since inception
Several market corrections since inception of the Mackenzie Monthly Income Portfolios S&P 500 Total Return (USD) -24% -33% -19% -13% 2015-Jan 2016-Jan 2017-Jan 2018-Jan 2019-Jan 2020-Jan 2021-Jan 2022-Jan 2023-Jan Source: Morningstar, as of October 31, 2022 39
Slide 40: Substantially less drawdown during extreme market stress
Substantially less drawdown during extreme market stress S&P 500 Total Return (USD) 2016 2018 COVID 2022 (Dec 30, 2015 – Feb 11, 2016) (Sep 24 – Dec 24, 2018) (Feb 19 – Mar 23, 2020) (Jan 1 – Oct 12, 2022) -1.9 -7.2 -7.5 -6.0 95 -9.7 -11.0 Return (%) -13.0 82 98 -15.6 93 -19.3 -19.3 -24.0 -33.5 S&P
Slide 41: FuturePath Monthly Income Portfolios performance
FuturePath Monthly Income Portfolios performance Trailing performance, as of September 30, 2023 Returns1 Max Std dev Drawdo Series F (5Yr) 3mo YTD 1yr 3yr 5yr SI2 wn Mackenzie FuturePath Mly Inc Cnsrv PtfPH -1.7 1.4 4.4 - - 2.7 - - Mackenzie Mthly Inc Cnsrv Port F -1.8 1.3 4.3 0.2 2.0 2.6 5.2 -11.7
Slide 42: Delivering yield above category
Delivering yield above category FuturePath Category FuturePath Category FuturePath Category Monthly Median Monthly Median Monthly Median Income Income Income Conservative Balanced Growth Source: Mackenzie Investments ; Morningstar Direct, as of September 30
Slide 43: Timing the market is tough
Timing the market is tough Highlighting the importance of staying invested Growth of $10,000 – S&P 500 Index $50,000 Invested another $10,000 in the S&P 500 on March 31, 2009 $46,776 (Market low – Mar 2009) Stayed invested in the S&P 500 $40,000 Removed from market and invested in a GIC $30,000 $20,
Slide 44: Appendix
Appendix FOR ADVISOR USE ONLY
Slide 45: Mackenzie FuturePath Portfolios Top Holdings
Mackenzie FuturePath Portfolios Fixed Alternative Top 10 Holdings Income Equity Strategies Mackenzie Mackenzie Mackenzie Mackenzie Mackenzie FuturePath FuturePath FuturePath FuturePath FuturePath Canadian Fixed Global Fixed Income Global Neutral Global Equity Global Equity Fund Income Portfolio Bala
Slide 46: Underlying mutual fund information
Mackenzie FuturePath Portfolios Fixed Alternative Underlying mutual fund information Income Equity Strategies Pool/Fund Name Investment Managers fi Mackenzie Canadian Bond Fund Mackenzie Fixed Income fi Mackenzie FuturePath Canadian Core Addenda fi Mackenzie North American Corporate Bond Fund Macken
Slide 47: Holdings
Holdings Mackenzie FuturePath Mackenzie FuturePath Mackenzie FuturePath Monthly Income Monthly Income Balanced Monthly Income Growth Conservative Portfolio Portfolio Portfolio Mackenzie Global Equity Income Fund 33.4% 56.4% 86.5% Mackenzie Unconstrained Fixed Income Fund 33.2% 21.8% 6.8% Mackenzie C
Slide 48: Disclaimer
Disclaimer FOR ADVISOR USE ONLY. No portion of this communication may be reproduced or distributed to the public as it does not comply with investor sales communication rules. Mackenzie disclaims any responsibility for any advisor sharing this with investors. Commissions, trailing commissions, manag
Slide 49: Disclaimer
Disclaimer This document may contain forward-looking information which reflect our or third-party current expectations or forecasts of future events. Forward-looking information is inherently subject to, among other things, risks, uncertainties and assumptions that could cause actual results to diff
Slide 50: Equity Power Hour: Brandywine
Equity Power Hour: Brandywine
Slide 51: Mackenzie FuturePath Global Value Fund
Mackenzie FuturePath Global Value Fund Presented by: Gregory Hourigan, CIM Vice President, Head of Canadian Institutional November 2023 FOR ADVISOR USE ONLY
Slide 52: The path to Brandywine
The path to Brandywine Style Fund Core FuturePath Global Core Growth Future Path Global Growth Value FuturePath Global Value The ideal solution needed to have: • Core Value orientation • Strong, long-term, track record Source: Evestment, as at September 30, 2023 • Respected brand Performance ranking
Slide 53: The Best Performing PD Fund for the last 12 months
The Best Performing PD Fund for the last 12 months Series MER* AUM** Inception YTD 1 Year* Since YTD 1 Year Since Incept Date Incept* (Cumulative) (Cumulative) Mackenzie FuturePath PH 1.07% $13,402,334 07/06/2022 10.29% 22.54% 15.48% 1 1 1 Global Value ** Top/bottom active contributors * As at Septe
Slide 54: Brandywine Global Investment Management, LLC
A Franklin Templeton Company Brandywine Global Investment Management, LLC 225+ employees $78B AUM, based in Philadelphia, PA; office in London, and Singapore worldwide James Clarke Co-Lead Portfolio Manager Director of Fundamental Research 13 people 32 years of industry experience in Fundamental Equ
Slide 55: The Brandywine Way
The Brandywine Way Global Equity Universe All listed, liquid securities in 40+ countries Macro MacroInsights Insights Equity Insights Equity Insights Financial Financial & Monetary & Monetary Policy Policy Combination of $500+ million $500+ million Currencies && Rates Currencies Rates macro and Liqu
Slide 56: Rigorous Security Selection Process
Rigorous Security Selection Process Reject Reject Identify the Idea Preliminary Triage Build the Mosaic Presentation to the ▪ Screens • Examine financials Team ▪ Read filing document ▪ News • Conference calls ▪ Industry analysis ▪ Written Document ▪ Industry knowledge • News ▪ Identify risks ▪ Discu
Slide 57: Value can take many forms
Value can take many forms Cyclical Low Growth Strong Cash Generator Balance Sheet Buying businesses for less than they are worth comes in various forms and is not Value based on any one particular Catalyst Driven Turnaround valuation metric High ROIC Currency Compounder
Slide 58: Case study: Dino Polska
Case study: Dino Polska and leveraging macroeconomic insights for a Polish food retailer Macroeconomic view: Poland: Wage Growth & Unemployment Rate Strong underlying economic growth, driven by a fundamentally strong consumer, backed by 16% 10% a strong labor market with high single-digit wage growt
Slide 59: Case study: Reinsurance Group of America (RGA)
Case study: Reinsurance Group of America (RGA) and the COVID recovery story Business description: RGA pre-tax earnings Leading global provider of traditional life and health reinsurance with a focus on reinsuring 1,600 1,483 excess risk of other companies’ policies, and has been a high single-digits
Slide 60: Case study: Multiplan and declining interest rates in Brazil
Case study: Multiplan and declining interest rates in Brazil Multiplan Implied Cap Rate vs. Brazil Interest Rates Macroeconomic view: Inflation has already peaked and is declining sharply, the central bank is already cutting 15% rates, and the currency (Brazilian Real) remains very undervalued 13% B
Slide 61: Current Regional Positioning
Current Regional Positioning US underweight and Overweight Europe Overweight Asia Always Value more defensive • US has outperformed for 10 • Valuations reflect excess • Japanese Yen is deeply • Valuations are very attractive years negativity undervalued outside of US stocks • Most expensive market i
Slide 62: Because winners rotate
Because winners rotate 4.6 yrs. There is a growing case for a regression Rolling 3-year excess returns to the mean in longer- 30% 3.9 yrs. term international 20% 6.3 yrs. equity performance. 3.2 yrs. 1.9 yrs. The current era 10% represents the longest losing streak for 0% international equities sinc
Slide 63: Disclaimer
Disclaimer For advisor use only. No portion of this communication may be reproduced or distributed to the public as it does not comply with investor sales communication rules. Mackenzie disclaims any responsibility for any advisor sharing this with investors. Commissions, trailing commissions, manag
Slide 64: Performance (as of 09/30/2023)
Performance (as of 09/30/2023) Series MER* AUM** Inception YTD 1 Year Since Incept YTD 1 Year Since Incept Date (Cumulative) (Cumulative) Mackenzie PH 1.07% $13,402,334 07/06/2022 FuturePath 10.29% 22.54% 15.48% 1 1 1 Global Value Mackenzie PH 1.07% $22,997,680 07/06/2022 FuturePath 6.10% 16.02% 15.
Slide 65: Equity Power Hour: Dynamic
Equity Power Hour: Dynamic
Slide 66: The Art of Investing in Durable Growth Businesses
The Art of Investing in Durable Growth Businesses Lloyd Perruzza, VP National Accounts & Managed Assets October 2023 FOR ADVISOR USE ONLY | 67
Slide 67: Start with Why
Start with Why 68 FOR ADVISOR USE ONLY | 68
Slide 68: Wealth: Why does wealth matter?
Wealth The golden circle Why does wealth matter? How is real wealth created? What is wealth? Simon Sinek: How great leaders inspire action at TED.com. 69 FOR ADVISOR USE ONLY | 69
Slide 69: Buffett, Munger & Graham
Buffett, Munger & Graham 70 FOR ADVISOR USE ONLY | 70
Slide 70: Toilet Paper Economics / Semiconductor Demand
71 $MM weeks 3,500 4,000 4,500 5,000 5,500 6,000 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Toilet Paper Demand Sep-19 Source: Nielsen. Rolling 24 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Toilet Paper Economics $ billions $0 $50 $100 $150 $200 $250 $350 $400 $500 $300 $45
Slide 71: Value Creation – Compounders
Valuation Work Value Creation – Compounders “Compound interest is the 8th wonder of the world” – Albert Einstein 72 FOR ADVISOR USE ONLY | 72
Slide 72: Dynamic Funds – Active Management Matters
Dynamic Funds – Active Management Matters When you buy a fund, you buy the professional know-how of the portfolio manager. Hedging Currency Fundamental Sector Analysis LEGITIMATELY ACTIVE MANAGEMENT® OFFERS: Interest • A definable method for growing wealth Rates Duration • Real value to investors fo
Slide 73: Meet Vishal Patel: Vice President & Portfolio Manager
Meet Vishal Patel: Vice President & Portfolio Manager Vishal Patel is lead portfolio manager of several Dynamic mandates managing over $7 billion in assets. Vishal Patel, B.Comm. (Hons.), CFA Vishal joined Dynamic Funds as an analyst in 2005 and has held progressively Vice President & Portfolio Mana
Slide 74: The Investment Team
The Investment Team Vishal Patel, B.Comm. (Hons.), CFA Vice President & Portfolio Manager 1832 AM L.P. 18 years Industry 18 years Ryan McInerney, Dean Capland, Paramesh Ben Perry, CFA BBA (Hons.) Krishnamoorthy, CFA, MFin, CFA MBA, FRM Senior Equity Trader Portfolio Analyst Portfolio Analyst Portfol
Slide 75: Our Investment Philosophy: Alignment
Our Investment Philosophy ALIGNMENT 76 FOR ADVISOR USE ONLY | 76
Slide 76: Our Investment Process
Our Investment Process Defined, Repeatable, Focused Investment Universe 800 COMPANIES Quantitative Screen 300 COMPANIES Qualitative Analysis 120 COMPANIES Valuation Work 60 COMPANIES Portfolio Construction 25-40 COMPANIES 77 FOR ADVISOR USE ONLY | 77
Slide 77: Quantitative Screen
Quantitative Screen Metrics Growth Momentum Efficiency 78 FOR ADVISOR USE ONLY | 78
Slide 78: Qualitative Analysis
Qualitative Analysis Checklist Behind Buy and Sell Decisions People Durable Advantage Capital Allocation 79 FOR ADVISOR USE ONLY | 79
Slide 79: Qualitative Analysis: On the Ground Due Diligence
Qualitative Analysis MONTREAL On the Ground Due Diligence Alimentation Couche-Tard Air Canada CALGARY Canadian National Railway Canadian Natural Resources CGI Pembina Pipeline Dollarama Suncor National Bank TransCanada Saputo VANCOUVER OTTAWA Aritzia InterRent REIT Interfor Calian SEATTLE Kinaxis Am
Slide 80: VC = ROIC x G x D
Valuation Work Value Creation – Compounders VC = ROIC x G x D RETURN ON INVESTED CAPITAL REVENUE GROWTH DURABILITY 81 FOR ADVISOR USE ONLY | 81
Slide 81: Portfolio Construction
Portfolio Construction An Art Jean Paul Riopelle's Vent du nord (1952–53) 82 FOR ADVISOR USE ONLY | 82
Slide 82: Examples of 'Best-In-Class' companies with sustainable growth
Examples of ‘Best-In-Class’ companies with sustainable growth Securities mentioned are not buy /sell recommendations 83 FOR ADVISOR USE ONLY | 83
Slide 83: We Focus on The Micro
We Focus on The Micro MACROeconomics MICROeconomics • GDP growth • Price setters and takers • Inflation • Market structure • Unemployment • Monopoly • Interest rates • Value chain 84 FOR ADVISOR USE ONLY | 84
Slide 84: Mackenzie FuturePath Canadian Growth Fund
Mackenzie FuturePath Canadian Growth Fund Portfolio Positioning Geographic Allocation TOP 10 HOLDINGS As of September 30, 2023 As of September 30, 2023 TFI International Inc. NVIDIA Corporation Alphabet Inc. Microsoft Corporation 44.6% Intact Financial Corporation 51.8% Canadian Pacific Kansas City
Slide 85: Track Record of Fund Performance
Track Record of Fund Performance Fund Performance YTD 1 year S.I. Inception Date As of September 30, 2023 Mackenzie FuturePath Canadian Growth Fund 12.1% 14.7% 10.2% Jul-22 S&P/TSX Composite Index 3.4% 9.5% 7.0% – Source: Mackenzie Investments. Indices are not managed, and it is not possible to inve
Slide 86: Track Record of Fund Performance
Track Record of Fund Performance Fund Performance 1 year 3 year 5 year 10 year Inception Date As of September 30, 2023 Dynamic Power Canadian Growth Fund* – F 16.8% 9.2% 8.1% 8.3% Mar-02 Percentile Ranking 17 52 20 32 – Source: Dynamic Funds, Morningstar. Please see slide 25 for the full disclaimer.
Slide 87: Podcasts
Podcasts Artificial Intelligence (AI): A Paradigm Shift For Investors April 27, 2023 Has Market Volatility Provided an Opportunity to Deploy Capital for the Long Term? April 5, 2022 Small Caps - Big Potential? April 22, 2021 The Benefits of Co-Investing with Company Founders and Entrepreneurs Decemb
Slide 88: Our Quarterly Commentary
Our Quarterly Commentary Vantage Points 89 FOR ADVISOR USE ONLY | 89
Slide 89: Performance Information
Performance Information Disclaimer Percentile source: Morningstar. Dynamic Power Canadian Growth Fund 1yr. 512, 3yr. 498, 5yr. 468, and 10yr. 319. The Morningstar percentile ranking reflects performance as of September 30, 2023 and is subject to change monthly. Morningstar is an independent organiza
Slide 90: Important Information
Important Information Disclaimer This presentation has been prepared by 1832 Asset Management L.P and is provided for information purposes only. Views expressed regarding a particular investment, economy, industry or market sector should not be considered an indication of trading intent of any of th
Slide 91: 1832 Asset Management L.P. – Introduction
1832 Asset Management L.P. – Introduction 1832 Asset Management L.P. provides asset management oversight and portfolio management capabilities in both the Retail, Private Wealth and Institutional channels of Scotiabank’s Global Wealth Management business. As one of Canada’s largest buy-side firms wi
Slide 92: 1832 Asset Management L.P. - Investment Framework
1832 Asset Management L.P. - Investment Framework 1832 Asset Management L.P. is comprised of several investment teams, with diverse investment styles. The central tenet of the investment team is to construct actively managed, conviction-based portfolios, using independent thinking and internally gen
Slide 93: 1832 Investment Management Team Equity & Trading
1832 Investment Management Team Equity & Trading 94 FOR ADVISOR USE ONLY | 94
Slide 94: Dynamic Funds: Invest with advice
MACKENZIE Dynamic Funds' Invest with advice. 95
Slide 95: Equity Power Hour: Bluewater
Equity Power Hour: Bluewater FOR ADVISOR USE ONLY FOR ADVISOR USE ONLY | 96
Slide 96: Mackenzie FuturePath Global Growth and US Growth Funds
Mackenzie FuturePath Global Growth and US Growth Funds FOR ADVISOR USE ONLY FOR ADVISOR USE ONLY | 97
Slide 97: Investment team
Investment team Mackenzie Bluewater Team Dina DeGeer, MBA, CFA David Arpin, MA, CFA Tyler Hewlett, CFA Senior Vice President, Senior Vice President, Vice President, Portfolio Manager Portfolio Manager, Team Co-Lead Portfolio Manager, Team Co-Lead Industry start: 2001 Industry start: 1985 Industry st
Slide 98: Investment philosophy
Investment philosophy “The value of a business is its future free cash flow” 01 02 03 04 Growth in free cash Stable businesses Own the leaders in Strong execution flow drives the value that are organically superior industries and capital allocation of a business higher outgrowing the by management o
Slide 99: 2020s and beyond
2020s and beyond…. 1990s 2000s 2010s 2020s and beyond • Technology / Media / • Commodities / China • Software / FANG • Energy Transition Telecom • Digitization FOR ADVISOR USE ONLY | 100
Slide 100: Energy Transition – Path to Carbon Neutrality
Energy Transition – Path to Carbon Neutrality Clean Energy Clean Energy Generation Generation Decarbonization/ Decarbonization/ Electrification Electrification Energy Efficiency Energy Efficiency Electrical Grid/Storage Electrical Grid/Storage FOR ADVISOR USE ONLY | 101
Slide 101: The age of AI is here
The age of AI is here… 102 FOR ADVISOR USE ONLY | 102
Slide 102: Durable Growth: Secular + Idiosyncratic Tailwinds
Durable Growth: Secular + Idiosyncratic Tailwinds rgy Transition Ene ular Change Idiosyncratic Sec D i g i tiz a t i o n FOR ADVISOR USE ONLY | 103 FOR ADVISOR USE ONLY
Slide 103: Performance
Performance Standard Rates of Return (%) Sharpe Ratio Deviation 1 yr SI 1 yr 1 yr Mackenzie FuturePath Global Growth Fund PH 16.4 11.8 13.70 0.85 Mackenzie FuturePath Global Growth Fund PA 15.9 11.3 13.70 0.82 95% MSCI World & 5% MSCI ACWI SMID 19.4 14.5 FOR ADVISOR USE ONLY | 104
Slide 104: Performance
Performance Standard Rates of Return (%) Sharpe Ratio Deviation 1 yr SI 1 yr 1 yr Mackenzie FuturePath US Growth Fund PH 15.5 12.0 12.13 0.89 Mackenzie FuturePath US Growth Fund PA 15.1 11.6 12.13 0.86 95% S&P 500 TR & 5% Russell Mid Cap TR 19.0 14.6 FOR ADVISOR USE ONLY | 105
Slide 105: Disclaimer
Disclaimer For advisor use only. No portion of this communication may be reproduced or distributed to the public as it does not comply with investor sales communication rules. Mackenzie disclaims any responsibility for any advisor sharing this with investors. Commissions, trailing commissions, manag
Slide 106: Equity Power Hour: North America Equities
Equity Power Hour: North America Equities FOR ADVISOR USE ONLY FOR ADVISOR USE ONLY | 107
Slide 107: Power your future by investing at home
Power your future by investing at home FOR ADVISOR USE ONLY FOR ADVISOR USE ONLY | 108
Slide 108: Canadian Portfolios for the Canadian Investor
Canadian Portfolios for the Canadian Investor Mackenzie Futurepath Canadian Core Equity Fund Mackenzie Futurepath Canadian Dividend Fund FOR ADVISOR USE ONLY FOR ADVISOR USE ONLY | 109
Slide 109: Mackenzie North American Equities & Income (NAE&I) Team
Mackenzie North American Equities & Income (NAE&I) Team Will Aldridge, MBA, CFA Patricia Nesbitt, CFA SVP, Co-Lead of the North American SVP, Co-Lead of the North American Equities Team (2002) Equities Team (1987) Canadian Equity Canadian Dividend Canadian Small Cap Trading Will Aldridge, MBA, CFA T
Slide 110: Time to reconsider Canada
Time to reconsider Canada S&P/TSX vs S&P 500 25% 20% Canada outperforming Rolling 3Yr Spread 15% 10% 5% 0% -5% -10% -15% -20% Canada underperforming -25% -30% Source: Bloomberg, June 30, 1990 to March 31, 2023. Returns calculated in CAD. FOR ADVISOR USE ONLY | 111
Slide 111: More attractive valuations in Canada
More attractive valuations in Canada S&P/TSX vs S&P 500 normalized Price to Earnings Ratio 1.8 Canada overvalued 1.6 relative to US 1.4 1.2 1 0.8 Canada undervalued relative to US 0.6 2019 1987 1988 1989 1989 1990 1991 1992 1992 1993 1994 1995 1995 1996 1997 1998 1998 1999 2000 2001 2001 2002 2003 2
Slide 112: The power and value of Canadian banks
The power and value of Canadian banks Canadian banks S&P/TSX Banks Valuation – Price to Book Value Ratio are among the 2.8 highest quality 2.6 banks globally. 2.4 They are world 2.2 class institutions 2.0 that are 1.8 instrumental in 1.6 capital formation 1.4 1.2 1.3 and prosperity of 1.0 1.1 1.1 th
Slide 113: Canada – A high yielding market
Canada – A high yielding market Dividend yield of S&P/TSX vs S&P 500 vs MSCI World 4.0% 3.5% 3.4% 3.0% 2.5% 2.1% 2.0% 1.6% 1.5% 1.0% 0.5% 0.0% S&P/TSX S&P 500 MSCI World Source: Bloomberg as of Oct 30, 2023 FOR ADVISOR USE ONLY | 114
Slide 114: Dividend contribution – A reversion to mean?
Dividend contribution – A reversion to mean? S&P/TSX dividend contribution to total return Source: RBC Capital Markets Quantitative Research, Mackenzie Investments. Analysis begins Jan 31, 1956. Last 3 years = 2018-2021 FOR ADVISOR USE ONLY | 115
Slide 115: Disclaimer
Disclaimer For advisor use only. No portion of this communication may be reproduced or distributed to the public as it does not comply with investor sales communication rules. Mackenzie disclaims any responsibility for any advisor sharing this with investors. Commissions, trailing commissions, manag
Slide 116: Update: Primerica Head Office
Update: Primerica Head Office FOR ADVISOR USE ONLY FOR ADVISOR USE ONLY | 117
Slide 117: Canada Investments Update
Canada Investments Update PRIMERICA 2023
Slide 118: Agenda
Agenda * 1 year of the PD Model ¢ PD Model key stats & updates ¢ Upcoming Events & Next Steps @® PRIMERICA For intemal use only. Not to be used with, or distributed to, the public.
Slide 119: Year of the PD Model
1 year of the PD Model $1.8bn of AUM in Industry leading PD Funds product performance 72,000+ New PD SR $36 mm in Field Client Accounts ($) Compensation @ PRIMERICA For internal use only. Not to be used with, or distributed to, the public.
Slide 120: PFSL has the largest Mutual Fund Sales Force in Canada
PFSL has the largest Mutual Fund Sales Force in Canada PFSL Investments Canada Ltd. IG Wealth Management Quadrus Investment Services Sun Life Financial Services Investia Financial Services Desjardins Financial Security Investments WFG Securities Manulife Securities O}O!}N| OD] oO] B] Oo] PO eS Assan
Slide 121: Great momentum in 2023!
Great momentum in 2023! Total AUM of $19bn $101mm in ) investment compensation paid over last 12 months Mutual Fund sales force of ~7000 YTD investment sales through Q3 of $1.3bn @ PRIMERICA For internal use only. Not to be used with, or distributed to, the public.
Slide 122: New product launches
3 new product launches Committed to delivering on 2023 plan PRODUCT SHELF ENHANCEMENTS already Mackenzie USD US Core Fund Mackenzie Shariah Global Equity Fund AGF Global Dividend Strategic Equity Fund GD) FIELD COMMUNICATION Improved communication Quarterly webinars by both Mackenzie & AGF Top of th
Slide 123: Industry leading product performance
Industry leading product performance PD Funds 1 Year performance - PFSL has a seat at the table with our Fund Manager partners — Quarterly Product Committee Meetings with Mackenzie and AGF, with critical focus on Fund performance * Outstanding returns on PD Funds at the end of 1 year — 38% of PD Fun
Slide 124: Proportion of Advance Funds in PD sales
Proportion of Advance Funds in PD sales (%) 50 4 40 | 30 | 20 4 40% 40% 40% 10 4 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May? Jun Jul Aug Sep ’ May includes a unique $50mm trade for which an Advance was not allowed. Adjusted for this trade, the Proportion of Advance Funds in PD Sales for May would b
Slide 125: FE Load a significant driver of PD Comp
FE Load a significant driver of PD Comp Field Compensation from _——~ Dealer Service Fee $7 mm . Field Compensation from (19%) Front End Load Field Compensation from Advance Note: Data as of 30 September, 2023 compensation run @ PRIMERICA’ For internal use only. Not to be used with, or distributed to
Slide 126: RDSP Growth - #1 RDSP Dealer!
RDSP Growth - #1 RDSP Dealer! mmm Open Accounts —e=Totel AUM 15000 '$350,000,000 $329,037,322 $290,774,473 300,000,000 12000 $296,416,312 $250,000,000 $29,050,578 3 200,000,000 < 4 $172,892,372 te $10,000,000 5 6000 $123,458,918 100,000,000 On $89,231,276 $12,461,108 tee $50,000,000 3,689,178 Rac $2
Slide 127: Mackenzie FuturePath Enhancements
Mackenzie FuturePath Enhancements ¢ 2023 New Fund Launches: — Mackenzie FuturePath USD US Core Fund — Mackenzie FuturePath Shariah Global Equity Fund ¢ Fund Profiles Now Available from PD micro site ¢ Primerica MAP Program now includes Mackenzie PD * FHSA coming soon! ® PRIMERICA
Slide 128: License renewal fully paid for by PFSL
Any rep who becomes mutual fund active in Q4 and does » at least $1,000 in production by December 7, 2023 will | have their license renewal FULLY PAID FOR by PFSL! © All newly licensed reps receive a Primerica Lapel Pin and a note from PFSL @ PRIMERICA
Slide 129: Don't Forget — Renewal Season is Here!
Don’t Forget — Renewal Season is Here! * Renewal period has begun * Securities Renewal Guide on POL POL > Other Licensing > Maintaining Your License * Canada renewal deadline: December 7, 2022 * Must have completed MFDA CE @® PRIMERICA
Slide 130: Surge to 15,000 reps
SURGE TO | - compoortiven ODT _ Strong close to 2023 LIFE LICENSED REPRESENTATIVES uicens> REPRESENTATIVES * Attend January Kick-off Meetings — Jan 13: Toronto, Montreal, Winnipeg — Jan 20: Edmonton, Vancouver, Halifax a SURGE TO SSBILLION MUTUAL FUND AND SEGREGATED FUND SALES URGE to 15,000 Reps &
Slide 131: A message from the field: Arleigh Larson
A message from the field: Arleigh Larson
Slide 132: FHSA: First Home Savings Account
FHSA: First Home Savings Account
Slide 133: The First Home Savings Account (FHSA)
The First Home Savings Account (FHSA) A new way to save for a first home FOR ADVISOR USE ONLY
Slide 134: Some data…
Some data… 67% 63% 35% of first-time homebuyers who of those who plan to buy their first of first-time homebuyers nationwide purchased a home within the last home in the next two years reported say they received financial two years worried about having feeling worried that they will miss assistance
Slide 135: What is the FHSA (First Home Savings Account)?
What is the FHSA (First Home Savings Account)? The First Home Savings Account (FHSA) is a NEW registered plan announced in the 2022 federal budget that allows prospective first-time Canadian homebuyers, to save for their first home, tax-free. Like a Registered Retirement Savings Plan (RRSP), contrib
Slide 136: Main features of the FHSA
Main features of the FHSA 01 02 03 04 05 Annual contribution An individual can open Eligible investments Contributions made to a Contributions are only limit: $8,000 more than one FHSA, include those that are FHSA are tax- deductible in the same but the contribution limits approved for other deducti
Slide 137: Why consider an FHSA as part of a financial plan?
Why consider an FHSA as part of a financial plan? Individuals can contribute up to $40,000 for a first home purchase. You can carry forward unused contribution room, up to $8,000 from prior years, for as long as the account is open. Reduce an individual’s tax bill and carry forward undeducted contri
Slide 138: Eligibility
Eligibility To be eligible, an individual must be: A Canadian resident Non-residents of Canada are not eligible to open an FHSA account but may still be able to make contributions to an existing account. A first-time home buyer However, withdrawals can only be made by a Canadian resident to purchase
Slide 139: How the FHSA and HBP can work together?
How the FHSA and HBP can work together? The Home Buyers’ Plan (HBP) is another program offered to individuals to help save for a down payment on a home. The HBP allows for a lump sum withdrawal of up to $35,000 from The FHSA and Home Buyers’ Plan (HBP) can an individual’s RRSP or spousal RRSP where
Slide 140: Withdrawal from an FHSA
Withdrawal from an FHSA Qualifying withdrawals from an FHSA to buy a home are not taxable, if the individual is a first-time home buyer and the funds are used to purchase a qualifying home no later than October 1 of the year following the year of the withdrawal. 01 02 03 04 For the purposes of a The
Slide 141: Closing an FHSA
Closing an FHSA The maximum participation period begins when the first FHSA is opened and ends Closing an FHSA is allowed at any time, but there may be tax implications in doing so. when the earliest of the following: An FHSA should be closed before the maximum participation period ends to avoid uni
Slide 142: Disclaimer
Disclaimer For advisor use only. This should not be construed as legal, tax or accounting advice. This material has been prepared for information purposes only. The tax information provided in this document is general in nature and each client should consult with their own tax advisor, accountant an
Slide 143: Leveraging ChatGPT to power your practice
Leveraging ChatGPT to power your practice
Slide 144: ChatGPT prompt
ChatGPT ChatGPT prompt: Create a prompt for mid journey that is a scene with multiple very thirsty horses approaching a body of water
Slide 145: If you do drink the water
If you do drink the water More recruitment More effective More time More money
Slide 146: Disclaimer
Disclaimer No proprietary data No specific client information
Slide 147: And more…
And more… Other ways to leverage ChatGPT Task Example Prompt Time management I am looking to schedule in 15 prospecting calls this week, I work 10-4 from Monday to Friday, have 3 children, one who attends dance Tuesday and Thursday from 4:30-5:30, one who plays hockey…. Can you create a schedule Rol
Slide 148: Closing Remarks
~ Power your future: BE INVESTED
Mackenzie Investments — Corporate Update (November 2023) on 6ix