CIBC Wood Gundy ICS Program - Franklin Templeton Careers
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March 31, 2019 CIBC Wood Gundy ICS Program Franklin Bissett Investment Management Review Franklin Bissett Investment Management, part of Franklin Templeton Investments Canada. Source for data and information provided by Franklin Templeton Investments, as of March 31, 2019, unless otherwise noted. For Dealer Use Only | Not for Distribution to the Public
Topics for Discussion
Franklin Templeton and Franklin Bissett Mandates
Investment Capabilities Overview 4 Canadian Large Cap 12
A Legacy of Expertise in the Canadian Capital Markets 5 Dividend Income 18
A Leader in Managed Account Programs 6 Canadian Dividend 25
Unique Service Coverage 7 Canadian Mid Cap 32
Franklin Bissett Portfolio Manager Structure 8 Our Current Outlook 37
Appendix 38
Investment Strategy
A Distinctive Approach to the GARP Style 10
Absolute, Relative and Risk-Adjusted Return Objectives 11
For Dealer Use Only | Not for Distribution to the Public 2Franklin Templeton and Franklin Bissett For Dealer Use Only | Not for Distribution to the Public
Investment Capabilities Overview
FRANKLIN TEMPLETON
Total Combined Assets Under Management : CAD$951.5 Billion
2 5 8 11
Equity Fixed Income Multi-Asset Solutions Alternatives
AUM CAD$388.2 Billion CAD$355.7 Billion CAD$154.5 Billion CAD$56.9 Billion
CAPABILITIES • Value • Government • Multi-Asset Income • Commodities
• Deep Value • Municipals • Diversified Outcome-Oriented • Infrastructure
• Core Value • Corporate Credit • Risk Premia • Real Estate
• Blend • Bank Loans • Smart Beta • Hedge Funds
• Growth At a Reasonable Price (GARP) • Securitized • Balanced Allocation • Private Equity
• Growth • Multi-Sector • Target Date/Risk • Private Debt
• ActiveQuant • Currencies • Model Portfolios
• Convertibles • Sukuk • Inflation Protection
• Sector • Managed Volatility
• Shariah
• Smart Beta
INVESTMENT • Templeton Global Equity Group (1940) • Franklin Templeton Fixed Income Group (1970) • Franklin Templeton Multi-Asset Solutions (1948) • Franklin Real Asset Advisors (1984)
TEAMS • Franklin Equity Group (1947) • Templeton Global Macro (1986) • Franklin Systematic (2011) • Darby Overseas Investments (1994)
• Franklin Mutual Series (1949) • Franklin LAM-Fixed Income (1993) • K2 Advisors (1994)
• Franklin Templeton Emerging Markets Equity (1987) • Franklin Bissett Investment Mgmt (1982) • Pelagos (2005)
• Franklin LAM-Developed Markets Equity (1993) • Benefit Street Partners (2008)
• Edinburgh Partners (2003)
• Franklin Bissett Investment Mgmt (1982)
Source: Franklin Templeton Investments (FTI), as of March 31, 2019, based on latest available data. Total combined Assets Under Management (Total AUM) combines U.S. and non-U.S. AUM of the investment management
subsidiaries of the parent company, Franklin Resources, Inc. (FRI) [NYSE: BEN], a global investment management organization operating as FTI. Only selected business entities within FTI claim compliance with the GIPS
standards as described in the table of contents if applicable. Total and platform AUM includes discretionary and non-discretionary accounts, including pooled investment vehicles, separate accounts and other vehicles. Total and
platform AUM may also include advisory accounts with or without trading authority. In addition, assets for which certain FTI advisers provide limited asset allocation advisory services, and assets that are not allocated to FTI
products are not included in the AUM figures shown. Franklin Templeton Multi-Asset Solutions may invest in various investment platforms advised by a number of investment advisory entities within FTI. Platform AUM reported for
FT Multi-Asset Solutions therefore may include certain AUM separately reported under each utilized investment platform. Total AUM also includes assets managed by certain FTI advisers that do not form part of the selected
investment platforms shown. As a result, the combined platform AUMs may not equal Total AUM and may be calculated and reported separately for regulatory or other purposes under each investment adviser. Each local asset
manager may be considered as an entity affiliated with or associated to FTI by virtue of being a direct or indirect wholly-owned subsidiary of FRI, an entity or joint venture in which FRI owns a partial interest, which may be a minority
interest, or a third party asset management company to which investment advisory services have been delegated by an FTI adviser.
Franklin Local Asset Management (LAM) includes Franklin Bissett Investment Management, which is part of Franklin Templeton Investments Corp. In Canada, the advisor to the Franklin Templeton Multi-Asset Solutions mandates
is Fiduciary Trust Company of Canada, a wholly owned subsidiary of Franklin Templeton Investments Corp. Franklin Templeton Multi-Asset Solutions is a business name used by Fiduciary Trust Company of Canada.
For Dealer Use Only | Not for Distribution to the Public 4Franklin Bissett Investment Management
A Legacy of Expertise in the Canadian Capital Markets
• Founded in 1982 and joined Franklin Templeton in 2000
• CAD$18.5 billion in assets under management as of March 31, 2019
– Equity strategies: CAD$12.3 billion
– Fixed Income strategies: CAD$6.2 billion
Institutional Retail
Traditional Institutional
Open-End Mutual Funds
(Pensions)
Investment
Insurance Platforms Categories SMA/UMA
Fundamental Equity
White Label Exchange-Traded Funds
Active Quantitative Equity
Sub-Advisory High Net Worth
Systematic Beta
Fixed Income
Multi-Asset
For Dealer Use Only | Not for Distribution to the Public 5A Leader in Managed Account Programs
Franklin Bissett Franklin Bissett Franklin Bissett AUM: $18.5 billion
Enters SMA Market Enters UMA Market SMA/UMA: $2.7 billion
1994 2005 2019
• Franklin Bissett has managed portfolios in these programs for over 20 years
• Franklin Templeton remains committed to this area of long-term growth in Canada
Franklin Bissett Investment Management assets as of March 31, 2019.
For Dealer Use Only | Not for Distribution to the Public 6Unique Service Coverage
Three Distinct Support Levels for Advisors
DEALER RESOURCES LOCAL PRESENCE SPECIALIZED SUPPORT
Head Office Team Franklin Templeton Franklin Bissett
Sales Team Portfolio Management Team
Helping Advisors
1. Open New Accounts
2. Gain Additional Contributions
3. Retain Clients
For Dealer Use Only | Not for Distribution to the Public 7Franklin Bissett Portfolio Manager Structure Managed Accounts CIBC Wood Gundy Strategy Co-Lead Managers Franklin Bissett Canadian Large Cap SMA Garey Aitken, Tim Caulfield Franklin Bissett Dividend Income SMA Les Stelmach, Ryan Crowther Franklin Bissett Canadian Dividend SMA Les Stelmach, Ryan Crowther Franklin Bissett Canadian Mid Cap SMA Garey Aitken, Tim Caulfield, Ralph Lindenblatt, For additional information on specific responsibilities and professional biographies, please see the Appendix. For Dealer Use Only | Not for Distribution to the Public 8
Investment Strategy For Dealer Use Only | Not for Distribution to the Public
Equity Investing at Franklin Bissett
A Distinctive Approach to the GARP Style
• Growth at a Reasonable Price discipline across all fundamental equity investment
strategies
• An exacting definition of the “G” in GARP
– Growth defined as sustainable profits
– Looking for strong, consistent earnings and cash flow growth
– Focused on financially stable companies
• Portfolio companies often are engaged in shareholder-friendly actions such as
share buybacks and well-executed dividend plans
• Bottom-up security selection process
• Estimated intrinsic values exceed current share prices
For Dealer Use Only | Not for Distribution to the Public 10Absolute, Relative and Risk-Adjusted
Return Objectives
RISK-ADJUSTED
RETURN OBJECTIVE
RISK • Strategy-dependent,
OBJECTIVES but beta target is
typically 0.8–0.9;
RELATIVE RETURN • Primary risk objective: alpha target is
OBJECTIVE To ensure investors ≥ 300 bps (gross of
are compensated for fees) annualized
ABSOLUTE RETURN • Target 200 bps (gross the risk taken
OBJECTIVE of fees) in annualized • Secondary risk
excess returns objective: To maintain
• High single-digit to relative to the less return volatility
low double-digit benchmark than the benchmark
annualized returns
over longer time
periods
For Dealer Use Only | Not for Distribution to the Public 11CIBC Wood Gundy ICS Program Mandates
• Canadian Large Cap
– Core portfolio seeking long-term capital appreciation
– Focus on securities with market capitalizations exceeding $2 billion
• Dividend Income
– Blended portfolio seeking capital appreciation and tax-efficient income
• Canadian Dividend
– Portfolio seeking capital appreciation and tax-efficient income
– Focus on Canadian common equities with emphasis placed on a growing
income stream
• Canadian Mid Cap
– Core portfolio seeking long-term capital appreciation
– Focus on stocks with average market capitalizations between $1 billion
and $3 billion
For Dealer Use Only | Not for Distribution to the Public 12Strategy Overview
Franklin Bissett Canadian Large Cap SMA
• Core Equity Portfolio
• 100% Canadian Equity Securities
– Focus on securities with market capitalizations exceeding $2 billion
– Positions often are concentrated in the top 10–20 holdings
– Annual turnover target of 15%–25%
• Primary objective of long-term capital appreciation
• Benchmark: S&P/TSX Composite Index
For Dealer Use Only | Not for Distribution to the Public 13Top Holdings Franklin Bissett Canadian Large Cap SMA As of March 31, 2019 As of March 31, 2016 Top 20 Holdings1 Top 10 Overweights & Underweights2 Name Weight (%) Name Weight (%) Brookfield Asset Management 7.89 Brookfield Asset Management +5.49 Canadian National Railway 7.33 CP Railway +3.58 Royal Bank of Canada 5.65 Canadian National Railway +3.50 CP Railway 5.28 CGI +3.23 Toronto-Dominion Bank 4.72 Franco-Nevada +2.53 CGI 4.22 Onex +2.52 CIBC 3.66 Dollarama +2.47 Bank of Montreal 3.60 Metro +2.30 Alimentation Couche-Tard 3.55 Saputo +2.13 Franco-Nevada 3.35 ATCO +2.12 Bank of Nova Scotia 3.18 Enbridge 3.01 Name Weight (%) Dollarama 2.92 Suncor Energy* -3.02 Metro 2.83 BCE* -2.35 Onex 2.79 Barrick Gold* -1.41 Saputo 2.58 Waste Connections* -1.37 TELUS 2.44 Enbridge -1.31 ATCO 2.27 Shopify* -1.19 Nutrien 2.18 Toronto-Dominion Bank -1.13 Manulife 2.08 Pembina Pipeline* -1.10 Total 75.53 Constellation Software* -0.98 Number of Equity Positions 36 Restaurant Brands International* -0.96 1. Top twenty weights are represented as a percentage of entire portfolio excluding cash. Securities shown are top twenty within the asset class. 2. Overweight and underweight portfolio holdings are in comparison to the S&P/TSX Composite Index. *Asset not held in the portfolio during the period. Information is based on a Franklin Bissett Canadian Large Cap SMA model portfolio, representative of the investment strategy. This model portfolio is indicative of the allocation that would be used for new accounts being opened and is updated as of the end of each calendar quarter. The allocation of existing accounts may differ from the allocation used for new accounts due to differences in the timing of purchases and sales, general market conditions and other factors specific to each existing account due to client considerations. For Dealer Use Only | Not for Distribution to the Public 14
Sector Allocation1
Franklin Bissett Canadian Large Cap SMA
As of March 31, 2019
Financials 38.22
31.72
15.19
Industrials 10.94
Energy 14.51
18.04
Consumer Staples 9.30
3.90
Materials 5.74
11.24
4.38
Information Technology 4.47
4.34
Communication Services 5.75
4.24
Utilities 4.18
3.04
Consumer Discretionary 4.07
1.04
Real Estate 3.49
0.00
Health Care 2.20
0 15 30 45
Portfolio (%) S&P/TSX Composite (%)
1. Sector allocation is represented as a percentage of asset class and may not total 100% due to rounding.
Information is based on a Franklin Bissett Canadian Large Cap SMA model portfolio, representative of the investment strategy. This model portfolio is indicative of the allocation that
would be used for new accounts being opened and is updated as of the end of each calendar quarter. The allocation of existing accounts may differ from the allocation used for new
accounts due to differences in the timing of purchases and sales, general market conditions and other factors specific to each existing account due to client considerations.
For Dealer Use Only | Not for Distribution to the Public 15Portfolio Activity
Franklin Bissett Canadian Large Cap SMA
(January 1, 2019–March 31, 2019)
Dollarama
Top 3 Purchases: Manulife
TELUS
Top Sale: Restaurant Brands International
Information is based on a Franklin Bissett Canadian Large Cap SMA model portfolio, representative of the investment strategy. This model portfolio is indicative of the allocation that
would be used for new accounts being opened and is updated as of the end of each calendar quarter. The allocation of existing accounts may differ from the allocation used for new
accounts due to differences in the timing of purchases and sales, general market conditions and other factors specific to each existing account due to client considerations.
For Dealer Use Only | Not for Distribution to the Public 16Performance (Gross of Fees)
Franklin Bissett Canadian Large Cap SMA
As of March 31, 2019
Calendar Year Returns (%)
2014 2015 2016 2017 2018
Canadian Large Cap (%) 13.25 -6.43 20.61 8.21 -7.92
S&P/TSX Composite Index (%) 10.55 -8.32 21.08 9.10 -8.89
Returns (%)
1 Year 3 Years* 5 Years* 10 Years* 15 Years* Inception1*
Canadian Large Cap (%) 9.08 8.41 6.34 12.53 9.45 11.05
S&P/TSX Composite Index (%) 8.11 9.27 5.44 9.49 7.20 8.08
Standard Deviation (%)
1 Year 3 Years* 5 Years* 10 Years* 15 Years* Inception1*
Canadian Large Cap (%) 11.86 8.36 8.48 10.04 11.24 12.18
S&P/TSX Composite Index (%) 13.04 8.74 8.89 10.49 12.41 14.37
Other Risk Statistics
1 Year 3 Years* 5 Years* 10 Years* 15 Years* Inception1*
Risk-Adjusted Returns (Alpha) 1.62 0.06 1.34 3.97 3.05 4.03
Beta 0.88 0.89 0.89 0.87 0.83 0.76
Tracking Error (%) 3.33 3.10 3.12 4.50 5.16 6.53
Information Ratio 0.29 -0.28 0.29 0.67 0.43 0.45
1. Inception Date: September 30, 1995.
*Annualized.
FOR ILLUSTRATIVE AND DISCUSSION PURPOSES ONLY. THE RETURNS SHOWN HEREIN ARE THOSE OF THE FRANKLIN BISSETT CANADIAN LARGE CAP SMA MODEL PORTFOLIO (the
“MODEL PORTFOLIO”). From October 1, 2015 to present, the “pure” gross performance is based on a model account maintained by Franklin Bissett Separately Managed Accounts and assumes the
following: (1) a portfolio size of $10 million; (2) the reinvestment of dividends and other earnings; (3) the effects of any corporate actions; (4) that the portfolio securities are valued daily using the most
recent published end of day prices; and (5) no trading expenses. Prior to September 30, 2015 performance information presented herein are those of a model account maintained and reported by a third
party dealer. The model account follows a similar investment strategy and utilizes the same research as the Franklin Bissett Canadian Large Cap SMA model portfolio (the “Model Portfolio”). Accordingly,
we do not represent that the model or dealer performance is accurate or complete, or that it should be relied upon as such. Actual client returns may differ for a variety of reasons including, but not limited
to, differences in: portfolio size, percentages held in each security, the timing of purchases and sales, price per security, fees and expenses. These differences may result in returns that may vary from
those presented. Performance is presented in Canadian dollars, assumes reinvestment of dividends and other earnings and is gross of fees. Taking into account fees would result in lower rates of return.
Returns represent past performance. Past performance does not guarantee future results and may not be repeated.
For Dealer Use Only | Not for Distribution to the Public 17CIBC Wood Gundy ICS Program Mandates
• Canadian Large Cap
– Core portfolio seeking long-term capital appreciation
– Focus on securities with market capitalizations exceeding $2 billion
• Dividend Income
– Blended portfolio seeking capital appreciation and tax-efficient income
• Canadian Dividend
– Portfolio seeking capital appreciation and tax-efficient income
– Focus on Canadian common equities with emphasis placed on a growing
income stream
• Canadian Mid Cap
– Core portfolio seeking long-term capital appreciation
– Focus on stocks with average market capitalizations between $1 billion
and $3 billion
For Dealer Use Only | Not for Distribution to the Public 18Strategy Overview
Franklin Bissett Dividend Income SMA
• Suited for investors seeking:
– Capital appreciation
– Lower-than-benchmark volatility
– Attractive portfolio yield
• The vast majority of investments must pay, or be implementing, a dividend at time
of purchase
– Emphasis is placed on a growing income stream over time
• Canadian Equities
– Leveraging our in-house fundamental research
• U.S. Equities
– Deep market for high quality companies with dividend growth
• Preferred share exposure generally enhances income and reduces overall
portfolio volatility
For Dealer Use Only | Not for Distribution to the Public 19Asset Mix
Franklin Bissett Dividend Income SMA
As of March 31, 2019
Portfolio Yield: 3.57%
Asset Class Current Allocation Range Benchmark
Canadian Dividend Equity 69.05% 60% to 88% 70%
U.S. Dividend Equity 24.79% 10% to 30% 20%
Preferred Shares 3.18% 0% to 15% 10%
Cash 2.97% 2% to 10% 0%
Asset mix may not total 100% due to rounding.
Please refer to the “Important Disclosures” slide for the definition of dividend yield.
Information is based on a Franklin Bissett Dividend Income SMA model portfolio, representative of the investment strategy. This model portfolio is indicative of the allocation that would
be used for new accounts being opened and is updated as of the end of each calendar quarter. The allocation of existing accounts may differ from the allocation used for new accounts
due to differences in the timing of purchases and sales, general market conditions and other factors specific to each existing account due to client considerations. Performance is
presented in Canadian dollars, assumes reinvestment of dividends and other earnings and is gross of fees. Taking into account fees would result in lower rates of return. Returns
represent past performance. Past performance does not guarantee future results and may not be repeated.
For Dealer Use Only | Not for Distribution to the Public 20Top Holdings
Franklin Bissett Dividend Income SMA
As of March 31, 2019 As of March 31, 2016
Canadian Equity Portion of the Portfolio U.S. Equity Portion of the Portfolio
Top 20 Holdings1 Weight (%) Top Holdings1 Weight (%)
Royal Bank of Canada 4.02 Pfizer 1.81
Brookfield Asset Management 3.75
Merck 1.79
Canadian National Railway 3.50
Toronto-Dominion Bank 3.49 Apple 1.78
CIBC 3.48 McDonald’s 1.69
Enbridge 3.11 Microsoft 1.66
Bank of Montreal 2.81
Canadian Utils 2.70 Duke Energy 1.63
Metro 2.65 JP Morgan Chase 1.57
Alimentation Couche-Tard 2.50 Johnson & Johnson 1.46
Bank of Nova Scotia 2.50
Coca-Cola 1.38
Fortis 2.45
Rogers Communications 2.44 Procter & Gamble 1.36
TELUS 2.43 Intel 1.35
Nutrien 2.40
Kinder Morgan 1.33
RioCan REIT 2.32
Saputo 2.28 United Parcel Service 1.33
Power Financial 2.12 Wells Fargo 1.28
Inter Pipeline 2.04 Union Pacific 1.24
BCE 1.88
Total 22.66
Total 54.87
Number of Canadian Dividend Equity Positions 35 Number of U.S. Dividend Equity Positions 18
1. Top holdings weights are represented as a percentage of entire portfolio excluding cash. Securities shown are top holdings within the asset class.
Information is based on a Franklin Bissett Dividend Income SMA model portfolio, representative of the investment strategy. This model portfolio is indicative of the allocation that would
be used for new accounts being opened and is updated as of the end of each calendar quarter. The allocation of existing accounts may differ from the allocation used for new accounts
due to differences in the timing of purchases and sales, general market conditions and other factors specific to each existing account due to client considerations.
For Dealer Use Only | Not for Distribution to the Public 21Sector Allocation1
Franklin Bissett Dividend Income SMA
As of March 31, 2019 As of March 31, 2016
Canadian Equity Portion of the Portfolio U.S. Equity Portion of the Portfolio
36.60 20.39
Financials Health Care 14.57
31.72
Energy 17.26 Information Technology 19.30
18.04 21.19
10.76 16.94
Consumer Staples Consumer Staples
3.90 7.33
9.78 11.50
Communication Services 5.75 Financials 12.69
Utilities 9.15 Industrials 10.37
4.18 9.48
6.70 8.10
Industrials 10.94 Energy 5.43
6.38 6.83
Materials 11.24 Consumer Discretionary 10.15
3.36 6.56
Real Estate 3.49 Utilities
3.33
0.00 0.00
Information Technology 4.47 Communication Services 10.11
Consumer Discretionary 0.00 0.00
4.07 Real Estate 3.09
Health Care 0.00 0.00
2.20 Materials 2.64
0 10 20 30 40 0 10 20 30
Portfolio (%) S&P/TSX Composite (%) Portfolio (%) S&P 500 Index (%)
Portfolio (%) S&P/TSX Composite (%) Portfolio (%) S&P 500 Index (%)
Canadian Equity Yield 3.96 3.02 U.S. Equity Yield 2.86 2.01
1. Sector allocation is represented as a percentage of asset class and may not total 100% due to rounding.
Please refer to the “Important Disclosures” slide for the definition of dividend yield.
Information is based on a Franklin Bissett Dividend Income SMA model portfolio, representative of the investment strategy. This model portfolio is indicative of the allocation that would
be used for new accounts being opened and is updated as of the end of each calendar quarter. The allocation of existing accounts may differ from the allocation used for new accounts
due to differences in the timing of purchases and sales, general market conditions and other factors specific to each existing account due to client considerations. Performance is
presented in Canadian dollars, assumes reinvestment of dividends and other earnings and is gross of fees. Taking into account fees would result in lower rates of return. Returns
represent past performance. Past performance does not guarantee future results and may not be repeated.
For Dealer Use Only | Not for Distribution to the Public 22Portfolio Activity
Franklin Bissett Dividend Income SMA
(January 1, 2019–March 31, 2019)
Saputo
Top 3 Purchases: Alimentation Couche-Tard
RioCan REIT
IGM Financial
Top 3 Sales: Restaurant Brands International
Secure Energy Services
1. Denotes holding is part of the U.S. portion of the portfolio.
Information is based on a Franklin Bissett Dividend Income SMA model portfolio, representative of the investment strategy. This model portfolio is indicative of the allocation that would
be used for new accounts being opened and is updated as of the end of each calendar quarter. The allocation of existing accounts may differ from the allocation used for new accounts
due to differences in the timing of purchases and sales, general market conditions and other factors specific to each existing account due to client considerations.
For Dealer Use Only | Not for Distribution to the Public 23Performance (Gross of Fees) Franklin Bissett Dividend Income SMA As of March 31, 2019 Calendar Year Returns (%) 2014 2015 2016 2017 2018 Dividend Income (%) 6.81 -8.37 21.20 6.22 -4.49 Benchmark1 (%) 13.12 -2.62 17.27 10.61 -6.26 Returns (%) 1 Year 3 Years* 5 Years* 10 Years* 15 Years* Inception2* Dividend Income (%) 10.42 9.46 5.32 11.32 7.84 7.82 Benchmark1 (%) 7.70 10.13 7.24 10.77 6.77 5.87 Standard Deviation (%) 1 Year 3 Years* 5 Years* 10 Years* 15 Years* Inception2* Dividend Income (%) 9.69 7.09 7.86 8.03 8.57 8.64 Benchmark1 (%) 11.37 7.68 7.80 8.28 9.50 10.53 Other Risk Statistics 1 Year 3 Years* 5 Years* 10 Years* 15 Years* Inception2* Risk-Adjusted Returns (Alpha) 3.55 0.52 -1.19 2.02 2.10 3.20 Beta 0.82 0.87 0.91 0.84 0.78 0.62 Tracking Error (%) 3.16 2.56 3.56 4.17 4.78 6.97 Information Ratio 0.86 -0.26 -0.54 0.13 0.22 0.28 1. The benchmark is a combination of the following indices: 70% S&P/TSX Composite Index, 20% S&P 500 Index, 10% S&P/TSX Preferred Share Index. From October 1, 2014 to March 31, 2016 the benchmark was comprised of 60% S&P/TSX Composite Index, 25% S&P 500 Index, 15% S&P/TSX Preferred Share Index. From July 1, 2007 to September 30, 2014, the benchmark was composed of 60% S&P/TSX Composite Index, 25% S&P 500 Index, 15% BMO Nesbitt Burns 50 Preferred Shares Index (NB50 PSI). Prior to June 30, 2007, the benchmark was composed of 50% S&P/TSX Composite Index, 25% S&P 500 Index, 25% BMO Nesbitt Burns 50 Preferred Shares Index (NB50 PSI). 2. Inception Date: March 31, 1998. *Annualized. FOR ILLUSTRATIVE AND DISCUSSION PURPOSES ONLY. THE RETURNS SHOWN HEREIN ARE THOSE OF THE FRANKLIN BISSETT DIVIDEND INCOME SMA MODEL PORTFOLIO (the “MODEL PORTFOLIO”). From October 1, 2015 to present, the “pure” gross performance is based on a model account maintained by Franklin Bissett Separately Managed Accounts and assumes the following: (1) a portfolio size of $10 million; (2) the reinvestment of dividends and other earnings; (3) the effects of any corporate actions; (4) that the portfolio securities are valued daily using the most recent published end of day prices; and (5) no trading expenses. Prior to September 30, 2015 performance information presented herein are those of a model account maintained and reported by a third party dealer. The model account follows a similar investment strategy and utilizes the same research as the Franklin Bissett Dividend Income SMA model portfolio (the “Model Portfolio”). Accordingly, we do not represent that the model or dealer performance is accurate or complete, or that it should be relied upon as such. Actual client returns may differ for a variety of reasons including, but not limited to, differences in: portfolio size, percentages held in each security, the timing of purchases and sales, price per security, fees and expenses. These differences may result in returns that may vary from those presented. Performance is presented in Canadian dollars, assumes reinvestment of dividends and other earnings and is gross of fees. Taking into account fees would result in lower rates of return. Returns represent past performance. Past performance does not guarantee future results and may not be repeated. For Dealer Use Only | Not for Distribution to the Public 24
CIBC Wood Gundy ICS Program Mandates
• Canadian Large Cap
– Core portfolio seeking long-term capital appreciation
– Focus on securities with market capitalizations exceeding $2 billion
• Dividend Income
– Blended portfolio seeking capital appreciation and tax-efficient income
• Canadian Dividend
– Portfolio seeking capital appreciation and tax-efficient income
– Focus on Canadian common equities with emphasis placed on a growing
income stream
• Canadian Mid Cap
– Core portfolio seeking long-term capital appreciation
– Focus on stocks with average market capitalizations between $1 billion
and $3 billion
For Dealer Use Only | Not for Distribution to the Public 25Strategy Overview
Franklin Bissett Canadian Dividend SMA
• Suited for investors seeking:
– Tax-efficient income and capital appreciation
– Lower-than-benchmark volatility
– 100% Canadian securities with emphasis placed on growing income stream
over time
• Concentrated, yet a diversified portfolio
– Holdings typically range between 30–50 names
• Large-cap coverage
– Bias towards large-cap securities with meaningful exposure to mid-cap and
small-cap securities for diversification benefits
• Fully invested
– Typical cash exposure is below 5%
• Annual Turnover Target of 15%–25%
For Dealer Use Only | Not for Distribution to the Public 26Asset Mix
Franklin Bissett Canadian Dividend SMA
As of March 31, 2019
Portfolio Yield: 3.83%
Asset Class Current Allocation Range Benchmark
Canadian Dividend Equity 96.38% 90% to 98% 100%
Cash 3.62% 2% to 10% 0%
Asset mix may not total 100% due to rounding.
Please refer to the “Important Disclosures” slide for the definition of dividend yield.
Information is based on a Franklin Bissett Canadian Dividend SMA model portfolio, representative of the investment strategy. This model portfolio is indicative of the allocation that would
be used for new accounts being opened and is updated as of the end of each calendar quarter. The allocation of existing accounts may differ from the allocation used for new accounts
due to differences in the timing of purchases and sales, general market conditions and other factors specific to each existing account due to client considerations. Performance is
presented in Canadian dollars, assumes reinvestment of dividends and other earnings and is gross of fees. Taking into account fees would result in lower rates of return. Returns
represent past performance. Past performance does not guarantee future results and may not be repeated.
For Dealer Use Only | Not for Distribution to the Public 27Top Holdings Franklin Bissett Canadian Dividend SMA As of March 31, 2019 As of March 31, 2016 Top 20 Holdings1 Top 10 Overweights & Underweights2 Name Weight (%) Name Weight (%) Royal Bank of Canada 5.62 Canadian Utilities +3.58 Brookfield Asset Management 5.25 Metro +3.18 Canadian National Railway 4.89 RioCan REIT +2.89 CIBC 4.86 Brookfield Asset Management +2.85 Toronto-Dominion Bank 4.67 CIBC +2.80 Enbridge 4.34 Saputo +2.75 Bank of Montreal 3.92 Power Financial +2.63 Canadian Utils 3.77 Fortis +2.49 Metro 3.70 Inter Pipeline +2.46 Alimentation Couche-Tard 3.52 Rogers Communications +2.27 Bank of Nova Scotia 3.49 Fortis 3.43 Name Weight (%) Rogers Communications 3.41 Suncor Energy* -3.02 TELUS 3.40 Canadian Natural Resources* -1.94 Nutrien 3.36 CP Railway* -1.71 RioCan REIT 3.25 Barrick Gold* -1.41 Saputo 3.20 Waste Connections* -1.37 Power Financial 2.97 Shopify* -1.19 Inter Pipeline 2.85 Toronto-Dominion Bank -1.18 BCE 2.63 Pembina Pipeline* -1.10 Total 76.53 CGI* -0.99 Number of Canadian Dividend Equity Positions 35 Constellation Software* -0.98 1. Top twenty weights are represented as a percentage of entire portfolio excluding cash. Securities shown are top twenty within the asset class. 2. Overweight and underweight portfolio holdings are in comparison to the S&P/TSX Composite Index. *Asset not held in the portfolio during the period. Information is based on a Franklin Bissett Canadian Dividend SMA model portfolio, representative of the investment strategy. This model portfolio is indicative of the allocation that would be used for new accounts being opened and is updated as of the end of each calendar quarter. The allocation of existing accounts may differ from the allocation used for new accounts due to differences in the timing of purchases and sales, general market conditions and other factors specific to each existing account due to client considerations. For Dealer Use Only | Not for Distribution to the Public 28
Sector Allocation1
Franklin Bissett Canadian Dividend SMA
As of March 31, 2019
Financials 36.46
31.72
Energy 17.29
18.04
10.81
Consumer Staples
3.90
Communication Services 9.79
5.75
Utilities 9.17
4.18
Industrials 6.71
10.94
6.41
Materials
11.24
3.37
Real Estate 3.49
0.00
Information Technology 4.47
0.00
Consumer Discretionary 4.07
0.00
Health Care 2.20
0 10 20 30 40
Portfolio (%) S&P/TSX Composite (%)
Portfolio (%) S&P/TSX Composite (%)
Canadian Equity Yield 3.95 3.02
1. Sector allocation is represented as a percentage of asset class and may not total 100% due to rounding.
Please refer to the “Important Disclosures” slide for the definition of dividend yield.
Information is based on a Franklin Bissett Canadian Dividend SMA model portfolio, representative of the investment strategy. This model portfolio is indicative of the allocation that would
be used for new accounts being opened and is updated as of the end of each calendar quarter. The allocation of existing accounts may differ from the allocation used for new accounts
due to differences in the timing of purchases and sales, general market conditions and other factors specific to each existing account due to client considerations. Performance is
presented in Canadian dollars, assumes reinvestment of dividends and other earnings and is gross of fees. Taking into account fees would result in lower rates of return. Returns
represent past performance. Past performance does not guarantee future results and may not be repeated.
For Dealer Use Only | Not for Distribution to the Public 29Portfolio Activity
Franklin Bissett Canadian Dividend SMA
(January 1, 2019–March 31, 2019)
Saputo
Top 3 Purchases: Alimentation Couche-Tard
RioCan REIT
IGM Financial
Top 3 Sales: Restaurant Brands International
Secure Energy Services
Information is based on a Franklin Bissett Canadian Dividend SMA model portfolio, representative of the investment strategy. This model portfolio is indicative of the allocation that would
be used for new accounts being opened and is updated as of the end of each calendar quarter. The allocation of existing accounts may differ from the allocation used for new accounts
due to differences in the timing of purchases and sales, general market conditions and other factors specific to each existing account due to client considerations.
For Dealer Use Only | Not for Distribution to the Public 30Performance (Gross of Fees)
Franklin Bissett Canadian Dividend SMA
As of March 31, 2019
CALENDAR YEAR RETURNS
2014 2015 2016 2017 2018
Canadian Dividend (%) N/A -15.33 28.10 6.27 -8.11
S&P/TSX Composite Index (%) N/A -8.32 21.08 9.10 -8.89
HISTORICAL PERFORMANCE
3 Months 1 Year 3 Years* 5 Years* 10 Years* Inception1*
Canadian Dividend (%) 12.31 8.83 9.34 N/A N/A 4.17
S&P/TSX Composite Index (%) 13.29 8.11 9.27 N/A N/A 5.40
1. Inception Date: December 31, 2014.
*Annualized.
FOR ILLUSTRATIVE AND DISCUSSION PURPOSES ONLY. THE SIMULATED RETURNS SHOWN HEREIN ARE THE GROSS RETURNS OF THE FRANKLIN BISSETT
CANADIAN DIVIDEND SEPARATELY MANAGED ACCOUNT (SMA) MODEL PORTFOLIO (the “MODEL PORTFOLIO”) FOR THE PERIOD INDICATED, WHICH IS
REPRESENTATIVE OF THE INVESTMENT STRATEGY. ALL PERFORMANCE IS REPORTED IN CANADIAN DOLLARS. The simulated returns are based on a model account
maintained by Franklin Bissett Separately Managed Accounts and assume the following: (1) a portfolio size of $10 million; (2) the reinvestment of dividends and other earnings; (3) the
effects of any corporate actions; (4) that the portfolio securities are valued daily using the most recent published end of day prices; and (5) no trading expenses. Actual client returns
may differ for a variety of reasons including, but not limited to, differences in: performance calculation methodology, portfolio size, percentages held in each security, the timing of
purchases and sales, price per security, cash, fees and expenses. These differences may result in returns that may vary from those presented. Taking into account fees and trading
expenses would result in lower rates of return. Returns represent past performance. The performance does not represent any client accounts managed by Franklin Bissett Separately
Managed Accounts. Past performance does not guarantee future results and may not be repeated.
For Dealer Use Only | Not for Distribution to the Public 31CIBC Wood Gundy ICS Program Mandates
• Canadian Large Cap
– Core portfolio seeking long-term capital appreciation
– Focus on securities with market capitalizations exceeding $2 billion
• Dividend Income
– Blended portfolio seeking capital appreciation and tax-efficient income
• Canadian Dividend
– Portfolio seeking capital appreciation and tax-efficient income
– Focus on Canadian common equities with emphasis placed on a growing
income stream
• Canadian Mid Cap
– Core portfolio seeking long-term capital appreciation
– Focus on stocks with average market capitalizations between $1 billion
and $3 billion
For Dealer Use Only | Not for Distribution to the Public 32Top Holdings Franklin Bissett Canadian Mid Cap SMA As of March 31, 2019 As of March 31, 2016 Top 20 Holdings1 Top 10 Overweights & Underweights2 Name Weight (%) Name Weight (%) Toromont Industries 6.01 Toromont Industries +6.01 Enghouse Systems 5.01 Enghouse Systems +5.01 ATCO 5.00 ATCO +5.00 Descartes Systems 4.51 Descartes Systems Group +4.51 Stantec 4.48 Stantec +4.48 Indigo Books & Music 4.31 Indigo Books & Music +4.31 Richelieu Hardware 3.94 Leon’s Furniture +3.88 Equitable Group 3.91 Transcontinental +3.38 Leons Furniture 3.88 Equitable Group +3.27 Sleep Country Canada 3.39 Westaim +3.22 Transcontinental 3.38 Westaim 3.22 Name Weight (%) Horizon North Logistics 2.77 Killam Apartment REIT* -1.55 Canadian Western Bank 2.65 Tricon Capital Group* -1.45 Total Energy Services 2.64 Northview Apartment REIT* -1.43 Boyd Group Income Fund 2.45 First Majestic Silver* -1.30 Winpak 2.40 Badger Daylighting* -1.29 Interrent Real Estate Investment Trust 2.34 Torex Gold Resources* -1.26 First Capital Realty 2.34 ShawCor* -1.23 Major Drilling Group 2.18 North West Company* -1.23 Total 70.81 Sandstorm Gold* -1.16 Number of Equity Positions 39 Boralex* -1.14 1. Top twenty weights are represented as a percentage of entire portfolio excluding cash. Securities shown are top twenty within the asset class. 2. Overweight and underweight portfolio holdings are in comparison to the S&P/TSX Small Cap Index. *Asset not held in the portfolio during the period. Information is based on a Franklin Bissett Canadian Mid Cap SMA model portfolio, representative of the investment strategy. This model portfolio is indicative of the allocation that would be used for new accounts being opened and is updated as of the end of each calendar quarter. The allocation of existing accounts may differ from the allocation used for new accounts due to differences in the timing of purchases and sales, general market conditions and other factors specific to each existing account due to client considerations. For Dealer Use Only | Not for Distribution to the Public 33
Sector Allocation1
Franklin Bissett Canadian Mid Cap SMA
As of March 31, 2019
Industrials 28.08
12.17
Consumer Discretionary 15.70
6.35
Energy 14.64
20.81
Information Technology 10.95
2.29
Financials 10.27
6.71
6.38
Materials
21.45
5.24
Utilities 3.26
4.91
Real Estate
14.16
3.84
Consumer Staples 4.00
0.00
Health Care 6.14
Communication Services 0.00
2.67
0 10 20 30
Portfolio (%) S&P/TSX Small Cap (%)
1. Sector allocation is represented as a percentage of asset class and may not total 100% due to rounding.
Information is based on a Franklin Bissett Canadian Mid Cap SMA model portfolio, representative of the investment strategy. This model portfolio is indicative of the allocation that would
be used for new accounts being opened and is updated as of the end of each calendar quarter. The allocation of existing accounts may differ from the allocation used for new accounts
due to differences in the timing of purchases and sales, general market conditions and other factors specific to each existing account due to client considerations.
For Dealer Use Only | Not for Distribution to the Public 34Portfolio Activity
Franklin Bissett Canadian Mid Cap SMA
(January 1, 2019–March 31, 2019)
Canadian Western Bank
Top 3 Purchases: Interrent Real Estate Investment Trust
Boyd Group Income Fund
Stella-Jones
Top 3 Sales: National Bank of Canada
AGF Management
Information is based on a Franklin Bissett Canadian Mid Cap SMA model portfolio, representative of the investment strategy. This model portfolio is indicative of the allocation that would
be used for new accounts being opened and is updated as of the end of each calendar quarter. The allocation of existing accounts may differ from the allocation used for new accounts
due to differences in the timing of purchases and sales, general market conditions and other factors specific to each existing account due to client considerations.
For Dealer Use Only | Not for Distribution to the Public 35Performance (Gross of Fees)
Franklin Bissett Canadian Mid Cap SMA
As of March 31, 2019
Calendar Year Returns (%)
2014 2015 2016 2017 2018
Canadian Mid Cap (%) -0.48 -19.35 34.90 0.36 -21.01
S&P/TSX Small Cap Index (%) -2.34 -13.31 38.48 2.75 -18.17
Returns (%)
1 Year 3 Years* 5 Years* 10 Years* Inception1*
Canadian Mid Cap (%) -10.70 1.58 -2.85 12.14 5.56
S&P/TSX Small Cap Index (%) -1.81 5.91 0.22 8.13 2.06
Standard Deviation (%)
1 Year 3 Years* 5 Years* 10 Years* Inception1*
Canadian Mid Cap (%) 12.98 11.11 12.28 14.09 15.70
S&P/TSX Small Cap Index (%) 13.90 12.96 14.36 15.74 17.92
Other Risk Statistics
1 Year 3 Years* 5 Years* 10 Years* Inception1*
Risk-Adjusted Returns (Alpha) -9.36 -2.37 -3.18 5.88 3.62
Beta 0.89 0.65 0.65 0.72 0.72
Tracking Error (%) 4.05 8.62 9.48 9.49 10.34
Information Ratio -2.20 -0.50 -0.32 0.42 0.34
1. Inception Date: September 30, 2005.
*Annualized.
FOR ILLUSTRATIVE AND DISCUSSION PURPOSES ONLY. THE RETURNS SHOWN HEREIN ARE THOSE OF THE FRANKLIN BISSETT CANADIAN MID CAP SMA MODEL PORTFOLIO (the
“MODEL PORTFOLIO”). From October 1, 2015 to present, the “pure” gross performance is based on a model account maintained by Franklin Bissett Separately Managed Accounts and assumes the
following: (1) a portfolio size of $10 million; (2) the reinvestment of dividends and other earnings; (3) the effects of any corporate actions; (4) that the portfolio securities are valued daily using the most
recent published end of day prices; and (5) no trading expenses. Prior to September 30, 2015 performance information presented herein are those of a model account maintained and reported by a third
party dealer. The model account follows a similar investment strategy and utilizes the same research as the Franklin Bissett Canadian Mid Cap SMA model portfolio (the “Model Portfolio”). Accordingly, we
do not represent that the model or dealer performance is accurate or complete, or that it should be relied upon as such. Actual client returns may differ for a variety of reasons including, but not limited to,
differences in: portfolio size, percentages held in each security, the timing of purchases and sales, price per security, fees and expenses. These differences may result in returns that may vary from those
presented. Performance is presented in Canadian dollars, assumes reinvestment of dividends and other earnings and is gross of fees. Taking into account fees would result in lower rates of return.
Returns represent past performance. Past performance does not guarantee future results and may not be repeated.
For Dealer Use Only | Not for Distribution to the Public 36Our Current Outlook
As of March 31, 2019
Current Canadian equity market themes:
• Trade uncertainty
• Direction of interest rates
• Global economic growth
deceleration?
• Role/influence of disruptive
business models
• Excitement regarding concepts
and potential
• Changing commodity price
dynamics
The information is not a complete analysis of every aspect of any market, country, industry, security or portfolio. Statements of fact are from sources considered to be reliable, but no
representation or warranty is made as to their completeness or accuracy. Because market and economic conditions are subject to rapid change, opinions provided are valid only as of
the date indicated. The views expressed may not be relied upon as investment advice and are not share class specific.
For Dealer Use Only | Not for Distribution to the Public 37Appendix For Dealer Use Only | Not for Distribution to the Public
Franklin Bissett Equity Group:
Years of Experience and Responsibilities
Name Industry Since Firm Since Responsibilities
Garey Aitken, CFA, MBA 1993 February 1998 Chief Investment Officer
Chief Investment Officer Portfolio Management: Canadian Equity and Small/Micro Cap Strategies
Tim Caulfield, CFA 1999 January 2007 Portfolio Management: Canadian Equity Strategies
VP, Director of Equity Research Research: Financials and Industrials
Les Stelmach, CFA 1999 January 2006 Portfolio Management: Dividend Strategies
SVP, Portfolio Manager Research: Energy
Ryan Crowther, CFA 2002 February 2008 Portfolio Management: Dividend Strategies
VP, Portfolio Manager Research: Materials, Health Care and Information Technology
Ralph Lindenblatt, CFA 1998 January 2001 Portfolio Management: Small/Micro Cap Strategies
SVP, Portfolio Manager Research: Small/Micro Cap strategies across various sectors
Izabel Flis, CFA 2001 January 2001 Portfolio Management: Quantitative Strategies
VP, Portfolio Manager Research: Pipelines and Infrastructure, Retailing, Consumer Staples,
Communication Services, and Utilities
Andrew Buntain, CFA 1995 May 2007 Communication of FBIM process, philosophy and strategies to internal and
VP, Institutional Portfolio Manager external constituencies
Mike Richmond, CFA 2001 August 2013 Research: Energy Equipment and Services, Real Estate, and Small/Micro Cap
Research Analyst strategies across various sectors
Neil Forster, CFA, MBA 2006 March 2014 Research: Small/Micro Cap strategies across various sectors
Research Analyst
Mitchell McCartney, CFA 2011 May 2011 Research: Industrials, Consumer Discretionary
Research Analyst
Chris Lankester 2000 November 2000 Investment Operations
Investment Operations Analyst
Dino Kurbegovic 2017 June 2017 Investment Operations
Portfolio Assistant
Shelly Wilson 2000 February 2000 Support Portfolio Management Team
Executive Assistant
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. As of April 8, 2019.
For Dealer Use Only | Not for Distribution to the Public 39Sector Research Coverage
Canadian Fundamental Equity Strategies
Investment Team
Garey Aitken Tim Caulfield “Our investors benefit
Chief Investment Officer Vice President, Director of Equity Research from a time-tested
Les Stelmach investment process
Energy Energy Equipment & Services Mike Richmond predicated on extensive
Pipelines, Infrastructure Izabel Flis fundamental research and
Materials Ryan Crowther
valuation work.”
Mitch McCartney —Garey Aitken, CFA
Industrials Chief Investment Officer
ANALYST COVERAGE
Railroads Tim Caulfield Franklin Bissett Investment Management
Mitch McCartney
Consumer Discretionary
SUB-GROUP
Retailing Izabel Flis
SECTOR
Consumer Staples Izabel Flis
Health Care Ryan Crowther
Financials Tim Caulfield
Information Technology Ryan Crowther
Communication Services Izabel Flis
Utilities Izabel Flis
Real Estate Mike Richmond
Ralph Lindenblatt
Various Sectors Small/Micro Cap Neil Forster
Mike Richmond
Additional Resources Leveraging the Franklin Templeton Platform
Risk Analysis • Equity Trading • Legal • ESG Team • Marketing and Distribution
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
For Dealer Use Only | Not for Distribution to the Public 40Biography
Garey J. Aitken, MBA, CFA
Chief Investment Officer
Developed Markets Equity—Franklin Local Asset Management
Franklin Bissett Investment Management
Calgary, Alberta, Canada
Garey Aitken is the chief investment officer of Franklin Bissett Investment Management, leading
Franklin Bissettʼs equity operations and has been with Franklin Bissett since 1998. In addition to the
chief investment officer responsibilities, Mr. Aitken shares co-lead manager responsibilities of the
Franklin Bissett Canadian Equity Program (2003), Franklin Bissett Monthly Income and Growth
Fund (since inception), Franklin Bissett Energy Corporate Class (since inception), Franklin
ActiveQuant Canadian Fund (since inception), Franklin ActiveQuant U.S. Fund (since inception),
Franklin Bissett Canada Plus Equity Fund (since inception), Franklin Bissett Canadian Balanced
Fund (2011), Franklin Bissett Canadian All Cap Balanced Fund (2013), Franklin Bissett Small Cap
Fund (2019) and Franklin Bissett Microcap Fund (2019).
In June 2017, Mr. Aitken was appointed chief investment officer of Developed Markets Equity—
Franklin Local Asset Management. In this role, Mr. Aitken oversees developed market equity LAMs
including Australia, Europe and the UK and the respective heads for each report directly to him.
In 2000, Mr. Aitken was named vice president, portfolio manager and in 2002 he was named vice
president, director of equity research.
Previous to joining Franklin Bissett, Mr. Aitken was an officer for a senior Canadian energy firm.
Prior to that, he was employed with a Canadian chartered bank in a corporate lending role.
Mr. Aitken holds a bachelor of commerce from the University of Alberta and an MBA from the
University of British Columbia. He is a Chartered Financial Analyst (CFA) charterholder.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
For Dealer Use Only | Not for Distribution to the Public 41Biography
Timothy W. Caulfield, CFA
Vice President, Director of Equity Research
Franklin Bissett Investment Management
Calgary, Alberta, Canada
Tim Caulfield is the director of equity research at Franklin Bissett Investment Management and
is co-lead manager of the Franklin Bissett Canadian Equity Program (2011), Franklin Bissett
Canadian Equity Fund (2011), Franklin Bissett Monthly Income and Growth Fund (since
inception), Franklin Bissett Canada Plus Equity Fund (since inception), Franklin Liberty Risk
Managed Canadian Equity ETF (since inception) and Franklin Liberty Core Balanced ETF
(since inception). Mr. Caulfieldʼs analyst responsibilities include coverage of the financials
sector.
Mr. Caulfield has been employing Franklin Bissett Investment Managementʼs Growth at a
Reasonable Price investment approach since joining the organization in 2007. Mr. Caulfield was
named vice president, Canadian equities, in 2008 and assumed the role of director of equity
research in 2010.
Prior to joining Franklin Bissett Investment Management, Mr. Caulfield worked as sell-side
research analyst and assistant director of research at a boutique firm.
Mr. Caulfield holds a bachelor of commerce degree, with honors, from the University of British
Columbia. He is a Chartered Financial Analyst (CFA) charterholder.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
For Dealer Use Only | Not for Distribution to the Public 42Biography
Les E. Stelmach, CFA
Senior Vice President, Portfolio Manager
Franklin Bissett Investment Management
Calgary, Alberta, Canada
Les Stelmach is a senior vice president and portfolio manager at Franklin Bissett Investment
Management. He is co-manager of Franklin Bissett Energy Corporate Class (2011), Franklin
Bissett Canadian Dividend Fund (2012) and Franklin Bissett Dividend Income Fund (2012).
Mr. Stelmach’s analyst responsibilities include coverage of the energy sector.
Past duties have included responsibility for research coverage for various high yield equity
securities, including equities within the healthcare, industrial, and utility sectors. In 2006,
Mr. Stelmach joined Franklin Bissett as an income trust analyst. In 2009 he was named vice
president and portfolio manager.
Prior to joining Franklin Bissett, Mr. Stelmach was employed by BMO Nesbitt Burns (now BMO
Capital Markets) for six years, most recently as a vice president and research analyst
specializing in the royalty and income trust sector.
Mr. Stelmach holds a bachelor of commerce degree in finance, with distinction, from the
University of Alberta. He is a Chartered Financial Analyst (CFA) charterholder.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
For Dealer Use Only | Not for Distribution to the Public 43Biography
Ryan Crowther, CFA
Vice President, Portfolio Manager
Franklin Bissett Investment Management
Calgary, Alberta, Canada
Ryan Crowther is a vice president, portfolio manager at Franklin Bissett Investment
Management and has been with the organization since 2008. Mr. Crowther shares co-lead
manager responsibilities of the Franklin Bissett Canadian Dividend Strategies (2011), including
Franklin Bissett Dividend Income Fund (2011), and Franklin Bissett Canadian Dividend Fund
(2011). Mr. Crowther’s analyst responsibilities include coverage of the materials sector.
Mr. Crowther joined Franklin Bissett in 2008 as an equity analyst and was appointed to his
current position in June 2011. His previous research responsibilities have included equity
research coverage for the materials, energy infrastructure, utilities and retail sectors.
Prior to joining Franklin Bissett, Mr. Crowther was a research associate and analyst at an
investment boutique from 2002 to 2007, with coverage of companies in the industrials and
materials sectors, among others. From 1999 to 2002, Mr. Crowther played a business
development role in a Vancouver-based internet services provider, and was a founding partner
of a domain registration company.
Mr. Crowther holds a bachelor of commerce from the University of British Columbia. He is
a Chartered Financial Analyst (CFA) charterholder.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
For Dealer Use Only | Not for Distribution to the Public 44Biography
Ralph Lindenblatt, CFA
Senior Vice President, Portfolio Manager
Franklin Bissett Investment Management
Calgary, Alberta, Canada
Ralph Lindenblatt is a senior vice president, portfolio manager at Franklin Bissett Investment
Management and has been with the organization since 2001. Mr. Lindenblatt shares co-lead
responsibilities of the Franklin Bissett Small Cap Fund (2006), Franklin Bissett Microcap Fund
(2006) and Franklin Bissett Canadian All Cap Balanced Fund (2013). Mr. Lindenblatt’s analyst
responsibilities include coverage of the small cap and mid cap sectors.
Past duties have included sector research for Canadian equities and analytical support for
Franklin Bissett’s domestic small cap program. In 2006 Mr. Lindenblatt was named co-lead
manager, and in 2007 he was named vice president and lead manager. He was promoted to his
current role in 2010.
Prior to joining Franklin Bissett, Mr. Lindenblatt held various positions within the investment
division of a Canadian chartered bank.
Mr. Lindenblatt holds a bachelor of science from the University of Victoria. He is a Chartered
Financial Analyst (CFA) charterholder.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
For Dealer Use Only | Not for Distribution to the Public 45Important Disclosures Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. General: The information presented herein is for illustrative and discussion purposes only. Information presented is based on representative/model portfolio indicative of the mandate being presented and considered reliable at the present time; however, we do not represent that it is accurate or complete, or that it should be relied upon as such. Returns represent past performance. Past performance does not guarantee future results and may not be repeated. Speculation or stated beliefs about future events, such as market and economic conditions, company or security performance, upcoming product offerings or other projections represent the beliefs of the speaker and do not necessarily represent the views of Franklin Templeton Investments Corp. General business, market, economic and political conditions could cause actual results to differ materially from what the speaker presently anticipates or projects. Actual client results and accounts may vary due to differences related to specific mandates. Dividend Yield: The dividend yield of a stock is the total amount of dividend per share paid over the previous 12 months, divided by its current price. The dividend yield of a mutual fund is the market-weighted average of the dividend yields of all the stocks in the portfolio. This measure is gross of fees. For Dealer Use Only | Not for Distribution to the Public 46
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