Portfolio Review Fourth Quarter 2020

Portfolio Review – Fourth Quarter 2020

Q41

FOR INSTITUTIONAL USE ONLY

The information provided in the Portfolio Series Review includes:

Underlying fund allocations

Performance

Allocations by sector, region, asset class and their change over the prior quarter.

In addition, each report includes detailed commentary explaining the fund’sperformance for the quarter. The commentary is provided by CI GAM| Multi-AssetManagement, CI Global Asset Management’s in-house team of investmentprofessionals responsible for managing and monitoring the Portfolio Seriesportfolios.

Q4 2020 Portfolio Series Review

The G

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3 Commentary

10 Portfolio Series Income Fund

15 Portfolio Series Conservative Fund

20Portfolio Series Conservative Balanced Fund

25 Portfolio Series Balanced Fund

30 Portfolio Series Balanced Growth Fund

35 Portfolio Series Growth Fund

40Portfolio Series Maximum Growth Fund

45 Benchmark History


CommentaryQuarterly Portfolio Review as at December 31, 2020

3

Market Performance

Without a doubt, 2020 was a “loss” year. Individually, we lost the ability to live our normal way of life. Globally, currencies lost their

purchasing power as central banks added US$9 trillion to the system (leading to price increases in almost everything, including stocks and

properties). But then – surprise! Markets finished the year stronger amid one of the worst pandemics in recent history.

Investors fell in love with growth style securities represented by the technology sector as performance outpaced value by 34% in 20201. While

they have strong fundamentals, we ask, “should we buy them at any price?” Regionally, the U.S. outperformed Canada as its economy and

equity index have larger weights in the technology sector and less in energy.

It is fair to say that the current scenario of higher asset prices during a recession is not normal. The natural conclusion is that we are in a

bubble, and we do not disagree. However, it is not a typical bubble where the issue is price speculation in a single asset. Rather, this bubble

formed due to increased central bank balance sheets (or money supply). From 2011 to 2020, central banks printed approximately US$17

trillion, and half of that is attributed to 2020 alone. Imagine a transaction where someone is selling an asset and getting currency in return. The

seller then demands more units of currency in exchange as the currency supply has dramatically increased, even though the asset supply has

not changed and demand may have slipped.

Benchmark returns in % as at December 31, 2020 3 months 1 year 3 years 5 years 10 years

S&P/TSX Composite Index 9.0 5.6 5.7 9.3 5.8

S&P 500 Index (C$) 7.2 16.1 14.7 13.3 16.7

MSCI World Index (Net) (C$) 8.9 13.6 11.0 10.3 12.6

FTSE Canada Universe Bond Index 0.6 8.7 5.6 4.2 4.5

Source: Bloomberg Finance L.P., FTSE


Commentary

4

Portfolio performance

Last quarter, global equity markets surged as news around vaccine availability gave investors hope that an economic recovery was plausible.

Regionally, developed international equities provided the strongest returns, while beaten down sectors (real estate, energy and financials)

and styles (value) came back into favour. Our portfolios delivered strong returns as overweight exposure to cyclical equities and credit

contributed to performance. Underweight exposure to government bonds added value in the income-oriented portfolios, while exposure to

long-dated Treasuries and gold detracted, hampered by rising interest rates. Within the equity portion, strong contributions from exposure to

the value style of investing and stock selection in emerging markets were partially offset by the growth factor and gold miners.

Source: CI GAM| Multi-Asset Management

Quarterly Portfolio Review as at December 31, 2020

Contributors and Detractors Contributors Detractors

Income-Oriented Portfolios

Underweight exposure to government

bondsLong-term bonds

Value Factor Gold

Balanced Portfolios

Overweight exposure to equity Growth factor

Value Factor Gold

U.S. dollar currency hedging

Growth-Oriented Portfolios

Emerging markets equity Growth factor

Value Factor Gold

U.S. dollar currency hedging


Commentary

5

Returns in % as at December 31, 2020 (Series I) 3 months 1 year 3 years 5 years 10 years

Portfolio Series Income Fund 2.9 5.6 5.4 5.5 6.9

Portfolio Series Conservative Fund 4.2 8.2 6.8 6.4 7.4

Portfolio Series Conservative Balanced Fund 5.2 8.3 6.9 6.9 8.1

Portfolio Series Balanced Fund 6.5 8.2 6.9 7.2 8.3

Portfolio Series Balanced Growth Fund 7.8 9.5 7.2 7.9 8.8

Portfolio Series Growth Fund 8.7 10.2 7.8 8.5 9.3

Portfolio Series Maximum Growth Fund 10.0 10.6 8.0 9.2 10.0

Source: RBC Investor & Treasury Services, as at December 31, 2020


Portfolio performance


Commentary

6

Outlook and positioningBubbles typically burst when they run out of steam (new money is no longer in increased supply). But when the bubble is initiated by central

banks, it could last as long as the central banks want. Will central banks eventually shrink their balance sheets and trigger a burst? Expanding is

usually an easier decision than shrinking, as decreasing money supply has the opposite effect of lower asset prices, which is typically perceived

as negative. Unless we have a very strong economy to offset, then this is usually the last thing on policymakers’ minds. Using history as a guide,

central bank balance sheets last peaked at US$16.0 trillion in 2018. With effort, mainly by the U.S. Federal Reserve, that balance fell to US$15.2

trillion in 2019. You may notice the reaction to reduce spending was extremely slow compared to the growth since 2008 (see chart below).

Source: CI GAM| Multi-Asset Management, Bloomberg Finance L.P. and CI Global Asset Management. as at December 31, 2020.



Commentary

7

Outlook and positioningWith interest rates already at or close to zero, central banks have aggressively used money supply as a tool to combat the market disruption

brought on by the pandemic, similar to the Global Financial Crisis of 2008-09. Policymakers seem very comfortable leaving the bubble as is, and

most of us are not complaining as higher prices is not a problem for investors. However, this doesn’t mean economies are growing rapidly.

Rather, the wealth gap is widening in favour of those who own assets.

For example, inflation – as tracked by the Consumer Price Index (CPI), which measures changes in consumer prices – has been mild over the

last decade. However, we believe the basket of data used to calculate CPI does not accurately capture the inflation of assets such as real estate.

According to CPI, prices have grown at an average annual rate below 2% over the last 10 years, but Toronto real estate has gone up by more

than 8% per year over the same period. Potential homeowners have effectively been priced out of the market because they do not own

inflated assets to sell and they cannot save enough to keep up with the rapid price increases of real estate. As a result, asset owners become

wealthier, while those with little net worth fall further behind. That being said, we believe central banks are still likely to focus on boosting

prices for the “majority” of the population. This means, the large increase in money supply and renewed currency debasement could continue

for years if not decades to come. While unfair, it is not up to us to decide.

While central banks are aggressively printing money, we believe being defensive and “hiding cash under the mattress” is a losing strategy. We

expect to see improvement in economic activities as vaccination takes hold in 2021. Over the last few months, our goal has been to protect our

investors’ purchasing power in these very unusual market conditions, and we have actively deployed cash and trimmed government-bond

holdings for larger equity exposure. We also believe some underperformers, such as cyclical sectors and small caps, will outperform as they

have been overlooked by investors that wanted the same thing. As always, we continue to monitor market conditions and may from time to

time cut back on our equity exposure to manage downside volatility.

Source: CI GAM| Multi-Asset Management, Bloomberg Finance L.P. and CI Global Asset Management. as at December 31, 2020.




8

Asset ClassQoQ

Change

Portfolio

PositioningIncome Conservative

Conservative

BalancedBalanced

Balanced

GrowthGrowth

Maximum

Growth

Investment grade

bonds▼

Neutral Weight 17.1% 14.6% 12.2% 9.8% 7.3% 4.9% 0.0%

31-Dec-20 22.2% 16.8% 13.4% 9.3% 7.5% 3.4% 0.0%

Government

bonds▼

Neutral Weight 49.6% 42.5% 35.5% 28.4% 21.3% 14.2% 0.0%

31-Dec-20 18.9% 19.9% 16.1% 11.6% 6.7% 3.3% 0.0%

High-yield bonds ▲

Neutral Weight 3.3% 2.8% 2.4% 1.9% 1.4% 0.9% 0.0%

31-Dec-20 12.2% 6.6% 5.8% 4.2% 1.6% 1.0% 0.0%

U.S. equity ▲

Neutral Weight 10.5% 14.0% 17.5% 21.0% 24.5% 28.0% 35.0%

31-Dec-20 16.0% 16.7% 18.3% 22.9% 26.9% 30.9% 33.7%

Canadian equity ▲

Neutral Weight 9.0% 12.0% 15.0% 18.0% 21.0% 24.0% 30.0%

31-Dec-20 12.4% 16.0% 19.0% 21.6% 25.2% 27.7% 30.7%

International

equity▲

Neutral Weight 10.5% 14.0% 17.5% 21.0% 24.5% 28.0% 35.0%

31-Dec-20 11.1% 16.8% 21.2% 24.5% 27.9% 30.7% 32.2%

Cash ▼

Neutral Weight 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

31-Dec-20 4.4% 4.6% 4.1% 3.8% 2.2% 2.1% 2.4%

Commodities ▼

Neutral Weight 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

31-Dec-20 2.8% 2.6% 2.1% 2.0% 2.0% 0.9% 0.9%

Outlook and positioning

Neutral weight referes to the targeted strategic asset allocation for the portfolio.Source: CI GAM | Multi-Asset Management as at December 31, 2020



9

Modern Portfolio Construction Tools

Income ConservativeConservative

BalancedBalanced

Balanced

GrowthGrowth

Maximum

Growth

Liquid Alternatives

Alternative Credit 3.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Long/Short Equity 5.1% 4.2% 3.7% 5.5% 0.0% 0.0% 0.0%

Total 8.7% 4.2% 3.7% 5.5% 0.0% 0.0% 0.0%

Real Assets

Real Estate 1.6% 2.1% 2.2% 2.5% 3.2% 3.0% 3.5%

Infrastructure 3.9% 3.6% 4.3% 4.9% 5.5% 6.4% 6.6%

Total 5.5% 5.7% 6.5% 7.5% 8.7% 9.4% 10.1%

ETFs

Active 10.5% 6.8% 5.4% 4.9% 2.5% 2.0% 0.0%

Smart Beta 4.8% 12.8% 14.3% 15.1% 17.1% 17.5% 18.7%

Passive 4.5% 4.9% 4.9% 4.9% 3.9% 2.9% 2.9%

Total 19.8% 24.4% 24.7% 24.9% 23.5% 22.3% 21.6%

Source: CI GAM | Multi-Asset Management as at December 31, 2020


Calendar Year Returns (Gross of Fees)

3 Year Risk Statistics

Portfolio Series Income Fund – Series IQuarterly Portfolio Review as at December 31, 2020

Bond Information#

Annualized Returns (Gross of Fees)

Portfolio yield (approx.) 2.6%

Duration in years 6.30

*Returns are presented using the Series I units of the fund, which do not include any embedded fees or expenses accordingly net returns and gross returns are the same. Source - CI Global Asset Management.**15% S&P/TSX Composite TR Index, 70% FTSE Canada Universe Bond Index, 15% MSCI World TR Index (CAD$) – Sourced from Bloomberg based on monthly rebalancing of weights. # Bond Characteristics have been sourced from MSCI BarraOne as at December 31, 2020. The Benchmark for this fund has changed recently. Please see page 45 for Benchmark history.

10

Standard Deviation Sharpe Ratio Tracking Error Up Capture Ratio Down Capture Ratio

Portfolio Series Income* 6.10 0.67 1.96 81.17% 81.97%

Benchmark** 6.27 0.84 - 100.00% 100.00%

Standard Deviation Sharpe Ratio Tracking Error Up Capture Ratio Down Capture Ratio

Portfolio Series Income* 5.37 0.84 1.91 92.44% 90.12%

Benchmark** 5.30 0.91 - 100.00% 100.00%


As at December 31, 2020 3 mos (%) YTD (%) 1 yr (%) 3 yr (%) 4 yr (%) 5 yr (%) 7 yr (%) 10 yr (%)

Portfolio Series Income* 2.88 5.65 5.65 5.39 5.51 5.52 6.28 6.94

Benchmark** 3.15 9.40 9.40 6.59 6.11 5.83 5.98 5.67

Difference -0.27 -3.75 -3.75 -1.20 -0.60 -0.31 0.30 1.27

2020 (%) 2019 (%) 2018 (%) 2017 (%) 2016 (%) 2015 (%) 2014 (%) 2013 (%)

Portfolio Series Income* 5.65 10.54 0.24 5.86 5.56 6.65 9.81 10.78

Benchmark** 9.40 11.06 -0.27 4.74 4.80 3.18 9.75 4.20

Difference -3.75 -0.52 0.51 1.12 0.76 3.47 0.06 6.58


Asset Class


Top Holdings

11

SectorFund Avg.

Allocation (%)Benchmark* Avg.

Allocation (%)Active Weight (%) Active Contribution (%)

Other** 5.90 0.07

Cash 5.21 0.00

Equity 31.88 30.61

Fixed Income 57.01 69.32

Total 100.00 100.00

Total Effect

*15% S&P/TSX Composite TR Index, 70% FTSE Canada Universe Bond Index, 15% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset. The Benchmark for this fund has changed recently. Please see page 45 for Benchmark history.** Other includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.

Signature Canadian Bond Fund (Series I) 13.08%

CI Income Fund (Series I) 12.57%

CI Global High Dividend Advantage Fund (Series I) 6.79%

Signature Global Bond Fund (Series I) 6.46%

iShares iBoxx High Yield Corporate Bond ETF 6.00%

Munro Alternate Global Growth Fund (Series I) 5.13%

Signature Corporate Bond Fund (Series I) 4.54%

Signature Global Dividend Corporate Class 4.38%

Signature Dividend Corporate Class (Series I) 4.01%

CI Lawrence Park Alternate Investment Grade Credit Fund 3.62%

Sentry Canadian Income Fund (Series I) 3.52%

Cambridge Bond Fund (Series I) 3.02%

CI U.S. Income US$ Pool (Series I) 2.99%

CI First Asset Enhanced Government Bond ETF 2.96%

Cambridge Global Dividend Fund (Series I) 2.59%

CI DoubleLine Income US$ Fund (Series I) 2.56%

SPDR Gold Shares 2.47%

-12.32

1.27

5.21

5.83

-0.63

-0.35

-0.10

0.58

-0.24

-0.38

0.40

-0.27

-0.49

-0.60 -0.50 -0.40 -0.30 -0.20 -0.10 0.00 0.10 0.20 0.30 0.40 0.50

Fixed Income

Equity

Others

Cash & Equivalents

Portfolio



Equity Sector Analysis

12

SectorFund Avg. Allocation

(%)

Benchmark* Avg.

Allocation (%)

Active Weight (%) Active Contribution (%)

Information Technology 15.54 15.71

Industrials 9.44 11.13

Utilities 6.12 4.16

Consumer Staples 8.46 5.88

Real Estate 3.00 2.94

Health Care 12.23 6.62

Communication Services 6.40 7.27

Financials 17.15 21.31

Materials 9.64 9.66

Energy 5.93 7.02

Consumer Discretionary 6.10 8.28

Total 100.00 100.00

*15% S&P/TSX Composite TR Index, 70% FTSE Canada Universe Bond Index, 15% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset. The Benchmark for this fund has changed recently. Please see page 45 for Benchmark history.

-2.18

-1.10

-0.03

-4.17

-0.87

5.61

0.06

2.58

1.96

-1.69

-0.18

-0.15

-0.15

-0.09

-0.08

-0.04

-0.03

-0.01

0.02

0.02

0.05

0.12



13

CountryFund Avg. Allocation

(%)

Benchmark* Avg.


Other 6.53 2.17

Netherlands 0.94 0.17

United Kingdom 2.61 0.58

Germany 0.95 0.38

Italy 0.85 0.09

France 1.80 0.45

Switzerland 1.01 0.40

China 0.62 0.81

Japan 0.97 1.04

United States 40.43 9.71

Canada 43.28 84.19

Total 100.00 100.00

Geographic Analysis


-40.91

30.72

-0.08

-0.18

0.61

1.35

0.76

0.57

2.02

0.77

4.37

-0.67

-0.53

-0.12

-0.07

-0.03

-0.03

0.03

0.08

0.09

0.11

0.64



14

Fund Performance 2.72

Benchmark Performance 3.21

Difference -0.49

Fixed Income -0.24

Allocation Effect (Local) 0.35

Selection + Interaction (Local) 0.51

Total Currency Effect -1.11

Equity -0.38

Allocation Effect (Local) -0.01

Selection + Interaction (Local) -0.06


Others 0.40



Total Currency Effect 0.41

Cash & Equivalents -0.27




Benchmark - 15% S&P/TSX Composite TR Index, 70% FTSE Canada Universe Bond Index, 15% MSCI World TR Index (CAD$). The Benchmark for this fund has changed recently. Please see page 45 for Benchmark history.Attribution report produced by Factset, as at December 31, 2020. Attribution results are meant to provide general insight into results and not exact performance spread against benchmarks. Portfolio returns are shown gross of all fees and expenses.* Other includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.




Portfolio Series Conservative Fund – Series IQuarterly Portfolio Review as at December 31, 2020


*Returns are presented using the Series I units of the fund, which do not include any embedded fees or expenses accordingly net returns and gross returns are the same. Source - CI Global Asset Management.**20% S&P/TSX Composite TR Index, 60% FTSE Canada Universe Bond Index, 20% MSCI World TR Index (CAD$) – Sourced from Bloomberg based on monthly rebalancing of weights. 15

Standard Deviation

Sharpe Ratio Tracking ErrorUp Capture

RatioDown Capture

Ratio

Portfolio Series Conservative* 7.42 0.74 1.79 93.59% 90.44%

Benchmark** 7.42 0.76 - 100.00% 100.00%


As at December 31, 2020 3 mos (%) YTD (%) 1Yr (%) 3 yr (%) 4 yr (%) 5 yr (%) 7 yr (%) 10 yr (%)

Portfolio Series Conservative* 4.25 8.19 8.19 6.77 6.69 6.40 7.00 7.45

Benchmark** 3.99 9.56 9.56 6.97 6.78 6.62 6.75 6.50

Difference 0.26 -1.37 -1.37 -0.20 -0.09 -0.22 0.25 0.95

2020 (%) 2019 (%) 2018 (%) 2017 (%) 2016 (%) 2015 (%) 2014 (%) 2013 (%)

Portfolio Series Conservative* 8.19 12.73 -0.19 6.43 5.24 6.53 10.57 14.21

Benchmark** 9.56 12.91 -0.94 6.33 6.11 4.03 10.50 8.37

Difference -1.37 -0.18 0.75 0.10 -0.87 2.50 0.07 5.84

Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Conservative* 6.44 0.84 1.70 98.42% 100.84%

Benchmark** 6.22 0.90 - 100.00% 100.00%



Top Holdings

16



Synergy Canadian Corporate Class (Series I) 7.15%


CI American Managers Corporate Class (Series I) 5.06%



Cambridge Canadian Dividend Fund (Series I) 4.04%


CI First Asset Morningstar Canada Momentum Index ETF 3.39%

CI First Asset Enhanced Government Bond ETF 2.84%

Signature Emerging Markets Corporate Class (Series I) 2.73%

CI First Asset Morningstar International Value Index ETF 2.50%


SPDR Gold Shares 2.39%

Black Creek International Equity Fund (Series I) 2.22%

CI American Value Corporate Class (Series I) 2.20%

SectorFund Avg.



Other** 3.88 0.04

Equity 43.97 40.73

Cash 5.01 0.00


Total 100.00 100.00

Asset Class

Total Effect

*20% S&P/TSX Composite TR Index, 60% FTSE Canada Universe Bond Index, 20% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset. ** Other includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.

-12.09

5.01

3.24

3.84

-0.49

-0.06

0.26

0.52

-0.04

0.17

0.38

-0.28

0.23

-0.40 -0.30 -0.20 -0.10 0.00 0.10 0.20 0.30 0.40 0.50

Fixed Income

Equity

Others

Cash & Equivalents

Portfolio



17


(%)

Benchmark* Avg.




Utilities 4.31 4.25




Materials 11.58 9.49



Energy 5.60 6.88


Total 100.00 100.00


*20% S&P/TSX Composite TR Index, 60% FTSE Canada Universe Bond Index, 20% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset.

-5.39

-1.28

0.80

1.74

2.09

0.51

1.84

0.22

0.06

-0.66

0.09

-0.31

-0.17

-0.05

-0.04

0.00

0.05

0.08

0.09

0.10

0.19

0.31



18


(%)

Benchmark* Avg. Allocation

(%)Active Weight (%) Active Contribution (%)

Other 7.94 1.52


China 2.09 0.00


Germany 1.04 0.58

Italy 0.77 0.14


France 1.66 0.69

Japan 2.52 1.59


Canada 44.86 79.51

Total 100.00 100.00

Geographic Analysis


-34.65

20.65

0.93

0.97

0.18

0.63

0.46

0.64

2.09

1.68

6.42

-0.90

-0.56

-0.10

0.00

0.00

0.04

0.08

0.11

0.15

0.20

1.21



19

Benchmark - 20% S&P/TSX Composite TR Index, 60% FTSE Canada Universe Bond Index, 20% MSCI World TR Index (CAD$).Attribution report produced by Factset, as at December 31, 2020. Attribution results are meant to provide general insight into results and not exact performance spread against benchmarks. Portfolio returns are shown gross of all fees and expenses.* Other includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.



Difference 0.23

Fixed Income -0.04




Equity 0.17




Other 0.38











Portfolio Series Conservative Balanced Fund – Series IQuarterly Portfolio Review as at December 31, 2020


*Returns are presented using the Series I units of the fund, which do not include any embedded fees or expenses accordingly net returns and gross returns are the same. Source – CI Global Asset Management.**25% S&P/TSX Composite TR Index, 50% FTSE Canada Universe Bond Index, 25% MSCI World TR Index (CAD$) – Sourced from Bloomberg based on monthly rebalancing of weights. 20

Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Conservative Balanced* 8.59 0.65 1.81 92.82% 91.47%

Benchmark** 8.59 0.69 - 100.00% 100.00%


Portfolio Series Conservative Balanced*

5.23 8.31 8.31 6.92 7.08 6.94 7.52 8.07

Benchmark** 4.82 9.68 9.68 7.26 7.23 7.20 7.24 6.98

Difference 0.41 -1.37 -1.37 -0.34 -0.15 -0.26 0.28 1.09

2020 (%) 2019 (%) 2018 (%) 2017 (%) 2016 (%) 2015 (%) 2014 (%) 2013 (%)

Portfolio Series Conservative Balanced*

8.31 14.12 -1.11 7.55 6.39 6.58 11.45 17.47

Benchmark** 9.68 14.44 -1.54 7.29 7.23 4.14 10.93 10.88

Difference -1.37 -0.31 0.43 0.26 -0.83 2.44 0.53 6.59

Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Conservative Balanced* 7.31 0.81 1.70 97.14% 98.31%

Benchmark** 7.13 0.87 - 100.00% 100.00%




Top Holdings

21

SectorFund Avg.



Other** 3.18 0.04

Equity 54.05 50.74

Cash 4.28 0.00


Total 100.00 100.00

Asset Class











Signature Select Canadian Fund (Series I) 3.52%

CI International Value Corporate Class (Series I) 3.18%

Cambridge Canadian Equity Corporate Class (Series I) 3.04%





Total Effect

*25% S&P/TSX Composite TR Index, 50% FTSE Canada Universe Bond Index, 25% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset.** Other includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.

-10.72

4.28

3.31

3.13

-0.41

-0.05

0.43

0.52

0.07

0.32

0.38

-0.27

0.49

-0.40 -0.20 0.00 0.20 0.40 0.60

Fixed Income

Equity

Others

Cash & Equivalents

Portfolio



22



(%)

Benchmark* Avg.

Allocation (%)

Active Weight (%) Active Contribution (%)





Utilities 4.63 4.25





Energy 5.79 6.88


Total 100.00 100.00


-4.56

-1.09

0.36

1.39

2.08

1.30

0.38

-0.01

2.05

-0.67

-1.23

-0.26

-0.18

-0.07

-0.03

-0.01

0.06

0.08

0.08

0.14

0.24

0.37



23

Geographic Analysis


(%)

Benchmark Avg. Allocation


Other 9.46 1.88

China 3.11 0.00



Germany 1.24 0.72

Italy 0.77 0.18


France 1.90 0.85

Japan 2.79 1.98


Canada 42.67 74.79

Total 100.00 100.00


-32.12

15.73

0.81

1.05

0.34

0.59

0.52

0.64

1.76

3.11

7.18

-1.06

-0.51

-0.12

0.00

0.01

0.03

0.08

0.11

0.23

0.24

1.50



24

Benchmark -25% S&P/TSX Composite TR Index, 50% FTSE Canada Universe Bond Index, 25% MSCI World TR Index (CAD$).Attribution report produced by Factset, as at December 31, 2020. Attribution results are meant to provide general insight into results and not exact performance spread against benchmarks. Portfolio returns are shown gross of all fees and expenses.* Other includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.



Difference 0.49

Fixed Income 0.07




Equity 0.32




Other** 0.38











Portfolio Series Balanced Fund – Series IQuarterly Portfolio Review as at December 31, 2020


*Returns are presented using the Series I units of the fund, which do not include any embedded fees or expenses accordingly net returns and gross returns are the same. Source – CI Global Asset Management.**30% S&P/TSX Composite TR Index, 40% FTSE Canada Universe Bond Index, 30% MSCI World TR Index (CAD$) – Sourced from Bloomberg based on monthly rebalancing of weights. The Benchmark for this fund has changed recently. Please see page 45 for Benchmark history. 25

Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Balanced* 9.94 0.56 1.88 92.57% 95.47%

Benchmark** 9.77 0.65 - 100.00% 100.00%


Portfolio Series Balanced* 6.46 8.19 8.19 6.89 7.36 7.25 7.79 8.32

Benchmark** 5.65 9.76 9.76 7.63 7.81 7.72 7.90 7.73

Difference 0.81 -1.57 -1.57 -0.74 -0.45 -0.47 -0.11 0.59

2020 (%) 2019 (%) 2018 (%) 2017 (%) 2016 (%) 2015 (%) 2014 (%) 2013 (%)

Portfolio Series Balanced* 8.19 15.44 -2.22 8.79 6.81 6.85 11.52 19.36

Benchmark** 9.76 15.81 -1.71 8.56 7.58 5.60 11.58 14.51

Difference -1.57 -0.37 -0.51 0.23 -0.77 1.26 -0.06 4.85

Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Balanced* 8.37 0.75 1.69 96.25% 99.22%

Benchmark** 8.14 0.83 - 100.00% 100.00%



Asset Class


Top Holdings

26




CI American Managersｮ Corporate Class (Series I) 5.81%











CI American Small Companies Corporate Class (Series I) 2.90%



SectorFund Avg.



Equity 64.24 60.70

Other** 2.97 0.05

Cash 4.12 0.00


Total 100.00 100.00

Total Effect

*30% S&P/TSX Composite TR Index, 40% FTSE Canada Universe Bond Index, 30% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset. The Benchmark for this fund has changed recently. Please see page 45 for Benchmark history.** Other includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.

0.18

0.62

0.36

-0.30

0.87

-0.40 -0.20 0.00 0.20 0.40 0.60 0.80 1.00

Fixed Income

Equity

Others

Cash & Equivalents

Portfolio

-10.57

4.12

2.92

3.54

-0.37

-0.03

0.51

0.76




27


(%)

Benchmark* Avg.





Utilities 4.47 4.25







Energy 5.19 6.88

Total 100.00 100.00


-1.69

-4.56

0.25

1.21

1.85

1.12

0.21

0.22

2.33

-0.49

-0.44

-0.27

-0.26

-0.04

-0.01

-0.01

0.10

0.12

0.13

0.16

0.34

0.51



28

CountryFund Avg.

Allocation (%)

Benchmark* Avg.


Other 9.49 2.46

China 3.89 0.00


Taiwan 0.90 0.00


Germany 1.36 0.86


France 1.85 1.02


Japan 2.79 2.37

Canada 39.39 70.10

Total 100.00 100.00

Geographic Analysis


-30.71

0.42

14.37

0.83

0.25

0.50

0.76

0.90

1.76

3.89

7.03

-1.50

-0.14

-0.05

-0.01

0.00

0.10

0.16

0.19

0.26

0.31

1.53



29

Benchmark - 30% S&P/TSX Composite TR Index, 40% FTSE Canada Universe Bond Index, 30% MSCI World TR Index (CAD$) – Sourced from Bloomberg based on monthly rebalancing of weights. The Benchmark for this fund has changed recently. Please see page 45 for Benchmark history.Attribution report produced by Factset, as at December 31, 2020. Attribution results are meant to provide general insight into results and not exact performance spread against benchmarks. Portfolio returns are shown gross of all fees and expenses.* Other includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.



Difference 0.87

Fixed Income 0.18




Equity 0.62




Others 0.36











Portfolio Series Balanced Growth Fund – Series IQuarterly Portfolio Review as at December 31, 2020



Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Balanced Growth* 11.87 0.49 2.38 98.71% 104.40%

Benchmark** 11.03 0.60 - 100.00% 100.00%


Portfolio Series Balanced Growth*

7.79 9.45 9.45 7.16 7.99 7.93 8.26 8.83

Benchmark** 6.48 9.80 9.80 7.89 8.24 8.28 8.36 8.20

Difference 1.31 -0.35 -0.35 -0.73 -0.25 -0.35 -0.10 0.63

2020 (%) 2019 (%) 2018 (%) 2017 (%) 2016 (%) 2015 (%) 2014 (%) 2013 (%)

Portfolio Series Balanced Growth*

9.45 16.96 -3.89 10.53 7.70 7.08 11.14 22.32

Benchmark** 9.80 17.36 -2.33 9.54 8.70 5.69 12.01 17.14

Difference -0.35 -0.39 -1.56 0.99 -1.00 1.39 -0.86 5.17

Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Balanced Growth* 9.89 0.70 2.12 101.11% 106.06%

Benchmark** 9.15 0.80 - 100.00% 100.00%



Asset Class


Top Holdings

31

SectorFund Avg.



Equity 75.11 70.50

Other** 2.49 0.16

Cash 3.06 0.00


Total 100.00 100.00

Total Effect

*35% S&P/TSX Composite TR Index, 30% FTSE Canada Universe Bond Index, 35% MSCI World TR Index (CAD$) . Attribution, weights, contribution and total effect sourced from Factset. The Benchmark for this fund has changed recently. Please see page 45 for Benchmark history.** Other includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.



Munro Global Growth Equity Fd (Series I) 7.21%






CI Canadian Small/Mid Cap Fund (Series I) 4.52%







CI First Asset Morningstar International Momentum Index ETF 2.60%

CI WisdomTree US Quality Dividend Growth Index ETF 1.99%

-9.99

3.06

2.33

4.60

-0.12

-0.04

0.41

0.96

0.52

0.69

0.27

-0.28

1.20

-0.40 -0.20 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40

Fixed Income

Equity

Others

Cash & Equivalents

Portfolio



32


SectorFund Avg.






Utilities 4.74 4.16






Energy 4.68 7.02


Total 100.00 100.00

*35% S&P/TSX Composite TR Index, 30% FTSE Canada Universe Bond Index, 35% MSCI World TR Index (CAD$) . Attribution, weights, contribution and total effect sourced from Factset. The Benchmark for this fund has changed recently. Please see page 45 for Benchmark history.

-5.81

-2.34

0.57

2.19

1.26

0.49

0.04

0.58

2.05

0.49

0.48

-0.39

-0.33

-0.05

-0.04

0.06

0.07

0.17

0.18

0.24

0.46

0.59



33

Geographic Analysis

CountryFund Avg.

Allocation (%)

Benchmark* Avg. Allocation


Other 9.67 4.59



China 4.44 1.86


Germany 1.48 0.87

Taiwan 1.08 0.58

France 1.75 1.04


Japan 3.09 2.40

Canada 40.68 65.28

Total 100.00 100.00

*35% S&P/TSX Composite TR Index, 30% FTSE Canada Universe Bond Index, 35% MSCI World TR Index (CAD$) . Attribution, weights, contribution and total effect sourced from Factset. The Benchmark for this fund has changed recently. Please see page 45 for Benchmark history.

-24.60

0.68

0.22

0.71

0.50

0.61

0.76

2.58

1.72

11.72

5.08

-1.57

-0.09

0.02

0.02

0.14

0.15

0.16

0.20

0.29

0.57

1.32



34

Benchmark: 35% S&P/TSX Composite TR Index, 30% FTSE Canada Universe Bond Index, 35% MSCI World TR Index (CAD$) .The Benchmark for this fund has changed recently. Please see page 45 for Benchmark history.Attribution report produced by Factset, as at December 31, 2020. Attribution results are meant to provide general insight into results and not exact performance spread against benchmarks. Portfolio returns are shown gross of all fees and expenses.* Other includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.



Difference 1.20

Fixed Income 0.52




Equity 0.69




Other** 0.27











Portfolio Series Growth Fund – Series IQuarterly Portfolio Review as at December 31, 2020



Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Growth* 13.17 0.49 2.45 99.58% 102.50%

Benchmark** 12.27 0.56 - 100.00% 100.00%


Portfolio Series Growth* 8.71 10.18 10.18 7.81 8.58 8.50 8.70 9.35

Benchmark** 7.31 9.80 9.80 8.22 8.79 8.77 9.00 8.93

Difference 1.40 0.38 0.38 -0.41 -0.21 -0.27 -0.30 0.42

2020 (%) 2019 (%) 2018 (%) 2017 (%) 2016 (%) 2015 (%) 2014 (%) 2013 (%)

Portfolio Series Growth* 10.18 18.81 -4.28 10.93 8.16 7.16 11.32 25.64

Benchmark** 9.80 18.74 -2.51 10.83 9.04 7.15 12.67 20.96

Difference 0.38 0.08 -1.77 0.10 -0.88 0.01 -1.34 4.68

Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Growth* 10.92 0.69 2.20 99.62% 102.11%

Benchmark** 10.24 0.76 - 100.00% 100.00%




Top Holdings

36


Munro Global Growth Equity Fund (Series I) 10.03%














CI First Asset Gold Giants Covered Call ETF 2.47%


Asset Class

SectorFund Avg.



Equity 86.36 80.43

Other** 1.40 0.07

Cash 3.04 0.00


Total 100.00 100.00

Total Effect

*40% S&P/TSX Composite TR Index, 20% FTSE Canada Universe Bond Index, 40% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset.** Other includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares. The Benchmark for this fund has changed recently. Please see page 45 for Benchmark history.

-10.30

3.04

1.33

5.93

-0.14

-0.03

0.52

1.12

0.59

0.74

0.44

-0.29

1.48

-0.50 0.00 0.50 1.00 1.50 2.00

Fixed Income

Equity

Others

Cash & Equivalents

Portfolio



37


SectorFund Avg.






Utilities 4.75 4.25






Energy 4.83 6.88


Total 100.00 100.00


-6.20

-2.05

0.10

2.47

1.76

0.20

0.30

0.51

2.53

-0.31

0.69

-0.50

-0.37

-0.08

-0.04

-0.02

0.11

0.18

0.21

0.26

0.52

0.85



38

Geographic Analysis

CountryFund Avg.



Other 10.30 3.25


China 5.11 0.00


Taiwan 1.26 0.00


Germany 1.66 1.14


France 1.95 1.35

Japan 3.00 3.14

Canada 36.63 60.80

Total 100.00 100.00


-24.18

-0.14

0.59

0.06

0.52

0.85

1.26

1.66

5.11

7.22

7.05

-2.01

-0.13

-0.02

0.02

0.17

0.20

0.28

0.31

0.35

0.53

1.81



39

Benchmark: 40% S&P/TSX Composite TR Index, 20% FTSE Canada Universe Bond Index, 40% MSCI World TR Index (CAD$).The Benchmark for this fund has changed recently. Please see page 45 for Benchmark history.Attribution report produced by Factset, as at December 31, 2020. Attribution results are meant to provide general insight into results and not exact performance spread against benchmarks. Portfolio returns are shown gross of all fees and expenses.* Other includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.



Difference 1.48

Fixed Income 0.59




Equity 0.74




Others 0.44











Portfolio Series Maximum Growth Fund – Series IQuarterly Portfolio Review as at December 31, 2020


*Returns are presented using the Series I units of the fund, which do not include any embedded fees or expenses accordingly net returns and gross returns are the same. Source – CI Global Asset Management**50% S&P/TSX Composite TR Index, 50% MSCI World TR Index (CAD$) – Sourced from Bloomberg based on monthly rebalancing of weights.The Benchmark for this fund has changed recently. Please see page 45 for Benchmark history. 40

Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Maximum Growth* 14.81 0.46 2.52 94.00% 95.56%

Benchmark** 14.89 0.49 - 100.00% 100.00%


Portfolio Series Maximum Growth*

9.98 10.59 10.59 8.05 9.16 9.18 9.37 9.98

Benchmark** 8.96 9.68 9.68 8.63 9.57 9.83 9.88 9.81

Difference 1.02 0.91 0.91 -0.58 -0.41 -0.65 -0.51 0.17

2020 (%) 2019 (%) 2018 (%) 2017 (%) 2016 (%) 2015 (%) 2014 (%) 2013 (%)

Portfolio Series Maximum Growth*

10.59 20.85 -5.63 12.58 9.23 7.86 11.92 30.16

Benchmark** 9.68 21.87 -3.78 12.82 11.27 7.30 13.51 26.53

Difference 0.91 -1.02 -1.85 -0.24 -2.04 0.56 -1.59 3.63

Standard Deviation


RatioDown Capture

Ratio

Portfolio Series Maximum Growth* 12.31 0.66 2.36 94.36% 96.12%

Benchmark** 12.37 0.71 - 100.00% 100.00%




Top Holdings

41


Munro Global Growth Equity Fund (Series I) 9.74%













CI First Asset Gold Giants Covered Call ETF 2.43%


CI WisdomTree US Quality Dividend Growth Index ETF 1.97%

Asset Class

SectorFund Avg.



Equity 95.61 99.91

Other** 1.43 0.09

Cash 2.96 0.00

Total 100.00 100.00

Total Effect

*50% S&P/TSX Composite TR Index, 50% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset. The Benchmark for this fund has changed recently. Please see page 45 for Benchmark history.** Other includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.

2.96

1.34

-4.30

-0.03

0.57

0.66

1.08

0.48

-0.37

1.20

-0.40 -0.20 0.00 0.20 0.40 0.60 0.80 1.00 1.20

Equity

Others

Cash & Equivalents

Portfolio



42


SectorFund Avg.





Utilities 4.58 4.25







Energy 4.80 6.87


Total 100.00 100.00

*50% S&P/TSX Composite TR Index, 50% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset.The Benchmark for this fund has changed recently. Please see page 45 for Benchmark history.

-6.12

-2.08

0.28

2.03

2.02

0.19

0.26

2.61

0.33

-0.10

0.58

-0.84

-0.50

-0.10

-0.04

0.03

0.15

0.17

0.21

0.22

0.52

0.84



43

Geographic Analysis

CountryFund Avg.



Other 11.21 4.02


China 5.64 0.00


Taiwan 1.33 0.00


Germany 1.80 1.42


France 2.17 1.68

Japan 3.32 3.90

Canada 32.62 51.61

Total 100.00 100.00

*50% S&P/TSX Composite TR Index, 50% MSCI World TR Index (CAD$). Attribution, weights, contribution and total effect sourced from Factset.The Benchmark for this fund has changed recently. Please see page 45 for Benchmark history.

-18.99

-0.58

0.49

-0.20

0.38

0.83

1.33

1.60

5.64

2.31

7.19

-2.60

-0.18

-0.06

0.02

0.18

0.21

0.29

0.31

0.42

0.69

1.93



44

Benchmark: 50% S&P/TSX Composite TR Index, 50% MSCI World TR Index (CAD$).The Benchmark for this fund has changed recently. Please see page 45 for Benchmark history.Attribution report produced by Factset, as at December 31, 2020. Attribution results are meant to provide general insight into results and not exact performance spread against benchmarks. Portfolio returns are shown gross of all fees and expenses.* Other includes – Currency forwards, derivatives, Exchange Traded Funds and Preferred shares.



Difference 1.20

Fixed Income 0.00




Equity 1.08




Other** 0.48









Portfolio Series Benchmarks

45

Benchmark History

Portfolio Series Income Fund

From Inception to 31-Mar-2019 : 75% FTSE Canada Universe Bond Index, 15% S&P/TSX Composite Index & 10% MSCI World Index. From 31-Mar-2019 to Current: 70% FTSE Canada Universe Bond Index, 15% S&P/TSX Composite Index & 15% MSCI World Index

Portfolio Series Conservative Fund

From Inception to Current : 60% FTSE Canada Universe Bond Index, 20% S&P/TSX Composite Index & 20% MSCI World Index.

Portfolio Series Conservative Balanced Fund

From Inception to Current : 50% FTSE Canada Universe Bond Index, 25% S&P/TSX Composite Index & 25% MSCI World Index.

Portfolio Series Balanced Fund


Portfolio Series Balanced Growth Fund


Portfolio Series Growth Fund


Portfolio Series Maximum Growth Fund

From Inception to 31-Mar-2019 : 40% S&P/TSX Composite Index & 60% MSCI World Index. From 31-Mar-2019 to Current: 50% S&P/TSXComposite Index & 50% MSCI World Index


Portfolio Series

Portfolio Management Teams

CI Global Asset Management

46

Sub-advisors



Portfolio Series

IMPORTANT DISCLAIMERS

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the

prospectus before investing. The indicated rates of return are the historical annual compounded total returns gross of fees and expenses payable

by the fund (except for figures of one year or less, which are simple total returns) including changes in security value and reinvestment of all

dividends/distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any

securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not

be repeated.

This presentation is intended only as a general overview and is for information purposes only. It has been prepared solely for the use of the

person(s) to whom it has been delivered and may not be reproduced or used for any other purpose. It is intended only for institutional investment

consultants or institutional investors. It is not meant for the general public.

The contents of this piece are not to be used or construed as investment advice or as an endorsement or recommendation of any entity or

security discussed. Certain statements contained in this communication are based in whole or in part on information provided by third parties and

CI Global Asset Management has taken reasonable steps to ensure their accuracy.

Rates of return are time-weighted and are presented gross of commissions and transaction costs, assuming the reinvestment of dividends and

other earnings. Additional information regarding the Firm’s policies and procedures for calculating and reporting performance returns are available

upon request.

The comparison presented is intended to illustrate the mutual fund’s historical performance as compared with the historical performance of widely

quoted market indices or a weighted blend of widely quoted market indices or another investment fund. There are various important differences

that may exist between the mutual fund and the stated indices or investment fund, that may affect the performance of each. The objectives and

strategies of the mutual fund result in holdings that do not necessarily reflect the constituents of and their weights within the comparable indices or

investment fund. Indices are unmanaged and their returns do not include any sales charges or fees. It is not possible to invest directly in market

indices.

47



Portfolio Series


Certain statements in this document are forward-looking. Forward-looking statements (“FLS”) are statements that are predictive in nature, depend

upon or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “intend,” “plan,”

“believe,” or “estimate,” or other similar expressions. Statements that look forward in time or include anything other than historical information are

subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not

guarantees of future performance and are by their nature based on numerous assumptions. Although the FLS contained herein are based upon

what CI Global Asset Management. and the portfolio manager believe to be reasonable assumptions, neither CI Global Asset Management. nor

the portfolio manager can assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and

not to place undue reliance on FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed that there is any intention

or obligation to update or revise FLS, whether as a result of new information, future events or otherwise.

Certain statements contained in this communication are based in whole or in part on information provided by third parties and CI Global Asset

Management has taken reasonable steps to ensure their accuracy. Market conditions may change which may impact the information contained in

this document.

CI Institutional Asset Management is a division of CI Global Asset Management. CI Institutional Asset Management mandates is available to

institutional investors such as financial institutions, pension plans, group retirement plans, endowments, foundations and certain individual

investors who meet specified investment criteria. The performance of the mandates is not guaranteed, the values change frequently and past

performance may not be repeated. Past performance is not a reliable indicator of future performance. You should not rely on past performance to

make investment decisions.

48



Portfolio Series


Altrinsic Global Advisors, LLC., Black Creek Investment Management Inc., CBRE Global Investors, DoubleLine Capital LP, Epoch Investment

Partners, Inc., Lawrence Park Asset Management Ltd., Manulife, Marret Asset Management Inc., Munro Partners and QV Investors Inc. are

portfolio sub-advisors to certain funds offered and managed by CI Global Asset Management. Marret Asset Management Inc., is a majority owned

subsidiary of CI Financial Corp. and an affiliate of CI Global Asset Management. CI Financial Corp. holds a minority interest in Lawrence Park

Asset Management and Altrinsic Global Advisors, LLC. The CI Exchange-Traded Funds (ETFs) are managed by CI Global Asset Management., a

subsidiary of CI Financial Corp., (TSX: CIX; NYSE: CIXX).

Certain names, words, titles, phrases, logos, icons, graphics or designs in this document may constitute trade names, registered or unregistered

trademarks or service marks of CI Investments Inc., its subsidiaries or affiliates, used with permission.

Not to be reproduced or copied without the prior consent of CI Institutional Asset Management.

CI Global Asset Management is a registered business name of CI Investments Inc.

©CI Investments Inc. 2021. All rights reserved.

Published February 9, 2021

49


CI Institutional Asset Management2 Queen Street East

19th FloorToronto, Ontario

M5C 3G7Tel: 1.866.760.5274

E-mail: [email protected]

Documents

Portfolio Review Fourth Quarter 2020