Absolute Return Manager Watch™ Survey

Objective: The portfolios in this survey comply with Regulation 28 and represent products targeted at real returns with a CPI objective.

The primary objective is to outperform CPI by 5% (gross of fees) over a rolling 3-year period. The objective is to reduce the risk of capital loss over any rolling 12-month period.

The primary objective is to outperform CPI by 6% (gross of fees) over a rolling 3-year period. The secondary objective is to reduce the risk of capital loss over any rolling 12-month period. The primary objective is to outperform CPI by 6% (gross of fees) over a rolling 3-year period. The secondary objective is to reduce the risk of capital loss over any rolling 12-month period.

SIM targets low volatility real returns that match the upside return objective (e.g. CPI+X %) over rolling three-year periods. At the same time, they target not to lose capital over rolling one-year periods

The fund performance objectives is no negative returns in any 1 year rolling period and out performance of the benchmark (CPI+6% over a year period).