Fiera Capital Equity Growth Fund

As at October 31, 2017 (unless otherwise indicated)

Fund Objective

The objective of the Fund is to achieve over the longer term the highest possible return that is consistent with a fundamental investment philosophy. The Fund invests primarily in Canadian equity securities issued by Canadian companies, with a significant bias toward small to medium capitalization stocks.

Management Style

We believe that our philosophical approach of building a portfolio stock-by stock, employing a research focused, bottom-up approach is the best method for building a portfolio that will outperform the market over the long term. We focus on companies with significant competitive advantages and superior return on equity and growth relative to industry peers. Finally we purchase companies at a discount to fair value based on fair value over 3 years.

Reasons to Own the Fund

  • Invests in best of breed companies with entrepreneurial management teams with significant ownership interest in their companies.
  • Our Proprietary ranking system allows us to optimize our client's portfolio. This quantitative and qualitative system allows our client's portfolio to own our best investment ideas.
  • Long term capital appreciation with less volatility driven by a portfolio of companies with superior return on equity (ROE) and growth coupled with lower financial leverage.

Fund Details

Unit price (Series D)
As at 2017/12/08
Asset class Canadian Equity Small/Medium Cap
Number of holdings 61
Size $374 million
Inception November 20, 1986
Fund Codes
Series D SIC 003
Management Fees
Series D 1.25%
Distributions Semi-annual
Minimum Investment $500
Subsequent Investment $100
Pre-Authorized Cheque Plan Yes
Switches Yes
RSP Eligibility Yes
Settlement T+2

Performance (%)

Compounded returns (Series D) • As at October 31, 2017
1 Mth 3 Mths 6 Mths 1 Yr 3 Yrs 5 Yrs 10 Yrs SI
3.86 3.96 -0.45 -2.88 1.29 9.15 2.69 11.41
Calendar returns (Series D) • As at December 31
YTD-2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
-5.39 12.79 0.11 9.99 32.08 0.52 -8.86 33.23 61.55 -54.01 16.27

Growth of $10,000


Top 10 Holdings (%)
01. Descartes Systems 3.0
02. Cargojet Inc 3.0
03. Boyd Group Incm Fund Trust Unit 3.0
04. Tricon Capital Group 3.0
05. Badger Daylighting 2.9
06. New Flyer Industries 2.8
07. Enghouse Systems Ltd 2.8
08. Interfor Corporation 2.7
09. Parex Resources 2.6
10. Ces Energy Solution 2.6
Total 28.4
Asset Allocation (%)
Cash & Short Term 0.3
Canadian Equities 99.7
Total 100.0
Sector Allocation (%)
Energy 15.9
Materials 15.3
Industrials 21.7
Consumer Discretionary 14.2
Consumer Staples 2.7
Health Care 0.1
Financials 4.9
Information Technology 9.3
Telecommunication Services 0.0
Utilities 2.6
Total 100.0
Equity Geographic allocation (%)
Canada 100.0
Total 100.0

Management Team

Michael Chan, MBA, CFAMichael Chan, MBA, CFA

Vice President and Senior Portfolio Manager, Small Cap Equities

Michael Chan is responsible for the management of the Canadian Equity Small Capitalization investment strategy and is also a member of the Canadian Equity Core team.

Read biography

Mr. Chan has 22 years of industry experience and has been with the firm and a predecessor since 2008. Prior experiences include a position as Executive Director and Vice President of Canadian Equities at a major Canadian investment management firm.

Mr. Chan obtained a Bachelor of Science (BSc), Mathematics from Dalhousie University, a Bachelor in Industrial Engineering (BEng) from the Technical University of Nova Scotia, and a Master of Business Administration (MBA) from Queen’s University. He also obtained the Chartered Financial Analyst (CFA) designation.


Please read the simplified prospectus before investing. The amount of risk associated with any particular investment depends largely on your own personal circumstances including your time horizon, liquidity needs, portfolio size, income, investment knowledge and attitude toward price fluctuations. Investors should consult their financial advisor before making a decision as to whether this fund is a suitable investment for them.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

The rate of return or mathematical table shown is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns.