Still Focusing on Income
Still Focusing on Income Peter Frost, MBA, CFA Senior Vice-President and Portfolio Manager
Peter Frost, MBA, CFA SVP & Portfolio Manager
•
23-year industry veteran
•
Investment philosophy is founded on the principle that wealth is created by investing in companies with attractive valuations that are expected to have strong long-term earnings growth
•
Pension consulting experience
32
Portfolio Management Team North American Equity Research Team
Peter J. Frost, MBA, CFA Senior Vice-President and Portfolio Manager
Terri Ellis, MBA, CFA SVP, Head of North American Equity Research Industry Exp: since 1995 Firm Exp: since 2011 Richard Fisher, M. Econ Equity Analyst Industry Exp: since 1996 Firm Exp: since 1996 Sector: Financials
Brian Madden, CFA, CFP VP & Portfolio Manager Industry Exp: since 1997 Firm Exp: since 2010 Sector: Cons. Staples Curtis Gillis, MBA, CMA, CFA Associate Portfolio Manager Industry Exp: since 1997 Firm Exp: since 2012 Sectors: Energy
Dillon Culhane, CFA, CA Equity Analyst Industry Exp: since 2010 Firm Exp: since 2015 Sectors: Energy Carmen Tang, M.Sc., MBA, CFA Equity Analyst Industry Exp: since 2002 Firm Exp: since 2013 Sector: Healthcare & Utilities
John Vermeer, MBA, CFA Equity Analyst Industry Exp: since 1984 Firm Exp: since 2012 Sectors: Cons. Disc. & Industrials
Geoffrey Scott, MBA, CFA Junior Equity Analyst Industry Exp: since 2004 Firm Exp: since 2011
Jonathan Lo, MBA Director, Portfolio Specialist, North American and International Equities Industry Exp: since 2004 Firm Exp: since 2012
Sam Mitter, MBA Equity Analyst Industry Exp: since 1992 Firm Exp: since 2014 Sector: Information Technology Wai Tong, MBA, P.Eng, CFA Equity Analyst Industry Exp: since 2000 Firm Exp: since 2006 Sectors: Telecom. Services & Materials
Fixed Income Team Jean Charbonneau, MBA SVP & Portfolio Manager Industry Exp: since 1984 Firm Exp: since 2006 Glenn Drodge, MBA, CFA Associate Portfolio Manager Industry Exp: since 1998 Firm Exp: since 2008
¹Portfolio
Tristan Sones, CFA VP & Portfolio Manager Industry Exp: since 1993 Firm Exp: since 1993 Andy Kochar, CFA Associate Portfolio Manager Industry Exp: since 2006 Firm Exp: since 2006
Tom Nakamura, CFA VP & Portfolio Manager Industry Exp: since 1998 Firm Exp: since 1998 Vishang Chawla, MFin, CFA Fixed Income Credit Analyst Industry Exp: since 2006 Firm Exp: since 2007
David Stonehouse, MBA, CFA VP & Portfolio Manager Industry Exp: since 1996 Firm Exp: since 1998 Mark Weinberg, ASA, ACIA¹ VP, Portfolio Specialist Group & Investment Communication, Fixed Income Industry Exp: since 1999 Firm Exp: since 2009
Specialists work closely with the portfolio management team; however, they do not provide investment advice or recommendations.
33
The Importance of Dividends Dividends contribute significantly to total returns and reduce volatility December 1956 – December 2014
Total return
Standard deviation
S&P/TSX Composite Index
9.2%
15.2%
Contribution from dividend income
3.2%
2.0%
34
Source: Bloomberg, as of December 31, 2014.
The Importance of GROWING Dividends Total Portfolio Returns (December 1986 – December 2014, equal weighted, %) 14.0%
12.0%
12.0%
10.2%
10.0% 8.0%
6.6%
6.0% 4.0% 2.0%
1.0%
1.8%
0.0% Non-dividend payers
Dividend cutters
S&P/TSX Composite
Dividend payers
Dividend growers 35
Source: RBC Capital Markets Quantitative Research, as of December 31, 2014.
Dividend Growth has Historically Led to Long-term Returns Growth of $10,000 from December 1986 through December 2014 Dividend Growers $247,609
$250,000 $200,000 $150,000 $100,000
S&P/TSX Composite $61,197
$50,000 $1986
1988
1990
1992
1994
1996
1998
S&P/TSX Composite Total Return
2000
2002
2004
2006
2008
2010
2012
2014
Dividend Growers Total Return 36
Source: RBC Capital Markets Quantitative Research, as of December 31, 2014.
Market Outlook
37
Market Outlook • Future U.S. Federal Reserve Board (Fed) policy biggest driver of asset returns in 2015 • U.S. economy appears to be slowing • Potential for rising bond yields = tailwind for equities • Geopolitical tensions remain high
38
Please see Disclaimers for the full disclaimer.
Fed Monetary Policy Tightening
39
Source: Bloomberg, as of March 31, 2015.
Source: Bloomberg, as of March 31, 2015. Q1 2015E
Q4 2014
Q3 2014
Q2 2014
Q1 2014
Q4 2013
Start of Taper
QE3 1400
1200
S&P 500
S&P 500
Q3 2013
Q2 2013
Operation Twist
Q1 2013
Q4 2012
Q3 2012
Q2 2012
Q1 2012
QE2
Q4 2011
Q3 2011
Q2 2011
Q1 2011
QE1
Q4 2010
Q3 2010
Q2 2010
GDP
Q1 2010
Q4 2009
Q3 2009
Q2 2009
10 9 8 7 6 5 4 3 2 1 0 -1 -2 -3 -4 -5 -6 -7 -8 -9 -10 Q1 2009
Q4 2008
Q3 2008
GDP Q-o-Q Annualized (%)
U.S. Economic Growth has Weakened Post QE Programs 2200
2000
1800
1600
1000
800
600
40
Source: Bloomberg, as of March 31, 2015. Mar-15
Jan-15
Nov-14
Sep-14
Jul-14
May-14
Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Mar-13
Jan-13
Nov-12
Sep-12
Jul-12
May-12
Mar-12
Jan-12
Nov-11
Sep-11
Jul-11
May-11
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
Recent Economic Surprises to Downside
Citi U.S. Economic Surprise Index 100
80
60
40
20
0
-20
-40
-60
-80
-100
-120
41
Source: Bloomberg, as of March 31, 2015. Mar-15
Jan-15
Nov-14
Sep-14
Jul-14
May-14
Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Mar-13
Jan-13
Nov-12
Sep-12
Jul-12
May-12
Mar-12
Jan-12
Nov-11
Sep-11
Jul-11
May-11
Mar-11
ISM
Jan-11
Nov-10
Sep-10
49
Jul-10
May-10
Mar-10
Jan-10
Manufacturing has Moderated
ISM Manufacturing 65
63
61
59
57
55
53
51
47
New Orders
45
42
Source: Bloomberg, as of March 31, 2015. Feb-15
Dec-14
Oct-14
Aug-14
Jun-14
Apr-14
Feb-14
Dec-13
Oct-13
Aug-13
Jun-13
Apr-13
Feb-13
Dec-12
Oct-12
Aug-12
Jun-12
Apr-12
Feb-12
Dec-11
Oct-11
Aug-11
Jun-11
Apr-11
Feb-11
Dec-10
Oct-10
Aug-10
Jun-10
Apr-10
Feb-10
Services Remain Strong
ISM Non-Manufacturing Index 60
58
56
54
52
50
48
46
43
Source: Bloomberg, as of March 31, 2015. Feb-15
Dec-14
Oct-14
Aug-14
Jun-14
Apr-14
Feb-14
Dec-13
Oct-13
Aug-13
Jun-13
Apr-13
Feb-13
Dec-12
Copper Oct-12
Aug-12
Jun-12
Apr-12
Feb-12
WTI Oil Dec-11
Oct-11
Aug-11
Jun-11
Apr-11
DXY
Feb-11
Dec-10
Oct-10
Aug-10
0 Jun-10
Apr-10
Feb-10
Dec-09
Oct-09
Aug-09
Jun-09
Apr-09
Feb-09
Dec-08
Oct-08
Aug-08
Jun-08
Apr-08
U.S. Dollar Gaining Strength – Headwind to Commodities and Equities
DXY U.S. Dollar Index vs. Commodities
160
140
120
100
80
60
40
20
Zinc
44
Quantitative Easing and WTI Oil 140 120
September 2012: QE3 announced – $40 billion in MBS per month
June 2011: end of QE2
100
October 2014: QE3 ends
March 2010: end of QE1 December 2013: Tapering announced, to $35 billion in MBS + $40 billion in treasuries per month
80 60
August 2010: QE2 announced – $600 billion in treasuries
March 2009: QE1 extended – $1.4 trillion in treasuries and MBS
40 20
December 2012: QE3 expanded indefinitely – $40 billion in MBS + $45 billion in treasuries per month
September 2011: Operation Twist – $400 billion in long term treasuries
November 2008: QE1 announced – $600 billion in MBS
Apr-15
Feb-15
Dec-14
Oct-14
Aug-14
Jun-14
Apr-14
Feb-14
Dec-13
Oct-13
Aug-13
Jun-13
Apr-13
Feb-13
Dec-12
Oct-12
Aug-12
Jun-12
Apr-12
Feb-12
Dec-11
Oct-11
Aug-11
Jun-11
Apr-11
Feb-11
Dec-10
Oct-10
Aug-10
Jun-10
Apr-10
Feb-10
Dec-09
Oct-09
Aug-09
Jun-09
Apr-09
Feb-09
Dec-08
Oct-08
Aug-08
0
45
Source: Bloomberg, as of April 6, 2015.
Energy – Moderate Price Recovery in Medium Term Wide Differential Between Spot and Five-year Strip
Breakeven Near US$65/bbl on Most Non-OPEC Investments
46
Source: Bloomberg (LHS), IEA, ISI Energy Research (RHS), as of January 31, 2015.
Canadian Dollar – Declined Substantially in Q1 CAD vs. USD 1.1 1.05 1 0.95 0.9 0.85 0.8 0.75 0.7 0.65 0.6 Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
47
Source: Bloomberg, as of March 31, 2015.
Bond Yields Near All-Time Lows – Becoming a Riskier Asset Class Canada 10-year bond yield
U.S. 10-year treasury yield
4 4.5 3.5
4 3.5
Yield (%)
Yield (%)
3
2.5
3 2.5
2 2 1.5
1.5
1
Mar-10
1
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
48
Source: Bloomberg, as of March 31, 2015.
Investment Grade and High Yield Barclays U.S. Corporate Investment Grade – Yield and Spreads 700
10.00
2,500
25.00
2,000
20.00
1,500
15.00
1,000
10.00
400
6.00 5.00
300
4.00
200
3.00 2.00
100
500
5.00
0
0.00
Percentage (%)
7.00
Percentage (%)
8.00
500
Basis Points
9.00
600
1.00
Option Adjusted Spread (LHS)
Feb-15
Sep-14
Apr-14
Nov-13
Jun-13
Jan-13
Aug-12
Mar-12
Oct-11
May-11
Jul-10
Dec-10
Feb-10
Apr-09
Sep-09
Nov-08
Jun-08
0.00 Jan-08
0
Yield To Worst (RHS)
Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Dec-10 May-11 Oct-11 Mar-12 Aug-12 Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15
Basis Points
Barclays U.S. Corporate High Yield – Yield and Spreads
Option Adjusted Spread (LHS)
Yield To Worst (RHS) 49
Source: Barclays Research, as of March 31, 2015.
High Degree of Interest Rate Risk Government of Canada Bond Yield Curve 5 4.5
Yield (%)
4 3.5 3 2.5 2 1.5 1 0.5 0 0.25
0.5
1
2
3
4
Term Source: Bloomberg, March 31, 2015.
5
7
8
9
10
20
30
50
AGF Traditional Income Fund
51
AGF Traditional Income Fund LEAD PORTFOLIO MANAGER
Peter Frost, MBA, CFA
PORTFOLIO MANAGER
Tristan Sones, CFA Tom Nakamura, CFA
INVESTMENT STYLE
Fundamental
INVESTMENT APPROACH
Dividend growth focus Bottom-up security selection
BENCHMARK
50% S&P/TSX Composite TR Index 50% FTSE TMX Canada Universe Bond Index
ASSETS*
$387.0 million
PERFORMANCE START DATE
May 7, 2010
52
*Source: AGF Investment Operations as of March 31, 2015. Please see Disclaimers for the full disclaimer.
AGF Traditional Income Fund – Investment Philosophy
Traditional income investing provides investors with the opportunity to grow their capital by investing in companies that are committed to rewarding shareholders through above-average dividend growth.
53
Please see Disclaimers for the full disclaimer.
AGF Traditional Income Fund – Current Asset Mix
Cash Current weighting:15.3% Fixed Income Current weighting: 29.2% Target weighting: 50% Range (inclusive of cash): 30%-70%
12.5% 58.5%
Equities Current weighting: 55.6% Target weighting: 50% Range: 30%-70%
29.0%
Country
Weighting
Canada
60.3%
U.S.
34.8%
other
4.9%
Currency
Weighting
C$
86.3%
US$
11.5%
other
2.2%
54
Source: AGF Investment Operations as of March 31, 2015. Please see Disclaimers for the full disclaimer.
AGF Traditional Income Fund – Breakdown and Portfolio Characteristics Equity – Sector Breakdown
Fixed Income – Credit Breakdown
Consumer Telecom. Utilities Disc. Consumer Services 5.2% 4.7% Staples 1.9% Materials 7.0% 10.3% Info. Tech. 12.6%
CCC, 2.3%
Other, 6.3%
B, 8.7%
Energy 21.9%
BB, 8.4%
AAA, 57.1%
BBB, 7.4% Industrials 12.7% Health Care 4.6%
16.7% 3.0% 13.7%
S&P/TSX Composite 9.4% 2.8% 5.5%
10.8%
10.9%
Fund Quality Risk
ROE Dividend Yield Avg. 5-year Div Growth Standard Deviation (3 years, annualized)
A, 4.8% AA, 5.0%
Financials 19.2%
Fund
FTSE TMX Canada Universe Bond Index
Average Rating
AA-
AA
Duration
5.8
7.6
3.5%
3.0%
Current Yield
55
²Benchmark: 50% S&P/TSX Composite Index / 50% FTSE TMX Canada Universe Bond Index. Source: AGF Investment Operations as of March 31, 2015.
AGF Traditional Income Fund – Top Ten Equity Holdings Rank 1 2 3 4 5 6 7 8 9 10
Holding Abbvie Inc. Manulife Financial Corp. Toromont Industries Ltd. Xilinx Inc. Lazard Ltd. ‘A’ Perrigo Co. PLC T. Rowe Price Group Inc. Canadian Imperial Bank of Commerce Las Vegas Sands Corp. LyondellBasell Industries NV ‘A’
Source: AGF Investment Operations as of March 31, 2015. Indicated percentage weight includes cash weight. Please see Disclaimers for the full disclaimer.
Weight (%) 1.40% 1.35% 1.34% 1.34% 1.33% 1.31% 1.29% 1.26% 1.25% 1.22% 56
AGF Monthly High Income Fund
57
AGF Monthly High Income Fund LEAD PORTFOLIO MANAGER
Peter Frost, MBA, CFA
PORTFOLIO MANAGER
Tristan Sones, CFA Tom Nakamura, CFA
INVESTMENT STYLE
Fundamental
INVESTMENT APPROACH
High-dividend focus Bottom-up security selection
BENCHMARK
50% S&P/TSX Composite TR Index 30% FTSE TMX Canada Universe Bond Index 20% FTSE TMX Canada High Yield Bond Index
TOTAL ASSETS*
$970.9 million
PERFORMANCE START DATE
January 26, 2005
58
*Source: AGF Investment Operations as of March 31, 2015. Please see Disclaimers for the full disclaimer.
AGF Monthly High Income Fund – Investment Philosophy
“High-income investing maximizes current income by investing in those entities that pay out a significant portion of their annual cash flow to investors.”
59
AGF Monthly High Income Fund – Current Asset Mix Cash & Cash Equivalents Current weighting: 3.3% Target weighting: 0% Range: 0%-25%
Fixed Income Current weighting: 34.7% Target weighting: 50% Range: 20%-80%
3.3%
34.7% 62.0%
Equity Current weighting: 62.0% Target weighting: 50% Range: 20%-80%
Country
Weighting
Canada
63.9%
U.S.
27.3%
Other
8.8%
Currency
Weighting
C$
86.8%
US$
7.1%
Other
6.1%
60
Source: AGF Investment Operations as of March 31, 2015. Please see Disclaimers for the full disclaimer.
AGF Monthly High Income Fund – Breakdown and Portfolio Characteristics Equity – Sector Breakdown Utilities 9% Telecom. Services 11%
Health Care 4%
Consumer Discretionary 3% Industrials 5%
Quality
Risk
Fixed Income – Credit Breakdown
Financials 29%
CCC 3%
Energy 26%
Other 7%
AAA 33%
B 15%
Materials 9% Consumer Staples Information 4% Technology 5%
BB 13% BBB 14%
Fund
S&P/TSX Composite
ROE
17.5%
9.4%
Average Rating
Dividend Yield
4.8%
2.8%
Duration
Standard Deviation (3 years annualized)
10.5%
10.8%
Current Yield
A 8%
AA 7%
Fund
FTSE/TMX Canada Universe Bond Index
A
AA
6.1
7.6
4.7%
3.0% 61
Source: AGF Investment Operations as of March 31, 2015. Please see Disclaimers for the full disclaimer.
AGF Monthly High Income Fund – Top Ten Equity Holdings Rank 1 2 3 4 5 6 7 8 9 10
Holding Abbvie Inc. Canadian Imperial Bank of Commerce Manulife Financial Corp. Las Vegas Sands Corp. Chartwell Retirement Residences Xilinx Inc. Corrections Corporation of America Bank of Nova Scotia AT&T Inc. Vodacom Group Ltd.
Weight (%) 1.55% 1.51% 1.46% 1.43% 1.42% 1.40% 1.37% 1.36% 1.35% 1.32% 62
Source: AGF Investment Operations as of March 31, 2015. Please see Disclaimers for the full disclaimer.
Stock Stories
63
Company Spotlight – Lazard EPS
Div
Stock Price
What they do: 60
5
55
EPS/Div ($)
45
3.20
3
40 35
2
1.95 1
30
2.10 0.50
1.16 1.23 0.61 1.63
1.00
1.20
25
Stock Price ($)
50
4
20 15
• A global financial advisory and asset management firm with ~$200 billion in AUM. 50% of revenues generated from investment banking, with the other 50% from institutional asset management.
Why I like the company: • Robust M&A pipeline • Steady asset management business offers solid margins and steady net inflows • Attractive valuation versus peers
10
0 2010
2011
2012
2013
2014
Source: AGF Investment Operations as of March 31, 2015. Please see Disclaimers for the full disclaimer.
64
Company Spotlight – Keyera Corp. EPS
Div
Stock Price 90
8
80
7
70
6
60
5
50
4
2 1
3.52 2.52 2.26
2.06 1.92 1.80 2.15 1.99 1.88 1.49
40 30
Stock Price ($)
9
3
• One of the largest natural gas and NGL midstream companies in Canada – gathering, processing, storage, and marketing
100
10
EPS/Div ($)
What they do:
20 10
Why I like the company: • • •
Strong management team with a history of producing growing cash flows Well positioned to weather low oil price environment – fee for service model Good acquirers – low commodity environment likely to produce attractive acquisition targets
0
0 2010
2011
2012
2013
2014
Source: AGF Investment Operations as of March 31, 2015. Please see Disclaimers for the full disclaimer.
65
Summary • Adding selectively to equities • Expect some short-term volatility • Maintaining underweight to bonds and larger cash level
66
Please see Disclaimers for the full disclaimer.
Why Consider These Funds Why AGF Traditional Income Fund
Why AGF Monthly High Income Fund
•
Dividend growth has historically led to strong long-term returns†
•
•
Tactical asset management and currency hedging
Historically generates income above market levels (both in dividends and coupons)*
•
Historically less volatility than benchmark **
Minimum 50% currency hedge to lock in income and alpha from security selection
•
Historically, less long-term volatility than benchmark**
•
Source: Morningstar as of March 31, 2015. †As compared to S&P/TSX, Source: RBC Capital Markets Quantitative Research. *See slide 31. **As measured by three-year Standard Deviation – See slide 25 for AGF Traditional Income / slide 31 for AGF Monthly High Income.
67
AGF Traditional Income Fund – Performance
Annualized Net Return As of March 31, 2015
3 mth
6 mth
1 yr
2 yr
3 yr
PSD
AGF Traditional Income Fund
1.3%
-0.4%
1.7%
5.5%
6.9%
7.2%
Benchmark
3.4%
4.1%
8.8%
8.5%
7.5%
6.9%
Performance Start Date = May 3, 2010. Benchmark = 50% S&P/TSX Composite TR Index / 50% FTSE TMX Canada Universe Bond Index
68
Source: AGF Investment Operations as of March 31, 2015, CAD net of fees.
AGF Monthly High Income Fund – Performance
Annualized Net Return As of March 31, 2015
3 mth
6 mth
1 yr
2 yr
3 yr
5 yr
10 yr
PSD
AGF Monthly High Income Fund
1.9%
-3.2%
-0.4%
4.4%
5.3%
6.5%
7.1%
6.8%
Benchmark
2.8%
2.1%
6.7%
8.2%
7.7%
6.9%
7.0%
7.2%
Performance Start Date = January 26, 2005. Benchmark = 50% S&P/TSX Composite TR Index / 30% FTSE TMX Canada Universe Bond Index, 20% FTSE TMX Canada High Yield Bond Index
69
Source: AGF Investment Operations as of March 31, 2015, CAD net of fees.
Disclaimers All information is in Canadian dollars. AGF High Income Fund merged into AGF Monthly High Income Fund on May 23, 2014. AGF Social Values Balanced Fund merged into AGF Traditional Income Fund on May 23, 2014. 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 including changes in share and/or unit value and reinvestment of all dividends and/or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed; their values change frequently and past performance may not be repeated. Past performance is not necessarily a guide to future performance. The value of investments and the income from them can fall as well as rise. Investments denominated in foreign currencies are subject to fluctuations in exchange rates, which may have an adverse affect on the value of the investments, sale proceeds, and on dividend or interest income. Investors may not necessarily recoup the full value of their original investment. Investors should be aware that forward looking statements and forecasts may not be realized. The commentaries contained herein are provided as a general source of information based on information available as of March 31, 2015 and should not be considered as personal investment advice or an offer or solicitation to buy and / or sell securities. Every effort has been made to ensure accuracy in these commentaries at the time of publication, however accuracy cannot be guaranteed. Market conditions may change and the manager accepts no responsibility for individual investment decisions arising from the use or reliance on the information contained herein. The specific securities identified and described in this presentation do not represent all of the securities purchased, sold or recommended for the portfolio, and it should not be assumed that investments in the securities identified were or will be profitable. All rights in the FTSE TMX Canada Universe Bond Index and FTSE TMX Canada High Yield Bond Index vest in FTSE International Limited (“FTSE”). “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence. 1 of 2
70
DISCLAIMER CONTINUED ON FOLLOWING PAGE
Disclaimers The information contained herein was provided by AGF Investment Operations and intends to provide you with information related to the Funds. It is not intended to be investment advice applicable to any specific circumstance and should not be construed as investment advice. Market conditions may change impacting the composition of a portfolio. AGF Investments Inc. assumes no responsibility for any investment decisions made based on the information provided herein. This report may not be reproduced (in whole or in part), transmitted or made available to any other person without the prior written permission of AGF Investments Inc. This document is intended for advisors to support the assessment of investment suitability for investors. Investors are expected to consult their advisor to determine suitability for their investment objectives and portfolio. Published Date: April 20, 2015 2 of 2
71
Peter Frost, MBA, CFA SVP & Portfolio Manager
•
23-year industry veteran
•
Investment philosophy is founded on the principle that wealth is created by investing in companies with attractive valuations that are expected to have strong long-term earnings growth
•
Pension consulting experience
32
Portfolio Management Team North American Equity Research Team
Peter J. Frost, MBA, CFA Senior Vice-President and Portfolio Manager
Terri Ellis, MBA, CFA SVP, Head of North American Equity Research Industry Exp: since 1995 Firm Exp: since 2011 Richard Fisher, M. Econ Equity Analyst Industry Exp: since 1996 Firm Exp: since 1996 Sector: Financials
Brian Madden, CFA, CFP VP & Portfolio Manager Industry Exp: since 1997 Firm Exp: since 2010 Sector: Cons. Staples Curtis Gillis, MBA, CMA, CFA Associate Portfolio Manager Industry Exp: since 1997 Firm Exp: since 2012 Sectors: Energy
Dillon Culhane, CFA, CA Equity Analyst Industry Exp: since 2010 Firm Exp: since 2015 Sectors: Energy Carmen Tang, M.Sc., MBA, CFA Equity Analyst Industry Exp: since 2002 Firm Exp: since 2013 Sector: Healthcare & Utilities
John Vermeer, MBA, CFA Equity Analyst Industry Exp: since 1984 Firm Exp: since 2012 Sectors: Cons. Disc. & Industrials
Geoffrey Scott, MBA, CFA Junior Equity Analyst Industry Exp: since 2004 Firm Exp: since 2011
Jonathan Lo, MBA Director, Portfolio Specialist, North American and International Equities Industry Exp: since 2004 Firm Exp: since 2012
Sam Mitter, MBA Equity Analyst Industry Exp: since 1992 Firm Exp: since 2014 Sector: Information Technology Wai Tong, MBA, P.Eng, CFA Equity Analyst Industry Exp: since 2000 Firm Exp: since 2006 Sectors: Telecom. Services & Materials
Fixed Income Team Jean Charbonneau, MBA SVP & Portfolio Manager Industry Exp: since 1984 Firm Exp: since 2006 Glenn Drodge, MBA, CFA Associate Portfolio Manager Industry Exp: since 1998 Firm Exp: since 2008
¹Portfolio
Tristan Sones, CFA VP & Portfolio Manager Industry Exp: since 1993 Firm Exp: since 1993 Andy Kochar, CFA Associate Portfolio Manager Industry Exp: since 2006 Firm Exp: since 2006
Tom Nakamura, CFA VP & Portfolio Manager Industry Exp: since 1998 Firm Exp: since 1998 Vishang Chawla, MFin, CFA Fixed Income Credit Analyst Industry Exp: since 2006 Firm Exp: since 2007
David Stonehouse, MBA, CFA VP & Portfolio Manager Industry Exp: since 1996 Firm Exp: since 1998 Mark Weinberg, ASA, ACIA¹ VP, Portfolio Specialist Group & Investment Communication, Fixed Income Industry Exp: since 1999 Firm Exp: since 2009
Specialists work closely with the portfolio management team; however, they do not provide investment advice or recommendations.
33
The Importance of Dividends Dividends contribute significantly to total returns and reduce volatility December 1956 – December 2014
Total return
Standard deviation
S&P/TSX Composite Index
9.2%
15.2%
Contribution from dividend income
3.2%
2.0%
34
Source: Bloomberg, as of December 31, 2014.
The Importance of GROWING Dividends Total Portfolio Returns (December 1986 – December 2014, equal weighted, %) 14.0%
12.0%
12.0%
10.2%
10.0% 8.0%
6.6%
6.0% 4.0% 2.0%
1.0%
1.8%
0.0% Non-dividend payers
Dividend cutters
S&P/TSX Composite
Dividend payers
Dividend growers 35
Source: RBC Capital Markets Quantitative Research, as of December 31, 2014.
Dividend Growth has Historically Led to Long-term Returns Growth of $10,000 from December 1986 through December 2014 Dividend Growers $247,609
$250,000 $200,000 $150,000 $100,000
S&P/TSX Composite $61,197
$50,000 $1986
1988
1990
1992
1994
1996
1998
S&P/TSX Composite Total Return
2000
2002
2004
2006
2008
2010
2012
2014
Dividend Growers Total Return 36
Source: RBC Capital Markets Quantitative Research, as of December 31, 2014.
Market Outlook
37
Market Outlook • Future U.S. Federal Reserve Board (Fed) policy biggest driver of asset returns in 2015 • U.S. economy appears to be slowing • Potential for rising bond yields = tailwind for equities • Geopolitical tensions remain high
38
Please see Disclaimers for the full disclaimer.
Fed Monetary Policy Tightening
39
Source: Bloomberg, as of March 31, 2015.
Source: Bloomberg, as of March 31, 2015. Q1 2015E
Q4 2014
Q3 2014
Q2 2014
Q1 2014
Q4 2013
Start of Taper
QE3 1400
1200
S&P 500
S&P 500
Q3 2013
Q2 2013
Operation Twist
Q1 2013
Q4 2012
Q3 2012
Q2 2012
Q1 2012
QE2
Q4 2011
Q3 2011
Q2 2011
Q1 2011
QE1
Q4 2010
Q3 2010
Q2 2010
GDP
Q1 2010
Q4 2009
Q3 2009
Q2 2009
10 9 8 7 6 5 4 3 2 1 0 -1 -2 -3 -4 -5 -6 -7 -8 -9 -10 Q1 2009
Q4 2008
Q3 2008
GDP Q-o-Q Annualized (%)
U.S. Economic Growth has Weakened Post QE Programs 2200
2000
1800
1600
1000
800
600
40
Source: Bloomberg, as of March 31, 2015. Mar-15
Jan-15
Nov-14
Sep-14
Jul-14
May-14
Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Mar-13
Jan-13
Nov-12
Sep-12
Jul-12
May-12
Mar-12
Jan-12
Nov-11
Sep-11
Jul-11
May-11
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
Recent Economic Surprises to Downside
Citi U.S. Economic Surprise Index 100
80
60
40
20
0
-20
-40
-60
-80
-100
-120
41
Source: Bloomberg, as of March 31, 2015. Mar-15
Jan-15
Nov-14
Sep-14
Jul-14
May-14
Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Mar-13
Jan-13
Nov-12
Sep-12
Jul-12
May-12
Mar-12
Jan-12
Nov-11
Sep-11
Jul-11
May-11
Mar-11
ISM
Jan-11
Nov-10
Sep-10
49
Jul-10
May-10
Mar-10
Jan-10
Manufacturing has Moderated
ISM Manufacturing 65
63
61
59
57
55
53
51
47
New Orders
45
42
Source: Bloomberg, as of March 31, 2015. Feb-15
Dec-14
Oct-14
Aug-14
Jun-14
Apr-14
Feb-14
Dec-13
Oct-13
Aug-13
Jun-13
Apr-13
Feb-13
Dec-12
Oct-12
Aug-12
Jun-12
Apr-12
Feb-12
Dec-11
Oct-11
Aug-11
Jun-11
Apr-11
Feb-11
Dec-10
Oct-10
Aug-10
Jun-10
Apr-10
Feb-10
Services Remain Strong
ISM Non-Manufacturing Index 60
58
56
54
52
50
48
46
43
Source: Bloomberg, as of March 31, 2015. Feb-15
Dec-14
Oct-14
Aug-14
Jun-14
Apr-14
Feb-14
Dec-13
Oct-13
Aug-13
Jun-13
Apr-13
Feb-13
Dec-12
Copper Oct-12
Aug-12
Jun-12
Apr-12
Feb-12
WTI Oil Dec-11
Oct-11
Aug-11
Jun-11
Apr-11
DXY
Feb-11
Dec-10
Oct-10
Aug-10
0 Jun-10
Apr-10
Feb-10
Dec-09
Oct-09
Aug-09
Jun-09
Apr-09
Feb-09
Dec-08
Oct-08
Aug-08
Jun-08
Apr-08
U.S. Dollar Gaining Strength – Headwind to Commodities and Equities
DXY U.S. Dollar Index vs. Commodities
160
140
120
100
80
60
40
20
Zinc
44
Quantitative Easing and WTI Oil 140 120
September 2012: QE3 announced – $40 billion in MBS per month
June 2011: end of QE2
100
October 2014: QE3 ends
March 2010: end of QE1 December 2013: Tapering announced, to $35 billion in MBS + $40 billion in treasuries per month
80 60
August 2010: QE2 announced – $600 billion in treasuries
March 2009: QE1 extended – $1.4 trillion in treasuries and MBS
40 20
December 2012: QE3 expanded indefinitely – $40 billion in MBS + $45 billion in treasuries per month
September 2011: Operation Twist – $400 billion in long term treasuries
November 2008: QE1 announced – $600 billion in MBS
Apr-15
Feb-15
Dec-14
Oct-14
Aug-14
Jun-14
Apr-14
Feb-14
Dec-13
Oct-13
Aug-13
Jun-13
Apr-13
Feb-13
Dec-12
Oct-12
Aug-12
Jun-12
Apr-12
Feb-12
Dec-11
Oct-11
Aug-11
Jun-11
Apr-11
Feb-11
Dec-10
Oct-10
Aug-10
Jun-10
Apr-10
Feb-10
Dec-09
Oct-09
Aug-09
Jun-09
Apr-09
Feb-09
Dec-08
Oct-08
Aug-08
0
45
Source: Bloomberg, as of April 6, 2015.
Energy – Moderate Price Recovery in Medium Term Wide Differential Between Spot and Five-year Strip
Breakeven Near US$65/bbl on Most Non-OPEC Investments
46
Source: Bloomberg (LHS), IEA, ISI Energy Research (RHS), as of January 31, 2015.
Canadian Dollar – Declined Substantially in Q1 CAD vs. USD 1.1 1.05 1 0.95 0.9 0.85 0.8 0.75 0.7 0.65 0.6 Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
47
Source: Bloomberg, as of March 31, 2015.
Bond Yields Near All-Time Lows – Becoming a Riskier Asset Class Canada 10-year bond yield
U.S. 10-year treasury yield
4 4.5 3.5
4 3.5
Yield (%)
Yield (%)
3
2.5
3 2.5
2 2 1.5
1.5
1
Mar-10
1
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
48
Source: Bloomberg, as of March 31, 2015.
Investment Grade and High Yield Barclays U.S. Corporate Investment Grade – Yield and Spreads 700
10.00
2,500
25.00
2,000
20.00
1,500
15.00
1,000
10.00
400
6.00 5.00
300
4.00
200
3.00 2.00
100
500
5.00
0
0.00
Percentage (%)
7.00
Percentage (%)
8.00
500
Basis Points
9.00
600
1.00
Option Adjusted Spread (LHS)
Feb-15
Sep-14
Apr-14
Nov-13
Jun-13
Jan-13
Aug-12
Mar-12
Oct-11
May-11
Jul-10
Dec-10
Feb-10
Apr-09
Sep-09
Nov-08
Jun-08
0.00 Jan-08
0
Yield To Worst (RHS)
Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Dec-10 May-11 Oct-11 Mar-12 Aug-12 Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15
Basis Points
Barclays U.S. Corporate High Yield – Yield and Spreads
Option Adjusted Spread (LHS)
Yield To Worst (RHS) 49
Source: Barclays Research, as of March 31, 2015.
High Degree of Interest Rate Risk Government of Canada Bond Yield Curve 5 4.5
Yield (%)
4 3.5 3 2.5 2 1.5 1 0.5 0 0.25
0.5
1
2
3
4
Term Source: Bloomberg, March 31, 2015.
5
7
8
9
10
20
30
50
AGF Traditional Income Fund
51
AGF Traditional Income Fund LEAD PORTFOLIO MANAGER
Peter Frost, MBA, CFA
PORTFOLIO MANAGER
Tristan Sones, CFA Tom Nakamura, CFA
INVESTMENT STYLE
Fundamental
INVESTMENT APPROACH
Dividend growth focus Bottom-up security selection
BENCHMARK
50% S&P/TSX Composite TR Index 50% FTSE TMX Canada Universe Bond Index
ASSETS*
$387.0 million
PERFORMANCE START DATE
May 7, 2010
52
*Source: AGF Investment Operations as of March 31, 2015. Please see Disclaimers for the full disclaimer.
AGF Traditional Income Fund – Investment Philosophy
Traditional income investing provides investors with the opportunity to grow their capital by investing in companies that are committed to rewarding shareholders through above-average dividend growth.
53
Please see Disclaimers for the full disclaimer.
AGF Traditional Income Fund – Current Asset Mix
Cash Current weighting:15.3% Fixed Income Current weighting: 29.2% Target weighting: 50% Range (inclusive of cash): 30%-70%
12.5% 58.5%
Equities Current weighting: 55.6% Target weighting: 50% Range: 30%-70%
29.0%
Country
Weighting
Canada
60.3%
U.S.
34.8%
other
4.9%
Currency
Weighting
C$
86.3%
US$
11.5%
other
2.2%
54
Source: AGF Investment Operations as of March 31, 2015. Please see Disclaimers for the full disclaimer.
AGF Traditional Income Fund – Breakdown and Portfolio Characteristics Equity – Sector Breakdown
Fixed Income – Credit Breakdown
Consumer Telecom. Utilities Disc. Consumer Services 5.2% 4.7% Staples 1.9% Materials 7.0% 10.3% Info. Tech. 12.6%
CCC, 2.3%
Other, 6.3%
B, 8.7%
Energy 21.9%
BB, 8.4%
AAA, 57.1%
BBB, 7.4% Industrials 12.7% Health Care 4.6%
16.7% 3.0% 13.7%
S&P/TSX Composite 9.4% 2.8% 5.5%
10.8%
10.9%
Fund Quality Risk
ROE Dividend Yield Avg. 5-year Div Growth Standard Deviation (3 years, annualized)
A, 4.8% AA, 5.0%
Financials 19.2%
Fund
FTSE TMX Canada Universe Bond Index
Average Rating
AA-
AA
Duration
5.8
7.6
3.5%
3.0%
Current Yield
55
²Benchmark: 50% S&P/TSX Composite Index / 50% FTSE TMX Canada Universe Bond Index. Source: AGF Investment Operations as of March 31, 2015.
AGF Traditional Income Fund – Top Ten Equity Holdings Rank 1 2 3 4 5 6 7 8 9 10
Holding Abbvie Inc. Manulife Financial Corp. Toromont Industries Ltd. Xilinx Inc. Lazard Ltd. ‘A’ Perrigo Co. PLC T. Rowe Price Group Inc. Canadian Imperial Bank of Commerce Las Vegas Sands Corp. LyondellBasell Industries NV ‘A’
Source: AGF Investment Operations as of March 31, 2015. Indicated percentage weight includes cash weight. Please see Disclaimers for the full disclaimer.
Weight (%) 1.40% 1.35% 1.34% 1.34% 1.33% 1.31% 1.29% 1.26% 1.25% 1.22% 56
AGF Monthly High Income Fund
57
AGF Monthly High Income Fund LEAD PORTFOLIO MANAGER
Peter Frost, MBA, CFA
PORTFOLIO MANAGER
Tristan Sones, CFA Tom Nakamura, CFA
INVESTMENT STYLE
Fundamental
INVESTMENT APPROACH
High-dividend focus Bottom-up security selection
BENCHMARK
50% S&P/TSX Composite TR Index 30% FTSE TMX Canada Universe Bond Index 20% FTSE TMX Canada High Yield Bond Index
TOTAL ASSETS*
$970.9 million
PERFORMANCE START DATE
January 26, 2005
58
*Source: AGF Investment Operations as of March 31, 2015. Please see Disclaimers for the full disclaimer.
AGF Monthly High Income Fund – Investment Philosophy
“High-income investing maximizes current income by investing in those entities that pay out a significant portion of their annual cash flow to investors.”
59
AGF Monthly High Income Fund – Current Asset Mix Cash & Cash Equivalents Current weighting: 3.3% Target weighting: 0% Range: 0%-25%
Fixed Income Current weighting: 34.7% Target weighting: 50% Range: 20%-80%
3.3%
34.7% 62.0%
Equity Current weighting: 62.0% Target weighting: 50% Range: 20%-80%
Country
Weighting
Canada
63.9%
U.S.
27.3%
Other
8.8%
Currency
Weighting
C$
86.8%
US$
7.1%
Other
6.1%
60
Source: AGF Investment Operations as of March 31, 2015. Please see Disclaimers for the full disclaimer.
AGF Monthly High Income Fund – Breakdown and Portfolio Characteristics Equity – Sector Breakdown Utilities 9% Telecom. Services 11%
Health Care 4%
Consumer Discretionary 3% Industrials 5%
Quality
Risk
Fixed Income – Credit Breakdown
Financials 29%
CCC 3%
Energy 26%
Other 7%
AAA 33%
B 15%
Materials 9% Consumer Staples Information 4% Technology 5%
BB 13% BBB 14%
Fund
S&P/TSX Composite
ROE
17.5%
9.4%
Average Rating
Dividend Yield
4.8%
2.8%
Duration
Standard Deviation (3 years annualized)
10.5%
10.8%
Current Yield
A 8%
AA 7%
Fund
FTSE/TMX Canada Universe Bond Index
A
AA
6.1
7.6
4.7%
3.0% 61
Source: AGF Investment Operations as of March 31, 2015. Please see Disclaimers for the full disclaimer.
AGF Monthly High Income Fund – Top Ten Equity Holdings Rank 1 2 3 4 5 6 7 8 9 10
Holding Abbvie Inc. Canadian Imperial Bank of Commerce Manulife Financial Corp. Las Vegas Sands Corp. Chartwell Retirement Residences Xilinx Inc. Corrections Corporation of America Bank of Nova Scotia AT&T Inc. Vodacom Group Ltd.
Weight (%) 1.55% 1.51% 1.46% 1.43% 1.42% 1.40% 1.37% 1.36% 1.35% 1.32% 62
Source: AGF Investment Operations as of March 31, 2015. Please see Disclaimers for the full disclaimer.
Stock Stories
63
Company Spotlight – Lazard EPS
Div
Stock Price
What they do: 60
5
55
EPS/Div ($)
45
3.20
3
40 35
2
1.95 1
30
2.10 0.50
1.16 1.23 0.61 1.63
1.00
1.20
25
Stock Price ($)
50
4
20 15
• A global financial advisory and asset management firm with ~$200 billion in AUM. 50% of revenues generated from investment banking, with the other 50% from institutional asset management.
Why I like the company: • Robust M&A pipeline • Steady asset management business offers solid margins and steady net inflows • Attractive valuation versus peers
10
0 2010
2011
2012
2013
2014
Source: AGF Investment Operations as of March 31, 2015. Please see Disclaimers for the full disclaimer.
64
Company Spotlight – Keyera Corp. EPS
Div
Stock Price 90
8
80
7
70
6
60
5
50
4
2 1
3.52 2.52 2.26
2.06 1.92 1.80 2.15 1.99 1.88 1.49
40 30
Stock Price ($)
9
3
• One of the largest natural gas and NGL midstream companies in Canada – gathering, processing, storage, and marketing
100
10
EPS/Div ($)
What they do:
20 10
Why I like the company: • • •
Strong management team with a history of producing growing cash flows Well positioned to weather low oil price environment – fee for service model Good acquirers – low commodity environment likely to produce attractive acquisition targets
0
0 2010
2011
2012
2013
2014
Source: AGF Investment Operations as of March 31, 2015. Please see Disclaimers for the full disclaimer.
65
Summary • Adding selectively to equities • Expect some short-term volatility • Maintaining underweight to bonds and larger cash level
66
Please see Disclaimers for the full disclaimer.
Why Consider These Funds Why AGF Traditional Income Fund
Why AGF Monthly High Income Fund
•
Dividend growth has historically led to strong long-term returns†
•
•
Tactical asset management and currency hedging
Historically generates income above market levels (both in dividends and coupons)*
•
Historically less volatility than benchmark **
Minimum 50% currency hedge to lock in income and alpha from security selection
•
Historically, less long-term volatility than benchmark**
•
Source: Morningstar as of March 31, 2015. †As compared to S&P/TSX, Source: RBC Capital Markets Quantitative Research. *See slide 31. **As measured by three-year Standard Deviation – See slide 25 for AGF Traditional Income / slide 31 for AGF Monthly High Income.
67
AGF Traditional Income Fund – Performance
Annualized Net Return As of March 31, 2015
3 mth
6 mth
1 yr
2 yr
3 yr
PSD
AGF Traditional Income Fund
1.3%
-0.4%
1.7%
5.5%
6.9%
7.2%
Benchmark
3.4%
4.1%
8.8%
8.5%
7.5%
6.9%
Performance Start Date = May 3, 2010. Benchmark = 50% S&P/TSX Composite TR Index / 50% FTSE TMX Canada Universe Bond Index
68
Source: AGF Investment Operations as of March 31, 2015, CAD net of fees.
AGF Monthly High Income Fund – Performance
Annualized Net Return As of March 31, 2015
3 mth
6 mth
1 yr
2 yr
3 yr
5 yr
10 yr
PSD
AGF Monthly High Income Fund
1.9%
-3.2%
-0.4%
4.4%
5.3%
6.5%
7.1%
6.8%
Benchmark
2.8%
2.1%
6.7%
8.2%
7.7%
6.9%
7.0%
7.2%
Performance Start Date = January 26, 2005. Benchmark = 50% S&P/TSX Composite TR Index / 30% FTSE TMX Canada Universe Bond Index, 20% FTSE TMX Canada High Yield Bond Index
69
Source: AGF Investment Operations as of March 31, 2015, CAD net of fees.
Disclaimers All information is in Canadian dollars. AGF High Income Fund merged into AGF Monthly High Income Fund on May 23, 2014. AGF Social Values Balanced Fund merged into AGF Traditional Income Fund on May 23, 2014. 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 including changes in share and/or unit value and reinvestment of all dividends and/or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed; their values change frequently and past performance may not be repeated. Past performance is not necessarily a guide to future performance. The value of investments and the income from them can fall as well as rise. Investments denominated in foreign currencies are subject to fluctuations in exchange rates, which may have an adverse affect on the value of the investments, sale proceeds, and on dividend or interest income. Investors may not necessarily recoup the full value of their original investment. Investors should be aware that forward looking statements and forecasts may not be realized. The commentaries contained herein are provided as a general source of information based on information available as of March 31, 2015 and should not be considered as personal investment advice or an offer or solicitation to buy and / or sell securities. Every effort has been made to ensure accuracy in these commentaries at the time of publication, however accuracy cannot be guaranteed. Market conditions may change and the manager accepts no responsibility for individual investment decisions arising from the use or reliance on the information contained herein. The specific securities identified and described in this presentation do not represent all of the securities purchased, sold or recommended for the portfolio, and it should not be assumed that investments in the securities identified were or will be profitable. All rights in the FTSE TMX Canada Universe Bond Index and FTSE TMX Canada High Yield Bond Index vest in FTSE International Limited (“FTSE”). “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence. 1 of 2
70
DISCLAIMER CONTINUED ON FOLLOWING PAGE
Disclaimers The information contained herein was provided by AGF Investment Operations and intends to provide you with information related to the Funds. It is not intended to be investment advice applicable to any specific circumstance and should not be construed as investment advice. Market conditions may change impacting the composition of a portfolio. AGF Investments Inc. assumes no responsibility for any investment decisions made based on the information provided herein. This report may not be reproduced (in whole or in part), transmitted or made available to any other person without the prior written permission of AGF Investments Inc. This document is intended for advisors to support the assessment of investment suitability for investors. Investors are expected to consult their advisor to determine suitability for their investment objectives and portfolio. Published Date: April 20, 2015 2 of 2
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