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  1. 1. INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2009 (the “Period”) ACUITY GLOBAL DIVIDEND FUND (the “Fund”) This interim management report of fund performance contains financial highlights, but does not contain either interim or annual financial statements of the investment fund. You can get a copy of the interim or annual financial statements at your request, and at no cost, by calling 1.800.461.4570, by writing to us at 40 King Street West, Scotia Plaza, 55th Floor, Toronto, Ontario, M5H 3Y2 or by visiting our website at or SEDAR at Unitholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure. A NOTE ON FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements about the Fund, including its strategy, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects,” “anticipates,” “plans,” “believes,” “estimates” or negative versions thereof and similar expressions. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made about the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events. We stress that the above-mentioned list of important factors is not exhaustive. We encourage you to consider these and other factors carefully before making any investment decisions and we urge you to avoid placing undue reliance on forward-looking statements. Further, you should be aware that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance.
  2. 2. GLOBAL DIVIDEND FUND Management Discussion somewhat offset by the Fund’s mix of currencies, particularly the overweight Australian dollar position. On a sectoral basis, of Fund Performance the technology, materials, and consumer discretionary sectors (August 18, 2009) demonstrated particular strength as investors positioned for improvement in commodities and consumer spending. The Fund’s performance suffered as a result of security selection This Interim Management Report of Fund Performance presents in the information technology and industrial sectors, partially management’s view of the significant factors and developments offset by strong security selection in the energy and consumer affecting the Fund’s performance and outlook since December 31, staples sectors, along with an overweight position in the 2008, the Fund’s fiscal year-end. This report should be read in materials sector and the Far East region. conjunction with the Annual Management Report of Fund Performance for the year ended December 31, 2008. OPERATIONS Fees and Expenses RESULTS OF OPERATIONS Over the Period, the Fund paid management fees and The Fund’s net assets increased by 12.8% to $36.7 million from operating expenses of $365,000. This amount is net of $32.5 million at the end of the previous year. The increase in net expenses waived of $4,000. Acuity Funds Ltd. may stop assets was attributable to $4.5 million due to net subscriptions waiving operating expenses at any time without notice. The to the Fund. Cash distributions of $0.3 million also contributed management expense ratio (“MER”) for Class A unitholders to the change in net assets. was 2.97%, compared with 2.95% in 2008. The MER for Class F unitholders was 1.92%, compared with 1.90% in 2008. The MER INVESTMENT PERFORMANCE for Class I unitholders was 0.02%, consistent with 0.02% in 2008. Over the Period, the Fund’s Class A, Class F and Class I units lost 2.5%, 2.0% and 1.0% compared to a gain of 1.0% for the Unitholder Activity benchmark MSCI World Index (net) CDN$. The Fund’s return is Over the Period, $4.5 million flowed into the Fund as a result after the deduction of fees and expenses paid by the Fund. The of net subscriptions, this includes $10,249,736 in assets received difference in performance between the classes is primarily due from the Acuity Global Equity Fund as a result of the fund merger. to the varying levels of expenses charged to each class. Over the Period, the Fund’s weighting in cash and cash RECENT DEVELOPMENTS equivalents decreased from 4.5% to 2.0%. The most significant Following the substantial second quarter rally, investors are changes to equity allocations over this period were: an increase now contemplating whether stocks will resume their climb in the energy sector from 9.8% to 14.7%, an increase in the or correct again. From an economic perspective, we anticipate financials sector from 11.8% to 17.9%, and a decrease in the that data may continue to improve and potentially surpass industrials sector from 18.3% to 12.2%. consensus expectations over the next several quarters. Leading indicators are almost uniformly positive and history shows that While global GDP continued to decline during the first half of following deep recessions, the early stages of GDP recovery tend 2009, some glimmers of hope appeared among the economic to meaningfully exceed estimates. From a market perspective, wreckage. The rate of descent of many data points began to slow, stocks appear to have corrected the oversold condition that or even show a slight improvement in some cases. Commodity existed in March, but appear to be reasonably valued on prices rebounded sharply, driven in part by the substantial most metrics. After the substantial run-up in recent months, stimulus from emerging economies such as China’s. The capital however, periods of consolidation may be in order. We continue markets seized on the improving sentiment and economic emphasizing stocks that generate stable and growing free backdrop to post one of the strongest rebounds of the century cash flow under any economic environment, run by managers last quarter. The strengthening Canadian dollar had an adverse who are committed to increasing shareholder value. As well, impact on the Fund’s foreign holdings during the first half, 1 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE 2009
  3. 3. GLOBAL DIVIDEND FUND we continue focusing on companies that possess defensive growth characteristics in our view, including industrials exposed to global infrastructure, consumer stocks with a strong international sales profile, and select commodity producers in sectors such as energy. We are optimistic about the Fund‘s prospects based on the quality of management, financial strength, and superior growth prospects of the companies in which it is invested. RELATED PARTY TRANSACTIONS MANAGER The Fund is managed by Acuity Funds Ltd. (“Acuity”). Acuity manages the overall business of the Fund, including providing fund accounting and administration services and promoting sales of the Fund’s units. For its services to the Fund, Acuity receives a monthly management fee, based on the average daily net assets of each class of the Fund. PORTFOLIO ADVISER Acuity Investment Management Inc. (“Portfolio Adviser”), an affiliate of Acuity, provides investment management services for the Fund. The Portfolio Adviser receives a monthly investment management fee from Acuity for managing the portfolio of assets for the Fund. TRANSFER AGENT AND REGISTRAR Acuity Investor Services Inc. (“Investor Services”), an affiliate of Acuity, is the transfer agent and registrar for the units of the Fund. Investor Services provides certain administrative services as required by the Fund including bookkeeping, accounting, valuations, registrar and transfer agency services, provision of office space and facilities and all services required in connection with the provision of information to investors. Investor Services receives reimbursement of its costs in respect of all such services plus a fee equal to 10% of such amount for providing such services to the Fund. INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE 2009 2
  4. 4. GLOBAL DIVIDEND FUND Financial Highlights Class I (Commencement of operations August 27, 2007) June 30, Dec. 31, Dec. 31, The following tables show selected key financial information For the period ended 2009 2008 2007 about the Fund and are intended to help you understand the Net Assets, beginning of period1 $6.39 $9.38 $9.77 Fund’s financial performance for the fiscal periods indicated. Increase (decrease) from operations: THE FUND’S NET ASSETS PER UNIT 1 Total revenue 0.09 0.16 0.06 Total expenses (0.01) (0.02) (0.01) Class A (Commencement of operations October 19, 2006) Realized gains (losses) for the period (0.65) (1.64) (0.33) June 30, Dec. 31, Dec. 31, Dec. 31, For the period ended 2009 2008 2007 2006 Unrealized gains (losses) for the period 0.61 (1.13) 0.12 Net Assets, Total increase (decrease) beginning of period1 $6.39 $9.38 $10.63 $10.00 from operations2 0.04 (2.63) (0.16) Increase (decrease) Distributions: from operations: From income Total revenue 0.09 0.16 0.18 0.02 (excluding dividends) - - - Total expenses (0.10) (0.26) (0.34) (0.06) From dividends - - - Realized gains From capital gains - - - (losses) for the period (0.65) (1.64) (0.99) 0.06 Return of capital (0.21) (0.48) (0.20) Unrealized gains (losses) for the period 0.66 (0.98) (0.02) 0.79 Total Annual Distributions3 (0.21) (0.48) (0.20) Total increase (decrease) Net Assets, end of period $6.11 $6.39 $9.38 from operations2 - (2.72) (1.17) 0.81 Distributions: 1 This information is derived from the Fund’s audited annual and unaudited interim From income financial statements. The net assets per unit presented in the financial statements (excluding dividends) - - - - may differ from the net asset value per unit calculated for Fund pricing purposes. This difference is due to the requirements of CICA Handbook Section 3855. A From dividends - - - - reconciliation between the net assets in the financial statements and the net From capital gains - - - - asset value for Fund pricing purposes can be found in the notes to the financial Return of capital (0.12) (0.24) (0.24) (0.06) statements. Section 3855 has been applied retroactively without restatement of Total Annual Distributions3 (0.12) (0.24) (0.24) (0.06) prior periods. The opening net assets per unit for the period ended December 31, Net Assets, end of period $6.11 $6.39 $9.38 $10.66 2007 has been adjusted and may differ from the prior period closing net assets per unit. 2 Net assets and distributions are based on the actual number of units outstanding at Class F (Commencement of operations October 19, 2006) the relevant time. The increase/decrease from operations is based on the weighted June 30, Dec. 31, Dec. 31, Dec. 31, average number of units outstanding over the financial period. For the period ended 2009 2008 2007 2006 3 Distributions were paid in cash/reinvested in additional units of the Fund or both. Net Assets, beginning of period1 $6.39 $9.38 $10.63 $10.00 Increase (decrease) from operations: Total revenue 0.09 0.16 0.18 0.02 Total expenses (0.07) (0.18) (0.23) (0.04) Realized gains (losses) for the period (0.65) (1.64) (0.99) (0.06) Unrealized gains (losses) for the period 0.48 (0.94) 0.06 0.85 Total increase (decrease) from operations2 (0.15) (2.60) (0.98) 0.89 Distributions: From income (excluding dividends) - - - - From dividends - - - - From capital gains - - - - Return of capital (0.15) (0.32) (0.35) (0.08) Total Annual Distributions3 (0.15) (0.32) (0.35) (0.08) Net Assets, end of period $6.11 $6.39 $9.38 $10.66 3 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE 2009
  5. 5. GLOBAL DIVIDEND FUND RATIOS AND SUPPLEMENTAL DATA Class I (Commencement of operations August 27, 2007) For the June 30, Dec. 31, Dec. 31, Class A (Commencement of operations October 19, 2006) period ended 2009 2008 2007 For the June 30, Dec. 31, Dec. 31, Dec. 31, Total net asset value period ended 2009 2008 2007 2006 (000’s) 1,5 $9,062 $7,776 $5,481 Total net Number asset value of units (000’s) 1,5 $25,699 $22,720 $48,609 $19,001 outstanding1 1,482,872 1,216,334 582,839 Number Management of units expense ratio2 0.02%* 0.02% 0.02%* outstanding1 4,205,700 3,554,400 5,168,075 1,783,216 Management Management expense ratio expense ratio2 2.97%* 2.95% 2.93% 2.98%* before waivers Management or absorptions 0.02%* 0.02% 0.06%* expense ratio Trading before waivers expense ratio3 0.27%* 0.29% 0.37% or absorptions 3.00%* 2.97% 2.96% 3.23%* Portfolio Trading turnover rate4 92%* 60% 83% expense ratio3 0.27%* 0.29% 0.37% 2.06%* Net Asset Portfolio Value Per Unit5 $6.11 $6.39 $9.40 turnover rate4 92%* 60% 83% n/a Net Asset *Annualized Value Per Unit5 $6.11 $6.39 $9.40 $10.66 1 This information is provided as at end of the period/year shown. 2 Management expense ratio is based on total expenses (excluding commissions Class F (Commencement of operations October 19, 2006) and other portfolio transaction costs) for the stated period and is expressed as an For the June 30, Dec. 31, Dec. 31, Dec. 31, annualized percentage of daily average net asset value during the period. period ended 2009 2008 2007 2006 3 The trading expense ratio represents total commissions and other portfolio Total net transaction costs expressed as an annualized percentage of daily average net asset value asset value during that period. The trading expense ratio is a new requirement and (000’s) 1,5 $1,934 $2,027 $5,520 $4,052 is provided from 2005 onwards. Number 4 The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio of units adviser manages its portfolio investments. A portfolio turnover rate of 100% is outstanding1 316,464 317,140 586,939 380,202 equivalent to the Fund buying and selling all of the securities in its portfolio once Management in the course of the year. The higher a fund’s portfolio turnover rate in a year, the expense ratio2 1.92%* 1.90% 1.87% 1.94%* greater the trading costs payable by the fund in the year, and the greater the chance Management of an investor receiving taxable capital gains in the year. There is not necessarily a expense ratio relationship between a high turnover rate and the performance of a fund. before waivers or absorptions 1.95%* 1.93% 1.90% 2.19%* 5 Represents amount used for fund pricing purposes. Trading expense ratio3 0.27%* 0.29% 0.37% 2.06%* Portfolio turnover rate4 92%* 60% 83% n/a Net Asset Value Per Unit5 $6.11 $6.39 $9.40 $10.66 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE 2009 4
  6. 6. GLOBAL DIVIDEND FUND Management Fees Past Performance For the six months ended June 30, 2009 the Fund paid Acuity The performance information shown assumes that all management fees of $0.3 million. The management fee for each distributions made by the investment fund in the periods shown class is calculated as a percentage of its net asset value, as of the were reinvested in additional securities of the investment fund. close of each business day. The Fund’s management fees were The performance information does not take into account sales, used by Acuity to fund commission payments and other dealer redemption, distribution or other optional charges that would compensation to registered dealers and brokers as well as pay have reduced returns or performance and past performance does portfolio management and general administration costs. not necessarily indicate future performance. Approximately 31% of total management fees were used to pay YEAR-BY-YEAR RETURNS for dealer compensation costs (sales commissions, service fees These charts show the performance of each class of the Fund for and support of their promotional activities). The remaining 69% the six month period ended June 30, 2009 and for each of the of management fees were used for investment management and previous 12 month periods ended December 31, except where noted. other general administration. The charts show in percentage terms how much an investment made on the first day of each financial year would have grown or The following table shows the Fund’s annual management fee decreased by the end of the period. rate and the maximum annual trailer fee rate for Class A and Class F. Management fees in respect of Class I units, if applicable, Class A 10.0% 7.2 are arranged directly between the Manager and investors and are not expenses of the Fund. Acuity pays trailer fees to dealers 0.0% (2.5) out of management fees. The trailer fees are a percentage of (10.0)% (9.6) the average daily value of units of each Acuity Fund held by the (20.0)% dealer’s clients. The fees depend on the Fund and the sales charge (30.0)% (29.9) option. It is expected that dealers will pay a portion of the trailer (40.0)% fees to their sales representatives. 2006* 2007 2008 2009(1) *Return is for partial year from October 19, 2006. (1)For the period January 1, 2009 to June 30, 2009. Class F Class A Management Fees Trailer Fees 10.0% 7.4 Initial Sales Charge Option 2.50% 1.25% 0.0% Level Load Option 2.50% 1.00% (2.0) (10.0)% (8.6) Deferred Sales Charge Option 2.50% 0.50% (20.0)% Low Load Option 2.50% Year 1 0.25% (30.0)% (29.1) Year 2 0.50% (40.0)% 2006* 2007 2008 2009(1) Year 3 0.75% *Return is for partial year from October 19, 2006. (1)For the period January 1, 2009 to June 30, 2009. Thereafter 1.25% Class I 10.0% Class F Management Fees Trailer Fees 0.0% (1.6) (1.0) 1.50% - (10.0)% (20.0)% (30.0)% (27.8) (40.0)% 2007* 2008 2009(1) *Return is for partial year from August 27, 2007. (1)For the period January 1, 2009 to June 30, 2009. 5 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE 2009
  7. 7. GLOBAL DIVIDEND FUND SUMMARY OF INVESTMENT PORTFOLIO AT JUNE 30, 2009 ASSET ALLOCATION1 TOP 25 HOLDINGS (excluding Cash & Equivalents) Equities 98.0% Security Name % of net asset value1 Cash & Cash Equivalents 2.0% Yamana Gold Inc. 2.7% CVS Caremark Corp. 2.6% SECTOR ALLOCATION1 ABB Ltd. 2.6% Cash & Cash Equivalents 2.0% Praxair Inc. 2.5% Consumer Discretionary 11.1% Occidental Petroleum Corp. 2.5% Consumer Staples 9.2% BHP Billiton Limited 2.5% Energy 14.7% Nestle SA 2.4% Financials 17.9% Telefonica S.A. 2.4% Health Care 8.6% Nitori Co. Ltd. 2.4% Industrials 12.2% Commonwealth Bank of Australia 2.4% Information Technology 7.3% The Swatch Group AG 2.3% Materials 13.3% SAP AG 2.3% Telecommunication Services 2.4% Santos Ltd. 2.2% Utilities 1.3% CSL Limited 2.2% TJX Companies Inc. 2.2% 1 GEOGRAPHICAL ALLOCATION AXA SA 2.2% Canada 4.6% Schlumberger Ltd. 2.0% United States 36.4% Fielmann AG 2.0% Europe 39.7% Lonza Group AG 2.0% Asia Pacific 19.3% Apache Corp. 2.0% BASF SE 1.9% General Mills, Inc. 1.9% AMEC PLC 1.9% TOTAL NET ASSET VALUE1: Abbott Laboratories 1.9% $36.7 million Standard Chartered PLC 1.8% The investment portfolio may change due to ongoing portfolio transactions of the investment fund. Quarterly updates of the Fund’s investment portfolio are available within 60 days (90 days in the case of the Fund’s subsequent annual management report of fund performance) of the end of each calendar quarter on the internet at 1 Based on the net asset value used for fund pricing purposes INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE 2009 6
  8. 8. Investment solutions offered through Acuity Funds Ltd. Acuity Mutual Funds Acuity Pooled Funds A comprehensive selection of core investment options to satisfy a For private investors who seek professional investment management. broad spectrum of financial goals and risk tolerances. • Acuity Pooled Canadian Equity Fund • Acuity Canadian Equity Fund • Acuity Pooled Pure Canadian Equity Fund • Acuity All Cap 30 Canadian Equity Fund • Acuity Pooled Social Values Canadian Equity Fund • Acuity Canadian Small Cap Fund • Acuity Pooled Canadian Small Cap Fund • Acuity Natural Resource Fund • Acuity Pooled 130/30 Fund • Acuity Clean Environment Equity Fund • Acuity Pooled Global High Income Fund • Acuity EAFE Equity Fund • Acuity Pooled Global Dividend Fund • Acuity Canadian Balanced Fund • Acuity Pooled Global Balanced Fund • Acuity Conservative Asset Allocation Fund • Acuity Pooled Global Equity Fund • Acuity Income Trust Fund • Acuity Pooled EAFE Equity Fund • Acuity Growth & Income Fund • Acuity Pooled U.S. Equity Fund (US$) • Acuity High Income Fund • Acuity Pooled Canadian Balanced Fund • Acuity Dividend Fund • Acuity Pooled Conservative Asset Allocation Fund • Acuity Fixed Income Fund • Acuity Pooled Income Trust Fund • Acuity Global High Income Fund • Acuity Pooled Growth & Income Fund • Acuity Global Dividend Fund • Acuity Pooled High Income Fund • Acuity Money Market Fund • Acuity Pooled Dividend Fund • Acuity Pooled Fixed Income Fund Acuity SRI Funds • Acuity Pooled Short Term Fund For individuals looking to invest in financially strong companies that • Acuity Hedge Fund reflect their values and concerns for the environment, society and the workplace. Acuity Pooled Alpha Portfolios • Acuity Social Values Canadian Equity Fund Core portfolio solutions offering individual accredited investors a • Acuity Social Values Global Equity Fund level of diversification and investment acumen typically reserved for • Acuity Social Values Balanced Fund (formerly Acuity Clean institutional clients. Environment Balanced Fund) • Alpha Pooled Income Portfolio • Alpha Pooled Balanced Portfolio Acuity Alpha Portfolios • Alpha Pooled Social Values Portfolio Core portfolio solutions offering individual mutual fund investors a • Alpha Pooled Global Portfolio level of diversification and investment acumen typically reserved for • Alpha Pooled Growth Portfolio institutional clients. • Alpha Income Portfolio Acuity Corporate Class Ltd. • Alpha Balanced Portfolio Tax advantaged mutual fund structure that gives individuals the freedom • Alpha Social Values Portfolio to switch between many of Acuity’s most popular mutual funds. • Alpha Global Portfolio • Acuity All Cap 30 Canadian Equity Class • Alpha Growth Portfolio • Acuity Natural Resource Class • Acuity High Income Class Acuity Closed End Funds • Acuity Global Dividend Class • Acuity Growth & Income Trust (AIG.UN) • Acuity Short Term Income Class • Acuity Focused Total Return Trust (AFU.UN) • Acuity Small Cap Corporation (ASF) Acuity Registered Education Savings Plans (RESPs) Acuity Retirement Savings Plans (RSPs) Acuity Retirement Income Funds (RIFs) 140 GDIVG -E 08/09 Acuity Group Retirement Savings Plans (GRSPs) Tax-Free Savings Account (TFSA) 40 King St. West, 55th Floor, Scotia Plaza, Toronto, ON M5H 3Y2 Tel: 416.366.9933/800.461.4570 Fax: 416.366.2568/888.957.4125