06_Joeri Van Speybroek_Dell_MeetupDora&Cybersecurity.pdf
1st Quarter 2014 Performance of the Global 60 Equity -40 Fixed Income
1. DFA Global 60EQ-40FI Portfolio (Class F)
Quarterly Performance Report
Q1 2014
This presentation has been prepared by Dimensional Fund Advisors Canada ULC (―DFA Canada‖), manager of the Dimensional Funds. This presentation
is provided for educational purposes only and should not be construed as investment advice or an offer of any security for sale. [Unauthorized copying,
reproducing, duplicating or transmitting of this material is prohibited]. The information provided in this presentation has been compiled from sources
believed to be reliable and current, but accuracy should be placed in the context of the underlying assumptions.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus
before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. To obtain further information
for the Dimensional Funds please visit www.dimensional.com.
The returns and other characteristics in this presentation are based on the relative weights of the underlying funds in the DFA Global 60EQ-40FI Portfolio–
Class F. All data is in Canadian dollars. The indicated rates of return are the historical annual compounded total returns including changes in (share or unit)
value and reinvestment of all (dividends 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.
2. Portfolio Overview
1
As of March 31, 2014
Past performance is not a guarantee of future results. Holdings are subject to change.
1. Periodic Returns are for Class F shares of the DFA Global 60EQ-40FI Portfolio.
The Global Real Estate allocation excludes REITs in the hedged and unhedged classes of the Canadian, US, and International Core Equity funds (see holdings).
The portfolio seeks to offer diversified exposure to the
global equity and fixed income markets through a fund of
funds structure.
The Periodic Returns table below features the portfolio’s
performance over one, three, five, and ten years (as
applicable), and since its first full month.
The Asset Allocation chart (top right) shows the portfolio’s
percent weighting to equity (by region), real estate, and
fixed income asset classes.
The Holdings table (bottom right) lists the funds held in the
portfolio and their quarter-end weightings.
The following pages provide a more detailed view of the
portfolio’s characteristics and returns by
region, country, and asset class.
DFA Global 60EQ-40FI Portfolio – Class F
Equity
Canadian 18.9%
US 19.5%
International 19.4%
Real Estate
Global 2.4%
Fixed Income
Global 39.8%
100.0%Total
Asset Allocation
Holdings
DFA Canadian Core Equity Fund 13.3%
DFA Canadian Vector Equity Fund 5.7%
DFA US Core Equity Fund 6.8%
DFA US Core Equity Fund (Hedged) 6.8%
DFA US Vector Equity Fund 5.9%
DFA International Core Equity Fund 6.7%
DFA International Core Equity Fund (Hedged) 6.8%
DFA International Vector Equity Fund 5.8%
DFA Global Real Estate Securities Fund 2.4%
DFA Global Five-Year Fixed Income Fund 29.9%
DFA Investment Grade Fixed Income Fund 9.9%
Total 100.0%
Since First Inception
Portfolio Q1 1 Yr 3 Yr 5 Yr 10 Yr Full Month Date
Global 60EQ-40FI Portfolio 3.64 12.84 N/A N/A N/A 12.63 9/11
3. 11.69
6.58
5.98
5.36
1.50
34.99
24.96
15.73
11.12
0.81
Global Real Estate
Canadian Equity
US Equity
International Equity
Global Fixed Income
US Equity
International Equity
Canadian Equity
Global Real Estate
Global Fixed Income
Asset Class Returns
2
As of March 31, 2014
Past performance is not a guarantee of future results. Asset Class returns are gross of fees.
The returns above are based on the relative weights of the portfolio holdings of the underlying funds in the DFA Global 60EQ-40FI Portfolio as listed on page 1. Equity allocations
include REITS in the Canadian, US and International Core Equity funds (see page 1) but exclude securities in the DFA Global Real Estate Securities Fund. The Global Real Estate
allocation excludes REITs in the hedged and unhedged classes of the Canadian, US, and International Core Equity funds (see page 1). US and International equity returns exclude
the effects of currency hedging in the hedged classes.
Broad diversification involves holding a wide
range of asset classes in markets around the
world. These assets may not perform the same
way over time, and in fact, this dissimilar
performance can reduce volatility and improve
total returns in a portfolio. Diversification
neither assures a profit nor guarantees against
loss in a declining market.
The performance tables at right show ranked
returns of the portfolio’s major asset classes
for the past quarter and twelve months.
Q1 Asset Class Returns (%)
1-Year Asset Class Returns (%)
DFA Global 60EQ-40FI Portfolio – Class F
4. 29.4
22.9
14.7
14.3
11.3
10.4
8.9
8.3
7.7
7.2
6.7
5.9
3.9
3.3
3.3
1.2
1.1
-0.2
-1.9
-2.5
-11.1
Developed Markets
Country Q1 Returns (%)
Weights
(% of Equity Allocation)
# of
Holdings
Italy 0.7 88
Portugal 0.1 18
New Zealand 0.1 34
Israel 0.2 48
Denmark 0.4 48
Ireland 0.1 16
Spain 0.8 73
Belgium 0.3 50
France 2.2 191
Sweden 0.9 114
Australia 1.8 291
Switzerland 2.1 133
Norway 0.3 67
Canada 33.0 525
US 33.4 2562
Germany 1.9 163
Singapore 0.4 138
Finland 0.4 56
Austria 0.1 27
Netherlands 0.7 68
United Kingdom 5.6 410
Hong Kong 0.8 178
Japan 5.6 1303
TOTAL 91.8 6601
25.1
23.1
17.9
14.4
13.9
13.4
12.9
10.1
10.0
10.0
9.7
9.3
8.3
6.6
6.0
5.7
5.4
5.1
4.7
4.6
3.8
0.5
-0.6
Emerging Markets
Country Q1 Returns (%)
Weights
(% of Equity Allocation)
# of
Holdings
Indonesia 0.2 72
Greece 0.1 28
India 0.5 190
Philippines 0.1 39
Thailand 0.2 73
Egypt 0.0 2
South Africa 0.5 102
Peru 0.0 2
Poland 0.1 33
Colombia 0.0 17
Czech Republic 0.0 4
Turkey 0.1 44
Taiwan 1.1 285
Brazil 0.7 153
Malaysia 0.3 86
Korea 1.3 251
Mexico 0.4 57
Chile 0.1 39
China 1.6 345
Hungary 0.0 5
Russia 0.3 25
TOTAL 7.8 1852
Global diversification can help reduce the risks of investing in a single country. Diversification neither assures a profit nor guarantees against
loss in a declining market. The vertical bar graphs display quarterly ranked returns for countries in the portfolio’s equity allocations. The tables
indicate equity allocation weights and number of holdings per country.
Equity Returns by Country
3
Past performance is not a guarantee of future results. Country Returns are gross of fees. Holdings are subject to change. Country Weights and Number of
Holdings are an average over the past quarter taken at the beginning of each month and do not include allocation to cash in the portfolio; therefore, country weights may not sum to
100%. The returns above are based on the relative weights of the portfolio holdings of the underlying funds in the DFA Global 60EQ-40FI Portfolio as listed on page 1. Country
returns, weights, and number of holdings exclude securities in the DFA Global Real Estate Securities Fund. US, International Developed and Emerging Markets equity returns exclude
the effects of currency hedging in the hedged classes. Country weights are broken down as a percentage of the equity allocation and not of the portfolio as a whole.
As of March 31, 2014
DFA Global 60EQ-40FI Portfolio – Class F
5. Canadian Equity Allocation
4
As of March 31, 2014
1. Canadian Equity Allocation and Market Component returns are gross of fees. Market Component Weights are an average over the past quarter taken at the beginning of each
month. *Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of
an actual portfolio. The returns above are based on the relative weights of the portfolio holdings of the underlying Canadian Equity funds in the DFA Global 60EQ-40FI Portfolio as
listed on page 1. Equity allocation includes REITs in the Canadian Core Equity Fund (see page 1) but excludes Canadian securities in the DFA Global Real Estate Securities Fund.
S&P/TSX data provided by S&P/TSX. MSCI data copyright MSCI 2014, all rights reserved. Past performance is not a guarantee of future results. Risks include loss of
principal and fluctuating value. Small cap securities are subject to greater volatility than those in other asset categories. These risks are described in
the prospectus.
Canadian securities represent about one-third of the portfolio’s equity
allocation—an overweighting relative to the world market, as indicated in the
Equity Allocation vs. World Market Capitalization chart below.
The Returns table (top right) features quarterly and one-year performance of
the portfolio’s Canadian equity allocation compared to the S&P/TSX Composite
Index. The Canadian equity return is gross of fees and the index return is gross
of fees.*
The Market Component Weights and Performance matrix (bottom right)
breaks down the allocation’s quarterly performance by size and value
components. Each box shows a particular component’s quarterly return and its
weight in the Canadian equity allocation versus the S&P/TSX Composite Index.
The matrix illustrates the portfolio’s increased exposure to small cap and value
companies, which have higher expected returns as well as higher expected risk
and volatility. As shown in the following pages, all equity allocations in the
portfolio offer this higher exposure to small cap and value companies.
4% Canadian Securities
in MSCI All Country
World IMI Index
33%Canadian Securities
in Equity Allocation
Canadian Equity Allocation¹ S&P/TSX Composite Index
Equity Allocation vs. World Market Capitalization
Market Component Weights and Performance*
Returns (%)* Q1 1 Year
Canadian Equity Allocation 6.58 15.73
S&P/TSX Composite Index 6.06 15.97
DFA Global 60EQ-40FI Portfolio – Class F
GROWTH NEUTRAL VALUE
SMALL CAP
6% 4% 9% 4% 15% 6%
Weight Weight Weight Weight Weight Weight
MID CAP
4% 8% 12% 13% 12% 8%
Weight Weight Weight Weight Weight Weight
LARGE CAP
4% 16% 21% 28% 18% 14%
Weight Weight Weight Weight Weight Weight
6.55%
Quarterly Return
4.18%
Quarterly Return
11.91%
Quarterly Return
5.81% 6.62% 4.36%
Quarterly Return Quarterly Return Quarterly Return
Quarterly Return Quarterly Return
7.27% 3.30% 8.91%
Quarterly Return
7. International Equity Allocation¹ MSCI EAFE + EM Index
International Equity Allocation
6
As of March 31, 2014
1. International Equity Allocation and Market Component returns are gross of fees. Market Component Weights are an average over the past quarter taken at the beginning of each
month. *Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an
actual portfolio. The returns above are based on the relative weights of the portfolio holdings of the underlying International Equity funds in the DFA Global 60EQ-40FI Portfolio as
listed on page 1, excluding the effects of currency hedging in the hedged classes. Equity allocation includes REITs in the hedged and unhedged classes of the International Core Equity
Fund (see page 1) but excludes International securities in the DFA Global Real Estate Securities Fund. MSCI data copyright MSCI 2014, all rights reserved. Past performance is
not a guarantee of future results. Risks include loss of principal and fluctuating value. International investing involves special risks such as currency
fluctuation and political instability. Investing in emerging markets may accentuate these risks. These risks are described in the prospectus.
The portfolio’s allocation to international developed market securities is
lower than the international equity market’s share of the world market, as
indicated in the Equity Allocation vs. World Market Capitalization chart
below. However, after adjusting for Canada’s higher weighting in the
portfolio, the international equity allocation’s weighting in the portfolio is similar
to world market cap weightings.
The Returns table (top right) features quarterly and one-year performance of
the portfolio’s international equity allocation compared to the MSCI EAFE plus
Emerging Markets Index. The international equity return is gross of fees and net
of withholding taxes and the index return is gross of fees and net of withholding
taxes.*
The Market Component Weights and Performance matrix (bottom right)
breaks down the allocation’s quarterly performance by size and value
components. Each box shows a particular component’s quarterly return and its
weight in the portfolio’s international equity allocation versus the MSCI EAFE
plus Emerging Markets Index.*
Equity Allocation vs. World Market Capitalization
Market Component Weights and Performance*
33%International
Securities in Equity
Allocation
47% International Securities
in MSCI All Country
World IMI Index
Returns (%)* Q1 1 Year
International Equity Allocation 5.36 24.96
MSCI EAFE + Emerging Markets Index 4.51 22.72
DFA Global 60EQ-40FI Portfolio – Class F
GROWTH NEUTRAL VALUE
SMALL CAP
2% 0% 11% 1% 14% 1%
Weight Weight Weight Weight Weight Weight
MID CAP
4% 6% 14% 11% 11% 7%
Weight Weight Weight Weight Weight Weight
LARGE CAP
3% 18% 22% 38% 19% 19%
Weight Weight Weight Weight Weight Weight
Quarterly Return Quarterly Return
3.49% 4.00% 4.50%
Quarterly Return
8.15% 4.37% 6.45%
Quarterly Return Quarterly Return Quarterly Return
9.49%
Quarterly Return
5.93%
Quarterly Return
7.01%
Quarterly Return
8. Returns by Country*
Country Q1 Returns Weights (%) # of Holdings
Italy 0.1 2
US 59.3 120
United Kingdom 6.9 16
Australia 8.7 25
New Zealand 0.3 7
Germany 0.2 2
Singapore 3.4 25
Mexico 0.6 1
Netherlands 4.1 6
France 2.0 8
Canada 2.6 22
China 0.0 1
Hong Kong 1.8 5
South Africa 1.4 10
Belgium 0.7 8
Japan 7.3 32
TOTAL 100.0 290
36.01
14.49
11.83
11.25
10.88
8.10
8.00
7.53
5.86
5.53
5.49
5.49
5.37
5.05
3.94
2.57
Returns (%)* Q1 1 Year
Global Real Estate Allocation 11.69 11.12
S&P Developed REIT Index 11.54 10.48
Global Real Estate Allocation
7
As of March 31, 2014
Global Real Estate Allocation and Country Returns are gross of fees. Country Weights and Number of Holdings are an average over the past quarter taken at the beginning of
each month. *Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the
management of an actual portfolio. The returns above are based on the relative weights of the Global Real Estate Allocation and not of the portfolio as a whole. The Global
Real Estate Allocation excludes REITs in the hedged and unhedged classes of the Canadian, US, and International Core Equity funds (see page 1). The S&P data are provided by
Standard & Poor’s Index Services Group. Past performance is not a guarantee of future results. Risks include loss of principal and fluctuating value.
International investing involves special risks such as currency fluctuation and political instability. These risks are described in the prospectus.
Diversification does not eliminate the risk of market loss.
The portfolio’s allocation to real estate securities offers cost-effective
exposure to real estate and diversification by country, by type, and by size of
REITs within the global real estate asset class.
The Returns table (top right) shows quarterly and one-year performance for
the portfolio’s global real estate allocation, compared to the S&P Developed
REIT Index. The allocation’s return is gross of fees and the index return is
gross of fees.*
The vertical bar graph in the Returns by Country table (bottom right) shows
quarterly ranked returns of countries represented in the portfolio’s global real
estate allocation. The table also indicates weights and number of holdings by
country.
Real Estate Securities
in Total Portfolio
Allocation
2.4%
Global Real Estate Allocation
DFA Global 60EQ-40FI Portfolio – Class F
9. Global Fixed Income Allocation
8
As of March 31, 2014
1. Indices previously named “DEX” have been renamed to “FTSE TMX Canada” as part of the joint venture between the FTSE Group and TMX Group from April 2013.
Fixed Income Allocation and Country Returns are gross of fees. Country Weights and Number of Holdings are an average over the past quarter taken at the beginning of each
month. *Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management
of an actual portfolio. The returns above are based on the relative weights of the portfolio holdings of the underlying fixed income funds in the DFA Global 60EQ-40FI Portfolio
as listed on page 1. Country weights are broken down as a percentage of the Fixed Income Allocation and not of the portfolio as a whole. Canadian fixed income data provided by
FTSE TMX Global Debt Capital Markets Inc., all rights reserved. Citigroup bond indices copyright 2014 by Citigroup. Past performance is not a guarantee of future
results. Risks include loss of principal and fluctuating value. Fixed income securities are subject to increased loss of principal during periods of
rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, liquidity, prepayments, and
other factors. International investing involves special risks such as currency fluctuation and political instability. These risks are described in the
prospectus. Diversification does not eliminate the risk of market loss.
Through the two underlying funds, the portfolio’s allocation to fixed income
offers diversified exposure to securities issued or guaranteed by
Canadian, foreign governments, other foreign issuers and supranational
organizations, and to corporate debt securities with an investment-grade
credit rating.
The Returns table (top right) shows quarterly and one-year performance for
the portfolio’s global fixed income allocation, compared to returns of multiple
bond indexes. The allocation’s return is gross of fees and the index returns
are gross of fees.*
The vertical bar graph in the Returns by Country table (bottom right) shows
quarterly ranked returns of countries represented in the portfolio’s global fixed
income allocation. The table also indicates weights and number of holdings by
country.
The funds enter into transactions intended to hedge exposure to the
currencies of the foreign fixed income securities.
Fixed Income
Securities in Total
Portfolio Allocation
40%
Global Fixed Income Allocation
DFA Global 60EQ-40FI Portfolio – Class F
Returns (%)* Q1 1 Year
Global Fixed Income Allocation 1.50 0.81
FTSE TMX Canada Short-Term Bond Index1 1.06 1.92
FTSE TMX Canada Universe Bond Index1 2.77 0.84
Citigroup World Government Bond Index
(hedged to CAD)
2.37 2.29
Returns by Country*
Country Q1 Returns Weights (%) # of Holdings
Canada 7.9 21
Europe 6.0 11
United States 69.4 195
United Kingdom 14.4 19
Singapore 2.3 1
TOTAL 100.0 247
3.23
1.14
1.11
0.65
0.43