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Fossil Free® Investment Solutions
Sue-May Talbot, CIM
Partner, Portfolio Manager
Director of Client Service
E STalbot@genu...
AGENDA
2
ECONOMIC SCENARIO
YIELD CURVE
ISSUER DIFFERENCES
1 Who is Genus?
2 What is Sustainable Investing?
3 Our Approach ...
Who is Genus?
WHAT IS INVESTMENT COUNSEL?
• Discretionary portfolio management.
• Fees based on a percentage of the
portfolio.
• Fiducia...
5
INTRODUCING GENUS
• Independent firm with 27 years of investment experience.
• Offer innovative solutions to meet changi...
6
A FEW OF OUR PUBLIC CLIENTS
Vancouver Art Gallery
Foundation
Vancouver Symphony
Foundation
British Columbia Institute of...
What is Sustainable Investing
8
CLIMATE CHANGE REALITIES
Atmospheric levels of CO2 are higher now than ever before.
What is Sustainable Investing
9
WHAT ARE STRANDED ASSETS?
United Nations
Framework
Convention on
Climate Change
(UNFCC) carbon
limits could strand
80% o...
FOSSIL FREE PERFORMANCE COMPARISON
10
Fossil Free Naïve: The strategy research and backtest simply excludes the Energy, Ut...
11
STRONG ESG HAS OUTPERFORMED WEAK ESG
Genus RAMKit Research: April 30, 2016
MSCI World Equity Index
2007 2008 2009 2010 ...
12
WHAT IS IMPACT INVESTING
Any strategy that aims to achieve financial goals
• Enables you to activate more of your finan...
13
WHERE DOES IMPACT INVESTING FIT?
MISSION-BASED INVESTING
PUBLIC MARKET RISK & RETURN
ESG INTEGRATION
GREATER IMPACT SOL...
ICEBERG OFFERS OPPORTUNITY TO DO MORE GOOD
14What is Sustainable Investing
AN INVESTOR AWAKENING
15
INVESTMENT
SECURITIES
FINANCING
VEHICLES
What is Sustainable Investing
FIND YOUR IMPACT BALANCE
16What is Sustainable Investing
17
PRINCIPLES FOR RESPONSIBLE INVESTING
Signatories to the United Nations’ Principles for Responsible Investment (PRI) bel...
18
WHAT IS SHAREHOLDER ACTION?
PRODUCTS
GOVERNANCE
Shareholder action uses ownership power to influence and strengthen cor...
Our Approach to Sustainable Investing
20
WHAT IS FOSSIL FREE®?
• Our Fossil Free® fund family excludes all companies directly involved in
extraction, processing...
21
GENUS SUSTAINABLE INVESTMENT APPROACH
Exclude
Risky Products
Avoid
Low ESG*
Integrate High
ESG*
Shareholder
Action
Sust...
22
GENUS ESG SCREENS
PRODUCTS
ENVIRONMENTAL
SOCIAL
GOVERNANCE
EXCLUSION
RANKINGS
Fossil Fuels • Weapons & Military Contrac...
23
TOTAL EQUITY HELPS FILLS THE FOSSIL FUEL VOID
35% CANADA
65% WORLD
GENUS TOTAL EQUITY
A selection of the best-of-best s...
TOTAL EQUITY SOLVES THE PROBLEM
24Our Approach to Sustainable Investing
ENERGIZING YOUR PORTFOLIO WITHOUT ENERGY
25Our Approach to Sustainable Investing
26
GENUS FOSSIL FREE HIGH IMPACT EQUITY
9 SUSTAINABILITY
THEMES
ENVIRONMENT SOCIAL
ENVIRONMENT
& SOCIAL
1 Renewable Energy...
27
GENUS MULTI-STYLE STOCK SELECTION DISCIPLINE
EVALUATION OF 2000 OF THE LARGEST GLOBAL STOCKS
CRITERIA SELECTION
Value S...
28
GEOGRAPHIC ALLOCATION APPROACH
ECONOMY
INFLATION
MONETARY POLICIES
VALUATION
RISK
TECHNICAL
VOTE
OVERWEIGHT
NEUTRAL
UND...
29
DYNAMIX INPUT CATEGORIES
ECONOMY
MONETARY POLICY
INFLATION TECHNICAL
RISK
VALUATION
• Leading indicators
• Consumer sen...
30
DIVEST AND ENGAGE THE REST
GENUS
SHAREHOLDER
ACTION
REDUCE REMEDY
REGULATE RE-ALLOCATE
Our Approach to Sustainable Inve...
31
GENUS FOSSIL FREE® STRATEGIES
MONEY MARKET
• Genus Canadian T-Bill
FIXED INCOME
• Genus Government Bond
• Genus Fossil ...
32
SERVICE EXPERIENCE
• Direct service and money management through a dedicated Portfolio Manager;
• Customized Investment...
33
MANAGEMENT FEES
Fees are annual, prorated and billed quarterly in arrears. Tax deductible where applicable. Fees quoted...
Appendix
GENUS FOSSIL FREE FUND RETURNS
1-Year 2-Year* 3-Year* Inception
Genus Fossil Free Institutional Balanced Composite1 6.67 7...
FOSSIL FREE® BOND DISCIPLINE
36
ANALYSIS SCENARIO STRATEGY
ECONOMIC SCENARIO
YIELD CURVE
ISSUER DIFFERENCES
Expanding or
C...
37
OUR FUNDAMENTAL INVESTMENT PHILOSOPHY
ACTIVE
We believe that clients are best served through a dynamic approach that co...
38
OUR COMPETITIVE ADVANTAGE
• In the information age, it’s essential to have an effective way to collect and interpret
va...
39
OUR COMMITMENT TO SUSTAINABLE INVESTING
Signatory to the United Nations’ Principles for Responsible Investment (PRI). T...
DISCLAIMER This document was prepared for general information purposes only and should not be considered a substitute for ...
Disclaimer – Genus Capital This document was prepared for general information purposes only and should not be considered a...
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Genus presentation jan2017

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Presentation to BCRPVPA General Meeting on January 18, 2017.

Published in: Economy & Finance
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Genus presentation jan2017

  1. 1. Fossil Free® Investment Solutions Sue-May Talbot, CIM Partner, Portfolio Manager Director of Client Service E STalbot@genuscap.com J.P. Harrison MBA Partner & President E JHarrison@genuscap.com PRESENTED BY PRESENTED TO January 18th, 2017
  2. 2. AGENDA 2 ECONOMIC SCENARIO YIELD CURVE ISSUER DIFFERENCES 1 Who is Genus? 2 What is Sustainable Investing? 3 Our Approach to Sustainable Investing
  3. 3. Who is Genus?
  4. 4. WHAT IS INVESTMENT COUNSEL? • Discretionary portfolio management. • Fees based on a percentage of the portfolio. • Fiduciary level of care. • Licensed by professional securities regulators. • Larger portfolio’s. 4 Who is Genus?
  5. 5. 5 INTRODUCING GENUS • Independent firm with 27 years of investment experience. • Offer innovative solutions to meet changing client needs. • Home to Canada’s Fossil Free® Fund Family. Who is Genus? INSTITUTIONAL ASSETS $ 291 M WEALTH MANAGEMENT $ 883 M Assets Under Management $ 1.17 billion as at December 31, 2016 74% 25% 75%
  6. 6. 6 A FEW OF OUR PUBLIC CLIENTS Vancouver Art Gallery Foundation Vancouver Symphony Foundation British Columbia Institute of Technology Clayoquot Biosphere Trust David Suzuki Foundation Tides Canada Foundation Credential Financial Who is Genus? Langara College
  7. 7. What is Sustainable Investing
  8. 8. 8 CLIMATE CHANGE REALITIES Atmospheric levels of CO2 are higher now than ever before. What is Sustainable Investing
  9. 9. 9 WHAT ARE STRANDED ASSETS? United Nations Framework Convention on Climate Change (UNFCC) carbon limits could strand 80% of known reserves Carbon potential of known fossil fuel reserves 2,795 GtCO2 Coal, oil & gas companies own more reserves than can safely be burned Source: Carbon Tracker Initiative, Unburnable Carbon, Nov 2011. Carbon Budget for 2000-2050 886 GtCO2 What is Sustainable Investing
  10. 10. FOSSIL FREE PERFORMANCE COMPARISON 10 Fossil Free Naïve: The strategy research and backtest simply excludes the Energy, Utilities, and Transportation industries from the respective indices; and weights the remaining stocks proportionally. Fossil Free Optimized: In the long-term backtest we took the Fossil Free Naïve strategy and optimized weightings quarterly to minimize the tracking error of the portfolio Active Risk: Tracking Error, the standard deviation of the difference between the portfolio and index returns. *Indices: Canada: S&P/TSX Composite Total Return Index; United States: S&P 500 Total Return Index CAD; International: MSCI EAFE (Europe, Australasia, Far East) CAD; Global: MSCI World CAD Source: Genus Investment Research. What is Sustainable Investing ACTIVE RISK** Strategy Research December, 1996 – June, 2016 Canada* United States* International* Global* Annualized Return Index (Benchmark) 6.95% 7.22% 4.69% 6.03% Fossil Free Naïve 6.63% 7.17% 4.56% 5.90% Fossil Free Optimized 7.42% 7.44% 4.97% 6.33% Tracking Error (Active Risk) Fossil Free Naïve 4.05% 1.76% 1.55% 1.69% Fossil Free Optimized 3.62% 1.56% 1.14% 1.26%
  11. 11. 11 STRONG ESG HAS OUTPERFORMED WEAK ESG Genus RAMKit Research: April 30, 2016 MSCI World Equity Index 2007 2008 2009 2010 2011 20132012 2014 2015 -20% 0% 20% 40% 60% 80% 100% 120% MSCI ESG AAA-CCC Equal Weighted What is Sustainable Investing
  12. 12. 12 WHAT IS IMPACT INVESTING Any strategy that aims to achieve financial goals • Enables you to activate more of your financial resources to do good. • Potential for bigger total returns when social and environmental benefits are added to financial benefits. • Reputational risk management and brand differentiation for institutions. What is Sustainable Investing
  13. 13. 13 WHERE DOES IMPACT INVESTING FIT? MISSION-BASED INVESTING PUBLIC MARKET RISK & RETURN ESG INTEGRATION GREATER IMPACT SOLUTIONS REGULAR INVESTING RESPONSIBLE INVESTING SOCIALLY- RESPONSIBLE INVESTING SUSTAINABLE THEMATIC IMPACT FOCUSED VENTURE PHILANTHROPY What is Sustainable Investing
  14. 14. ICEBERG OFFERS OPPORTUNITY TO DO MORE GOOD 14What is Sustainable Investing
  15. 15. AN INVESTOR AWAKENING 15 INVESTMENT SECURITIES FINANCING VEHICLES What is Sustainable Investing
  16. 16. FIND YOUR IMPACT BALANCE 16What is Sustainable Investing
  17. 17. 17 PRINCIPLES FOR RESPONSIBLE INVESTING Signatories to the United Nations’ Principles for Responsible Investment (PRI) believe that ESG issues are financially material and should be considered in the investment process. The Six Principles for Responsible Investment are: What is Sustainable Investing
  18. 18. 18 WHAT IS SHAREHOLDER ACTION? PRODUCTS GOVERNANCE Shareholder action uses ownership power to influence and strengthen corporate behavior around environmental, social, and corporate governance (ESG) issues. What is Sustainable Investing ENGAGING MANAGEMENT SHAREHOLDER RESOLUTIONS PROXY VOTING IMPROVING CORPORATE BEHAVIOR & RISK MANAGEMENT
  19. 19. Our Approach to Sustainable Investing
  20. 20. 20 WHAT IS FOSSIL FREE®? • Our Fossil Free® fund family excludes all companies directly involved in extraction, processing and transportation of oil, gas and coal. • Genus Fossil Free® funds contain zero fossil fuel reserves, which eliminates the associated risks of stranded assets. • Our Fossil Free® equity funds are committed to a carbon emissions intensity that is 70% lower than the market. Our Approach to Sustainable Investing
  21. 21. 21 GENUS SUSTAINABLE INVESTMENT APPROACH Exclude Risky Products Avoid Low ESG* Integrate High ESG* Shareholder Action Sustainable Thematic LONG TERMSHORT TERM REDUCE RISK INCREASE POTENTIAL IMPROVE THE WORLD * (ESG) Environmental Social Governance SUSTAINABLE INVESTING INVESTMENTSTIME APPROACH GOAL Our Approach to Sustainable Investing
  22. 22. 22 GENUS ESG SCREENS PRODUCTS ENVIRONMENTAL SOCIAL GOVERNANCE EXCLUSION RANKINGS Fossil Fuels • Weapons & Military Contracting Gambling & Adult Entertainment • Junk Food Nuclear • Alcohol & Tobacco Climate Change • Sustainable Procurement Air & Water Pollution • Biodiversity Loss Society & Community • Human Rights • Diversity Labour Standards • Consumer Protection Business Ethics • Executive Compensation Disclosure • Shareholders Rights • Risk Management Our Approach to Sustainable Investing
  23. 23. 23 TOTAL EQUITY HELPS FILLS THE FOSSIL FUEL VOID 35% CANADA 65% WORLD GENUS TOTAL EQUITY A selection of the best-of-best stocks from around the globe. Exposure to world class companies, globally optimized for better risk management. MAKES FOSSIL FREE® WORK Our Approach to Sustainable Investing
  24. 24. TOTAL EQUITY SOLVES THE PROBLEM 24Our Approach to Sustainable Investing
  25. 25. ENERGIZING YOUR PORTFOLIO WITHOUT ENERGY 25Our Approach to Sustainable Investing
  26. 26. 26 GENUS FOSSIL FREE HIGH IMPACT EQUITY 9 SUSTAINABILITY THEMES ENVIRONMENT SOCIAL ENVIRONMENT & SOCIAL 1 Renewable Energy 2 Energy Efficiency 3 Waste Reduction and Water Management 4 Low Negative-Impact Materials and Products 5 Community Development 6 Access to Education and Technology 7 Access to Financial Services and Healthcare 8 Sustainability Consulting, Certification & Education 9 Sustainable Agriculture Our Approach to Sustainable Investing
  27. 27. 27 GENUS MULTI-STYLE STOCK SELECTION DISCIPLINE EVALUATION OF 2000 OF THE LARGEST GLOBAL STOCKS CRITERIA SELECTION Value Superior dividends, cash-flows and earnings growth Growth Increasing cash-flows, earnings and dividends Expectation Analyst forecasts for earnings and cash-flow Momentum Rising share price characteristics Quality Better interest coverage and improving profit margins Sustainability Superior Environmental, Social & Governance Attributes BUY HIGH RANKING SELL LOW RANKING Our Approach to Sustainable Investing
  28. 28. 28 GEOGRAPHIC ALLOCATION APPROACH ECONOMY INFLATION MONETARY POLICIES VALUATION RISK TECHNICAL VOTE OVERWEIGHT NEUTRAL UNDERWEIGHT Portfolio Strategy is implemented through Genus DynaMix Our Approach to Sustainable Investing
  29. 29. 29 DYNAMIX INPUT CATEGORIES ECONOMY MONETARY POLICY INFLATION TECHNICAL RISK VALUATION • Leading indicators • Consumer sentiment • New housing • Unemployment • Price to earnings • Dividend yields • Relative stock & bond yields • Money supply • Interest rate momentum • Yield curve shape • Credit spreads • Volatility • Carry trade currencies • Consumer price index • Producer price index • Commodity levels • Price momentum • Moving average crosses • Stop losses Our Approach to Sustainable Investing
  30. 30. 30 DIVEST AND ENGAGE THE REST GENUS SHAREHOLDER ACTION REDUCE REMEDY REGULATE RE-ALLOCATE Our Approach to Sustainable Investing
  31. 31. 31 GENUS FOSSIL FREE® STRATEGIES MONEY MARKET • Genus Canadian T-Bill FIXED INCOME • Genus Government Bond • Genus Fossil Free® Corporate Bond TACTICAL PORTFOLIOS • Genus Fossil Free® DynaMix Income • Genus Fossil Free® DynaMix Balanced • Genus Fossil Free® DynaMix Growth FOSSIL FREE® SOLUTIONS EQUITY • Genus Fossil Free® Dividend Equity • Genus Fossil Free® CanGlobe Equity • Genus Fossil Free® High Impact Equity Our Approach to Sustainable Investing
  32. 32. 32 SERVICE EXPERIENCE • Direct service and money management through a dedicated Portfolio Manager; • Customized Investment Policy Statement that establishes your investment goals; • Comprehensive quarterly reporting package that can be tailored to meet your needs; • Quarterly consultations via phone or in-person; • Quarterly online video commentary and newsletters from our investment team; • Secure web access to your account information; • Prompt response to your calls and emails, usually within two business hours; • Invitations to Genus-sponsored educational seminars; • Genus cash-flow analysis. Our Approach to Sustainable Investing
  33. 33. 33 MANAGEMENT FEES Fees are annual, prorated and billed quarterly in arrears. Tax deductible where applicable. Fees quoted do not include taxes. Our Approach to Sustainable Investing POOLED ACCOUNTS First $250,000 1.50% Next $250,000 1.00% Next $500,000 0.90% Next $4,000,000 0.70% Next $5,000,000 0.50% Balance 0.40% • Excludes custodial costs • Minimum account size: $50,000
  34. 34. Appendix
  35. 35. GENUS FOSSIL FREE FUND RETURNS 1-Year 2-Year* 3-Year* Inception Genus Fossil Free Institutional Balanced Composite1 6.67 7.29 8.73 9.80 Benchmark1 6.95 5.79 7.30 8.14 The returns of the Balanced Composite are derived from the returns of the funds listed below (in proportion to their percentage allocation in the portfolios that make up the Balanced Composite). These funds are the building blocks that we use in various combinations to create our diversified "Balanced” Portfolios. Genus Government Bond Fund 2 1.59 2.76 4.40 3.76 Genus Fossil Free Corporate Bond Fund 2 3.67 3.90 5.73 5.15 Genus Canadian T-Bill Fund 3 0.61 0.67 0.73 1.16 Genus Fossil Free Dividend Equity Fund 4 9.93 10.58 11.37 13.25 Genus Fossil Free CanGlobe Equity 4 9.14 10.35 12.11 16.19 Genus Fossil Free High Impact Equity Fund 5 -1.80 11.01 - 8.56 Genus Fossil Free Investment Returns As at December 31, 2016 – Before Fees (*Annualized) 1. Benchmark: Weighted average of the benchmark of all portfolios within the composite. Genus Fossil Free Balanced Composite claims compliance with Global Investment Performance Standards (GIPS). To receive a complete list and description of the Genus Fossil Free Institutional Balanced Composite and/or a presentation that adheres to GIPS standards, please contact Sue-May Talbot at 604 683 455 or write to Genus Capital Management, 860-980 Howe Street, Vancouver, BC, V6Z 0C8, Canada. NOTE: Past performance is not a guarantee of future results. Inherent in any investment is the potential for loss. 1. Inception Date: July 31, 2013 2. Inception Date: July 22, 2013 3. Inception Date::August 16, 2007 4. Inception Date: April 9, 2013 5. Inception Date: May 16, 2014 Appendix
  36. 36. FOSSIL FREE® BOND DISCIPLINE 36 ANALYSIS SCENARIO STRATEGY ECONOMIC SCENARIO YIELD CURVE ISSUER DIFFERENCES Expanding or Contracting Flat or Steep Spread and Quality Buy Cyclical Buy Non-Cyclical Buy Short Term Bonds Buy Long Term Bonds Buy Highest Yield Relative to Risk Appendix
  37. 37. 37 OUR FUNDAMENTAL INVESTMENT PHILOSOPHY ACTIVE We believe that clients are best served through a dynamic approach that combines top-down asset allocation with bottom-up security selection. DIVERSIFICATION For more consistent results, we structure portfolios across different asset classes and investment styles. RISK-CONTROLLED We follow a stringent institutional approach that emphasizes safety. SPECIALIZATION Clients benefit most from solutions that combine the expertise of focused teams. DISCIPLINE Quantitative approach enables execution of historically sound strategies. Appendix
  38. 38. 38 OUR COMPETITIVE ADVANTAGE • In the information age, it’s essential to have an effective way to collect and interpret vast amounts of data from around the world. • Genus RAMKit is proprietary technology software system that helps us find determinants of performance, as well as develop and execute sound investment strategies. • RAMKit contains over 300 proven investment factors and 60 investment models. Economic Data From Around the Globe Identify Performance Factors Portfolio Construction Alternatives Investment Strategy Model Development & Testing Portfolio Generation RAMKIT MEGA DATA PROCESSING SOFTWARE Appendix
  39. 39. 39 OUR COMMITMENT TO SUSTAINABLE INVESTING Signatory to the United Nations’ Principles for Responsible Investment (PRI). The organization’s objective is to help asset owners and managers make better investment decisions through an improved understanding of sustainability. Member of Responsible Investment Association (RIA). Members believe that the integration of environmental, social and governance (ESG) factors into the management of investments can provide superior risk adjusted returns and positive societal impact. Membership with Shareholder Association for Research & Education (SHARE). SHARE supports active shareholder programs based on environmental, social and governance (ESG) factors to help investors build additional long-term value. Signatory to the Carbon Disclosure Project (CDP) which works with shareholders and corporations to disclose the carbon emissions of major corporations for integration into investment decision-making. Montreal Carbon Pledge: By signing this pledge, investors commit to measure and publicly disclose the carbon footprint of their investment portfolios on an annual basis. Appendix
  40. 40. DISCLAIMER This document was prepared for general information purposes only and should not be considered a substitute for specific professional advice. In particular, its contents are not Intended to be construed as the provision of investment, legal, accounting, tax or other professional advice or recommendations of any kind, or to form the basis of any decision to do or to refrain from doing anything. As such, this document should not be relied upon for investment or other financial decisions and no such decisions should be taken on the basis of its contents without seeking specific advice. This document is based on information available to Genus Capital Management at the date of issue, and takes no account of subsequent developments after that date. In producing this document, Genus has relied upon the accuracy and completeness of certain data and information obtained from third parties. The information contained in the Strategy Research (Hypothetical Results) sections of this document are for educational and illustrative purposes only. The performance data indicated has been generated through a back-tested analysis and represents only hypothetical results. These illustrations have been created in the present, using quantitative methods or formulas in an attempt to apply the strategies presented to historical data over a period of time. The information outlined does not in any way represent any actual historical results or track record achieved through any investment product, fund or client account. The performance results shown also have important inherent limitations as to their relevance and use. For example, they ignore significant real world factors such as the actual timing of trades, security buy and sell prices, transaction costs, taxes, other conflicting investment research, and firm trading restrictions. Further, the strategies examined in these illustrations often assume monies would be fully invested in securities, whereas in real world situations, investors may hold higher levels of cash for liquidity. Also, this data has been created with the benefit of hindsight and without the challenges of having to make investment decisions in real-time and under real market conditions. Any and all of these factors mean that no representation is being made that an investor trying to follow this investment approach in the past would have achieved performance similar to that shown, or would in the future achieve performance similar to that shown. The accuracy of the data contained in this document is not guaranteed and may not be updated in the future. This document is for internal use only and may not be reproduced or distributed to any other party, whether in whole or in part, without Genus Capital Management’s prior written permission, except as may be required by law. In the absence of its express written permission to the contrary, Genus Capital Management and its affiliates and their respective directors, officers and employees accept no responsibility and will not be liable for any consequences howsoever arising from any use of or reliance on the contents of this document including any opinions expressed herein. Past performance is no guarantee of future results and inherent in any investment is the potential for loss. Genus Capital Management Inc., 860-980 Howe Street, Vancouver, BC, V6Z 0C8 T 604 683 4554 F 604 683 7294 W genuscap.com DISCLAIMER
  41. 41. Disclaimer – Genus Capital This document was prepared for general information purposes only and should not be considered a substitute for specific professional advice. In particular, its contents are not Intended to be construed as the provision of investment, legal, accounting, tax or other professional advice or recommendations of any kind, or to form the basis of any decision to do or to refrain from doing anything. As such, this document should not be relied upon for investment or other financial decisions and no such decisions should be taken on the basis of its contents without seeking specific advice. This document is based on information available to Genus Capital Management at the date of issue, and takes no account of subsequent developments after that date. In addition, past performance is not indicative of future results. In producing this document, Genus has relied upon the accuracy and completeness of certain data and information obtained from third parties. The information contained in the Strategy Research sections of this document are for educational and illustrative purposes only. The performance data indicated has been generated through a back-tested analysis and represents only hypothetical results. These illustrations have been created in the present, using quantitative methods or formulas in an attempt to apply the strategies presented to historical data over a period of time. The information outlined does not in any way represent any actual historical results or track record achieved through any investment product, fund or client account. The performance results shown also have important inherent limitations as to their relevance and use. For example, these illustrations ignore significant real world factors such as the actual timing of trades, security buy and sell prices, transaction costs, taxes, other conflicting investment research, and firm trading restrictions. Further, the strategies examined in these illustrations often assume monies would be fully invested in securities, whereas in real world situations, investors may hold higher levels of cash for liquidity. Also, this data has been created with the benefit of hindsight and without the challenges of having to make investment decisions in real-time and under real market conditions. Any and all of these factors mean that no representation is being made that an investor trying to follow this investment approach in the past would have achieved performance similar to that shown, or would in the future achieve performance similar to that shown. The accuracy of the data contained in this illustration is not guaranteed and may not be updated in the future. The contents of this document may not be reproduced or distributed to any other party, whether in whole or in part, without Genus Capital Management’s prior written permission, except as may be required by law. In the absence of its express written permission to the contrary, Genus Capital Management and its affiliates and their respective directors, officers and employees accept no responsibility and will not be liable for any consequences howsoever arising from any use of or reliance on the contents of this document including any opinions expressed herein. It should also be noted that past performance is no guarantee of future results. THANK YOU! Genus Capital Management Inc., 860– 980 Howe Street, Vancouver, BC, Canada, V6Z 0C8 T 604 683 4554 E info@genuscap.com www.genuscap.com

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