- The US equity market has outperformed the Canadian market over the past quarter due to its sector compositions which favor healthcare and technology over energy and utilities. As a result, the US dollar has strengthened against the Canadian dollar. - Low energy prices have negatively impacted the Canadian economy, particularly in Alberta, with major firms beginning layoffs. However, low prices are boosting the US economy through increased consumer spending. - Uncertainty around oil prices and the new NDP government in Alberta are curtailing capital investment, which is now flowing to other provinces like Saskatchewan and British Columbia. Oil prices are expected to remain low due to oversupply and weak demand.

1. Market Update
Many of the same themes within the
market over the past year have continued
in the most recent quarter. Healthcare and
Technology continue to lead while Energy
and Utilities continue to lag. Due to the
compositions of the Canadian and
American equity markets, significantly
better performance has been achievable in
the United States. As a result of this, and
more particularly the factors leading to the
continued divergence in equity market
performance, the USD$ continues to trend
favorably relative to the CDN$. Our Can-Am
portfolio is allocated accordingly.
Energy Prices
The big news, particularly here at home, is a continuation of low energy prices. This has
had a negative effect on the Canadian economy, shown by major firms beginning to lay
off staff in an attempt to cut costs. For the U.S., where energy production is a
significantly smaller component of the country's gross domestic product, low energy
prices are boosting their economy as consumers have more discretionary income with
lower gasoline prices.
With the recent election of an NDP government in Alberta, low oil prices are not the
only thing curtailing capital investment in our province. Businesses and investors alike
are in the “wait and see” mode as a result of the uncertain outlook for the Alberta
economy. Our contacts tell us that much of the capital investment, once destined for
Alberta, is now going to Saskatchewan and British Columbia.
The outlook for oil prices remains weak as meaningful improvement to the supply /
demand equilibrium seems to be a long way off. On the demand side, Asian economic
growth continues to decelerate, now that the physical build-out appears to be complete.
Economic growth in the developed countries is anemic—at best. On the supply side, oil
production continues to grow. OPEC has stated they will be ramping up production to
maintain market share—generally viewed as in retaliation to the “American Shale
Revolution”. Additionally, oil in storage has hit multi decade highs, limiting any
significant upside to crude oil prices. The full effect of lower energy prices on the
Canadian economy is yet to be determined, but it appears to be extending well beyond
the Alberta border and into many different industry groups. The days of $100 per barrel
oil appear to be over.
Can-Am Portfolio Response
We have continued to favor the U.S. market over the Canadian market as the domestic
economy appears to be unraveling. Our highly refined stock selection process has kept
us out of the energy and utility sectors and directed us into better performing sectors
which are very underrepresented in the Canadian market—Healthcare and Technology.
(Continued on page 2)
Inside the Issue
Page 1
 Market Update
Page 2
 Global Tensions
Page 3
 Oil Price Outlook
 Diversified American
Growth
 Summary
Page 4
 Summer Survey
 Our Team
Mike Seed
First Vice–President and
Portfolio Manager
(780) 970-5359
Mike.Seed@cibc.com
Jack Seed
First Vice-President and
Investment Advisor
(780) 970-5360
Jack.Seed@cibc.com
Ken Gordon
Investment Advisor
(780) 970-5362
Ken.Gordon@cibc.com
Holly Chung
Client Associate
(780) 970-5363
Holly.Chung@cibc.com
Keanan Boomer
Financial Associate
(780) 498-5048
Keanan.Boomer@cibc.com
Relative Index Weight
Good Sectors Strength TSX SPX
Health Care 100% 2% 11%
Technology 89% 3% 16%
Consumer 78% 15% 23%
Total - Good Sectors 19% 49%
Relative Index Weight
Bad Sectors Strength TSX SPX
Utilities 0% 6% 5%
Energy 11% 24% 8%
Telecom 22% 2% 1%
Total - Bad Sectors 32% 14%
Manulife Place
Suite 1780, 10180 101 St.
Edmonton, AB T5J 3S4
seedfinancialgroup@cibc.ca

2. Page 2
Canada—TSX Index
United States—S&P500 Index
Health Care Sector
Technology Sector
Energy Sector
Global Tensions
There are a number of global factors currently affecting various asset
classes and economic sectors. We continue to see unrest in parts of Europe
as well as the Middle East. Tensions continue to run high in the Euro-zone,
as Greece fights to meet the terms of its bailout, which it needs in order to
avoid a debt default. Sanctions applied to Russia after their invasion of the
Ukraine have caused a rapid deterioration in the Russian economy. This
has been compounded by low oil prices and an unwillingness from
President Putin to have meaningful negotiations with his western
counterparts. Also, ISIS continues to make threatening statements towards
the United States and Canada, putting these governments on high alert. In
addition to these issues, the markets have been adjusting for an interest
increase by the U.S. Federal Reserve. Consensus seems to be forming
around a 0.25% increase at the Fed’s September meeting.
Can-Am Portfolio Response
Despite local and global disruptions, we continue to achieve strong
portfolio performance through strict adherence to our continually evolving,
highly disciplined portfolio management methodologies. We have
implemented a number of very significant upgrades to our Can-Am
management strategy over the past 6 months:
 Style Diversification—through the implementation of four non-correlated equity
sub-strategies. Each strategy is well defined within its unique quantitative model and
employs an embedded sell discipline to maintain continuous exposure to top-ranked
companies across four diversified equity mandates.
 Relative Strength—measures the trajectory angle of market-traded, investable
assets. We are currently tracking 1300 items in our Relative Strength (RS) Matrix
universe, including stocks, preferred shares and various other asset classes such as
bonds and commodities through the use of exchange traded funds. The universe is
ranked daily, with the strongest trending item receiving a RS ranking of 100% and the
weakest item receiving a ranking of 0%. The implementation of our RS scoring system is
to ensure we continually maintain an overall portfolio ranking of 80%+. The theory
behind employing RS is derived from Sir Isaac Newton’s First Law of Physics—”An
object in motion remains in motion unless acted upon by an unbalanced force.” An
investment performing better than the majority of options will likely to continue to do
so—until it does not.
 Dynamic Currency Allocation (NEW!)—While we have been very pleased with
the performance of our Can-Am equity mandate over the past several years, we knew
we were leaving a lot of performance on the table as a result of the fixed allocation of
only 15 American stocks within the 40 stock Can-Am mandate. Given that our
Diversified American Growth mandate has compounded at 32+% annually for the past
3 years, elimination of the fixed Canadian / American allocation shackles has occurred.
This required a complete rebuild of our tracking systems and block trading platform,
but we are pleased to announce we have broken free from the restraints.
 Currency Adjusted Relative Strength Matrix (NEW!)—With the
implementation of a dynamic currency allocation model, we needed to have a means
to truly asses the slope trend of our RS universe in a common currency—the Loonie.
Where historically, the RS Matrix compared the slope trend of all 1300 constituents in
our universe daily, it did not take into account the +/- impact of the USD$/CDN$ slope
trend in addition to that of the U.S. holdings themselves. By embedding the currency
impact within all American items in the RS Matrix, we now have a well-defined
methodology to guide us to an optimal allocation between American and Canadian
holdings.
 Dynamic Fixed Income Allocation (NEW!) - Our recently implemented Dynamic
Fixed Income Allocation methodology, as described in our last newsletter, allows us to
(Continued from page 1)
(Continued on page 3)
Utility Sector

3. continuously measure the health of the equity market in relation to bonds and cash. When bonds achieve a RS score of 70%+, we lower
our equity allocation and get defensive. When this last occurred, in October 2014, we liquidated 30% of all client equity allocations and
moved into bonds, temporarily, to weather the storms. For a traditional balanced portfolio with 60% equity and 40% fixed income, we
quickly transitioned to 40% equity and 60% fixed income. If required, we would have continued to get more defensive.
 RSQ Ranking (NEW!) - Our newly implemented RSQ ranking was designed to identify turning points. It combines Relative Strength,
as described above, with 3 additional shorter term measures designed to identify an unbalanced force, signaling the requirement for
reallocation of portfolio holdings. The RSQ Ranking was specifically designed to get us into new strong trends and out of new weak
trends quicker. “Trends” can be inferred to relate to individual stocks, stock sectors, stocks vs. bonds and currency allocation decisions.
 Preemptive Inversion Defense (NEW!) - About 80% of the time, stocks with the
highest RS scores are the best daily performers. About 20% of the time, stocks with the worst RS
are the best performers. Periodically, there are periods lasting 1-2 weeks where the best
performing stocks are sold down and the worst performing stocks are bought up. We call this a
Relative Strength Inversion. During a period of inversion, the worst performing stocks are not
actually being bought. In a traditional sense, traders are typically covering short positions where
the have profited on the stocks decline. But the effect is the same. During an inversion, money is
coming out of stocks temporarily. Periods of inversion occur 2-4 time per year. Inversions
typically occur after extended stretches of very strong performance by the top Relative Strength
stocks. To preemptively defend our equity allocation from these periods of performance inversion, we have developed a methodology
whereby we “flatten out” our typically concentrated sector allocations after periods of statistically significant out-performance relative to the
overall market (benchmark). When we breach the upper threshold of relative performance, on a trailing 30 day basis, we take some profits
from our big winners and diversify out into quantitatively “buy” ranked stocks within sectors the portfolio is underrepresented in.
(Continued from page 2) Page 3
Oil Price Outlook & Economic Impact
Energy - Outlook
We see the break points for the price of oil as $50
and $60. It is critical to note that the energy sector
makes up a large portion of the TSX, so what hap-
pens in the Alberta economy has far reaching
affects on the rest of the country.
While these scenarios may have very different im-
pacts on our local economy, our Can-Am model
has the ability to adapt to all market circumstances
as they unfold, and invest in assets that thrive in
each particular market condition.
Price of Oil
2-4 Year
Probability
Impact Commentary
Below $50 25%
Canadian
Very Negative
Oil prices slide further and cause a number of
potential problems in Alberta. Capital expenditures
in this province will likely slow down or stop
completely, combined with a sharp downturn in
the real estate and job market.
American & World
Positive
Between $50
and $60
50%
Canadian
Slightly Negative
Continued uncertainty in the energy market,
companies likely remain in a holding pattern. This
would cause expenditures to slow but not stop all
together, with more gradual downturns in real
estate and employment.
American & World
Slightly positive
Above $60 25%
Canadian
Positive
A market showing resilience through this coming
period would be constructive for the province as a
whole. A rebound in prices could lead to fewer job
cuts and stabilization of the Alberta economy.
American & World
Neutral
Normal Day 80% Inversion Day 20%
Relative Daily Relative Daily
Strength Group Strength Group
Quintile Performance Quintile Performance
100% - 80% 0.51% 100% - 80% -0.21%
80% - 60% 0.33% 80% - 60% -0.03%
60% - 40% 0.15% 60% - 40% 0.15%
40% - 20% -0.03% 40% - 20% 0.33%
20% - 0% -0.21% 20% - 0% 0.51%
Summary
Investing is measured in very simple terms—what was the return achieved and what was the volatility incurred to achieve that return. Our
investment methodology turns the idea of “safe investing” on its ear. The traditional Canadian favorite sectors (Banks, Energy, Utilities) have
significantly lagged the overall market for many, many months. We have a number of new people coming in to learn about what we do that feel
that their portfolio is “defensive” because of their current investment professionals “words of wisdom.” This is often a cover up for poor
performance and a lack of investment management process. In our opinion, a stock itself cannot be described as “conservative”, only an
investment strategy as a whole. Portfolio management methodology (or lack thereof) is what determines risk. The traditional methodology of
“buying good companies and holding them for the long-term” results in large volatility and a coin toss as to what the long-term outcome will be.
We strongly believe that the employment of active, advanced methodologies to limit risk, preserve capital and foster predictable short and
long-term portfolio returns is paramount to achieve the objectives we have placed upon ourselves. We are continually refining our wealth
management disciplines as each day is a learning opportunity wasted if we do not. As each year passes and technology advances, traditional
inactive methods of portfolio “management” are becoming obsolete—if they are not already.
1 Month 6 Month 1 Year 2 Year 3 Year
Seed Financial Group
Diversified American Growth
5.53% 18.14% 38.76% 36.38% 32.49%
S&P500 Benchmark 4.38% 11.27% 28.56% 27.55% 27.36%
TSX Composite Index -1.22% 3.33% 5.80% 12.20% 12.58%
All performance shown in C$, net of management fees
Seed Financial Group—Diversified American Growth Our Diversified American Growth portfolio mandate has an exceptional
track record of providing strong returns with limited volatility. It
employs all of the strategies as our Can-Am mandate, except for
dynamic currency allocation. While our outlook for American equities
remains very favorable, there will come a time where Canadian
equities become more attractive. Our strategy is to convert the
Diversified American Growth portfolios to Can-Am portfolios at that
time, providing a single equity solution for all environments.

4. Your Wealth Management Team
Mike Seed, First Vice-President and Portfolio Manager
With over 20 years experience in the investment and wealth management industry, Mike acts as the Seed
Financial Group's portfolio strategist. Mike is responsible for the continual development of our proprietary portfolio
methodologies and working with clients to develop an asset mix that meets their investment needs. Mike is
responsible for the day-to-day management of our discretionary portfolios and making investment decisions with
respect to the portfolios' holdings. Mike's independent research forms the foundation for the Seed Financial
Group’s proven wealth management mandates. Mike is a registered portfolio manager.
Jack Seed, First Vice-President and Investment Advisor
As an Investment Advisor with over 50 years of experience in the Canadian investment industry, Jack specializes
in offering comprehensive wealth management solutions to affluent individuals and business owners. Jack was a
Branch Manager with another bank-owned firm for over 20 years, and has been leading Seed Financial Group
since its creation in 1995. Jack holds the Fellowship of the Canadian Securities Institute (FCSI) designation, the
highest honor awarded to professionals in the investment industry. The FCSI designation is exclusively limited to
those who have demonstrated superior knowledge, education, experience and the highest degree of ethical
standards.
Ken Gordon, Investment Advisor
Ken Gordon has over 25 years of quantitative investment experience having designed end-to-end systems from
alpha generation to risk and performance attribution. He has been employed as a Director of Research, a Vice
President of Quantitative Research, a Sector Analyst & Portfolio Manager, and most recently as a Capital Markets
Project Manager.
Holly Chung, Client Associate
Holly brings 7 years of industry experience to Seed Financial Group. She provides professional and efficient
administration for the team with exceptional attention to detail. She ensures that client requests are processed in a timely
manner. Throughout her career, she has honored her commitment to professional development with continuing
education. She is currently pursuing her Certified Financial Planner (CFP) designation.
Keanan Boomer, Financial Associate
Keanan is the newest member of our team, bringing 5 years of industry experience. He brings with him a wide
breadth of industry knowledge, and works predominantly on the facilitation of Seed Financial Group block trading,
individual account restructuring, and provides assistance with the quantitative stock selection process. Keanan is
currently working towards attaining the highly respected Chartered Financial Analyst (CFA) designation.
This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. CIBC and CIBC World Markets Inc., their affiliates, directors, officers and
employees may buy, sell, or hold a position in securities of a company mentioned herein, its affiliates or subsidiaries, and may also perform financial advisory services, investment banking or other services for, or have lending or other
credit relationships with the same. CIBC World Markets Inc. and its representatives will receive sales commissions and/or a spread between bid and ask prices if you purchase, sell or hold the securities referred to above. © CIBC
World Markets Inc. 2014. CIBC Wood Gundy is a division of CIBC World Markets Inc., a subsidiary of CIBC and a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada. If you
are currently a CIBC Wood Gundy client, please contact your Investment Advisor.
Client Survey - We value your opinion!
Ensuring that your are satisfied will all aspects of Seed Financial Group is our primary
objective. We will conduct a Client Audit to help identify ways to find out what you’re most
happy with, but more importantly, identify areas we need to focus more energy on. We will
review and analyze the results in complete confidence.
The process should take no more than 5 or 10 minutes and your responses will be
invaluable to our development. We’ll use this information to shape the service that we
offer and, where there is an interest or need, to provide you with more information on our
products and services. If you prefer to remain anonymous, indicate that in the final
question and your name will be removed.
Thank you in advance for your input and please feel free to call if you have any questions.