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EARNING SUSTAINABLE YIELD

EARNING SUSTAINABLE YIELD. Bob Swanson Principal & Portfolio Manager Cambridge Global Asset Management October 2013. WHEN ECONOMIES RECOVER …. Composite index of 10 leading indicators. Source: Factset. RATES SHOULD GO HIGHER. U.S. 10-year Treasury yield. Source: Factset.

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EARNING SUSTAINABLE YIELD

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  1. EARNING SUSTAINABLE YIELD Bob Swanson Principal & Portfolio Manager Cambridge Global Asset Management October 2013

  2. WHEN ECONOMIES RECOVER … Composite index of 10 leading indicators Source: Factset

  3. RATES SHOULD GO HIGHER U.S. 10-year Treasury yield Source: Factset

  4. WHEN RATES GO HIGHER … “SAFE ASSETS” BECOME LESS SAFE Year-to-date returns to August 28, 2013 Source: Factset

  5. AND EQUITIES BENEFIT Year-to-date returns to August 30: *Year-to-date to August 28, 2013 Source: Factset, Bloomberg

  6. THE BEGINNING OF THE GREAT ROTATION? THIS WILL SUPPORT EQUITY PRICES Source: EPFR Global, Citi Research

  7. OVERWEIGHT EQUITIES/UNDERWEIGHT INCOME SUBSTITUTES ACROSS ALL INCOME-ORIENTED MANDATES Current positioning: Source: CI Investments, August 30, 2013

  8. GEOGRAPHIC DIVERSIFICATION WITH SIGNIFICANT EXPOSURE OUTSIDE CANADA Cambridge Canadian Asset Allocation Corporate Class: Cambridge Global Dividend Fund: Cambridge High Income Fund: Source: CI Investments

  9. WHEN INVESTORS ARE CAUTIOUS, DIVIDEND STOCKS DO BEST Source: Factset

  10. IT’S HAPPENING GLOBALLY Source: FactSet

  11. MORE DIVIDEND OPPORTUNITIES EXIST OUTSIDE CANADA Number of companies with consecutive years of dividend growth # of companies Source: Factset

  12. DIVIDEND GROWERS ARE THE BIG WINNERS Source: Ned Davis Research

  13. AND PAYOUT RATIOS ARE LOW SO DIVIDENDS HAVE ROOM TO GROW

  14. A SOURCE OF INFLATION PROTECTION: 3M – 54 YEARS OF CONSISTENT DIVIDEND GROWTH Source: FactSet Fundamentals

  15. BENEFITS OF DIVIDEND GROWTH • Lower volatility • Attractive total returns • Income growth over time – inflation protection

  16. CAMBRIDGE GLOBAL DIVIDEND FUND • Seeks stable companies with consistent performance • Focus on dividend growing companies • Global diversification • Active currency management to mitigate exchange rate risk and reduce volatility • A reliable source of monthly income when purchased in the trust structure

  17. GEOGRAPHIC AND SECTOR DIVERSIFICATION As at August 30, 2013: Sector allocation: Geographic allocation: Source: CI Investments

  18. FUND CHARACTERISTICS Source: CI Investments

  19. CONSISTENT OUTPERFORMANCE WITH CAMBRIDGE *December 31, 2007 ***January 9, 2012 ****July 2, 2004 †February 15, 2011 **Cambridge Global Asset Management took over management of Cambridge American Equity Corporate Class in June 2011, inception date of fund is February 24, 2000** Source: RBC Dexia, August 31, 2013

  20. CAMBRIDGE OFFERS A VARIETY OF MANDATES * Effective June 5, 2011 funds were renamed from CI American Equity Corporate Class and CI American Equity Fund. Source: RBC Dexia at August 31, 2013

  21. EXPANDING THE CAMBRIDGE TEAM

  22. FROM $2 BILLION TO $8 BILLION IN JUST TWO YEARS • Added two Canadian equity mandates that are now two of the best performing funds in Canada • Launched Cambridge Income Fund and subsequently adopted Cambridge High Income Fund to satisfy investor demand for income • Added numerous mandates outside of Canada to diversify asset base including Cambridge American Equity Fund and Cambridge Global Dividend Fund • Expanded the team, which now consists of nine members • Successful on the macro and micro level • Bonds vs. equities • Commodities • U.S. equity market

  23. Thank youFOR ADVISOR USE ONLY Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are the historical annual compounded total returns including changes in security value. All performance data assume reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Cambridge Global Asset Management is a business name of CI Investments Inc. used in connection with its subsidiary, CI Global Investments Inc. Certain portfolio managers of Cambridge Global Asset Management are registered with CI Investments Inc.

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