Reduce portfolio risk by adding an asset class that is less correlated with public equity and debt. The combination of lower duration and enhanced yield provides an attractive opportunity for those seeking absolute returns.

Annual Returns Since Inception1

Source: S&P Global, CMLS Asset Management Ltd.
Notes: 1 CMLS Mortgage Fund returns are actual net returns on class I units (MER of 1.50%, reduced to 0.90% in April 2017) and assume distributions have been reinvested through the period. Benchmark returns are for illustrative purposes only, and are not for comparative purposes as the risk profile of Fund does not necessarily reflect the risk profile of the benchmarks provided. Historical returns are not indicative of future returns. Data is as of Dec. 2017

Comparative Growth of $100,000 Since Inception1

Comparative Growth of $100,000 Since Inception Comparative Growth of $100,000 Since Inception

Source: S&P Global, CMLS Asset Management Ltd.
Notes: 1 CMLS Mortgage Fund returns are actual net returns on class I units (MER of 1.50%, reduced to 0.90% in April 2017) and assume distributions have been reinvested through the period. Benchmark returns are for illustrative purposes only, and are not for comparative purposes as the risk profile of Fund does not necessarily reflect the risk profile of the benchmarks provided. Historical returns are not indicative of future returns. Data is as of Dec. 2017

Private Mortgages vs. Public Debt.

Regulatory changes are creating opportunities to pick up attractive risk-adjusted returns.
Lower duration and enhanced yield provides an attractive pick-up over competing short-duration assets.
Reduce portfolio volatility by adding an asset class that is less correlated with existing asset classes (e.g., public equities/debt).

Unlevered net yield

Duration (term to maturity)

Notes: Short-term corporate bond index represented by S&P Aggregate 0-3 Year Index. Data as of August 14, 2018

Effect of a 4.0% Premium Over Time

Investors would have earned almost 50% more over the past 9 years in the CMLS Mortgage Fund.

Growth of $100,000 Since Inception1

Growth of $100,000 Since Inception Growth of $100,000 Since Inception

Source: S&P Global, CMLS Asset Management Ltd.
Notes: 1 CMLS Mortgage Fund returns are actual returns annualized net of historical management and administrative fees assuming distributions have been reinvested through the period. Benchmark returns are not for comparative purposes as the risk profile of Fund do not necessarily reflect the risk profile of the benchmarks provided. Historical returns are not indicative of future returns. Data is as of June 30, 2017.

Why CMLS Mortgage Fund

Strong Track Record

6.45% annualized return since inception1
Low correlation to public equities

Strong Track Record

Manager with 40-year track record of underwriting mortgages

Strong governance and investment team

Strong Track Record

Highest rated commercial mortgage servicer in Canada (ratings: DBRS, Fitch)

No loan losses in the Fund since inception in 2008

1 Historical returns are annualized net of management and administrative fees on Class I units reinvested since May 2008. Historical returns are not indicative of future returns. Data is as of June 30, 2018.