Mackenzie Bluewater Team

Prudent capital allocation. Focused on creating value for shareholders over the long haul.

Dina DeGeer

Senior Vice President, Portfolio Manager, Team Co-Lead

Philosophy and process

The Mackenzie Bluewater Team invests in companies globally as if we are the owners of the businesses, not as traders buying and selling pieces of paper. We get to know the management and understand the products and services of the companies in which we invest. We believe that what makes a company valuable is the ability to generate free cash flow; that is, the excess cash a company generates beyond what it needs to run its business. Strong management fosters the culture and intellectual capital required to create a valuable stream of free cash flow, so we invest in managers that are focused on creating value for shareholders over the long term. It is not enough to find high-quality companies. The price paid for an investment is extremely important and we will only buy a business when it is trading at a discount to our assessment of fair value.

Portfolio Managers

David Arpin, MA, CFA

Senior Vice President, Portfolio Manager, Team Co-Lead

Mackenzie Bluewater Team

Investment experience since 1995

David Arpin, Senior Vice President, is a Portfolio Manager and Team Co-Lead with the Mackenzie Bluewater Team.

David joined Bluewater Investment Management Inc. in 2012 and has been a Portfolio Manager on the Team since then. Bluewater acted as a subadvisor to Mackenzie until 2016, when the Team became one of Mackenzie’s investment boutiques. David began his career in the investment industry in 1995 as an Investment Researcher for a pension consulting firm. In 1998, he moved to investment management, working at an insurance company as an Equity Analyst and Trader. In 2000, David joined a large investment management firm where he worked as a Portfolio Manager.

David has BA (Hons.) and MA (Economics) degrees from Queen’s University. He is also a CFA charterholder.

Dina DeGeer, MBA, CFA

Senior Vice President, Portfolio Manager, Team Co-Lead

Mackenzie Bluewater Team

Investment experience since 1985

Dina DeGeer, Senior Vice President, Investment Management, is Team Co-Lead of the Mackenzie Bluewater Team.

Dina joined Bluewater Investment Management Inc. in 1995 and has been the lead Portfolio Manager on Mackenzie Canadian Growth Fund since then. Bluewater acted as a subadvisor to Mackenzie until 2016, when the Team became one of Mackenzie’s investment boutiques. Dina began her investment career at a large insurance company, directing U.S. equity portfolios. In 1989, she joined a large Canadian mutual fund company as a Portfolio Manager, and was primarily responsible for U.S. and Canadian investments.

Dina has a BComm from McMaster University and an MBA from the University of Windsor. She is also a CFA charterholder.

Shah Khan, MBA, CFA

Vice President, Portfolio Manager

Mackenzie Bluewater Team

Investment experience since 2010

Shah Khan, Vice President, Investment Management, is a Portfolio Manager on the Mackenzie Bluewater Team.

Shah joined Bluewater Investment Management Inc. in 2010 and has worked with the portfolio management team since then. Bluewater acted as a subadvisor to Mackenzie until 2016, when the Team became one of Mackenzie’s investment boutiques.

Shah has a BSc (Biochemistry/Biomedical Sciences) and an MBA from McMaster University. He is also a CFA charterholder.

Hui Wang, MBA, CFA, CAIA

Associate Portfolio Manager

Mackenzie Bluewater Team

Investment experience since 2010

Hui Wang is an Associate Portfolio Manager on the Mackenzie Bluewater Team.

Prior to joining Mackenzie Investments in 2016, Hui worked for a leading global asset management firm as an investment analyst supporting international and global core equity mandates. From 2010 to 2012, he worked with that firm’s Global Wealth Distribution operation.  In addition, Hui spent eight years in the technology industry, including roles in mergers and acquisitions, product development, sales/marketing and software engineering.

Hui has a Bachelor of Computer Science degree from the Beijing Information Technology Institute and a Master’s degree from Peking University. He earned an MBA from the Schulich School of Business at York University (Honours) and also has the Chartered Alternative Investment Analyst (CAIA) designation and is a CFA charterholder.

Awards and rankings

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Mackenzie Canadian Growth Balanced Fund (Series A) Winners of the 2018 Fundata FundGrade A+ Awards® for consistent and outstanding risk-adjusted performance in their respective categories

Mackenzie Canadian Growth Fund (Series A)
Winners of the 2018 Fundata FundGrade A+ Awards® for consistent and outstanding risk-adjusted performance in their respective categories

Mackenzie Canadian Growth Balanced Fund (Series A)­
Winner of the 2019 Lipper Fund Award from Refinitiv for best 3-year and 5-year performance in the Canadian Equity Balanced classification.

The highest ratings given by the independent investment research firm Morningstar

Insights

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Market Insights: Recessions in the service age

As the global economy continues to evolve, will recessions become less likely or even non existent?

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Fund Insights: Consistent and Sustainable Growth – Managing Risk

Investors don’t like surprises so understanding what to expect from investments is critical. We manage risk by investing in industries with characteristics we find attractive.

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Market Insights: High Stock Valuations can Persist in the Absence of Inflation

The Mackenzie Bluewater Team says the sustainability of equity valuations is likely tied to the sustainability of low inflation. This could mean that today's high stock valuations might inch up.

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Caught Speeding: The Rise of Electric Vehicles & the Impact to the Energy Sector

Electric vehicles (EVs) are primed to disrupt the energy sector in the coming years. 

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Q2 2019 Commentary – Mackenzie Bluewater Team

Equity markets were strong in the second quarter, rebounding from the sharp drop at the end of the first quarter. On a year to date basis, despite considerable volatility, developed markets are relatively flat. The overall economic backdrop continues to be supportive, with corporate earnings rising, which should be reflected in stock prices over time.

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Q1 2019 Commentary – Mackenzie Bluewater Team

After a difficult end to 2018, equity markets came back strongly around the globe over the past quarter. The fourth quarter sell-off began with Federal Reserve Chairman Jerome Powell stating that the Fed was anticipating considerable tightening.

Resources

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all 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. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

Morningstar Star Ratings reflect performance of Series F as of October 30, 2019 and are subject to change monthly. The ratings are an objective, quantitative measure of a fund’s historical risk-adjusted performance relative to other funds in its category. Only funds with at least a three-year track record are considered. The overall star rating for a fund is a weighted combination calculated from a fund’s 3, 5, and 10-year returns, as available, measured against the 91-day Treasury bill and peer group returns. A fund can only be rated if there are a sufficient number of funds in its peer group to allow comparison for at least three years. If a fund scores in the top 10% of its fund category, it gets 5 stars; if it falls in the next 22.5%, it receives 4 stars; a place in the middle 35% earns a fund 3 stars; those in the next 22.5% receive 2 stars; and the lowest 10% receive 1 star. For more details on the calculation of Morningstar Star Ratings, see morningstar.ca. Quartile rankings and peers beaten are calculated by Mackenzie Investments based on the fund series-level data Morningstar provides.

The CIFSC categories, Star Ratings and number of funds in each category for the standard periods are: Mackenzie Canadian Growth Balanced Fund Series F, Canadian Equity Balanced category: 3 years - 5 stars (412 funds), 5 years - 5 stars (319 funds), 10 years - 5 stars (175 funds). Mackenzie Canadian Growth Fund Series F, Canadian Equity Focused category: 3 years - 5 stars (604 funds), 5 years - 5 stars (466 funds), 10 years - 5 stars (219 funds).

Mackenzie Canadian Growth Fund (Series A) was awarded the 2018 Thomson Reuters Lipper Fund Certificate for best five-year performance in the Canadian Focused Equity category for the period ended July 31, 2018, out of a total of 93 funds. Performance for the fund for the period ended September 30, 2018 was as follows: 2.6% (1 year), 6.7% (3 years), 11.1% (5 years), 9.8% (10 years) and 9.6% (since inception) in January 1976.

Mackenzie Canadian Growth Balanced Fund (Series A) was awarded a 2018 Thomson Reuters Lipper Fund Certificate for best five-year performance in the Canadian Equity Balanced category for the period ended July 31, 2018, out of a total of 54 funds. Performance for the fund for the period ended December 31, 2018 was as follows: 2.1% (1 year), 4.7% (3 years), 8.2% (5 years), 7.1% (10 years) and 6.4% (since inception) in November 1996.

The Thomson Reuters Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers for the period ended July 31, 2018. The Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Lipper Fund Award. For more information, see www.lipperfundawards.com. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data, the accuracy is not guaranteed by Lipper.

The Lipper Fund Awards, granted annually, are part of the Thomson Reuters Awards for Excellence awarded by Lipper, Inc. and highlight funds that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Lipper Fund Awards are based on the Lipper Ratings for Consistent Return, which is a risk-adjusted performance measure calculated over 36, 60 and 120 month periods. The highest 20% of funds in each category are named Lipper Leaders for Consistent Return and receive a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2 and the lowest 20% are scored 1. The highest Lipper Leader for Consistent Return in each category wins the Lipper Fund Award. Lipper Leader ratings change monthly. For more information, see lipperweb.com. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the "best of the best" among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from "A" to "E" receives a score from 4 to 0, respectively. A fund's average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award.

·       Mackenzie Canadian Growth Balanced Fund Series A, Canadian Equity Balanced category: 1 year - (471 funds) -2.1%, 3 years - (378 funds) 4.7%, 5 years - (310 funds) 8.2%, 10 years - (161 funds) 7.1%, since inception - 6.4% (November 28, 1996)

·       Mackenzie Canadian Growth Fund Series A, Canadian Focused Equity category: 1 year - (707 funds) -2.6%, 3 years - (582 funds) 6.7%, 5 years - (459 funds) 11.1%, 10 years - (217 funds) 9.8%, since inception - 9.6% (January 30, 1976)

For more information, see http://www.fundgradeawards.com/. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.