Commentary – Mackenzie Canadian Large Cap Dividend Fund Series T5 MFC2452 MFC3468 MFC7098 MFC3469 | Mackenzie Investments

Mackenzie Canadian Large Cap Dividend Fund Series T5

Asset Class: Canadian Equity

Fund Commentary

Q1 2019 Commentary

Our investment philosophy and process are primarily a bottom up strategy which focuses on investing in high quality companies which trade at a significant discount to fair value.

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Q1 2019 Commentary

During Q1 2019, Mackenzie Global Dividend Fund (Series F) returned 12.0%, and has now returned 12.3%, annualized, since portfolio manager change. This compares with the MSCI World Net Return Index ($CDN) Q1 return of 10.0%, and 11.4%, annualized, since portfolio manager change. Stock selection in Health Care and Consumer Staples contributed positively to relative performance during Q1. Stock selection in Materials detracted from relative performance.

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Q4 2018 Commentary

During Q4 2018, Mackenzie Global Dividend Fund (Series F) returned -7.4%, and has now returned 10.4%, annualized, since portfolio manager change.

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Q4 2018 Commentary

Our investment philosophy and process is primarily a bottom up strategy which focuses on investing in high quality companies which trade at a significant discount to fair value. However, we also incorporate economic and business cycle analysis into our process as a secondary consideration which at times allows for changes to sector positioning.

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Fund Commentary

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Other Canadian Equity Funds

Portfolio Managers

Martin Downie, CFA

Senior Vice President, Portfolio Manager, Head of Team

Mackenzie North American Equities Team

Investment experience since 1984

Darren McKiernan, CFA

Senior Vice President, Portfolio Manager, Head of Team

Mackenzie Global Equity & Income Team

Investment experience since 1995

Tim Johal, CFA

Vice President, Portfolio Manager

Mackenzie North American Equities Team

Investment experience since 2000

The Series G versions of this fund are closed to new investments.

Effective January 2, 2019, the distribution rate of series T6 (including F6, O6, J6, S6. PWT6, FB6, PWFB6, PWX6) will change from 6% to 5%. The name of the series will change to reflect that (i.e. T6 will be renamed T5). The fund code will remain the same.

Commissions, trailing commissions, management fees, brokerage fees and expenses may be associated with investment funds. 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 does not take into account sales, redemption, distribution, or optional charges or income taxes payable by any security holder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

For changes in the business, operations or affairs of an investment fund, and reorganization or acquisition of assets in an investment fund during the most recent 10 years that could have materially affected the performance of the investment fund, please refer to the "Major Changes During the Last 10 Years” section in the most recent Annual Information Form.

Mutual Fund US Dollar Settlement Option details.

Index performance does not include the impact of fees, commissions, and expenses that would be payable by investors in the investment products that seek to track an index.

The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund or asset allocation service or returns on investment in the investment fund or from the use of the asset allocation service.

* The blended index is composed of 80% S&P/TSX Composite Dividend Index and 20% MSCI World Index.