Commentary – Mackenzie US Mid Cap Growth Currency Neutral Class Series FB | Mackenzie Investments

Mackenzie US Mid Cap Growth Currency Neutral Class Series FB

Asset Class: US Equity

Fund Commentary

Q1 2019 Commentary

US Mid Cap equities began the year with a strong rebound in the first quarter. The Russell 2500 index returned +15.4% in US Dollars (+13.3% in Canadian Dollars). While Technology and Health Care were the top performing sectors, Energy, Producer Durables, and Materials all performed well.

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Q4 2018 Commentary

US small and mid-cap equities ended the year with a large decline in the fourth quarter. The Russell 2500 index returned -18.9% in US Dollars (-13.9% in Canadian Dollars).

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Q3 2018 Commentary

US small and mid cap equities continued their strong performance in the third quarter . The Russell 2500 index returned 4.7% in US Dollars (2.9% in Canadian Dollars). Technology and Health Care outpaced the market by far, while Producer Durables and Utilities also did well. The only sector to decline was Consumer Staples.

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Q2 2018 Commentary

After a slightly negative first quarter, US small and mid cap equities rebounded with a positive second quarter . The Russell 2500 Index returned 5.3% in USD (7.9% in CAD). Energy was the leading sector, while Health Care and the Consumer sectors also did well.

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Fund Commentary

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Other US Equity Funds

Portfolio Managers

Phil Taller, MBA, CFA

Senior Vice President, Portfolio Manager

Mackenzie Growth Team

Investment experience since 1991

You can no longer purchase this fund under the US dollar settlement option.

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 Russell 2500 (Hedged to CAD) Index measures the performance of the small- to mid-cap segment of the U.S. equity universe. The Index is a subset of the Russell 3000 Index. It includes approximately 2,500 of the smallest securities based on a combination of their market capitalization and current index membership. The foreign currency exposure is hedged back to the Canadian dollar.