What we're looking at
This week's Cruncher series focuses on the largest fund families in Canada. How good are their most popular funds? Today we look at CI Investments.
The 25 largest CI funds are listed here along with quartile rankings over a variety of time frames. Quartiles are the best way to measure a fund's performance. They divide funds in a category into four groups according to their returns, with first quartile being most desirable and fourth the basement. Fees are another important factor in evaluating funds. Here, we've included management expense ratios for each fund, plus the category average. Note: Big funds should be much lower than average because of economies of scale.
What we found
Look past those shorter-term fourth-quartile returns for several of CI's most popular funds. Longer-term numbers are vastly more important when evaluating funds and the story they tell here is of consistently strong returns. This applies even to funds that seemingly compete with each other - CI Harbour, CI Canadian Investment and CI Signature Select Canadian. Each of the three is a candidate to anchor the Canadian equity portion of an investor's portfolio.
Of course, there are limits to CI's ability to provide top returns in its most popular products. One is CI Global, which is indicative of the trouble that the Canadian mutual fund industry has had in making decent money for its clients in global markets over the past decade or more. The fund has lost an average 5.5 per cent annually in the decade to May 31, which compares with a category average loss of 2.7 per cent.
Fee-wise, CI is below average but not dramatically so. CI Signature High Income is the top bargain.
|Top 25 CI Funds by Assets|
|(May 31,2010)||Latest||Cat. Avg||(Quartile May 31, 2010)|
|CI Harbour Growth & Income||Canadian Equity Balanced||8,787.6||2.31||2.66||4||2||2||1|
|CI Harbour||Canadian Focused Equity||5,896.5||2.31||2.78||4||1||1||1|
|CI Canadian Investment||Canadian Focused Equity||3,825.9||2.26||2.78||3||1||2||1|
|CI Signature High Income||Global Neutral Balanced||3,564.8||1.52||2.48||1||1||1||1|
|CI Signature Select Canadian||Canadian Focused Equity||3,211.9||2.31||2.78||2||1||1||1|
|CI Signature Income & Growth||Global Neutral Balanced||3,020.1||2.31||2.48||1||1||1|
|CI Portfolio Series Balanced||Global Equity Balanced||2,135.8||2.31||2.68||3||1||1||1|
|CI Signature Canadian Bond||Canadian Fixed Income||2,003.0||1.60||1.74||2||2||2||2|
|CI Signature Canadian Balanced||Canadian Neutral Balanced||1,726.9||2.31||2.49||1||1||1||1|
|CI Signature Dividend||Canadian Dividend & Incm Equity||1,439.9||1.79||2.36||2||1||2||3|
|CI Synergy Canadian Corporate Class||Canadian Focused Equity||1,291.2||2.31||2.78||1||3||2||2|
|CI Money Market||Canadian Money Market||1,260.0||0.74||0.89||1||2||2||3|
|CI Portfolio Series Balanced Growth||Global Equity Balanced||1,065.3||2.32||2.68||2||2||2|
|CI Signature Corporate Bond||High Yield Fixed Income||959.3||2.00||1.90||3||2||2|
|United Cdn Fixed Income Pool-A||Canadian Fixed Income||936.5||2.28||1.74||2||4|
|CI Portfolio Series Conservative||Global Neutral Balanced||728.2||2.22||2.48||2||2||2||1|
|CI Signature Canadian Resource||Natural Resources Equity||643.2||2.31||2.71||4||2||1||1|
|CI Portfolio Series Income||Global Fixed Income Balanced||586.6||1.91||2.33||2||1||1||1|
|CI Harbour Foreign Eq Corp Class||Global Equity||557.5||2.33||2.76||1||2||2|
|CI Portfolio Series Conserv Bal||Global Neutral Balanced||546.7||2.33||2.48||3||3||2|
|CI Canadian Small/Mid Cap||Canadian Small or Mid Cap Equity||504.3||2.31||2.70||3||2||3||4|
|CI Portfolio Series Growth||Global Equity Balanced||470.3||2.36||2.68||2||3||2|
|CI Global||Global Equity||460.4||2.33||2.76||3||4||4||4|
|United Cdn Equity Value Pool-A||Canadian Focused Equity||451.9||2.84||2.78||3||3|
|CI International Value Corp Class||International Equity||371.0||2.33||2.49||2||1||2||1|
|Source: Victor Tan, Globeinvestor.com|
© 2007 The Globe and Mail. All rights reserved.
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