Program Updates Spring 2011

The PMF has seen unprecedented volatility over the past few years. Although our equity portfolio beta measured over the last 4 years, is less than one, we sunk and rose more than the benchmark through the financial crisis:

	PMF Total Equities	Total Equities Benchmark
Last half of 2008	-40%	-37%
All of 2009	+53%	+30%

 

Our custodian, RBC Dexia Investor Services, provides performance measurement services to us, ranking us relative to other Canadian professional money managers. For 5 years ending 31 December 2010, our annualized percent returns (percentile ranking shown in parentheses) versus the median RBC Dexia fund, are:

	PMF	RBC Dexia Median Fund
Total fund	7.7% (1st)	4.6%
Canadian equities	11.4% (1st)	6.3%
US equities	-3.9% (65th)	-2.8%
Bonds	6.1% (1st)	5.5%

 

The Class of 2011 is graduating and will be going to great places to start their capital markets careers: Goldman Sachs (New York), Morgan Stanley (New York), TD Securities (Toronto), J.P. Morgan Securities (London) and Mackenzie Cundill (Vancouver). The Class of 2012 will be starting their internships soon at: Goldman Sachs (New York), C.V. Starr (New York), Morgan Stanley (New York), Greywolf Capital (New York), RBC Phillips, Hager & North (Vancouver), Leith Wheeler (Vancouver), J.P.Morgan Securities (London) and CAI Capital (Vancouver. The Class of 2013 will be interning in Toronto at: Guardian Capital LP, Ontario Teachers’ Pension Plan, West Face Capital, CIBC World Markets, PCJ Investment Counsel, Bank of America Merrill Lynch and RBC Capital Markets.