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Prudent Investor Update, March 20, 2019

Get a better picture of investments with ONE’s new quarterly reports

As a result of ONE Investment’s new portfolio management system, it will be able to provide enhanced quarterly reports that align with its expanded Prudent Investment services as well as its Prescribed List investments. The new system was acquired to allow ONE’s Investment Manager, Keith Taylor, to provide asset allocation services under the Prudent Investor regime. As well, once fully implemented, it will allow us to improve our monthly and quarterly reporting.

These improvements will support municipalities in the decision-making process related to investments, particularly long-term investments. In particular, clients will receive account-level returns that reflect their particular combination of holdings. By delivering improved investment information, including performance reporting and commentary, municipalities will be able to better track and manage their investments. As municipalities are required to report, at least annually to Council,  these enhanced reports will assist municipalities.

With this new system in place, ONE will be introducing our new quarterly reporting in the coming months. This quarterly report will be in addition to monthly reports which are currently provided. The key features of the new reporting include:
 
  • All reporting is provided in a single report reflective of each client’s accounts.
  • Reporting is more detailed: it will provide summaries of portfolio characteristics, such as quality of fixed income and sector weights in equities.
  • Account-level returns that reflect each client’s holdings.
While all the pieces listed below may not be included in the first report, they will be added in subsequent quarters. The enhanced information includes:
 
Current  Reporting
(Monthly Statements/Annual Report)
New Quarterly Reporting
  • Investor statements: Holdings and transactions reported separately from ONE portfolio returns (includes monthly, year-to- date and life-to-date statements).
  • ONE portfolio returns, your account returns, holdings and transactions all in a single report.
  • Monthly portfolio performance: Returns for each of the ONE Investment portfolios:Money Market, Bond, Universe Corporate Bond, Equity.
  • Expected after Q1:Same information, but in more detail on an annual and annualized basis, both net and gross of fees.As well, the manager’s value added relative to the benchmark will be reported.
  • No returns at the account level.
  • A consolidated return on your total holdings for the quarter as well as on each of your accounts.
  • Quarterly portfolio characteristics often reported in accompanying text. This includes average bond quality and sector exposure for equities.
  • Expected after Q1: portfolio characteristics reported consistently within the report and shown based on their weights in your account.
  • Not provided
  • A compliance certificate indicating that your portfolio is in compliance with the Prescribed List regulation.

Stay tuned, as training will be provided to our current ONE investors. More details will follow in the coming months.
 


Important clarification for our clients: ONE fees are deducted from capital gains, not from income returns. The fees need to be accounted for accordingly. If you have any questions, please contact ONE@oneinvestmentprogram.ca