Complete financial report as at May 31, 2016

Transcription

FINANCIAL STATEMENTS
AS AT MAY 31, 2016
INDEPENDENT AUDITORS’ REPORT
To the Shareholders of the Fonds de solidarité des travailleurs du Québec (F.T.Q.)
We have audited the accompanying financial statements of the Fonds de solidarité des travailleurs du Québec (F.T.Q.), which comprise
the balance sheets as at May 31, 2016 and 2015, and the statements of comprehensive income, changes in net assets and cash flows
for the years ended May 31, 2016 and 2015, and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with International
Financial Reporting Standards (IFRS), and for such internal control as management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance
with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the
entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fonds de solidarité des
travailleurs du Québec (F.T.Q.) as at May 31, 2016 and 2015, and its financial performance and its cash flows for the years ended
May 31, 2016 and 2015 in accordance with International Financial Reporting Standards (IFRS).
Signed,
Deloitte LLP1
1
CPA auditor, CA, public accountancy permit No. A110972
Signed,
Raymond Chabot Grant Thornton LLP2
2
Montréal, June 23, 2016
FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.)
1
BALANCE SHEETS
AS AT MAY 31
(in millions of Canadian dollars, except net assets per share)
Notes
2016
2015
13
18
349
257
Assets
Cash
Financial instruments related to securities sold under
repurchase agreements
Accounts receivable
5
244
244
Other investments
6
5,574
5,384
Development capital investments
7
6,553
6,094
Other assets
82
93
12,815
12,090
438
419
349
257
172
188
12
Liabilities
Notes
13
Securities sold under repurchase agreements
Accounts payable
15
Other liabilities
16
Net assets
17
Net assets per Class A share
106
76
1,065
940
11,750
11,150
34.73
33.26
Commitments and contingencies (Notes 6, 7 and 19)
The accompanying notes form an integral part of these financial statements.
On behalf of the Board of Directors,
(signed) “Robert Parizeau”
(signed) “Gaétan Morin”
Robert Parizeau, Director
Gaétan Morin, Director
2
STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED MAY 31
Notes
2016
2015
26
164
161
204
182
15
16
383
359
Realized
172
226
Unrealized
156
584
(in millions of Canadian dollars, except net income per share)
Revenues
Interest
Dividends and distributions
Rental, fee and other income
Gains (losses) on development capital investments, other investments and investment property
Transaction costs
(2)
326
Interest on notes
26
(18)
(2)
808
(18)
691
1,149
Corporate
72
70
Development capital investments and other investments
34
33
Shareholder Services and Economic Training
50
44
156
147
535
1,002
22
17
513
985
(15)
7
498
992
1.52
2.94
Total operating expenses
20
Income before income taxes
Income taxes
22
Net income
Item of other comprehensive income that will not be reclassified to net income
Remeasurement of the net defined benefit liability, net of income taxes
23
Comprehensive income
Supplemental information
Net income per Class A share
17
3
STATEMENTS OF CHANGES IN NET ASSETS
Notes
(in millions of Canadian dollars)
17
Share capital – Class A shares
SubSeries 1
Series 2
scribed
Contributed
surplus
Retained
earnings
Accumulated
other
comprehensive
income
791
2,227
8
Net
assets
11,150
2016
Balance at beginning of year
8,043
79
2
Net income
513
Other comprehensive income
513
(15)
Share issues
764
10
Net change in share
subscriptions
(1)
Share redemptions
(493)
Change in outstanding
redemptions
(1)
(47)
(7)
6
Transfers
1
115
Balance at end of year
(15)
774
(131)
(678)
-
7
(115)
-
8,435
82
1
745
2,494
(7)
11,750
7,793
78
1
841
1,417
1
10,131
2015
Net income
985
Share issues
7
18
658
9
(490)
(8)
Net change in share
subscriptions
Share redemptions
985
7
667
1
1
(51)
(94)
(643)
(1)
2
(80)
-
Change in outstanding
redemptions
Transfers
1
2
80
8,043
79
2
791
2,227
8
11,150
4
STATEMENTS OF CASH FLOWS
(in millions of Canadian dollars)
2016
2015
513
985
Operating activities
Net income
Non-cash items
Interest capitalized on development capital investments
(1)
(4)
Interest capitalized on notes
18
18
Amortization of premiums and discounts
12
11
(Gains) losses on development capital investments, other investments and
investment property
Realized
(172)
(226)
Unrealized
(156)
(584)
Post-employment benefits
8
8
Depreciation of property and equipment and amortization of intangible assets
7
7
Deferred income taxes
8
1
237
216
(4)
11
Changes in non-cash items
Accounts receivable
Refundable taxes on hand
-
2
Income taxes
13
(8)
Accounts payable
(9)
(2)
Other
(4)
1
233
220
(720)
(620)
Acquisition of development capital investments
Proceeds of disposal of development capital investments
Acquisition of other investments
Proceeds of disposal of other investments
Increase in notes
Repayment of notes
Acquisition of investment property
591
299
(6,441)
(7,792)
6,242
7,932
298
108
(297)
(159)
-
(3)
(94)
(15)
Financing activities
Shares issued and subscribed
Shares redeemed
773
668
(680)
(645)
93
23
Investing activity
Acquisition of property and equipment and intangible assets
(4)
(6)
Increase (decrease) in cash
(5)
2
Cash at beginning of year
18
16
Cash at end of year
13
18
Interest received
171
165
Dividends and distributions received
202
179
14
22
Supplemental information (amounts included in operating activities)
Income taxes paid
5
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF THE FONDS
STATUTES AND OBJECTIVES OF THE FONDS
The Fonds de solidarité des travailleurs du Québec (F.T.Q.) (the “Fonds”), incorporated by an Act of the Québec National Assembly,
is a joint-stock company whose principal office is located at 545 Crémazie Boulevard East, Suite 200, Montréal, Québec, Canada
and whose objectives are:

to invest in Québec business entreprises and provide them with services in order to create, maintain or protect jobs;

to promote the training of workers in economic matters to enable them to increase their influence on Québec’s economic
development;

to stimulate the Québec economy by making strategic investments that will be of benefit to Québec workers and business
entreprises;

to promote the development of qualified business enterprises by inviting workers to participate in that development by
purchasing the Fonds’ shares.
To this end, the Fonds endeavours to concentrate most of its development capital investments in unsecured investments, mainly
in small and medium-sized enterprises (“SMEs”) located in Québec. As a general rule, the Fonds will take a minority interest in the
projects in which it invests.
2. SIGNIFICANT ACCOUNTING POLICIES
1. STATEMENT OF COMPLIANCE
These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”). They
have been approved for issue on June 23, 2016 by the Board of Directors of the Fonds.
2. MEASUREMENT BASIS
These financial statements have been prepared on a fair value basis, except for property and equipment and intangible assets,
which are measured on the historical cost basis, as well as certain financial instruments, as mentioned in item 6 of this note.
These separate financial statements are the only financial statements presented by the Fonds.
3. INVESTMENT ENTITY
The Fonds meets the definition of investment entity set out in IFRS 10 Consolidated Financial Statements, as the following
conditions are met:

the Fonds obtains capital from many investors for the purpose of managing their savings;

the Fonds commits to its investors that the purpose of its investments activities is to generate a return and provide
investment income, in accordance with its mission; and

the Fonds measures and evaluates the performance of its investments on a fair value basis.
Consequently, the Fonds does not prepare consolidated financial statements.
4. BALANCE SHEET PRESENTATION
The Fonds presents its Balance Sheet in an decreasing order of liquidity. All the assets and liabilities of the Fonds are noncurrent assets and liabilities as they are not mainly held for trading, except for the following current items: Cash, Financial
instruments related to securities sold under repurchase agreements, Accounts receivable (except as mentioned under the table
in Note 5), Income taxes included in Other assets or Other liabilities, as appropriate, Notes, Securities sold under repurchase
agreements, Accounts payable and Share redemptions payable included in Other liabilities. The current portion of bonds and
money market instruments included in Other investments is presented in Note 6, while the current portion of loans, bonds and
advances included in Development capital investments is presented in Note 7.
5. SUBSIDIARIES AND ASSOCIATES
Investments in subsidiaries and associates are recognized at fair value through profit or loss.
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(CONTINUED)
6. FINANCIAL INSTRUMENTS – RECOGNITION AND CLASSIFICATION
Financial instruments are recognized at fair value at the transaction date, when the Fonds becomes a party to the contractual
provisions of the instrument. The cost presented for development capital investments and other investments corresponds to
the amount paid and is determined based on average cost, excluding transaction costs. Transaction costs are recognized in
net income when incurred. A financial asset is derecognized when the Fonds no longer has the contractual rights to the cash
flows from this asset.
Financial assets and liabilities are classified in various categories based on their characteristics and the Fonds’ intention upon
their acquisition and their issuance. Development capital investments, other investments, accounts receivable relating to
development capital investments and other investments sold, loans included in accounts receivable – other, cash, financial
instruments related to securities sold under repurchase agreements, accounts payable relating to development capital
investments and other investments purchased, derivative financial instruments and securities sold under repurchase
agreements are all financial instruments designated as at fair value through profit or loss. These financial instruments are part
of a managed portfolio whose performance is evaluated on a fair value basis, in accordance with a documented financial asset
integrated management strategy, and information is provided internally on that basis to the Fonds’ key management
personnel.
Other items included in accounts receivable are classified in loans and receivables. Notes and other items included in accounts
payable are classified in other financial liabilities. These financial instruments are recognized at amortized cost, which
approximates their fair value given their nature and short-term maturity.
Financial liabilities are derecognized when the obligation is extinguished, which is when the obligation is discharged or
cancelled or expires.
7. FINANCIAL INSTRUMENTS – FAIR VALUE MEASUREMENT
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the reporting date.
a) Fair value of assets and liabilities traded on active markets
To determine the fair value of financial assets and liabilities that are quoted in an active market, such as listed shares,
bonds, money market instruments and listed derivative financial instruments, the Fonds uses the price within the bidask spread that is most representative of fair value, given the relevant facts and circumstances, at the reporting date.
b) Fair value of assets and liabilities that are not traded on active markets
The fair value of financial assets and liabilities that are not traded on active markets (including unlisted derivative
financial instruments) is determined using valuation techniques selected based on certain specified criteria and market
conditions prevailing at each reporting date. The valuation techniques used are based on valuation principles derived
from the guidelines that are generally used in the industry by business valuation professionals. These valuation
principles are approved every six months by the Fonds’ Audit Committee. The valuation technique used for a financial
instrument is generally the same from one period to the next, except when a change in valuation technique results in a
more accurate estimate of fair value.
i)
Unlisted shares and units
When a yield method is used, the fair value of unlisted shares is mainly determined using the capitalized cash flow
technique. The two main variables used in this technique are maintainable cash flows and the capitalization rate.
To determine maintainable cash flows, recurring cash flows are estimated based on the entity’s historical results
and/or financial forecasts. A weighting factor is applied to each of the cash flows used to reflect its probability of
occurrence. The capitalization rate used to capitalize maintainable cash flows reflects how the investee could
finance its operations and the risks associated with the materialization of these maintainable cash flows.
When the price of a recent transaction negotiated between unrelated parties on an arm’s-length basis is available,
this valuation technique is used under certain conditions. It may also be appropriate to use a valuation technique
based on a bid from a third party. Using judgment is necessary to determine whether the price in such recent
transaction or bid represents the best evidence of fair value at the reporting date. The period during which
referring to a past transaction or bid is deemed appropriate depends on the circumstances specific to each
situation.
7
(CONTINUED)
7. FINANCIAL INSTRUMENTS – FAIR VALUE MEASUREMENT (CONTINUED)
b) Fair value of assets and liabilities that are not traded on active markets (CONTINUED)
i)
Unlisted shares and units (CONTINUED)
In certain circumstances or depending on the nature of operations, the future earning potential is better reflected
by the value of the assets, and the adjusted net asset method is used. This method is also used to determine the
fair value of unlisted investment fund units held. In such case, this method entails using the share of all assets and
liabilities appearing on the balance sheet of the investee at their fair value and adjusting it as necessary. The main
adjustments made are related to the fair value of the assets and liabilities, new information available and
significant events that occurred between the investee’s reporting date and the Fonds’ reporting date.
The fair value of certain unlisted units is determined using the price established by their respective manager.
ii) Loans and advances
The fair value of secured and unsecured loans and advances is determined by discounting the contractual cash
flows expected to be received by the Fonds using a discount rate that reflects the return that the Fonds would
require given the credit risk of the investee. Certain loans and advances to a wholly-owned company are
considered as quasi-equity, and their fair value is determined using the adjusted net asset technique.
iii) Guarantees and suretyships
When it is likely that the Fonds will have to disburse an amount on a guarantee or a suretyship it granted, an assetbased approach and a liquidation value technique are used to estimate the amount of the liability to be recognized.
iv) Derivative financial instruments
The fair value of unlisted derivative financial instruments is determined using appropriate valuation techniques,
including discounting future cash flows at the current rate of return.
v)
Accounts receivable relating to development capital investments and other investments sold
The fair value of accounts receivable relating to development capital investments sold that are not traded on active
markets is determined by discounting contractual cash flows. Generally, the estimated amounts to be received and
timing of their collection depend on future events or the satisfaction of certain conditions.
8. SECURITIES LENDING, SECURITIES PURCHASED UNDER REVERSE REPURCHASE AGREEMENTS AND SECURITIES SOLD UNDER REPURCHASE
AGREEMENTS
To generate additional revenues, the Fonds participates in the securities lending program put in place by its depositary for
securities of which it is the custodian. Under this program, the Fonds can enter into securities lending transactions, as well as
short-term purchases and sales of securities with a simultaneous commitment to resell and repurchase them at a specified
price and date. Reverse repurchase agreements and repurchase agreements are recognized as secured lending and borrowing
transactions. Reverse repurchase agreements are recorded on the Balance Sheet at their fair value, while repurchase
agreements are recorded on the Balance Sheet at the repurchase price determined by the commitment, which approximates
their fair value. The revenues resulting from the Fonds’ participation in this program are recorded in net income under Rental,
fee and other income. As at May 31, 2016 and 2015, the Fonds had no securities purchased under reverse repurchase
agreements.
9. INVESTMENT PROPERTY
Investment property is property held by the Fonds for renting and value appreciation purposes. The investment property is
occupied by several tenants. The Fonds presents its investment property using the fair value model. Fair value is measured at
each reporting date, and any change in fair value is recognized in net income.
The fair value used is determined using the discounted cash flow technique, whereby fair value represents the aggregate of the
present value of projected cash flows and the reversion value at the end of the projection period. To ensure that such fair
value is appropriate, the result is compared with other techniques, such as the direct discounting technique, under which an
overall discount rate is applied to normalized net operating income, and the direct comparison method, under which the most
likely selling price is estimated by comparing and analyzing real estate transactions involving similar properties.
8
(CONTINUED)
10. CASH
Cash includes bank accounts used in operating, processing transactions on share capital and managing development capital
investments and other investments.
11. PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Property and equipment and intangible assets are stated at cost less any accumulated depreciation or amortization and
accumulated impairment losses. Cost includes items that are directly attributable to the acquisition of the item of property
and equipment or intangible asset. Subsequent costs for an item of property and equipment or an intangible asset are
recognized only if it is probable that future economic benefits associated with it will flow to the Fonds and the cost can be
measured reliably. Repair and maintenance expenses are recognized in total operating expenses through net income when
incurred.
The main property and equipment and intangible asset categories are depreciated or amortized over their estimated useful
life using the following methods, periods and annual rates:
Methods
Periods/rates
Property and equipment
Buildings
Straight-line
15 to 60 years
Office furniture and equipment
Diminishing balance
Computer hardware
Straight-line
4 years
Straight-line
3 years
20%
Intangible assets
Information systems development
The Fonds allocates the amount initially recognized in respect of an item of property and equipment or intangible assets to
its significant parts and depreciates or amortizes them separately. The carrying amount of a replaced part is derecognized
upon replacement. Residual values, depreciation or amortization method and useful life of assets are reviewed at each
reporting date and adjusted if needed.
At each reporting date, property and equipment and intangible assets are tested for impairment when events or changes in
circumstances indicate that their carrying amount may not be recoverable. To determine the recoverable amount, items of
property and equipment and intangible assets are aggregated at the lowest level for which identifiable cash flows are
independent from the cash flows from other groups of items of property and equipment or intangible assets. The Fonds
assesses possible reversals when events or circumstances warrant it.
12. POST-EMPLOYMENT BENEFITS
The cost of earned pension benefits and other employee post-retirement benefits is recognized through net income and
comprises current service cost and net interest on the net defined benefit plan liability.
Remeasurements of the net defined benefit liability are recognized in Other comprehensive income. They are not reclassified
subsequently to net income and are presented separately in the Statement of Changes in Net Assets. Remeasurements of the
net defined benefit liability comprise actuarial gains and losses as well as the return on plan assets, excluding interest
income. Actuarial gains and losses result from changes in the actuarial assumptions used to determine the defined benefit
obligation and from experience gains and losses on such obligation.
The net defined benefit liability corresponds to the present value of the post-employment benefit plan obligation less the
fair value of plan assets.
13. SHARE CAPITAL
The Fonds’ Class A shares are puttable (redeemable at the option of the holder), subject to certain conditions, and are
classified in net assets as they have all the following features:

they entitle the holder to a pro rata share of the Fonds’ net assets in the event of the Fonds’ liquidation;

they are in a class of instruments that is subordinate to all other classes of instruments of the Fonds;

they have features that are identical to those of all the other instruments of this class;
9
(CONTINUED)
13. SHARE CAPITAL (CONTINUED)

apart from the contractual obligation for the Fonds to repurchase or redeem the instrument for cash or another
financial asset, they do not include any contractual obligation to deliver cash or another financial asset to another
entity, or to exchange financial assets or financial liabilities with another entity under conditions that are potentially
unfavourable to the entity, and they are not a contract that will or may be settled in the Fonds’ own equity
instruments;

the total expected cash flows attributable to the shares over their life are based substantially on the change in net
assets.
Share issues and redemptions are recognized as transactions on net assets. The consideration received for share issues is
included in share capital. Share redemptions are recognized when the requests are approved under redemption criteria at
the current redemption value, and shares are derecognized based on average cost.
14. FUNCTIONAL CURRENCY AND FOREIGN CURRENCY TRANSLATION
The Canadian dollar is the functional currency and the reporting currency of the Fonds. Transactions in foreign currencies
are translated into the functional currency at the exchange rate prevailing at the transaction date. Assets and liabilities
denominated in foreign currencies are translated into the functional currency at the exchange rate prevailing at the reporting
date. Translation differences related to cash are presented as translation differences on cash, and other translation
differences are presented in net income under Gains (losses) on development capital investments, other investments and
investment property.
15. REVENUE RECOGNITION
a) Interest
Interest revenue is recognized on an accrual basis using the effective rate method. Amortization of premiums and
discounts under this method is recognized under Interest.
b) Dividends and distributions
Non-cumulative dividends and distributions are recognized when they are declared, while cumulative dividends are
recognized on an accrual basis.
c) Rental, fee and other income
Rental income is recognized on a straight-line basis over the term of the lease, while fee and other income are
recognized on an accrual basis.
d) Gains and losses on development capital investments, other investments and investment property
Realized gains and losses on disposals of development capital investments and other investments are recognized at
the time of sale. The amount of such gains and losses is the difference between the proceeds of disposal and average
cost.
Unrealized gains and losses on the measurement to fair value of financial instruments and investment property are
recognized in net income at the time of measurement to fair value.
16. INCOME TAXES
The income tax expense comprises the current tax expense and the deferred tax expense. Income taxes are recognized in
net income unless they relate to items that are recognized directly in Other comprehensive income or net assets; in such
case, income taxes are also recognized directly in Other comprehensive income or net assets, respectively.
Current income tax is the amount of income tax payable in respect of the taxable income for the year, calculated using the
tax rates that have been enacted or substantively enacted by the end of the reporting period, and any adjustments to income
taxes related to prior periods.
Deferred income tax is recognized for the temporary differences between the tax bases of assets and liabilities and their
carrying amounts in the financial statements. Deferred income tax is calculated on a non-discounted basis using the tax
rates and tax laws that have been enacted or substantively enacted by the end of the reporting period and that are expected
to apply to the period when the deferred tax asset is realized or the deferred tax liability is settled. A deferred tax asset is
recognized only to the extent that it is probable that future taxable income will be available against which the deductible
temporary differences can be utilized.
10
(CONTINUED)
16. INCOME TAXES (CONTINUED)
The Fonds is subject to federal and Québec income taxes. It is also subject to the tax rules applicable to mutual fund
corporations. For purposes of the federal income tax, the Fonds can, in particular, receive a refund of the income taxes paid
on its capital gains by redeeming its shares or by transferring amounts from retained earnings to share capital. The Fonds
considers itself, in substance, exempted from federal income tax related to capital gains for purposes of applying IFRS and,
accordingly, does not recognize any deferred tax liability for unrealized net gains on development capital investments, other
investments and investment property nor any corresponding deferred tax asset for unrealized recoveries resulting from the
tax mechanisms related to refundable capital gains tax on hand.
17. NET INCOME PER CLASS A SHARE
Net income per share is calculated by dividing net income by the weighted average number of Class A shares outstanding
during the year.
18. ACCOUNTING STANDARDS ISSUED AS AT MAI 31, 2016 BUT NOT YET ADOPTED
As at the date of authorization of these financial statements, new standards and amendments to existing standards had
been issued by the International Accounting Standards Board (IASB) but were not effective. Information on those that might
be relevant to the financial statements of the Fonds is provided below.
a) IFRS 9 Financial Instruments
The IASB issued the final version of the financial instrument standard dealing with classification, measurement,
impairment and hedge accounting. This standard is effective for annual periods beginning on or after January 1, 2018.
The Fonds is currently analyzing the impact of applying this standard.
b) IFRS 15 Revenue from Contracts with Customers
The IASB issued IFRS 15, which supersedes IAS 18 Revenue and IAS 11 Construction Contracts. This new standard
establishes a single, comprehensive revenue recognition model for all contracts with customers other than those that
are within the scope of other standards, such as financial instruments. The core principle of this new standard is that
revenue recognition should depict the transfer of goods or services in an amount that reflects the consideration
received or expected to be received in exchange for these goods or services. The new standard also provides more
guidance on certain types of transactions and will result in an increase in disclosures related to revenue. This standard
is effective for annual periods beginning on or after January 1, 2018. The Fonds is currently analyzing the impact of
applying this standard.
c) IFRS 16 Leasses
The IASB issued IFRS 16 which sets out the principles for the recognition, measurement, presentation and disclosure of
leases for both lessees and lessors and supersedes IAS 17 Leases. The standard eliminates the current requirement for
lessees to classify leases as either finance leases or operating leases by introducing an accounting model for lessees
that requires recognizing right-of-use assets and lease liabilities on the balance sheet for all leases (subject to limited
exceptions for short-term leases and leases of low value assets). Lessees will afterwards have to recognize in net
income, a depreciation charge for right-of-use assets and interest expense on lease liabilities. IFRS 16 does not
include significant changes to the accounting treatment by lessors. This standard is effective for annual periods
beginning on or after January 1, 2019. The Fonds is currently analyzing the impact of applying this standard.
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of financial statements in accordance with IFRS requires using accounting estimates and judgment when applying
certain accounting policies. Changes to certain assumptions may have an impact on the financial statements for the year during
which such changes are made. The Fonds believes that the underlying assumptions are appropriate and that, accordingly, its
financial statements present fairly its financial position and performance. The following paragraphs present an analysis of the
most significant critical accounting estimates and judgments made by the Fonds in preparing its financial statements.
11
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
(CONTINUED)
1. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS THAT ARE NOT TRADED ON AN ACTIVE MARKET
The Fonds must make assumptions and use estimates in measuring the fair value of financial instruments that are not traded
on an active market. Judgments are made with respect to selecting valuation techniques and with respect to the assumptions
used in these valuation techniques.
Although these techniques use observable inputs to the extent practicable, fair value is also determined using unobservable
market inputs that take into account the specific features of the financial instrument and any factor relevant to the
measurement. Using unobservable inputs requires the Fonds’ qualified valuators to make judgments so that these inputs
reflect the assumptions, if any, that market participants would use to determine fair value using the best information possible
in the circumstances.
The Fonds considers observable inputs to be market data that is readily available, regularly distributed and updated, reliable
and verifiable, not proprietary and provided by independent sources that are actively involved in the relevant market. Fair value
reflects market conditions on a given date and, as such, may not be representative of future fair values.
In accordance with the Regulation Respecting Development Capital Investment Fund Continuous Disclosure issued by the
Autorité des marchés financiers, the Fonds implemented various controls and procedures to ensure that financial instruments
are appropriately and reliably measured. To measure the fair value of financial instruments in accordance with the valuation
principles adopted by the Fonds, the Fonds’ team of qualified valuators monitor twice a year the performance of the
companies in the portfolio and are continuously looking for information on the business and operations of the companies
being valued. Where appropriate, the qualified valuators monitor data on comparable companies, the results of recent
transactions and the ratings of instruments issued by similar companies.
Except in the case of listed public companies, any relevant information related to fair value measurements is submitted to an
independent valuation committee composed of a majority of qualified valuators independent from the Fonds, as required by
the Regulation Respecting Development Capital Investment Fund Continuous Disclosure . This committee reviews this
information and submits a written report to the Audit Committee, which must examine the compliance of the financial
statements. The President and Chief Executive Officer as well as the Executive Vice-President, Finance, sign a certification for
the Audit Committee on the valuation of development capital investments that is filed with the Autorité des marchés
financiers. This certification confirms, in particular, the reasonableness of the aggregate fair value of the development capital
investments portfolio.
2. FAIR VALUE MEASUREMENT OF THE INVESTMENT PROPERTY
The Fonds must make assumptions and use estimates in measuring the fair value of its investment property. These
assumptions include the internal rate of return and the capitalization rate. The investment property is measured based on its
highest and best use. The Fonds uses a firm of independent real estate appraisal experts to determine fair value and approves
the reasonableness of the assumptions used.
3. MEASUREMENT OF THE NET DEFINED BENEFIT LIABILITY
The Fonds must make assumptions for using statistical data and other parameters to measure the net defined benefit liability.
These assumptions include the discount rate for the pension obligation and for calculating the expected return on plan assets,
the expected rate of increase in salaries and the mortality table used. Should the actuarial assumptions be materially different
from the actual data observed subsequently, the plan cost recognized in Other comprehensive income as well as the net
defined benefit liability presented on the Balance Sheet could substantially change.
4. FINANCIAL INSTRUMENT RISKS
Risks arising from financial instruments are an integral part of the audited financial statements and are discussed in the audited
“Risk management” section of the Management Discussion and Analysis for the Year Ended May 31, 2016, which is available at the
Fonds’ head office, on its website at fondsftq.com or at sedar.com.
12
5. ACCOUNTS RECEIVABLE
(in thousands $)
May 31, 2016
May 31, 2015
Accounts receivable relating to development capital investments and other
148,567
154,160
Accrued dividends and interest
investments sold
63,005
64,854
Other
32,208
24,993
243,780
244,007
Accounts receivable maturing in more than twelve months amounts to $35.4 million (May 31, 2015: $39.8 million).
6. OTHER INVESTMENTS
The unaudited Statement of Other Investments is available at the Fonds’ head office, on its website at fondsftq.com or at
sedar.com.
May 31, 2016
May 31, 2015
Unrealized
Unrealized
appreciation
appreciation
Cost
(depreciation)
Fair value
Listed shares and unlisted units
2,273,546
537,724
2,811,270
2,183,840
576,379
2,760,219
Bonds
2,369,722
104,743
2,474,465
2,320,097
117,936
2,438,033
287,064
170
287,234
185,074
77
185,151
4,930,332
642,637
5,572,969
4,689,011
694,392
5,383,403
55
617
672
-
172
172
4,930,387
643,254
5,573,641
4,689,011
694,564
5,383,575
(in thousands $)
Money market instruments
Derivative financial instruments
Cost (depreciation)
Fair value
Other investments include securities denominated in foreign currencies with a fair value of $2,061.0 million (May 31, 2015:
$2,062.4 million), mainly including $1,231.1 million (May 31, 2015: $1,192.4 million) in U.S. dollars, $194.3 million (May 31, 2015:
$201.0 million) in euros, $194.2 million (May 31, 2015: $199.0 million) in yens and $155.8 million (May 31, 2015: $166.4 million)
in pounds sterling.
13
(CONTINUED)
BREAKDOWN BY MATURITY
BONDS
(in thousands $)
Less than
1 to
5 to
10 to
20 to
30 years
1 year
5 years
10 years
20 years
30 years
and more
Total
May 31, 2016
Fair value
33,314
836,076
739,940
323,403
403,590
138,142
2,474,465
Cost
33,154
824,619
716,321
291,242
370,870
133,516
2,369,722
Par value
33,000
811,757
692,401
246,212
331,341
134,990
2,249,701
Average effective rate (%)
2.5
1.9
2.6
3.9
3.5
3.8
2.7
Average nominal rate (%)
3.2
2.6
3.2
5.5
4.3
3.7
3.4
May 31, 2015
Fair value
55,750
691,773
811,750
382,468
328,021
168,271
2,438,033
Cost
55,587
675,473
787,124
343,566
299,717
158,630
2,320,097
Par value
55,147
664,944
749,833
297,639
259,329
152,431
2,179,323
1.5
2.1
2.7
3.8
3.6
3.7
2.8
Average nominal rate (%)
2.6
2.7
3.5
5.2
4.6
3.9
3.6
MONEY MARKET INSTRUMENTS
6 months and
(in thousands $)
Less than 1 month
1 to 6 months
more
Total
137,816
149,418
287,234
0.8
0.7
0.7
78,683
104,481
1,987
185,151
0.8
0.8
0.7
0.8
May 31, 2016
Fair value
May 31, 2015
Fair value
14
(CONTINUED)
DERIVATIVE FINANCIAL INSTRUMENTS
(in thousands $)
Less than
1 to
6 months and
1 month
6 months
more
Total
364
364
May 31, 2016
Fair value1
Stock option contracts
Purchased call options
Listed stock index option contracts
Purchased put options
12
12
Foreign currency forward contracts
Sales
(695)
Interest rate forward contracts
Stock index futures
(695)
148
148
(683)
148
364
(171)
Notional amount
Stock option contracts
Purchased call options
1
1
Purchased put options
4,270
4,270
Sales
51,091
Stock index futures
51,091
66,681
4,639
66,681
4,639
May 31, 2015
Fair value1
Written put options
(27)
(97)
(124)
Sales
(1,495)
Stock index futures
(1,495)
(184)
(184)
(281)
(1,803)
(1,522)
-
Notional amount
Written put options
2,361
4,652
7,013
Sales
50,925
Interest rate foward contracts
Stock index futures
1.
50,925
72,483
10,382
72,483
10,382
The fair value of instruments with positive values is $0.7 million (May 31, 2015: $0.2 million) and is presented under Other
investments. The fair value of those with negative values is $0.8 million (May 31, 2015: $2.0 million) and is presented under Accounts
payable.
15
(CONTINUED)
BREAKDOWN OF FAIR VALUE BY INDUSTRY SEGMENT
Information
Energy
(in thousands $)
Consumer
technology,
Govern-
discretionary
telecommuni-
ments and
govern-
and
Financials
cations
and
Indus-
consumer
and
services and
ment
materials
trials
staples
utilities
healthcare
agencies
478,528 253,342
599,602
751,600
728,198
2,811,270
80,202
651,170
55,324
1,564,598 2,474,465
783,522
1,715,655 5,572,969
Total
May 31, 2016
Bonds
74,308
Fair value
48,863
19,987
116,190
552,836 322,192
679,804 1,518,960
Funds committed but not disbursed1
151,057
20,424
287,234
20,424
552,836 322,192
679,804 1,539,384
783,522
1,715,655 5,593,393
466,610 252,632
570,021
732,508
738,448
2,760,219
74,609
621,771
55,550
1,557,965 2,438,033
9,999
7,984
563,317 299,056
644,630 1,364,278
801,982
1,710,140 5,383,403
563,317 299,056
644,630 1,384,512
801,982
1,710,140 5,403,637
May 31, 2015
Bonds
81,714
14,993
Fair value
46,424
20,234
152,175
185,151
20,234
1. Funds committed but not disbursed to international infrastructure funds represent other investments that have already been agreed to
and for which amounts have been committed by the Fonds but have not been disbursed at the reporting date. Disbursements are
subject to compliance with the agreement’s terms and conditions. These commitments, having a weighted average maturity of 4.6 years
(May 31, 2015: 5.6 years), are denominated in U.S. dollars.
16
7. DEVELOPMENT CAPITAL INVESTMENTS
The audited Statement of Development Capital Investments, at Cost, is available at the Fonds’ head office, on its website at
fondsftq.com or at sedar.com.
May 31, 2016
(in thousands $)
May 31, 2015
Unrealized
Unrealized
appreciation
appreciation
Cost
(depreciation)
Fair value
Cost
(depreciation)
Fair value
Unsecured
Listed shares
800,077
153,346
953,423
768,070
161,207
929,277
3,073,001
978,764
4,051,765
2,846,408
755,334
3,601,742
Loans, bonds and advances
1,512,647
428
1,513,075
1,552,409
8,261
1,560,670
40,250
(5,828)
34,422
2,638
-
2,638
5,425,975
1,126,710
6,552,685
5,169,525
924,802
6,094,327
Secured
Loans
Development capital investments include securities denominated in foreign currencies, mainly the U.S. dollar, with a fair value of
$456.9 million (May 31, 2015: $452.5 million).
Investment agreements may include clauses providing for conversion and redemption options. Thus, in the normal course of
business, the Fonds may exercise these options and make non-monetary exchanges of financial instruments.
BREAKDOWN BY MATURITY OF LOANS, BONDS AND ADVANCES AT FAIR VALUE
Variable rates
(in thousands $)
Fixed rates
1 to 5 years
Less than 1 year
1 to 5 years
5 years and more
Total
140,650
291,643
585,358
495,424
1,513,075
7.4
6.8
May 31, 2016
Unsecured
3.7
0.61
Secured
34,422
34,422
8.6
May 31, 2015
Unsecured
81,878
7.6
Secured
310,498
1.31
685,503
482,791
7.6
7.2
138
2,500
13.0
6.4
1,560,670
2,638
1. This average rate includes non-interest bearing advances to a wholly-owned company repayable on demand of $271.9 million
(May 31, 2015: $253.8 million). Excluding these advances, the average effective rate would be 8.5% (May 31, 2015: 8.1%).
Based on agreements in effect and excluding advances repayable on demand, principal receipts expected over the next twelve
months total $52.7 million (May 31, 2015: $99.8 million).
17
7. DEVELOPMENT CAPITAL INVESTMENTS
(CONTINUED)
BREAKDOWN BY INDUSTRY SEGMENT
Information
Consumer
technology,
discretionary
telecommuni-
and
Energy and
(in thousands $)
Financials
cations
consumer
and
services and
materials
Industrials
staples
utilities
healthcare
Total
627,421
1,000,018
1,068,805
1,992,116
737,615
5,425,975
43,345
87,871
312,334
641,148
42,012
1,126,710
670,766
1,087,889
1,381,139
2,633,264
779,627
6,552,685
105,944
180,694
112,582
265,694
342,825
1,007,739
May 31, 2016
Cost
Unrealized appreciation (depreciation)
Fair value
Funds committed but not
disbursed1
10,089
Guarantees and suretyships2
10,089
776,710
1,268,583
1,503,810
2,898,958
1,122,452
7,570,513
571,931
893,424
1,003,051
2,046,577
654,542
5,169,525
51,642
73,234
261,650
557,929
Fair value
623,573
966,658
1,264,701
2,604,506
634,889
6,094,327
104,600
187,894
135,689
222,068
357,791
1,008,042
May 31, 2015
Cost
Unrealized appreciation (depreciation)
Guarantees and suretyships2
(19,653)
9,655
728,173
1,154,552
1,410,045
924,802
9,655
2,826,574
992,680
7,112,024
1. Funds committed but not disbursed represent development capital investments that have already been agreed to and for which
amounts have been committed by the Fonds but have not been disbursed at the reporting date. Most of the funds committed but not
disbursed have a maximum maturity date, and the counterparties may call amounts on demand. Disbursements are subject to
compliance with the agreement’s terms and conditions. Of funds committed but not disbursed, an amount of $253.4 million
(May 31, 2015: $234.8 million) represents credit facilities and project financing for operating companies, having a weighted average
maturity of 18 months (May 31, 2015: 30 months); and an amount of $754.3 million (May 31, 2015: $773.2 million) represents
commitments that will be disbursed to specialized funds in tranches, having a weighted average maturity of 8.9 years (May 31, 2015:
7.8 years). Commitments amounting to $159.7 million (May 31, 2015: $186.2 million) are denominated in foreign currencies, mainly
the U.S. dollar.
2. Under Section 17 of its Incorporation Act, when the Fonds makes a development capital investment in the form of a guarantee or a
suretyship, it must establish and maintain a reserve equal to at least 50% of the guarantee or suretyship amount for the t erm thereof.
This reserve is established from Other investments.
GUARANTEES AND SURETYSHIPS
The Fonds granted guarantees and suretyships for operating activities and operating lines of credit purposes, without recourse,
that do not generally include a specific maturity and that are irrevocable commitments by the Fonds to make the payments of
partner companies that cannot meet their obligations to third parties. As at May 31, 2016 and 2015, there are no provisions
related to guarantees and suretyships.
As well, in the normal course of business, the Fonds enters into various indemnification agreements, usually related to sales of
development capital investments, for the representations and warrantees made as well as to the liability of the Fonds’ directors,
officers or representatives toward partner companies. The latter liability is covered, subject to certain conditions, by liability
insurance. Due to the nature of these agreements, it is impossible to reasonably estimate the maximum amount that the Fonds
may have to pay to counterparties. In management’s opinion, it is highly unlikely that these commitments will result in material
expenses.
18
8. OFFSETTING OF FINANCIAL INSTRUMENTS
The Fonds entered into International Swaps & Derivatives Association Inc. (“ISDA”) enforceable master netting arrangements with
the majority of counterparties with which it trades derivative financial instruments over the counter. These master arrangements
may make it possible to apply full netting of over-the-counter derivative financial instrument transactions. Derivative financial
instruments subject to enforceable master netting arrangements are presented in the financial statements before offsetting. The
fair value of derivative financial instrument assets subject to such arrangements is $0.2 million (May 31, 2015: $0.2 million), and
the fair value of derivative financial instrument liabilities subject to such arrangements is $0.8 million (May 31, 2015:
$2.0 million).
For securities sold under repurchase agreements, the Fonds receives from or pledges to the counterparty collateral to manage
credit risk. In the event of default, amounts related to a specific counterparty may be settled on a net basis under the Global
Master Repurchase Agreement. As at May 31, 2016 and 2015, no amount was set off in the Balance Sheet.
9. FAIR VALUE OF FINANCIAL INSTRUMENTS
Financial instruments measured at fair value are classified using a hierarchy that reflects the significance of the inputs used in
making the measurements. This hierarchy has the following levels:
Level 1:
Fair value based on the most representative price within the bid-ask spread observed on active markets for identical
instruments.
Level 2:
Fair value based on quoted prices for similar financial instruments or based on valuation techniques for which all
significant inputs are based on observable market information.
Level 3:
Fair value based on valuation techniques for which all significant inputs are not based on observable market information.
(in thousands $)
Level 1
Level 2
953,194
229
Level 3
Total
4,051,765
4,051,765
1,066,692
1,513,075
34,422
34,422
5,152,879
6,552,685
52,310
2,811,270
11,728
2,474,465
May 31, 2016
Financial assets
Unsecured
Listed shares
446,383
953,423
Secured
Loans
953,194
446,612
Other investments
2,758,960
Bonds
2,462,737
287,234
13
659
2,758,973
2,750,630
Accounts receivable relating to development capital
investments and other investments sold
Cash
Financial liabilities
Accounts payable relating to development capital
investments and other investments purchased
148,567
12,787
287,234
672
64,038
5,573,641
148,567
12,787
349,195
349,195
(125,882)
(125,882)
(843)
(843)
(349,195)
(349,195)
19
(in thousands $)
(CONTINUED)
Level 1
Level 2
Level 3
Total
929,204
73
3,601,742
3,601,742
471,073
1,089,597
1,560,670
2,638
2,638
471,146
4,693,977
6,094,327
50,907
2,760,219
11,334
2,438,033
May 31, 2015
Financial assets
Unsecured
Listed shares
929,277
Secured
Loans
929,204
Other investments
2,709,312
Bonds
2,426,699
185,151
-
172
2,709,312
2,612,022
Accounts receivable relating to development capital
investments and other investments sold
Cash
154,160
17,734
185,151
172
62,241
5,383,575
154,160
17,734
256,810
256,810
(130,961)
(130,961)
Financial liabilities
Accounts payable relating to development capital
investments and other investments purchased
(124)
(1,851)
(1,975)
(256,810)
(256,810)
20
(CONTINUED)
The following tables show the reconciliation from beginning balances to ending balances for Level 3 fair values. There were no
transfers between Levels 1 and 2 during the year. Transfers between levels are deemed to occur when the underlying information
or the prices used in measuring assets and liabilities become more or less dependent on observable market data, as it is
previously mentioned in the determination of Levels 1, 2 and 3 of the fair value hierarchy for the Fonds.
DEVELOPMENT CAPITAL INVESTMENTS
Unlisted shares
(in thousands $)
and units
Unsecured
Secured
Total
3,601,742
479,975
1,089,597
2,638
4,693,977
196,221
37,750
713,946
(260,098)
(244,088)
(138)
(504,324)
6,716
8,827
223,430
(700)
(5,828)
216,902
May 31, 2016
Fair value as at May 31, 2015
Purchases
Sales and settlements
Realized gains (losses)
Unrealized gains (losses)
Transfer of a financial instrument into Level 3
15,543
16,835¹
16,835
4,051,765
1,066,692
34,422
5,152,879
224,868
(396)
(5,828)
218,644
3,053,976
1,076,144
10,875
4,140,995
Unrealized gains (losses) on development capital
investments held as at May 31, 2016
May 31, 2015
Purchases
370,678
177,267
1,323
549,268
(118,745)
(131,503)
(13,971)
(264,219)
11,260
73
(15,702)
284,573
(2,384)
Transfer of a financial instrument out of Level 3
20,113
(30,000)2
3,601,742
1,089,597
(4,369)
302,302
(30,000)
2,638
4,693,977
95
276,253
Unrealized gains (losses) on development capital
investments held as at May 31, 2015
280,957
(4,799)
1. The transfer from Level 2 to Level 3 was made as the measurement method is no longer based on observable market inputs.
2. The transfer from Level 3 to Level 2 was made as the measurement method is now based on observable market inputs.
21
(CONTINUED)
OTHER INVESTMENTS
Hedge fund
(in thousands $)
Unlisted units
units
Bonds
Total
11,334
62,241
May 31, 2016
Purchases
50,907
1,148
(21,991)
18,722
1,148
(21,991)
18,722
3,524
394
3,918
52,310
11,728
64,038
3,524
394
3,918
11,261
87,797
Unrealized gains (losses) on other investments held as
at May 31, 2016
May 31, 2015
Purchases
51,051
25,485
749
(8,497)
(66)
7,670
749
(25,868)
(34,365)
988
(605)
922
73
7,138
50,907
11,334
62,241
7,441
73
7,514
Unrealized gains (losses) on other investments held as
at May 31, 2015
22
USE OF UNOBSERVABLE INPUTS IN MEASURING LEVEL
(CONTINUED)
3 FINANCIAL INSTRUMENTS
Level 3 financial instruments are measured at fair value using valuation techniques and models that may incorporate assumptions
derived from unobservable market inputs. The following table shows the main techniques and inputs used in measuring the fair
value of financial instruments categorized within Level 3.
Fair value
(in
Main valuation
thousands $)
techniques
Unobservable inputs
Input value ranges
621,909
Capitalized cash flows
Capitalization rate
5.0 % - 15.0 % (8.2 %)
EBITDA margin %1
4.4 % - 39.4 % (16.5 %)
(weighted average)
May 31, 2016
Required rate of
334,093
Discounted cash flows
return
5.0 % - 20.3 % (9.8 %)
2,611,457
Adjusted net assets
Adjusted net assets
N/A2
324,981
Recent transactions
-
-
159,325
Other3
-
-
811,575
return
3.0 % - 15.0 % (7.2 %)
271,884
Adjusted net assets
Adjusted net assets
N/A2
17,655
Other
-
-
Loans, bonds and
advances
Required rate of
5,152,879
Other investments
Unlisted units
52,310
Manager’s quote
-
-
Bonds
11,728
Other
-
-
Capitalized cash flows
Capitalization rate
5.2% - 12.7% (7.8%)
EBITDA margin %1
5.7% - 40.1% (15.9%)
64,038
May 31, 2015
598,342
Required rate of
101,111
return
5.0% - 9.0% (5.5%)
2,460,854
Adjusted net assets
Adjusted net assets
N/A2
335,265
Recent transactions
-
-
106,170
Other3
-
-
810,415
return
253,821
Adjusted net assets
Adjusted net assets
27,999
Other
-
-
Loans, bonds and
advances
Required rate of
3.0% - 15.0% (8.6%)
N/A2
4,693,977
Other investments
Unlisted units
50,907
Manager’s quote
-
-
Bonds
11,334
Other
-
-
62,241
1.
As a result of the high variety in sizes of the companies in the portfolio, maintainable flows are presented as a percentage of
earnings before interest, taxes, depreciation and amortization (EBITDA) over sales.
2.
Since the nature and size of adjustments to net assets vary greatly between investments, no input range is presented for
adjusted net assets.
3.
Other valuation techniques include the expected transaction value, redemption value, liquidation and bid value techniques.
23
(CONTINUED)
SENSITIVITY OF THE FAIR VALUE OF FINANCIAL INSTRUMENTS CATEGORIZED WITHIN LEVEL
3
Sensitivity analyses have been performed for financial instruments measured using the capitalized cash flow and the discounted
cash flow techniques, for which the judgment of the Fonds’ qualified valuator is significantly important in determining fair value.
The adjusted net assets, recent transactions and redemption value valuation techniques are not suited for sensitivity analysis as
they use few or no underlying assumptions to determine fair value. The adjusted net assets technique is the most commonly used
of these techniques. In most cases, it is used to determine the fair value of investment fund units. Such fair value is essentially
based on the share in limited partners’ equity appearing in the most recent audited financial statements of these funds, adjusted to
take into account interim results and subsequent transactions carried out up to the valuation date.
The Fonds uses to a lesser extent other valuation techniques that rely on the valuator’s judgment and use certain assumptions,
namely the expected transaction value, liquidation value and bid value techniques. As these techniques are used to measure
financial instruments having an aggregate fair value of $116.7 million as at May 31, 2016 (May 31, 2015: $57.6 million),
management believes that it is not relevant to perform sensitivity analyses for these valuation techniques.
Our sensitivity analyses on loans, bonds and advances measured using the discounted cash flow technique lead us to conclude
that a +/- 0.50% change in the required rate of return would result in a change in fair value that would not be material to net
income and total assets and liabilities.
For unlisted shares and units measured using the capitalized cash flow and the discounted cash flow techniques, using different
variables related to maintainable EBITDA as well as capitalization and discount rates could result in a material increase or decrease
in fair value. Since the assumptions are highly interrelated, a sensitivity analysis that isolates the impact of only one of these
assumptions on the unlisted shares and units portfolio would not represent fairly the sensitivity of the results.
In practice, the Fonds’ qualified valuators determine a range of plausible values for each of the securities being valued and the
mid-range point is generally used for preparing financial statements. Accordingly, for a given investment, the low end of the range
reflects the worst-case scenario, while the high end of the range reflects the best-case scenario. This practice is the most common
method used to estimate the overall financial impact of changing the main assumptions by other reasonably acceptable
assumptions. Since the portfolio is diversified in terms of industries, maturities and sizes, estimating sensitivity to the various
assumptions used by aggregating all the worse-case and best-case scenarios is not reasonable. Using alternative assumptions is
unlikely to result in an undervaluation or overvaluation of all investments. Based on a probabilistic approach, management
determined that using reasonably plausible alternative assumptions would not change fair value significantly.
10.INVESTMENTS IN SUBSDIARIES AND ASSOCIATES
Further to its quantitative and qualitative analyses, management determined that the Fonds controls or exercises significant
influence over operating companies and investment entities:
May 31, 2016
May 31, 2015
Fair value
Fair value
Number
(in thousands $)
Number
(in thousands $)
Operating companies
19
1,245,114
16
1,107,181
Investment entities
12
1,027,752
15
1,002,662
Operating companies
63
863,408
65
796,314
Investment entities
28
340,784
28
294,403
Subsidiaries
Associates
The principal place of business of the majority of subsidiaries and associates is in Québec. Subsidiaries are entities that the Fonds
controls when it has power over the entity, exposure or rights to variable returns from its involvement with the entity and the ability
to affect such returns as a result of its power over the entity. Generally, the proportion of ownership interests held by the Fonds is
greater than 50% for subsidiaries and between 20% and 49% for associates.
24
10.INVESTMENTS IN SUBSDIARIES AND ASSOCIATES
(CONTINUED)
Interests in the share capital of operating companies are in the form of common shares, while interests in investment entities are
in the form of units. Funds committed but not disbursed to subsidiaries amount to $131.0 million (May 31, 2015: $133.4 million)
while funds commited but not disbursed to associates amount to $237.7 million (May 31, 2015: $317.9 million). In certain
circumstances, some conditions could restrict the ability of a subsidiary to transfer amounts to the Fonds: for instance, compliance
with certain ratios or approval of a payment by another financial institution or other shareholders. However, the Fonds considers
that there are no significant restrictions to these transfers, except for one subsidiary operating in the insurance industry. In that
case, laws and regulations do not allow the Fonds to receive dividends, redeem its shares or obtain repayment of its loans without
approval by the Autorité des marchés financiers.
When the Fonds controls an investment entity, it must also take into account in its scope of subsidiaries and associates those of
that investment entity. Accordingly, as at May 31, 2016, the Fonds indirectly had 85 additional subsidiaries and 147 additional
associates under this criterion (May 31, 2015: 83 subsidiaries and 105 associates).
11.SECURITIES LENDING
As part of the securities lending program, the Fonds receives, in exchange for the securities loaned, guarantees or assets, mainly
government and corporate bonds, equivalent to the minimum percentage prescribed by any applicable law or agreement or to a
percentage that may vary according to best practices. Depending on the securities loaned, this percentage is at least 102% as at
May 31, 2016 and 2015. The fair value of the securities loaned is $563.9 million (May 31, 2015: $418.3 million).
12.OTHER ASSETS
(in thousands $)
Notes
Income taxes
May 31, 2016
May 31, 2015
-
8,518
Investment property
12.1
30,375
31,376
Property and equipment
12.2
44,061
46,525
Intangible assets
12.3
5,564
6,467
22
2,432
-
82,432
92,886
Deffered incomes taxes
1. INVESTMENT PROPERTY
The investment property held by the Fonds comprises rental space. The following table presents the changes in the fair value
of the investment property for the years ended May 31:
(in thousands $)
Increase in rental space
2016
2015
31,376
27,689
375
2,871
Change in fair value recognized in net income
(1,376)
816
30,375
31,376
25
12.OTHER ASSETS
(CONTINUED)
1. INVESTMENT PROPERTY (CONTINUED)
UNOBSERVABLE INPUTS
The investment property measured at fair value is an asset categorized within Level 3 of the fair value hierarchy, as significant
unobservable inputs are used in the valuation techniques applied. Main unobservable inputs used in measuring the investment
property are as follows:
Fair value
(in thousands $)
Valuation techniques
Unobservable inputs
Input value
30,375
Internal rate of return
7.25%
Capitalization rate
6.50%
Internal rate of return
7.50%
Capitalization rate
6.75%
May 31, 2016
Investment property
May 31, 2015
Investment property
31,376
2. PROPERTY AND EQUIPMENT
(in thousands $)
Office furniture
Computer
Buildings
and equipment
hardware
42,560
12,004
Total
May 31, 2016
Cost
Accumulated depreciation
Net carrying amount
(4,039)
(9,666)
17,461
72,025
(14,259)
(27,964)
38,521
2,338
3,202
44,061
Change during the year
Net carrying amount as at May 31, 2015
39,918
2,841
3,766
46,525
Acquisitions
360
114
1,181
1,655
Disposals
(375)
-
(110)
(485)
(1,635)
(3,634)
3,202
44,061
Depreciation
(1,382)
(617)
38,521
2,338
42,615
11,890
May 31, 2015
Cost
Accumulated depreciation
Net carrying amount
(2,697)
(9,049)
16,776
71,281
(13,010)
(24,756)
39,918
2,841
3,766
46,525
41,099
2,556
3,923
47,578
Acquisitions
390
917
1,831
3,138
Disposals
(214)
-
-
(214)
(1,988)
(3,977)
3,766
46,525
Depreciation
(1,357)
39,918
(632)
2,841
As at May 31, 2016 and 2015, no item of property and equipment was impaired. In addition, as at May 31, 2016 and 2015, the
Fonds had no significant contractual commitment for the acquisition of property and equipment. The depreciation expense is
presented under Corporate in Total operating expenses in the Statements of Comprehensive Income.
26
12. OTHER ASSETS
(CONTINUED)
3. INTANGBLE ASSETS
Information system development
(in thousands $)
May 31, 2016
Cost
Accumulated amortization
Net carrying amount
May 31, 2015
28,952
26,558
(23,388)
(20,091)
5,564
6,467
Net carrying amount at beginning
6,467
6,542
Acquisitions
2,394
2,530
Amortization
(3,297)
(2,605)
Net carrying amount at the end
5,564
6,467
As at May 31, 2016 and 2015, no intangible asset was impaired. In addition, as at May 31, 2016 and 2015, the Fonds had no
significant contractual commitment for the acquisition of intangible assets. The amortization expense is presented under
Corporate in Total operating expenses in the Statements of Comprehensive Income.
13.NOTES
The notes, which arise from excess liquidities of regional and local funds and of certain specialized funds, are repayable on
demand and bear interest at a rate based on the expected average long-term rate of return of Other investments. As at
May 31, 2016 and 2015, the interest rate is 4%.
14.CREDIT FACILITIES
As at May 31, 2016 and 2015, the Fonds has credit facilities amounting to $60 million (May 31, 2015: $80 million), bearing
interest at prime rate and renewable annually. As at May 31, 2016 and 2015, these facilities are unused, and they were not used
during the years then ended.
15.ACCOUNTS PAYABLE
(in thousands $)
May 31, 2016
May 31, 2015
125,882
130,961
45,582
55,008
843
1,975
172,307
187,944
Accounts payable relating to development capital investments and other
investments purchased
Accrued expenses and other
16.OTHER LIABILITIES
(in thousands $)
Notes
Share redemptions payable
Income taxes
Net defined benefit liability
23
Defered income taxes
22
May 31, 2016
May 31, 2015
23,109
30,374
3,995
-
69,168
42,998
9,433
2,951
105,705
76,323
27
17.NET ASSETS
1. SHARE CAPITAL
a) Authorized
i)
Class A shares
Unlimited number of Class A shares to be issued in Series 1 and 2, without par value, voting, redeemable and
inalienable unless approved by a resolution of the Board of Directors.
Class A shares, Series 1 and 2 can be exchanged for shares of another series and rank pari passu. However, Class
A share, Series 1 may be issued only to an individual requesting their transfer to a trustee under a registered
retirement savings plan.
ii) Class B shares
Unlimited number of Class B shares, without par value, non-voting, entitled to a preferential dividend at the rate
determined by the Board of Directors. In the event of liquidation, the Class B shares rank prior to Class A shares.
b) Subscribed
Subscribed capital is money cashed but for which no Class A share can be issued in consideration thereof pursuant to
the Fonds’ Purchase-by-Agreement Policy. These Class A shares will be issued at the time set out in such policy at the
share price in effect at that date.
c)
Redemption terms
The Fonds is required to redeem shares in the circumstances set out in its Incorporation Act or to redeem them by
mutual agreement in exceptional situations provided under a policy for such purpose adopted by the Fonds’ Board of
Directors and approved by the Minister of Finance of Québec. The redemption price is determined semi-annually based
on the value of the Fonds.
d) Contributed surplus
Contributed surplus arises from the reduction in issued and paid-up capital resulting from transfers and the excess of
the average value of share capital over the redemption price. This excess is reduced when shares are redeemed at a
price exceeding the average value of issued share capital, pro rata to the redeemed shares.
e) Transfers
During the year, the Board of Directors approved an increase in the issued and paid-up capital on Class A shares,
Series 1 of $115 million through transfers from retained earnings (May 31, 2015: $80 million).
As at May 31, 2016, the Fonds had, since its incorporation, transferred the following cumulative amounts:
$2,097 million from retained earnings to share capital, $1,500 million from share capital to contributed surplus and
$291 million from contributed surplus to retained earnings.
2. NET INCOME PER CLASS A SHARE
Net income per share is based on the weighted average number of Class A shares, which was 336,355,483 (May 31, 2015:
335,330,928).
28
17. NET ASSETS
(CONTINUED)
3. NET ASSETS – CLASS A
Series 1
(in thousands)
Series 2
Subscribed
Total
Number
$
Number
$
$
$
331,878
11,037,998
3,319
110,378
1,312
11,149,688
May 31, 2016
Net assets as at May 31, 2015
Net income
507,474
Share issues
5,096
(14,448)
22,961
764,816
292
9,657
(20,064)
(668,343)
(299)
(9,977)
Net change in share subscriptions
Share redemptions
Change in outstanding redemptions
512,570
(143)
(14,591)
774,473
(427)
(427)
(678,320)
233
6,165
6,165
335,008
11,633,662
3,312
115,011
885
11,749,558
330,886 10,029,119
3,348
101,472
612
10,131,203
May 31, 2015
Net income
Share issues
974,641
9,883
7,011
70
7,081
6667,314
21,424
658,419
293
8,895
(20,544)
(632,851)
(322)
(9,942)
112
1,659
3,319
110,378
Net change in share subscriptions
Share redemptions
Change in outstanding redemptions
984,524
700
331,878 11,037,998
700
(642,793)
1,659
1,312
11,149,688
18.CAPITAL DISCLOSURES
The Fonds collects capital to make development capital investments in keeping with its mission, while maintaining the liquidities
required to satisfy the share redemption requests submitted by shareholders and meet its commitments. The Fonds’ policy is to
reinvest all income generated by its operations, and it does not expect to pay dividends to its shareholders. The Fonds is not
subject to externally imposed capital requirements other than those governing share issues and redemptions.
1. EXTERNALLY IMPOSED REQUIREMENTS GOVERNING SHARE ISSUES
a) Investment rule
The Fonds may make development capital investments in any business enterprise with or without security. However, at
the end of each financial year, qualified development capital investments must meet the investment rule minimum
threshold as prescribed by the Fonds’ Incorporation Act. As at May 31, 2016, the minimum threshold is 61%
(May 31, 2015: 60%). The investment rule threshold is gradually raised (by 1% per year starting with the financial year
ending May 31, 2016) to 65% in financial year ended May 31, 2020.
If the Fonds fails to reach this threshold, the share issues giving rise to labour-sponsored fund tax credits for the
following financial year are limited to a prescribed percentage of the total value of shares in the preceding financial
year, except for shares acquired through payroll deductions and employer contributions stipulated in agreements
concluded at the end of the preceding financial year. The percentage under the investment rule was 65.4% as at
May 31, 2016 (May 31, 2015: 65.1%). Since the investment rule minimum threshold was reached as at May 31, 2016,
the amount of share issues giving rise to labour-sponsored fund tax credits for the financial year ending May 31, 2017
will not be limited.
29
18.CAPITAL DISCLOSURES
(CONTINUED)
1. EXTERNALLY IMPOSED REQUIREMENTS GOVERNING SHARE ISSUES (CONTINUED)
b) Limit on share issues for the year ended May 31, 2015
The 2014-2015 Québec budget limited to $650 million the amount of share issues giving rise to labour-sponsored
fund tax credits that the Fonds could make during the financial year ended May 31, 2015. The Fonds complied with
this limit and also issued $17 million in shares that do not give rise to tax credits and are not subject to this limit,
pursuant to the provisions regarding the acquisition of replacement shares set out in the Home Buyers’ Plan and the
Lifelong Learning Plan. There has been no limit on share issues since the financial year ended May 31, 2015.
2. EXTERNALLY IMPOSED REQUIREMENTS GOVERNING SHARE REDEMPTIONS
The Taxation Act (Québec) provides for the payment of a penalty by the Fonds when the total amount paid for purchases by
mutual agreement made during a financial year exceeds 2% of paid-up capital, with certain criteria for purchases by mutual
agreement being excluded from the calculation. Since this provision has been in effect, the Fonds has always complied with
this limit.
19.CONTINGENCIES
In the normal course of business, the Fonds is party to claims and litigations that could result in losses. A contingent loss is
recognized when it is likely and can be estimated. Management believes that the aggregate amount of other contingent losses
would not have a material adverse effect on the Fonds’ financial position.
20.TOTAL OPERATING EXPENSES
May 31, 2016
May 31, 2015
Salaries and benefits
88,711
80,797
Advertising and information
19,252
18,294
Occupancy expenses and rent
11,345
13,770
Professional fees
11,079
8,229
Management fees
5,820
7,006
Stationery and office supplies
5,667
5,019
Travel and entertainment
3,467
3,423
Shareholder reporting costs
3,178
2,915
(in thousands $)
Custodial fees and trustee’s fees
950
877
Depreciation of property and equipment
3,634
3,977
Amortization of intangible assets
3,297
2,605
156,400
146,912
May 31, 2016
May 31, 2015
Salaries and short-term benefits
3,000
2,709
Post-employment benefits
1,364
1,429
Directors’ remuneration and fees
1,244
1,194
5,608
5,332
21.KEY MANAGEMENT PERSONNEL COMPENSATION
(in thousands $)
30
22.INCOME TAXES
For purposes of the Income Tax Act (Canada), the Fonds is subject to the rules applicable to mutual fund corporations. As such,
the Fonds can receive a refund of the income taxes paid on its capital gains by redeeming its shares or by increasing its issued
and paid-up capital through transfers. Since these income taxes are refundable and that, in management’s opinion, the issued
and paid-up share capital will be increased sufficiently to recover them, these income taxes are not presented in the Statements
of Comprehensive Income, but are presented under Refundable taxes on hand in the Balance Sheet. As at May 31, 2016 and 2015,
the balance of these income taxes is zero.
The Fonds, as a private company under the Income Tax Act (Canada), can receive a refund of a portion of the income taxes paid
on its investment income through the refundable dividend tax on hand (RDTOH). The RDTOH is recoverable by increasing the
issued and paid-up share capital through a transfer from retained earnings. This tax of $39.4 million
(May 31, 2015: $23.7 million) was entirely applied against income taxes payable following transfers approved by the Board of
Directors during the year.
Under the Taxation Act (Québec), the Fonds is an open-ended investment company. As such, the Fonds can, in calculating its
Québec taxes, deduct taxable capital gains from its taxable income. Consequently, capital gains realized by the Fonds are not
subject to taxes in Québec.
Income taxes on income before income taxes are detailed as follows:
(in thousands $)
May 31, 2016
May 31, 2015
14,515
15,924
7,585
1,596
22,100
17,520
Current
Deferred
The above income taxes are different from the amounts that would be obtained by applying the combined basic tax rate (Québec
and federal) to income before income taxes. The difference is explained as follows:
(in thousands $)
May 31, 2016
May 31, 2015
534,670
1,002,045
Income before income taxes
Tax rate to which the Fonds is subject
48.2%
46.6%
Income taxes
257,711
466,953
Non-taxable dividends and distributions
(71,566)
(61,662)
Refundable dividend tax on hand
(39,362)
(23,659)
Non-taxable portion and federal rate difference
(71,958)
(209,149)
Refundable federal tax
(35,625)
(109,995)
Québec tax deduction
(15,141)
(46,748)
(1,959)
1,780
22,100
17,520
May 31, 2016
May 31, 2015
Realized and unrealized capital gains (losses)
Other items
Items giving rise to deferred income tax assets (liabilities) are as follows:
(in thousands $)
Assets
(2,309)
Investment property
Property and equipment and intangible assets
Net defined benefit liability
Other
Liabilities
(12,362)
(5,910)
(1,074)
(875)
(1,614)
(2,119)
(1,713)
(4,073)
7,954
5,533
8,385
(20)
2,432
Liabilities
(16)
(9,433)
261
(2,951)
31
23.POST-EMPLOYMENT BENEFITS
On January 1, 2001, the Fonds implemented funded and unfunded defined benefit pension plans, which guarantee pension
benefits to most of its employees. Also, since July 1, 2003, the Fonds has had an optional personal insurance plan for retired
employees.
The defined benefit obligation of these plans, as measured by independent actuaries, and the fair value of plan assets are
determined as at May 31, 2016.
1. DEFINED BENEFIT PENSION PLANS
The defined benefits from these pension plans are based on the number of years of service and the average annual salary,
which is the highest annualized average salary for 36 consecutive months of service. The Fonds is responsible for these plans.
The Fonds set up retirement committees to manage the plans, and these committees engaged independent investment
managers, actuaries and trustees to obtain professional services.
Changes in the defined benefit obligation and the fair value of plan assets during the year are as follows:
May 31, 2016
(in thousands $)
May 31, 2015
Present value
Fair value
Net defined
Present value
Fair value
of pension
of plan
benefit
of pension
of plan
Net defined
benefit
obligation
assets
liability
obligation
assets
liability
(257,112)
217,302
(39,810)
(228,410)
187,378
(41,032)
Current service cost
(14,513)
(14,513)
(12,788)
(12,788)
Interest
(11,016)
(11,016)
(10,130)
(10,130)
Interest income
Impact on net income
(25,529)
8,848
8,848
8,848
(16,681)
(4,691)
(4,691)
(22,918)
7,886
7,886
7,886
(15,032)
Remeasurements
Return on plan assets, excluding
interest income
Gain (loss) arising from changes
14,862
863
in demographic assumptions
14,862
863
Gain (loss) arising from changes
in financial assumptions
Experience gain (loss)
(11,361)
(11,361)
(5,127)
(5,127)
(1,055)
(1,055)
(1,593)
(1,593)
(4,691)
(17,107)
(5,857)
Impact on other comprehensive
income
(12,416)
Fonds contributions
14,862
9,005
9,429
9,429
7,249
7,249
Employee contributions
(8,753)
8,753
-
(4,782)
4,782
-
Benefits paid
5,350
(5,350)
-
4,855
(4,855)
-
(3,403)
12,832
(298,460)
234,291
9,429
(64,169)
73
(257,112)
7,176
217,302
7,249
(39,810)
As at May 31, 2016, the weighted average duration of the defined benefit obligation for defined benefit pension plans is
17.9 years (May 31, 2015: 18.3 years). During next year, the Fonds expects to contribute approximately $10.4 million to these
defined benefit pension plans.
32
23. POST-EMPLOYMENT BENEFITS
(CONTINUED)
2. POST-EMPLOYMENT MEDICAL PLANS
The Fonds offers post-employment medical plans that cover hospital and medication costs for eligible retirees. These plans
are unfunded. Changes in the defined benefit obligation, which is equal to the defined benefit liability, during the year are as
follows:
May 31, 2016
May 31, 2015
Present value of obligation and net defined benefit
(in thousands $)
liability
(3,188)
(2,860)
Current service cost
(124)
(107)
Past service cost
(627)
Interest
(139)
(124)
(890)
(231)
Impact on net income
Remeasurements
Gain (loss) arising from changes in demographic assumptions
(986)
(9)
Gain (loss) arising from changes in financial assumptions
(139)
(156)
Experience gain (loss)
Impact on other comprehensive income
Benefits paid
106
-
(1,019)
(165)
98
68
(4,999)
(3,188)
As at May 31, 2016, the weighted average duration of the defined benefit obligation for post-employment medical plans is
15.1 years (May 31, 2015: 15.5 years). During next year, the Fonds expects to contribute approximately $0.1 million to these
post-employment medical plans.
3. SIGNIFICANT ACTUARIAL ASSUMPTIONS
The significant actuarial assumptions used to measure the Fonds’ defined benefit obligation and the costs recognized for the
plans are as follows:
May 31, 2016
May 31, 2015
Pension plans
Medical plans
Pension plans
Medical plans
Discount rate
3.75
3.75
4.00
3.75
Rate of increase in salaries
3.50
(in %)
Defined benefit obligation
Rate at end of year
Mortality table
3.50
CPM 2014
CPM 2014
CPM 2014
CPM 2014
Discount rate
4.00
3.75
4.00 & 4.25
4.25
3.50
Defined benefit costs recognized
Rate at end of previous year
Mortality table
CPM 2014
3.50
CPM 2014
CPM 2014
CPM 2014
The Fonds set the maximum annual amount it will assume per retiree under the insurance plan and does not expect any
increases in that amount in the future.
33
23.POST-EMPLOYMENT BENEFITS
(CONTINUED)
4. SENSITIVITY ANALYSES
The sensitivity analyses for the defined benefit obligation were prepared based on reasonably possible changes in each
significant actuarial assumption, without considering the impact of simultaneous changes in several significant actuarial
assumptions. Any change in an actuarial assumption may result in a change in another actuarial assumption, which could
amplify or reduce the impact of changes in such assumptions on the present value of the defined benefit obligation. Actual
results could differ from these estimates.
Impact on the defined benefit obligation as at May 31, 2016
Increase in assumption
Decrease in assumption
Discount rate
Life expectancy
Change in
assumption
(impact in thousands $)
0.50%
0.50%
1 year
(23,792)
6,198
6,170
27,192
(6,176)
(6,174)
Impact on the defined benefit obligation as at May 31, 2015
Increase in assumption
Decrease in assumption
Change in
assumption
Discount rate
Life expectancy
0.50%
0.50%
1 year
(21,469)
6,080
4,956
24,026
(6,042)
(5,178)
5. COMPOSITION OF PENSION PLAN ASSETS
Funded plan assets are held in trust and their breakdown is as follows:
May 31, 2016
May 31, 2015
Equity mutual funds
62.2
62.3
Bond mutual funds
37.4
37.4
(in %)
Cash and other
0.4
0.3
100.0
100.0
6. EXPOSURE TO ACTUARIAL RISKS
As a result of its defined benefit plans, the Fonds is exposed to certain risks, the most significant of which are described
below.
a)
Interest rate risk
A decrease in fixed-rate bond interest rates, which would decrease the discount rate used, would increase the present
value of the defined benefit obligation. This increase would however be partially offset by an increase in the value of plan
assets.
b) Rate of increase in salaries and longevity risk
As the majority of the plan obligations relate to the payment of benefits over the retiree’s lifetime, an increase in life
expectancy would increase the plan liability. Likewise, an increase in the rate of increase in the participants’ salaries
would increase the plan liability.
7. REMEASUREMENT OF THE NET DEFINED BENEFIT LIABILITY
(in thousands $)
Actuarial gain (loss) arising from post-employment benefits
Deferred income taxes
May 31, 2016
May 31, 2015
(18,126)
8,840
3,535
(1,759)
(14,591)
7,081
34
24.RELATED PARTY TRANSACTIONS
1. TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL
The Fonds’ key management personnel comprises the members of the Board of Directors and the members of the
Management Committee. Information on key management personnel compensation for the year is presented in Note 21.
2. TRANSACTIONS WITH RELATED PARTIES INCLUDED IN DEVELOPMENT CAPITAL INVESTMENTS
In the normal course of business, the Fonds conducts transactions with related companies that it either controls or over which
it has significant influence. Many of the development capital investments are of such an amount and nature that the investee is
considered a related party. The number of investments in subsidiaries and associates is presented in Note 10. The following
table details the transactions carried out with all the subsidiaries and associates of the Fonds during the year and presents the
end-of-year balances appearing on the Balance Sheet.
May 31, 2016
May 31, 2015
Subsi(in thousands $)
diaries
SubsiAssociates
Total
diaries
Associates
Total
Transactions
Interest
Dividends and distributions
Interest expense on notes
9,922
9,749
19,671
10,162
13,111
23,273
18,027
27,425
45,452
23,778
27,613
51,391
3,052
1,177
4,229
2,115
1,558
3,673
16,836
791
17,627
16,741
684
17,425
5,489
1,364
6,853
4,992
1,403
6,395
Increase on notes
292,591
3,780
296,371
354,145
1,715
355,860
Repayment of notes
289,955
810
290,765
405,931
500
406,431
146,022
167,805
313,827
99,619
151,292
250,911
39,352
50,851
90,203
31,138
31,028
62,166
1,678,857
964,860
2,643,717
1,611,190
992,673
2,603,863
4,843
3,577
8,420
10,948
5,373
16,321
103
150
253
103
146
249
415,633
21,913
437,546
396,160
18,153
414,313
130,964
237,744
368,708
133,370
317,944
451,314
Disbursements for development capital
investments
Receipts on development capital investments
Balances
Development capital investments, at cost
Accounts receivable
Accounts payable
Notes
Other information
Funds committed but not disbursed
The Fonds engaged two of its associates to manage portfolios with assets totalling $678.0 million (May 31, 2015:
$652.4 million).
3. OTHER TRANSACTIONS
The Fonds, of which directors are elected by the Fédération des travailleurs et travailleuses du Québec (FTQ), agreed to pay
$2.4 million to the FTQ for the exercise ended May 31, 2016 (May 31, 2015: $2.5 million) under an agreement that calls for
compensation to be paid for services rendered in respect of economic training, social audits, shareholder development,
attendance at the Fonds’ governing bodies and support and guidance of certain activities. These transactions are measured at
the exchange amount, which is the amount of consideration established and agreed to by the related parties.
35
24.RELATED PARTY TRANSACTIONS
(CONTINUED)
3. OTHER TRANSACTIONS (CONTINUED)
The Fonds incorporated the Fondation de la formation économique du Fonds de solidarité des travailleurs du Québec (F.T.Q.)
(the “Fondation”) under Part III of the Québec Companies Act and appoints the members of the Fondation’s Board of Directors.
On May 31, 2016, the Fondation ceased its operations, and such operations will be integrated into the Fonds’ operations as of
such date. As at May 31, 2016, the Fondation had repaid the variable, contingent interest rate loan granted to it by the Fonds
(May 31, 2015: $5 million) and the note issued to it by the Fonds (May 31, 2015: $ 4.1 million).
The Fonds granted non-interest bearing loans of $15 million with a fair value of $11.7 million (May 31, 2015: $11.6 million) to
the Fonds étudiant solidarité travail du Québec (FESTQ), which are considered related to the Fonds because the Fonds appoints
some of their directors together with the Government of Québec.
The Fonds granted a non-interest bearing loan of $5 million with a fair value of $3.4 million (May 31, 2015: $3.4 million) to
Fiducie Montréal inc., which is considered related to the Fonds because the Fonds appoints some of its directors.
These loans are presented under Accounts receivable on the Balance Sheet.
25.ADDITIONAL INFORMATION
The audited Statement of Development Capital Investments, at Cost , the unaudited Relevé des autres investissements and the
unaudited Index of the Share of the Fonds in Investments Made by the Specialized Funds, at Cost are available at the Fonds’ head
office, on its website at fondsftq.com or at sedar.com.
26.CHANGES IN FINANCIAL STATEMENTS PRESENTATION
The order of presentation of Balance Sheet items changed, and assets and liabilities are now presented in a decreasing order of
liquidity. In addition, items comprising Other assets, including the investment property, and Other liabilities are now presented in
the notes to the financial statements.
Interest on notes, which was previously applied against interest income in the Statements of Comprehensive Income, is now
presented separately. Interest on notes of $17.6 million as at May 31, 2015 was reclassified to reflect this new presentation.
36
MANAGEMENT
DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED
MAY 31, 2016
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED MAY 31, 2016
This Management Discussion and Analysis (“MD&A”) is intended to help the readers assess, through the eyes of management, the
Fonds de solidarité FTQ’s (the “Fonds”) results and financial condition as well as the material changes therein during the financial year
ended May 31, 2016. The annual MD&A complements and supplements the financial statements and contains financial highlights, but
does not contain the complete annual financial statements of the Fonds. To facilitate the understanding of events and uncertainties
presented herein, this MD&A should be read together with the financial statements and the notes thereto.
This MD&A contains forward-looking statements about the Fonds’ activities, results, and strategies that should be interpreted with
caution. These forecasts necessarily involve assumptions, uncertainties and risks; it is therefore possible that, due to a number of
factors, they do not materialize. Legislative or regulatory changes, economic and business conditions and the level of competition are
some examples of major factors that may influence, sometimes significantly, the accuracy of the forward-looking statements in this
MD&A. This MD&A is dated June 23, 2016.
The Fonds is subject to the Regulation Respecting Development Capital Investment Fund Continuous Disclosure (the “Regulation”)
and, as such, applies the requirements of this Regulation, notably to its financial statements and its MD&A.
You can get a copy of the annual financial statements by visiting our website (fondsftq.com) or the SEDAR website (sedar.com), or at
your request, and at no cost, by calling us at 514-383-3663 or toll free at 1-800-567-3663, or by writing to us at P.O. Box 1000, Youville
Station, Montréal, Québec H2P 2Z5. You can also obtain a copy of the interim documents in this manner.
1
FINANCIAL HIGHLIGHTS
The following tables show selected key financial information about the Fonds and are intended to help you understand the Fonds’
financial performance for the past five financial years. This information is derived from the Fonds’ audited financial statements. Financial
data for the financial years ended May 31, 2016, 2015 and 2014 are in accordance with International Financial Reporting Standards
(“IFRS”). Financial data for the financial year ended May 31, 2014 have been restated to conform to IFRS. Financial data for the
financial years ended May 31, 2013 and 2012 are in accordance with Canadian generally accepted accounting principles (“GAAP”)
effective at that time. The Fonds’ results are discussed under “Results of operations” on page 6.
RATIOS AND SUPPLEMENTAL DATA
Years ended May 31
(in millions of dollars, unless otherwise specified)
a
Revenues
b
Net income
Net assets
Class A shares outstanding (number, in thousands)
c
Total operating expense ratio (%)
d
Portfolio turnover rate :
Development capital investments (%)
Other investments (%)
e
Trading expense ratio (%)
2016
(IFRS)
2015
(IFRS)
2014
(IFRS)
2013
(GAAP)
2012
(GAAP)
691
1,149
940
256
247
513
985
772
458
215
11,750
11,150
10,131
9,301
8,525
338,320
335,197
334,234
332,441
320,629
1.36
1.36
1.51
1.44
1.46
9.92
97.18
6.05
119.55
7.14
167.36
8.44
115.57
12.09
158.61
0.01
0.01
0.02
0.02
0.02
618,551
610,605
613,958
615,664
594,287
Issues of shares
774
667
787
855
767
Redemption of shares
678
643
730
542
620
7,571
7,112
6,415
6,144
5,757
Number of shareholders (number)
f
Fair value of development capital investments
a
b
c
d
e
f
For the financial years ended May 31, 2016, 2015 and 2014, revenues include realized and unrealized gains and losses, distributions, and rental, fee and other
income, which is not the case for the financial years ended May 31, 2013 and 2012.
Net income corresponds to revenues less total operating expenses and income taxes. Comprehensive income is obtained by deducting (adding) the
remeasurement of the net defined benefit liability from (to) net income.
The total operating expense ratio is obtained by dividing total operating expenses in net income for the year by the average net assets attributable to security
holders of the Fonds for the year.
The portfolio turnover rate reflects the number of changes made to the composition of the portfolio. For example, a portfolio turnover rate of 100% means that
the Fonds purchased and sold all the securities in its portfolio once during the financial year. There is not necessarily a relationship between a high turnover rate
and the portfolio’s performance.
The trading expense ratio is obtained by dividing transaction costs by the average net assets attributable to security holders of the Fonds for the year.
These investments include funds committed but not disbursed as well as guarantees and suretyships.
2
CHANGE IN NET ASSETS PER SHARE
Years ended May 31
2016
2015
2014
(in dollars)
(IFRS)
(IFRS)
(IFRS)
Net assets per share, beginning of
a
year
Impact of the transition to IFRS
33.26
30.31
33.26
1.52
Net assets per share, beginning of
year after impact of the transition
a
to IFRS
b
Increase from operations :
Interest, dividends and distributions,
rental, fee and other income and
c
interest on notes
(GAAP)
27.98
0.02
26.59
25.92
30.31
28.00
26.59
25.92
2.94
2.31
1.41
0.68
1.09
1.02
1.08
0.79
0.78
Realized gains
0.51
0.67
0.53
0.30
0.16
Unrealized gains
0.46
1.74
1.21
0.77
0.22
(0.47)
(0.44)
(0.45)
(0.40)
(0.39)
Income tax and capital tax
(0.07)
(0.05)
(0.06)
(0.05)
(0.09)
d
e
Increase (decrease) from other
comprehensive income
Variance from issues and redemption
of shares
Net assets per share, end of year
a
b
c
d
e
2012
2013
(GAAP)
a
(0.04)
0.02
0.01
(0.01)
(0.01)
(0.01)
33.26
30.31
34.73
(0.02)
27.98
(0.01)
26.59
The amount of net assets per share is based on the actual number of shares outstanding at the relevant time.
The increase from operations is based on the weighted-average number of shares outstanding during the relevant financial year.
For the financial years ended May 31, 2016, 2015 and 2014, this item includes distributions as well as rental, fee and other income.
For the financial years ended May 31, 2013 and 2012, distributions were presented under realized gains.
For the financial years ended May 31, 2013 and 2012, rental, fee and other income was presented as a reduction of total operating expenses.
ECONOMIC CONDITIONS AND OUTLOOK
Over the last 12 months, developed countries have maintained their growth momentum, particularly the United States. However, the
economic weakness of emerging countries (especially China, Brazil and Russia), falling commodity prices and persistent geopolitical
risks in Europe and the Middle East were all sources of concern, contributing in one way or another to the deterioration of the outlook on
global GDP growth. Even though many economists believe that recovery in developed economies should be sufficient to offset
slowdowns in emerging countries in the coming quarters, anticipated global GDP growth for 2016 and 2017 is expected to remain fairly
modest.
Europe
After recording GDP growth in the first quarter of 2015, the Eurozone economy experienced somewhat of a slowdown during the
subsequent three quarters, due in part to the negative contribution that consumption and net exports made to GDP. In the first quarter
of 2016, the Eurozone GDP growth gained strength again, largely due to GDP growth in Germany and France. Despite this first quarter
advance, the outlook for Eurozone economic growth for the coming quarters still remains weak. In addition, Eurozone inflation was very
weak over the last twelve months, and many economists agree that it should remain so in the coming months. This is the context in
which the Central European Bank (“CEB”) expanded the quantitative easing program in March 2016 (from €60 billion to €80 billion per
month) and lowered key rates even further into negative territory (from -0.30% to -0.40%). The results of the UK’s referendum on
leaving the European Union could have a significant impact on stock and financial markets. In addition, the refugee crises and terrorist
attacks add to the climate of uncertainty that the CEB must grapple with.
3
The United States
U.S. economic growth fluctuated in 2015. After GDP growth slowed in the first quarter of 2015, mainly due to difficult weather conditions
during winter 2015, the U.S. economy recovered in the next quarter. This recovery stems notably from acceleration in consumption,
growth in investments (despite investments plummeting in the oil sector) and strong growth in government spending. GDP growth in the
U.S. then pulled back in the following two quarters of 2015 and the first quarter of 2016 because of lower net exports due to the strong
U.S. dollar, slower consumption, reduced non-residential investment, problems in the oil sector and weak demand from emerging
countries. Despite the slowdown it experienced in recent quarters, economists generally agree that the U.S. economy should continue
to grow in 2016 and 2017. This growth would result from strong domestic demand and higher government spending, even though the
November 8, 2016 presidential election raises a high level of uncertainty on the federal fiscal policy starting in 2017.
U.S. job creation continued to be robust over the last 12 months, bringing down the unemployment rate from 5.5% in May 2015 to 4.7%
in May 2016. According to the projections of many economists, the unemployment rate should stay below the 5% mark for all of 2016.
In addition, it could have been expected, without further details, that strong labour market performance combined with the gas price
decreases would have been likely to boost household confidence and stimulate consumption. Instead, household confidence is down,
as they prefer to save rather than spend a large portion of their disposable income. More specifically, the savings rate has been 5.3%
on average in the United States since May 31, 2015; higher than the savings rate for the same period the previous year. Inflation, which
has been low in the U.S. over the last 12 months, should remain so in the coming months, to the extent that oil prices are not expected
to experience an increase in the short term that would alter this basic trend. In this context of low inflation, the U.S. Federal Reserve
(the “Fed”) announced a 25-basis point increase (from 0.25% to 0.50%) in its key rate on December 16, 2015. Since this increase, the
Fed has held its key rate steady. This decision reflects the fears of the impact that global financial market unrest could have on the U.S.
economy. Accordingly, the date for the next increase will depend on the Fed’s opinion on economic conditions and on the
consequences that changes in the global economy and financial markets have on the outlook. The Fed also seems to send the
message that future rate increases will be very gradual compared to previous cycles.
Canada
The Canadian economy saw its fair share of difficulties in 2015. First, with two quarters posting consecutive decreases in real GDP, it
was in a technical recession for the first half of 2015. Non-residential investment played a major role in dampening economic growth in
Canada, as spending in the energy sector diminished significantly in reaction to falling oil prices and, consequently, the deterioration of
profitability for many projects. However, the magnitude of the decrease in real GDP in the first two quarters of 2015 was much weaker
than was observed in previous recessions. These were the conditions in which the Bank of Canada announced another 25-basis point
decrease in the key rate (from 0.75% to 0.50%) at its July 15, 2015 meeting. It is worth recalling that the key rate had already been
lowered from 1.00% to 0.75% at the beginning of 2015. It should also be noted that, since July 15, 2015, the key rate has remained
unchanged at 0.50% and, according to many economists, should remain at that level until the end of 2016.
The Canadian economy returned to growth in the third quarter. This was largely due to foreign trade that benefitted from a weak
Canadian dollar and improved U.S. demand, which contributed positively to real GDP growth and, to a lesser extent, due to an
acceleration in growth of residential investment. While most forecasters were expecting practically zero growth in Canada’s real GDP in
the fourth quarter of 2015, the data released indicated a slight gain of 0.5% (compared to 2.4% in the previous quarter) instead. The
slowdown in real GDP in the fourth quarter of 2015 is mainly due to difficulties with domestic demand particularly caused by a new
contraction in non-residential investment. This slowdown was only short-lived, as the Canadian economy experienced growth once
again in the first quarter of 2016 due to an increase in exports and household consumption. However, many economists believe that this
pace is not sustainable for the remainder of 2016, as the Canadian economy is not done with adjusting to decreasing commodity prices,
which will continue to cause problems. The Canadian economy will therefore likely continue to depend on foreign trade to support
growth in the coming months. It should also benefit from the new measures contained in the new Canadian government’s 2016 budget,
of which one of the goals is to stimulate and strengthen Canadian economic activity.
4
Overall, the last 12 months have seen the Canadian unemployment rate rise slightly from 6.8% in May 2015 to 6.9% in May 2016, while
inflation remained low. Many economists believe that the overall Canadian inflation rate should remain under the 2% target in 2016,
mainly due to weakness in the Canadian dollar. However, these economists also believe that when the Canadian currency regains
ground, in all likelihood in 2017, and the economy’s unused capacity is reduced, the inflation rate should then converge to 2%. The
Canadian real estate market continued to grow over the last 12 months, in particular a result of low interest rates. However, this growth
was not felt equally across the country. According to several real estate specialists, housing starts and resale activities should continue
to grow at the same pace in 2016 as they did in 2015.
Over the last 12 months, short-term (2 years) and long-term (10 years) Canadian government bond interest rates have seen some
fluctuations. However, as at May 31, 2016, short-term (2 years) interest rates were at levels similar to those seen as at May 31, 2015,
while long-term (10 years) interest rates were lower than those seen as at May 31, 2015. Provincial credit spreads trended up for a
good portion of the last 12 months, but as at May 31, 2016, they were back to levels similar to those prevailing as at May 31, 2015.
Investment-grade corporation credit spreads also trended up over the last 12 months, and they were higher as at May 31, 2016 than
they were as at May 31, 2015. The Canadian dollar traded at $US0.76 on May 31, 2016, compared to $US0.80 on May 31, 2015. In
light of current conditions, we believe that the Canadian dollar should continue to fluctuate over the coming months and that interest
rates on Canadian 10-year and 30-year bonds should vary in a range not exceeding plus or minus 50 basis points.
Québec
Economic growth in Québec has remained weak over the last 12 months, mainly due to a lack of vitality in consumption, the residential
sector that went through a period of adjustment, business investment that was slow to recover and exports that struggled to sufficiently
stimulate the economy. However, in contrast to Canada, Québec avoided the technical recession with only one negative quarter. The
unemployment rate was 7.1% in May 2016, below the 7.7% that prevailed in May 2015; this rate is higher than that of Canada (6.9%)
and that of Ontario (6.6%). According to many economists, the weakness in the Québec economy should give way to an improvement
in the coming quarters. Besides foreign trade, which should further boost real GDP growth, the domestic economy should finally break
free of its period of weakness. In fact, the long awaited recovery in private investment should finally take place after three years of
decreases, but should be gradual. Public investment should recover as well, thanks to federal government infrastructure programs. On
the household front, retail sales showed little strength in 2015, and the confidence index remained below its historical average despite
improvements in the labour market. The reductions in federal income taxes for the middle class and the new Canada Child Benefit
should however have an upside effect on consumption in Québec and elsewhere in the country. The Fonds will certainly continue to
play a major role, particularly by contributing to creating and maintaining jobs in Québec and by working with Québec companies that
are looking and willing to expand abroad while generating economic spinoffs for Québec.
In conclusion, despite certain positive signs pointing to an economic recovery built on a stronger foundation that seem to be appearing
in several developed countries, especially the U.S., economic, financial and geopolitical issues still abound in the rest of the world,
particularly in the Europe and in emerging countries, which jeopardizes the achievement of greater stability on a global scale. This
situation is raising many economic uncertainties that should continue to impact the performance of many financial institutions, including
the Fonds.
5
MANAGEMENT DISCUSSION OF FINANCIAL PERFORMANCE
RESULTS OF OPERATIONS
RESULTS FOR THE FONDS
For the financial year ended May 31, 2016, the Fonds posted comprehensive income of $498 million, compared to $992 million for the
previous year. The return of the Fonds 1 was 4.6% for the year (1.0% for the first six-month period and 3.5% for the second six-month
period), compared to a return of 9.7% for the previous year (3.5% for the first six-month period and 6.0% for the second six-month
period). This decrease in return is mostly attributable to the weaker performance of the other investments portfolio as a result of less
favourable stock and financial market conditions during the financial year. The Fonds’ net assets amounted to $11.7 billion as at
May 31, 2016 compared to $11.1 billion as at May 31, 2015.
The return to the shareholder1 for the financial year ended May 31, 2016 was 4.4% (1.0% for the first six-month period and 3.4% for the
second six-month period), compared to a return of 9.8% for the previous year (3.5% for the first six-month period and 6.1% for the
second six-month period). The value of the Fonds’ shares increased by $1.47 compared to the value announced on July 6, 2015 and by
$1.14 compared to the value announced on January 5, 2016 to stand at $34.73 as at July 5, 2016.
As a result of its mission, a significant portion of the Fonds’ portfolio is comprised of private securities and specialized funds. In general,
the Fonds’ asset allocation tends to limit its return potential in a bull market, while it tends to limit its loss potential in a bear market.
RETURN OF THE FONDS AND RETURN TO THE SHAREHOLDER
Years ended May 31
2016
Other investments**
Income tax
Return of the Fonds (annual)
Return to the shareholder (annual)
*
**
2015
Assets under
management at
end of year*
$M
Weight
%
6,190
5,633
11,823
52.4
47.6
100.0
Return
%
8.8
3.0
6.0
0.2
(1.4)
(0.2)
4.6
4.4
Assets under
management at
end of year*
$M
Weight
%
5,692
5,487
11,179
50.9
49.1
100.0
Return
%
10.1
12.1
11.1
0.2
(1.4)
(0.2)
9.7
9.8
Assets under management at end of year refer to the fair value of the assets managed by the Investments and Other Investments sectors and used to generate
revenues presented in the Statement of Comprehensive Income at the end of the year. This amount differs from the amount of assets presented in the financial
statements, which includes, unlike assets under management, notes from the liquidity surpluses of regional and local funds and certain specialized funds, among other
things.
Other investments represent the remaining assets not invested in partner companies. Managed by the Other Investments sector, they consist of the following portfolios:
cash and money market, bonds, shares, international infrastructure funds and high-income securities. It should be noted that the phase-out of the absolute return
strategies portfolio was completed in April 2015.
SECTOR RESULTS
Investments sector
The assets managed by the Investments sector are essentially mission-driven development capital investments made by the Fonds in
public and private companies in the form of shares, units or loans. To stabilize its return, the Fonds favours a fair balance between
investments in the form of loans—that are usually unsecured and provide a current return through interest payments—, investments in
shares—that potentially generate a higher return but involve an increased level of volatility—, and investments in specialized fund
units—that allow the Fonds to better diversify its portfolio while bringing private and foreign capital inflows to Québec. Development
capital investments are governed by the Fonds’ Investment Policy, which is an important component of its Integrated Financial Assets
Management Policy.
1
The annual return of the Fonds is calculated by dividing net income (net loss) per share for the financial year by net assets per share at the beginning of the
financial year. The non-annualized return of the Fonds for a six-month period is calculated by dividing net income (net loss) per share for the six-month period by
net assets per share at the beginning of the six-month period. The annual return to the shareholder is calculated by taking into account the non-annualized
change in the value per share over the relevant year. The return to the shareholder for a six-month period is calculated by taking into account the nonannualized change in the value per share over the relevant period. The return of the Fonds (annual and for the six-month period) sometimes differs from the
return to the shareholder (annual and for the six-month period) because the return of the Fonds, unlike the return to the shareholder, does not take into account
other comprehensive income but takes into account share issues and redemptions made during the year, which have a dilutive or accretive effect on net income
(net loss) per share, as the case may be.
6
The Investments sector earned a gross return of 8.8% for the year, compared to the gross return of 10.1% generated for the prior year.
Taking into account this return and given the level of mission-driven investments made by the Fonds, the assets in this sector
represented $6.2 billion at the end of the year or 52.4% of assets under management as at May 31, 2016 (respectively, $5.7 billion and
50.9% as at May 31, 2015).
The performance of the Investments sector is influenced by various factors, particularly the behaviour of the financial markets as well as
the economic and business conditions in which our partner companies operate, and by the dynamic management of our investments.
The gross return of 8.8% of the Investments sector for this year is largely explained by the following:
• The return of 8.2% generated by our private securities and specialized funds portfolio during the year (compared to 11.1% for the
previous year). Overall, this performance is attributable to the general strength of the portfolio, which produced interest revenues,
dividends and distributions and, in addition, generated an increase in value during the year in a low economic growth environment in
Québec. The depreciation of the Canadian dollar over the last 12 months is a factor that contributed positively to this increase in
value, especially in the first six-month period;
• The return of 11.9% generated by our portfolio of listed securities, compared to the return of 5.3% earned in the prior year. The
performance for the year is explained in particular by the return on Québec small-cap securities.
Other Investments sector
The Other Investments sector manages the Fonds’ assets that are not invested in partner companies. Other investments consist of the
cash and money market, bonds, shares, international infrastructure funds and high-income securities portfolios. It should be noted that
the phase-out of the absolute return strategies portfolio was completed in April 2015. Other investments are managed in accordance
with the Other Investments Portfolio Policy, which is an integral part of the Integrated Financial Assets Management Policy. The Other
Investments Portfolio Policy is designed to optimize the risk-return profile of the Fonds, diversify the development capital investments
portfolio and ensure that the Fonds has a liquidity level that is sufficient to meet all its obligations.
For the year, the Other Investments sector earned a gross return of 3.0%, down from the gross return of 12.1% recorded for the prior
year. The assets of this sector represented $5.6 billion, or 47.6% of the Fonds’ assets under management as at May 31, 2016 (49.1%
as at May 31, 2015).
The evolution of bond interest rates (Canada bond rates and credit spreads) and exchange rates as well as the performance of the
stock markets are the determining factors in analyzing the performance of the Other Investments sector. Accordingly, the results
achieved by this sector are influenced by the behaviour of the financial markets and the conditions affecting the economic environment.
The gross return of 3.0 % of the Other Investments sector for the year is largely explained by the following:
• The 3.1% return on the shares and other securities 2 portfolios. This return is mostly explained by the weak stock market performance,
which was partly offset by the depreciation of the Canadian dollar. These portfolios had generated a return of 16.9% in the prior year,
when economic conditions were characterized by a good performance of the foreign stock markets, combined with the depreciation of
the Canadian dollar;
• The return of 3.0% on our fixed-income portfolio for the year, compared to the return of 7.2% for the prior year, which had benefited
from a greater decrease in Government of Canada securities interest rates that resulted in a higher increase in the value of bonds
held in the portfolio. The return earned for the financial year is explained in a large part by the interest income generated by the
portfolio.
RETURN BY ASSET CLASS
Years ended May 31
2016
Weight
%
Return
%
Assets under
management at
end of year
$M
5,236
954
44.3
8.1
8.2
11.9
2,786
2,847
11,823
23.5
24.1
100.0
3.0
3.1
6.0
Assets under
management at
end of year
$M
Private securities and specialized funds
Listed securities
Other investments
Fixed-income securities
Shares and other securities
2
2015
Weight
%
Return
%
4,762
930
42.6
8.3
11.1
5.3
2,687
2,800
11,179
24.0
25.1
100.0
7.2
16.9
11.1
Other securities are comprised of the following portfolios: international infrastructure funds and high-income securities.
7
TOTAL OPERATING EXPENSES
Total operating expenses consist mainly of expenses related to assets under management, shareholder services, subscription
activities, economic training, systems and controls, including their improvement, the process of investing in companies, personnel and
all other resources the Fonds requires to achieve its mission and meet its objectives. Although it is essential that the Fonds has
available resources to achieve its mission, it is also fundamental that it controls its expenses. On average, the Fonds was able to
maintain its total operating expense ratio at a lower level than the management expense ratio of Canadian balanced funds 3, which
stands at approximately 2.3% on an annual basis.
For the financial year ended May 31, 2016, the ratio of total operating expenses to average net assets attributable to security holders
of the Fonds, calculated using the method prescribed by the Regulation, was 1.4% (1.4% for the previous year). Total operating
expenses expressed in dollars amounted to $156 million for the financial year ended May 31, 2016, up $9 million compared to the
previous year. This increase results essentially from normal salary increases, higher employee benefit costs and expenses incurred in
relation with the implementation of the main strategic orientations of the Fonds (for more details, see the “Strategies” section on
page 10 of this MD&A).
ANALYSIS OF CASH FLOWS, BALANCE SHEET AND OFF-BALANCE SHEET ITEMS
Cash flows
Cash flows from operating activities of the Fonds were a net cash outflow of $94 million for the year, compared to a net cash
outflow of $15 million for the prior year. Changes in these cash flows mainly resulted from our current operations.
Cash flows from financing activities of the Fonds were a total amount of $93 million for the year, compared to a total amount of
$23 million for the prior year. These cash flows for the two years resulted from share issues amounting to $773 million 4 ($668 million
for the previous year) less share redemptions totalling $680 million 5 ($645 million for the previous year). Cash flows from investment
activities of the Fonds represented a net cash outflow of $4 million for the year, compared to a net cash outflow of $6 million for the
previous year.
As at May 31, 2016, the Fonds had lines of credit of $60 million available for its working capital requirements ($80 million as at May 31,
2015). These lines of credit were not used during the years ended May 31, 2016 and 2015, and their outstanding balance was nil as at
May 31, 2016 and 2015.
Balance sheet and off-balance sheet items
Balance sheet development capital investments increased from $6.1 billion as at May 31, 2015 to $6.6 billion as at May 31, 2016. This
$459 million increase mainly resulted from the increase in value of development capital investments during the year and net disbursed
investments of $101 million (disbursed investments of $664 million less disinvestments of $563 million).
On a commitment basis, the Fonds made development capital investments of $686 million during the year, compared to $640 million for
the prior year. Funds committed but not disbursed amounted to $1.0 billion as at May 31, 2016 ($1.0 billion as at May 31, 2015).
In addition, balance sheet other investments increased by $190 million during the year to $5.6 billion as at May 31, 2016 ($5.4 billion
as at May 31, 2015). This increase is mainly attributable to net subscriptions (share issues less redemptions) and revenues generated
by the other investments portfolio.
The Fonds may use derivative financial instruments in particular to facilitate the management of portfolios, increase its revenues,
safeguard the value of its assets and manage its market risks.
3
4
5
Source: Bloomberg (based on a sample of 183 Canadian retail balanced funds).
This amount is presented on a cash basis and therefore includes the net change in share subscriptions between May 31, 2015 and May 31, 2016.
This amount is presented on a cash basis and therefore included the change in amounts payable between May 31, 2015 and May 31, 2016.
8
MISSION OF THE FONDS, OBJECTIVES AND STRATEGIES
MISSION AND OBJECTIVES
The Fonds is a union-based development capital investment fund that was born out of the Fédération des travailleurs et travailleuses du
Québec. Created in 1983 under the Act to Establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.), the Fonds endeavours
to collect the savings of FTQ members and Québec residents who want to participate in creating and maintaining jobs, in order to
improve the situation of workers and to stimulate the Québec economy. The Fonds’ mission also includes raising awareness and
encouraging workers to save for retirement as well as providing them economic training.
The Fonds’ mission is supported by both levels of government since shares of the Fonds qualify for RRSPs and give rise to both
Québec and federal tax credits.
The business model the Fonds uses to achieve its mission can be illustrated as follows:
When shareholders buy shares of the Fonds, an entire process is set into motion. A portion of the money collected from shareholders
(in consideration of which the Fonds issues them shares) is first invested by the Fonds, pursuant to its mission, in shares, units or loans
in private and public companies in Québec, or in companies that generate economic spinoffs in Québec. The investments made by the
Fonds in compliance with its mission represent the development capital investments portfolio, and the companies in which the Fonds
invests become partner companies of the Fonds. Pursuant to the Fonds’ Incorporation Act, this portion invested in partner companies
must comply with the investment rule 6. To ensure sound diversification of its financial assets, the other portion of the money collected
but not invested in Fonds partner companies is invested in other financial instruments in a way that allows the Fonds to meet its liquidity
needs, to produce current revenue sufficient to cover expenses and to contribute to the generation of a reasonable return to the
shareholders. All of these other financial investments represent the other investments portfolio. The Fonds’ interests in partner
companies are qualified as patient capital as they are intended to be held over an investment horizon generally ranging from 5 to 7
years, depending on the financial instrument used. The sums raised when an interest held by the Fonds is sold or bought back
(disinvestment) are reinvested in other companies or used to reimburse shareholders who request a share redemption, in accordance
with our retirement or early retirement criteria. On average, shareholders request a redemption approximately 10 years after their first
share purchase. During this 10-year average period, given the Fonds’ investment horizon, the shareholders’ money would therefore
have been invested in development capital more than 1.5 times.
6
For more on this, please see the “Investment rule” section of this MD&A.
9
REINSTATEMENT OF THE FEDERAL TAX CREDIT
In the budget tabled on March 21, 2013, the Government of Canada had announced its intention to phase out through 2017 the 15%
tax credit it grants to labour-sponsored fund shareholders. As a result of this announcement by the Conservative government, over
110,000 Quebecers wrote to the Minister of Finance or signed a petition calling on him to rescind his decision. Joining them were over
200 entrepreneurs and organization representatives who publicly recognized the Fonds’ significant contribution to the Québec
economy, as well as all the parties represented in the Québec National Assembly. In the budget tabled on March 22, 2016, the Trudeau
government delivered on its platform commitment by announcing the full reinstatement of the 15% federal tax credit for contributions to
labour-sponsored funds starting with the 2016 tax year.
The full reinstatement of the federal tax credit is great news for Québec savers, workers and businesses. This measure will make it
possible for the middle class to better prepare for retirement, and for the Fonds to play fully its role in favouring economic growth and
job creation.
It should be noted that the tax credit granted to shareholders by the Government of Québec is still 15%. Total tax credits will therefore
be 30% for the 2016 and following tax years.
STRATEGIES
The strategic review that the Fonds began during the 2014-2015 financial year reached an important milestone during the 2015-2016
financial year, namely the approval by the Board of its main strategic orientations. The purpose of this strategic review was to ensure
that, in the medium term, the Fonds continues increasing its socio-economic impact and optimizing its current activities and, in the long
term, to adapt its business model.
Shareholder Services
For the strategic orientations of the Shareholder Services sector, the Fonds identified two areas of intervention:
•
•
Support to savers
The Voluntary Retirement Savings Plan (“VRSP”)
Support to savers
Resulting from the strategic review, this support orientation involves enhancing the Fonds’ offering to its shareholders and Québec
savers by taking into account their life cycle and enabling them to connect with the Fonds through the communication channel of their
choice. Priority will therefore be given to the digital vision to support the Fonds’ offering and the development of a more precise
knowledge of Quebecers’ savings needs and preferences to better meet them.
Voluntary Retirement Savings Program (“VRSP”)
As of December 31, 2016, all employers with 20 or more employees in Québec will be subject to the Act respecting voluntary retirement
savings plans. Considered an alternative to the VRSP, systematic savings through payroll deduction represents an opportunity for the
Fonds to offer its savings product to these employers. 2016 will therefore be a pivotal year in terms of retaining and acquiring employers
offering their employees systematic savings through payroll deduction.
To seize this opportunity, the Fonds’ first step was to conduct several communications activities to retain and protect its current base of
over 6,000 employers. All the Fonds’ teams dealing with employers are currently involved in an action plan aimed at acquiring new
employers in order to enable them to offer their employees this VRSP alternative.
For the strategic orientations of the Investments sector, the Fonds identified four areas of intervention, which are intended to better
support the Québec economy and companies:
•
•
•
•
Sectors of excellence in the Québec economy
Innovation
Socio-economic real estate infrastructure
Public company continuity initiative to support Québec flagships
10
Sectors of excellence in the Québec economy
The Fonds has developed extensive expertise in 25 sectors of economic activity across Québec, and it will continue to support these
sectors. That said, the Québec economy also needs targeted intervention in certain sectors of excellence. The Fonds will therefore put
more efforts into supporting four sectors of excellence:
•
•
•
•
Aerospace
Agrifood
Forest products
Life sciences
Alone, these sectors represent close to 600,000 jobs and generate over $38 billion in economic activity. They also account for 36% of
Québec’s exports.
Innovation
The Fonds has partnered with Québec-based organizations (the CRIQ and Manufacturiers et Exportateurs du Québec) to identify,
alongside entrepreneurs, specific ways to drive innovation in their businesses and to provide financing to increase their competitiveness
and productivity.
In addition, the Fonds will implement an indicator to measure innovation in companies in its current portfolio. This indicator will allow us
to monitor the evolution of our partner companies in terms of innovation and offer them solutions that are even more adapted to their
needs.
Socio-economic real estate infrastructure
Developing socio-economic real estate infrastructure is a major issue for Québec.
For 25 years, through its real estate fund, the Fonds has developed recognized expertise in developing real estate projects. The
Fonds is therefore looking to deploy an additional $400 million to finance small- and medium-sized real estate infrastructures such as
schools, student residences, libraries and sports complexes. Projects will be developed in partnership with cities, school boards and
governments using an innovative business model.
Investments will be made by the real estate fund and a local private developer, who will jointly own the assets. Unlike public-private
partnerships, cities or school boards will lease the buildings, and their employees will be responsible for daily maintenance. The leases
will extend over a 30- to 35-year period. At the end of the lease, the Fonds and its partners will continue to own the buildings and, if
required, will assume the risks related to redeveloping them.
Public company continuity initiative to support Québec’s flagships
The presence of headquarters in Québec is a barometer of wealth and quality jobs. This is a major issue for the Québec economy, and
the Fonds has been concerned about it for a long time.
Because of its mission, the Fonds is a natural player for taking part in supporting Québec’s economic flagships. Therefore, the Fonds
will invest up to an additional $500 million to buy blocks of shares of publicly-traded Québec businesses.
The Fonds has no illusion that this strategy will enable it to prevent a takeover bid or block a transaction on its own, but it wants to send
a signal to call local capital to action and increase the ownership of shares in Québec businesses by Québec interests.
Social audit and economic training
One of the strategic orientations concerns the social audit. Since its creation, the Fonds has stood apart from other institutional
investors in that it conducts social audits of the companies in which it invests and provides economic training adapted to the needs of
the employees of those companies. As a result of the strategic review, the Fonds plans to enhance this distinctive aspect of its
approach by developing new training for partner companies based on a social audit enriched with organizational health elements.
During the next year, the Fonds will continue to further develop these two distinctive aspects.
11
REPORT ON OPERATIONS
The Shareholder Services sector
The 2015-2016 financial year was marked by the return of a campaign with no limit on the number of shares the Fonds can issue and
the March 22, 2016 announcement of the full reinstatement of the federal tax credit for the 2016 tax year. This allowed the Fonds to
raise a total of $774 million in subscriptions and welcome 30,000 new shareholders, half of whom are young savers aged 39 or
younger.
In winter 2016, our traditional “enrolment” and “retention” advertising phases were placed in the media. They allowed us to raise interest
in subscribing shares of the Fonds during the RRSP period and to showcase the simplicity and effectiveness of systematic savings.
Our local representatives (LRs) played a critical role in the last campaign. More than 3,100 workplace blitzes were organized. The LRs’
personalized approach and proximity to shareholders paid off: over 26,000 shareholders signed up for payroll deduction in 2015-2016.
The total number of shareholders was 618,551 as at May 31, 2016. The volume of redemptions amounted to $678 million for the
financial year ended May 31, 2016.
The annual volume of subscriptions through systematic savings, which continues to represent the largest proportion of Fonds’
subscriptions, was $421 million. Online transactions also continued to rise: 11,721 new shareholders were enrolled through the Fonds’
website, and total lump-sum subscriptions of close to $195 million were collected through various virtual channels, including 15.6%
through mobile channels.
During the financial year ended May 31, 2016, the employees of the Fondation de la formation économique provided 350 training
activities to over 7,800 participants from various environments, including employees of partner companies and the Fonds’ network and
our LRs.
SÉCURIFONDS, a financial services firm and subsidiary of the Fonds, continues to be successful. Its mission involves supporting our
shareholders as they prepare for retirement. There are over 5,000 savers who rely on SÉCURIFONDS, which now has assets under
management amounting to $147 million.
The Investments sector
In keeping with its mission, the Fonds invests in companies in all sectors of the economy. As such, on a commitment basis, the Fonds
invested $686 million during the year to contribute to the development of these companies and to support creating, maintaining and
saving quality jobs across Québec.
The Fonds has developed expertise in all sectors of economic activity in Québec, and it supports all of them. The Fonds believes that the
Québec economy also needs targeted intervention to consolidate certain sectors of excellence. The Fonds, as part of the strategic
planning review conducted during the year, therefore decided to put more efforts in the coming years into supporting four critical sectors:
aerospace, agrifood, forest products and life sciences.
The Fonds has already made several investments in these sectors. For example, in the agrifood sector, the Fonds recently announced an
investment of $5.0 million to support an expansion project at Serres Lefort inc., a company in Montérégie that grows organic vegetables
for the North American market. This investment is part of a $27 million project that is expected to create 60 jobs and will nearly double the
square footage of the company’s greenhouses, making it the largest single-site greenhouse complex in Québec.
The Fonds also invests in supporting the growth of Québec flagships in the manufacturing sector. In that context, the Fonds granted a
$50.0 million unsecured loan to St-Georges-based Groupe Canam inc., a North American leader in the construction services and
products sector that is growing in both domestic and international markets. Groupe Canam inc. is involved in major projects including the
approaches to the new Champlain bridge in Montréal, the Atlanta Falcons’ new stadium and the retractable roof of New York’s Arthur
Ashe Stadium.
The Fonds also supports companies seeking to innovate to improve their productivity. During the year, the Fonds invested $20.0 million in
Pelican International inc., a Laval-based company that is the worldwide leader in plastic boat manufacturing, whose products are sold in
over 53 countries. The Fonds’ investments allowed Pelican to open a second plant in Québec and to purchase cutting-edge equipment to
increase its production and benefit from the growth in the water sports market.
Technology companies also innovate, which is why the Fonds invested $7.1 million to support Orckestra inc., a technology company that
developed a commerce solution that helps retailers, grocers and branded manufacturers deliver innovative shopping experiences online
and in-store. Orckestra, a leader in the e-commerce solutions market, has major brands as part of its customers. The Fonds’ investment
will allow Orckestra to continue its North American expansion and grow its European presence.
12
The Fonds also invests in venture capital funds that support innovative technology companies. During the year, the Fonds invested
$10.0 million in XPNDCROISSANCE. This fund, which focuses on innovation in urban transportation, contributed to the first phases of the
deployment of Téo Taxi inc. It also supports Lion Bus inc. in the commercialization of a fully-electric school bus.
During their financial year ended March 31, 2016, the Fonds régionaux de solidarité FTQ invested a total of $75 million on a commitment
basis. This is a significant increase over the $48 million invested in the previous year. In total, 103 investments were made, including 61 in
new companies.
During their financial year ended December 31, 2015, the Fonds locaux de solidarité invested a total of $5.9 million. In total,
237 investments were made, including 192 in new companies.
During its financial year ended December 31, 2015, the Fonds immobilier de solidarité FTQ authorized record investments totalling
$157 million for the development of 30 real estate projects. It invested in 10 new residential rental projects totalling 1,206 housing units
and in 6 new condo projects, including the Tour des Canadiens 2 that, bolstered by the success of the first tower, is attracting similar
interest. As at December 31, 2015, its portfolio included 41 buildings under management, 18 million square feet of land and 37 projects in
development or under construction in the residential, commercial, office and industrial sectors all across Québec. These projects will
create some 16,300 jobs over the next ten years. In addition, to contribute to the well-being of low- or modest-income households, the
Fonds immobilier de solidarité FTQ has investments of $59 million in social, community and affordable housing projects that, over the
years, made it possible to build or renovate 2,263 quality housing units.
Policy for investment outside Québec 7
Over the years, the Fonds made investments pursuant to the Policy for Investment Outside Québec that have had significant economic
spinoffs for Québec. During the last financial year, the Fonds invested $15 million under this policy ($48 million in the previous year).
This $15 million investment was made in a private fund outside Québec, namely Genesys Ventures III LP, an Ontario-based fund
specialized in life sciences designed to invest in biopharmaceutical, medical technologies and diagnostic companies that are active
mainly in the early development stages.
The Fonds’ investment network
Since its inception in 1983, the Fonds has built a solid investment network that provides entrepreneurs who follow their ambitions with
patient capital based on their needs. A veritable business, ideas, talent and knowledge hub, this network offers the Fonds' partner
companies the opportunity to share their concerns with other SMEs, learn from past experiences and forge new business ties. The Fonds’
investment network, which covers all of Québec, revolves around five levels of investment:
•
The Fonds generally offers $2 million and up for large companies. The Fonds is involved in the financing of mergers, acquisitions,
expansions, development of a new market or buy-backs, among others.
•
The Fonds régionaux de solidarité FTQ generally offer capital ranging from $100,000 to $3 million to meet the needs of businesses in
their region.
•
The Fonds locaux de solidarité, created by the Fonds and the Québec Federation of Municipalities, generally offer $5,000 to $100,000 to
small businesses.
•
The Fonds immobilier de solidarité FTQ specializes in real estate investment and development. Its main objective is to create and save
jobs through the construction or major renovation of office buildings and commercial, industrial, institutional and residential properties.
•
The other specialized funds form an investment network in Québec and abroad that invests in assorted industries. The Fonds’
commitment to this network continued in 2015-2016, with the ongoing goal to facilitate Québec SMEs’ access to capital in all their stages
of development.
Québec entrepreneurs have access to the entire Fonds investment network through its website: www.fondsftq.com. In addition to
searching for our financing projects and for members of our teams of experts, this one-stop shop for investment provides details on the
Fonds, the regional funds, the local funds and the real estate fund.
7
Since 1998, the Fonds has been authorized by the Minister of Finance of Québec to invest outside Québec provided certain clearly defined conditions are met,
notably with regards to economic spinoffs in Québec. The main groups of eligible investments are private funds outside Québec, companies impacting the
Québec economy and large-scale investment projects (financing for expansion, modernization, productivity improvement).
13
The following graph shows the breakdown of the Fonds’ investments based on its various network components:
INTEGRATED MANAGEMENT OF THE FONDS’ ASSETS
The Fonds implemented the Integrated Financial Assets Management Policy, which applies to all the Fonds’ financial assets. The
objective of this policy is to manage the financial assets in an integrated and comprehensive way to ensure sound diversification and an
optimal risk-return profile while complying with the mission of the Fonds and meeting the expectations of its stakeholders. The
Integrated Financial Assets Management Policy is complemented by the Investment Policy for the development capital investments
managed by the Investments sector and the Other Investments Portfolio Policy for the assets managed by the Other Investments
sector. The assets in the other investments portfolio are allocated in a way that is complementary to the portfolio of mission-driven
investments made in partner companies in order to allow the Fonds to obtain, overall, the desired risk-return profile.
The Integrated Financial Assets Management Policy takes into account actual and expected changes in the Fonds’ business,
particularly the expected increase in redemptions due to aging shareholders and the increase in the size of the portfolio of mission
driven development capital investments, notably as a result of the increase in the investment rule threshold by 2020 (see the
“Investment rule” section on page 16 for more details). In fact, the weight of investments disbursed by the Fonds, which was 52% as at
May 31, 2016 (51% as at May 31, 2015), should gradually increase.
As mentioned previously, the strategic review the Fonds began in the 2014-2015 financial year reached an important milestone in the
2015-2016 financial year, namely the approval by the Board of the main strategic orientations for the Investments sector. This review
was conducted within the risk management framework implemented in the Investments sector several years ago, that has helped
enhance the quality of the portfolio and stabilize the return.
To enable risk diversification, the Fonds will continue to allocate its development capital investment portfolio across various economic
sectors, including the real estate sector through the Fonds immobilier de solidarité FTQ. To bring into action its regional and local
commitment, the Fonds will continue to invest in all regions of Québec through the Fonds régionaux de solidarité FTQ and the Fonds
locaux de solidarité.
The Investments sector’s activities, which support the Fonds’ achievement of its mission regarding development capital investments in
the Québec economy, are integrated in the global perspective defined by the Integrated Financial Assets Management Policy, which
includes the Investment Policy, and vary, among other things, depending on fluctuations of the investment rule which the Fonds must
follow pursuant to its Incorporation Act (for more on this, see the “Investment rule” section hereinafter).
Generally, the Fonds holds a minority interest in the companies in which it invests. Over the years, this approach to investing has
enabled the Fonds to develop extensive knowledge of the various sectors in which it invests, and its partner companies highly value the
expertise this has allowed it to develop.
14
Multidisciplinary teams support our investment specialists with their expertise: legal, tax, business valuation, market study, due
diligence, labour relations and public market departments. A due diligence committee reviews all files submitted to governing bodies to
identify the associated risks, taking into consideration the Fonds’ mission. In addition, to deal with more difficult situations, the VicePresident, Due Diligence and Administration, together with the Vice-President, Legal Affairs, very closely monitor investments that entail
greater risk.
To fulfill its Québec economic development and job creation mission, the Fonds invests significantly in the form of unsecured risk capital
(development capital) in partner companies. To have an accurate idea of the Fonds’ efforts in Québec’s economic development, we
must go beyond the image given by the portfolio as at a particular date and look at amounts invested in the form of unsecured risk
capital (development capital) over a certain period.
As the following graph illustrates, during the financial years 2007 to 2016, i.e. a 10-year period, the Fonds has committed $5.9 billion of
unsecured risk capital (development capital) to partner companies. Of this amount, $2.0 billion has been invested in venture capital 8
either directly in private companies ($1.1 billion) or indirectly in private funds ($0.9 billion) in Québec and Canada. The investments
made by the Fonds in private funds had a structuring effect on the Québec venture capital industry and allowed these private funds to
raise several additional billions of dollars.
8
Venture capital comprises high-risk investments made directly or indirectly by the Fonds in companies in the start-up or early development stage, particularly in
the new economy sector.
15
Other investments
In managing the balance of assets not invested in partner companies (presented under “Other Investments” in the financial statements),
the Other Investments sector is governed by the Other Investments Portfolio Policy, which forms an integral part of the Integrated
Financial Assets Management Policy. The objective of the Other Investments Portfolio Policy is to optimize the Fonds’ risk-return profile,
diversify development capital investments and provide the liquidity necessary for the Fonds’ to meet all its obligations.
The other investments portfolio consists of the cash and money market, bonds, shares, international infrastructure funds and highincome securities portfolios. The assets of the other investments portfolio are managed internally by a team of specialists and externally
by specialized managers. The internal team of specialists manages the cash and money market portfolio, a portion of the bonds
portfolio and the high-income portfolio. The portfolios that are managed internally represented $2.2 billion as at May 31, 2016, or 39% of
the total amount of other investments (38% as at May 31, 2015). To improve the overall performance of these portfolios, the Fonds’
specialists have some latitude in implementing tactical strategies on the market; these transactions must comply with the Other
Investments Portfolio Policy and the guidelines authorized by the Financial Assets Management Committee.
The Fonds retains the services of external specialized managers to manage the majority of shares and to actively manage a portion of
the bonds portfolio. An active approach is adopted by the external managers for Canadian shares, while a passive approach, including
the replication of alternative beta indexes, is preferred for managing the global shares. International infrastructure funds are also
managed externally.
In addition, derivative financial instruments may be used to facilitate the management of the other investments portfolio, increase the
Fonds’ revenues and manage its market risks. The internal investment manager is also authorized to manage overlay management
tactical allocation and market opportunities portfolios in accordance with predetermined risk budgets that have been approved by the
appropriate governing bodies.
INVESTMENT RULE
The investment rule, set out in the Fonds’ Incorporation Act, stipulates that the Fonds’ qualified development capital investments must
respect the minimum threshold of the investment rule at the end of each financial year. As at May 31, 2016, this minimum threshold was
61% of the Fonds’ average net assets of the previous financial year. The Fonds may invest the remaining assets in other financial
vehicles for asset diversification and sound management purposes. The calculation method for the investment rule is based on the
value of the Fonds’ assets, which depends in part on interest rate fluctuations and on the performance of stock markets and the
economy in general. It should be noted that in the Québec budget tabled on March 26, 2015, it was announced that the investment rule
threshold would be gradually raised (by 1% per year starting in 2016) to 65% in 2020.
If the Fonds does not meet the investment rule minimum threshold, the share issues giving rise to labour-sponsored fund tax credits for
the following financial year are limited to a prescribed percentage of the total value of the shares issued during the previous financial
year, except for shares acquired through payroll deduction or by employer contributions set out in agreements concluded before the end
of the prior year.
As at May 31, 2016, the value of the average qualified investments 9 amounted to $6.9 billion or 65.4% of the average net assets of the
previous financial year (compared to 65.1% as at May 31, 2015). Since the minimum threshold of the investment rule was reached as at
May 31, 2016, the amount of share issues giving rise to labour-sponsored fund tax credits for the 2016-2017 financial year will not be
limited by the investment rule.
As at May 31, 2016, in addition to the investment rule, the Fonds was in compliance with all other limits and rules set out in its
Incorporation Act. The Fonds expects to comply with all the limits and rules set out in its Incorporation Act over the next several years.
RECENT DEVELOPMENTS
The recent developments that have a significant impact on the Fonds include the following:
•
•
•
•
9
the full reinstatement of the federal tax credit (see the “Reinstatement of the federal tax credit” section on page 10 of this MD&A);
the approval by the Board of Directors of the main strategic orientations for the Investments and Shareholder Services sectors (see
the “Strategy” section on page 10 of this MD&A);
the Québec budget tabled in March 2016, which supported the deployment of the main strategic orientations for the Investments
sector;
the Fondation de la formation économique ceased its operations as an entity as at May 31, 2016. However, since that date, the
training activities it was offering have been provided directly by the Shareholder Services sector.
These investments include funds committed but not disbursed as well as guarantees and suretyships.
16
PAST PERFORMANCE
This section presents the past performance of the Fonds. The past performance of the Fonds does not necessarily indicate how it will
perform in the future.
YEAR-BY-YEAR RETURNS OF THE FONDS
The following chart shows the annual return of the Fonds and illustrates how such return has changed from year to year for the last ten
financial years.
The annual return of the Fonds is calculated by dividing net income (net loss) per share for the financial year by net assets per share at
the beginning of the financial year. Such return sometimes differs from the annual compound return to the shareholder because the
annual return of the Fonds does not take into account other comprehensive income but takes into account share issues and redemptions
made during the year, which have a dilutive or accretive effect on net income (net loss) per share, as the case may be.
ANNUAL COMPOUND RETURNS TO THE SHAREHOLDER
At the current value of $34.73 per share, a shareholder who has invested at the beginning of each of the periods indicated below earns
the following annual compound returns:
The annual compound return to the shareholder is calculated by taking into account the annualized change in the value per share over the
periods indicated. This return sometimes differs from the annual return of the Fonds since it takes into account other comprehensive income
but does not take into account the dilutive or accretive effect of share issues and redemptions made during the year.
Since the inception of the Fonds, the annual compound return to the shareholder has been 4.0%.
ANNUAL COMPOUND RETURNS TO THE SHAREHOLDER (INCLUDING TAX CREDITS)
A shareholder who would have invested an equal amount each year through payroll deduction would have earned, at the current value
of $34.73 per share and including the Québec and federal labour-sponsored fund tax credits (15% at the Québec level and 15% at the
federal level, except for the 2015 tax year, for which it was 10% at the federal level), an annual compound return of 17.0% and 12.3%
for a 7-year and 10-year period, respectively. In addition to this return, the shareholder can receive additional tax benefits if he transfers
his Fonds shares to an RRSP.
17
SUMMARY OF INVESTMENT PORTFOLIO
As at May 31, 2016, the Fonds’ assets under management were broken down between the following categories of the development
capital investments and other investments portfolios:
Asset classes
% of net assets
Private securities
Specialized funds
Listed securities
33.1
11.5
8.1
52.7
Other investments
Cash and money market
Bonds
Shares
High-dividend shares 10
International infrastructure funds
2.4
21.3
23.6
0.2
0.4
47.9
The following table presents the issuers of the top 25 positions held by the Fonds as at May 31, 2016, of which 20 are part of the
development capital investments portfolio and 5 are part of the other investments portfolio. When the Fonds holds more than one class
of securities of an issuer in the development capital investments portfolio, those classes are aggregated. However, with respect to the
other investments portfolio, debt and equity securities of an issuer are not aggregated.
Issuers
% of net assets
(20 issuers)*
Other investments
(5 issuers)**
* The 20 issuers representing, as a group, 34.3% of the Fonds’ net
assets are (in alphabetical order):
Agropur Dairy Cooperative
Camso inc.
Cogeco Communications inc.
Corporation Financière L'Excellence ltée
Entreprises québécoises publiques 11
FinTaxi, s.e.c.
Fonds immobilier de solidarité FTQ inc.11
Fonds immobilier de solidarité FTQ II, s.e.c.11
Fonds régionaux de solidarité FTQ, s.e.c.11
Gestion TFI inc.
La Coop fédérée
Metro inc.
Société de gestion d'actifs forestiers Solifor, société en commandite11
Société en commandite, Groupe CH
SSQ Financial Group 12
Teralys Capital Fonds de Fonds, s.e.c.11
TMX Group Limited
Transcontinental inc.
Trencap s.e.c.
VC, société en commandite
34.3
11.1
45.4
**
The 5 issuers representing, as a group, 11.1% of the Fonds’ net assets
are:
Province of Ontario
4.2%
Province of Québec
3.0%
Government of Canada
1.7%
Financement-Québec
1.2%
Canada Housing Trust No 1
1.0%
This summary of investment portfolio may change due to the transactions of the Fonds.
10
11
12
High-dividend shares are included in the high-income securities portfolio.
Despite their relatively important weight in the overall portfolio of the Fonds, these issuers do not constitute a significant concentration risk given the large
number of investees.
Includes all the Fonds’ investments in SSQ, Life Insurance Company inc. and SSQ, Mutual Holding inc.
18
TRENDS AND OUTLOOK
TRENDS IN THE VENTURE CAPITAL INDUSTRY 13
Investment activity in the Québec venture capital market rose considerably in 2015, according to the latest data gathered by the Canadian
Venture Capital and Private Equity Association. Investments by venture capital funds totalled $693 million in 2015, up 102% over the previous
year. The number of transactions was up 51% from 2014 to 2015, reaching 168. The information technology and communications sector saw
the most transactions carried out (85 transactions totalling $379 million), followed by the life sciences sector (30 transactions totalling
$221 million).
The upward trend in venture capital investments was also observed for Canada as a whole, where it advanced 12% between 2014 and 2015,
from $2.0 billion to $2.3 billion. In 2015, Québec’s share of the venture capital market was 31%, behind Ontario, which held 42%. Taking
Canada as a whole, the information technology and communications and life sciences sectors, like in Québec, ranked first and second,
respectively, in terms of venture capital investments.
According to the Canadian Venture Capital and Private Equity Association, in 2015, the Fonds was the second most active investor in
Québec, participating in 29 transactions totalling $174 million, and was the most active investor in Canada in the pension fund, retail,
institutional and other category.
For the country as a whole, venture capital activity doubled between the first quarter of 2015 and the first quarter of 2016, with investments
increasing from $419 million to $838 million, which confirms the upward trend in Canada. However, Québec is not following the same trend,
as venture capital investments decreased from $61 million in the first quarter of 2015 to $54 million in the first quarter of 2016. However,
based on last year’s results, the rest of the year could be much more active in terms of investments in Québec.
TRENDS IN THE SAVINGS MARKET AND RRSP
In Canada, the Liberal government taking office last fall made way for adopting measures to lighten the tax burden on middle-class
families, the goal being to ultimately allow Canadian citizens to better take charge of their personal savings in order to maintain, to the
extent possible, the same lifestyle in retirement.
These measures are most welcome, as in recent years, mainly due to low interest rates, the savings rate remained low (in 2014 it was
4.0% in Québec and 4.2% in Canada, on average). In addition, during the same period, the ratio of Canadian household debt to
disposable income continued to climb, reaching an average of 164.3% in 2014 (146.0% in Québec).
These results seem to have an impact on the number of retirement savings plans held in Québec. In fact, according to an annual survey
conducted by SOM, the RRSP holding rate by Quebecers was only 51% in 2015 (50% in 2014). The same survey showed that the TFSA
holding rate in Québec was 40% in 2015 (38% in 2014).
In this context, it is clear that raising awareness and encouraging Quebecers to save, which are integral parts of the Fonds’ mission, remain
at the centre of its priorities, specifically as regards young people. For the 2016-2017 financial year, everything suggests that the Fonds will
again be an advantageous choice for any person wishing to contribute to an RRSP. In fact, the full reinstatement of the federal tax credit
in 2016, the competitive return of its shares and the mobilization of its LR network will allow the Fonds to market a distinctive and very
attractive offering.
FONDS OUTLOOK 14
Based on current financial and economic outlooks, and given our mission and investment strategies, we are anticipating an average
annual return, net of fees, of 2.5% to 3% on a long-term horizon. This return does not take into account the tax credits granted to
shareholders upon purchasing shares of the Fonds and is subject to volatility on a six-month and annual basis.
13
The information presented in this section only concerns the venture capital category and is therefore not representative of the Fonds’ overall development capital
investments. They have been compiled by the Canadian Venture Capital and Private Equity Association since 2016, which explains the differences with previous
years, when the results were compiled by Thomson Reuters. In addition, most of the information presented in this section covers the 2015 calendar year, which
is different than the Fonds’ financial year.
14
The outlook presented in this MD&A reflects the Fonds’ expectations with respect to future events, based on information available to the Fonds as at June 23,
2016, and presupposes certain risks, uncertainties and assumptions. Many factors, several of which are beyond our control, may cause the Fonds’ actual
results, performance, or achievements to differ materially from explicit or implicit expected future results, performance, or achievements.
19
While the Fonds is confident it will reach its return objective over a long period, the annual return depends on current economic
conditions and the ups and downs of the stock and financial markets. Therefore, the Fonds’ return over the 2016-2017 year will be
influenced by stock market returns. The return for private securities is also linked to the general performance of the economy and may
be lower than their historic average returns, particularly because of an increase in the cost of credit, adverse impact of economic
conditions, the volatility of the Canadian dollar compared to the U.S. dollar and the effects of foreign competition. As mentioned
previously, the implementation of the Fonds’ main strategic orientations will enable, in the medium term, to continue increasing its socioeconomic impact and optimizing its current activities and, in the long term, to adapt is business model; this could increase the ratio of
total operating expenses to average net assets for the 2016-2017 financial year compared to the ratio for the 2015-2016 financial year.
Net subscriptions (share issues less redemptions) should be similar to those for the 2015-2016 financial year, in light of the full
reinstatement of the federal tax credit. During the 2016-2017 financial year, the volume of the Fonds’ investments could exceed the
volume recorded during the 2015-2016 financial year.
RISK MANAGEMENT
Sound risk management practices are vital to the success of the Fonds. We manage our risks within a framework taking into account
the nature of our activities and the risks we can reasonably assume considering the desired risk-return profile and stakeholder
expectations. To that end, we capitalize on a structured process to identify, measure and control the significant risks with which we must
contend.
Note to readers: The following paragraphs and the sections on market risk, credit and counterparty risk, concentration risk and liquidity
risk form an integral part of the financial statements on which an unmodified opinion was expressed in an independent auditors’ report
dated June 23, 2016.
The Fonds manages all its financial instruments in an integrated, comprehensive manner in accordance with the standards set out in
the Integrated Financial Assets Management Policy. The Integrated Financial Assets Management Policy is complemented by the
Investment Policy for the development capital investments managed by the Investments sector and by the Other Investments Portfolio
Policy for the assets managed by the Other Investments sector. All these policies fall under the umbrella of the Integrated Risk
Management Policy. These policies, which were adopted by the Board of Directors, set goals, guidelines and several limits so that the
Fonds’ management can ensure that the target risk-return profile is reached. In addition, the Fonds may use derivative financial
instruments in particular to facilitate the management of portfolios, increase its revenues, safeguard the value of its assets and manage
its market risks.
During the year ended May 31, 2016, the Fonds continued to implement its integrated risk management framework. This process, which
was undertaken a few years ago, is essentially aimed at providing the Fonds’ management with an overall vision of all risks to ensure
that they are managed in accordance with their degree of importance. The Fonds’ integrated risk profile was updated, which allowed
prioritizing the key financial and non-financial risks to which the Fonds is exposed, before and after considering the effectiveness of the
controls implemented to mitigate the Fonds’ exposure to these risks. Following the update of the integrated risk profile, a mitigation
strategy was developed for some of these risks, and action plans will be set up and deployed. In addition, the Fonds produces on a
quarterly basis a risk scorecard. This scorecard, which is integrated into its corporate scorecard, enables management to monitor the
evolution of risks with respect to its business objectives and strategies.
The integrated risk management approach was also designed to improve risk governance, monitoring and reporting. To that end, the
Board of Directors of the Fonds updated, in September 2013, the Integrated Risk Management Policy it adopted in May 2012, which
sets out the Fonds’ requirements in that regard while specifying the responsibilities of the main stakeholders involved.
As the Fonds chose to manage its risks using the principle of subsidiarity, the Fonds’ business sectors continued to review their
procedures and processes to integrate the management of the risks identified in the Integrated Risk Management Policy into the
management of their operations. The review of processes has already been completed in the Other Investments, Investments,
Shareholder Services and Information Technologies sectors and will continue in the upcoming months in other business sectors or
components of the Fonds’ network.
In the normal course of business, the Fonds is exposed to various risks; the principal ones are presented thereafter.
20
MARKET RISK
Market risk is the risk of a financial loss arising from a change in the fair value of financial instruments as a result of their exposure to
financial markets. More specifically, this risk varies with the financial markets’ conditions and certain parameters of these markets, such
as volatility, which may lower the value of the Fonds’ financial assets and thus have a negative impact on its balance sheet and results.
Difficult economic or financial conditions may thus have a negative impact on the value of the Fonds’ shares.
In selecting its integrated and overall financial asset allocation, the Fonds takes into account three types of market risk, namely interest
rate risk, stock market risk and foreign exchange risk. More specifically, the Fonds manages market risk by allocating its financial assets
across several asset classes. In addition, it invests in various industries and geographic areas, within the limits allowed by its
Incorporation Act.
INTEREST RATE RISK
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument changes as a result of fluctuations in bond
interest rates (Canada bond rates and credit spreads).
The Fonds is exposed to this risk as interest rate fluctuations have a direct impact on the fair value of bonds held in the other
investments portfolio and of certain bonds held in the development capital investments portfolio. This risk is however partly controlled
through the active management of a portion of the bonds portfolio, under which the portfolio exposure in terms of maturities and issuers
is regularly revised based on anticipated changes in interest rates and credit spreads.
The Fonds performs sensitivity analyses to specifically inform management that a material level of interest rate risk exposure has been
reached. The following table presents a sensitivity analysis for the interest rate risk to which the Fonds’ financial assets are exposed.
Sensitivity of the Fonds’ results to interest rate risk
(in millions of dollars)
Change in bond interest rates*
1% increase in bond interest rates
1% decrease in bond interest rates
*
May 31, 2016
(213)
213
May 31, 2015
(208)
208
This analysis is performed on bonds held by the Fonds presented under Other investments in the financial statements and certain bonds presented under
Development capital investments in the financial statements. In this analysis, the impact on results takes into account the use, if any, of interest rate forward and
futures contracts aimed at protecting assets.
Also to inform management that a material level of interest rate risk exposure has been reached, the Fonds classifies its financial
instruments that are sensitive to changes in interest rates according to their terms to maturity. This classification is based on contractual
maturities. For information about this classification, please refer to the “Breakdown by maturity” section of Note 6, “Other investments”,
to the financial statements, which presents separate breakdowns by maturity for bonds, money market instruments and derivative
financial instruments, and to the “Breakdown by maturity of loans, bonds and advances at fair value” section of Note 7, “Development
capital investments”.
STOCK MARKET RISK
Stock market risk is the risk that the fair value of a financial instrument changes as a result of price fluctuations on stock markets. Stock
market fluctuations have an impact on the Fonds’ financial assets as they have a direct impact on fair value measurement of listed
shares.
The Fonds retains the services of specialized managers to manage the majority of listed shares held in the other investments portfolio
and certain listed shares held in the development capital investments portfolio. An active approach is adopted by the external managers
for Canadian shares, while a passive approach, including the replication of alternative beta indexes, is preferred for managing the global
equities portfolios.
21
The Fonds performs sensitivity analyses to specifically inform management that a material level of stock market risk exposure has been
reached. The following table presents a sensitivity analysis for the stock market risk to which the Fonds’ listed shares are exposed.
Sensitivity of the Fonds’ results to stock market risk
Change in listed share prices*
10% increase in listed share prices
10% decrease in listed share prices
*
May 31, 2016
372
(372)
May 31, 2015
364
(364)
This analysis is performed on listed shares held by the Fonds presented under Development capital investments and Other investments in the financial
statements. In this analysis, the impact on results takes into account the use, if any, of stock index futures.
FOREIGN EXCHANGE RISK
Foreign exchange risk is the risk that the fair value of a financial instrument denominated in a foreign currency changes as a result of
exchange rate fluctuations.
Exchange rate fluctuations have an impact on the securities denominated in foreign currencies held by the Fonds that are converted
into Canadian dollars at the prevailing exchange rate. Exchange rate fluctuations also have an impact on the results of certain
companies in which the Fonds has invested. The net impact of an appreciation or a depreciation of the Canadian dollar against other
currencies may be negative or positive for these companies, depending on whether they are importing or exporting goods or services.
To protect itself against foreign exchange risk, the Fonds could have implemented a currency hedging strategy. For the Fonds, the
currency hedging ratio for a specific portfolio is determined based on a risk-management-oriented approach and not on the
enhancement of returns. For most of its foreign assets, the Fonds has not been hedging its currency exposure for a few years. As a
result, a currency exposure brings a diversification effect that reduces volatility and protects the capital of financial assets in bear
markets. This foreign exchange risk management strategy enables the Fonds to meet its current financial objectives and its risk appetite
and tolerance, as set out in the Integrated Financial Assets Management Policy.
The Fonds performs sensitivity analyses to specifically inform management that a material level of foreign exchange risk exposure has
been reached. The following table presents a sensitivity analysis for the foreign exchange risk to which the Fonds is exposed with
respect to the securities denominated in foreign currencies it holds.
Sensitivity of the Fonds’ results to foreign exchange risk
Change in exchange rates*
10% appreciation of the Canadian dollar
10% depreciation of the Canadian dollar
*
May 31, 2016
(247)
247
May 31, 2015
(246)
246
This analysis is performed on securities denominated in foreign currencies held by the Fonds presented under Development capital investments and Other
investments in the financial statements. In this analysis, the impact on results takes into account the use, if any, of foreign currency forward contracts.
Also to inform management that a material level of foreign exchange risk exposure has been reached, the Fonds calculates its net
exposure to currencies as a percentage of assets under management.
Fonds’ net exposure to currencies*
Canadian dollar
US dollar
Euro
Other
*
May 31, 2016
%
May 31, 2015
%
78.5
13.5
2.6
5.4
100.0
77.3
14.0
2.7
6.0
100.0
This classification takes into account all the securities held by Fonds presented under Development capital investments and Other investments in the financial
statements. It also takes into account the use, if any, of foreign currency forward contracts. However, it does not take into account funds committed but not
disbursed amounting to $180 million ($206 million as at May 31, 2015) and denominated in foreign currencies, mainly in US dollars.
22
SENSITIVITY OF THE FONDS’ RESULTS TO MARKET RISK RELATED TO UNLISTED FINANCIAL INSTRUMENTS
IN DEVELOPMENT CAPITAL INVESTMENTS
The value of unlisted financial instruments in development capital investments is established using approved and accepted valuation
techniques. These techniques are based on a set of assumptions that take into account market conditions as at the valuation date, such
as economic growth and credit spreads, but also other assumptions specific to each investment. For information about sensitivity
analyses on unlisted financial instruments in development capital investments, please refer to the “Sensitivity of the fair value of
financial instruments categorized within Level 3” section of Note 9, “Fair value of financial instruments”, to the financial statements.
CREDIT AND COUNTERPARTY RISK
Credit risk is the potential for loss due to the failure of a partner company (financial instruments presented under Development capital
investments), issuer or counterparty in a transaction (financial instruments presented under Other investments) to honour its contractual
obligations or due to a degradation of its financial position.
The Fonds’ exposure to credit risk results mainly from its mission-driven development capital investments, which are generally
unsecured. Other investment activities generally entail less of this risk since the counterparties concerned (governments, banks, etc.)
typically have greater financial strength. Furthermore, the Fonds is also exposed to credit risk as a result of its accounts receivable.
However, the potential impact of the exposure to this risk is low given the amounts involved. The maximum exposure to credit risk
related to the financial instruments described above corresponds to their fair value on the balance sheet, plus funds committed but not
disbursed as well as guarantees and suretyships.
The Fonds manages the credit risk related to its development capital investments in several ways, including carrying out a due diligence
process to ensure that the credit risk level is acceptable, supporting partner companies throughout their development and monitoring on
an ongoing basis investments in companies either held directly or through specialized funds.
The Fonds regularly re-examines the status of its development capital investments to ensure that they are adequately classified in one of the
following three categories: compliant with internal criteria, under watch or in turnaround. To deal with the more difficult situations, an internal
committee closely monitors investments that entail greater credit risk.
Classification of the development capital investments portfolio (including funds committed but not disbursed)
(fair value in millions of dollars)
Compliant with internal criteria
Under watch
In turnaround
May 31, 2016
May 31, 2015
7,195
340
25
7,560
6,789
273
40
7,102
23
For the other investments portfolio, issuer and counterparty credit ratings and compliance with exposure limits by borrower or
counterparty contribute to the sound management of the credit and counterparty risk of this portfolio and to the diversification of assets.
These criteria (concentration limits by credit rating), which are set out in the Other Investments Portfolio Policy, are based on the risks
specific to each asset class and reduce the risk that our results will be materially affected in the event of a payment default. The
following table presents the breakdown of bonds, money market instruments and over-the-counter derivative financial instruments
included in the other investments portfolio by credit rating as at May 31, 2106 and 2015.
Classification of bonds, money market instruments and over-the-counter derivative financial instruments included
in the other investments portfolio
May 31, 2016*
(fair value in millions of dollars)
Bonds
Money
market
instruments
May 31, 2015*
Over-the-counter
derivative financial
instruments
Bonds
Money
market
instruments
Over-thecounter
derivative
financial
instruments
AAA/R-1(high)
423
64
402
86
AA/R-1 (middle)
865
158
-
924
86
A/R-1 (low)
955
66
-1
892
13
BBB/R-2
231
185
-
R-1 (middle)
A+
Weighted average
*
2,474
287
-1
220
2,438
AA-
R-1 (middle)
A
AA-
-
Presents credit quality using the Dominion Bond Rating Services (DBRS) rating scale.
Over-the-counter derivative financial instruments held in the other investments portfolio expose the Fonds to counterparty risk.
To limit its exposure to counterparty risk, the Fonds ensures that transactions related to over-the-counter derivative financial instruments
held in the other investments portfolio are carried out under an International Swaps & Derivatives Association Inc. (ISDA) master
agreement and entered into with recognized financial institutions.
CONCENTRATION RISK
Concentration risk is the risk that a significant portion of the Fonds’ financial commitments is attributable to a specific issuer, financial
product, industry or geographic area, which could put the Fonds in a vulnerable position in the event that such issuer, product, industry
or area experiences difficulties.
The Fonds maintains a sound diversification of its assets through the Integrated Financial Assets Management Policy, which is
complemented by the Investment Policy for development capital investments and by the Other Investments Portfolio Policy for the
assets managed by the Other Investments sector. Compliance with these policies therefore enables managing the concentration risk
associated with the exposure to an issuer or group of issuers with common characteristics (industries, class of securities, credit ratings,
etc.).
Concentration by issuer
(fair value as a percentage of net assets)
Weight of the five largest investments (Development capital investments)
Weight of the five largest issuers or counterparties (Other investments)
*
**
May 31, 2016
19.1*
11.1**
May 31, 2015
18.9*
11.5**
The portion attributable to investments that do not constitute a high concentration risk given the large number of investees represented 10.8% as at May 31, 2016
(10.4% as at May 31, 2015).
All of these securities are issued or guaranteed by government issuers (Canada or provinces).
The summary of investment portfolio presented previously also discloses relevant information on concentration risk.
24
To enable risk diversification, the Fonds ensures to allocate its development capital investments portfolio across various industries.
More specifically, the Fonds approves on an annual basis targets by industries, in keeping with its internal structure. These targets are
set using a risk allocation mechanism. It should be noted that the actual results may however differ from the industry targets determined
based on the investment opportunities on the market. Based on an optimal risk level defined by the Fonds for this portfolio as a whole
by taking into account its mission, the risk allocation mechanism facilitates a more effective monitoring and control of the portfolio profile
and sector allocation by risk level. The risk-return balance of this portfolio is achieved through a sector-based risk allocation mechanism
that takes into account the higher risk of our investments in certain sectors. The risk allocation mechanism and the sector-based
allocation of the development capital investments portfolio are determined by taking into account funds committed but not disbursed. In
certain cases, the terms of the agreements could allow the Fonds not to disburse these committed funds, which protects the Fonds
against additional risks.
Given the Québec economic development mission of the Fonds, the development capital investments portfolio consists primarily of
Québec-based companies. The return of the development capital investments portfolio is therefore highly influenced by the economic
conditions prevailing in Québec. As a result, the Fonds seeks some level of geographic diversification through its other investments
portfolio governed by the Other Investments Portfolio Policy, which forms an integral part of the Integrated Financial Assets
Management Policy. In addition to allowing for the diversification of development capital investments, the Other Investments Portfolio
Policy aims, among other things, at optimizing the Fonds’ risk-return profile and providing the liquidity necessary for the Fonds to meet
all its obligations.
LIQUIDITY RISK
The Fonds must make disbursements on a daily basis—in particular when it redeems shares held by its shareholders, disburses
amounts it committed to invest in partner companies, reimburses notes payable and pays expenses. It is worth noting that the Fonds is
required to redeem its shares only in the circumstances set out in its Incorporation Act, or to purchase them by agreement in
exceptional situations provided under a policy adopted for such purpose by the Board of Directors and approved by the Minister of
Finance of Québec.
The Fonds must be able to obtain the liquidity required to meet its commitments. Liquidity risk is therefore related to the potential for
loss due to its inability to meet such commitments. In certain cases, securities acquired on the market can be subject to resale
restrictions, thus potentially reducing their liquidity.
The Fonds’ Incorporation Act provides that part of the financial assets of the Fonds may be invested in marketable securities on
organized markets, such as stock and bond markets, so it can easily obtain cash. The Fonds also has access to bank credit facilities for
additional liquidities.
As at May 31, 2016, liquid financial assets, comprised of fixed-income securities (cash, money market and bonds) as well as listed
shares held in the other investments portfolio and certain listed shares held in the development capital investments portfolio, amounted
to $6.6 billion ($6.4 billion as at May 31, 2015). This amount represents 56.1% of assets under management as at May 31, 2016 (57.6%
as at May 31, 2015), demonstrating, in management’s opinion, that the Fonds has the required liquidities to fulfill all its obligations and
commitments, even under potential scenarios that would be less favourable to it.
In addition, to manage its liquidity risk, the Fonds performs scenario simulations over several horizons and analyzes events that may
lead to a liquidity crisis. These scenario simulations enable the Fonds to ensure it has sufficient liquidities in any circumstances.
Contractual maturities analysis is also a component of liquidity and financing management. However, it should be noted that this
breakdown by maturity is not necessarily representative of how the Fonds manages its liquidity risk and its financing requirements.
The following table presents the contractual cash flow maturities for non-derivative financial liabilities, derivative financial liabilities and
other items.
25
Contractual maturities
On demand
Under 1 year
Total
May 31, 2016
Non-derivative financial liabilities
Notes*
438
Accounts payable**
Share redemptions payable***
438
Derivative financial liabilities
438
171
171
23
23
349
349
543
981
1
1
Other items
Funds committed but not disbursed****
Other investments
Guarantees and suretyships*****
1,008
1,008
20
20
10
10
1,038
1,038
1,476
544
2,020
May 31, 2015
Non-derivative financial liabilities
Notes*
419
Accounts payable**
419
186
Share redemptions payable
419
Derivative financial liabilities
186
30
30
257
257
473
892
2
2
Other items
Funds committed but not disbursed***
Other investments
Guarantees and suretyships****
1,008
1,008
20
20
10
10
1,038
1,038
1,457
475
1,932
*
The notes arising from excess liquidities of regional and local funds and certain specialized funds are repayable on demand and, as such, have been classified as
“On demand”. The balance of the notes increases or decreases based on the investment and disinvestment activities of these funds and has not exposed the
Fonds to significant annual net disbursements to date.
** Accounts payable exclude derivative financial liabilities.
*** Share redemptions payable represents all amounts payable to shareholders for which a share redemption request was being processed and no amount had yet
been disbursed at year-end.
**** Most of the funds committed but not disbursed have a maximum disbursement maturity date. However, they may be called on demand and, as such, are classified
as “On demand”. In certain cases, the terms of the agreements could allow the Fonds not to disburse these committed funds. Although the entire amount of funds
committed but not disbursed is classified as “On demand”, the amount that the Fonds will have to disburse over the next 12 months will be less, as the calls for
payment from specialized funds to which the Fonds has committed are usually spread over several years. For instance, funds committed but not disbursed gave
rise to disbursements of $350 million during the last 12 months.
***** Guarantees and suretyships are irrevocable commitments and are classified as “On demand”. However, in the current conditions, management believes it is
unlikely that the Fonds will have to disburse amounts for guarantees and suretyships.
26
OPERATIONAL RISK
Inherent to all of the Fonds’ activities, operational risk is the risk of sustaining losses as a result of the inadequacy or failure of certain
processes or systems in place or due to human factors or external events. This risk also includes legal risk and regulatory compliance
risk.
The Fonds manages operational risk by ensuring that policies, standards and procedures are implemented and effective. Control
principles and mechanisms are monitored and periodically revised with a view to continuous improvement. The Fonds’ operational risk
management and the effectiveness of its management framework are underpinned by the following guiding principles:
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
A culture of integrity;
Competent, well-trained staff;
Identification of succession for critical positions and knowledge transfer programs;
Segregation of incompatible duties;
Adoption of a concept of independence inspired by the securities regulations applicable to public companies;
Delegation of decision-making authority to Investment Committees whose majority of members are independent from the Fonds, the
FTQ and its affiliated unions;
Monitoring of the development capital investment valuation process;
Monitoring of the due diligence process;
Framework program of financial compliance;
Framework program of regulatory compliance;
Internal audit function;
Monitoring of technology development and information security;
A planning process for resumption of activities in the event of business interruption;
Ongoing monitoring of changes in applicable legislation, regulations and standards, including the Fonds’ compliance therewith, and
ongoing monitoring of market best practices;
Risk identification and assessment when new products or activities are implemented.
Codes of ethics and conduct define, among other things, the rules of conduct to be followed by management and unionized personnel
as well as directors to avoid, for instance, conflict of interest situations. All employees must, in the execution of their duties, put the
interests of the Fonds ahead of their own or those of third parties. They must also avoid placing themselves in a conflict of interest
situation, either real, potential or apparent. The codes of ethics and conduct prohibit, among others, certain personal trading deemed
conflictual, including receiving certain gifts and using any advantage, information or interest related to the Fonds that would be
incompatible with the professional duties and responsibilities of an employee. In addition, the codes forbid the disclosure by directors
and employees, for purposes other than the execution of their duties, of confidential information obtained through such execution. Each
year, all employees and directors must complete a statement of interests held and a statement on the compliance of their conduct with
the code. The employees’ code refers to an ethics hotline managed by an accounting firm that allows employees to report cases
considered as non- compliant with the code and related to financial or accounting information or illegal acts.
The Fonds intends to enhance in the next months its fraud prevention program, of which several components are already in place. A
fraud prevention policy is currently being developed. All employees and directors will receive mandatory training on this policy, and such
training will be given periodically afterwards.
STRATEGIC RISK
Strategic risk, which includes competitive risk and risk associated with regulatory changes, refers to the possibility of incurring losses as a
result of ineffective strategies, lack of integrated business strategies or the inability to adapt the strategies to changes in the business
environment.
This risk is managed through monitoring and strategic and operational planning processes that seek input from all levels of the
organization; the resulting plans are submitted to the Board of Directors for approval. The Management Committee periodically monitors the
business plans and strategic objectives of the Fonds and each sector. Any strategic decision or change to the Fonds’ already adopted
orientations that could have a material impact is authorized beforehand by the appropriate governing bodies, based on the powers
delegated to them.
27
Although it did not affect the equilibrium of the Fonds’ business model (ability to redeem shares, to keep sufficient liquidities, to seek a
reasonable return, to comply with the investment rule, etc.), the phase-out of the federal tax credit for labour-sponsored funds adopted
following the budget tabled in March 2013 by the previous federal government had increased the Fonds’ strategic risk over the last few
years. However, the full reinstatement of the federal tax credit for labour-sponsored funds (i.e. reinstatement of the 15% tax credit in the
case of the Fonds, as of the 2016 tax year) announced in the budget tabled in March 2016 by the current Government of Canada
favourably changes the situation. In addition to reducing the Fonds’ strategic risk, this news will be beneficial for the Québec middle-class
as it will make it possible to better prepare for retirement and will enable the Fonds to continue to fully play its role in favouring to
economic growth and job creation.
REPUTATION RISK
Reputation risk is the risk that negative publicity, whether founded or unfounded, will cause expenses, revenue losses, a decrease in liquidity
or a decline in the customer base.
The Fonds controls and manages reputation risk through the following, among others: proper training, legal and financial due diligence for all
its development capital investments, sound governance practices, the application of policies and procedures, and ownership of the codes of
ethics and conduct by all management and unionized personnel as well as directors. The Fonds is a responsible corporate citizen that takes
ethical, social and environmental aspects into consideration when making investment decisions. In that respect, the Fonds has implemented
in August 2014 the Sustainable Development Framework Policy. The Fonds also has a voting rights policy with regards to public companies
and a code of conduct for international business dealings. The Fonds also ensures that any financial information released outside the
organization is accurate and validated beforehand.
In general, reputation risk evolved favourably during the year. One element that contributed positively to the Fonds’ reputation risk is the final
step in the implementation of the Fonds’ new governance, which materialized with the election of a majority of the members of the Board of
Directors at the last Annual General Meeting of Shareholders (for more information, see the “Governance” section below).
The Fonds has had for a few years a Disclosure Policy concerning all financial and non-financial information issued and/or disclosed
externally and the information that is communicated internally to a large number of employees. The main objectives of this policy are to
provide a disclosure framework and standards, to ensure that information disclosed is rigorously prepared and validated, to make the Fonds’
employees aware of disclosure principles, and to specify the roles and responsibilities of the main participants in the disclosure process.
The application of this policy is monitored by a Disclosure Committee comprised of employees of the Fonds. The main responsibilities of
this Committee are to set disclosure guidelines, to implement, keep up to date and enforce the Disclosure Policy, and to ensure that
relevant and effective disclosure controls and procedures are in place. The Disclosure Committee reports on its activities to the Audit
Committee.
Given the growing use of social media by the Fonds and its employees, the Fonds has had a Social Media Policy for a few years. This policy
governs the use of these tools to prevent any harm or damage to the image or the reputation of the Fonds resulting from such use. All
employees were trained following the implementation of this policy.
GOVERNANCE
At the Annual General Meeting held on September 26, 2015, the shareholders of the Fonds have, for the first time, elected a majority of
members of the Board of Directors. The call for nominations gave the ten selected candidates an opportunity to run for a seat on the
Board of Directors. In addition, the seven independent directors recommended by the Governance and Ethics Committee of the Fonds
were all elected by a strong majority.
The Board of Directors also set up an Integrated Risk Management Committee, whose primary mandate is to supervise the Fonds’
general integrated risk management practices, to support the Board of Directors by making recommendations to ensure that the Fonds
applies proper oversight and integrated risk management practices to its risk exposures, and to carry out any other task as expressly
requested by the Board of Directors from time to time. The Integrated Risk Management Committee met for the first time in
February 2016. Chaired by an independent director, this Committee is composed of a majority of independent persons.
Furthermore, to address the conclusions of the Governance Sub-Committee on the roles and composition of the Investment
Committees, the amount of any investment that falls under the Fonds immobilier de solidarité FTQ was increased to $15 million per
investment, including the contingency margin.
28
RISK GOVERNANCE
The Management Committee, comprised of the President and Chief Executive Officer and executives, is responsible for the overall
management of the Fonds’ operations. Because integrated financial assets management is an essential part of risk governance, the
Fonds has put in place a management framework to ensure that risk management and control strategies and resulting operational
decisions take the established level of acceptable risk into account. The governance structure that supports the Fonds, in particular with
respect to risk management, is as follows:
The Fonds’ risk governance structure is built upon a series of policies approved by the Board of Directors. The Fonds regularly reassesses
policies, standards, guidelines, and procedures to incorporate the best possible practices.
The adoption of the Sustainable Development Framework Policy is part of the Fonds’ integrated risk management approach, which
allows it to systematically consider environmental, social, governance and sustainable development factors alongside financial factors.
The Fonds prioritizes a responsible investment approach and takes into account these factors and socially responsible investment
principles in controlling the risks it intends to assume.
The implementation process of the integrated risk management framework that was launched a few years ago and led to the adoption
by the Board of Directors of the Integrated Risk Management Policy (see the “Risk Management” section) also had some effects on the
risk governance structure. The roles and responsibilities of the Fonds’ governing bodies, internal committees and main stakeholders
involved were specified in this policy. The Board of Directors of the Fonds reconfirmed its responsibility for integrated risk management
while delegating to the Integrated Risk Management Committee the monitoring of certain activities and their results. The Integrated Risk
Management Policy sets out the organization’s requirements with respect to the integrated management of all types of risks, ensures
that risk management is closely related to the “total” risk appetite and determines an approach whereby all significant risks and their
interrelations are considered in the development of the organization and the maintenance of the risk-return profile. Integrated risk
management is the responsibility of the Executive Vice-President, Finance, who is the “Chief Risk Officer” and chairs the Integrated
Risk Management Advisory Committee, composed of internal members, and is supported in his duties by the Vice-President, Integrated
Risk Management and Financial Strategies.
29
The Integrated Financial Assets Management Policy, which is under the Integrated Risk Management Policy, is a key piece of the risk
governance framework. The objective of this policy is to manage financial assets in an integrated and comprehensive way to ensure sound
diversification and an optimal risk-return profile while complying with the mission of the Fonds and meeting the expectations of its
stakeholders. The Integrated Financial Assets Management Policy is complemented by the Investment Policy for the development capital
investments managed by the Investments sector and the Other Investments Portfolio Policy for the assets managed by the Other
Investments sector. The purpose of these policies is to set out the investment principles and rules for financial assets as well as to define
the roles and responsibilities of the persons involved and the monitoring procedure to be applied. Policies are complemented by guidelines
to specify how investment managers must proceed, including, without limitations, discretionary limits, diversification requirements, quality
standards as well as return and risk objectives.
KEY GOVERNING BODIES
BOARD OF DIRECTORS
The Board of Directors carries out the following duties:
•
•
•
•
•
•
Ensuring the Fonds’ mission, Incorporation Act and any other law it is subject to are followed while adhering to its values of solidarity and
responsibility;
Approving the main directions, policies and business strategies of the Fonds, notably in regards to integrated financial assets management
and integrated risk management;
Ensuring there are controls over the Fonds’ management, including over risk management, and ensuring a culture of integrity;
Approving investment recommendations for which it is responsible and monitor them;
Ensuring that the Fonds, as an investor, behaves as a socially responsible entity;
Evaluating the Fonds’ performance on a regular basis.
Members of the Board of Directors are nominated or elected according to the rules set out in the Fonds’ Incorporation Act. In carrying
out its mandate, the Board delegates part of its responsibilities to boards and committees to support it in maintaining the highest
standards. The Fonds’ committees regularly report on their activities to the Board of Directors.
EXECUTIVE COMMITTEE
The Executive Committee is composed of at least seven directors, including (i) the Chairman of the Board of Directors, (ii) the First
Vice-Chair of the Board of Directors, (iii) the President and Chief Executive Officer, (iv) a member appointed by the FTQ, and (v)
three independent members who sit on the Board of Directors. The Executive Committee may only deliberate or make decisions if a
majority of independent members are present. It may exercise all the powers of the Board of Directors with the exception of
distributing shares, granting options, dismissing or replacing directors, declaring or authorizing dividend payments, and adopting,
amending or revoking bylaws.
INVESTMENT COMMITTEES
Investment Committees are responsible for decisions related to development capital investments and monitor the evolution of the
authorized portfolio. These Investment Committees comprise the three Investment Committees for the Traditional, New Economy and
Mining sectors as well as the Decision-Making Boards of the Fonds immobilier de solidarité FTQ (which are considered, for operational
purposes, as an Investment Committee). Each development capital investment of $15 million or more must be authorized by the Board
of Directors, or the Executive Committee if the Board of Directors is unable to meet in a timely fashion; in addition, each of these
investments must be recommended by the corresponding Investment Committee. All investments below these thresholds are under the
authority of the Investment Committee overseeing the economic sector. All majority interest investments must be authorized by the
Board of Directors on the recommendation of the appropriate Investment Committees. The three Investment Committees and the
Decision-Making Boards of the Fonds immobilier de solidarité FTQ are composed of a majority of members who are independent from
the Fonds, the FTQ and its affiliated unions.
30
AUDIT COMMITTEE
The Audit Committee is comprised entirely of members who are independent from the Fonds, the FTQ and its affiliated unions in
accordance with the Fonds’ Incorporation Act and Regulation 52-110 respecting Audit Committees, and its mandate includes
recommending the audited financial statements and MD&A for approval by the Board of Directors; approving the principles for
valuing development capital investments and receiving the Valuation Committee’s report; enquiring about the effectiveness of
internal controls implemented by management and the fact that they are not overridden; enquiring about the compliance and risk
management process for preparing the Fonds’ financial statements and providing feedback; and monitoring the deployment of the
fraud prevention program. The Audit Committee also ensures the Fonds complies with the laws, regulations and agreements that
govern its operations and that may have a material financial impact. The Audit Committee makes recommendations to the Board of
Directors when necessary. An internal audit function monitored by the Audit Committee has been put in place, which allows
benefiting from an independent assurance function.
VALUATION COMMITTEE
Composed of a majority of qualified valuators independent from the Fonds, the FTQ and its affiliated unions, the Valuation Committee is
mandated to review the private investment valuation process and provide a reasonable assurance that the procedure used for valuing the
development capital investments portfolio complies with the procedure set out in the Regulation Respecting Development Capital
Investment Fund Continuous Disclosure. The Valuation Committee reports on its review to the Audit Committee twice yearly.
HUMAN RESOURCES COMMITTEE
Composed of a majority of independent directors (from the Fonds, the FTQ and its affiliated unions), this committee is tasked with
proposing to the Board of Directors the appointment of the President and Chief Executive Officer, his employment conditions and his
remuneration, as well as assessing his performance. More broadly, the Committee examines issues related to the compensation of
the Fonds’ management as well as evaluate and plan management’s succession. Its mandate also includes overseeing the
negotiation of the collective agreement with the Fonds’ employees. Furthermore, the mandate of the Committee includes monitoring
the general human resources practices within the Fonds and its network, in particular at the real estate fund, the regional funds and
the local funds.
GOVERNANCE AND ETHICS COMMITTEE
Composed of a majority of independent directors (from the Fonds, the FTQ and its affiliated unions), this committee had first been
mandated in the short-term to steer the implementation of the Fonds’ governance reform. This committee is also responsible for
supporting the Board of Directors in the implementation of a continuing education and self-assessment program, in addition to the
overall aspects of the Fonds’ general governance, in particular with respect to appointments to the governing bodies of the Fonds.
More specifically, it determines the terms and conditions for the election of members of the Board of Directors at the shareholders’
meeting. It also ensures, with the Fonds’ management, that directors, governing body members and all employees of the Fonds
maintain on an ongoing basis ethical culture and practices. The Governance and Ethics Committee also reviews certain continuous
disclosure documents to be filed with the Autorité des marchés financiers or distributed to shareholders.
FINANCIAL ASSETS MANAGEMENT COMMITTEE
This committee is responsible for developing, implementing, updating as well as controlling and monitoring the Integrated Financial
Assets Management Policy, including the Investment Policy and the Other Investments Portfolio Policy. Its primary mandate is to
ensure that asset management is coordinated and aligned. In this capacity, it recommends the main investment orientations to the
Board of Directors. This committee also monitors performance and changes in the risk-return profile, ensures that the Fonds’ asset
management is in compliance with all its policies and approves the guidelines required to manage its financial assets. This
committee makes recommendations to the Board of Directors when necessary.
31
INTEGRATED RISK MANAGEMENT COMMITTEE
The primary mandate of the Integrated Risk Management Committee is to supervise the Fonds’ general risk management practices
and to support the Board of Directors by making recommendations to ensure that the Fonds applies proper oversight and risk
management practices. The main components of its mandate are: ensuring that the Fonds adopts an integrated and comprehensive
view of all the risks, considers the interrelationships and interdependencies between these risks and manages these risks in
accordance with their degree of importance; overseeing the implementation of the Integrated Risk Management Policy and
periodically reviewing the risk management orientations and framework policies; ensuring that the risks to which the Fonds is
exposed are clearly identified and reviewing the measures taken by management to adequately manage them; and examining,
recommending to the Board of Directors and monitoring the quantitative and qualitative risk appetite statements as well as risk
tolerance levels.
INTEGRATED RISK MANAGEMENT ADVISORY COMMITTEE
The Integrated Risk Management Advisory Committee, composed of internal members, supports the Management Committee in the
implementation of the integrated risk management framework and its decisions, in accordance with the requirements of the
Integrated Risk Management Policy.
PURCHASE-BY-AGREEMENT DECISION-MAKING COMMITTEE
The Purchase-by-Agreement Decision-Making Committee, composed of internal members, was set up in accordance with Section 8 of
the Fonds’ Incorporation Act. Its main duty is authorizing the purchase by agreement of the shares and fractional shares of the Fonds in
accordance with the Purchase-by-Agreement Policy adopted by the Board of Directors and approved by the Minister of Finance of
Québec.
VALUATION FRAMEWORK
Development capital investments and other investments are recorded on the balance sheet at their fair value 15. However, the majority of
the Fonds’ development capital investments are made in private companies or specialized funds for which a fair value must be
established because the securities issued by these companies or funds are not traded on organized, public markets. Qualified valuators
employed by the Fonds determine the fair value of these investments. These valuators report to the Executive Vice-President, Finance
and follow a structured process comprising several verification and validation steps to ensure the quality, uniformity and integrity of the
work performed and of the resulting fair value.
The management framework that governs the procedure for valuing development capital investments is set out in the Regulation
Respecting Development Investment Fund Continuous Disclosure. In particular, the Regulation specifies the minimum qualifications
required for qualified valuators employed by the Fonds as well as the governing body responsible for approving the valuation principles
used. The Regulation also requires that all relevant information about the valuations (excluding publicly traded issuers valued using
market prices) be provided to an independent valuation committee. In addition, regulations require that the Chief Executive Officer and
the Chief Financial Officer of an investment fund sign on a half-year basis a certification stating that the valuation procedure set out in
the Regulation was complied with and confirming the aggregate fair value of the development capital investments portfolio. This
certification has been signed and submitted to the Audit Committee on a half-year basis since May 31, 2009. For the six-month period
ended May 31, 2016, the certification was signed by the President and Chief Executive Officer and the Executive Vice-President,
Finance of the Fonds.
During the year, the Fonds’ valuation principles were updated. The modifications made did not result in a material change in the value
of the development capital investments portfolio. The valuation principles update was approved by the Audit Committee in May 2016.
15
Using fair value is a best practice recognized by venture capital firms and private equity funds. In short, fair value is defined as the price that would be received to sell
an asset in an orderly transaction between market participants at the measurement date.
32
FINANCIAL GOVERNANCE
While not required to apply Regulation 52-109 issued by the Canadian Securities Administrators, the Fonds has decided to base its work
upon the principles stated in this rule, thereby demonstrating its willingness to respect best practices in financial governance. Our financial
compliance framework program commonly known as Confor applies to controls providing reasonable assurance that the financial
information prepared and reported is reliable and that the financial statements are prepared in accordance with IFRS issued by the
International Accounting Standards Board.
Management is responsible for designing and maintaining adequate internal control over financial reporting and disclosure controls and
procedures. It must also periodically evaluate their design and effectiveness.
During the year, the Fonds undertook the necessary work to evaluate the design and effectiveness of internal control over financial
reporting and disclosure controls and procedures using the COSO framework (issued in 2013 by the Committee of Sponsoring
Organizations of the Treadway Commission), a recognized financial governance framework.
Regulations require that the President and Chief Executive Officer and the Chief Financial Officer confirm their responsibility for controls
by signing a certification to this end. Accordingly, for the year ended May 31, 2016, the Fonds’ President and Chief Executive Officer
and Executive Vice-President, Finance signed a certification confirming their responsibility in that regard. These certifications are
available on SEDAR. A mechanism for sub-certification by several Fonds executives and managers also supports these certifications.
Management’s conclusions on the design and effectiveness of internal control over financial reporting and disclosure controls and
procedures are presented hereafter.
MANAGEMENT’S REPORT ON INTERNAL CONTROLS
CONCLUSIONS ON THE DESIGN AND EFFECTIVENESS OF INTERNAL CONTROL OVER
FINANCIAL REPORTING
Internal control over financial reporting comprises all the processes and controls in place, including policies and procedures, that govern
the maintenance of accounting records and the preparation of financial statements to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements in accordance with IFRS issued by the International
Accounting Standards Board. Management, under the supervision of the President and Chief Executive Officer and the Executive VicePresident, Finance, evaluated the design and effectiveness of internal control over financial reporting. Based on this evaluation,
management concluded that, as at May 31, 2016, internal control over financial reporting was adequately designed and effective and
did not contain any material weaknesses. However, because of its inherent limitations, internal control over financial reporting may not
prevent or detect certain misstatements on a timely basis. During the year ended May 31, 2016, there was no change in the Fonds’
internal control over financial reporting that has materially affected, or is reasonably likely to affect, the Fonds’ internal control over
financial reporting.
CONCLUSIONS ON THE DESIGN AND EFFECTIVENESS OF DISCLOSURE CONTROLS AND
PROCEDURES
Disclosure controls and procedures include the processes and mechanisms designed to provide reasonable assurance that financial
information for external purposes is recorded, processed, summarized and reported within the required time period for review and
approval by management and that it is disclosed externally within the time periods specified in the applicable regulations and legislation.
Management, under the supervision of the President and Chief Executive Officer and the Executive Vice-President, Finance, evaluated
the design and effectiveness of disclosure controls and procedures. Based on this evaluation, management concluded that, as at May 31,
2016, disclosure controls and procedures were adequately designed and effective.
33
STATEMENT OF
DEVELOPMENT CAPITAL
INVESTMENTS,
AT COST
AS AT MAY 31, 2016
INDEPENDENT AUDITOR’S REPORT
To the Directors of the Fonds de solidarité des travailleurs du Québec (F.T.Q.)
We have audited the statement of development capital investments at cost of the Fonds de solidarité des travailleurs du Québec
(F.T.Q.) as at May 31, 2016 ("the statement"). The statement has been prepared by management based on the dispositions of
article 18 of the Regulation respecting development capital investment fund continuous disclosure.
Management's Responsibility for the Statement
Management is responsible for the preparation of the statement in accordance with the dispositions of article 18 of the
Regulation respecting development capital investment fund continuous disclosure, and for such internal control as management
determines is necessary to enable the preparation of the statement that is free from material misstatement, whether due to
fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on the statement based on our audit. We conducted our audit in accordance with
Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the statement is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the statement. The
procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the
statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to
the entity's preparation of the statement in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well
as evaluating the overall presentation of the statement.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the statement of development capital investments at cost of the Fonds de solidarité des travailleurs du Québec
(F.T.Q.) as at May 31, 2016 is prepared, in all material respects, in accordance with the dispositions of article 18 of the
Regulation respecting development capital investment fund continuous disclosure.
Signed,
Deloitte LLP1
1
Montréal, June 23, 2016
1
Statement of Development Capital
Investments, at Cost
AS AT MAY 31, 2016
(In thousands $)
Unsecured
Year of
Initial Investment
1988
Industry
Segment
Fonds de développement emploi-Montréal inc.
40
TransForce inc.
20
1989
Entreprises québécoises publiques (Appendix A)
1990
Transat A.T. inc.
25
1991
1993
1994
1995
1996
Listed
Shares
Unlisted
Shares
and Units
Secured
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
9,955
9,955
370,435
370,435
V01400
V04179
67423X
38,274
38,274
V02243
V02102
V02497
V02828
V01945
V02780
V02606
V03189
1,338
1,338
B.M.B. (Îles-de-la-Madeleine) inc.
25
750
750
● Fonds locaux de solidarité FTQ, s.e.c.
40
38,000
38,000
● Fonds immobilier de solidarité FTQ II, s.e.c.
40
53,975
Groupe Robert inc.
20
21,940
Le Devoir inc.
25
1,315
SSQ, Société d'assurance-vie inc.
40
221,363
Corporation Financière Brome inc.
40
2,598
Château M.T. inc.
53,975
27,880
49,820
66,100
287,463
1,315
2,598
25
2,610
2,610
● Fonds régionaux de solidarité FTQ, s.e.c.
40
300,380
300,380
● Fonds d'investissement de la culture et des
communications, société en commandite
25
26,700
26,700
V03133
V18672
V03748
TSO3 inc.
35
1999
La Financière des entreprises culturelles (FIDEC),
société en commandite
25
347
347
V03615
V02088
V16026
V04288
V04287
V03184
V03827
V04472
2000
ARGO II : The Wireless-Internet Fund - Limited
Partnership
45
11,318
11,318
V04893
22,180
V04820
V05387
V04958
V04396
V04460
V05076
V04956
1998
2001
2002
Groupe Solmax inc.
15
Mines Richmont inc.
15
1,618
9274-0547 Québec inc. (Manoir Richelieu)
25
Exploration Azimut inc.
15
650
Niocan inc.
15
284
Société en commandite, Manoir Richelieu
25
Atrium Innovations inc.
35
Genopole 1er Jour S.A.
35
6,141
7,759
9,219
9,219
44,579
44,579
650
284
1,254
5,236
1,254
5,236
22,180
91
91
Groupe HNZ inc.
20
GTI V, société en commandite
45
7,581
Marketing Léger inc.
20
1,000
● Fonds Bio-Innovation, société en commandite
35
33,357
33,357
Investissement Premières Nations du Québec,
40
2,000
2,000
Kruger Wayagamack inc.
15
Novacap II, société en commandite
40
24,633
24,633
7,581
2,271
14,018
1,434
3,271
14,018
1,434
Partenaires MidCap
40
447
447
SIDEX, société en commandite
15
15,000
15,000
FinTaxi, s.e.c.
40
16,200
60,800
77,000
40
1
271,884
271,885
● Fonds immobilier de solidarité FTQ inc.
2
V03772
V04981
V05454
V05339
V05683
V05025
AS AT MAY 31, 2016
(In thousands $)
Unsecured
Year of
Initial Investment
2002
2003
2004
2005
Listed
Shares
Unlisted
Shares
and Units
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
Junex inc.
10
Lumira Capital I Québec, société en commandite
35
673
Produits Intégrés Avior inc.
20
1,250
Vimac Early Stage Fund, L.P.
45
8,992
8,992
Fonds Vimac Milestone Medica Nord, s.e.c.
35
4,323
4,323
Le Fonds Entrepia Nord, s.e.c.
45
5,320
5,320
Mines de la Vallée de l'or ltée
15
304
304
673
1,000
2,250
437
437
4262280 Canada inc. (Transat A.T.)
25
Corporation Aurifère QMX
15
Fonds d'investissement MSBI, société en
commandite
45
Octasic inc.
45
1,741
Trencap, s.e.c.
55
198,516
198,516
Vimac ESF Annex Fund, L.P.
45
801
801
9053-2698 Québec inc.
20
1
1
A.M. Pappas Life Science Ventures III, L.P.
35
7,200
7,200
Addenda Capital inc.
40
71,406
71,406
Camso inc.
25
39,551
39,551
40
26,539
26,539
Fonds Brightspark II, s.e.c.
45
722
722
Média Groupe inc.
25
2,250
Metro inc.
30
● FIER Partenaires, société en commandite
2006
Industry
Segment
Secured
4,647
4,647
300
300
5,035
5,035
6,264
475
73,948
8,005
250
2,975
73,948
ProQuest Investments III, L.P.
35
3,653
RHO Fund Investors 2005, L.P.
45
398
3,653
398
SAIL Plein Air inc.
25
6,000
6,000
21,861
6569293 Canada inc. (Maison des Futailles)
30
Boutique Linen Chest (Phase II) inc.
25
21,861
Capital Financière Agricole inc.
30
2,366
2,366
Capital St-Laurent, s.e.c.
45
11,320
11,320
Corporation développement Knowlton inc.
30
48,816
48,816
Coveo Solutions inc.
45
10,318
10,318
Emerald Cleantech Fund II, L.P.
40
6,662
6,662
Exploration Dios inc.
15
Fiducie du Chantier de l'économie sociale
40
300
300
184
184
12,000
12,000
Fonds CTI sciences de la vie, s.e.c.
35
6,108
6,108
Fonds ID, s.e.c.
40
10,000
10,000
5,696
Fonds Propulsion III, s.e.c.
45
5,696
FPCI Aerofund
20
6,941
Gestion Rivière du Diable inc.
25
2,841
NAPEC inc.
20
19,985
3
6,941
300
3,141
9,371
29,356
V05601
V05720
V05148
V05543
V05951
V05841
V06004
V06375
V06287
V05710
V05549
V06277
V06177
V04338
V11759
V13108
V04935
V06260
V06280
V06408
V11740
V06351
V11625
V11743
V11897
V12067
V06115
V11478
V12363
V12251
V11778
V11976
V06285
V11965
V11741
V06283
V11792
V11457
V12130
AS AT MAY 31, 2016
(In thousands $)
Unsecured
Year of
Initial Investment
2006
2007
2008
Listed
Shares
Unlisted
Shares
and Units
Loans,
Bonds
and Advances
2,512
Total
Guarantees
and
Suretyships
Loans
Relay Ventures Fund, L.P.
45
Ressources Cartier inc.
15
Rho Canada Capital de Risque, s.e.c.
45
16,336
16,336
Société en commandite, Agechem
35
15,747
15,747
VantagePoint Venture Partners 2006 (Q), L.P.
40
19,943
19,943
Exploration Midland inc.
15
Fonds d'investissement iNovia II, société en
commandite
40
GO capital, s.e.c.
45
1,819
1,819
Les Industries Spectra Premium inc.
25
11,264
11,264
918
2,512
100
2,136
1,018
2,136
2,845
2,845
MMV Financial inc.
40
1
1
Novacap Industries III, s.e.c.
40
11,314
11,314
Novacap Technologies III, s.e.c.
45
664
664
Partenaires Médias Remstar, s.e.c.
25
2,000
2,000
ProQuest Investments IV, L.P.
35
6,633
Soccrent 2006, société en commandite
40
11,380
● Société de gestion d'actifs forestiers Solifor,
15
200,000
Vertex III (C.I.) Fund, L.P.
45
1,637
Administration LVER inc.
25
Alimentation Coop Port-Cartier
30
● BDR Capital, s.e.c.
2009
Industry
Segment
Secured
6,633
4,400
200,000
1,637
20
96
45
15,780
51,559
20
96
51,559
25
100,000
100,000
Corporation Financière L'Excellence ltée
40
100,000
100,000
Dalkotech inc.
20
Exploration NQ inc.
15
Fonds soutien Montréal parallèle, s.e.c.
45
G.D.G. Environnement ltée
20
2,500
Gestion ACCEO inc.
45
22,870
5,400
5,400
2,000
2,000
124
124
Gestion TFI inc.
20
Groupe AGF inc.
15
20,000
Ontario Venture Capital Fund, L.P.
45
5,004
Ovivo inc.
20
Placements Montrusco Bolton inc.
40
20,055
Rho Ventures VI, L.P.
45
20,467
Sonaca Montréal inc.
20
VantagePoint Cleantech Partners II, L.P.
40
32,061
2,500
4,750
27,620
125,000
125,000
7,596
27,596
25,000
57,061
5,004
20,055
20,467
5,325
20,606
14,166
5,325
20,606
5N Plus inc.
45
A.M. Pappas Life Science Ventures IV, L.P.
35
3,767
3,767
ADS inc.
25
2,400
2,400
Champlain Capital Partners, L.P.
40
2,536
2,536
4
14,166
V12024
V12031
V11984
V06248
V11545
V12531
V12317
V12016
V06225
V12373
V12234
V12095
V11979
V12276
V11929
V11584
V12046
V13113
V12496
V13558
V12924
V13127
V13252
V13232
V13118
V11560
V13530
V14754
V12541
V13245
V13155
V13132
V12930
V11595
V13031
V12431
V12898
V13601
V13625
AS AT MAY 31, 2016
(In thousands $)
Unsecured
Year of
Initial Investment
2009
2010
2011
Industry
Segment
Listed
Shares
Unlisted
Shares
and Units
Secured
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
Fonds Cycle Capital I, s.e.c.
40
18,857
18,857
FPCI Aerofund II
20
14,431
14,431
MECA DEV S.A.S.
20
21,502
13,254
34,756
Média Cineflix inc.
25
10,925
10,925
Premier Tech ltée
15
38,429
38,429
Société en commandite, Groupe CH
25
11,324
Teraxion inc.
45
1,995
Transcontinental inc.
20
● VC, société en commandite
40
11,324
1,995
100,000
100,000
121,037
Dalkotech International inc.
20
1
Foliot Management inc.
25
7,000
Fortress Paper Ltd
15
Groupe Technosub inc.
20
28,198
IPL inc.
15
15,000
Nemaska Lithium inc.
15
104
Ressources Géoméga inc.
15
472
Saladexpress inc.
30
7,000
121,037
1
1,250
8,250
25,000
32,000
28,198
104
472
8,318
Serdy Média inc.
25
Société de Diamant Stornoway
15
9,321
363
30,000
15,000
4,000
12,318
2,500
2,500
14,700
24,021
500
4,929
Abitibi Royalties inc.
15
Acquisio inc.
45
4,429
363
AmorChem, société en commandite
35
7,387
Bombardier inc.
20
Cogeco inc.
25
Corporation Aurifère Aurvista
15
400
Corporation Aurifère Monarques
15
305
Fonds Alpha+ Montrusco Bolton
40
20,348
20,348
Fonds Capital Culture Québec, société en
commandite
25
10,000
10,000
7,387
49,779
49,779
40,000
40,000
400
305
Fonds d'amorçage Cycle-C3E, s.e.c.
45
7,082
7,082
Fonds d'investissement pour la relève agricole
(FIRA), s.e.c.
30
5,367
5,367
Fonds d'investissement Réal, s.e.c.
45
7,756
7,756
Fonds Relève Québec, s.e.c.
40
3,208
3,208
Groupe Crête division St-Faustin inc.
15
Groupe Meloche inc.
20
Groupe TMX Limitée
40
533
3,000
533
3,000
97,600
97,600
JV Driver Corporation inc.
20
16,000
16,000
Les Chantiers de Chibougamau ltée
15
750
750
Les Investissements Nolinor inc.
20
375
Milestone Pharmaceutiques inc.
35
7,913
5
375
7,913
V13823
V13661
V14354
V13243
V01387
9,889
V14109
V05734
V13756
V13847
V14868
V14270
V14403
V06405
V01975
V14826
V14798
V03768
V13802
V14396
V15313
V12982
V14317
V13647
V15279
V14828
V15054
V13562
V14949
V14929
V14455
V14927
V14948
V14867
V14936
V15039
V14834
V14814
V14769
V14985
AS AT MAY 31, 2016
(In thousands $)
Unsecured
Year of
Initial Investment
2011
2012
2013
Industry
Segment
Listed
Shares
14
Unlisted
Shares
and Units
Secured
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
35
3,106
3,106
● Fonds de solidarité FTQ investissements
croissance I, s.e.c.
45
4,277
4,277
V15314
V14839
V14933
V15284
V15425
V15783
V15297
V15817
technologiques I, s.e.c.
45
4,917
4,917
V15320
223
V14464
V15483
V15331
V06111
V15261
V15362
V14747
V15256
V13578
V14680
V13774
V02502
V15436
V16028
V16027
Nunavik Nickel Mines Ltd
15
Scandinave Spa in Whistler inc.
25
14
1,861
9187-8850 Québec inc. (Forage Boréal)
15
9262-2059 Québec inc. (Casavant Frères)
25
2,000
Abipa Canada inc.
20
9,600
Athos services commémoratifs inc.
25
Erfa Canada 2012 inc.
1,861
2,050
2,050
2,000
9,600
12,532
12,532
Germain Larivière inc.
25
Gestion SMS inc.
20
1
223
GLyPharma Thérapeutique inc.
35
3,896
Groupe Colabor inc.
30
1
3,896
30,000
30,000
Groupe MBI inc.
20
21,680
408
22,088
Groupe PCM inc.
20
1,200
306
1,506
Groupe QuébéComm inc.
25
3,000
3,000
La Coop fédérée
30
75,000
75,000
2,000
Les Bois de plancher P.G. inc.
15
2,000
Les entreprises de divertissements Muse inc.
25
4,500
4,500
Lumira Capital II, société en commandite
35
15,992
15,992
Maibec inc.
15
10,000
Mine Barlow inc.
15
200
Pages Jaunes Limitée
25
Pages Jaunes Solutions numériques et médias
limitée
25
Produits alimentaires Viau inc.
30
Société en commandite, Free 2 Play
25
Sojag inc.
25
SSQ, Société de participation mutualiste inc.
40
4,200
14,200
200
1,747
1,747
5,393
5,393
4,400
4,400
7,500
7,500
2,613
2,613
78,050
78,050
3,618
3,618
12,017
Supermétal Structures inc.
20
Technologies Interactives Mediagrif inc.
45
Thérapeutiques Thrasos inc.
35
12,017
1,252
4,725
4,725
Accedian Networks Corporation
45
Adetel Group
45
4,691
4,691
AJW Technique inc.
20
8,000
8,000
4,792
9,965
Asmacure inc.
35
1
Attraction Média inc.
25
5,173
Entreprises Minières du Nouveau-Monde inc.
15
370
6
1,252
1
370
V14878
V14906
V15446
V15372
V05411
V03963
V14257
V13081
V15890
V15836
V06167
V11876
V15867
AS AT MAY 31, 2016
(In thousands $)
Unsecured
Year of
Initial Investment
2013
2014
Industry
Segment
Listed
Shares
Unlisted
Shares
and Units
Secured
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
4,070
V15642
8,644
V15929
V15945
V17373
V15294
V15958200
V11761
V16292
V18380
V18036
V18122
V17590
V13715
V17727
V17797
V15710
V15961
V06297
V18185
V18194
V17672
V17520
V17235
V13021
V15952
V18165
Fonds d'investissements Sanderling VII (Canada),
s.e.c.
40
4,070
FPCI Aerofund III
20
8,644
Groupe de construction industrielle DCM inc.
20
Groupe Vision New Look inc.
25
Humania Assurance inc.
40
15,000
Les Brasseurs du Nord inc.
30
19,975
19,975
Les Réseaux Accedian inc.
45
7,764
7,764
Ressources Falco ltée
15
2786591 Canada inc. (Groupe Multi-Prêts)
40
9121196 Canada inc. (Groupe Multi-Prêts)
40
A J Walter Aviation Limited
20
Acquisition Glacier II inc.
35
Adventure Gold inc.
15
Agropur Coopérative
30
Anges Québec Capital, s.e.c.
40
Argos Therapeutics inc.
35
AV & R Vision & Robotiques inc.
20
5,667
5,667
15,000
15,000
5,000
20,000
903
903
2,500
2,500
17,417
17,417
3,100
3,100
58,895
58,895
110,200
110,200
3,698
3,698
1,373
1,373
400
400
1
1
Coalision inc.
25
13,500
Colo-D inc.
45
5,000
3,000
16,500
Colo-D investissements inc.
45
Decolin inc.
25
5,000
5,000
Densi Corporation
25
2,000
2,000
Double A Corp inc.
20
2,850
2,850
439
11,454
5,000
3,500
3,500
Enerkem inc.
15
11,015
Fonds CTI Sciences de la vie II, s.e.c.
35
2,241
2,241
croissance II, s.e.c.
45
4,801
4,801
● Fonds Valorisation Bois, s.e.c.
15
5,056
5,056
Groupe Acier Pointe-Claire / Green Valley inc.
15
2,807
2,807
Groupe Bermex inc.
25
5,000
5,000
Groupe Giroux Maçonnex inc.
20
2,000
2,000
Groupe Laces inc.
25
2,500
Groupe V Média inc.
25
7,500
Héroux-Devtek inc.
20
21,537
7,968
Lumenpulse inc.
20
Maison des Futailles, s.e.c.
30
Mason Graphite inc.
15
Métal 7 inc.
20
Mines Agnico Eagle Limitée
15
Mines Coulon inc.
15
2,500
7,500
21,537
7,968
2,000
71
950
4,750
3,990
1,021
4,750
3,990
4,950
7
2,000
4,950
V15486
V18053
V12828
V02222
V18199
V16356
V14766
V15264
V17474
V17459
V17257
V18101
V17399
AS AT MAY 31, 2016
(In thousands $)
Unsecured
Year of
Initial Investment
2014
Listed
Shares
Unlisted
Shares
and Units
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
Novacap Industries IV, s.e.c.
40
9,938
9,938
Orckestra inc.
45
9,937
9,937
PRCL Research inc.
35
Redevances Aurifères Osisko ltée
15
3,071
3,071
27,905
27,905
Ricardo Média inc.
25
3,288
3,288
Rudsak inc.
25
4,350
4,350
Société d'investissement Alt Canada, s.e.c.
25
6,262
Sterinova inc.
35
9,000
Super Aqua Club inc.
25
Technologies Tremcar inc.
20
10,000
● Teralys Capital Fonds de Fonds, s.e.c.
2015
Industry
Segment
Secured
6,262
9,000
2,400
2,400
10,000
45
65,578
Tuango inc.
25
5,000
65,578
Versant Venture Capital V, L.P.
35
4,548
Xenon Pharmaceuticals inc.
35
1
1
Yamana Gold inc.
15
3,405
3,405
2,500
7,500
4,548
Zymeworks inc.
35
11,482
8978832 Canada inc. (Groupe Stingray Digital inc.)
25
2,000
11,482
2,000
9314-3394 Québec inc. (MGT - Terminaux
Montréal Gateway)
20
60,000
60,000
9327-2615 Québec inc. (Manac inc.)
20
17,000
Achronix Semiconductor Corporation
45
1,087
14,417
31,417
1,087
APGN inc.
20
7,000
Artemano Canada inc.
25
475
7,000
475
Artika Maison
25
4,500
4,500
Corporation Fiera Capital
40
Corporation Vantrix
45
12,600
1,169
12,600
1,169
Emballage St-Jean ltée
15
9,600
9,600
enGene inc.
35
1,778
1,778
Esperas Pharma inc.
35
2,430
2,430
Forbion Capital Fund III C.V.
35
2,508
2,508
Gérodon (Canada) inc.
25
500
Gestion Estérel inc.
25
Gestion Frima inc.
45
2,400
Gladius Pharmaceuticals Corporation
35
813
Groupe Alithya inc.
45
Groupe Atis inc.
20
Groupe Cabico inc.
25
Groupe Maibec inc.
15
Groupe Stingray Digital inc.
25
GrowthWorks Atlantic Venture Fund Ltd
40
Immune Biosolutions inc.
35
500
1,425
32,000
1
1,425
2,400
813
10,000
10,000
7,311
39,311
5,000
5,000
7,000
7,001
2,540
2,540
500
179
8
500
179
V17668
V18164
V17211
V18105
V17379
V14788
V13237
V16093
V17395
V13729
V13842
V17516
V16155
V18203
V12055
V18031
V18757
V18178
V19133
V19236
V12377
V18177
V18807
V18462
V14374
V11888
V16114
V18382
V18410
V17333
V17754
V17374
V16224
V16115
V18198
V19030
V18400
V16337
V19111
V19128
AS AT MAY 31, 2016
(In thousands $)
Unsecured
Industry
Segment
Year of
Initial Investment
2015
2016
Unlisted
Shares
and Units
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
Inception IBD inc.
35
1,084
1,084
Investissements Speedware ltée
45
7,136
7,136
Logistec Corporation
20
Mediabiz Capital Canada, s.e.c
25
4,165
NoviFlow inc.
45
5,400
5,400
Pélican International inc.
25
20,000
20,000
6,000
6,000
4,165
Placements Mecyva inc.
40
17,500
17,500
Produits Zinda Canada inc.
30
3,000
3,000
Ressources Sphinx ltée
15
150
168
Retinad Réalité Virtuelle inc.
45
175
175
Société en commandite, Axium Infrastructure
Canada II
40
Souris Mini inc.
25
Tecsys inc.
45
Teralys Capital Fonds d'Innovation, s.e.c.
40
1,352
Voyages Traditours inc.
25
2,925
Worximity Technologies inc.
45
1,400
1,400
9106-7645 Québec inc. (Vidéo MTL)
25
3,000
3,000
9334-1642 Québec inc. (RAD Technologies inc.)
20
1
1
9334-3002 Québec inc. (Les Chantiers de
Chibougamau ltée)
15
15,000
15,000
18
816
4,000
816
2,000
6,000
8,941
8,941
1,352
3,700
6,625
DalCor Pharmaceutiques Canada inc.
35
1,409
1,409
Fonds XPNDCROISSANCE, s.e.c
40
2,095
2,095
Groupe Canam inc.
15
2,596
50,000
52,596
Groupe Pixcom inc.
25
3,000
Industries Martins inc.
25
2,000
Les Serres Lefort inc.
30
4,911
PBSC Solutions Urbaines inc.
25
2,250
PLB International inc.
30
2,000
Réflex Photonique inc.
45
Technologies innovatrices d'imagerie inc.
35
350
350
Triotech Amusement inc.
45
37,000
37,000
40
2
1
3,073,001
1,512,647
17 general partners of limited partnerships
3,000
1,978
3,978
4,911
2,250
2,000
500
800,077
Total
●
Listed
Shares
Secured
500
3
40,250
5,425,975
V18752
V05058
V19213
V18086
V16262
V03545
V18417
V18398
V13371
V18991
V16254
V18295
V13685
V18076
V18298
V19180
V17722
V18875
V19289
V18348
V19274
V06401
V18870
V19283
V18249
V19113
V18992
V05974
V19520
V15393
V15369
10,089
The list of investments made by these specialized funds is shown in the unaudited Index of the share of the Fonds in investments made by the
specialized funds, at cost.
This statement of development capital investments at a total cost of $5,425,975,000 itemizes by company the amounts invested by the Fonds de
solidarité des travailleurs du Québec (F.T.Q.). This amount appears in Note 7 to the financial statements as at May 31, 2016. In addition, this statement
presents a list of the guarantees and suretyships granted by the Fonds.
Ind u st r y seg ment l eg end
10
Energy
Materials
15
Industrials
20
Consumer discretionary
25
Consumer staples
30
35
40
45
50
55
Health care
Financials
Information technology
Telecommunication services
Utilities
9
APPENDIX A
Entreprises québécoises publiques, at cost
AS AT MAY 31, 2016
(In thousands $)
Description
Industry
Segment
Listed
Shares
5N Plus inc.
45
14,043
15
8
Adventure Gold inc.
15
49
Aimia inc.
25
24,642
Air Canada
20
30,720
Alimentation Couche-Tard inc.
30
3,038
Amex Exploration inc.
15
12
Bombardier inc.
20
37,253
Bowmore Exploration Ltd
15
79
25
24,882
Corporation Fiera Capital
40
14,342
CR Capital Corp.
15
93
Ergorecherche ltée
35
5,410
15
3,155
15
35
15
108
Forage Orbit Garant inc.
20
8,856
Groupe Canam inc.
15
5,175
Groupe CGI inc.
45
9,762
Groupe d'alimentation MTY inc.
25
5,200
Groupe DMD Connexions santé numériques inc.
35
2,538
Groupe Stingray Digital inc.
25
10,141
Hecla Mining Company
15
13
Héroux-Devtek inc.
20
14,227
Industries Lassonde inc.
30
8,401
Innergex Énergie renouvelable inc.
55
5,789
Junex inc.
10
1,537
Le Groupe Intertape Polymer inc.
15
10,986
Le Groupe Jean Coutu (PJC) inc.
30
493
Lumenpulse inc.
20
12,349
Mason Graphite inc.
15
14
Metro inc.
30
282
15
12
Mines Richmont inc.
15
3,445
Nunavik Nickel Mines Ltd
15
3
Oban Mining Corp.
15
12
Opsens inc.
45
1,935
Ovivo inc.
20
5,201
Quincaillerie Richelieu ltée
20
6,608
1
V12431
V15313
R14323
399453
008911
01626P
30214Q
V13647
10303
V12924
31660A
R11419
29482C
V04288
V11976
V12531
68556N
13710C
39945C
55378N
APTILON
86083Q
422704
42774L
417907
45790B
V05601
460919
47215Q
V15264
V17459
V11740
V06004
V02088
V15314
67423X
683823
V13155
76329W
APPENDIX A
Entreprises québécoises publiques, at cost
AS AT MAY 31, 2016
(In thousands $)
Description
Industry
Segment
Listed
Shares
15
27,437
15
24
15
10
Rogers Sugar inc.
30
4,797
SEMAFO inc.
15
28
Stella-Jones inc.
15
3,650
Technologies D-Box inc.
25
5,445
Technologies Interactives Mediagrif inc.
45
12,153
TransForce inc.
20
20,422
WSP Global inc.
20
23,204
Xebec Adsorption inc.
20
2,374
Yamana Gold inc.
15
40
370,435
Total
Industry segment legend
10
Energy
15
Materials
20
Industrials
25
Consumer discretionary
30
Consumer staples
35
Health care
40
Financials
45
Information technology
50
Telecommunication services
55
Utilities
2
V18105
V12031
V14798
77519R
816922
V02986
DBOX
V03963
V04179
37230Q
983891
V12055
RELEVÉ DES AUTRES
INVESTISSEMENTS
(NON AUDITÉ) IN FRENCH ONLY
AS AT MAY 31, 2016
Relevé des autres investissements ( non audité )
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
3i Group plc
GB00B1YW4409
3M Co.
88579Y101
A.P. Moeller - Maersk AS, classe B
425304003
ABB Ltd
710889908
Abbott Laboratories
002824100
AbbVie inc.
00287Y109
ABC-Mart inc.
JP3152740001
Aberdeen Asset Management plc
000003125
Abertis Infraestructuras SA
ES06118459L2
Accenture plc
G1151C101
Accor SA
FR0000120404
ACS, Actividades de Construccion y Servicios, SA
ES0167050915
Actelion Ltd
CH0010532478
Activision Blizzard inc.
00507V109
Acuity
Brands inc.
00508Y102
Adecco
SA
CH0012138605
Adidas
AG
403197908
Admiral Group plc
GB00B02J6398
Adobe Systems inc.
00724F101
Advance Auto Parts inc.
00751Y106
Advantage Oil & Gas Ltd
00765F101
Aecon Group inc.
00762V109
Aegon NV
NL0011744727
Aena SA
ES0105046009
Aeon Co. Ltd
648004000
AerCap Holdings NV
NL0000687663
AES Corp.
00130H105
Aetna
inc.
00817Y108
Aflac
inc.
001055102
Ageas SA
BE0003801181
Aggreko plc
GB00BK1PTB77
Agilent
Technologies inc.
00846U101
AGL
Energy
B0ZNPN904 Ltd
AGL Resources inc.
001204106
Agnico Eagle Mines Ltd
008474108
Agrium
inc.
008916108
AIA Group Ltd
B4TX8S909
Air Canada
008911877
Air Liquide SA
B1YXBJ905
Air Products & Chemicals inc.
009158106
Airbus Group SE
401225909
Ajinomoto Co. inc.
601090004
Akamai Technologies inc.
00971T101
Akzo Nobel NV
545831901
Alaris
Royalty Corp.
01163Q400
Albemarle
012653101 Corp.
Alcoa inc.
013817101
Alexion
015351109Pharmaceuticals inc.
Alfa Laval AB
SE0000695876
Alfresa
Holdings Corp.
JP3126340003
Algonquin
015857105 Power & Utilities Corp.
Alimentation Couche-Tard, classe B
01626P403
1
30 677
257
311
44 900
5 969
9 887
488
749
822
130 127
2 987
3 540
144 100
6 216
7 469
41 094
1 954
3 383
9 300
472
788
25 188
180
134
10 595
244
223
36 300
3 250
5 649
2 449
140
139
5 017
194
217
1 596
215
342
11 400
386
585
900
288
305
1 208
109
96
12 768
1 458
2 131
2 500
88
94
17 600
1 063
2 290
3 000
469
603
75 600
522
583
30 100
488
531
58 349
421
393
6 282
949
1 110
24 700
341
490
9 294
514
476
56 800
891
824
13 000
1 128
1 925
12 000
693
1 090
6 539
297
346
18 091
485
387
23 700
963
1 422
96 818
1 437
1 706
6 900
596
594
192 400
7 147
11 325
112 165
11 386
13 274
818 800
4 104
6 267
746 000
7 551
7 184
9 034
881
1 270
5 700
460
1 064
36 865
2 440
3 007
56 000
813
1 767
4 700
303
336
13 621
909
1 210
40 822
952
1 190
3 500
220
359
32 600
499
395
5 400
531
1 066
10 080
300
199
37 400
700
1 031
557 338
6 088
6 509
13 000
254
750
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Alkermes plc
IE00B56GVS15
All Nippon Airways Co. Ltd
JP3429800000
Alleghany
017175100 Corp.
Allergan plc
G0177J108
Alliance Data Systems Corp.
018581108
Alliant Energy Corp.
018802108
Allianz SE
523148906
Allied Properties Real Estate Investment Trust
019456102
Allstate Corp.
020002101
Ally Financial inc.
02005N100
Alnylam Pharmaceuticals inc.
02043Q107
Alphabet inc., classe A
02079K305
Alphabet
02079K107inc., classe C
Alps Electric Co. Ltd
JP3126400005
Alstom SA
FR0010220475
AltaGas
021361100Ltd
Altice NV, classe A
NL0011333752
Altice NV, classe B
NL0011333760
Altius Minerals Corp.
020936100
Alumina
695498006Ltd
Amadeus IT Holding SA
ES0109067019
Amazon.com inc.
023135106
Amcor Ltd
606660009
Ameren Corp.
023608102
American Airlines Group inc.
02376R102
American Capital Agency Corp.
02503X105
American Electric Power Co. inc.
025537101
American Express Co.
025816109
American International Group inc.
026874784
American Tower Corp.
03027X100
American Water Works Co. inc.
030420103
Ameriprise Financial inc.
03076C106
AmerisourceBergen Corp.
03073E105
AMETEK
031100100 inc.
Amgen inc.
031162100
AMP Ltd
670995901
Amphenol Corp., classe A
032095101
Anadarko Petroleum Corp.
032511107
Analog Devices inc.
032654105
Andritz AG
013042748
Anglo American plc
B1XZS8907
Anheuser-Busch InBev NV
475531901
Annaly Capital Management inc.
035710409
Ansys inc.
03662Q105
Antero Resources Corp.
03674X106
Anthem
036752103inc.
Antofagasta plc
004561908
Aon plc
G0408V102
Aozora Bank Ltd
JP3711200000
AP
Moeller - Maersk AS
DK0010244425
APA
Group
624730909
Apache
037411105Corp.
2
3 500
254
28 000
102
212
107
3 700
1 591
2 637
9 484
2 206
2 925
1 400
461
407
8 800
170
426
10 593
1 691
2 256
206 374
7 244
7 489
13 800
804
1 219
10 000
273
235
1 500
245
141
9 228
4 794
9 040
7 420
3 310
7 141
4 300
180
114
2 801
127
92
147 500
5 821
4 470
10 295
242
232
1 299
25
29
52 200
587
560
189 505
294
254
51 548
2 936
3 126
9 700
2 739
9 171
34 892
231
538
7 300
246
473
6 800
307
284
130 700
3 229
3 229
32 200
1 479
2 726
21 400
1 685
1 841
31 600
1 463
2 393
19 452
1 634
2 692
15 800
707
1 531
6 000
508
798
32 600
2 258
3 197
11 600
519
726
18 900
1 979
3 905
109 181
572
584
35 800
2 006
2 750
13 500
858
916
10 700
509
819
8 489
588
566
108 668
3 220
1 241
56 662
4 769
9 394
350 000
4 629
4 844
6 900
648
804
27 060
1 028
1 028
14 219
1 666
2 458
37 922
533
310
8 100
535
1 158
126 000
399
560
248
655
405
29 509
163
245
9 000
821
673
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Apple inc.
037833100
Applied Materials inc.
038222105
ARC Resources Ltd
00208D408
ArcelorMittal
B03XPL901
Arch Capital Group Ltd
BMG0450A1053
Archer-Daniels-Midland Co.
039483102
Aristocrat Leisure Ltd
AU000000ALL7
ARM Holdings plc
005958905
Aryzta AG
B39VJC900
Asahi Glass Co. Ltd
JP3112000009
Asahi Group Holdings Ltd
605440007
Asahi Kasei Corp.
605460005
Asciano Ltd
AU000000AIO7
Ashland inc.
044209104
Ashtead Group plc
GB0000536739
ASM
Pacific Technology Ltd
KYG0535Q1331
ASML
Holding NV
ACI02GTQ9
Assa
Abloy
569878903 AB, classe B
Assicurazioni Generali SPA
405671009
Associated British Foods plc
067312900
Astellas Pharma inc.
698538006
AstraZeneca plc
098952906
ASX Ltd
AU000000ASX7
AT&T inc.
00206R102
ATCO Ltd, classe I
046789400
Atlantia SPA
IT0003506190
Atlas Copco AB, classe A
B1QGR4907
Atlas Copco AB, classe B
SE0006886768
Atos SE
FR0000051732
Auckland International Airport
NZAIAE0002S6
Aurizon
Holdings Ltd
AU000000AZJ1
AusNet
Services
AU000000AST5
Australia and New Zealand Banking Group Ltd
606558005
Auto Trader Group plc
GB00BVYVFW23
Autodesk inc.
052769106
Autoliv inc.
052800109
Automatic Data Processing inc.
053015103
Autozone inc.
053332102
AvalonBay Communities inc.
053484101
Avery Dennison Corp.
053611109
Aviva plc
021623004
Axa SA
708842901
Axalta Coating Systems Ltd
G0750C108
Axis Capital Holdings Ltd
BMG0692U1099
Azrieli
Group Ltd
IL0011194789
B/E
Aerospace
inc.
073302101
Babcock
International
Group plc
GB0009697037
BAE
Systems
plc
026349902
Baker Hughes inc.
057224107
Ball Corp.
058498106
Banco Bilbao Vizcaya Argentaria SA
550190904
Banco
Comercial Português SA
PTBCP0AM0007
3
320 500
24 482
41 865
96 600
1 783
3 086
371 821
9 437
8 019
88 596
1 004
570
37 200
2 367
3 536
18 100
594
1 013
8 591
105
105
101 655
1 699
1 911
179
3 442
139
57 000
369
452
23 300
647
1 037
51 000
302
447
24 042
197
203
3 200
291
475
13 773
287
256
1 500
16
14
27 584
2 666
3 591
34 392
482
934
31 139
602
591
9 850
188
552
123 500
1 437
2 209
78 013
5 567
5 983
22 735
841
959
390 052
14 515
19 976
108
2 500
121
13 773
402
486
34 174
932
1 153
28 105
812
875
1 000
101
121
121 608
481
672
115 450
499
493
70 953
101
106
88 120
2 568
2 128
22 086
181
165
1 800
124
137
5 200
691
834
68 700
4 959
7 893
5 699
3 064
5 682
14 300
2 377
3 364
4 800
333
467
89 638
472
768
46 223
973
1 520
3 716
144
137
30 050
2 154
2 168
9 351
514
519
9 700
697
604
13 643
301
269
107 080
686
986
19 000
1 128
1 153
2 400
70
227
480 236
5 422
4 169
172 988
25
8
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Banco de Sabadell SA
ES0113860A34
Banco Popolare SC
IT0005002883
Banco Popular Espanol SA
ES06137909C2
Banco
Santander SA
570594903
Bandai Namco Holdings inc.
JP3778630008
Bank Hapoalim BM
IL0006625771
Bank Leumi Le-Israel BM
IL0006046119
Bank of America Corp.
060505104
Bank of East Asia Ltd
HK0023000190
Bank of Ireland
IE0030606259
Bankia SA
011330702
Banque Canadienne Impériale de Commerce
136069101
Banque
063671101de Montréal
Banque Laurentienne du Canada
51925D106Z
Banque Nationale du Canada
633067103
Banque
780087102Royale du Canada
Banque Toronto-Dominion
891160509
Barclays plc
313486904
Barratt Developments plc
GB0000811801
Barrick Gold Corp.
067901108
Barry Callebaut AG
547692905
BASF SE
ACI0054Q2
Baxalta inc.
07177M103
Baxter International inc.
071813109
Bayer AG
506921907
Bayerische Motoren Werke AG
575602909
Bayerische Motoren Werke AG - PRF
DE0005190037
BB&T Corp.
054937107
BCE
inc.
05534B760
Becton
Dickinson and Co.
075887109
Bed
Bath
075896100 & Beyond inc.
Beiersdorf AG
510740905
Benesse Holdings inc.
JP3835620000
Berkshire
084670702 Hathaway inc., classe B
Best Buy Co. inc.
086516101
Bezeq Israeli Telecommunication Corp. Ltd
609803903
BHP Billiton Ltd
614469005
BHP Billiton plc
005665906
Biogen inc.
09062X103
BioMarin Pharmaceutical inc.
09061G101
BlackBerry Ltd
09228F103
BlackRock inc.
09247X101
BNP Paribas
730968906
Boardwalk Real Estate Investment Trust
096631106
BOC Hong Kong Holdings Ltd
653611905
Boliden AB
B1XCBX901
Bombardier inc., classe B
097751200A
Boral
Ltd
621867902
BorgWarner
099724106 inc.
Boston Properties inc.
101121101
Boston Scientific Corp.
101137107
Bouygues
400212908 SA
4
115 461
281
3 233
74
258
21
47 652
393
119
913 571
8 006
5 709
3 600
103
117
333 129
2 205
2 252
244 206
1 119
1 173
253 400
3 575
4 902
48 234
209
233
696 940
325
278
59 799
59
68
79 100
6 785
8 048
243 700
16 682
20 056
434 297
14 658
21 936
41 336
1 839
1 799
487 910
33 077
38 463
712 934
33 715
40 715
428 176
2 000
1 487
13 910
158
157
215 400
3 808
4 722
838
1 171
1 296
22 051
1 443
2 230
15 627
518
925
45 118
1 919
2 547
44 472
5 539
5 548
17 535
1 847
1 942
2 332
243
225
21 200
724
1 009
159 080
7 693
9 616
27 879
3 350
6 070
11 600
826
680
9 022
848
1 073
20 900
878
604
59 800
7 784
10 994
9 500
265
400
567 947
1 156
1 437
311 067
9 780
5 625
162 730
4 763
2 550
5 600
1 342
2 122
3 900
287
457
80 470
908
768
3 000
867
1 428
26 992
1 637
1 956
86 644
5 353
4 601
280 000
924
1 127
6 173
81
143
2 413 900
8 732
4 755
30 744
142
198
9 500
403
423
6 300
702
1 035
39 300
379
1 167
3 286
166
140
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
BP plc
079805909
Brambles Ltd
B1FJ0C904
Brenntag AG
DE000A1DAHH0
Bridgestone Corp.
613210004
Bristol-Myers Squibb Co.
110122108
British Land Co. plc
013670005
Broadcom Ltd
SG9999014823
Broadridge Financial Solutions inc.
11133T103
Brookfield Asset Management inc., classe A
112585104
Brookfield Properties Corp.
G16249107
Brookfield Renewable Energy Partners L.P.
G16258108
Brown-Forman Corp., classe B
115637209
BRP inc.
05577W200
BT Group plc
309135903
Bunge
Ltd
G16962105
Bunzl
plc
GB00B0744B38
Burberry Group plc
317430908
Bureau Veritas SA
B28DTJ907
C.R. Bard inc.
067383109
CA inc.
12673P105
Cablevision Systems Corp.
12686C109
Cabot Oil & Gas Corp.
127097103
CAE inc.
124765108
CaixaBank SA
ES0140609019
CALBEE inc.
B3TBRZ902
Calpine Corp.
131347304
Caltex Australia Ltd
616150009
Camden
133131102Property Trust
Cameco Corp.
13321L108
Campbell
134429109 Soup Co.
Canadian Apartment Properties Real Estate Investment Trust
134921105
Canadian National Railway Co.
136375102
Canadian Natural Resources Ltd
136385101
Canadian Pacific Railway Ltd
13645T100
Canadian Real Estate Investment Trust
13650J104
Canadian
136681202 Tire Corp., classe A
Canadian Utilities Ltd, classe A
136717832
Canon inc.
617232004
Cap Gemini SA
FR0000125338
Capita plc
B23K0M900
Capital One Financial Corp.
14040H105
Capital Power Corp.
14042M102
CapitaLand Ltd
630930907
Cara Operations Ltd
140754409
Cardinal Health inc.
14149Y108
Carlsberg AS, classe B
416921005
CarMax inc.
143130102
Carnival Corp.
143658300
Carnival
plc
GB0031215220
Carrefour
SA
FR0013154515
Cascades
146900105 inc.
Casino Guichard Perrachon SA
417841004
5
564 622
4 772
3 841
59 933
553
730
4 228
268
298
25 600
980
1 155
66 300
3 599
6 217
45 970
448
648
28 676
3 571
5 790
5 200
437
437
94 850
3 708
4 365
292 100
6 846
9 105
101 400
3 274
3 846
15 400
1 035
1 976
6 100
116
123
325 975
1 864
2 749
12 000
970
1 052
52 892
1 617
2 058
37 506
991
767
28 152
834
792
10 500
1 788
3 009
8 300
339
351
2 500
105
113
52 800
1 755
1 656
15 600
225
256
64 993
382
233
5 000
129
241
8 000
141
155
23 094
579
716
4 900
388
546
12 000
255
183
38 300
1 797
3 035
2 837
93 400
2 243
108 700
6 113
8 452
383 200
13 372
14 934
3 700
511
628
101 100
4 563
4 618
89 550
9 309
12 824
3 000
120
109
158 000
5 799
5 986
665
5 326
410
30 646
469
621
14 400
915
1 380
200 000
4 775
3 858
169 000
481
480
19 500
653
566
24 600
1 575
2 540
13 213
1 422
1 668
6 000
288
421
14 100
478
881
2 837
192
184
18 582
749
659
176 800
1 490
1 756
6 093
595
475
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Casio Computer Co. Ltd
JP3209000003
Caterpillar inc.
149123101
Cathay
Pacific Airways Ltd
HK0293001514
CBS
Corp.,
124857202 classe B
CCL Industries inc., classe B
124900309
CDK Global inc.
12508E101
Celanese Corp., série A
150870103
Celestica inc.
15101Q108
Celgene Corp.
151020104
Cenovus Energy inc.
15135U109
Centene Corp.
15135B101
CenterPoint Energy inc.
15189T107
Central
Japan Railway Co.
618355903
Centrica
B033F2900plc
CenturyLink inc.
156700106
Cerner Corp.
156782104
CF Industries Holdings inc.
125269100
CGI Group inc., classe A
39945C109
CH
Robinson Worldwide inc.
12541W209
Charter
16119P108Communications inc., classe A
Chartwell Retirement Residences
16141A103
Check Point Software Technologies Ltd
IL0010824113
Chemtrade Logistics Income Fund
16387P103
Cheniere Energy inc.
16411R208
Cheung Kong Infrastructure Holdings Ltd
621255900
Cheung Kong Property Holdings Ltd
KYG2103F1019
Chevron Corp.
166764100
Chicago Bridge & Iron Co. NV
167250109
Chipotle Mexican Grill inc.
169656105
Chr. Hansen Holding AS
DK0060227585
Christian Dior SA
406139907
Chubb Ltd
CH0044328745
Chubu
Electric Power Co. inc.
619560006
Chugai
Pharmaceutical Co. Ltd
JP3519400000
Chugoku
619590003Electric Power Co. inc.
Church & Dwight Co. inc.
171340102
Cigna Corp.
125509109
Cimarex Energy Co.
171798101
CIMIC Group Ltd
AU000000CIM7
Cincinnati Financial Corp.
172062101
Cineplex inc.
172454100
Cintas Corp.
172908105
Cisco Systems inc.
17275R102
CIT
Group inc.
125581801
Citigroup
172967424inc.
Citizens Financial Group inc.
174610105
Citrix Systems inc.
177376100
City Developments Ltd
SG1R89002252
CK
Hutchison Holdings Ltd
619027006
Clorox
Co.
189054109
CLP
Holdings
609701909 Ltd
CME Group inc.
12572Q105
6
9 900
247
202
33 400
3 157
3 168
79 000
171
162
13 362
684
965
20 900
1 642
4 879
1 000
65
72
10 700
596
986
365 700
4 610
5 098
19 200
1 206
2 650
313 300
9 040
6 193
2 900
266
237
15 900
273
469
4 000
453
926
121 130
616
470
14 900
557
529
7 500
381
546
7 000
193
253
84 500
4 042
5 182
16 700
1 342
1 638
5 777
1 641
1 654
488 200
5 937
7 235
2 126
240
236
38 000
718
668
6 500
195
273
215 000
1 459
2 632
171 221
1 548
1 403
60 400
5 636
7 980
1 100
62
55
2 200
1 346
1 272
6 638
564
551
3 976
700
849
28 820
3 743
4 773
19 400
452
347
3 300
114
152
12 400
257
203
48 300
3 381
6 222
12 800
1 499
2 145
13 000
1 661
1 977
7 818
161
277
10 300
500
931
81 982
3 434
4 227
6 000
744
744
191 100
5 396
7 261
4 500
263
202
213 178
11 314
12 987
10 000
319
308
4 900
325
544
57 000
491
444
67 488
460
1 025
19 400
1 786
3 262
431 500
3 589
5 326
8 100
572
1 037
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
CMS Energy Corp.
125896100
CNH Industrial NV
NL0010545661
Coach inc.
189754104
Cobham plc
GB00B07KD360
Coca-Cola Amatil Ltd
612345900
Coca-Cola Co.
191216100
Coca-cola European Partners plc
GB00BDCPN049
Coca-Cola HBC AG
B9895B904
Cochlear Ltd
AU000000COH5
19239C106
Cognizant Technology Solutions, classe A
192446102
Colgate-Palmolive Co.
194162103
Coloplast AS
DK0060448595
Colruyt SA
ACI009ZR8
Columbia Pipeline Group inc.
198280109
Comcast Corp., classe A
20030N101
Comerica inc.
200340107
ComfortDelGro Corp. Ltd
SG1N31909426
Commerzbank
ACI05RX61 AG
Commonwealth Bank of Australia
621503002
Compagnie de St-Gobain
738048909
Compagnie Financière Richemont SA
B3DCZF902
Compagnie Générale des Établissements Michelin SCA
458836004
Compass Group plc
053315909
Computershare Ltd
AU000000CPU5
ConAgra Foods inc.
205887102
Concho Resources inc.
20605P101
Concordia Financial Group Ltd
JP3305990008
ConocoPhillips
20825C104
Consolidated Edison inc.
209115104
Constellation Brands inc., classe A
21036P108
Constellation Software inc.
21037X100
Contact
615252905Energy Ltd
Continental AG
459858908
Continental Resources inc.
212015101
Cooper Companies inc.
216648402
Core Laboratories NV
N22717107
Corning inc.
219350105
Costco Wholesale Corp.
22160K105
Cott Corp.
22163N106
Covestro AG
DE0006062144
Crédit Agricole SA
FR0013157294
Credit Suisse Group AG
CH0316701231
Crescent Point Energy Corp.
22576C101
Crew Energy inc.
226533107
CRH plc
418224002
Croda International plc
GB00BYZWX769
Crown Castle International Corp.
22822V101
Crown
Holdings inc.
228368106
Crown
Resorts Ltd
AU000000CWN6
CSL
Ltd
618549901
CSX Corp.
126408103
7
10 600
258
580
29 771
358
275
9 000
543
464
37 475
201
116
34 319
364
289
207 700
7 345
12 117
10 500
519
533
23 293
641
596
10 815
853
1 236
61 000
3 952
4 186
16 200
541
1 302
119 600
7 601
11 015
23 241
2 104
2 302
13 900
808
1 081
9 000
116
301
70 200
3 113
5 813
4 000
229
246
153 000
399
398
29 318
315
328
65 006
4 716
4 770
13 614
592
795
33 870
3 271
2 609
6 089
556
810
103 497
1 513
2 536
42 503
482
433
43 800
1 992
2 619
1 781
11 217
1 474
28 000
159
171
58 800
3 636
3 369
67 300
3 884
6 450
5 300
149
1 062
300
153
160
24 055
133
115
2 517
342
708
3 800
122
209
2 600
565
553
4 200
612
666
88 300
1 659
2 413
19 400
1 705
3 775
70 000
1 175
1 325
200
11
11
31 297
531
411
44 498
1 287
797
419 300
9 678
9 309
140 400
719
774
20 159
479
800
5 698
219
319
20 300
1 242
2 411
601
8 800
429
15 653
205
179
12 650
764
1 388
27 800
723
961
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Cummins inc.
231021106
CVS Caremark Corp.
126650100
Cyberdyne
inc.
JP3311530004
D.R.
Horton
23331A109 inc.
Daicel Corp.
625054002
Daiichi Sankyo Co. Ltd
B0J7D9901
Daikin Industries Ltd
625072004
Daimler AG
552902900
Daito Trust Construction Co. Ltd
JP3486800000
Daiwa House Industry Co. Ltd
625136007
Daiwa Securities Group inc.
625144001
Danaher Corp.
235851102
Danone
FR0000120644
Danske Bank AS
458882909
Dassault Systèmes SA
FR0000130650
DaVita HealthCare Partners inc.
23918K108
DBS
Group Holdings Ltd
617520903
DCC
plc
IE0002424939
DealNet
242315109Capital Corp.
Deere & Co.
244199105
Delek Group Ltd
621964907
Delhaize Group SA
426211009
Delphi Automotive plc
G27823106
Delta Air Lines inc.
247361702
Denso Corp.
664038007
Dentsply Sirona inc.
24906P109
Dentsu inc.
JP3551520004
Detour Gold Corp.
250669108
Deutsche
Annington Immobilien SE
DE000A1ML7J1
Deutsche
575035902 Bank AG
Deutsche Boerse AG
702196908
Deutsche Lufthansa AG
DE0008232125
Deutsche Post AG
461785909
Deutsche
Telekom AG
DE000A2AA2C3
Deutsche
Wohnen AG
DE000A0HN5C6
Devon
Energy
25179M103 Corp.
DEXUS Property Group
AU000000DXS1
DH Corp.
23290R101
DHX Media Ltd
252406707
Diageo plc
023740905
Dick's Sporting Goods inc.
253393102
Digital Realty Trust inc.
253868103
Direct Line Insurance Group plc
GB00BY9D0Y18
Discover
254709108Financial Services
Discovery Communications inc., classe A
25470F104
Discovery Communications inc., classe C
25470F302
DISH Network Corp.
25470M109
Distribuidora Internacional
ACI00NNS8
Dixons
Carphone plc
GB00B4Y7R145
DNB
ASA
426330007
Dollar General Corp.
256677105
Dollar Tree inc.
256746108
8
5 000
619
749
40 200
2 234
5 072
3 000
92
92
8 500
334
340
12 000
78
196
38 700
684
1 176
16 000
866
1 792
48 698
3 762
4 353
5 000
610
949
21 000
417
797
67 000
561
511
28 000
2 571
3 603
46 171
3 610
4 242
68 624
2 118
2 591
7 125
513
742
26 900
2 057
2 721
139 876
1 986
2 059
1 275
154
153
266 000
148
141
8 400
760
904
136
30
33
2 796
207
384
16 776
1 122
1 492
3 800
165
216
15 500
676
799
3 600
255
293
3 800
240
251
129 300
1 919
3 350
5 200
211
233
30 787
1 379
718
6 569
439
749
4 441
79
81
24 737
646
943
74 679
1 091
1 724
8 478
328
356
10 600
773
500
64 581
437
530
166 719
5 535
5 707
14 600
110
98
228 862
6 731
8 151
5 600
314
314
2 500
249
312
43 242
287
309
13 700
677
1 018
5 800
241
211
8 200
326
287
6 600
402
431
40 107
315
314
12 000
120
101
23 285
391
391
26 900
1 755
3 163
18 311
1 296
2 169
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Dollarama inc.
25675T107
Dominion Diamond Corp.
257287102
Dominion
25746U109Resources inc.
Domino's Pizza Enterprises Ltd
AU000000DMP0
Domino's Pizza inc.
25754A201
Dorel Industries inc., classe B
25822C205
Dover Corp.
260003108
Dow Chemical Co.
260543103
Dr Pepper Snapple Group inc.
26138E109
DSV AS
DK0060079531
DTE Energy Co.
233331107
DUET Group
AU000000DUE7
Dufry
AG
CH0023405456
Duke
Energy Corp.
26441C204
E*TRADE
269246401 Financial Corp.
E.I. du Pont de Nemours and Co.
263534109
E.ON
SE
494290901
East
Japan
629854902 Railway Co.
Eastman Chemical Co.
277432100
Eaton Corp. plc
G29183103
eBay inc.
278642103
Ecolab inc.
278865100
Edenred
FR0013149689
Edgewell Personal Care Co.
28035Q102
Edison International
281020107
EDP - Energias de Portugal SA
410359905
Edwards Lifesciences Corp.
28176E108
Eisai Co. Ltd
630720001
Eldorado
284902103Gold Corp.
Electric Power Development Co. Ltd
B02Q32903
Électricité de France SA
B0NJJ1901
Electrolux AB
SE0000103814
Electronic Arts inc.
285512109
Element Financial Corp.
286181201
Eli
Lilly & Co.
532457108
Elisa
OYJ
570151902
EMC Corp
268648102
Emera inc.
290876101
Emerson Electric Co.
291011104
Empire Co. Ltd, classe A
291843407
Ems-Chemie Holding AG
763561909
Enagas SA
738307909
Enbridge inc.
29250N105
Encana
292505104Corp.
Endesa SA
527178909
Endo International plc
IE00BJ3V9050
Enel SPA
714456902
EnerCare
29269C207inc.
Enerflex Ltd
29269R105
Enerplus Corp.
292766102
ENI SPA
714505906
Entergy Corp.
29364G103
9
3 000
236
271
126 400
1 949
1 739
55 200
3 739
5 217
1 750
114
114
900
142
142
90 850
3 201
3 085
5 800
472
506
63 899
2 442
4 293
17 500
1 337
2 093
2 123
113
127
5 500
308
652
59 404
137
132
1 015
162
178
86 399
6 251
8 841
7 400
262
270
48 300
2 454
4 133
45 835
1 631
589
19 700
1 555
2 355
5 000
194
480
13 900
956
1 121
54 000
1 222
1 728
28 200
2 765
4 325
18 384
618
446
2 500
99
260
11 900
670
1 115
47 020
180
205
4 800
459
618
11 600
476
941
313 700
2 319
1 751
4 800
166
163
6 020
370
105
5 123
193
180
8 200
188
823
35 200
523
541
42 900
2 485
4 210
9 433
307
470
118 900
3 764
4 347
64 900
2 713
2 999
42 000
2 651
2 858
12 900
293
290
351
85
228
3 434
84
135
167 500
8 204
8 757
294 900
4 263
3 070
43 350
1 168
1 167
3 500
276
72
153 447
891
910
236 959
3 595
3 893
70 000
1 090
761
141 800
964
1 014
65 849
1 689
1 317
5 200
431
516
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
EOG Resources inc.
26875P101
EQT Corp.
26884L109
Equifax inc.
294429105
Equinix inc.
29444U700
Equity Residential
29476L107
Ericsson LM, classe B
595937905
Erste Group Bank AG
AT0000652011
Essex Property Trust inc.
297178105
Essilor International
FR0013167301
Eutelsat Communications
FR0010221234
Everest Re Group Ltd
BMG3223R1088
Eversource Energy
30040W108
Exelon
Corp.
30161N101
Expedia
30212P303inc.
Expeditors International of Washington inc.
302130109
Experian
plc
B19NLV907
Express
Scripts
Holdging Co.
30219G108
Extra
Space
Storage
inc.
30225T102
Exxon
Mobil
Corp.
30231G102
F5 Networks inc.
315616102
Facebook inc., classe A
30303M102
Fairfax Financial Holdings Ltd
303901102
FamilyMart Co. Ltd
633127006
Fanuc Corp.
635693005
Fast Retailing Co. Ltd
633243902
Fastenal Co.
311900104
Federal Realty Investment Trust
313747206
FedEx Corp.
31428X106
Ferrari NV
NL0011585146
Ferrovial SA
ES0618900973
Fiat
Chrysler Automobiles NV
NL0010877643
Fidelity
National Information Services inc.
31620M106
Fifth
Third
316773100 Bancorp
Financière Sun Life inc.
866796105
Finmeccanica SPA
IT0003856405
Finning International inc.
318071404
First Capital Realty inc.
31943B100
First Pacific Co. Ltd
BMG348041077
First Quantum Minerals Ltd
335934105
First Republic Bank
33616C100
FirstEnergy Corp.
337932107
FirstService Corp.
33767E103
Fiserv inc.
337738108
FleetCor
339041105Technologies inc.
Fletcher Building Ltd
634160907
Flextronics International Ltd
SG9999000020
FLIR Systems inc.
302445101
Flowserve Corp.
34354P105
Fluor Corp.
343412102
FMC Corp.
302491303
FMC Technologies inc.
30249U101
Foncière
des Régions
FR0000064578
10
39 200
3 372
4 171
24 700
1 948
2 367
2 600
319
428
1 623
351
769
25 700
1 547
2 327
208 462
2 703
2 099
21 812
689
764
1 700
343
505
7 598
871
1 298
3 140
109
82
6 900
1 180
1 616
19 189
960
1 387
19 300
973
865
3 200
213
466
25 000
1 468
1 587
35 256
675
877
42 233
3 322
4 174
2 100
234
255
154 600
12 419
18 003
1 400
218
202
58 356
2 708
9 069
1 500
801
1 011
10 400
635
714
13 700
2 367
2 743
493
1 400
496
10 000
537
602
9 700
1 357
1 944
6 800
681
1 467
2 342
155
130
10 725
282
302
23 424
147
219
23 600
1 262
2 293
29 400
550
726
168 100
5 977
7 635
9 491
157
147
116 800
3 172
2 580
729
34 700
610
262 000
286
225
365 900
3 740
3 147
3 600
286
341
12 100
612
519
5 600
323
348
28 200
1 530
3 886
700
100
136
28 205
173
223
34 400
383
560
9 100
371
371
7 200
568
453
9 400
747
649
9 800
600
609
19 000
746
676
1 964
176
230
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Foot Locker inc.
344849104
Ford Motor Co.
345370860
Fortescue
608625901 Metals Group Ltd
Fortinet inc.
34959E109
Fortis inc.
349553107
Fortum OYJ
557955903
Franco-Nevada Corp.
351858105
Franklin Resources inc.
354613101
Freehold Royalties Ltd
356500108
Freeport-McMoRan inc.
35671D857
Fresenius Medical Care AG & Co. KGaA
512907908
Fresenius SE & Co. KGaA
435209903
Fresnillo
plc
B2QPKJ909
Frontier
Communications
Corp.
35906A108
Fuchs
Petrolub
SE
435435003
Fuji Heavy Industries Ltd
635640006
FUJIFILM
635652001 Holgings Corp.
Fujitsu Ltd
635694003
G4S plc
GB00B01FLG62
Galaxy Entertainment Group Ltd
HK0027032686
Galenica AG
CH0015536466
Galp Energia SGPS, SA
B1FW75903
Gartner inc.
366651107
Gas Natural SDG, SA
565042900
GDF Suez
B0C2CQ902
GEA Group AG
DE0006602006
Geberit AG
B1WGG9901
Gemalto NV
019223973
General Electric Co.
369604103
General
370023103Growth Properties inc.
General Mills inc.
370334104
General Motors Co.
37045V100
Genmab AS
DK0010272202
Genuine Parts Co.
372460105
George
961148509Weston Ltd
Gilead Sciences inc.
375558103
Givaudan SA
598061901
GKN plc
GB0030646508
Glaxosmithkline plc
092528900
Global Logistic Properties Ltd
SG2C26962630
Global Payments inc.
37940X102
Goldcorp inc.
380956409
Golden Agri-Resources Ltd
616447900
Goldman Sachs Group inc.
38141G104
Goodman Group
AU000000GMG2
GPT
Group
AU000000GPT8
Great
Canadian Gaming Corp.
389914102
Great-West
39138C106 Lifeco inc.
Groupe Canam inc.
13710C107
Groupe Eurotunnel SE
FR0010533075
Groupe SNC-Lavalin inc.
78460T105
GungHo Online Entertainment inc.
JP3235900002
11
9 700
710
710
90 100
1 490
1 590
176 088
800
498
2 600
125
116
108 455
4 211
4 449
27 788
626
546
88 300
5 368
7 323
13 300
704
650
92 600
1 042
1 073
154 900
4 564
2 245
5 720
401
654
10 248
422
1 012
97 619
1 567
1 876
40 400
318
273
4 155
180
221
17 400
405
852
40 700
1 675
2 162
317
60 000
259
119 805
622
426
256 000
2 185
1 125
104
60
123
29 242
493
501
10 900
1 302
1 448
15 761
379
408
27 997
976
564
7 613
401
461
1 540
396
770
3 344
352
268
309 417
8 048
12 235
21 100
447
742
112 600
5 949
9 247
33 800
1 276
1 383
1 501
342
355
15 600
1 373
1 977
3 000
251
340
43 700
2 742
4 977
4 206
1 678
2 544
44 632
307
234
200 536
5 546
5 518
140 000
327
241
2 300
227
234
274 200
6 997
6 046
995 000
490
369
9 900
1 655
2 065
17 698
101
119
258 458
976
1 318
36 978
769
654
84 020
2 799
2 970
46 800
622
611
6 740
121
114
64 000
3 014
3 380
17 800
158
66
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
H&R Block inc.
093671105
H&R Real Estate Investment Trust
404428203
Hammerson plc
GB0004065016
Hanesbrands inc.
410345102
Hang Lung Properties Ltd
603050006
Hang Seng Bank Ltd
640837001
Hankyu Hanshin Holdings inc.
377420000
Hargreaves Lansdown plc
030166469
Harley-Davidson inc.
412822108
Harman International Industries inc.
413086109
Harris Corp.
413875105
Hasbro inc.
418056107
HCA Holdings inc.
40412C101
HCP inc.
40414L109
Healthscope
Ltd
AU000000HSO1
HeidelbergCement
AG
512067901
Heineken
Holding
NV
B0CCH4904
Heineken NV
779255900
Helmerich & Payne inc.
423452101
Henderson Land Development Co. Ltd
HK0012000102
Henkel AG & Co. KGaA
500246905
Hennes & Mauritz AB, classe B
568743900
Henry Schein inc.
806407102
Hermès International
FR0000052292
Hertz Global Holdings inc.
42805T105
Hess Corp.
42809H107
Hewlett Packard Enterprise Co.
42824C109
Hexagon
AB
SE0000103699
High
Liner
429695109 Foods inc.
Hikma Pharmaceuticals plc
GB00B0LCW083
Hilton Worlwide Holdings inc.
43300A104
Hirose
Electric Co. Ltd
JP3799000009
Hitachi
Chemical Co. Ltd
642912000
Hitachi
Construction
Machinery Co. Ltd
JP3787000003
Hitachi
High-Technologies
Corp.
JP3678800008
Hitachi
Ltd
642910004
Hitachi Metals Ltd
642920003
HK Electric Investments and HK Electric Investments Ltd
HK0000179108
HKT Trust and HKT Ltd
B4TXDZ907
Hokuriku Electric Power Co.
643312002
HollyFrontier Corp.
436106108
Home Capital Group inc.
436913107
Home Depot inc.
437076102
Honda Motor Co. Ltd
643514003
Honeywell International inc.
438516106
Hong Kong & China Gas Co. Ltd
643655004
Hong Kong Exchanges & Clearing Ltd
626735906
Hongkong Land Holdings Ltd
BMG4587L1090
Hormel Foods Corp.
440452100
Host Hotels & Resorts inc.
44107P104
Hoya Corp.
644150005
HP inc.
40434L105
12
3 800
106
106
231 103
5 112
4 904
24 834
312
274
6 400
253
227
108 000
402
270
226 200
3 948
5 253
113 000
741
1 014
8 278
211
213
6 200
353
376
1 500
226
154
2 200
214
227
3 200
282
365
9 000
364
919
14 700
727
632
354 575
899
1 008
4 123
237
461
9 718
645
1 043
17 432
1 148
2 119
4 300
220
344
31 045
210
246
23 704
2 114
3 437
32 520
1 304
1 304
16 300
2 380
3 705
1 286
521
608
3 900
102
49
7 800
493
611
47 200
708
1 140
6 086
280
309
26 900
396
515
5 418
238
237
12 200
426
332
4 535
636
736
4 500
67
110
4 000
85
81
1 700
44
63
133 000
939
803
9 000
108
126
894 014
972
1 031
947 700
1 381
1 797
8 100
120
132
5 900
196
207
54 767
1 595
1 908
50 100
4 928
8 659
45 500
1 811
1 691
24 800
2 173
3 693
960 444
1 991
2 413
29 080
520
911
68 000
590
537
43 200
991
1 944
27 500
504
554
18 400
432
848
104 879
1 451
1 836
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
HRS Holding Ltd
3397334
HSBC Holdings plc
054052907
HudBay Minerals inc.
443628102
Hugo Boss AG
079582719
Humana inc.
444859102
Huntington Bancshares inc.
446150104
Husky Energy inc.
448055103
Hutchison Port Holdings Trust
SG2D00968206
Hydro One Ltd
448811208
Iberdrola SA
B288C9908
ICA Gruppen AB
SE0000652216
Idemitsu Kosan Co. Ltd
B1FF8P905
IHI
Corp.
JP3134800006
IHS
inc.
451734107
Iliad
SA
775943905
Illinois
Tool Works inc.
452308109
Illumina
452327109inc.
Iluka Resources Ltd
695757005
Imerys
SA
B011GL903
Imperial
453038408Oil Ltd
IMS Health Holdings inc.
44970B109
Incitec Pivot Ltd
667304901
Incyte Corp.
US45337C1027
Inditex SA
711131904
Industrielle Alliance, Assurance et services financiers inc.
455871103
Infineon Technologies AG
DE0006231004
Ing Groep NV
715418901
Ingenico Group
FR0013165669
Ingersoll-Rand plc
G47791101
Ingevity Corp.
45688C107
Ingredion inc.
457187102
Inmarsat
plc
B09LSH907
Inpex
Corp.
B10RB1904
Insurance Australia Group Ltd
627102908
Intact Financial Corp.
45823T106
Intel Corp.
458140100
Inter Pipeline Ltd
45833V109
InterContinental Hotels Group plc
GB00BYXK6398
IntercontinentalExchange Group inc.
45866F104
Interfor Corp.
45868C109
International Business Machines Corp.
459200101
International Consolidated Airlines Group SA
ES0177542018
International Flavors & Fragrances inc.
459506101
International Paper Co.
460146103
InterRent Real Estate Investment Trust
46071W205
Intertape
460919103Polymer Group inc.
Intertek Group plc
316383900
Interval Leisure Group inc.
46113M108
Intesa Sanpaolo
407683002
Intuit
inc.
461202103
Intuitive
Surgical inc.
46120E602
Invesco
Ltd
G491BT108
13
186
44
13
494 144
5 646
4 187
470 800
4 496
2 392
1 992
303
160
1 084
4 800
542
19 900
278
272
409 501
10 375
6 200
410 000
300
231
55 330
1 185
1 352
152 718
1 179
1 356
5 080
248
234
23 800
566
623
30 000
101
101
1 700
258
273
950
112
272
10 700
778
1 484
3 800
499
720
4 982
79
30
1 352
84
125
60 100
2 698
2 512
10 148
347
347
66 548
244
218
3 000
296
331
36 999
1 291
1 636
16 455
702
701
67 543
863
1 323
102 320
989
1 668
1 914
317
305
9 300
556
813
1
-
-
4 055
623
623
77 268
1 115
1 058
169 600
2 340
1 825
89 141
511
497
108 100
7 555
9 914
342 700
9 571
14 162
32 401
887
864
10 560
415
535
3 359
622
1 191
29 300
269
387
51 000
10 648
10 256
14 516
153
149
6 700
571
1 131
7 600
212
419
160 000
1 252
1 240
15 800
244
309
16 713
908
999
1
-
-
372 992
724
1 254
7 100
429
991
1 700
1 079
1 411
15 400
538
633
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Investec plc
GB00B17BBQ50
Investment AB Kinnevik, classe B
SE0008373906
Investor AB, classe B
567959903
Ionis Pharmaceuticals inc.
462222100
Israel Chemicals Ltd
645553900
ISS AS
DK0060542181
Isuzu Motors Ltd
JP3137200006
Itochu Corp.
646780007
ITV plc
GB0033986497
J Sainsbury plc
B019KW907
James Hardie Industries plc
641297908
Japan Exchange Group inc.
018949717
Japan Prime Realty Investment Corp.
JP3040890000
Japan Real Estate Investment Corp.
JP3027680002
Japan
Retail Fund Investment Corp.
JP3039710003
Jardine
Cycle & Carriage Ltd
SG1B51001017
Jardine
Matheson Holdings Ltd
BMG507361001
Jazz
Pharmaceuticals
plc
IE00B4Q5ZN47
JB
Hunt
Transport
Services
inc.
445658107
JCDecaux
SA
FR0000077919
Jeronimo Martins SGPS, SA
B1Y1SQ901
JFE Holdings inc.
654379908
JGC Corp.
JP3667600005
Johnson & Johnson
478160104
Johnson Controls inc.
478366107
Johnson Matthey plc
B70FPS903
Jones Lang Lasalle inc.
48020Q107
JPMorgan Chase & Co.
46625H100
JSR
Corp.
647098003
Juniper
Networks inc.
48203R104
JX
Holdings
B627LW906 inc.
K+S AG
ACI00RQT4
Kajima Corp.
JP3210200006
Kakaku.com
JP3206000006inc.
Kansai Electric Power Co. inc.
648348001
Kansai Paint Co. Ltd
648374007
Kansas City Southern
485170302
Kao Corp.
648380004
KBC Groep NV
BE0003565737
KDDI Corp.
624899902
Keikyu Corp.
JP3280200001
Kellogg Co.
487836108
Keppel Corp. Ltd
B1VQ5C905
Kering
550507909
Kerry Group plc, classe A
451957906
Kerry
Properties Ltd
BMG524401079
KeyCorp
493267108
Keyence Corp.
649099009
Keyera Corp.
493271100
Kikkoman Corp.
649080009
Kimberly-Clark Corp.
494368103
Kimco
Realty Corp.
49446R109
14
48 845
454
436
16 284
598
518
17 158
514
780
4 100
255
122
29 889
288
161
26 442
1 395
1 395
20 800
262
328
55 300
744
908
104 766
383
428
45 666
293
233
17 527
126
350
21 200
304
378
231
883
1 293
144
828
1 102
758
1 808
2 304
8 888
340
285
20 800
1 563
1 551
1 100
211
218
9 400
819
1 017
200
11
11
31 086
503
659
15 700
448
276
8 000
308
162
106 700
9 859
15 729
16 800
652
970
6 298
198
346
1 600
321
247
87 600
4 963
7 479
7 500
155
144
10 000
273
306
167 300
972
854
6 761
405
218
53 000
432
472
27 700
499
686
22 200
485
281
20 000
245
530
5 000
563
608
34 200
1 172
2 461
8 032
541
622
88 000
1 216
3 360
75 000
929
929
48 900
3 227
4 757
106 000
878
542
4 713
1 065
996
34 206
3 239
4 040
45 500
166
149
15 000
282
252
2 400
887
1 992
153 117
5 561
5 990
7 000
83
329
38 800
3 830
6 448
8 000
298
295
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Kinaxis inc.
49448Q109
Kinder Morgan inc.
49456B101
Kingfisher plc
331952903
Kinnevik AB
SE0008373922
Kinross Gold Corp.
496902404
Kirin Holdings Co. Ltd
649374006
KLA-Tencor Corp.
482480100
Klepierre SA
FR0000121964
Kobe Steel Ltd
649602000
Kohl's Corp.
500255104
KOITO Manufacturing Co. Ltd
JP3284600008
Komatsu Ltd
649658002
Kone
OYJ, classe B
B09M9D905
Koninklijke
525260907 Ahold NV
Koninklijke DSM NV
025328825
Koninklijke KPN NV
595607904
Koninklijke
Philips NV
NL0011755756
Koninklijke
Vopak NV
NL0009432491
KOSÉ
Corp.
619446909
Kroger Co.
501044101
Kubota Corp.
649750007
Kuehne + Nagel International AG
B142S6906
Kuraray Co. Ltd
649766003
Kyocera Corp.
649926003
Kyowa Hakko Kirin Co. Ltd
JP3256000005
Kyushu Electric Power Co. inc.
649980000
L Brands inc.
501797104
L-3 Communications Holdings inc.
502424104
La Banque de Nouvelle-Écosse
064149107
Laboratory Corp. of America Holdings
50540R409
Labrador Iron Ore Royalty Corp.
505440107
LafargeHolcim Ltd
CH001221405E
Lam Research Corp.
512807108
Land Securities Group plc
318094901
Lanxess AG
B05M8B904
Las Vegas Sands Corp.
517834107
Lawson inc.
626691901
Le Groupe Jean Coutu (PJC) inc., classe A
47215Q104
Lear Corp.
521865204
Legal & General Group plc
056039902
Legg Mason inc.
524901105
Leggett & Platt inc.
524660107
Legrand SA
B11ZRK906
Lennar
Corp., classe A
526057104
Les
Vêtements
de sport Gildan inc.
375916103
Leucadia
National
Corp.
527288104
Level
3
Communications
inc.
52729N308
Li
&
Fung
Ltd
BMG5485F1692
Liberty Global plc, classe A
530555101
Liberty Global plc, classe C
530555309
Liberty Interactive Corp., classe A
53071M104
Liberty Sirius Group, classe A
531229409
15
55 500
1 938
2 873
43 018
1 791
1 017
298 121
1 974
2 084
16 284
45
46
327 700
1 588
1 842
69 000
1 130
1 517
12 900
1 080
1 231
5 137
307
308
142 000
298
167
6 000
321
283
3 400
198
210
57 200
1 504
1 290
22 504
1 110
1 392
32 203
456
934
9 551
533
744
106 426
517
553
49 993
1 520
1 763
1 920
111
131
1 400
168
164
25 800
331
1 207
37 000
581
712
19 674
2 827
3 619
14 400
179
250
17 900
927
1 170
4 000
84
95
18 000
374
239
15 600
1 363
1 398
5 000
738
897
457 044
28 124
29 314
19 300
2 070
3 230
77 500
2 057
915
28 520
2 284
1 678
10 100
711
1 094
29 997
441
666
5 136
379
321
35 200
2 522
2 129
25 200
1 889
2 607
6 500
152
135
3 400
486
528
162 239
460
739
1 400
46
63
2 800
184
184
10 298
525
741
4 000
231
238
30 600
1 086
1 196
16 100
517
381
5 900
131
416
474 000
422
316
10 166
732
497
13 295
495
628
2 700
100
95
3 700
87
154
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Liberty Sirius Group, classe C
531229607
Linamar Corp.
53278L107
Lincoln
National Corp.
534187109
Linde
AG
574081907
Lindt & Spruengli AG-PC
596228908
Lindt & Spruengli AG-REG
596230904
Linear Technology Corp.
535678106
LinkedIn Corp., classe A
53578A108
LKQ Corp.
501889208
Lloyds Banking Group plc
087061008
Loblaw Companies Ltd
539481101
Loews Corp.
540424108
London Stock Exchange Group
GB00B0SWJX34
Lonza Group AG
733337901
L'Oreal SA
405780909
Lowe's
Cos inc.
548661107
Lululemon
550021109 Athletica inc.
Lundin Mining Corp.
550372106
Lundin
Petroleum AB
718762909
Luxottica
Group SPA
IT0001479374
LVMH Moet Hennessy Louis Vuitton SA
406141903
LyondellBasell Industries NV, classe A
N53745100
M&T Bank Corp.
55261F104
M3 inc.
019947980
Mabuchi Motor Co. Ltd
JP3870000001
Macquarie Group Ltd
B28YTC906
Macy's inc.
55616P104
Magna International inc.
559222401
Mallinckrodt plc
G5785G107
MAN SE
DE0005937007
ManpowerGroup
inc.
56418H100
Manulife
Financial
Corp.
56501R106
Mapfre
SA
ES0124244E34
Marathon Oil Corp.
565849106
Marathon
56585A102Petroleum Corp.
Markel Corp.
570535104
Marks & Spencer Group plc
312748908
Marriott International inc., classe A
571903202
Marsh & McLennan Cos inc.
571748102
Martin Marietta Materials inc.
573284106
Marubeni Corp.
656946001
Maruichi Steel Tube Ltd
656950003
Marvell Technology Group Ltd
BMG5876H1051
Masco Corp.
574599106
MasterCard inc., classe A
57636Q104
Mattel
inc.
577081102
Maxim
Integrated Products inc.
57772K101
Mazda
Motor Corp.
690030002
McCormick
579780206 & Co. inc.
McDonald's Corp.
580135101
McDonald's Holdings Co. Japan Ltd
JP3750500005
McKesson Corp.
58155Q103
16
7 400
175
304
49 000
2 651
2 687
6 000
426
360
4 572
622
893
378
1 917
3 047
13
655
1 257
13 800
764
854
3 000
505
536
4 800
154
208
1 426 421
1 609
1 956
44 543
2 553
3 165
11 900
560
630
6 170
205
321
3 009
334
679
6 324
880
1 555
43 100
3 000
4 518
2 000
149
170
867 400
4 192
3 773
8 971
220
210
9 941
696
704
16 003
2 703
3 357
9 100
355
968
4 100
467
641
22 400
495
842
2 500
91
152
10 868
502
771
10 000
501
434
107 700
5 654
5 736
2 800
261
232
13 791
1 852
1 909
2 000
212
209
678 400
12 704
13 242
6 000
27
20
21 700
492
371
15 200
286
693
150
180
187
88 322
652
639
7 800
342
674
41 100
1 893
3 552
1 800
167
445
94 000
693
591
18 000
682
786
26 000
448
348
7 500
309
320
29 900
1 771
3 751
9 700
451
405
19 200
735
954
19 900
424
449
34 500
2 471
4 381
47 500
4 926
7 585
21 400
632
735
11 700
1 595
2 803
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Mead Johnson Nutrition Co.
582839106
Medibank Private Ltd
AU000000MPL3
Mediclinic International plc
GB00B8HX8Z88
Medivation inc.
US58501N1019
Medtronic plc
585055106
Meggitt plc
GB0005758098
MEIJI Holdings Co. Ltd
B60DQV902
Melco Crown Entertainment Ltd
US5854641009
Merck & Co. inc.
58933Y105
Merck KGaA
DE0006599905
Methanex Corp.
59151K108
MetLife inc.
59156R108
Metro
AG
504141904
Metro
inc.
59162N109
Metso
OYJ
FI0009007835
Mettler-Toledo
International inc.
592688105
MGM
China
Holdings
Ltd
KYG607441022
MGM
Resorts
International
552953101
Michael Kors Holdings Ltd
VGG607541015
Microchip Technology inc.
595017104
Micron Technology inc.
595112103
Microsoft Corp.
594918104
Mid-America Apartment Communities inc.
59522J103
Millicom International Cellular SA
B00L2M903
Minebea Co. Ltd
001227033
Miraca Holdings inc.
JP3822000000
Mitsubishi Chemical Holdings Corp.
B0JQTJ900
Mitsubishi Corp.
659678007
Mitsubishi Electric Corp.
659704001
Mitsubishi Estate Co. Ltd
659672000
Mitsubishi Gas Chemical Co. inc.
659692008
Mitsubishi Heavy Industries Ltd
659706006
Mitsubishi Materials Corp.
659708002
Mitsubishi Motors Corp.
JP3899800001
Mitsubishi Tanabe Pharma Corp.
JP3469000008
Mitsubishi UFJ Financial Group
633517909
Mitsui & Co. Ltd
659730006
Mitsui Fudosan Co. Ltd
659760003
Mizrahi Tefahot Bank Ltd
IL0006954379
Mizuho Financial Group inc.
659101901
Mobileye NV
NL0010831061
Mohawk Industries inc.
608190104
Molson Coors Brewing Co., classe B
60871R209
Mondelez International inc., classe A
609207105
Mondi
plc
B1CRLC906
Monster
61174X109Beverage Corp.
Moody's Corp.
615369105
Morgan Stanley
617446448
Motorola
620076307Solutions inc.
MS&AD Insurance Group Holdings inc.
B2Q4CS905
MTR
Corp. Ltd
HK0066009694
Muenchener
529412900 Rueckver AG
17
19 300
1 481
2 077
34 364
104
104
16 109
266
266
3 400
238
269
66 128
4 388
6 961
12 230
119
90
11 000
409
1 299
12 443
251
236
131 200
7 274
9 656
4 814
452
630
3 000
199
129
22 700
1 045
1 353
5 287
339
227
89 600
3 294
3 981
3 738
133
115
1 100
285
540
68 400
268
129
6 000
168
179
4 500
404
251
16 600
931
1 122
84 800
1 579
1 411
221 200
8 449
15 335
800
108
108
9 191
883
700
5 000
81
52
16 700
816
923
56 000
317
373
45 300
839
1 051
51 000
510
806
35 000
900
883
37 000
247
275
104 000
674
552
166 000
755
627
34 300
314
234
64 000
1 025
1 406
327 500
2 016
2 139
58 900
789
927
27 000
787
867
58 448
868
901
883 500
1 962
1 817
4 035
200
200
1 300
301
334
5 100
301
662
149 386
5 376
8 694
29 969
827
768
4 000
205
785
7 300
498
942
38 300
1 036
1 371
2 819
31 118
2 157
16 800
442
627
544 905
2 434
3 382
4 519
873
1 107
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Murata Manufacturing Co. Ltd
661040006
Murphy Oil Corp.
626717102
Mylan NV
628530107
Nagoya Railroad Co. Ltd
JP3649800004
National Australia Bank Ltd
662460005
National Grid plc
B08SNH908
National Oilwell Varco inc.
637071101
Nec Corp.
JP3733000008
Neste Oil OYJ
B06YV4907
Nestlé SA
712387901
NetApp inc.
64110D104
Netflix inc.
64110L106
New Flyer Industries inc.
64438T401
New Gold inc.
644535106
New World Development Co. Ltd
HK0017000149
Newcrest Mining Ltd
663710002
Newell Brands inc.
651229106
Newfield Exploration Co.
651290108
Newmont Mining Corp.
651639106
News
Corp., classe A
65249B109
Nexon Co. Ltd
070973251
Next plc
320898901
NextEra Energy inc.
65339F101
NGK SPARK PLUG Co. Ltd
JP3738600000
NICE Sytems Ltd
IL0002730112
Nidec Corp.
JP3734800000
Nielsen Holdings plc
GB00BWFY5505
NIKE inc., classe B
654106103
Nikon Corp.
654111103
Nintendo Co. Ltd
663955003
Nippon Building Fund inc.
JP3027670003
Nippon
Electric Glass Co. Ltd
JP3733400000
Nippon
Meat
664076007 Packers inc.
Nippon Prologis REIT inc.
JP3047550003
Nippon Steel & Sumitomo Metal Corp.
664256005
Nippon Telegraph and Telephone Corp.
664137007
Nissan Motor Co. Ltd
664286002
Nisshin Seifun Group inc.
664096005
Nissin Foods Holdings Co. Ltd
664176005
Nitori Co. Ltd
JP3756100008
Nitto Denko Corp.
664180007
NN Group NV
NL0010773842
Noble Energy inc.
655044105
Noble
Group Ltd
BMG6542T1190
NOK
Corp.
JP3164800009
Nokia OYJ
590294906
Nomura Holdings inc.
664310000
Nomura Real Estate Master Fund inc.
JP3048110005
Nomura
Research Institute Ltd
JP3762800005
Norbord
65548P403inc.
Nordea Bank AB
538003906
Nordstrom inc.
655664100
18
16 900
1 788
2 582
10 799
622
436
10 700
436
607
211 000
816
1 389
64 569
1 850
1 661
231 158
2 994
4 432
41 700
2 153
1 797
218 000
769
671
6 262
180
276
273 807
19 583
26 442
11 100
432
371
9 800
325
1 315
89 648
1 854
3 722
330 000
1 964
1 657
422 707
508
522
214 040
2 711
3 868
7 993
460
499
4 600
245
245
99 900
2 924
4 235
1 275
21
20
7 900
72
170
20 380
2 513
2 111
38 200
3 338
6 002
2 800
94
71
8 542
479
717
15 800
1 046
1 568
12 900
454
901
46 200
1 875
3 337
43 800
795
804
2 900
303
563
130
783
1 010
25 000
142
157
42 000
1 118
1 282
1 393
491
1 143
22 100
673
597
92 500
2 549
5 297
73 800
833
979
22 780
384
507
26 400
1 288
1 731
12 200
588
1 620
12 600
670
1 083
2 900
135
127
17 000
708
795
256 000
213
72
3 500
63
82
375 713
2 565
2 812
116 200
900
658
348
591
718
38 890
1 248
1 920
146 800
3 869
4 147
77 427
996
982
15 500
1 162
770
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Norfolk Southern Corp.
655844108
Norsk Hydro ASA
B11HK3901
Northern
665859104Trust Corp.
Northland Power inc.
666511100
Norwegian Cruise Line Holdings Ltd
BMG667211046
Novartis AG
710306903
Novo Nordisk AS, classe B
707752903
Novozymes AS, classe B
B798FW902
NRG Energy inc.
629377508
NSK Ltd
JP3720800006
NTT Data Corp.
JP3165700000
NTT DOCOMO inc.
612927905
Nucor Corp.
670346105
Numericable - SFR SAS
FR0011594233
NuVista Energy Ltd
67072Q104
NVIDIA
Corp.
67066G104
NXP
Semiconductors
NV
NL0009538784
Obayashi
Corp.
JP3190000004
OBIC Co. Ltd
JP3173400007
Occidental Petroleum Corp.
674599105
Oceaneering International inc.
675232102
Odakyu Electric Railway Co. Ltd
665610002
OGE Energy Corp.
670837103
Oil Search Ltd
PG0008579883
Oji Holdings Corp.
665770004
Old Mutual plc
B77J08909
Olympus Corp.
JP3201200007
Omnicom Group inc.
681919106
OMV
AG
465145001
Oneok
inc.
682680103
Ono
Pharmaceutical
Co. Ltd
JP3197600004
Open
Text
Corp.
683715106
Oracle Corp.
68389X105
Oracle Corp. Japan
JP3689500001
Orange
517617908SA
O'Reilly Automotive inc.
67103H107
Orica Ltd
645800004
Oriental Land Co. Ltd
664889904
Origin Energy Ltd
621486901
Orix Corp.
666114004
Orkla ASA
B1VQF4902
Osaka Gas Co. Ltd
666176003
Osram Licht AG
DE000LED4000
Otsuka Corp.
JP3188200004
Otsuka
Holdings Co. Ltd
B5LTM9909
Oversea-Chinese
Banking Corp.
B0F9V2906
PACCAR
inc.
693718108
Paddy Power Betfair plc
IE00BWT6H894
Palo Alto Networks inc.
US6974351057
Panasonic Corp.
657270005
Pandora
AS
DK0060252690
Parex
Resources
inc.
69946Q104
19
8 100
645
891
167 647
869
875
7 400
447
717
181 500
3 221
4 017
2 300
157
140
86 779
6 956
9 008
71 964
2 687
5 238
13 251
460
825
10 100
272
216
7 500
137
87
26 200
1 651
1 767
129 600
2 219
4 248
20 400
1 121
1 294
1 106
78
45
39 100
264
262
55 400
1 744
3 386
20 287
2 562
2 507
32 900
439
453
1 400
99
100
55 700
5 044
5 497
1 300
68
56
53 000
542
753
14 800
564
585
228 029
1 669
1 468
33 000
167
177
484 690
1 704
1 644
3 600
167
199
9 500
608
1 036
29 943
1 236
1 088
6 700
197
379
10 200
323
592
63 000
4 516
4 839
103 100
3 988
5 422
11 600
576
806
53 896
1 244
1 226
6 900
914
2 387
11 844
254
153
21 200
831
1 823
61 301
620
332
35 200
497
639
136 348
1 509
1 614
218 000
894
1 070
6 159
300
429
16 400
800
1 016
45 100
1 499
2 410
465 806
3 836
3 816
10 200
565
744
1 700
372
300
1 700
255
290
63 700
512
775
2 471
257
481
195 100
1 935
2 632
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Park24 Co. Ltd
007429126
Parker Hannifin Corp.
701094104
Parkland Fuel Corp.
70137T105
Patterson
703395103 Cos inc.
Paychex inc.
704326107
PayPal Holdings inc.
70450Y103
PCCW Ltd
657407904
Pearson plc
067760009
Pembina Pipeline Corp.
706327103
Pengrowth Energy Corp.
70706P104
Pentair Ltd
H6169Q108
People's United Financial inc.
712704105
Pepsico
713448108inc.
Pernod Ricard SA
468232004
Perrigo Co.
714290103
Persimmon plc
GB0006825383
Petrofac
Ltd
B0H2K5904
Peugeot
SA
FR0000121501
Peyto
Exploration
& Development Corp.
717046106
Pfizer
inc.
717081103
PG&E Corp.
69331C108
Phillips 66
718546104
Pinnacle West Capital Corp.
723484101
Pioneer Natural Resources Co.
723787107
Plains GP Holdings L.P.
72651A108
PNC Financial Services Group
693475105
Pola Orbis Holdings inc.
JP3855900001
Polaris Industries inc.
731068102
Porsche Automobil Holding SE
710106907
Portefeuille
de deux fonds d'infrastructures privés
CITI5
Potash
Corp.
73755L107 of Saskatchewan inc.
Power Assets Holdings Ltd
643532005
Power Corp. of Canada
739239101
Power Financial Corp.
73927C100
PPG Industries inc.
693506107
PPL Corp.
69351T106
PrairieSky Royalty Ltd
739721108
Praxair inc.
74005P104
Premier Gold Mines Ltd
74051D104
Premium Brands Holdings Corp.
74061A108
Pretium Resources inc.
74139C102
Priceline.com inc.
741503403
Principal Financial Group inc.
74251V102
Prologis
inc.
74340W103
ProMetic
74342Q104Sciences de la vie inc.
ProSiebenSat.1 Media AG
DE000PSM7770
Provident Financial plc
GB00B1Z4ST84
Proximus SA
B00D9P907
Prudential
744320102 Financial inc.
Prudential plc
070995006
Prysmian SPA
IT0004176001
Public Service Enterprise Group inc.
744573106
20
29 500
621
5 200
536
1 103
781
186 515
4 295
4 325
26 600
1 268
1 698
85 200
3 795
6 043
29 700
951
1 468
1 056 395
746
902
29 467
570
470
318 489
11 118
12 252
672 500
1 997
1 527
4 300
258
339
85 600
1 425
1 778
102 900
8 119
13 618
17 899
2 022
2 552
4 000
477
501
10 911
354
437
34 633
734
513
11 356
175
234
205 700
6 781
7 072
263 700
7 663
11 970
42 100
1 927
3 309
14 300
469
1 503
4 300
188
414
12 900
2 045
2 705
8 000
98
98
14 100
1 046
1 655
900
102
102
1 100
201
122
2 627
223
189
2
41 645
52 297
22 200
905
475
138 500
1 176
1 757
93 400
2 731
2 763
88 100
3 074
2 796
6 200
252
873
52 500
1 671
2 647
15 352
430
389
40 200
5 170
5 778
106 800
340
326
87 335
3 332
4 605
132 200
1 029
1 261
1 300
1 076
2 150
10 500
412
612
17 400
727
1 082
89 400
171
250
5 987
303
394
3 694
206
205
56 349
2 162
2 396
11 700
840
1 213
61 693
1 090
1 621
6 058
167
194
24 200
874
1 417
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Public Storage
74460D109
Publicis Groupe SA
438042905
QBE Insurance Group Ltd
671574002
Qorvo
inc.
74736K101
QUALCOMM inc.
747525103
Quanta Services inc.
74762E102
Quebecor inc., classe B
748193208
Quest Diagnostics inc.
74834L100
Raging River Exploration inc.
750649105
Raiffeisen Bank International
AT0000606306
Rakuten inc.
39672000
Ralph
Lauren Corp.
751212101
Ramsay
Health Care Ltd
AU000000RHC8
Randgold
B01C3S908Resources Ltd
Range Resources Corp.
75281A109
Raymond James Financial inc.
754730109
Realty Income Corp.
756109104
Reckitt Benckiser Group plc
B24CGK904
Recruit
Holdings Co. Ltd
JP3970300004
Red
Electrica
572377901 Corp. SA
Red Hat inc.
756577102
68827L143
Regeneron Pharmaceuticals inc.
75886F107
Regions Financial Corp.
7591EP100
Reitmans (Canada) Limitée, classe A
759404205
RELX NV
NL0006144495
RELX plc
B2B0DG904
Rémy Cointreau SA
474171006
RenaissanceRe Holdings Ltd
BMG7496G1033
Renault
471279901SA
Repsol SA
566935904
Republic
760759100Services inc.
ResMed inc.
761152107
Resona Holdings inc.
642155907
Restaurant
76131D103 Brands International inc.
Rexam plc
GB00BMHTPY25
Ricoh Co. Ltd
JP3973400009
Rinnai Corp.
JP3977400005
Rio Tinto Ltd
622010007
Rio Tinto plc
071887004
RioCan Real Estate Investment Trust
766910103
Rite Aid Corp.
767754104
Roche Holding AG
711038901
Rockwell Automation inc.
773903109
Rockwell Collins inc.
774341101
Rogers
Communications inc., classe B
775109200
Rohm
Co.
Ltd
JP3982800009
Rolls-Royce
B63H84900 Holdings plc
Rolls-Royce Holdings plc, classe C
GB00BDH6KD44
Roper Industries inc.
776696106
Ross Stores inc.
778296103
Royal
Bank of Scotland Group
B7T772907
21
12 000
2 172
3 982
8 741
642
828
36 693
580
433
10 956
1 082
730
173 400
14 112
12 457
1 800
65
57
131 600
4 089
4 922
18 400
1 176
1 857
185 000
1 780
1 998
5 747
190
101
22 800
315
321
2 000
358
247
18 648
1 045
1 286
42 905
3 701
4 738
12 700
1 032
708
3 000
234
220
9 000
695
708
61 874
4 530
8 099
33 998
1 357
1 514
4 362
234
508
679
6 700
410
63 950
736
810
2 000
492
1 044
35 900
339
462
67 900
410
304
18 000
411
409
48 211
665
1 147
4 356
408
474
14 900
1 645
2 251
11 529
1 238
1 416
29 119
699
491
48 900
2 144
3 089
734
9 500
710
73 200
344
364
40 278
2 242
2 205
74 310
702
889
40 600
480
463
1 000
114
114
63 438
3 684
2 686
113 324
6 392
4 191
188 600
5 108
5 173
33 200
362
334
25 340
6 851
8 699
5 600
509
850
7 000
744
809
329 700
15 476
16 485
4 600
226
257
55 155
1 020
650
3 916 005
11
7
3 200
411
716
25 200
858
1 760
67 923
363
319
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Royal Boskalis Westminster NV
NL0011819065
Royal Caribbean Cruises Ltd
LR0008862868
Royal
Dutch Shell plc, classe A
B03MLX903
Royal
Dutch Shell plc, classe B
B03MM4906
Royal Mail plc
GB00BDVZYZ77
RSA Insurance Group plc
GB00BKKMKR23
RWE AG
476896907
Ryman Healtcare Ltd
NZRYME0001S4
Ryohin Keikaku Co. Ltd
JP3976300008
S&P Global inc.
78409V104
SABMiller plc
048354906
Safran SA
B058TZ909
Saipem SPA
476876008
Salesforce.com
inc.
79466L302
Sampo
OYJ,
classe
A
522603901
Sands
China
Ltd
B5B23W909
Sandvik AB
B1VQ25903
Sandvine Corp.
800213100
Sankyo Co. Ltd
JP3326410002
Sanofi
567173901
Santen Pharmaceutical Co. Ltd
JP3336000009
Santos Ltd
677670002
SAP SE
484628904
Saputo inc.
802912105
SBA Communications Corp., classe A
78388J106
SCANA Corp.
80589M102
Scentre Group
AU000000SCG8
Schibsted ASA, classe B
NO0010736879
Schindler Holding AG
CH0024638212
Schindler Holding AG - part. cert.
B11TCY906
Schlumberger Ltd
806857108
Schneider
483410007 Electric SA
Schroders plc
GB0002405495
Seagate Technology plc
G7945M107
Sealed Air Corp.
81211K100
Secom Co. Ltd
679159004
Securitas AB, classe B
SE0000163594
Seek Ltd
AU000000SEK6
SEGRO plc
GB00B5ZN1N88
SEI Investments Co.
784117103
Seiko Epson Corp.
JP3414750004
Sekisui House Ltd
JP3420600003
Sempra Energy
816851109
ServiceNow inc.
81762P102
SES SA
B00ZQQ907
Seven
& I Holdings Co. Ltd
B0FS5D909
Seven
Bank Ltd
JP3105220002
Seven
Generations Energy Ltd, classe A
81783Q105
Severn
Trent plc
B1FH8J905
SGS
SA
482477007
Shangri-La Asia Ltd
BMG8063F1068
Shaw Communications inc., classe B
82028K200
22
3 225
196
3 500
343
153
354
282 792
10 085
8 924
265 334
8 733
8 389
169 717
1 701
1 748
23 000
202
215
12 997
920
222
47 540
394
404
300
86
90
7 500
424
1 097
107 896
5 949
8 822
8 819
485
809
617 168
1 013
331
19 800
1 113
2 168
9 848
416
575
278 400
1 898
1 397
68 595
1 001
876
92 100
311
258
17 600
818
858
29 820
3 281
3 200
35 900
397
691
39 991
359
172
22 957
1 785
2 439
138 400
5 040
5 528
12 900
1 198
1 677
17 900
956
1 637
398 067
1 327
1 757
10 916
472
423
6 046
982
1 457
2 946
469
714
124 503
11 417
12 427
33 026
2 878
2 794
3 136
144
162
8 000
359
236
4 600
102
279
34 500
2 025
3 534
9 493
163
195
24 115
379
372
18 865
149
157
3 000
213
202
4 600
123
108
4 800
108
112
14 200
1 116
1 990
394
4 200
233
15 136
464
444
21 600
640
1 209
76 000
329
366
109 700
2 269
2 896
9 301
234
406
799
2 037
2 229
100 000
177
149
143 700
3 540
3 604
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Shikoku Electric Power Co. inc.
680434008
Shimadzu Corp.
JP3357200009
Shimamura
Co. Ltd
JP3358200008
Shimano
inc.
JP3358000002
Shin-Etsu Chemical Co. Ltd
680458007
Shionogi & Co. Ltd
JP3347200002
Shire plc
B2QKY0906
Shiseido Co. Ltd
680526001
Showa Shell Sekiyu KK
680554003
Siemens AG
572797900
Signature Bank
82669G104
Signet Jewelers Ltd
BMG812761002
Sika
AG
480808906
Silver
Standard Resources inc.
82823L106
Silver
Wheaton Corp.
828336107
Simon
Property Group inc.
828806109
Singapore
Airlines Ltd
SG1V61937297
Singapore
Press Holdings Ltd
SG1P66918738
Singapore
Technologies
Engineering Ltd
SG1F60858221
Singapore
Telecommunications
Ltd
B02PY2901
SJM Holdings Ltd
HK0880043028
Skandinaviska Enskilda Banken AB, classe A
481334902
SKF AB, classe B
B1Q3J3907
Sky plc
014119903
Skyworks Solutions inc.
US83088M1027
SL Green Realty Corp.
78440X101
Sleep Country Canada Holdings inc.
83125J104
Smart Real Estate Investment Trust
83179X108
SMC Corp.
676396005
Smith & Nephew plc
092232909
Smiths
Group plc
B1WY23900
Snam
SPA
725147904
86222Q806
Société Générale
596651901
Sodexo
706271905
Softbank Corp.
677062903
Sohgo Security Services Co. Ltd
JP3431900004
Solvay SA
482110004
Sompo Japan Nipponkoa Holdings inc.
B62G7K908
Sonic Healthcare Ltd
AU000000SHL7
Sonova Holding AG
CH0012549785
Sony Corp.
682150008
South32 Ltd
AU000000S32S
Southwestern Energy Co.
845467109
Soutwest Airlines Co.
844741108
Spark New Zealand Ltd
012285353
Spectra
847560109Energy Corp.
Spin Master Corp.
848510103
Splunk inc.
848637104
Sprint Corp.
85207U105
SSE
plc
079087003
St.
James's
Place plc
GB0007669376
23
7 600
220
118
33 000
323
658
6 200
620
1 053
4 300
568
877
14 900
886
1 137
8 200
393
603
16 077
549
1 304
10 800
200
373
38 600
452
511
39 497
4 717
5 558
1 300
221
230
500
92
65
127
359
718
75 400
841
893
188 500
4 703
4 609
2 948
11 400
1 877
54 000
526
548
510 000
1 880
1 870
217 000
721
666
1 367 000
4 160
5 027
134 000
398
112
42 937
465
538
18 848
480
433
128 990
1 966
2 366
17 650
1 359
1 541
800
106
106
18 000
303
416
125 937
4 066
4 345
2 800
603
932
67 655
1 073
1 510
20 863
457
446
43 274
251
324
2 409 928
1 687
2 314
19 369
800
1 043
6 166
543
849
24 200
704
1 778
1 600
102
103
5 092
672
676
12 100
290
446
119 500
2 222
2 424
10 472
1 791
1 828
32 100
668
1 174
325 397
640
479
11 000
385
197
5 000
251
278
174 285
471
571
33 300
1 048
1 388
4 600
122
122
1 900
160
143
8 508
56
42
61 725
1 602
1 800
8 000
141
141
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
St. Jude Medical inc.
790849103
Standard Chartered plc
040828907
Standard
Life plc
B16KPT907
Stanley
Black
854502101 & Decker inc.
Stanley Electric Co. Ltd
JP3399400005
Staples inc.
855030102
Starbucks Corp.
855244109
StarHub Ltd
B1CNDB906
Start Today Co. Ltd
JP3399310006
Starwood Hotels & Resorts Worldwide inc.
85590A401
State Street Corp.
857477103
Statoil
ASA
713360907
Stella-Jones
85853F105 inc.
Stericycle inc.
858912108
STMicroelectronics NV
NL0000226223
Stockland
AU000000SGP0
Stora Enso OYJ, classe R
507267904
Stryker Corp.
863667101
Stuart Olson inc.
863834107
Suez Environnement Co.
B3B8D0900
Sumitomo Chemical Co. Ltd
685856007
Sumitomo Corp.
685894008
Sumitomo Electric Industries Ltd
685870008
Sumitomo Metal Mining Co. Ltd
685884009
Sumitomo Mitsui Financial Group inc.
656302908
Sumitomo Mitsui Trust Holdings inc.
643189905
Sumitomo Realty & Development Co. Ltd
685890006
Sun Hung Kai Properties Ltd
685992000
Suncor
Energy inc.
867224107
Suncorp
658508007Group Ltd
Sundrug Co. Ltd
JP3336600006
Suntec Real Estate Investment Trust
SG1Q52922370
Suntory Beverage & Food Ltd
JP3336560002
SunTrust Banks inc.
867914103
Superior
86828P103Plus Corp.
Suzuken Co. Ltd
JP3398000004
Suzuki Motor Corp.
686550005
Svenska Cellulosa AB SCA, classe B
B1VVGZ901
Svenska Handelsbanken AB, classe A
570366906
Swedbank AB, classe A
484652904
Swire Pacific Ltd, classe A
686774001
Swire Properties Ltd
050852334
Swiss Life Holding AG
CH0014852781
Swiss Prime Site AG
B083BH906
Swiss Re AG
ACI00MQT5
Swisscom AG
553397902
Sydney Airport
AU000000SYD9
Symantec
871503108 Corp.
Symrise AG
027647189
Synchrony Financial
87165B103
Syngenta
435664909 AG
Synopsys inc.
871607107
24
7 300
326
748
228 642
4 469
2 304
58 983
362
381
4 800
393
711
4 300
105
119
12 400
151
143
56 300
1 838
4 043
222 000
776
744
1 700
101
101
6 200
402
596
12 900
890
1 064
51 339
1 451
1 072
25 000
1 055
1 233
2 900
329
372
36 554
368
287
133 058
514
571
12 969
137
146
30 300
3 366
4 406
74 632
764
503
11 008
215
242
43 000
219
258
44 400
594
596
23 000
293
426
62 000
1 052
836
34 700
1 443
1 480
122 000
534
555
12 000
480
438
116 364
1 694
1 791
307 652
10 089
11 143
48 475
615
596
900
97
97
62 000
100
98
48 594
1 960
2 997
13 800
460
791
171 400
1 911
1 882
8 660
330
366
23 800
662
800
18 267
292
764
42 210
632
706
27 853
695
801
61 000
806
860
43 600
156
156
774
243
262
18 644
1 451
2 090
8 434
567
991
8 063
5 243
5 024
72 408
346
486
22 500
521
511
2 553
199
210
26 345
1 100
1 075
6 722
2 662
3 454
45 900
1 962
3 102
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Sysco Corp.
871829107
Sysmex Corp.
JP3351100007
T. Rowe Price Group inc.
74144T108
Tahoe Resources inc.
873868103
Taiheiyo Cement Corp.
666020003
Taisei Corp.
JP3443600006
Taisho Pharmaceutical Holdings Co. Ltd
JP3442850008
Takeda Pharmaceutical Co. Ltd
687044008
Tamarack Valley Energy Ltd
87505Y409
Target Corp.
87612E106
Tate & Lyle plc
087541009
Tatts Group Ltd
AU000000TTS5
Taylor Wimpey plc
GB0008782301
TDC AS
569879901
TDK Corp.
JP3538800008
TE Connectivity Ltd
H84989104
Technip
487416901SA
Techtronic Industries Co. Ltd
HK0669013440
Teck
Resources Ltd, classe B
878742204
TECO
Energy inc.
872375100
Tele2 AB, classe B
B97C73904
Telecom Italia SPA
763439908
Telefonica Deutschland Holding AG
DE000A1J5RX9
Telefonica SA
573252905
Telenor ASA
473249902
Telia Co. AB
597838903
Telstra Corp. Ltd
608728903
Telus
Corp.
87971M103
Tenaris
SA
753851906
Terna
Rete
B01BN5908 Elettrica Nazionale SPA
Terumo Corp.
JP3546800008
Tesco plc
088470000
Tesla
Motors inc.
88160T101
Tesoro
Corp.
881609101
Teva
Pharmaceutical
Industries Ltd
688217900
Texas
Instruments
inc.
882508104
Thales SA
FR0000121329
The Bank of New York Mellon Corp.
064058100
The Berkeley Group Holdings plc
GB00B02L3W35
The Boeing Co.
097023105
The Charles Schwab Corp.
808513105
The Dai-ichi Life Insurance Co. Ltd
B601QS905
The Estée Lauder Cos. inc., classe A
518439104
The Gap inc.
364760108
The Hartford Financial Services Group inc.
416515104
The
Hershey Co.
427866108
The
J.M. Smucker Co.
832696405
The
Kraft Heinz Co.
500754106
The
Link Real Estate Investment Trust
HK0823032773
The
Macerich Co.
554382101
The
Mosaic Co.
61945C103
The
North
663278109 West Co. inc.
25
48 500
1 822
3 052
7 300
584
687
8 900
698
897
158 000
2 768
2 474
48 000
101
165
122 000
915
1 183
1 600
161
195
65 800
3 210
3 723
198 100
922
755
46 600
3 226
4 193
19 077
210
228
56 306
216
210
43 014
151
168
145 623
1 228
954
8 100
477
619
13 290
668
1 043
546
7 589
660
78 000
416
410
533 100
10 212
6 722
5 500
205
198
12 606
219
145
520 950
817
587
15 806
125
93
307 451
5 782
4 205
104 627
2 382
2 281
59 968
437
367
1 023 969
5 079
5 424
424 718
16 835
17 656
45 092
903
782
58 963
231
428
5 100
205
280
212 339
1 397
667
2 400
459
701
3 900
250
398
34 407
1 486
2 338
91 900
4 254
7 285
4 413
425
500
26 800
841
1 475
2 377
148
148
37 000
4 214
6 106
30 300
624
1 212
32 000
461
551
18 100
1 111
2 173
148
6 300
262
12 000
381
709
34 800
3 518
4 227
16 200
1 552
2 736
15 800
1 450
1 719
143 000
794
1 150
2 800
253
280
21 028
1 196
694
86 800
2 156
2 593
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
The Procter & Gamble Co.
742718109
The Progressive Corp.
743315103
The Sage Group plc
GB00B8C3BL03
The Sherwin-Williams Co.
824348106
The Southern Co.
842587107
The Swatch Group AG
CH0012255144
The Swatch Group AG - BR
718472905
The Travelers Cos. inc.
89417E109
The Valspar Corp.
920355104
The Walt Disney Co.
254687106
The Weir Group plc
GB0009465807
The Western Union Co.
959802109
Thermo Fisher Scientific inc.
883556102
Thomson
884903105 Reuters Corp.
ThyssenKrupp AG
563692904
Tiffany & Co.
886547108
Time Warner inc.
887317303
TJX
Cos. inc.
872540109
T-Mobile
872590104US inc.
Tobu Railway Co. Ltd
689516003
Toho Co. Ltd
JP3598600009
Tohoku Electric Power Co. inc.
689526002
Tokio Marine Holdings inc.
651312902
Tokyo Electric Power Co. inc.
689540003
Tokyo Electron Ltd
689567006
Tokyo Gas Co. Ltd
689544005
TonenGeneral Sekiyu KK
636600009
Toray Industries inc.
689714004
Toromont Industries Ltd
891102105
Toshiba Corp.
689721009
Total System Services inc.
891906109
TOTO Ltd
JP3596200000
Tourmaline Oil Corp.
89156V106
Toyo
Seikan Group Holdings Ltd
690026000
Toyo
Suisan Kaisha Ltd
689996007
Toyota
Motor Corp.
690064001
TPG Telecom Ltd
AU000000TPM6
Tractor Supply Company
892356106
TransAlta Corp.
89346D107
TransCanada Corp.
89353D115
TransDigm Group inc.
893641100
Transurban Group
620088906
Travis Perkins plc
GB0007739609
Treasury Wine Estates Ltd
B61JC6908
Trend
Micro inc.
JP3637300009
Trevali
Mining Corp.
89531J109
Tricon
Capital
89612W102 Group inc.
Trimble Navigation Ltd
896239100
TripAdvisor inc.
896945201
Tryg AS
DK0060636678
TUI
AG
DE000TUAG000
Turquoise
900435108 Hill Ressources Ltd
26
226 600
18 099
24 022
20 900
546
910
33 599
297
392
7 900
1 364
3 008
116 600
5 373
7 541
3 358
404
255
2 163
1 279
834
19 700
1 757
2 941
700
99
99
39 400
2 572
5 114
15 099
697
344
25 300
498
643
11 200
1 026
2 224
299 293
12 472
16 482
9 700
307
279
1 800
189
146
21 700
1 240
2 148
59 700
3 967
5 945
5 600
134
313
237 000
1 274
1 574
9 200
204
329
18 900
391
319
20 200
626
915
38 000
858
234
13 600
777
1 319
62 000
295
328
109 000
1 082
1 356
178 000
1 588
2 013
14 800
507
545
106 000
525
342
1 100
67
77
2 600
120
129
25 890
735
812
6 600
109
182
30 700
1 125
1 555
68 200
4 202
4 652
11 453
101
134
2 100
180
264
83 600
455
527
192 200
9 184
10 436
2 300
645
793
443 399
3 268
5 063
6 239
243
228
29 973
156
294
6 500
220
308
482 400
405
215
27 800
318
238
2 500
107
84
3 300
251
292
12 107
314
312
27 351
606
545
76 611
293
284
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Twenty-First Century Fox inc., classe B
90130A200
Twitter inc.
90184L102
Tyco International plc
H89128104
Tyson
Foods inc., classe A
902494103
UBS Group AG
CH0244767585
UCB SA
BE0003739530
UDR inc.
902653104
Ulta Salon, Cosmetics & Fragrance, inc.
90384S303
Umicore SA
400500005
Under Armour inc., classe A
904311107
Under Armour inc., classe C
904311206
Unibail-Rodamco SE
707624904
Unicharm Corp.
691148001
UniCredit
SPA
ACI01A0K7
Unilever
NV
NL0011832894
Unilever plc
B10RZP905
Union Pacific Corp.
907818108
Unione di Banche Italiane SPA
IT0003487029
Uni-Select inc.
90457D100
United Continental Holdings inc.
910047109
United Internet AG
DE0005089031
United Overseas Bank Ltd
691678007
United Parcel Service inc., classe B
911312106
United Rentals inc.
911363109
United Technologies Corp.
913017109
United Therapeutics Corp.
US91307C1027
United Urban Investment Corp.
JP3045540006
United Utilities Group plc
B39J2M903
UnitedHealth Group inc.
91324P102
Universal Health Services inc., classe B
913903100
UPM-Kymmene OYJ
505125906
US
Bancorp
902973304
USS
Co. Ltd
JP3944130008
Valeant
Pharmaceuticals International inc.
91911K102
Valeo
SA
FR0013176526
Valero Energy Corp.
91913Y100
Vantiv inc., classe A
92210H105
Varian Medical Systems inc.
92220P105
Ventas inc.
92276F100
Veolia Environnement
403187909
VEREIT inc.
92339V100
Veresen inc.
92340R106
VeriSign inc.
92343E102
Verisk
Analytics inc., classe A
92345Y106
Verizon
Communications inc.
92343V104
Vermilion
923725105 Energy inc.
Vertex Pharmaceuticals inc.
92532F100
Vestas Wind Systems AS
DK0010268606
VF Corp.
918204108
Viacom
inc., classe B
92553P201
Vicinity
Centres
022782991
Vinci SA
B1XH02900
27
42 000
1 395
1 606
9 000
455
179
12 500
438
697
9 300
158
776
86 092
1 493
1 740
6 776
696
641
2 900
121
137
1 800
181
549
4 590
183
303
3 100
130
153
5 300
142
242
3 304
830
1 164
27 800
551
711
122 539
731
513
117 143
4 566
6 886
137 122
5 883
8 213
21 700
1 737
2 390
16 894
169
82
63 600
1 318
2 221
3 100
137
183
2 007
131
124
94 740
1 702
1 641
41 100
3 941
5 542
1 300
144
118
21 400
2 109
2 816
700
161
109
870
1 491
1 796
16 592
203
306
47 400
3 460
8 288
353
2 000
325
12 461
204
314
82 300
3 180
4 610
25 900
400
536
7 900
745
296
3 100
471
613
14 100
538
1 009
3 400
223
239
21 900
2 232
2 372
25 200
1 688
2 186
15 969
333
469
21 600
220
271
112 000
1 453
1 149
101
900
101
5 400
329
561
255 195
11 903
16 991
116 200
6 215
5 043
6 100
491
743
6 191
400
581
30 000
2 142
2 446
499
8 600
586
37 766
101
117
14 746
788
1 451
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Visa inc., classe A
92826C839
Vivendi SA
483477907
VMware inc.
928563402
Vodafone Group plc
B16GWD903
Voestalpine AG
494340904
Volkswagen AG
549716900
Volvo AB, classe B
928856301
Vornado Realty Trust
929042109
Vulcan Materials Co.
929160109
W.R. Grace & Co.
38388F108
Walgreens Boots Alliance inc.
931427108
Wartsila
452518905OYJ Abp
Waste Connections inc.
94106B101
Waste Connections US inc.
941053100
Waste Management inc.
94106L109
Waters
Corp.
941848103
Weatherford
H27013103 International plc
WEC Energy Group inc.
92939U106
Wells Fargo & Co.
949746101
Welltower inc.
95040Q104
Wesfarmers Ltd
694883000
West Fraser Timber Co. Ltd
952845105
West Japan Railway Co.
JP3659000008
Westar Energy inc.
95709T100
Western Digital Corp.
958102105
Western Forest Products inc.
958211203
Westfield Corp.
AU000000WFD0
WestJet Airlines Ltd
960410504
Westpac Banking Corp.
607614005
WestRock Co.
96145D105
Westshore Terminals Investment Corp.
96145A200
Weyerhaeuser
Co.
962166104
WH
Group
Ltd
109647233
Wharf Holdings Ltd
643557002
Wheelock & Co. Ltd
HK0020000177
Whirlpool
963320106 Corp.
Whitbread plc
GB00B1KJJ408
Whitecap Resources inc.
96467A226
WhiteWave Foods Co.
966244105
Whole Foods Market inc.
966837106
William Demant Holding AS
DK0060738599
William Morrison Supermarkets plc
060431004
Williams Cos. inc.
969457100
Willis Towers Watson plc
G96666105
Wilmar International Ltd
B17KC6900
Winpak
Ltd
97535P104
Wolseley
098834435plc
Wolters Kluwer NV
NL0000395903
Woodside Petroleum Ltd
697972008
Woolworths
698123908 Ltd
Workday inc.
98138H101
Worldpay Group plc
GB00BYYK2V80
28
73 000
3 524
7 539
36 405
772
945
5 200
412
412
997 071
4 062
4 382
4 334
161
194
4 673
1 048
916
40 546
620
590
7 200
511
900
3 800
206
580
1 000
102
102
22 500
926
2 278
11 244
557
610
170 500
5 825
7 059
2 500
214
215
42 500
2 301
3 389
918
5 100
755
65 357
1 013
479
47 893
2 338
3 768
132 200
6 081
8 771
31 760
2 533
2 863
73 907
2 801
2 845
23 000
1 157
1 030
16 400
923
1 341
1 900
140
140
20 614
1 489
1 255
518 400
967
1 192
188 968
1 314
1 919
165 400
4 158
3 894
96 803
2 817
2 816
6 988
371
362
79 600
2 299
1 453
24 985
794
1 030
619 909
516
625
114 000
986
807
41 000
175
242
2 500
397
571
4 963
382
398
284 080
2 606
2 879
310
5 300
312
11 000
353
465
39 788
823
1 098
94 866
454
358
18 600
451
539
6 379
701
1 069
252 000
836
795
27 000
1 168
1 327
9 282
514
716
4 000
207
209
156 810
5 943
4 072
62 202
1 912
1 304
2 900
296
288
35 323
177
186
au 31 mai 2016
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
WPP plc
B8KF9B904
WR Berkley Corp.
084423102
WSP Global inc.
92938W202
WW Grainger inc.
384802104
Wynn Macau Ltd
KYG981491007
Wynn Resort Ltd
983134107
Xcel Energy inc.
98389B100
Xerox Corp.
984121103
Xilinx inc.
983919101
Yahoo Japan Corp.
JP3933800009
Yahoo! inc.
984332106
Yakult Honsha Co. Ltd
698511003
Yamada Denki Co. Ltd
JP3939000000
Yamaha
Corp.
JP3942600002
Yamaha
Motor Co. Ltd
JP3942800008
Yamana
Gold
98462Y100 inc.
Yamato Transport Co. Ltd
JP3940000007
Yamazaki Baking Co. Ltd
698550001
Yangzijiang Shipbuilding (Holdings) Ltd
029649723
Yara
International ASA
775125909
Yaskawa Electric Corp.
JP3932000007
Yokogawa Electric Corp.
JP3955000009
Yue Yuen Industrial Holdings Ltd
BMG988031446
Yum! Brands inc.
988498101
Zillow Group inc., classe C
98954M200
Zimmer Biomet Holdings inc.
98956P102
Zodiac Aerospace
002364611
Zoetis inc.
98978V103
Zurich
Insurance Group AG
598381903
Total - actions et parts
29
41 803
744
1 267
29 700
1 361
2 216
96 804
3 812
4 129
2 100
552
627
198 400
738
406
6 500
1 206
818
81 600
2 549
4 416
31 000
282
404
13 400
730
831
53 000
315
311
23 700
646
1 176
3 800
122
244
33 300
205
205
2 700
84
107
10 400
183
241
871 100
4 928
4 818
47 900
1 131
1 273
8 000
115
257
47 000
45
41
24 346
1 090
1 149
3 300
58
55
9 000
159
136
260 500
1 165
1 286
36 500
2 825
3 920
2 200
69
83
14 100
1 658
2 252
297
9 720
336
13 200
411
819
3 451
877
1 092
2 273 546
2 811 270
au 31 mai 2016
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
633067YJ6
Powell River Energy inc.
739135AB7
George
Weston Ltd
96115ZAW2
Emera
inc.
29087ZAD9
Bell Canada
07813ZAU8
Choice Properties L.P.
17039BAB0
Brookfield Asset Management inc.
112585AC8
Gouvernement du Canada
135087YF5
633067VX8
Banque de Montréal (NHA MBS)
62932ZAF2
135087A46
Banque
Canadienne Impériale de Commerce
13595ZHZ2
Hydro
One
44810ZAT7 inc.
135087E75
Financement-Québec
31739ZAQ8
OMERS Realty Corp.
68214WAF5
Banque
de Montréal
0636795H3
Enbridge
29254ZAJ3Income Fund
Banque Toronto-Dominion (NHA MBS)
62932ZC60
Canada
Housing Trust No 1
13509PDM2
AltaGas Ltd
02138ZAA1
Home Trust Co.
437376AD8
13595ZLB0
TELUS Corp.
87971MAZ6
VW Credit Canada inc.
918423AM6
135087F33
0641498J9
Shoppers
82509ZAF3Drug Mart Corp.
Caterpillar Financial Services Ltd
14911ZAP6
OMERS Realty Corp.
68214WAG3
NBC Asset Trust
62874WAA0
bcIMC
Realty Corp.
07329VAL4
VW
Credit
918423AG9Canada inc.
Province de l'Ontario
68323ABR4
Genesis Trust II
37185ZAK7
Molson
Coors International L.P.
U60901AC6
Daimler Canada Finance inc.
23384NAN7
Groupe TMX Limitée
87262KAA3
13595Z4F0
68323ACW2
Brookfield Power Corp.
05573YAA9
BMW Canada inc.
05590HAN7
Financement-Québec
31739ZAS4
Province de Québec
74814ZDU4
Ville de Montréal
614853CC1
Banque Royale du Canada
780086GH1
Canada
Housing Trust No 1
13509PEA7
TD
Capital
87239BAA3Trust III
John Deere Canada Funding inc.
47787ZAY8
Enbridge Income Fund
29254ZAF1
Loblaw Cos. Ltd
539481AH4
11257ZAB5
1,13 % 2016-06-23 Taux variable
13 002
13 003
13 004
6,45 % 2016-07-25
1 500
1 500
1 507
3,78 % 2016-10-25
7 000
7 028
7 067
2,96 % 2016-12-13
3 000
3 000
3 022
5,00 % 2017-02-15
2 000
2 015
2 050
3,00 % 2017-04-20 Rachetable à compter du 2017-01-20
1 500
1 510
1 513
5,29 % 2017-04-25
5 000
5 100
5 153
4,00 % 2017-06-01
1 300
1 344
1 344
2,69 % 2017-08-21
3 500
3 500
3 560
2,10 % 2017-09-01
6 911
6 954
6 990
1,50 % 2017-09-01
6 100
6 165
6 167
2,35 % 2017-10-18
10 000
10 148
10 147
5,18 % 2017-10-18
12 100
12 718
12 740
0,25 % 2017-11-01
41 330
41 170
41 118
3,50 % 2017-12-01
25 000
25 933
25 988
3,04 % 2017-12-05
351
351
354
2,24 % 2017-12-11
22 800
22 970
23 136
2,92 % 2017-12-14
2 500
2 500
2 531
1,70 % 2017-12-15
8 649
8 667
8 713
1,70 % 2017-12-15
24 600
24 936
24 966
3 421
4,60 % 2018-01-15
3 300
3 423
2,28 % 2018-03-06
1 450
1 450
1 438
2,22 % 2018-03-07
12 000
12 041
12 187
1,50 % 2018-03-27
1 000
1 000
997
1,60 % 2018-04-04
3 750
3 750
3 719
0,25 % 2018-05-01
7 540
7 492
7 488
1,33 % 2018-05-01
11 300
11 299
11 286
2,36 % 2018-05-24
3 500
3 500
3 549
2,29 % 2018-06-01
2 500
2 500
2 537
2,50 % 2018-06-05
6 000
6 000
6 129
7,24 % 2018-06-30
575
623
631
2,79 % 2018-08-02
6 800
6 939
6 997
2,80 % 2018-08-20
5 750
5 801
5 832
2,10 % 2018-09-08
26 950
27 606
27 625
1,68 % 2018-09-17
1 100
1 100
1 107
2,25 % 2018-09-18
3 000
2 999
3 015
1,42 % 2018-10-02
3 000
3 000
2 991
3,25 % 2018-10-03
10 000
10 009
10 372
1,70 % 2018-10-09
6 170
6 176
6 215
1,75 % 2018-10-09
5 990
5 983
6 095
5,25 % 2018-11-05
1 790
1 790
1 924
2,27 % 2018-11-26
1 900
1 931
1 937
2,40 % 2018-12-01
61 500
62 959
63 556
4,50 % 2018-12-01
35 100
37 935
38 122
5,00 % 2018-12-01
18 100
19 690
19 714
2,77 % 2018-12-11
4 000
4 020
4 131
2,35 % 2018-12-15
20 000
20 727
20 739
7,24 % 2018-12-31
1 565
1 614
1 757
1,75 % 2019-01-28
5 000
4 995
5 027
4,10 % 2019-02-22
1 500
1 499
1 572
3,75 % 2019-03-12
9 000
9 000
9 490
3,95 % 2019-04-09
4 850
4 914
5 095
30
au 31 mai 2016
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
739239AB7
780086MN1
Transcontinental
inc.
893578AA2
Thomson
Reuters
Corp.
884903BR5
Ford Credit Canada
34527ABQ2
Scotia Plaza
78468GAA3
WestJet Airlines Ltd
960410AA6
Wells Fargo Financial Canada Corp.
94975ZBM7
First National Bank (NHA MBS)
62937Z5E6
17039BAC8
918423AK0
Saputo
inc.
80310ZAA7
Financement-Québec
31739ZAT2
Ville de Montréal
614853CJ6
TELUS
Corp.
87971MAK9
Banque
Royale du Canada
780086JX3
BP
L.P.
05576AAA8
51925DBD7
Caisse
Centrale Desjardins du Québec
12801ZCL0
Banque
Toronto-Dominion
8911454A9
General Motors Financial of Canada Ltd
37045YAB0
13509PEV1
064151BL6
Bell Canada
07813ZBD5
918423AN4
NBC Asset Trust
62874WAB8
Merrill Lynch Canada inc. (NHA MBS)
62941ZPA6
Banque HSBC Canada
40427HSW4
Banque
Canadienne Impériale de Commerce
13595ZZ66
CDP
Financial
125094AF9 inc.
780086KY9
Inter Pipeline Ltd
45834ZAD1
Cominar Real Estate Investment Trust
199910AL4
Canadian
13638ZCE3Natural Resources Ltd
135087E59
Thomson Reuters Corp.
884903BJ3
Banque de Montréal
06367XKF7
PSP Capital inc.
69363TAF9
Mississagi Power Trust
605204AA4
Merrill Lynch Canada inc. (NHA MBS)
62942ZV42
Cadillac Fairview Finance Trust
12741RAB5
Leisureworld Senior Care L.P.
52541RAC1
112585AG9
135087F25
Merrill
Lynch Canada inc. (NHA MBS)
62943ZVQ2
Banque
Toronto-Dominion
8911457U2
Banque
Royale du Canada
780086MH4
Wells
Fargo
949746RU7 & Co.
Rogers Communications inc.
775109AS0
Banque de Montréal
06367XVK4
Municipal
626209JQ4 Finance Authority of British Columbia
51925DBH8
7,57 % 2019-04-22
3 000
3 000
1,40 % 2019-04-26
900
900
3 457
902
3,90 % 2019-05-13
10 000
10 002
10 183
3,37 % 2019-05-23
5 000
5 000
5 189
3,14 % 2019-06-14
6 405
6 417
6 589
3,21 % 2019-06-15
1 352
1 352
1 388
3,29 % 2019-07-23
100
100
101
2,94 % 2019-07-25
7 000
7 260
7 300
1,75 % 2019-08-01
17 489
17 443
17 690
5 000
4 998
5 158
2,50 % 2019-10-01
1 000
971
1 006
2,65 % 2019-11-26
8 000
8 000
8 201
2,45 % 2019-12-01
20 300
20 948
21 158
5,45 % 2019-12-01
3 000
3 384
3 397
5,05 % 2019-12-04
5 000
5 220
5 523
2,35 % 2019-12-09
7 800
7 799
8 006
3,24 % 2020-01-09
572
575
590
2,50 % 2020-01-23
5 000
4 956
5 027
1,75 % 2020-03-02
21 920
21 927
22 005
1,69 % 2020-04-02
7 500
7 500
7 533
3,08 % 2020-05-22
950
960
961
1,20 % 2020-06-15
6 900
6 954
6 935
2,13 % 2020-06-15
450
450
458
3,25 % 2020-06-17
9 000
8 910
9 463
2,15 % 2020-06-24
5 000
4 727
4 958
7,45 % 2020-06-30
2 925
3 279
3 389
1,07 % 2020-07-01
8 638
8 462
8 520
1,82 % 2020-07-07
545
545
541
1,85 % 2020-07-14
7 025
7 028
7 094
4,60 % 2020-07-15
12 150
12 586
13 665
1,92 % 2020-07-17
12 115
12 031
12 242
3,45 % 2020-07-20
9 375
9 372
9 803
4,94 % 2020-07-27
225
234
239
2,89 % 2020-08-14
1 510
1 534
1 496
0,75 % 2020-09-01
8 205
8 151
8 223
4,35 % 2020-09-30
3 000
3 118
3 258
2,10 % 2020-10-06
7 800
7 799
7 946
3,03 % 2020-10-22
7 500
7 951
8 039
6,92 % 2020-11-27
1 545
1 545
1 814
1,25 % 2020-12-01
6 844
6 810
6 788
4,31 % 2021-01-25
3 000
3 000
3 359
3,47 % 2021-02-03
900
900
953
5,30 % 2021-03-01
5 200
5 667
5 866
0,75 % 2021-03-01
1 765
1 760
1 766
1,25 % 2021-03-01
14 870
14 745
14 732
2,05 % 2021-03-08
5 800
5 800
5 882
2,03 % 2021-03-15
6 000
5 999
6 074
2,22 % 2021-03-15
5 000
5 000
5 059
5,34 % 2021-03-22
9 470
9 929
10 847
1,88 % 2021-03-31
7 890
7 893
7 945
1,65 % 2021-04-19
20 000
19 976
20 068
2,75 % 2021-04-22
10 000
9 979
10 089
31
au 31 mai 2016
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
13596ZBC8
Merrill
Lynch Canada inc. (NHA MBS)
62943Z6T4
Ford
Credit
34527ABR0 Canada
Municipal Finance Authority of British Columbia
626209JH4
TELUS Communications inc.
110727BJ2
Granite Reit Holdings L.P.
387427AB3
Reliance L.P.
759480AG1
17039BAE4
AltaGas Ltd
02138ZAE3
Thomson Reuters Corp.
884903BS3
Suncor Energy inc.
86721ZAL3
Metro inc.
59162NAA7
Province de Québec
74814ZEH2
Ville de Montréal
614853CM9
Banque
Toronto-Dominion
8911452R4
GE
Capital
36158ZBV7 Canada Funding Co.
Algonquin Power Co.
01585PAE5
29254ZAG9
OPB
Finance Trust
67103MAD8
Banque
Royale du Canada
780086KD5
Banque de Montréal
06367V6B6
TELUS Corp.
87971MBA0
TELUS Communications inc.
110727BL7
63306ZDM0
CT Real Estate Investment Trust
126462AA8
064149M38
17039BAF1
BMO
Subordinated Notes Trust
055972AA1
Cameco
Corp.
13321LAH1
Province
74814ZEL3de Québec
13509PDL4
Magna International inc.
559222AT1
Province
de l'Ontario
68323ADL5
Choice
Properties
Real Estate Investment Trust
17039AAG1
Fairfax
Financial
Holdings
Ltd
303901AX0
Toronto
Hydro
Corp.
89119ZAE3
Empire Life Insurance
291839AC2
68323ABN3
AltaGas Ltd
02138ZAG8
Heathrow Funding Ltd
42246QAA6
Enbridge inc.
29251ZBD8
Bell Canada
07813ZBF0
Loblaw Cos. Ltd
539481AJ0
13509PDY6
First Capital Realty inc.
31943BBU3
AltaLink
L.P.
02135ZAL0
Bankers
Hall L.P.
066164AA2
West
Edmonton
Mall Property inc.
952637AC0
IPL
Energy
inc.
46065DAA4
OMERS Realty Corp.
68214WAN8
Rogers Communications inc.
775109BA8
Genworth MI Canada inc.
37252BAC6
1,90 % 2021-04-26
11 100
11 094
11 193
1,40 % 2021-05-01
7 000
6 954
6 953
2,58 % 2021-05-10
4 600
4 600
4 607
4,15 % 2021-06-01
10 000
11 191
11 220
10,65 % 2021-06-19
743
835
1 029
795
796
827
4,08 % 2021-08-02
440
440
446
3,60 % 2021-09-20
5 000
5 010
5 308
3,72 % 2021-09-28
2 500
2 499
2 612
6 000
6 000
6 266
3 275
3 286
3 401
8 100
8 099
8 471
4,25 % 2021-12-01
26 850
29 242
30 749
4,50 % 2021-12-01
5 000
5 661
5 684
2,62 % 2021-12-22
2 895
2 908
3 013
4,60 % 2022-01-26
7 000
8 071
8 061
4,65 % 2022-02-15
3 000
3 010
3 156
4,85 % 2022-02-22
235
255
260
1,88 % 2022-02-24
16 130
15 871
16 166
1,97 % 2022-03-02
2 880
2 877
2 886
2,12 % 2022-03-16
10 000
9 997
10 126
1 165
1 153
1 164
9,65 % 2022-04-08
362
431
499
3,26 % 2022-04-11 Variable et rachetable à compter du 2017-04-11
700
700
707
750
750
766
2 490
2 513
2 517
410
405
435
2 000
2 000
2 100
3,75 % 2022-11-14
5 000
5 000
5 132
3,50 % 2022-12-01
43 900
45 984
48 848
2,40 % 2022-12-15
26 200
26 610
27 829
7 625
7 626
7 920
1,95 % 2023-01-27
4 075
4 068
4 135
400
400
414
4,50 % 2023-03-22
8 500
8 452
8 676
2,91 % 2023-04-10
1 350
1 344
1 424
2,85 % 2023-06-02
3,57 % 2023-06-12
300
300
301
154 430
160 674
165 399
245
245
251
1 910
1 939
1 984
825
863
867
4,70 % 2023-09-11
995
1 010
1 131
3,15 % 2023-09-15
380
436
436
6 300
6 998
7 010
3,90 % 2023-10-30
505
489
544
3,67 % 2023-11-06
10 000
10 661
11 008
4,38 % 2023-11-20
622
622
670
4,06 % 2024-02-13
1 841
1 876
1 951
8,20 % 2024-02-15
756
975
988
2 500
2 500
2 608
4,00 % 2024-03-13
545
547
593
4,24 % 2024-04-01
750
750
760
32
au 31 mai 2016
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
Province du Manitoba
563469UC7
Province
642869AJ0du Nouveau-Brunswick
AltaLink L.P.
02135ZAM8
Canada
Housing Trust No 1
13509PEF6
George Weston Ltd
9611488Y2
Lower Mattagami Energy
548243AG9
Cameco Corp.
13321LAK4
Province de Québec
74814ZES8
Westcoast Energy inc.
95751ZAS2
064149P27
OMERS Realty Corp.
68214WAM0
Enbridge
Income Fund
29254ZAM6
ENMAX
Corp.
293365AC6
AltaGas Ltd
02138ZAM5
Hydro Ottawa Holding inc.
44882CAD6
70632ZAE1
Canada
Housing Trust No 1
13509PER0
Inter
Pipeline
45834ZAM1 Ltd
Nova Gas Transmission Ltd
66975ZAE4
Gouvernement
du Canada
135087D50
Province de l'Alberta
013051DQ7
Province de Nouvelle-Écosse
669827BG1
Alimentation Couche-Tard
01626PAE6
Province de Terre-Neuve
651333FS0
563469UE3
780086KR4
8911454X9
Westcoast Energy inc.
95751DAK8
Province de Québec
74814ZEV1
Enbridge Gas Distribution inc.
29290ZAQ3
AGT
Ltd
00126TAB1
Lievre
Power Financing Corp.
531739AA8
Banque
de Montréal
06369ZBT0
Westcoast
95751ZAR4Energy inc.
13509PFA6
Alliance Pipeline L.P.
01877ZAC4
780086LZ5
11257ZAE9
Hydro One inc.
44810ZBR0
Bell Canada
07813ZBT0
TELUS Corp.
87971MBC6
North West Redwater Partnership
663307AE6
Wells Fargo & Co.
949746RX1
AltaLink L.P.
02135ZAR7
Banque de Montréal
06369ZCC6
CT Real Estate Investment Trust
126462AD2
Province
563469UJ2du Manitoba
780086JM7
Industrielle
455870AC9 Alliance
70632ZAF8
Bell Canada
078149DW8
Manufacturers
564835AL0 Life Insurance Co.
3,30 % 2024-06-02
5 000
5 390
5 452
3,65 % 2024-06-03
36 300
38 222
40 200
2,90 % 2024-06-15
3 115
3 216
3 352
13 700
14 211
15 022
3 000
3 000
3 261
3,42 % 2024-06-20
765
765
827
400
400
415
31 150
33 506
35 355
665
665
682
250
250
257
3,33 % 2024-11-12
345
345
370
6 800
6 800
7 094
3,75 % 2024-09-01
420
420
436
1 660
1 694
1 698
8 000
8 000
8 105
730
730
724
2,55 % 2025-03-15
4 800
5 078
5 122
4 000
3 888
3 964
8,90 % 2025-05-27
2 000
2 325
2 779
2,25 % 2025-06-01
26 090
28 277
28 420
2,35 % 2025-06-01
34 950
35 145
35 256
2,15 % 2025-06-01
7 000
6 997
6 943
6 300
6 293
6 567
2,30 % 2025-06-02
5 000
4 796
4 881
2,45 % 2025-06-02
12 000
11 763
12 206
950
950
930
9 820
9 800
9 690
8,85 % 2025-07-21
2 086
2 301
2 884
2,75 % 2025-09-01
7 100
7 405
7 471
975
975
1 035
8,80 % 2025-09-22
560
623
811
5,56 % 2025-10-06
1 500
1 500
1 688
5 000
4 998
5 055
1 000
1 000
1 033
1,95 % 2025-12-15
14 000
13 989
14 160
6,77 % 2025-12-31
336
336
377
10 600
10 595
10 688
425
425
469
2 400
2 399
2 467
3 790
3 777
3 956
7 000
6 965
7 338
2 695
2 690
2 700
2,98 % 2026-05-19
7 500
7 500
7 491
1 550
1 550
1 563
5 000
4 999
5 031
300
300
299
23 800
23 723
24 152
4,82 % 2026-01-28
2,55 % 2026-06-02
3 750
3 830
3 786
6 000
5 999
5 922
830
833
834
7,00 % 2027-09-24
445
425
586
7 000
7 000
7 169
33
au 31 mai 2016
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
53947ZAD9
Melancthon Wolfe Wind L.P.
58533TAB6
53947ZAF4
Province
683234LJ5de l'Ontario
Bell Canada
07813ZAC8
Province de la Colombie-Britannique
110709EK4
Ontario School Boards Financing Corp.
683244AM9
Hydro One inc.
448810AC5
Greater Toronto Airports Authority
39191ZAA7
Enbridge inc.
29251ZAD9
Ontario School Boards Financing Corp.
683244AP2
Gaz Métro inc.
368271AU6
TransCanada
89353ZBK3 PipeLines Ltd
8911457R9
Bell Canada
07813ZAL8
Ontario
School Boards Financing Corp.
683244AR8
Province
de l'Ontario
683234NM6
Greater
Toronto
Airports Authority
39191ZAC3
Aéroport
de
Montréal
007863AB9
Hydro One inc.
44810ZAB6
Province de Québec
748148QT3
North Battleford Power L.P.
65746TAA6
683234SL3
55 Ontario School Board Trust
31680PAA4
SEC L.P. and Arci Ltd
784103AA1
Aéroport de Montréal
007863AC7
Gaz Métro inc.
368271AV4
39191ZAJ8
Financement-Québec
31739ZAG0
University of Ontario Institute of Technology
914764AA3
FortisAlberta inc.
34957EAB7
Hydro-Québec
44889ZCM6
683234VR6
10549PAJ0
407
International inc.
35085ZAM8
Enbridge
inc.
29250ZAG3
Suncor Energy inc.
86721ZAB5
Toronto Community Housing Corp.
87228VAA2
135087XW9
North West Redwater Partnership
663307AG1
Ontario Infrastructure Projects Corp.
683086AA0
683234YD4
Province de la Colombie-Britannique
110709FL1
Province de Québec
74814ZDK6
739239AC5
Nova Scotia Power inc.
66988ZAY5
Rogers
Communications inc.
775109AP6
Canadian
13644ZAX5Pacific Railway Co.
Canada Post Corp.
13521JAB7
Hydro One inc.
44810ZAY6
407
International inc.
350863AU0
Winnipeg
975014AA9Airport Authority inc.
6,45 % 2028-02-09
3 240
3 330
4 092
3,83 % 2028-12-31
1 125
1 126
1 127
6,50 % 2029-01-22
1 172
1 136
1 484
6,50 % 2029-03-08
48 300
64 003
68 811
6,55 % 2029-05-01
2 143
1 937
2 729
5,70 % 2029-06-18
7 000
8 181
9 474
5,48 % 2029-11-26
1 608
1 608
1 959
7,35 % 2030-06-03
1 902
2 120
2 740
7,05 % 2030-06-12
3 437
3 522
4 911
7,22 % 2030-07-24
3 050
3 648
3 716
4,79 % 2030-08-08
2 147
2 147
2 351
7,05 % 2030-10-30
1 000
999
1 409
6,50 % 2030-12-09
1 115
1 034
1 367
1 480
1 480
1 586
7,85 % 2031-04-02
237
272
332
5,07 % 2031-04-18
1 331
1 331
1 545
6,20 % 2031-06-02
15 600
19 994
22 214
7,10 % 2031-06-04
610
658
886
6,95 % 2032-04-16
1 615
1 669
2 170
6,93 % 2032-06-01
3 575
4 278
5 075
6,25 % 2032-06-01
15 100
20 960
21 734
4,96 % 2032-12-31
590
590
671
5,85 % 2033-03-08
14 000
19 696
19 606
5,90 % 2033-06-02
5 815
5 812
7 893
5,19 % 2033-08-29
445
445
474
6,55 % 2033-10-11
2 600
2 973
3 675
6,30 % 2033-10-31
500
498
678
6,47 % 2034-02-02
500
500
706
5,25 % 2034-06-01
17 614
18 830
23 060
6,35 % 2034-10-15
4 035
4 100
4 934
6,22 % 2034-10-31
525
681
704
6,50 % 2035-02-15
20 040
24 866
30 183
5,60 % 2035-06-02
13 500
17 523
18 769
5,95 % 2035-06-14
1 060
1 054
1 187
5,75 % 2036-02-14
1 075
1 131
1 373
5,08 % 2036-12-19
450
505
499
5,39 % 2037-03-26
405
469
440
4,88 % 2037-05-11
1 200
1 200
1 464
5,00 % 2037-06-01
53 420
35 000
48 275
2 000
1 968
2 113
4,70 % 2037-06-01
6 000
6 011
7 228
4,70 % 2037-06-02
26 800
31 618
33 990
4,70 % 2037-06-18
22 000
25 631
28 276
5,00 % 2038-12-01
26 250
29 822
34 682
8,57 % 2039-04-22
700
700
1 112
5,95 % 2039-07-27
800
798
1 061
6,68 % 2039-11-04
890
1 015
1 173
6,45 % 2039-11-17
450
540
574
4,36 % 2040-07-16
3 000
3 000
3 947
5,49 % 2040-07-16
620
799
804
7,13 % 2040-07-26
1 690
1 805
2 608
5,21 % 2040-09-28
1 131
1 131
1 315
34
au 31 mai 2016
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
39191ZAX7
563469TM7
Arrow Lakes Power
042767AB9
Gouvernement
135087YQ1 du Canada
669827FW2
683234B98
407 International inc.
35085ZBE5
TransCanada PipeLines Ltd
89353ZBV9
Manulife Finance Delaware L.P.
56502FAA9
EPCOR Utilities inc.
29410ZAK1
35085ZBF2
OPB Finance Trust
67103MAA4
Aéroport de Montréal
007863AH6
Nova Scotia Power inc.
66988ZBC2
AltaLink L.P.
02135ZAK2
Hydro One inc.
44810ZBK5
TELUS Corp.
87971MAU7
Province
de l'Alberta
013051DK0
Ville
de
Toronto
891288DH2
Enbridge inc.
29251ZBG1
70632ZAD3
TELUS Corp.
87971MAW3
Union Gas Ltd
90664ZAD2
Hydro One inc.
44810ZBN9
CU inc.
12657ZBE2
Bell Canada
07813ZBH6
29254ZAN4
Hydro
Ottawa Holding inc.
44882CAE4
407
International
inc.
35085ZBK1
Gaz
Métro
inc.
368271AY8
669827FZ5
68323ACC6
Province de la Saskatchewan
803854JU3
Aéroport
007863AJ2de Montréal
CU inc.
12657ZBG7
Toronto Hydro Corp.
89119ZAH6
563469UB9
Canadian National Railway Co.
136375CG5
FortisAlberta inc.
34957ZAU8
135087ZS6
Province de Québec
74814ZER0
Bell Canada
07813ZBR4
Union Gas Ltd
90664ZAW0
Province
651333FT8de Terre-Neuve
Province de l'Alberta
013051DS3
68323ACY8
Province de la Saskatchewan
803854KA5
35085ZBM7
Province
de la Colombie-Britannique
11070TAG3
Province
de
74814ZEW9 Québec
SSL Finance inc.
78468QAB9
Sun
Life Capital Trust
86679QAB7
5,30 % 2041-02-25
2 500
2 501
3 277
4,10 % 2041-03-05
2 900
2 743
3 353
5,52 % 2041-04-05
275
275
320
4,00 % 2041-06-01
5 800
7 263
8 118
4,70 % 2041-06-01
9 200
11 186
11 504
4,65 % 2041-06-02
15 700
19 506
20 219
4,45 % 2041-11-15
950
1 031
1 089
4,55 % 2041-11-15
1 430
1 436
1 509
1 000
1 133
1 036
4,55 % 2042-02-28
3 500
3 492
4 051
3 000
2 996
3 315
3,89 % 2042-07-04
2 320
2 318
2 470
3,92 % 2042-09-26
1 400
1 395
1 516
4,50 % 2043-07-20
2 000
1 989
2 235
4,92 % 2043-09-17
1 170
1 311
1 421
2 000
2 412
2 330
5,15 % 2043-11-26
1 035
1 085
1 112
3,45 % 2043-12-01
4 000
3 785
4 185
4,15 % 2044-03-10
4 470
4 443
5 080
4,57 % 2044-03-11
1 325
1 350
1 243
400
400
373
500
487
514
4 500
4 457
4 876
2 000
2 280
2 188
5 000
5 051
5 382
1 100
1 110
1 164
150
150
148
2 000
2 000
1 997
2 000
2 000
1 902
1 500
1 499
1 423
3,45 % 2045-06-01
16 000
15 871
16 661
3,45 % 2045-06-02
44 160
45 321
47 982
3,90 % 2045-06-02
7 000
7 055
7 966
3 150
3 150
3 429
2 075
2 057
2 196
2 500
2 498
2 468
4,05 % 2045-09-05
11 600
12 000
13 500
630
628
681
100
100
110
3,50 % 2045-12-01
9 015
11 955
12 123
3,50 % 2045-12-01
20 000
21 267
21 819
600
597
594
500
500
506
3,30 % 2046-10-17
3 000
2 808
2 848
3,30 % 2046-12-01
13 950
13 983
14 320
2,90 % 2046-12-02
32 000
29 839
31 456
2,75 % 2046-12-02
16 000
14 102
14 747
2 710
2 708
2 721
2,80 % 2048-06-18
6 000
5 640
5 877
3,50 % 2048-12-01
18 745
19 179
20 641
4,18 % 2049-04-30
1 000
1 000
1 000
1 390
1 516
1 760
35
au 31 mai 2016
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
CU inc.
12657ZBH5
Master Asset Vehicle II, classe A-1
57632XAW3
Master Asset Vehicle II, classe A-2
57632XAY9
Great-West Lifeco Finance Delaware L.P. II
391382AA6
89116ZAC0
89116ZAD8
CIBC Capital Trust
12544UAA9
80928FAA5
TD Capital Trust IV
87239GAC8
Manulife Financial Capital Trust II
56501XAA1
Sun Life Capital Trust II
86680BAA9
4,21 % 2055-10-29
1 175
1 175
1 283
0,00 % 2056-07-15
2 969
2 984
2 902
0,00 % 2056-07-15
9 141
9 184
8 826
3 770
3 836
3 678
1 600
1 600
1 624
4 320
4 613
4 565
5 000
6 617
5 997
5 200
5 200
5 930
2 500
2 860
2 902
2 785
2 785
3 201
1 235
1 388
1 357
2 249 701
2 369 722
2 474 465
Total - obligations
36
au 31 mai 2016
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Instruments du marché monétaire
Gouvernement du Canada, bon du trésor
1350Z7WZ3
1350Z7WZ3
1350Z7WZ3A
Banque Nationale du Canada, acceptation bancaire
6330Z8T33
Honda Canada Finance, papier commercial
4381ZAT33
La Banque de Nouvelle-Écosse, acceptation bancaire
0641ZPT31
6330Z8T66
Province de l'Ontario, bon du trésor
6832Z55F3
Province de la Saskatchewan, note promissoire
8039ZAT90
La Banque de Nouvelle-Écosse, acceptation bancaire
0641ZPTB3
Province de Québec, bon du trésor
0985ZUTB3A
Daimler
Canada Finance inc., papier commercial
2339ZHTE4
Province
6832Z55G1de l'Ontario, bon du trésor
Société de transport de Montréal, papier commercial
8339ZGTG5
1350Z7XQ2
1350Z7XQ2A
Gouvernement
1350Z7XQ2 du Canada, bon du trésor
Province de Québec, note promissoire
0900ZRTJ2
6832Z5ZC7A
Hydro
One inc., papier commercial
4489Z3TV8
Daimler Canada Finance inc., papier commercial
2339ZHTW4
1350Z7W34
1350Z7W34
6330Z8U49
6832Z55K2
1350Z7XU3
0985ZUUG0
Société de transport de Montréal, papier commercial
8339ZGUG3
Province de Québec, note promissoire
0900ZRUK7
0985ZUUP0
1350Z7W75
1350Z7W75
1350Z7W75A
Province
de Québec, bon du trésor
0985ZUUW5
Province
6832Z55Q9de l'Ontario, bon du trésor
1350Z7XX7
6832Z55R7
6832Z55R7A
1350Z7XB5
6832Z55T3
Hydro One inc., papier commercial
4489Z3Y91
0985ZUYK7
0,44 % 2016-06-02
475
476
0,46 % 2016-06-02
90
90
472
90
0,50 % 2016-06-02
14 000
13 997
14 000
0,82 % 2016-06-03
1 100
1 098
1 100
0,85 % 2016-06-03
20 000
19 986
19 999
0,73 % 2016-06-03
5 000
5 000
5 000
0,82 % 2016-06-06
11 450
11 438
11 448
0,61 % 2016-06-08
280
280
280
0,60 % 2016-06-09
20
20
20
0,76 % 2016-06-10
30 000
29 991
29 993
0,63 % 2016-06-10
480
479
480
0,95 % 2016-06-13
10 000
9 990
9 997
0,60 % 2016-06-15
455
455
455
0,85 % 2016-06-15
10 000
9 981
9 997
0,44 % 2016-06-16
515
514
515
0,45 % 2016-06-16
235
235
235
0,51 % 2016-06-16
1 220
1 219
1 220
0,60 % 2016-06-17
50
50
50
0,63 % 2016-06-22
140
140
140
0,84 % 2016-06-28
15 000
14 989
14 990
0,92 % 2016-06-29
15 000
14 988
14 989
0,44 % 2016-06-30
1 175
1 174
1 175
0,46 % 2016-06-30
1 170
1 169
1 170
0,79 % 2016-07-04
2 700
2 698
2 698
0,63 % 2016-07-06
460
459
460
0,51 % 2016-07-14
150
150
150
0,62 % 2016-07-15
9 800
9 792
9 792
0,88 % 2016-07-15
10 000
9 979
9 990
0,59 % 2016-07-18
20
20
20
0,63 % 2016-07-22
10 000
9 973
9 991
0,50 % 2016-07-28
4 250
4 245
4 247
0,54 % 2016-07-28
2 075
2 072
2 073
0,55 % 2016-07-28
700
699
699
0,64 % 2016-07-29
25 000
24 933
24 975
0,64 % 2016-08-10
380
379
380
0,49 % 2016-08-11
1 155
1 153
1 154
0,63 % 2016-08-17
10 000
9 969
9 986
0,64 % 2016-08-17
440
439
439
0,53 % 2016-08-25
1 575
1 573
1 573
0,65 % 2016-08-31
15 000
14 960
14 976
0,97 % 2016-11-09
6 000
5 973
5 976
0,67 % 2016-11-18
50 000
49 839
49 840
287 560
287 064
287 234
Total - instruments du marché monétaire
37
au 31 mai 2016
Prix de
contrat ou
d'exercice
Élément sous-jacent
Nombre
d'unités
Échéance /
livraison
Valeur
notionnelle
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Contrats à terme - position acheteur
Canada Housing Trust No 1, 2,35 %, 2018-12-15
F135EA71407
Gouvernement du Canada, 3,50 %, 2045-12-01
F135ZS61407
Indice Euro StoXX 50
VGM6F04NEW
Indice
Nikkei 225
NHM6F04NEW
103,47 CAD
40 000 000
2016-07-14
41 387
-
(6)
133,12 CAD
19 000 000
2016-07-14
25 294
-
154
2 977,88 EUR
50
2016-06-17
2 223
-
-
16 900,00 JPY
24
2016-06-09
2 416
-
-
71 320
Total - contrats à terme - position acheteur
148
Contrats à terme - position vendeur
Dollar américain
FUSD060616
Dollar australien
FAUD060616
Euro
FEUR060616
Livre sterling
FGBP060616
1,28 CAD
19 435 000
2016-06-06
24 909
-
(514)
0,96 CAD
7 260 000
2016-06-06
6 949
-
70
1,47 CAD
4 297 000
2016-06-06
6 329
-
71
1,86 CAD
6 947 000
2016-06-06
12 904
-
(322)
51 091
Total - contrats à terme - position vendeur
(695)
Contrats d'options - position acheteur
Indice S&P 500 E-Mini
ESM6PF04NEW
Investissements en capital de développement - Secteur
V13132OPT
2 040,00 USD
1 600
2016-06-17
4 270
55
12
0,01 CAD
69 318
2018-01-01
1
-
364
4 271
55
376
d'activité: Finance
Total - contrats d'options - position acheteur
Total - instruments financiers dérivés
Total des autres investissements
*
55
(171) *
4 930 387
5 572 798 *
De ces totaux, un montant de 0,8 M$, représentant la juste valeur négative des instruments financiers dérivés est présenté sous Créditeurs aux états financiers du Fonds de
solidarité des travailleurs du Québec (F.T.Q.) au 31 mai 2016.
Titres vendus en vertu de conventions de rachat
Au 31 mai 2016, la juste valeur des titres en portefeuille vendus en vertu de conventions de rachat est de 349,4 M$. Ces titres sont des obligations. Ces transactions ont été
exécutées entre le 24 mai 2016 et le 31 mai 2016, tandis que leurs échéances se situent dans l'intervalle compris entre le 1er juin 2016 et le 10 juin 2016 . Le collatéral reçu est de
356,4 M$. Le prix de rachat à payer est de 349,2 M$.
38
INDEX OF THE SHARE
OF THE FONDS IN INVESTMENTS
MADE BY THE SPECIALIZED FUNDS,
AT COST (UNAUDITED)
AS AT MAY 31, 2016
Index of the Share of the Fonds in investments Made by the Specialized Funds, at Cost
(unaudited)
as at May 31, 2016
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
12-31-15 BDR Capital s.e.c.
Securities of ten companies
20,034
12-31-15 FIER Partenaires, société en commandite
Amorchem, société en commandite
Capital St-Laurent, s.e.c.
Fonds Brightspark II, s.e.c.
Fonds CTI sciences de la vie, s.e.c.
Fonds d'amorçage Cycle-C3E, s.e.c.
Fonds d'investissement iNovia II, société en commandite
Fonds d'investissement Réal, s.e.c.
Fonds d'investissement Réal III, s.e.c.
Fonds Propulsion III s.e.c.
GO capital, s.e.c.
Novacap Industries III, s.e.c.
Novacap Technologies III, s.e.c.
Novacap Technologies IV, s.e.c.
Rho Canada Capital de Risque, s.e.c.
Société en commandite AgeChem
Secured
Loans and
advances
3,523
42,253
03-31-15 Fonds Bio-Innovation, société en commandite
Securities of nine companies
8,716
05-31-15 Fonds de solidarité FTQ Investissements croissance I, s.e.c.
2525 inc.
Colo-D inc.
Distech Contrôles inc.
Lumenpulse inc.
05-31-15 Fonds de solidarité FTQ Investissements croissance II, s.e.c.
2525 inc.
Colo-D inc.
Orckestra inc.
05-31-15 Fonds de solidarité FTQ Investissements technologiques I, s.e.c.
Bonlook inc.
Cadens Imagerie Médicale inc.
E2metrix inc.
Embrionix Design inc.
GCS Medical inc.
MConcierge Systems inc.
Réflex Photonique inc.
Solutions Axesnetwork inc.
12-31-15 Fonds d'investissement de la culture et des communications, société en commandite
CarpeDiem Film & TV inc. et Studio Singing Frog inc.
Corporation de distribution pour spectacle inc.
Datsit Studios inc.
De Marque inc.
Echo Média inc.
Gestion Juste pour Rire inc.
Groupe Phaneuf inc.
GVGS inc. (Laboratoire de test Enzyme)
Hibernum Créations inc.
La Compagnie Larivée, Cabot, Champagne
Laboratoires GSS inc.
Max Films inc.
Média Cineflix inc.
Media-Max inc.
Studios Budge inc.
Via Éditorial, société en commandite
Vivavision inc.
Securities of four other companies
1
23,557
42,253
8,692
50,945
3,446
1,000
13,162
1,134
14,296
600
600
1,334
3,333
5,867
600
600
1,334
3,333
5,867
179
621
800
1,600
179
621
800
1,600
67
1
333
444
23
167
500
667
2,202
Total
1,360
833
55
833
333
333
721
6,355
3,901
67
834
388
444
23
167
833
1,000
3,756
105
3,861
11,616
1,731
13,347
(unaudited)
as at May 31, 2016
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
12-31-15 Fonds immobilier de solidarité FTQ inc.
1030-1040 De Bleury s.e.c.
1190 Jeanne-Mance s.e.c.
175 Metcalfe s.e.c.
300 St-Paul Québec inc.
325 St-Vallier inc.
544 de l'Inspecteur s.e.c.
790 Rand s.e.c.
81-83 Richelieu s.e.c.
875 Charest s.e.c.
880 Honoré-Mercier s.e.c.
Brossard-sur-le-Fleuve s.e.c.
Cap-des-Régions Repentigny s.e.c.
Cap-des-Régions s.e.c.
Cité 3000 s.e.c.
Condominiums Le George V s.e.c.
Condominiums Renaissance Blainville s.e.c.
Condos Wanklyn-Milot s.e.c.
Développement Joseph-Morin, s.e.c.
Développements Wilfrid-Carrier s.e.c.
District Concorde Léo-Lacombe s.e.c.
Espace Montmorency s.e.c.
Espace MV2 inc.
Espace MV2 s.e.c.
Espace MV3 s.e.c.
Espace MV4 s.e.c.
Espaces Lebourgneuf Phase III s.e.c.
Faubourg des Francs s.e.c.
Fonds accès terrains Québec s.e.c.
Fonds d'aide à la rénovation de l'habitation communautaire, s.e.c.
Fonds d'investissement de Montréal (F.I.M.), société en commandite
Fonds d'investissement de Montréal (F.I.M.) II, société en commandite
Fonds d'investissement de Montréal (F.I.M.) III, société en commandite
Gestion fonds accès terrains inc.
Graham-Mont-Royal s.e.c.
L'Arrondissement 74e s.e.c.
R.P.A. Mont-Joli s.e.c.
R.P.A. Rawdon s.e.c.
Société en commandite Bourassa-Pelletier
Société en commandite Château Hymus
Société en commandite Campus corporatif Montmorency Laval
Société en commandite D.P.L.S.
Société en commandite des Bassins I
Société en commandite GII, Ilôt 10 (Comm-bur)
Société en commandite GII, Ilôt 10 (Résidentiel)
Société en commandite Griffintown II
Société en commandite Griffintown II, Phase II
Société en commandite Griffintown II, Phase II (Commercial)
Société en commandite Griffintown II, Phase II (Condos-Tour 1)
Société en commandite Griffintown II, Phase II (Condos-Tour 2)
Société en commandite Griffintown II, Phase II (Tour 3)
Société en commandite Griffintown II, Ilot 09 (locatif)
Société en commandite Héritage Pointe-Claire
Société en commandite immobilière T.D.C.
Société en commandite Immobilière T.D.C. 2
Société en commandite Laurin/ St-Louis Phase I
Société en commandite QDS
Société en commandite Rose de Lima
Société en commandite St-Bruno-sur-le-Lac Phase 4
Société en commandite Viau Ontario
St-Paul/Du Palais s.e.c.
Technoparc Bromont Phase I s.e.c.
Wanklyn-Milot s.e.c.
Direct holdings:
Terrain Boul. Lucille Teasdale, Terrebonne
Terrain CVL
10,546
6,143
1,358
2,715
1,917
2,083
7,799
1,768
880
2,315
26,928
3,433
2,441
821
3,441
10
1,483
4,930
435
8,731
3,500
6,922
1
1
1,520
1,307
2,800
1,270
193
83
917
973
3,999
1
7,194
1,500
901
1,259
10
1
2,920
2,500
703
332
3,368
2,777
2,348
1,118
1,141
457
3,833
1
3,850
3,438
8,266
29,800
10
2,000
3,928
1,696
4,061
1
196,362
Secured
Loans and
advances
2,880
2,339
100
1,737
71
10,503
4,000
4,000
2,940
2,804
2,668
15,931
90
26,595
3,656
33,839
Total
10,546
6,143
4,073
1,917
2,083
7,799
1,768
3,760
2,315
26,928
2,339
3,433
2,441
821
3,441
10
1,483
4,930
535
8,731
5,237
6,922
1
1
1,520
1,307
2,800
1,270
193
83
917
973
3,999
1
7,194
1,500
972
1,259
10,513
1
4,000
6,920
2,500
703
332
3,368
2,777
5,288
3,922
3,809
457
3,833
1
3,850
3,438
24,197
29,800
10
5,656
90
3,928
1,696
4,061
1
256,796
2,596
4,255
263,647
2
(unaudited)
as at May 31, 2016
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
12-31-15 Fonds immobilier de solidarité FTQ II, s.e.c.
1405 Henri-Bourassa ouest s.e.c.
Ancienne École St-Michel s.e.c.
C.C.L. II, société en commandite
Campari Locatif, société en commandite
Complexe d'affaires 440, s.e.c.
District Concorde Lefebvre s.e.c
District Concorde s.e.c.
Espaces Lebourgneuf s.e.c.
Espace 30 Beauharnois s.e.c.
Faubourg la Grande Place, s.e.c.
Fonds d'acquisition de Montréal, société en commandite
Fonds d'acquisition québécois, société en commandite
Fonds de placement immobilier Cogir appartements
Habitations Meridiem s.e.c.
Immobilière Concorde-Corbusier s.e.c.
Le 160 de l'Évêché, s.e.c.
Les Haltes du Roi s.e.c.
Neuvième Avenue s.e.c.
Plateau Sabourin s.e.c.
Riverside St-Lambert s.e.c.
Sfère-Ahuntsic s.e.c.
Société en commandite Alfred-Nobel
Société en commandite Alphonse T. Lépine
Société en commandite Ann-Ottawa
Société en commandite Boisé du Ruisseau Clair
Société en commandite Cavelier de La Salle
Société en commandite CDTI de Hull
Société en commandite du 259 boulevard St-Joseph-Hull
Société en commandite Inspecteur-William
Société en commandite JBSL
Société en commandite Le Charles-Félix
Société en commandite Les Berges Brossard
Société en commandite Mansfield
Société en commandite Place Dunant
Société en commandite RMI
Société en commandite Square Mont-Royal
Société en commandite Ste-Hélène
Trois A, Société en commandite
Urbania 2C s.e.c.
Village de la Gare s.e.c.
Viva-Cité Sainte-Thérèse s.e.c.
332
1
363
559
841
1,905
800
1,600
3,471
952
1,249
1,435
7,641
15,092
2,498
3,465
2,000
806
10
914
1,000
983
243
1,504
1,050
4,003
100
479
22
10
11
2,075
150
239
27
850
1,700
1,080
5,000
1
66,461
Direct holdings :
605 rue des Récollets, Montréal
Terrain ave. du Lac-Clermoutier, Chertsey
Secured
Loans and
advances
1,000
2,346
400
17
1,650
11
8
23
1,400
276
4,455
2,676
Total
332
1
363
559
841
1,905
800
2,600
3,471
952
1,249
1,435
7,641
15,092
2,498
3,465
2,000
806
2,356
914
1,400
983
17
243
1,504
1,050
4,003
100
479
22
10
1,650
22
2,075
150
239
8
50
850
3,100
1,356
5,000
1
73,592
615
2,590
76,797
3
(unaudited)
as at May 31, 2016
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
12-31-15 Fonds locaux de solidarité FTQ, s.e.c.
Administration régionale Baie-James
Agglomération de Longueuil
Agglomération des Îles-de-la-Madeleine
Fonds local de solidarité (FLS) de la MRC de La Jacques-Cartier
Fonds local de solidarité (FLS) MRC d'Antoine-Labelle
Fonds local de solidarité Laval
Fonds local de solidarité MRC de Coaticook
Fonds local de solidarité MRC de Joliette
Fonds local de solidarité Ville de Saguenay
MRC d'Acton
MRC d'Argenteuil
MRC d'Avignon
MRC de Beauce-Sartigan
MRC de Beauharnois-Salaberry
MRC de Bécancour
MRC de Bellechasse
MRC de Bonaventure
MRC de Brome-Missisquoi
MRC de Caniapiscau
MRC de Charlevoix
MRC de Charlevoix-Est
MRC de D'Autray
MRC de Drummond
MRC de La Côte-de-Beaupré
MRC de La Haute-Côte-Nord
MRC de La Mitis
MRC de La Nouvelle-Beauce
MRC de La Rivière-du-Nord
MRC de La Vallée-du-Richelieu
MRC de L'Érable
MRC de L'Île-d'Orléans
MRC de Lotbinière
MRC de Manicouagan
MRC de Marguerite-D'Youville
MRC de Maskinongé
MRC de Mékinac
MRC de Memphrémagog
MRC de Minganie
MRC de Pontiac
MRC de Portneuf
MRC de Rimouski-Neigette
MRC de Rivière-du-Loup
MRC de Roussillon
MRC de Rouville
MRC de Sept-Rivières
MRC de Témiscamingue
MRC des Appalaches
MRC des Basques
MRC des Collines-de-l'Outaouais
MRC des Etchemins
MRC des Laurentides
MRC des Pays-d'en-Haut
MRC Domaine-du-Roy
MRC du Fjord-du-Saguenay
MRC du Golfe-du-Saint-Laurent
MRC du Haut-Saint-François
MRC du Rocher-Percé
MRC du Val-Saint-François
MRC les Maskoutains
MRC Maria-Chapdelaine
38
60
143
63
80
150
77
32
102
17
150
114
4
10
370
10
10
10
10
10
370
10
40
15
10
15
437
332
210
205
10
10
205
35
10
148
640
10
10
10
230
10
250
10
35
10
205
173
479
10
10
10
10
75
210
4
10
280
10
10
10
10
10
595
10
10
10
10
10
10
10
225
20
Secured
Loans and
advances
Total
10
370
48
10
10
10
10
370
10
40
15
70
15
437
332
210
205
10
10
205
178
10
148
640
10
73
10
230
10
250
10
115
10
205
173
479
160
10
10
10
75
210
81
10
312
10
112
10
10
27
595
10
160
10
10
10
10
10
225
134
(unaudited)
as at May 31, 2016
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
12-31-15 Fonds locaux de solidarité FTQ, s.e.c. (continued)
MRC Robert Cliche
SOLIDE de la M.R.C. de Matane
SOLIDE de la M.R.C. de Vaudreuil-Soulanges
SOLIDE de la MRC des Jardins-de-Napierville
SOLIDE de Mercier/Hochelaga-Maisonneuve
Ville de Gatineau
Ville de Lévis
Ville de Montréal
Ville de Sherbrooke
78
1,104
Funds committed but no disbursed
Secured
Loans and
advances
Total
113
205
173
10
10
460
220
2,290
285
9,909
113
205
173
10
10
460
220
2,368
285
11,013
47,935
58,948
417
178
139
97
200
1,014
135
81
417
178
139
97
200
1,014
135
81
195
170
1,663
910
163
204
200
50
168
112
115
1,500
155
2,008
862
628
145
291
50
172
437
447
1,118
35
2,082
1
135
400
1,766
150
288
18,881
1,000
19,881
03-31-16 Fonds régionaux de solidarité FTQ, société en commandite
Abitibi-Témiscamingue
2645-3530 Québec inc. (Hardy Construction)
2965-5099 Québec inc. (Les Réclamations du Nord-Ouest)
3088-6469 Québec inc. (Centre Jardin Lac Pelletier)
9052-5320 Québec inc. (Consultants B.C.H.)
9175-7401 Québec inc. (La Mine de Bois)
9187-8850 Québec inc. (Forage Boréal)
9210-8737 Québec inc. (Pétroles Témis)
A. & L. Pinard inc.
Adventure Gold inc.
Agritibi R.H. inc.
ASDR Canada inc.
Atelier Tangente inc.
Corporation Aurifère Monarques
Corporation Aurifère QMX
Corporation d'Or Intégra
CR Capital Corp.
Entrepreneur Minier Promec inc.
Ferabi inc.
Forage G4 ltée
Géliko inc.
Groupe MBI inc.
Groupe Rouillier Val d'Or inc.
Groupe Technosub inc.
H.P. Hydraulique inc.
Industries Wood4 inc.
Les Aciers J.P. inc. et Immobilière J.P. inc.
Les équipements de forage VersaDrill inc.
Les Forages C.C.L. (1993) inc.
Les Grains du Témis inc. et Ferme des Prés d'Or inc.
LVL Global inc.
Machineries Horticoles d'Abitibi inc.
Machines Roger International inc.
Matamec Explorations inc.
Placement RT inc.
Propair inc.
Ressources Falco ltée
Transport Clément Bégin inc.
195
170
204
50
168
112
2,008
862
628
350
1
135
150
5,033
5
1,663
910
163
200
115
1,500
155
145
291
50
172
437
447
93
35
2,082
675
400
1,766
288
13,173
675
(unaudited)
as at May 31, 2016
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
Secured
Loans and
advances
Total
03-31-16 Fonds régionaux de solidarité FTQ, société en commandite (continued)
Bas-Saint-Laurent
9031-8395 Québec inc. (Réfrigération Air C) et 9098-8106 Québec inc.
9098-8106 Québec inc., 9031-8395 Québec inc. (Réfrigération Air C), Gérald
Leblond ltée, 9259945 Canada inc., 9262571 Canada inc. et Narwhal Plumbing &
Heating Ltd
9183-9530 Québec inc. (Pièces d'autos Sélect)
9198-8659 Québec inc. (Multi-Pièces D.L.)
9224-4904 Québec inc. (Atelier du Bois St-Laurent)
Adélard Soucy (1975) inc.
AMH Canada ltée
André Roy Électrique inc.
Asselin & Asselin arpenteurs-géomètres inc. et Topocom Technologie inc.
Bois BSL inc.
Distributions Arnaud - Coop de solidarité
Distributions R.M.G. (2004) inc.
Ébénisterie Jean-Guy Lévesque & fils inc.
Érablières des Alléghanys inc.
Fonderie BSL inc.
Fonds Soutien Bas-Saint-Laurent, société en commandite
Gagnon Image inc.et Sébast Décor inc.
Gérald Leblond ltée et 9098-8106 Québec inc.
Gestion du Fonds Soutien Bas-Saint-Laurent inc.
J. M. Bastille Acier Neuf inc.
Kamco Construction inc.
Les Constructions H.L. Thériault inc.
Les Entreprises Jean-Philippe Dionne inc. et 9328-0584 Québec inc.
Placements Gino Bois inc. et Transport C.F. Morin inc.
Pourvoirie de la Seigneurie du lac Métis inc.
Productions Québec Multimédia inc.
RPF ltée
Service Mécanique E.G.R. inc.
Télécommunications Denis Gignac inc.
Capitale-Nationale
9099-7768 Québec inc. (E.B.M. Laser)
Armeco inc.
Ascenseurs Maxi inc.
Auvents W. Lecours inc.
Corporation Eatsleepmusic.com
Cristal Contrôles ltée
Distribution Sports Loisirs G.P. inc.
Engrenage Provincial inc.
Équipements supérieurs inc.
Filtrum inc. et 9274-9639 Québec inc.
Graphica Impression inc.
Groupe Qualinet inc.
Groupe Renaud et Ass. inc.
Imprimerie Nicober inc.
Industries Métotech inc.
J.A. Roby inc.
Laboratoire Hygiènex inc.
Les Aliments 2000 inc.
Les Chaussures Henri-Pierre inc.
Les Distributions Marc Boivin inc.
Les Industries Rouillard inc.
Les Vêtements Perlimpinpin inc.
LGT inc. et LGT entrepreneur inc.
Machitech inc.
Maçonnerie Dynamique ltée
Métafab (1996) inc.
Métal Excel inc.
Métal Potvin inc.
Miro Cuisines Tendances inc.
Mode Avalanche inc.
Onico inc.
Panavidéo inc.
Radio-Onde inc.
SGPP (Québec) inc. (Simon Giguère Produits Pétroliers)
TBC Constructions inc.
Vohl inc. et Gestion A.V.F. inc.
150
418
599
1
100
1,268
200
460
150
11
821
6
400
400
1,100
134
192
100
33
189
102
106
52
294
110
988
498
42
1,100
284
192
100
33
607
102
106
52
294
110
988
498
42
599
315
415
1
950
500
130
150
90
141
157
647
250
250
9,503
1,750
11,253
315
415
850
500
130
150
90
141
157
647
250
250
8,235
88
663
267
106
800
4
1,319
1,375
2,818
500
694
123
219
500
382
120
585
781
130
592
73
1,500
681
275
500
700
483
324
642
61
676
221
750
546
19,498
401
401
288
663
267
106
460
950
4
1,319
1,375
2,818
500
694
123
219
500
382
120
585
781
130
592
73
1,500
681
275
401
500
700
483
335
642
61
676
221
750
546
20,720
4,075
24,795
(unaudited)
as at May 31, 2016
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
Secured
Loans and
advances
Total
Centre-du-Québec
Autobus R.O.B.O. inc. et Autobus Bourassa ltée
Écofib inc.
IPM Canada inc.
J.I.T. Laser inc.
Misa Tours Canada inc.
Paul Rocheleau inc.
Rénovation Expo inc.
Vibrotech inc.
Chaudière-Appalaches
9028-4043 Québec inc. (Les Intérieurs Bousada) et 4482859 Canada inc.
9050-7641 Québec inc. (Ramp-Art)
9069-4654 Québec inc. (Supervac 2000)
9217-2840 Québec inc. et L'usine Tac Tic inc.
9243-8423 Québec inc. (Forimpex)
Bercomac ltée
Boccam inc.
Canada moteurs importations inc.
Cométal inc.
Construction Maurice Bilodeau inc. et Gestion Côté Boilard inc.
DK-SPEC inc.
Équipements Demers inc.
Équipements Plannord ltée
Équipements PRB inc.
Équipements récréatifs Jambette inc.
Étic Produits Plein-Air inc.
Fini. U.V. International inc.
Groupe PCM inc.
Groupe S.S. inc.
Gyptech Acoustique inc.
J.L. Leclerc & fils inc.
Mapa Innovations inc. et Les produits Multi-Formes G.M. inc.
Marol Express inc., C.R.S. Express inc., 9303-7760 Québec inc. et 9128-0644
Québec inc. (Transport Express Beauce U.S.A.)
Menuiserox inc.
Portes Veilleux 2000 inc.
Produits RLC inc.
Quéro Métal inc. et Gestion Dovin inc.
Umano Medical inc. et Umano Medical World inc.
Usine Sartigan inc.
Côte-Nord
9011-1501 Québec inc. (Pompage Pelletier)
9258-6940 Québec inc. (HPC Hydraulique inc.)
9262-3701 Québec inc. (Résidence J.R. Lafontaine)
Carrosserie Pro 2010 inc.
Construction Fortin & Lévesque inc.
Construction J.G.M. inc.
Fonds Soutien Côte-Nord, société en commandite
Gestion du Fonds Soutien Côte-Nord inc.
Hôtel Mingan inc.
Hôtel Motel Le Q'Artier des Îles inc.
Lajoie Réfrigération inc.
Les Distributions G.F.D. inc.
Les Motels de l'Énergie inc.
Mason Graphite inc.
Métal 7 inc.
Nord Industrie inc.
Pec-Nord inc.
Plomberie Chauffage O Max inc. et 9276-5593 Québec inc.
750
560
300
1,610
180
1
6
700
300
1,187
7
772
140
500
637
203
125
67
391
2,835
772
140
500
637
203
125
67
391
2,835
974
549
56
572
974
549
56
572
928
250
1,300
117
18
814
750
560
286
1,833
300
400
24
621
530
467
1,673
249
250
1,300
117
18
814
928
286
1,833
300
400
24
321
530
467
1,673
249
850
4
450
922
250
500
50
13,759
471
300
124
198
893
650
1,805
516
10
361
400
200
27
372
6,327
928
850
4
450
922
250
500
50
16,297
300
16,597
471
300
124
198
893
650
180
1
1,805
516
10
361
400
206
700
27
300
372
7,514
250
7,764
(unaudited)
as at May 31, 2016
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
Secured
Loans and
advances
Total
Estrie
9100-2790 Québec inc. (Multi distribution Sherbrooke inc.)
9159-7500 Québec inc. (Armoires NAC)
Acier Fastech inc.
Ani-Mat inc.
Groupe Cabico inc.
Innotex inc.
Kemestrie inc.
LeProhon inc.
Les Aliments Jardi inc.
Les Entreprises Dauphinais inc.
Les Industries Touch inc.
Les Quais Bertrand inc.
Motrec international inc.
MPÉCO Construction inc.
Quinco & Cie inc.
Signalisation de l'Estrie inc.
Sport Powertek inc.
678
678
Gaspésie - Îles-de-la-Madeleine
9182-7683 Québec inc. (Pêcheries Yan Bourdages)
Atelier d'Usinage Gaspé Machine Works inc.
B.M.B. (Îles-de-la-Madeleine) inc.
Duclos & Michaud Télécom inc.
Fabrication Delta inc.
Fonds Soutien Gaspésie-Îles-de-la-Madeleine, société en commandite
Gaspésie Diésel inc.
Gestion du Fonds Soutien Gaspésie-Îles-de-la-Madeleine inc.
Junex inc.
Les Entreprises P.E.C. inc.
Les Pêcheries Marinard ltée
Pêcheries Vilo inc.
Serres Jardins-Nature inc.
Lanaudière
ABC Environnement inc. et 9216-4615 Québec inc. (Centre de Valorisation de
Crabtree)
Agro-100 ltée
Alimentation Dynamic inc. et Artic Blast MTL inc.
Gaz Propane Raymond 1996 inc., Gaz Propane N.R.J. inc. et 9072-3420 Québec
inc. (Les Immeubles An-Nor)
Gestion EDB Mondor inc.
Gestion Éric Riendeau inc., Viandes Riendeau ltée et Les Aliments Chatel inc.
Groupe Manucam inc.
Laboratoires Bi-Op inc.
Labre et Associés, Arpenteurs-Géomètres inc.
Meubles Jaymar Corp.
Multi-modèles Martin Gaudet inc.
Pneus Lanoraie inc.
SaniPro Service professionnel de nettoyage inc.
Triotech Amusement inc.
8
25
524
125
1,000
1
46
98
1,819
3,000
3,000
27
237
206
1,277
2,358
945
1,867
948
397
652
333
646
250
417
1,090
120
11,770
700
205
183
53
132
24
538
169
263
2,267
27
237
206
1,277
2,358
945
678
1,867
948
397
652
333
646
250
417
1,090
120
12,448
267
12,715
700
230
524
308
53
1,000
132
1
46
24
538
169
361
4,086
775
4,861
576
877
465
576
877
465
500
215
1,146
820
851
425
335
70
464
750
500
215
1,146
820
851
425
335
70
464
750
3,000
10,494
7,494
(unaudited)
as at May 31, 2016
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
Secured
Loans and
advances
Total
Laurentides
4486021 Canada inc. (Aliments Urbains)
9018-4995 Québec inc. (Lacelle & Frères)
9311-5947 Québec inc. (Les Aliments Kamloop)
APGN inc.
Autobus Lion Inc.
BMI Canada inc.
Canrep inc.
Complexe Hôtelier St-Jovite/ Mont-Tremblant inc.
Distributions Denis Fontaine inc. et 9213-5771 Québec inc.
Garage François Thouin inc., Remorques CFT inc. et 8236011 Canada inc.
Gestion Estérel inc.
Gestion hôtelière REVPAR inc.
Groupe Aviation et Puissance inc. et APGN inc.
Groupe Star Suites inc.
La Petite Bretonne inc.
Le Groupe Synergie Xpress inc.
Les Brasseurs du Nord inc.
Lev-Fab inc.
Montour ltée
Myre, Pageau & Associés Consultant Immobilier inc.
Service Alimentaire Desco inc.
Vision Villégiature inc.
Laval
9160-5188 Québec inc. (Hulix Construction)
9210-9107 Québec inc. (Jungle Aventure)
9238-4874 Québec inc. (Nouvelle logique)
9559779 Canada inc., Marché Turenne inc. et 9559809 Canada inc.
Artemano Canada inc.
Attractions SOS inc.
Ciel Aventure Québec inc.
Collections Unimage inc.
Cunico ltée
Groupe Daoust/Forget inc.
Hydrolico inc., Hydrolico International inc. et 9214-5127 Québec inc.
K.F. Construction inc.
Les Bouteilles Recyclées du Québec (B.R.Q.) inc.
Les Produits Verglass inc.
Mongrain inc.
Paris, Ladouceur & associés inc.
Produits Alimentaires Berthelet inc.
S.R.A.D. Communications inc.
Vinyform ltée
Mauricie
9145-5980 Québec inc. (Transport Jacques Labbé)
Climatisation Trois-Rivières inc.
Concept Éco-Plein-Air Le Baluchon inc.
Estampage J.P.L. limitée
Extravision Vidéo technologies inc.
Portes & fenêtres Nouvel Horizon inc.
1,000
300
1,300
2,793
2,793
751
751
9
67
43
484
1,000
346
779
137
347
386
336
2,792
46
383
805
452
117
180
190
98
937
9,925
67
43
484
1,000
346
779
137
347
386
336
2,792
46
383
805
452
117
1,000
180
190
98
937
300
11,225
631
192
500
1,075
492
280
1,050
342
698
200
467
240
67
300
200
130
517
367
250
7,998
631
192
500
1,075
492
280
1,050
342
698
200
467
240
2,860
300
200
130
517
367
250
10,791
1,100
11,891
301
14
601
2,000
500
450
3,866
301
14
1,352
2,000
500
450
4,617
(unaudited)
as at May 31, 2016
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
Secured
Loans and
advances
Total
Montérégie
2854-6091 Québec inc., 9103-0908 Québec inc., 9328513 Canada inc., Les
Transports en vrac Mario inc.
Agro-Bio contrôle inc.
Bousquet Frères Limitée
Contrôle Industriel C.T.H. ltée
Corporation Norme Internationale inc.
DCL Nutrition & santé animale inc.
Domaines Pinnacle inc.
Elka suspension inc.
FDC Composites inc.
Formédica ltée et Placements Gestfor ltée
Géomap GIS Amérique inc.
ICANDA Corporation, Forages M.S.E. inc. et Gestion immobilière M.S.E. inc.
Investissements Brasco inc.
Laboratoires Natrum inc. et Dermolab Pharma ltée
Law-Marot-Milpro inc. et Les Entreprises Méga Myl inc.
Les Cartons Northrich inc.
Les Promotions Universelles inc.
M.G.B. Électrique inc.
Matériaux paysagers Savaria ltée
Navada ltée
PBSC Solutions urbaines inc.
Ricardo Média inc.
Secco International inc.
Simaudio ltée
Soudure Brault inc.
Soya Excel inc.
SPB Psychologie organisationnelle inc.
Suly inc.
Montréal
3717291 Canada inc. (Bô-Bébé) et Kidiway inc.
4552091 Canada inc., 9311394 Canada inc., 9311408 Canada inc., 9534466
Canada inc., (Centre de conditionnement Buzzfit)
7774672 Canada inc. (Derme & Cie), 3897338 Canada inc. et
3897320 Canada inc.
Alimentation L'Épicier inc.
Aliments Horizon Nature inc.
Allard & Ricard inc.
Andy transport inc.
Anodisation Verdun inc. et Anodisation Montréal inc.
Argon 18 inc. et Cycles Argon-18 inc.
Artika for Living inc.
Asphalte Générale inc. et de 9306-1380 Québec inc. (Pavage Roy)
Corporation Smartsilk inc.
Emballages Cré-O-Pack International inc.
Euro-Pharm International Canada inc. et Les Services Pharma ECA inc.
Galerie au chocolat inc.
Groupe Atwill-Morin inc., 8782601 Canada inc., 8844925 Canada inc. et
4527216 Canada inc.
Groupe Carreaux Céragrès inc.
Investissements Speedware ltée
Le Groupe Conseil Integrim inc.
Les Entreprises QMD inc.
Les industries Cendrex inc.
Les Laboratoires de recherche de Lan Wirewerks inc.
Magnus Poirier inc.
Manutention Québec inc.
Novabrik International inc.
Perlite Canada inc.
Portes et fenêtres Cordy inc.
Proaction International inc.
Quincaillerie architecturale Capsol inc.
Ray-Mont Logistiques inc.
RB&C Maintenance de voies inc.
Tornatech inc.
Turbines Essential inc.
Vulcan Compagnie de Palans ltée
10
600
60
700
249
225
190
279
224
108
500
137
1,675
306
125
125
650
1,000
55
137
366
1,193
1,000
750
613
433
392
10
164
420
141
11,927
124
124
600
60
700
249
225
190
279
224
108
500
137
1,675
306
124
1,000
55
137
366
1,193
1,000
750
613
433
392
10
289
420
141
12,176
2,250
14,426
833
833
750
750
175
1,694
281
260
12
150
500
500
500
278
235
847
195
175
1,694
281
260
12
150
500
500
500
278
235
847
195
931
1,600
931
1,600
650
280
944
1,867
246
237
1,002
1,537
1
189
933
64
145
104
322
444
1,033
19,739
250
19,989
1,405
280
944
1,867
246
237
1,002
132
2,055
189
933
64
145
104
322
444
1,033
17,683
1
1
(unaudited)
as at May 31, 2016
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
Secured
Loans and
advances
Total
03-31-16 Fonds régionaux de solidarité FTQ, société en commandite (contiuned)
Nord-du-Québec
9129-3852 Québec inc. (Entretien Industriel D.L.B.)
9181-4228 Québec inc. (Nord Décoration inc.)
9189-3081 Québec inc. (Relais du Lac Caché)
Équipement de Bureau Ungava inc.
Exploration NQ inc.
Les Consultants de l'Arctique inc.
Les immeubles ARH inc.
Les Pétroles M.J. inc.
Les Ressources Yorbeau inc.
M.A.S. Chibougamau inc.
Mines Coulon inc.
Nemaska Lithium inc.
Ressources Sirios inc.
Ressources Sphinx ltée
Services Pétroliers Chibougamau inc.
Société d'Exploration Minière Vior inc.
192
56
507
72
37
550
1
466
447
181
90
395
125
247
3,366
Outaouais
2786630 Canada inc. (Vitrerie Vision 2000 enr.)
3596745 Canada inc. (Vitrerie de la Vallée) et 3596761 Canada inc.
4031202 Canada inc. (Prop-Air inc.)
6227945 Canada inc. (IEG)
6368425 Canada Ltd (Acier DM) et 6964770 Canada inc.
6479138 Canada inc. (Les Services de la Première Générale (Gatineau))
7095287 Canada inc. (Concept Pro-Métal)
7608187 Canada inc. (La trappe à fromage)
9111-8117 Québec inc. (Activec)
Auberge & Spa le Nordik inc.
Chabel inc. et Gestion 2L inc.
Ed. Brunet et associés Canada inc.
Gestion conseil Immogest-Sweeney inc.
Gestion Travaux Signalisation inc.
Laiterie de l'Outaouais inc.
Lauzon - Foresterie (Fiducie)
Les Boiseries Boileau inc. et 4530373 Canada inc.
Les Entreprises RGMSP ltée et 6588891 Canada inc.
Macadamian Technologies inc.
Norgau inc.
Oproma inc. et 6742866 Canada inc.
PCI Géomatiques Entreprises inc.
Philouze Boulanger-Patissier inc.
Provance Technologies inc.
Restaurations Sélect inc.
Service de Pneus Lavoie Outaouais inc.
SolaCom Technologies inc.
Systèmes de test Simbol inc.
VanillaSoft inc. et VanillaSoft Corporation
WMD Moulin de Wakefield développements inc.
11
63
64
400
607
70
260
297
514
75
253
300
2,903
500
500
1,138
371
50
150
276
121
1,589
260
100
59
208
434
548
101
649
63
64
400
607
192
56
507
72
70
260
297
37
514
550
1
466
447
181
90
470
253
425
247
6,269
125
6,394
150
656
1,553
250
225
62
161
581
15
333
93
53
79
9,967
10
500
510
500
500
1,138
10
371
50
150
276
121
1,589
260
100
59
208
434
500
150
656
1,553
250
225
62
161
1,129
15
333
101
93
53
79
11,126
450
11,576
(unaudited)
as at May 31, 2016
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
Secured
Loans and
advances
Total
Saguenay - Lac-Saint-Jean
2861-0467 Québec inc. (Notre Hôtel)
2953-7628 Québec inc., 2526-0100 Québec inc. (Terrassement Jocelyn Fortin) et
2956-3475 Québec inc. (Interbus)
6482066 Canada inc. (Société P.C.P.)
8439117 Canada inc. (Récupère Sol)
9099-3593 Québec inc. (Inter-Projet)
9107-6513 Québec inc. (Menuiserie St-Henri)
9115-3023 Québec inc., 9244-7770 Québec inc. (Pub La Voie-Maltée
Chicoutimi) et 9261-9238 Québec inc.
9143-8945 Québec inc. (Giroux Maçonnex)
A.S. Nettoyage inc.
Dynamitage Express inc.
Filtrar Tech inc.
Garage Marcel Simard inc.
Gestion du Fonds AP 60 inc.
Gestion LJ inc.
Groupe Giroux Maçonnex inc.
Industries Bofab inc.
Laval Fortin ltée
LCR Vêtements et Chaussures inc.
Les Équipements pétroliers Claude Pedneault inc.
Les Placements G.M.R. Maltais inc.
Nolicam Location de camions inc.
Pétrolex St-Félicien inc.
Précicast ltée
Reboitech inc. et Plani-forêt S.G.F. inc.
St-Félicien Diesel (1988) inc.
Transport M.Y. Caron inc.
Transports J.M. Bernier inc.
Ventil-Air 2001 inc.
Total Fonds régionaux de solidarité FTQ, société en commandite
12-31-15 Fonds Valorisation Bois, s.e.c.
Groupe Lebel (2004) inc.
04-30-15 Société de gestion d'actifs forestiers Solifor, société en commandite
Gestion forestière Solifor Anticosti, société en commandite
Solifor Bloc A-RPF, société en commandite
Solifor Bloc B-LP, société en commandite
Solifor Bloc Monet, société en commandite
Solifor Charlevoix-Saguenay, société en commandite
Solifor Lac Métis, société en commandite
Solifor Lotbinière, société en commandite
Solifor Mauricie, société en commandite
Solifor Nicolas Riou, société en commandite
Solifor Perthuis, société en commandite
12
227
840
1
38
242
117
344
1,000
114
720
624
720
102
1,000
114
720
624
720
102
476
476
840
108
868
400
300
1
46
1,160
244
834
373
319
38
413
359
78
110
540
342
329
218
12,020
675
12,695
108
868
400
300
46
1,160
244
834
373
319
171
359
1,348
110
540
342
329
218
10,594
27,803
160,221
78
78
2,717
190,741
13,267
204,008
4,829
4,829
140,005
140,005
(unaudited)
as at May 31, 2016
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
12-31-15 Teralys capital Fonds de Fonds, s.e.c.
Capital de risque Versant V (Canada), s.e.c.
Celtic House Venture Partners Fund IV, L.P.
EnerTech Capital Partners IV, L.P.
Fonds Biosciences Merck Lumira (Québec), s.e.c.
Fonds CTI Sciences de la vie II, s.e.c.
Fonds Cycle Capital III, s.e.c.
Fonds d'investissement iNovia III, s.e.c.
Fonds d'investissement Réal III, s.e.c.
Fonds Tandem Expansion I, s.e.c.
Georgian Partners Growth Fund I, L.P.
Investissements TVM Science de la vie VII, s.e.c.
Iris Capital Fund III FCPR
Lumira Capital II, société en commandite
Novacap TMT IV, s.e.c.
Rho Canada Capital de Risque II, s.e.c.
Sofinnova Capital VII
Vanedge Capital I Limited Partnership
1,249
18,630
12,195
7,265
11,704
7,458
3,923
4,492
1,861
1,269
5,339
2,865
4,058
1,710
3,168
619
506
88,312
12-31-15 VC, société en commandite
Direct holdings of real estate
Secured
Loans and
advances
Total
1,249
18,630
12,195
7,265
11,704
7,458
3,923
4,492
1,861
1,269
5,339
2,865
4,058
1,710
3,168
619
506
88,312
100,612
188,924
123,704
This unaudited index details the investments made by the specialized funds as required by the Regulation Respecting Development Capital Investment Fund
Continuous Disclosure.
13

Complete financial report as at May 31, 2016

Transcription

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