FONDS DE SOLIDARITÉ DES TRAVAILLEURS

Transcription

FINANCIAL STATEMENTS
AS AT NOVEMBER 30, 2015
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 November 30, 2015 and May 31, 2015, and the statements of comprehensive income, changes in net assets
and cash flows for the six-month periods ended November 30, 2015 and 2014, 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 November 30, 2015 and May 31, 2015, and its financial performance and its cash flows for the
six-month periods ended November 30, 2015 and 2014 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, December 22, 2015
FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.)
1
BALANCE SHEETS
Note
Novembrer 30, 2015
May 31, 2015
Development capital investments
5
6,254
6,094
Other investments
6
5,299
5,384
(in millions of Canadian dollars, except net assets per share)
Assets
Investment property
11
31
31
Accounts receivable
12
205
244
28
18
Cash
Other assets
Property and equipment
13
45
47
Intangible assets
14
6
6
5
9
Income taxes
Financial instruments related to securities sold under
repurchase agreements
242
257
12,115
12,090
Liabilities
Notes
15
413
419
Accounts payable
17
139
188
Deferred income taxes
23
13
3
Net defined benefit liability
24
44
43
21
30
242
257
872
940
11,243
11,150
33.59
33.26
Other liabilities
Share redemptions payable
Securities sold under repurchase agreements
Net assets
18
Net assets per Class A share
Commitments and contingencies (Notes 5, 6 and 20)
The accompanying notes form an integral part of these financial statements.
On behalf of the Board of Directors,
(signed) “Robert Parizeau”
Robert Parizeau, Director
(signed) “Gaétan Morin”
Gaétan Morin, Director
2
STATEMENTS OF COMPREHENSIVE INCOME
FOR THE SIX-MONTH PERIODS ENDED NOVEMBER 30
(in millions of Canadian dollars, except net income per share)
Note
2015
2014
27
85
84
88
71
7
8
180
163
Revenues
Interest
Dividends and distributions
Rental, fee and other income
Gains (losses) on development capital investments, other investments and investment property
Realized
91
Unrealized
(72)
Transaction costs
(1)
18
Interest on notes
27
(9)
77
201
(1)
277
(9)
189
431
Corporate
34
31
Development capital investments and other investments
18
16
Shareholder Services and Economic Training
19
19
71
66
118
365
9
11
109
354
Total operating expenses
21
Income before income taxes
Income taxes
23
Net income
Item of other comprehensive income that will not be reclassified to net income
Remeasurement of the net defined benefit liability
24
Comprehensive income
3
(3)
112
351
0.33
1.06
Supplemental information
Net income per Class A share
18
3
STATEMENTS OF CHANGES IN NET ASSETS
Note
(in millions of Canadian dollars)
18
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
2015
Balance at beginning of
period
8,043
79
2
Net income
109
Other comprehensive income
3
Share issues
259
4
(208)
(3)
Net change in share
subscriptions
Change in outstanding
redemptions
18
(1)
(20)
5
Balance at end of period
3
263
(1)
Share redemptions
Transfers
109
-
70
(55)
(286)
-
5
(70)
-
8,169
80
1
771
2,211
11
11,243
7,793
78
1
841
1,417
1
10,131
2014
Balance at beginning of
period
Net income
354
Share issues
354
(3)
19
253
4
(204)
(3)
Net change in share
subscriptions
-
Share redemptions
(3)
257
-
(21)
(36)
(264)
Change in outstanding
redemptions
Transfers
8
18
1
75
7,925
-
9
(75)
79
1
821
1,660
(2)
10,484
4
STATEMENTS OF CASH FLOWS
(in millions of Canadian dollars)
2015
2014
109
354
Operating activities
Net income
Non-cash items
Interest capitalized on development capital investments
-
(2)
Interest capitalized on notes
9
9
Amortization of premiums and discounts
6
4
(Gains) losses on development capital investments, other investments and
investment property
Realized
(91)
Unrealized
72
Post-employment benefits
4
Depreciation of property and equipment and amortization of intangible assets
4
10
(77)
(201)
4
3
(2)
123
92
Accounts receivable
-
6
Refundable taxes on hand
-
2
Income taxes
4
(3)
(12)
(1)
4
2
119
98
(348)
(188)
Changes in non-cash items
Accounts payable
Other
Acquisition of development capital investments
Proceeds of disposal of development capital investments
Acquisition of other investments
Proceeds of disposal of other investments
271
92
(3,351)
(3,917)
3,364
3,957
Increase in notes
76
56
Repayment of notes
(91)
(70)
Acquisition of investment property
40
(3)
25
Financing activities
Shares issued and subscribed
262
257
(290)
(269)
(28)
(12)
Acquisition of property and equipment and intangible assets
(2)
(4)
Increase in cash
10
9
Cash at beginning of period
18
16
Cash at end of period
28
25
Interest received
93
92
Dividends and distributions received
87
70
7
15
Shares redeemed
Investing activity
Supplemental information (amounts included in operating activities)
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 December 22, 2015 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
Note 2. 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 increasing 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: Accounts
receivable (except as mentioned under the table in Note 12), Cash, Income taxes, Financial instruments related to securities
sold under repurchase agreements, Notes, Accounts payable, Share redemptions payable and Securities sold under
repurchase agreements. The current portion of loans, bonds and advances included in Development capital investments is
presented in Note 5, while the current portion of bonds and money market instruments included in Other investments is
presented in Note 6.
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 accounts receivable are classified in loans and receivables. Notes and other 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 bid-ask 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.
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(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
asset-based 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 Interest. As at November 30, 2015 and May 31, 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.
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(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
Office furniture and equipment
Diminishing balance
15 to 60 years
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;
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(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 period, 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 period.
18. ACCOUNTING STANDARDS ISSUED AS AT NOVEMBER 30, 2015 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 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.
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
period 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.
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.
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3. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
(CONTINUED)
1. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS THAT ARE NOT TRADED ON AN ACTIVE MARKET (CONTINUED)
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 Interim Management Discussion and Analysis for the Six-month Period Ended
November 30, 2015, which is available at the Fonds’ head office, on its website at fondsftq.com or at sedar.com.
12
5. 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.
November 30, 2015
(in thousands $)
Cost
May 31, 2015
Unrealized
Unrealized
appreciation
appreciation
(depreciation)
Fair value
Cost
(depreciation)
Fair value
Unsecured
Listed shares
804,686
72,581
877,267
768,070
161,207
929,277
2,937,874
855,916
3,793,790
2,846,408
755,334
3,601,742
Loans, bonds and advances
1,569,013
9,449
1,578,462
1,552,409
8,261
1,560,670
4,750
2,638
-
2,638
6,254,269
5,169,525
924,802
6,094,327
Secured
Loans
5,750
5,317,323
(1,000)
936,946
Development capital investments include securities denominated in foreign currencies, mainly the U.S. dollar, with a fair value
of $520.8 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
Fixed rates
(in thousands $)
Variable rates
Less than 1 year
1 to 5 years
5 years and more
Total
328,916
733,774
503,980
1,578,462
7.4
7.2
November 30, 2015
Unsecured
Average effective rate (%)
11,7921
8.8
1.22
Secured
4,750
4,750
6.5
May 31, 2015
Unsecured
81,8781
7.6
Secured
310,498
1.32
685,503
482,791
7.6
7.2
138
2,500
13.0
6.4
1,560,670
2,638
1. As at November 30, 2015 and May 31, 2015, variable-rate loans are maturing between 1 and 5 years.
2.
This average rate includes non-interest bearing advances to a wholly-owned company repayable on demand of $270.5 million
(May 31, 2015: $253.8 million). Excluding these advances, the average effective rate would be 7.9% (May 31, 2015: 8.1%).
13
5. DEVELOPMENT CAPITAL INVESTMENTS
(CONTINUED)
BREAKDOWN BY INDUSTRY SEGMENT
Information
Energy and
(in thousands $)
Consumer
technology,
discretionary
telecommuni-
and
Financials
cations
consumer
and
services and
materials
Industrials
staples
utilities
healthcare
Total
562,630
979,926
1,060,443
2,014,835
699,489
5,317,323
33,772
30,407
276,880
558,361
37,526
936,946
596,402
1,010,333
1,337,323
2,573,196
737,015
6,254,269
172,500
212,412
113,954
219,895
298,476
1,017,237
November 30, 2015
Cost
Unrealized appreciation (depreciation)
Fair value
Funds committed but not disbursed1
Guarantees and
10,285
suretyships2
10,285
768,902
1,222,745
1,461,562
2,793,091
1,035,491
7,281,791
571,931
893,424
1,003,051
2,046,577
654,542
5,169,525
51,642
73,234
261,650
557,929
(19,653)
924,802
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)
9,655
Guarantees and suretyships2
728,173
1,154,552
1,410,045
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 $254.3 million
(May 31, 2015: $234.8 million) represents credit facilities and project financing for operating companies, having a weighted average
maturity of 25 months (May 31, 2015: 30 months); and an amount of $763.0 million (May 31, 2015: $773.2 million) represents
commitments that will be disbursed to specialized funds in tranches, having a weighted average maturity of 7.1 years
(May 31, 2015: 7.8 years). Commitments amounting to $194.9 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 term
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 November 30, 2015 and May 31, 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.
14
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.
November 30, 2015
May 31, 2015
Unrealized
Unrealized
appreciation
appreciation
Cost
(depreciation)
Fair value
Cost
(depreciation)
Fair value
Listed shares and unlisted units
2,218,976
548,997
2,767,973
2,183,840
576,379
2,760,219
Bonds
2,333,605
59,094
2,392,699
2,320,097
117,936
2,438,033
138,213
46
138,259
185,074
77
185,151
4,690,794
608,137
5,298,931
4,689,011
694,392
5,383,403
-
293
293
-
172
172
4,690,794
608,430
5,299,224
4,689,011
694,564
5,383,575
(in thousands $)
Money market instruments
Derivative financial instruments
Other investments include securities denominated in foreign currencies with a fair value of $2,075.5 million (May 31, 2015:
$2,062.4 million), mainly including $1,234.2 million (May 31, 2015: $1,192.4 million) in U.S. dollars, $202.0 million
(May 31, 2015: $201.0 million) in euros, $197.6 million (May 31, 2015: $199.0 million) in yens and $159.3 million
(May 31, 2015: $166.4 million) in pounds sterling.
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
November 30, 2015
Fair value
48,790
760,350
795,803
281,725
394,342
111,689
2,392,699
Cost
48,760
750,281
783,104
259,288
380,148
112,024
2,333,605
Par value
48,336
736,279
753,600
216,360
341,047
108,760
2,204,382
2.2
2.0
2.7
4.0
3.6
3.7
2.8
Average nominal rate (%)
3.3
2.9
3.3
5.8
4.3
3.9
3.6
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
59,425
78,138
696
138,259
0.6
0.5
0.5
0.5
78,683
104,481
1,987
185,151
0.8
0.8
0.7
0.8
November 30, 2015
Fair value
May 31, 2015
Fair value
15
(CONTINUED)
DERIVATIVE FINANCIAL INSTRUMENTS
Less than
(in thousands $)
1 month
6 months and
1 to 6 months
more
Total
November 30, 2015
Fair value1
Listed stock index option contracts
Written put options
(13)
Written call options
(35)
(35)
(126)
(126)
37
37
Foreign currency forward contracts
Interest rate forward contracts
Stock index futures
(13)
-
Interest rate futures
(137)
-
-
-
(137)
Notional amount
Written put options
2,321
Written call options
2,496
2,496
69,307
69,307
Interest rate futures
134,626
134,626
Stock index futures
8,103
2,321
8,103
6,941
6,941
May 31, 2015
Fair value1
Written put options
(27)
Stock index futures
(97)
(1,495)
(124)
(1,495)
(184)
(184)
(1,522)
(281)
(1,803)
2,361
4,652
-
-
Notional amount
Written put options
50,925
Stock index futures
1.
72,483
10,382
7,013
50,925
72,483
10,382
The fair value of instruments with positive values is $0.3 million (May 31, 2015: $0.2 million) and is presented under Other
investments. The fair value of those with negative values is $0.4 million (May 31, 2015: $2.0 million) and is presented under
Accounts payable.
16
(CONTINUED)
BREAKDOWN OF FAIR VALUE BY INDUSTRY SEGMENT
Information
Consumer
technology,
Govern-
discretionary
telecommuni-
ments and
govern-
Energy
(in thousands $)
and
Financials
cations
and
Indus-
consumer
and
services and
ment
materials
trials
staples
utilities
healthcare
agencies
409,948 243,632
609,721
770,993
733,679
76,175
624,482
48,037
Total
November 30, 2015
Bonds
96,288
56,867
Fair value
23,538
506,236 300,499
685,896 1,419,013
781,716
2,767,973
1,490,850
2,392,699
114,721
138,259
1,605,571
5,298,931
20,807
20,807
506,236 300,499
685,896 1,439,820
781,716
1,605,571
5,319,738
466,610 252,632
570,021
732,508
738,448
74,609
621,771
55,550
1,557,965
9,999
7,984
152,175
185,151
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
2,760,219
20,234
2,438,033
20,234
1. Funds committed but not disbursed to international infrastructure funds represent other investments that have alread y 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
5.1 years (May 31, 2015: 5.6 years), are denominated in U.S. dollars.
7. 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 $0.3 million
(May 31, 2015: $0.2 million), and the fair value of derivative financial instrument liabilities subject to such arrangements is
$0.4 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 November 30, 2015 and May 31, 2015, no amount was set off in the Balance Sheet.
17
8. 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
Level 3
Total
877,129
138
3,793,790
3,793,790
446,446
1,132,016
1,578,462
4,750
4,750
446,584
4,930,556
6,254,269
63,906
2,767,973
11,539
2,392,699
November 30, 2015
Financial assets
Unsecured
Listed shares
877,267
Secured
Loans
877,129
Other investments
2,704,067
Bonds
2,381,160
138,259
-
293
2,704,067
2,519,712
Accounts receivable relating to development capital
investments and other investments sold
Cash
115,125
27,568
Financial liabilities
Accounts payable relating to development capital
investments and other investments purchased
(48)
138,259
293
75,445
5,299,224
115,125
27,568
242,164
242,164
(95,340)
(95,340)
(382)
(430)
(242,164)
(242,164)
18
(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)
19
(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 period. 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
1,089,597
2,638
4,693,977
229,401
98,578
3,292
331,271
(179,150)
(79,870)
(180)
(259,200)
November 30, 2015
Fair value as at May 31, 2015
Purchases
Sales and settlements
Realized gains (losses)
Unrealized gains (losses)
41,215
100,582
Transfer of a financial instrument into Level 3
Fair value as at November 30, 2015
(960)
7,836
16,8351
-
40,255
(1,000)
107,418
-
16,835
3,793,790
1,132,016
4,750
4,930,556
140,390
7,365
(1,000)
146,755
3,053,976
1,076,144
10,875
4,140,995
Unrealized gains (losses) on development capital
investments held as at November 30, 2015
November 30, 2014
Purchases
115,145
55,745
895
171,785
(130,458)
(72,225)
12,056
2,196
(6,504)
7,748
63,435
(6,419)
8,840
65,856
Transfer of a financial instrument out of Level 3
(50,949)
(7,284)
(30,000)2
3,172,387
1,046,717
(30,000)
6,822
4,225,926
Unrealized gains (losses) on development capital
investments held as at November 30, 2014
194,008
(4,814)
3,481
192,675
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.
20
(CONTINUED)
OTHER INVESTMENTS
(in thousands $)
Listed shares and
Hedge fund
unlisted units
units
Bonds
Total
11,334
62,241
November 30, 2015
Purchases
50,907
995
995
(1,512)
(1,512)
186
186
13,330
205
13,535
63,906
11,539
75,445
13,330
205
13,535
11,261
87,797
Unrealized gains (losses) on other investments held as
at November 30, 2015
November 30, 2014
Purchases
Realized gains(losses)
51,051
25,485
960
(1,660)
960
(25,868)
(16)
988
4,177
(605)
(27,528)
972
29
3,601
54,512
11,290
65,802
4,300
29
4,329
Unrealized gains (losses) on other investments held as
at November 30, 2014
21
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
Main valuation
(in thousands $)
techniques
Unobservable inputs
Input value ranges
621,873
Capitalized cash flows
Capitalization rate
3.1% - 13.1% (7.6%)
EBITDA margin %1
5.9% - 38.9% (16.6%)
(weighted average)
November 30, 2015
108,567
Discounted cash flows
Required rate of return
5.0% - 12.0% (6.1%)
2,497,155
Adjusted net assets
Adjusted net assets
N/A2
468,816
Recent transactions
-
-
97,379
Other3
-
-
833,993
3.0% - 15.0% (8.4%)
270,523
Adjusted net assets
Adjusted net assets
N/A2
32,250
Other
-
-
4,930,556
Other investments
Unlisted units
63,906
Manager’s quote
-
-
Bonds
11,539
Other
-
-
75,445
May 31, 2015
598,342
Capitalized cash flows
Capitalization rate
5.2% - 12.7% (7.8%)
EBITDA margin %1
5.7% - 40.1% (15.9%)
101,111
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
3.0% - 15.0% (8.6%)
253,821
Adjusted net assets
Adjusted net assets
N/A2
27,999
Other
-
-
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.
22
(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 $51.3 million as at November 30, 2015 (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 midrange 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.
9. 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:
November 30, 2015
May 31, 2015
Fair value
Fair value
Number
(in thousands $)
Number
(in thousands $)
Operating companies
18
1,169,660
16
1,107,181
Investment entities
14
1,009,167
15
1,002,662
Operating companies
67
818,099
65
796,314
Investment entities
28
314,792
28
294,403
Subsidiaries
Associates
The principal place of business of the majority of subsidiaries and associates is in Québec. The proportion of ownership interests
held by the Fonds is greater than 50% for subsidiaries and between 20% and 49% for associates. 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 $181.5 million (May 31, 2015: $133.4 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.
23
9. INVESTMENTS IN SUBSDIARIES AND ASSOCIATES
(CONTINUED)
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 November 30, 2015, the Fonds indirectly had 79 additional subsidiaries and
122 additional associates under this criterion (May 31, 2015: 83 subsidiaries and 105 associates).
10. 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
November 30, 2015 and at May 31, 2015. The fair value of the securities loaned is $560.8 million (May 31, 2015:
$418.3 million).
11. 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 six-month periods ended November 30:
2015
2014
31,376
27,689
Increase in rental space
-
2,871
Change in fair value recognized in net income
-
816
31,376
31,376
(in thousands $)
Balance at beginning of period
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
Internal rate of return
7.50%
Capitalization rate
6.75%
Internal rate of return
7.50%
Capitalization rate
6.75%
November 30, 2015
Investment property
31,376
May 31, 2015
Investment property
31,376
12. ACCOUNTS RECEIVABLE
(in thousands $)
November 30, 2015
May 31, 2015
Accounts receivable relating to development capital investments and other
115,125
154,160
Accrued dividends and interest
investments sold
64,525
64,854
Other
24,789
24,993
204,439
244,007
Accounts receivable maturing in more than twelve months amounts to $39.3 million (May 31, 2015: $39.8 million).
24
13. PROPERTY AND EQUIPMENT
(in thousands $)
Office furniture
Computer
Buildings
and equipment
hardware
42,947
11,996
Total
November 30, 2015
Cost
Accumulated depreciation
Net carrying amount
16,775
71,718
(9,362)
(13,533)
(26,277)
39,565
2,634
3,242
45,441
39,918
2,841
3,766
46,525
332
106
475
913
(3,382)
Change during the period
Net carrying amount as at May 31, 2015
Acquisitions
Disposals
Depreciation
Net carrying amount as at November 30, 2015
(685)
(313)
39,565
2,634
42,615
11,890
(111)
(111)
(888)
(1,886)
3,242
45,441
May 31, 2015
Cost
Accumulated depreciation
Net carrying amount
16,776
71,281
(9,049)
(13,010)
(24,756)
39,918
2,841
3,766
46,525
(2,697)
Change during the year
41,099
2,556
3,923
47,578
Acquisitions
390
917
1,831
3,138
Disposals
(214)
-
-
Depreciation
(1,357)
39,918
(632)
2,841
(214)
(1,988)
(3,977)
3,766
46,525
As at November 30, 2015 and May 31, 2015, no item of property and equipment was impaired. In addition, as at
November 30, 2015 and May 31, 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 Statement of
Comprehensive Income.
14. INTANGIBLE ASSETS
Information system development
(in thousands $)
November 30, 2015
May 31, 2015
Cost
28,000
26,558
Accumulated amortization
(21,721)
(20,091)
6,279
6,467
Net carrying amount at beginning
6,467
6,542
Acquisitions
1,442
2,530
Amortization
(1,630)
(2,605)
6,279
6,467
Net carrying amount
Change during the period or year
Net carrying amount at the end
As at November 30, 2015 and May 31, 2015, no intangible asset was impaired. In addition, as at November 30, 2015, and
May 31, 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 Statement of Comprehensive Income.
25
15. 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
November 30, 2015 and May 31, 2015, the interest rate is 4%.
16. CREDIT FACILITIES
As at November 30, 2015 and May 31, 2015, the Fonds has credit facilities amounting to $80 million, bearing interest at prime
rate and renewable annually. As at November 30, 2015 and May 31, 2015, these facilities are unused, and they were not used
during the periods then ended.
17. ACCOUNTS PAYABLE
November 30, 2015
May 31, 2015
investments purchased
95,340
130,961
Accrued expenses and other
42,618
55,008
(in thousands $)
Accounts payable relating to development capital investments and other
430
1,975
138,388
187,944
18. 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.
26
18. NET ASSETS
(CONTINUED)
1. SHARE CAPITAL (CONTINUED)
e) Transfers
During the period, the Board of Directors approved an increase in the issued and paid-up capital on Class A shares,
Series 1 of $70 million through a transfer from retained earnings (November 30, 2014: $75 million).
As at November 30, 2015, the Fonds had, since its incorporation, transferred the following cumulative amounts:
$2,052 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 335,097,570
(November 30, 2014: 334,427,078).
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
November 30, 2015
Net assets as at May 31, 2015
Net income
Share issues
7,879
108,290
1,117
109,407
2,780
28
2,808
258,875
122
3,992
Net change in share subscriptions
Share redemptions
262,867
(435)
(8,563)
(282,337)
(123)
(4,061)
(435)
(286,398)
Change in outstanding redemptions
208
5,514
5,514
Net assets as at November 30, 2015
331,402
11,131,120
3,318
111,454
877
11,243,451
330,886
10,029,119
3,348
101,472
612
10,131,203
November 30, 2014
Net assets as at May 31, 2014
Net income
350,054
Share issues
3,575
(2,708)
8,427
253,382
132
3,977
(8,666)
(261,123)
(118)
(3,561)
Net change in share subscriptions
Share redemptions
353,629
(27)
(2,735)
257,359
190
Change in outstanding redemptions
337
9,287
Net assets as at November 30, 2014
330,984
10,378,011
190
(264,684)
9,287
3,362
105,436
802
10,484,249
27
19. 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, 2015, the minimum threshold was 60%. In the
Québec budget tabled on March 26, 2015, it was announced that the investment rule threshold will be gradually raised
(by 1% per year starting with the financial year ending May 31, 2016) to 65% in 2020. Accordingly, the investment rule
minimum threshold as at May 31, 2016 will be 61%.
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 65.1% as at
May 31, 2015 (May 31, 2014: 65.1%). Since the investment rule minimum threshold was reached as at May 31, 2015,
the amount of share issues giving rise to labour-sponsored fund tax credits for the financial year ending May 31, 2016
will not be limited.
b) Limit on share issues for the year ended May 31, 2015
The 2014-2015 Québec budget tabled before the National Assembly on June 4, 2014 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 is no limit on share issues for the year
ending May 31, 2016.
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.
20. 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 contingent losses would
not have a material adverse effect on the Fonds’ financial position.
28
21. TOTAL OPERATING EXPENSES
For the six-month periods ended November 30
2015
2014
41,303
38,677
Advertising and information
7,362
8,139
Occupancy expenses and rent
4,889
5,006
Professional fees
4,213
2,263
Management fees
3,539
3,377
Stationery and office supplies
2,801
2,206
Shareholder reporting costs
1,422
1,282
Travel and entertainment
1,315
1,368
500
427
Depreciation of property and equipment
1,886
2,007
Amortization of intangible assets
1,630
1,264
70,860
66,016
(in thousands $)
Salaries and benefits
Custodial fees and trustee’s fees
22. KEY MANAGEMENT PERSONNEL COMPENSATION
2015
2014
1,814
1,221
Post-employment benefits
673
765
Directors’ remuneration and fees
577
698
3,064
2,684
(in thousands $)
Salaries and short-term benefits
23. 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 Statement
of Comprehensive Income, but are presented under Refundable taxes on hand in the Balance Sheet. As at November 30, 2015
and May 31, 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 $19.8 million
(May 31, 2015: $23.7 million) was entirely applied against income taxes payable following transfers approved by the Board of
Directors during the period.
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 $)
Current
Deferred
2015
(469)
9,769
9,300
2014
13,638
(2,238)
11,400
29
23. INCOME TAXES
(CONTINUED)
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:
2015
2014
118,707
365,029
46.6%
46.6%
Income taxes
55,317
170,104
Non-taxable dividends and distributions
(29,651)
(22,940)
Refundable dividend tax on hand
(19,830)
(17,437)
Non-taxable portion and federal rate difference
3,737
(68,474)
Refundable federal tax
1,965
(35,999)
835
(15,324)
(in thousands $)
Income before income taxes
Tax rate to which the Fonds is subject
Realized and unrealized capital gains (losses)
Québec tax deduction
Other items
(3,073)
1,470
9,300
11,400
November 30, 2015
May 31, 2015
Items giving rise to deferred income tax assets (liabilities) are as follows:
(in thousands $)
(16,351)
(5,910)
Investment property
(1,741)
(1,614)
Property and equipment and intangible assets
(4,110)
(4,073)
Net defined benefit liability
8,586
8,385
Other
216
(13,400)
261
(2,951)
30
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 November 30, 2015.
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 period are as follows:
2015
Present value
(in thousands $)
Net defined
Present value
of pension
Fair value of
benefit
of pension
of plan
benefit
obligation
plan assets
liability
obligation
assets
liability
(257,112)
217,302
(39,810)
(228,410)
187,378
(41,032)
(7,171)
(6,509)
(5,309)
(4,921)
Current service cost
(7,171)
Interest
(5,309)
Interest income
Impact on net income
2014
(12,480)
4,354
4,354
4,354
(8,126)
(8,003)
(8,003)
(11,430)
Fair value Net defined
(6,509)
(4,921)
3,931
3,931
3,931
(7,499)
5,225
5,225
Remeasurements
Return on plan assets, excluding
interest income
Gain (loss) arising from changes
in financial assumptions
11,272
11,272
Experience gain (loss)
(7,751)
(7,751)
(773)
(773)
Impact on other comprehensive
income
11,272
Fonds contributions
(8,003)
3,269
(8,524)
5,225
(3,299)
4,292
4,292
3,171
3,171
Employee contributions
(3,617)
3,617
-
(2,527)
2,527
-
Benefits paid
3,250
(3,250)
-
1,915
(1,915)
-
(367)
4,659
4,292
(612)
3,783
(258,687)
218,312
(40,375)
(248,976)
200,317
3,171
(48,659)
As at November 30, 2015, the weighted average duration of the defined benefit obligation for defined benefit pension plans is
17.9 years (November 30, 2014 : 17.7 years). During the next six-month period, the Fonds expects to contribute
approximately $4.4 million to these defined benefit pension plans.
31
(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 period are
as follows:
2015
2014
Present value of obligation and net defined
(in thousands $)
benefit liability
(3,188)
(2,860)
(60)
(54)
Current service cost
Past service cost
(605)
Interest
Impact on net income
(61)
(61)
(726)
(115)
219
(116)
219
(116)
Remeasurements
Gain (loss) arising from changes in financial assumptions
Impact on other comprehensive income
Benefits paid
40
30
(3,655)
(3,061)
As at November 30, 2015, the weighted average duration of the defined benefit obligation for post-employment medical
plans is 15.5 years (November 30, 2014: 15.5 years). During the next six-month period, the Fonds expects to contribute
approximately $0.04 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:
November 30, 2015
November 30, 2014
Medical
Pension plans
plans
Pension plans
Medical plans
Discount rate
4.25
4.25
4.00
4.00
Rate of increase in salaries
3.50
(in %)
Defined benefit obligation
Rate at end of period
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.
32
(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 November 30, 2015
Increase in assumption
Decrease in assumption
Discount rate
Life expectancy
Change in
assumption
(impact in thousands $)
0.50%
0.50%
1 year
(20,397)
6,167
4,868
23,291
(6,141)
(5,040)
Impact on the defined benefit obligation as at November 30, 2014
Increase in assumption
Decrease in assumption
Change in
assumption
Discount rate
Life expectancy
0.50%
0.50%
1 year
(20,738)
6,203
5,004
23,968
(6,122)
(5,032)
5. COMPOSITION OF PENSION PLAN ASSETS
Funded plan assets are held in trust and their breakdown is as follows:
November 30, 2015
November 30, 2014
Equity mutual funds
62.2
62.4
Bond mutual funds
37.4
37.5
(in %)
Cash and other
0.4
0.1
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
Actuarial gain (loss) arising from post-employment benefits
2015
2014
3,488
(3,415)
(680)
2,808
680
(2,735)
33
25. 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 period is presented in Note 22.
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 9. The
following table details the transactions carried out with all the subsidiaries and associates of the Fonds during the period and
presents the end-of-period balances appearing on the Balance Sheet.
2015
Subsi(in thousands $)
diaries
2014
Subsi-
Associates
Total
diaries
Associates
Total
Transactions
Interest
5,380
5,423
10,803
4,709
6,310
11,019
Dividends and distributions
6,408
14,097
20,505
3,775
8,305
12,080
1,687
653
2,340
897
468
1,365
Interest expense on notes
8,141
372
8,513
8,323
435
8,758
2,757
580
3,337
2,499
623
3,122
Increase on notes
75,665
1,130
76,795
55,540
1,085
56,625
Repayment of notes
90,252
560
90,812
68,882
694
69,576
52,260
78,302
130,562
25,908
34,567
60,475
2,085
17,917
20,002
5,576
24,723
30,299
Disbursements for development capital
investments
Receipts on development capital investments
November 30, 2015
May 31, 2015
Balances
Development capital investments, at cost
Accounts receivable
Accounts payable
Notes
1,643,937
945,647
2,589,584
1,611,190
992,673
2,603,863
9,896
2,829
12,725
10,948
5,373
16,321
80
32
112
103
146
249
389,715
19,095
408,810
396,160
18,153
414,313
181,452
280,375
461,827
133,370
317,944
451,314
Other information
Funds committed but not disbursed
The Fonds engaged two of its associates to manage portfolios with assets totalling $652.9 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
$1.1 million to the FTQ for the six-month period ended November 30, 2015 (November 30, 2014: $1.4 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.
34
25. RELATED PARTY TRANSACTIONS
3.
(CONTINUED)
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. The Fonds granted a loan of $5 million to the Fondation at a variable, contingent interest rate, with a fair value of
$3.9 million (May 31, 2015: $3.9 million). The Fonds issued a note of $3.6 million (May 31, 2015: $4.1 million).
The Fonds granted non-interest bearing loans of $15 million with a fair value of $11,4 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 $3.3 million (May 31, 2015: $3.4 million) to
Fiducie de 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.
26. 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.
27. CHANGES IN FINANCIAL STATEMENTS PRESENTATION
Interest on notes, which was previously applied against interest income in the Statements of Comprehensive Income, is now
presented separately. Interest on notes of $8.8 million as at November 30, 2014 was reclassified to reflect this new presentation.
Increase in notes and repayment of notes, which were presented as financing activities in the Statements of Cash Flows, are now
presented as operating activities.
35
INTERIM
MANAGEMENT
DISCUSSION AND ANALYSIS
FOR THE SIX-MONTH PERIOD
ENDED NOVEMBER 30, 2015
INTERIM MANAGEMENT DISCUSSION AND ANALYSIS FOR
THE SIX-MONTH PERIOD ENDED NOVEMBER 30, 2015
This interim 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 six-month
period ended November 30, 2015. The interim MD&A complements and supplements the financial statements as at November 30, 2015
and contains financial highlights, but does not include the complete financial statements of the Fonds. To facilitate the understanding of
events and uncertainties presented herein, this interim 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 a number of factors may
cause them not to 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 December 22, 2015.
The Fonds is subject to the Regulation Respecting Development Capital Investment Fund Continuous Disclosure (the “Regulation”) and
applies its requirements, notably to its financial statements and its interim MD&A.
You can get a copy of the financial statements as at November 30, 2015 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 get a copy of the annual documents in this same 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 and the six-month period ended November 30, 2015. This information is derived
from the Fonds’ audited financial statements. Financial data for the six-month period ended November 30, 2015 and for the financial
year ended May 31, 2015 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 and be comparable with the data for the financial year ended May 31,
2015 and for the current year. In addition, for the financial year ended May 31, 2014, certain revenues that were previously presented
as a reduction of expenses were reclassified to revenues. Financial data for the years that began prior to June 1, 2013 are in
accordance with Canadian generally accepted accounting principles then effective as defined in Part V of the CPA Canada Handbook –
Accounting (“GAAP”). The Fonds’ results are discussed under “Results of operations” on page 5.
RATIOS AND SUPPLEMENTAL DATA
Six-month period or years ended
(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 (%)
November 30,
2015
(IFRS)
(six-month
period)
May 31,
2015
(IFRS)
May 31,
2014
(IFRS)
May 31,
2013
(GAAP)
May 31,
2012
(GAAP)
May 31,
2011
(GAAP)
189
1,149
940
256
247
256
109
985
772
458
215
650
11,243
11,150
10,131
9,301
8,525
8,178
334,720
335,197
334,234
332,441
320,629
315,504
0.63
1.36
1.51
1.44
1.46
1.47
4.88
54.78
6.05
119.55
7.14
167.36
8.44
115.57
12.09
158.61
11.38
172.57
0.01
0.01
0.02
0.02
0.02
0.02
610,605
610,605
613,958
615,664
594,287
583,235
Issues of shares
263
667
787
855
767
698
Redemption of shares
286
643
730
542
620
465
7,282
7,112
6,415
6,144
5,757
5,207
f
Number of shareholders (number)
g
Fair value of development capital investments
a
b
c
d
e
f
g
For the six-month period ended November 30, 2015 and the financial years ended May 31, 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 year ended May 31, 2013 and the prior years.
Net income corresponds to revenues less total operating expenses and income taxes. To arrive at comprehensive income, the remeasurement of the net
defined benefit liability is deducted from (or added to) net income.
The total operating expense ratio is obtained as follows: for a six-month period, by dividing total operating expenses in net income for the six-month period by
the net assets attributable to security holders of the Fonds at the end of that six-month period; for a year, by dividing total operating expenses in net income for
the year by the average net assets attributable to security holders of the Fonds for that year. The total operating expense ratio for the six-month period ended
November 30, 2015 is presented on a non-annualized basis.
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 portfolio turnover rate for the six-month period ended November 30, 2015 is presented on a non-annualized basis.
For the six-month period, the trading expense ratio represents transaction costs expressed as an annualized percentage of net assets at the end of the sixmonth period and, for the year, as a percentage of average net assets.
As at May 31, 2015.
These investments include funds committed but not disbursed as well as guarantees and suretyships.
2
CHANGE IN NET ASSETS PER SHARE
Six-month period or years ended
November 30,
2015
May 31,
2015
May 31,
2014
May 31,
2013
May 31,
2012
May 31,
2011
(IFRS)
(six-month
period)
(IFRS)
(IFRS)
(GAAP)
(GAAP)
(GAAP)
33.26
30.31
27.98
26.59
25.92
23.84
(in dollars)
Net assets per share, beginning of
a
six-month period/year
Impact of the transition to IFRS
0.02
Net assets per share, beginning
of six-month period/year after impact
a
of the transition to IFRS
b
Increase from operations :
Interest, dividends and distributions,
rental, fee and other income and
c
interest on notes
33.26
30.31
28.00
26.59
25.92
23.84
0.33
2.94
2.31
1.41
0.68
2.10
0.51
1.02
1.08
0.79
0.78
0.82
0.27
0.67
0.53
0.30
0.16
0.26
(0.21)
1.74
1.21
0.77
0.22
1.48
(0.21)
(0.44)
(0.45)
(0.40)
(0.39)
(0.38)
Income tax and capital tax
(0.03)
(0.05)
(0.06)
(0.05)
(0.09)
(0.08)
d
Realized gains
e
Increase from other comprehensive
income
0.01
0.02
0.01
Variance from issues and redemption of
shares
(0.01)
(0.01)
(0.01)
Net assets per share, end of
a
six-month period/year
33.59
33.26
a
b
c
d
e
30.31
(0.02)
(0.01)
(0.02)
27.98
26.59
25.92
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 six-month period or financial year.
For the six-month period ended November 30, 2015 and the financial years ended May 31, 2015 and 2014, this item includes distributions as well as rental, fee
and other income.
For the financial year ended May 31, 2013 and the prior years, distributions were presented under realized gains.
For the financial year ended May 31, 2013 and the prior years, rental, fee and other income was presented as a reduction of total operating expenses.
ECONOMIC CONDITIONS AND OUTLOOK
The world economy picked up some steam in recent months due to growth in several developed economies, particularly in the United
States, the Eurozone and the United Kingdom. However, weak emerging economies (particularly China, Brazil and Russia), falling
commodities prices and persistent geopolitical risks in Europe and the Middle East have all been sources of concerns that contributed
one way or another to worsen the outlook on the global GDP growth. Even though many economists believe that the recovery in
developed economies should be enough to offset the emerging markets’ slowdown in the coming quarters, expected growth for global
GDP in 2015 and 2016 has been revised slightly downward.
Europe
In the last six months, the Eurozone economy continued to grow after the European Central Bank (ECB) initiated its own version of
large-scale quantitative easing. This growth, which was all-in-all moderate given the exceptional measures implemented by the ECB,
clearly shows the structural weakness of Europe. The ECB even decided to extend for at least six months the quantitative easing
program (monthly purchase of €60 billion bonds from Eurozone member countries) beyond September 2016. In addition, in recent
months, the weak euro contributed to stimulating net exports from the Eurozone.
3
Retail sales growth improved due to an acceleration in credit, particularly among households, and a downward trend in the
unemployment rate. If we rely on various economic indicators, business confidence has remained fragile and investment, relatively
weak. Many economists believe that it will take time to observe a true acceleration in investment, and consequently, growth in the
Eurozone’s GDP should remain moderate in the coming quarters.
The United States
After recording a decrease in GDP in the first quarter of 2015, particularly due to difficult weather conditions during winter 2015, the U.S.
economy recovered in the following quarter. This is explained by the acceleration in consumption, growth in investments (despite a fall
on this front in the oil sector) and the important increase in government spending. Growth in U.S. GDP pulled back somewhat in the
third quarter of 2015 mainly due to a decrease in net exports stemming from the strength of the U.S. dollar, problems in the oil sector,
weak demand from emerging countries and the change in business inventories. Despite the slowdown experienced in the third quarter
of 2015, economists are generally of the opinion that strong domestic demand and robust investment spending should continue to push
the U.S. economy forward in the next quarters.
The U.S. saw sustained job creation in the last six months, which lowered the unemployment rate even further: it was 5.0% in
November 2015, compared to 5.5% in May 2015. Several economists forecast that the unemployment rate should be below the 5%
mark throughout 2016. Wages show signs of improvement, but they are not terribly convincing. The average savings rate has been
5.2% in the U.S. since May 31, 2015, up from the average savings rate for the same period last year. Inflation, which was low in the
U.S. in the last six months, should stay at this level in the coming months, to the extent oil prices do not increase significantly in the
short term. In this context of low inflation, the U.S. Federal Reserve (the Fed) announced on December 16, 2015 a 25 basis point
increase in its key interest rate (from 0.25% to 0.50%). It should be recalled that this rate had been unchanged at 0.25% since
December 2008.
Canada
The Canadian economy was in a technical recession in the first half of 2015, as a result of consecutive decreases in real GDP for the
first two quarters. Non-residential investment was in large part behind the fall in Canadian economic growth, as spending in the energy
sector was down sharply in response to the fall in oil prices and, consequently, the deterioration of the profitability of many projects. It is
important to point out that the magnitude of the decrease in real GDP over the first two quarters of 2015 was much weaker than that
seen in previous recessions. In addition, Canada’s economic difficulties were not generalized this time; instead they were concentrated
in certain industries such as energy, and more particularly oil, mining, construction and manufacturing. In this context, the Bank of
Canada announced another 25-basis point decrease in the discount rate at its July 15, 2015 meeting (from 0.75% to 0.50%). In fact, it
should be recalled that an initial decrease in the discount rate, from 1.00% to 0.75%, had been announced at the beginning of the year.
To justify lowering the discount rate, the Bank of Canada pointed to declining commodities prices and weak numbers for the Canadian
economy. It should be noted that since the July 15, 2015 decrease, the discount rate has held steady at 0.50%. Based on GDP growth
in the third quarter of 2015, the recession was short lived. The Canadian economy returned to growth in the third quarter, due in large
part to foreign trade that benefitted from a weak Canadian dollar and from improved U.S. demand, which contributed positively to real
GDP growth, and due, to a lesser extent, to an acceleration of growth in residential investment. Despite this growth in real GDP in the
third quarter, most economists believe that overall economic growth in Canada for 2015 will not be very high, but they believe we should
expect 2016 to be better to the extent that the new government in Ottawa will adopt measures to stimulate the country’s economy.
Overall, during the last six months, the Canadian unemployment rate increased from 6.8% in May 2015 to 7.1% in November 2015,
while inflation remained low. Many economists believe that the overall Canadian inflation rate should increase slightly in 2016, as the
pulldown effect of falling oil prices in 2014-2015 should diminish, and we will likely have to wait until the beginning of 2017 to see a
larger increase. The Canadian real estate market continued to grow in the last six months as a result of low interest rates, among other
factors. However, this strong momentum was not evenly spread across the country. According to many real estate specialists, housing
starts and resale activity should see an overall slight decrease in 2016, after staying very high in some provinces in 2015.
During the last six months, short-term (2 years) and long-term (10 years) Canadian government bond rates remained relatively stable.
During the same period, investment-grade corporation and provincial credit spreads trended up. The Canadian dollar traded at
$US0.75 on November 30, 2015, compared with $US0.80 on May 31, 2015. In light of current conditions, we believe that the Canadian
dollar could continue to fluctuate in 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.
4
Québec
Even though low oil prices had little impact on Québec’s economic growth over the last six months, it was still weak due to consumption
that lacked strength, a residential sector that went through an adjustment period, business investment that was slow to recover and
exports that struggled to stimulate economy enough. Hopes for a faster growth in Québec’ real GDP than in Canada’s real GDP were
quickly dashed. However, many economists believe that, eventually, Québec and Canada should experience similar economic growth
in 2015, despite the differences in their respective industrial structures. In contrast to Canada, the technical recession was avoided in
Québec, which only saw one negative quarter. The unemployment rate was 7.5% in November 2015, down from 7.6% in May 2015; this
rate is higher than for Canada (7.1%) and for Ontario (6.9%). According to many economists, despite the difficulties the Québec
economy is going through in the current environment of budget cuts, it could improve in the coming quarters to the extent that
households increase their consumer spending, after limiting it over the last six months, currently low business investment accelerates
and international exports (that depend largely on U.S. demand) continue to rise. The Fonds will therefore definitely continue to play an
important 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.
Despite the positive signs suggesting that an economic recovery built on a stronger foundation seems to be appearing in several
developed countries, more specifically in the U.S. and the United Kingdom, economic, financial and geopolitical issues still abound
elsewhere in the world, particularly in Europe and emerging countries. In another way, the road to greater stability on a global scale is
still littered with obstacles of all kinds. This situation is raising many economic uncertainties that should continue to impact the
performance of many financial institutions, including the Fonds.
MANAGEMENT DISCUSSION OF FINANCIAL PERFORMANCE
RESULTS OF OPERATIONS
RESULTS FOR THE FONDS
For the six-month period, the Fonds posted comprehensive income of $112 million, compared to $351 million for the corresponding
period of the prior year. The Fonds generated a return of 1.0% for the six-month period, compared to the return of 3.5% earned for the
same period a year ago. The return to the shareholder was also 1.0% for the six-month period (3.5% for the corresponding period of the
previous year). The value of the Fonds’ shares increased by $0.33 compared to the value in effect since July 6, 2015 to stand at $33.59
as at January 5, 2016. The Fonds’ net assets amounted to $11.2 billion as at November 30, 2015 compared to $11.1 billion as at May
31, 2015. For the last 12 months (from December 1, 2014 to November 30, 2015), the Fonds generated a return of 7.0%, compared to
a return of 7.4% for the corresponding period in 2013-2014. The return to the shareholder was 7.1% for the last 12 months (7.4% for the
corresponding period in 2013-2014).
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 the opposite occurs in a bear market.
5
FONDS RETURN 1
Six-month periods ended November 30
2015
2014
Assets under
management at
end of period*
$M
Weight
%
5,911
5,359
11,270
52.4
47.6
100.0
Return
%
Income tax
Fonds return (six-month period)
3.0
0.1
1.6
0.1
(0.6)
(0.1)
1.0
Fonds return (last 12 months)
7.0
Other investments**
Assets under
management at
end of period*
$M
Weight
%
5,201
5,308
10,509
49.5
50.5
100.0
Return
%
3.5
4.8
4.2
(0.6)
(0.1)
3.5
7.4
*
Assets under management at end of period refer to the fair value, at the end of the six-month period, of the assets managed by the Investments and Other
Investments sectors and used to generate revenues presented in the Statement of Comprehensive Income. This amount differs from the amount of assets
presented in the financial statements, which includes, unlike assets under management, the notes arising from excess liquidities 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, high-income securities and absolute return strategies. 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.
The Investments sector earned a gross return of 3.0% for the six-month period, compared to the gross return of 3.5% generated for the
corresponding period in 2014. Taking into account this return and given the level of mission-driven investments made by the Fonds, the
assets in this sector represented $5.9 billion at the end of the six-month period or 52.4% of assets under management as at
November 30, 2015 (49.5% as at November 30, 2014).
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 3.0% of the Investments sector for the most recently ended six-month period is largely explained by the following:
• The 4.8% return generated by our private securities and specialized funds portfolio during the six-month period (compared to a return
of 3.4% for the corresponding period in 2014). 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 six-month period in
a low economic growth environment in Québec. The depreciation of the Canadian dollar over the last six months is a factor that
contributed positively to this increase in value;
• The 6.3% negative return generated by our portfolio of listed securities during the six-month period. This return was earned in an
environment in which the Canadian stock markets experienced significant decreases, which contrasts sharply with the conditions
that prevailed during the corresponding period of the previous year, which were much more favourable and enabled our portfolio to
generate a positive return of 4.0%.
1
The non-annualized return for a six-month period is calculated by dividing net income per share for the six-month period by net assets per share at the beginning
of the six-month period.
6
The 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, high-income securities and absolute return strategies 2
portfolios. 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 return/risk ratio 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 six-month period, the Other Investments sector earned a gross return of 0.1%, down from the gross return of 4.8% recorded for
the corresponding period in 2014. The assets of this sector represented $5.4 billion or 47.6% of the Fonds’ assets under management
as at November 30, 2015 (50.5% as at November 30, 2014).
The evolution of interest rates and 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 0.1% of the Other Investments sector for the six-month period is
largely explained by the following:
• The 0.7% return for the shares and other securities 3 portfolios, as the decrease in value of global and Canadian shares was more
than offset by the depreciation of the Canadian dollar. These portfolios had generated a return of 6.2% for the corresponding period of
the previous year, when economic conditions were characterized by a good performance by the foreign stock markets, combined to a
depreciation of the Canadian dollar;
• The 0.5% negative return on our fixed-income portfolio for the six-month period, compared to a positive return of 3.5% for the
corresponding period in 2014. This return is mostly explained by the widening of the investment-grade corporation and provincial
credit spreads, which pushed down the value of the bonds held in the portfolio.
RETURN BY ASSET CLASS
Six-month periods ended November 30
Assets under
management at
end of period
$M
Private securities and specialized funds
Listed securities
Other investments
Fixed-income securities
Shares and other securities
2015
Weight
%
Return
%
Assets under
management at
end of period
$M
2014
Weight
%
Return
%
5,033
878
44.6
7.8
4.8
(6.3)
4,269
932
40.6
8.9
3.4
4.0
2,554
2,805
11,270
22.7
24.9
100.0
(0.5)
0.7
1.6
2,587
2,721
10,509
24.6
25.9
100.0
3.5
6.2
4.2
TOTAL OPERATING EXPENSES
Total operating expenses consist mainly of expenses related to assets under management, shareholder services, subscription activities,
economic training, systems and controls and 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. Year after year, the Fonds was able to maintain its
total operating expense ratio at a lower level than the management expense ratio of Canadian balanced funds, which stands at
approximately 1.2% 4 on a six-month basis.
For the six-month period ended November 30, 2015, the ratio of total operating expenses to net assets attributable to security holders of
the Fonds at the end of the six-month period (on a non-annualized basis), calculated using the method prescribed in the Regulation,
was 0.6%, which is identical to the ratio for the corresponding period of the previous year. Expressed in dollars, total operating
expenses amounted to $71 million for the six-month period ended November 30, 2015, up $5 million compared to the corresponding
period of the prior year.
2
3
4
The phase-out of the absolute return strategies portfolio was completed in April 2015.
Other securities are comprised of the following portfolios: international infrastructure funds, high-income securities and absolute return strategies.
Source: Bloomberg (based on a sample of 200 Canadian retail balanced funds).
7
ANALYSIS OF CASH FLOWS, BALANCE SHEET AND OFF-BALANCE SHEET ITEMS
Cash flows
Cash flows from operating activities of the Fonds totalled $40 million for the six-month period, compared to a total amount of $25 million
for the corresponding period in 2014. Changes in these cash flows mainly resulted from our current operations.
Cash flows from financing activities of the Fonds were a total negative amount of $28 million for the six-month period, compared to a
total negative amount of $12 million for the corresponding six-month period in 2014. These cash flows resulted from issues of shares
amounting to $262 million 5 ($257 million for the corresponding six-month period in 2014) less redemptions of shares totalling
$290 million 6 ($269 million for the corresponding six-month period in 2014). Cash flows from investment activities of the Fonds
represented a net cash outflow of $2 million for the six-month period, compared to a net outflow of $4 million for the corresponding sixmonth period in 2014.
As at November 30, 2015, the Fonds had lines of credit of $80 million available for its working capital requirements. These lines of credit
were not used during the six-month period, and their outstanding balance was nil as at November 30, 2015.
Balance sheet and off-balance sheet items
Balance sheet development capital investments increased from $6.1 billion as at May 31, 2015 to $6.3 billion as at November 30, 2015.
This $160 million increase mainly resulted from our net disbursed investments of $63 million (disbursed investments of $331 million less
disinvestments of $268 million) and the increase in value of development capital investments during the six-month period.
On a commitment basis, the Fonds made development capital investments of $324 million during the six-month period, compared to
$240 million for the corresponding period of the previous year. Funds committed but not disbursed amounted to $1.0 billion as at
November 30, 2015, as they did as at May 31, 2015.
In addition, balance sheet other investments decreased by $85 million during the six-month period to $5.3 billion as at November 30,
2015 ($5.4 billion as at May 31, 2015). This decrease is mainly attributable to the volume of net development capital investments made
during the six-month period and the total negative amount generated by the Fonds’ financing activities (issues of shares less
redemptions of shares).
The Fonds may use derivative financial instruments to facilitate the management of portfolios, increase its revenues, protect the value
of its assets and manage its market risks.
MISSION OF THE FONDS, OBJECTIVES AND STRATEGIES
There have been no material changes to the Fonds’ mission, objectives and business model since the issuance of the last annual
MD&A.
STRATEGIES
During the 2014-2015 financial year, the Fonds began an extensive strategic review process to ensure that, in the medium-term, it
continues increasing its socio-economic impact and optimizing its current activities and, in the long-term, it adapts its business mode.
This strategic review process continued during the six-month period. More specifically, the main strategic orientations were approved
by the Board of Directors and a budget was made available for the implementation phase. In the coming months, the Fonds will
consult with its various relevant stakeholders before starting the implementation phase of certain initiatives.
5
6
This amount is presented on a cash basis and therefore includes the net change in share subscriptions between May 31, 2015 and November 30, 2015.
This amount is presented on a cash basis and therefore includes the change in amounts payable between May 31, 2015 and November 30, 2015.
8
PHASE-OUT OF THE FEDERAL TAX CREDIT
In the budget tabled on March 21, 2013, the previous Government of Canada had announced its intention to phase out through 2017
the 15% tax credit it grants to labour-sponsored fund shareholders. Despite the representations and proposals made by the two
Québec-based labour-sponsored funds (the Fonds and Fondaction CSN), that government passed Bill C-4 in December 2013 without
amending the measures set out in the March 2013 budget. More specifically, according to these measures, the federal income tax
credit remained at 15% until the taxpayer’s 2014 tax year (therefore including any contributions made during the first 60 days of 2015
and applied to the 2014 tax year), and will then be phased out through 2017. The Québec tax credit of 15% remains in place.
Consequently, for the taxpayer’s 2014 tax year, total credits remained at 30%, however, for the 2015 tax year, the tax credits to which
the taxpayer is entitled total 25% (15% Québec and 10% federal). In other words, for the 2015 tax year, the maximum tax credit is
$1,250 on a maximum annual subscription of $5,000. Please refer to the annual MD&A for the financial year ended May 31, 2015 for
an analysis of the impact of the phase-out of the federal tax credit.
That said, the new Prime Minister of Canada stated in his mandate to the Minister of Finance that one of his priorities is to “restore the
tax credit for labour-sponsored funds to support economic growth and help Canadians save for their retirement.” The Fonds will actively
monitor this situation in the upcoming months.
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, 2015, this minimum threshold
was 60% 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. In the most recent Québec budget tabled on March 26, 2015, it was announced that the investment rule
threshold will be gradually raised (by 1% per year starting in 2016) to 65% in 2020. Accordingly, the investment rule minimum
threshold as at May 31, 2016 will be 61%.
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, 2015, the value of the average qualified investments 7 amounted to $6.3 billion or 65.1% of the average net assets of the
previous financial year (compared to 65.1% as at May 31, 2014). Since the minimum threshold of the investment rule was reached as at
May 31, 2015, the amount of share issues giving rise to labour-sponsored fund tax credits for the 2015-2016 financial year will not be
limited by the investment rule.
As at November 30, 2015 and May 31, 2015, the Fonds was in compliance with the investment rule as well as all other limits and rules
set out by 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
On December 9, 2015, in the House of Commons, the Prime Minister of Canada reaffirmed his commitment to restore the tax credit
for labour-sponsored funds. In particular, he pointed out that this commitment is one of the priorities set out in the mandate given to
his Minister of Finance, as previously mentioned.
No other recent development had a material impact on the Fonds.
7
These investments include funds committed but not disbursed as well as guarantees and suretyships.
9
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 Fonds’ annual return and illustrates how the Fonds’ return has changed from year to year for the last ten
financial years ended May 31 and the six-month period ended November 30, 2015.
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.
The non-annualized return for the six-month period ended November 30, 2015 is calculated by dividing net income per share for the sixmonth period by net assets per share at the beginning of the six-month period.
ANNUAL COMPOUND RETURNS TO THE SHAREHOLDER
At the current value of $33.59 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 $33.59 per share and including the Québec and federal labour-sponsored fund tax credits (15% at the Québec level and 10% at the
federal level for the 2015 tax year – 15% for the previous tax years), an annual compound return of 17.0% and 12.1% 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. It should be noted that the phase-out of the federal tax credit that is effective with the 2015 tax year will have a
downward impact on these returns going forward.
10
SUMMARY OF INVESTMENT PORTFOLIO
As at November 30, 2015, 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
11.6
7.8
52.5
Other investments
Cash and money market
Bonds
Shares
Hgh-dividend shares 8
International infrastructure funds
1.2
21.5
24.1
0.3
0.6
47.7
The following table presents the issuers of the top 25 positions held by the Fonds as at November 30, 2015, 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, 33.3% of the Fonds’ net
assets are (in alphabetical order):
Agropur Dairy Cooperative
Camso inc.
Cogeco Câble inc.
Corporation Financière L'Excellence ltée
Entreprises québécoises publiques 9
FinTaxi, s.e.c.
Fonds immobilier de solidarité FTQ inc.9
Fonds immobilier de solidarité FTQ I, s.e.c.9
Fonds immobilier de solidarité FTQ II, s.e.c.9
Fonds régionaux de solidarité FTQ, s.e.c.9
Gestion TFI inc.
La Coop fédérée
Metro inc.
Société de gestion d'actifs forestiers Solifor, société en commandite9
Société en commandite, Groupe CH
SSQ Financial Group 10
TMX Group Limited
Transcontinental inc.
Trencap, s.e.c.
VC, société en commandite
33.3
10.8
44.1
**
The 5 issuers representing, as a group, 10.8% of the Fonds’ net
assets are:
Province of Ontario
Province of Québec
Government of Canada
Financement-Québec
Canada Housing Trust No 1
4.2%
3.7%
1.3%
0.8%
0.8%
This summary of investment portfolio may change due to the ongoing portfolio transactions of the Fonds.
8
9
10
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 its subsidiary, SSQ General Insurance Company Inc. as well as the Fonds’
investment in SSQ, Mutual Holding Inc.
11
CONTRIBUTION TO QUÉBEC’S ECONOMIC DEVELOPMENT
In keeping with its mission, the Fonds made investments over the six-month period that contributed to creating, maintaining or saving
quality jobs in various sectors of the Québec economy. In the current economic conditions, the Fonds continues to play an active role in
the development and growth of Québec companies. As such, during the six-month period, the Fonds invested $324 million, on a
commitment basis, to support development projects in the Québec economy. Here are a few examples of the Fonds’ contribution to
Québec’s economic development during the six-month period.
To return Manac under Québec control, the Fonds invested $17 million in equity and $15 million in the form of a loan alongside other
Québec-based investors. With this support, Manac, a flagship of the Québec manufacturing industry, will be able to pursue its growth
while remaining firmly rooted in Québec. The Fonds invested $30 million to support another manfuacturer, One51, in acquiring IPL, a
manufacturer based in Saint-Damien. IPL is a North American leader in injection-molded plastic products for the food and industrial
sectors. With this acquisition, One51 brings to IPL a global network and complementary expertise in the plastics sector, which will
secure jobs at IPL and allow it to strengthen its leadership position in the plastic packaging sector.
The Fonds acquired a majority stake in Rouyn-Noranda-based Technosub in order to support the succession of this family business.
This was the Fonds’ second investment involving an ownership transfer at Technosub; the first having been made with the Fonds
régionaux de solidarité FTQ in January 2011. Technosub, a Canadian leader specialized in selling, repairing and manufacturing pumps
and pump components, particularly for the mining industry, employs over 120 people.
To continue actively supporting businesses in the new economy, during the six-month period, the Fonds led a financing round that
allowed NoviFlow to raise a total of $9 million (of which $4 million was provided by the Fonds) to continue growing. Noviflow, a global
leader in high-performance networking technologies, is specialized in the development of software and systems for intelligent SDN
network switches. The amount raised in this financing round allowed this Montréal-based company to develop its market beyond its
current base of clients in North America, Asia and Europe.
TRENDS AND OUTLOOK
TRENDS IN THE SAVINGS MARKET AND RRSP
In the last few months, the debate over the sustainability of pension plans raised by the D’Amours report has continued to be an
important topic. In addition, the Voluntary Retirement Savings Plans Act (“VRSP”), in force since July 1, 2014, is making an increasing
number of employers who do not offer their employees any pension plan learn about the various offers on the market in order to
propose one to their employees. The necessity for individuals to take charge of their personal savings remains fundamental, as
numerous studies on this subject show that a large portion of Quebecers and other Canadians do not contribute to a group pension
plan. And those who contribute on their own to a savings vehicle such as an RRSP or TFSA are not contributing enough. In other
words, Canadians are far from maximizing their savings, even in financial vehicles that provide tax benefits.
However, it should be noted that the current economic conditions in Canada, where interest rates are very low, encourage much more
borrowing to increase spending than saving. In fact, in the last few years, household debt levels in Canada continued to rise (in the
fourth quarter of 2014, household debt as a proportion of income was 146% in Québec and 163% in Canada) while the savings rate
remained fairly low (in the second quarter of 2015: 1.7% in Québec and 4.9% in Canada).
Due to financial market volatility in the last year, it seems that many savers across the country have turned to more conservative
investments, such as guaranteed investment certificates (GIC), term deposits and government bonds in an effort to minimize the overall
risk in their portfolios. However, these investments generate lower returns. Further, we also note the increasing popularity of the TFSA,
because withdrawals are less restrictive than with an RRSP (in 2013, 63% of TFSA holders contributed to their account, a rate
comparable to RRSPs).
In this context, we believe that the Fonds will continue in 2015-2016 to be an advantageous choice for any individual looking to
contribute to an RRSP, particularly due to its tax credit, which continues to provide a distinct benefit, a very competitive return on its
shares (9.8% for the year ended May 31, 2015 and 7.1% for the 12-month period ended November 30, 2015), the implementation of a
VRSP strategy focused on employers and the existence of a mobilized LR network.
12
FONDS OUTLOOK 11
Should it continue, the phase-out of the federal tax credit will not, strictly speaking, affect the overall strength of the Fonds’ assets, the
share value, the return to shareholders or the ability of the Fonds to redeem shares, even in the long-term. However, the previous
federal government’s decision, which will represent a significant tax hike for Québec workers who save, could reduce subscriptions and,
consequently, decrease the Fonds’ job-creating investments in the Québec economy. However, a potential reinstatement of the tax
credit by the current federal government would favourably change the situation.
There have been no material changes to the other outlooks presented in our last annual MD&A.
RISK MANAGEMENT
Sound risk management practices are vital to the success of the Fonds. We manage our risk within a framework taking into account the
nature of our activities and the risks we can reasonably assume considering the desired return/risk ratio and stakeholder expectations.
To that end, we capitalize on a structured process to determine, measure and control the significant risks with which we must contend.
Notice to readers: The following paragraphs and the sections on market risk, credit and counterparty 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
December 22, 2015.
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. 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 return/risk profile is reached. In addition,
the Fonds may use derivative financial instruments to facilitate the management of portfolios, increase its revenues, protect the value of
its assets and manage its market risks.
During the six-month period ended November 30, 2015, 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 production of an integrated risk profile
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. A mitigation strategy was developed for some
of these risks, and action plans were set up and deployed. In addition, the Fonds produces on a quarterly basis a risk dashboard. This
dashboard, which is integrated into its corporate dashboard, allows 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 effect, the
Fonds’ Board of Directors adopted, in May 2012, the Integrated Risk Management Policy, which sets out the Fonds’ requirements while
specifying the responsibilities of the main stakeholders involved. This policy has been in effect since June 1, 2012.
In addition, 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 hereafter.
11
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
December 22, 2015, 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.
13
MARKET RISK
Market risk, which is inherent to the Fonds’ participation in financial markets, represents the risk of losses in value arising from
fluctuations in interest rates, exchange rates and prices of listed financial instruments. More specifically, this risk varies with the financial
market conditions and certain parameters of these markets, such as volatility, that 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.
The Fonds manages market risk by allocating its financial assets across several classes. In addition, it invests in various industries
(governments and government agencies; financials and utilities; information technology, telecommunications services and healthcare;
consumer discretionary and consumer staples; industrials; energy and materials) and geographic areas, within the limits allowed by its
Incorporation Act.
The Fonds’ financial assets are sensitive to listed share prices, fluctuations in bond interest rates (Canada bond rates and credit
spreads) and fluctuations in exchange rates.
The Fonds performs sensitivity analyses and simulations to inform senior management of material levels of market risk exposure. It may
use derivative financial instruments to manage its market risk. The following table presents a sensitivity analysis for each of the three
market risk categories to which the Fonds’ financial assets are exposed, namely changes in interest rates, listed share prices and
exchange rates.
SENSITIVITY OF THE FONDS’ RESULTS TO MARKET RISK
(in millions of dollars)
November 30, 2015
May 31, 2015
Change in bond interest rates*
1% increase in bond interest rates
1% decrease in bond interest rates
(184)
184
(186)
186
Change in listed share prices**
10% increase in listed share prices
10% decrease in listed share prices
359
(359)
364
(364)
Change in exchange rates***
10% appreciation of the Canadian dollar
10% depreciation of the Canadian dollar
(253)
253
(246)
246
*
This analysis is performed on bonds held by the Fonds presented under Other 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.
** 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.
*** 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.
The value of unlisted financial instruments in the development capital investments portfolio 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 the development capital investments portfolio, please refer to the “Sensitivity of
the fair value of financial instruments categorized within Level 3” section of Note 8, “Fair value of financial instruments”, to the financial
statements.
CREDIT AND COUNTERPARTY RISK
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 are typically financially
stronger (governments, banks, etc.). 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.
14
Credit risk is the risk of losses 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 manages this risk in several ways, including a due diligence
process to ensure that the credit risk level is acceptable.
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 this policy therefore enables managing the concentration risk
associated with the exposure to an issuer or group of issuers with common characteristics (industries, credit ratings, etc.).
EXPOSURE TO CREDIT AND COUNTERPARTY RISK
(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)
*
**
November 30, 2015
19.0*
10.8**
May 31, 2015
18.9*
11.5**
The portion attributable to investments that do not constitute a significant concentration of credit risk given the large number of investees represented 10.7% as at
November 30, 2015 (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 the credit and counterparty risk
concentration level.
For the development capital investments portfolio, 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 return/risk 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.
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
November 30, 2015
May 31, 2015
6,955
278
39
7,272
6,789
273
40
7,102
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 the portfolio and to the diversification of assets.
These criteria are set 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 November 30, 2015 and May 31, 2015.
15
CLASSIFICATION OF BONDS, MONEY MARKET INSTRUMENTS AND OVER-THE-COUNTER DERIVATIVE
FINANCIAL INSTRUMENTS INCLUDED IN THE OTHER INVESTMENTS PORTFOLIO
November 30, 2015*
May 31, 2015*
Bonds
Money
market
instruments
AAA/R-1(high)
359
84
AA/R-1 (middle)
904
52
-
924
86
A/R-1 (low)
942
2
0.1
892
13
BBB/R-2
188
220
-
(fair value in millions of dollars)
Weighted average
*
Over-the-counter
derivative financial
instruments **
Bonds
402
Money
market
instruments
Over-thecounter
derivative
financial
instruments **
86
-
2,393
138
0.1
2,438
185
-
AA-
R-1 (high)
A+
AA-
R-1 (middle)
A+
Presents credit quality using the Dominion Bond Rating Services (DBRS) rating scale.
** To limit the exposure to counterparty risk, transactions related to over-the-counter derivative financial instruments are carried out under an International Swaps &
Derivatives Association Inc. (ISDA) master agreement and entered into with recognized financial institutions.
LIQUIDITY RISK
The Fonds must make disbursements on a daily basis—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 November 30, 2015, liquid financial assets, comprised of fixed-income securities (cash, money market and bonds) as well as
listed shares of the other investments portfolio and certain listed shares of the development capital investments portfolio, amounted to
$6.3 billion ($6.4 billion as at May 31, 2015). This amount represents 55.6% of assets under management as at November 30, 2015
(57.6% as at May 31, 2015), demonstrating, in management’s opinion, that the Fonds has the required liquidity to fulfill all its obligations
and commitments, even under potential scenarios that would be less favourable to it.
16
The following table presents the contractual cash flow maturities for non-derivative financial liabilities, derivative financial liabilities and
other items.
CONTRACTUAL MATURITIES
(in millions of dollars )
On demand
Under 1 year
Total
November 30, 2015
Non-derivative financial liabilities
Notes*
413
413
139
Accounts payable**
413
Derivative financial liabilities
139
21
21
242
242
402
815
-
-
Other items
Funds committed but not disbursed***
1,017
1,017
-Other investments
21
21
Guarantees and suretyships****
10
10
-Development capital investments
1,048
1,461
1,048
402
1,863
May 31, 2015
Non-derivative financial liabilities
Notes*
419
Accounts payables**
419
186
419
Derivative financial liabilities
186
30
30
257
257
473
892
2
2
Other items
Funds committed but not disbursed***
-Development capital investments
-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.
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 $421 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.
17
OPERATIONAL RISK
Inherent to all 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. Since the issuance of the last annual MD&A, there have been no material changes in the level and management of operational
risk.
OTHER RISKS
The Fonds is also exposed to other risks, such as strategic and reputation risks, which could result in negative financial consequences.
Since the issuance of the last annual MD&A, there have been no material changes in the level and management of strategic risk.
In addition, there have been no material changes in the level and management of reputation risk since the issuance of the last annual MD&A.
However, we should point out in that respect 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 Shareholders’ Meeting (for more information, see the
“Governance” section below).
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. As such, Lyne Bouchard, Gérard Coulombe and Jean-Claude Scraire joined the Board as members
independent from the Fonds, the FTQ and its affiliated unions. 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.
RISK GOVERNANCE
The Management Committee, comprised of the President and Chief Executive Officer and executives, is responsible for the global
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:
18
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. Since the issuance of the last annual MD&A,
there have been no material changes in the Integrated risk Management Policy, the Integrated Financial Assets Management Policy and
the management framework that governs the procedure for valuing development capital investments.
Since the issuance of the last annual MD&A, there have been no material changes in the mandate, the roles and the responsibilities of the
main governing bodies of the Fonds (Board of Directors, investment boards and committees and other committees). Furthermore, the
Integrated Risk Management Committee was formed and will start to meet at the beginning of the second six-month period.
MANAGEMENT’S REPORT ON INTERNAL CONTROLS
The Fonds has had for several years a financial compliance framework program commonly known as Confor. While not required to
apply Regulation 52-109 respecting Certification of Disclosure in Issuers’ Annual and Interim Filings, the Fonds has decided to base its
work upon the principles stated in this regulation, thereby demonstrating its willingness to respect best practices in financial
governance.
Management is responsible for designing and maintaining internal control over financial reporting as well as disclosure controls and
procedures. These controls are developed to provide reasonable assurance that the financial information is reliable and that the
financial statements are prepared in accordance with IFRS. However, because of its inherent limitations, internal control over financial
reporting may not prevent or detect certain misstatements on a timely basis. Management must periodically evaluate control design and
effectiveness. The design of internal control over financial reporting has been evaluated using the COSO 2013 (Committee of
Sponsoring Organizations of the Treadway Commission) framework, a recognized financial governance framework.
During the six-month period, no change has occurred that has materially affected, or is reasonably likely to materially affect, internal
controls.
19
STATEMENT OF
DEVELOPMENT CAPITAL
INVESTMENTS,
AT COST
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 November 30, 2015 ("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 November 30, 2015 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, December 22, 2015
1
Statement of Development Capital
Investments, at Cost
(In thousands $)
Unsecured
Year of
Initial Investment
1988
Fonds de développement emploi-Montréal inc.
40
TransForce inc.
20
1989
Entreprises québécoises publiques (Appendix A)
1990
Transat A.T. inc.
1991
1993
1994
1995
1996
Industry
Segment
B.M.B. (Îles-de-la-Madeleine) inc.
25
Listed
Shares
Unlisted
Shares
and Units
Secured
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
9,955
9,955
351,058
351,058
V01400
V04179
V04288
38,274
38,274
V02243
V02102
V02273
V02497
V02828
V01945
V02780
V02606
V03189
1,338
1,338
25
750
750
● Fonds immobilier de solidarité FTQ I, s.e.c.
40
28,975
28,975
● Fonds locaux de solidarité FTQ, s.e.c.
40
38,000
38,000
● Fonds immobilier de solidarité FTQ II, s.e.c.
40
25,000
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
2,598
Château M.T. inc.
25,000
27,917
49,857
66,100
287,463
1,315
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
Atrium Innovations inc.
35
22,180
Genopole 1er Jour S.A.
35
V04820
V05387
V04958
V04396
V04460
V05076
V04956
1998
2001
2002
Groupe Solmax inc.
15
Mines Richmont inc.
15
9274-0547 Québec inc. (Manoir Richelieu)
25
Exploration Azimut inc.
15
650
Niocan inc.
15
284
Société en commandite, Manoir Richelieu
25
1,618
6,797
9,219
8,415
9,219
44,579
44,579
650
284
1,254
5,236
1,254
5,236
22,180
136
136
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
1,250
13,351
2,190
2,250
13,351
2,190
Partenaires MidCap
40
447
447
SIDEX, société en commandite
15
15,000
15,000
FinTaxi, s.e.c.
40
16,200
2
60,800
77,000
V03772
V04981
V05454
V05339
V05683
(In thousands $)
Unsecured
Year of
Initial Investment
2002
2003
2004
2005
● Fonds immobilier de solidarité FTQ inc.
Listed
Shares
40
Junex inc.
10
Unlisted
Shares
and Units
1
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
270,523
270,524
304
304
Lumira Capital I Québec, société en commandite
35
3,999
3,999
Produits Intégrés Avior inc.
20
1,250
1,250
Vimac Early Stage Fund, L.P.
45
8,992
8,992
Fonds Vimac Milestone Medica Nord, s.e.c.
35
5,550
5,550
Le Fonds Entrepia Nord, s.e.c.
45
7,612
7,612
Mines de la Vallée de l'or ltée
15
437
437
Stella-Jones inc.
15
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
35,938
35,938
801
4,647
4,647
300
300
8,905
8,905
6,264
8,005
Vimac ESF Annex Fund, L.P.
45
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
Château Bonne Entente inc.
25
1,138
40
27,467
● FIER Partenaires, société en commandite
2006
Industry
Segment
Secured
Fonds Brightspark II, s.e.c.
45
704
Média Groupe inc.
25
2,250
1,230
92
27,467
704
475
2,975
Metro inc.
30
ProQuest Investments III, L.P.
35
3,653
RHO Fund Investors 2005, L.P.
45
1,542
SAIL Plein Air inc.
25
6,000
6569293 Canada inc. (Maison des Futailles)
30
21,861
Boutique Linen Chest (Phase II) inc.
25
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
6,605
6,605
Emerald Cleantech Fund II, L.P.
40
Exploration Dios inc.
15
Fiducie du Chantier de l'économie sociale
40
73,948
250
73,948
3,653
1,542
4,625
10,625
21,861
500
184
500
184
12,000
12,000
Fonds CTI sciences de la vie, s.e.c.
35
3,887
3,887
Fonds ID, s.e.c.
40
10,000
10,000
Fonds Propulsion III, s.e.c.
45
5,696
5,696
3
V05025
V05601
V05720
V05148
V05543
V05951
V05841
V06004
V02986
V06375
V06287
V05710
V05549
V06277
V06177
V04338
V11759
V13108
V04935
V06252
V06260
V06280
V06408
V11740
V06351
V11625
V11743
V11897
V12067
V06115
V11478
V12363
V12251
V11778
V11976
V06285
V11965
V11741
V06283
(In thousands $)
Unsecured
Year of
Initial Investment
2006
2007
2008
Industry
Segment
Listed
Shares
Unlisted
Shares
and Units
FPCI Aerofund
20
6,941
Gestion Rivière du Diable inc.
25
2,841
Les alcools de spécialités Greenfield inc.
15
NAPEC inc.
20
Relay Ventures Fund, L.P.
45
Ressources Cartier inc.
15
Rho Canada Capital de Risque, s.e.c.
19,985
Secured
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
6,941
300
3,141
16,000
16,000
9,846
29,831
2,554
2,554
45
20,000
20,000
Société en commandite, Agechem
35
15,747
15,747
VantagePoint Venture Partners 2006 (Q), L.P.
40
19,297
19,297
Exploration Midland inc.
15
Fonds d'investissement iNovia II, société en
commandite
40
GO capital, s.e.c.
45
1,726
1,726
Investissement (12348) s.e.n.c. (Bandsintown
Group)
45
12,029
12,029
Les Industries Spectra Premium inc.
25
9,264
MMV Financial inc.
40
1
1
918
918
2,136
2,136
3,820
3,820
1,403
10,667
Novacap Industries III, s.e.c.
40
16,372
16,372
Novacap Technologies III, s.e.c.
45
1,369
1,369
Partenaires Médias Remstar, s.e.c.
25
2,000
2,000
ProQuest Investments IV, L.P.
35
6,397
Soccrent 2006, société en commandite
40
11,380
● Société de gestion d'actifs forestiers Solifor,
15
150,000
Vertex III (C.I.) Fund, L.P.
45
3,244
Administration LVER inc.
25
Alimentation Coop Port-Cartier
6,397
4,400
150,000
3,244
550
30
15,780
112
550
112
● BDR Capital, s.e.c.
45
Cogeco Câble inc.
25
100,000
100,000
Corporation Financière L'Excellence ltée
40
100,000
100,000
Dalkotech inc.
20
60
5,460
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
Gestion TFI inc.
20
Groupe AGF inc.
15
59,725
5,400
59,725
124
124
2,000
20,000
2,000
2,500
5,250
28,120
125,000
125,000
9,032
29,032
HR Stratégies inc.
40
100
100
Ontario Venture Capital Fund, L.P.
45
5,105
5,105
Ovivo inc.
20
Placements Montrusco Bolton inc.
40
32,061
25,000
20,055
4
57,061
20,055
V11792
V11457
V12378
V12130
V12024
V12031
V11984
V06248
V11545
V12531
V12317
V12016
V12348
V06225
V12373
V12234
V12095
V11979
V12276
V11929
V11584
V12046
V13113
V12496
V13558
V12924
V13127
V13252
V13232
V13118
V11560
V13530
V14754
V12541
V11531
V13245
V13155
V13132
(In thousands $)
Unsecured
Year of
Initial Investment
2008
2009
2010
2011
Industry
Segment
Rho Ventures VI, L.P.
45
Sonaca Montréal inc.
20
Listed
Shares
Unlisted
Shares
and Units
Secured
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
20,467
20,467
5,325
5,325
VantagePoint Cleantech Partners II, L.P.
40
5N Plus inc.
45
20,606
20,606
A.M. Pappas Life Science Ventures IV, L.P.
35
3,108
3,108
ADS inc.
25
2,400
2,400
Champlain Capital Partners, L.P.
40
3,791
Corporation Nuvolt inc.
20
1
14,166
14,166
Fonds Cycle Capital I, s.e.c.
40
18,569
FPCI Aerofund II
20
13,664
Gestion Juste pour Rire inc.
25
Holding Smardt inc.
20
12,121
3,791
196
197
18,569
13,664
604
604
4,750
16,871
12,729
34,231
Les Viandes Laroche inc.
30
2,000
MECA DEV S.A.S.
20
21,502
2,000
Média Cineflix inc.
25
10,925
10,925
Premier Tech ltée
15
40,938
40,938
Société en commandite, Groupe CH
25
11,324
Teraxion inc.
45
6,167
20
11,324
6,167
100,000
● VC, société en commandite
40
121,037
Dalkotech International inc.
20
1
Foliot Management inc.
25
7,000
Fortress Paper Ltd
15
Groupe Technosub inc.
20
28,744
IPL inc.
15
15,000
Nemaska Lithium inc.
15
200
Ressources Géoméga inc.
15
472
Saladexpress inc.
30
Serdy Média inc.
25
Société de Diamant Stornoway
15
7,000
121,037
1
1,250
8,250
25,000
32,000
28,744
15,000
472
2,500
10,295
40
Twist, société en commandite
30
Abitibi Royalties inc.
15
Acquisio inc.
45
AmorChem, société en commandite
35
Bombardier inc.
20
Cogeco inc.
25
Corporation Aurifère Aurvista
15
400
Corporation Aurifère Monarques
15
305
Fonds Alpha+ Montrusco Bolton
40
3,000
11,318
167
2,667
14,700
24,995
15,000
15,000
6,000
6,000
387
387
4,429
500
6,842
4,929
6,842
49,779
49,779
40,000
40,000
400
305
20,240
5
30,000
200
8,318
SSQ, Société d'assurances générales inc.
100,000
20,240
V12930
V11595
V13031
V12431
V12898
V13601
V13625
V14081
V13823
V13661
V12916
V15321
V01417
V14354
V13243
V01387
10,067
V14109
V05734
V13756
V13847
V14868
V14270
V14403
V06405
V01975
V14826
V14798
V03768
V13802
V14396
V14428
V14444 18
V15313
V12982
V14317
V13647
V15279
V14828
V15054
V13562
(In thousands $)
Unsecured
Year of
Initial Investment
2011
2012
Industry
Segment
Fonds Capital Culture Québec, société en
commandite
25
Listed
Shares
Unlisted
Shares
and Units
Secured
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
10,000
10,000
V14949
V14929
V14455
Fonds d'amorçage Cycle-C3E, s.e.c.
45
6,167
6,167
Fonds d'investissement pour la relève agricole
(FIRA), s.e.c.
30
5,367
5,367
Fonds d'investissement Réal, s.e.c.
45
7,348
7,348
Fonds Relève Québec, s.e.c.
40
3,188
3,188
35
3,106
3,106
● Fonds de solidarité FTQ investissements
croissance I, s.e.c.
45
4,277
4,277
V14927
V14948
V14867
V14936
V15039
V14834
V14814
V14769
V14985
V15314
V15367
V14839
V14933
V15284
V15425
V15783
V15297
V15817
technologiques I, s.e.c.
45
4,870
4,870
V15320
393
V14464
V15483
V15331
V06111
V15261
V15362
V14747
V14257
V15256
V13578
V14680
V13774
V02502
V15436
V16028
Groupe Crête division St-Faustin inc.
15
Groupe Meloche inc.
20
733
733
Groupe TMX Limitée
40
JV Driver Corporation inc.
20
16,000
16,000
Les Chantiers de Chibougamau ltée
15
1,250
1,250
Les Investissements Nolinor inc.
20
625
Milestone Pharmaceutiques inc.
35
3,000
3,000
97,600
97,600
625
6,841
6,841
Nunavik Nickel Mines Ltd
15
14
14
Rona inc.
25
35,375
35,375
Scandinave Spa in Whistler inc.
25
9187-8850 Québec inc. (Forage Boréal)
15
1,861
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
2,000
9,600
14,699
Germain Larivière inc.
25
Gestion SMS inc.
20
1
GLyPharma Thérapeutique inc.
35
3,484
Groupe Colabor inc.
30
2,050
393
14,699
1
3,484
30,000
30,000
Groupe MBI inc.
20
21,680
408
22,088
Groupe PCM inc.
20
1,200
351
1,551
Groupe QuébéComm inc.
25
3,000
3,000
Innovation Thrasos inc.
35
12,017
12,017
La Coop fédérée
30
75,000
75,000
Les Bois de plancher P.G. inc.
15
2,000
2,000
Les entreprises de divertissements Muse inc.
25
4,500
4,500
Lumira Capital II, société en commandite
35
10,439
10,439
Maibec inc.
15
10,000
Mine Barlow inc.
15
200
Pages Jaunes Limitée
25
1,747
6
4,512
14,512
200
1,747
(In thousands $)
Unsecured
Year of
Initial Investment
2012
2013
2014
Industry
Segment
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
Listed
Shares
Unlisted
Shares
and Units
Secured
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
5,804
5,804
V16027
4,700
4,700
V14878
V14906
V15446
V15372
V05411
V03963
V13081
V15890
V15836
V06167
V11876
V16328
V17283
V15867
V15642
7,500
7,500
2,613
2,613
78,050
78,050
3,618
3,618
Supermétal Structures inc.
20
Technologies Interactives Mediagrif inc.
45
Accedian Networks Corporation
45
Adetel Group
45
4,691
4,691
AJW Technique inc.
20
9,750
9,750
Asmacure inc.
35
1
Attraction Média inc.
25
5,173
4,792
9,965
Bandsintown Group inc.
45
Corporation d'Or Intégra
15
562
Entreprises Minières du Nouveau-Monde inc.
15
370
Fonds d'investissements Sanderling VII (Canada),
s.e.c.
40
3,121
FPCI Aerofund III
20
7,106
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
2525 inc.
45
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
Coalision inc.
25
Colo-D inc.
45
Decolin inc.
Densi Corporation
4,725
4,725
1,252
1,252
1
5,168
5,168
562
370
3,121
7,106
6,667
6,667
15,000
15,000
5,000
20,000
903
903
625
625
2,500
2,500
17,417
17,417
3,100
3,100
58,895
400
58,895
1
401
75,000
75,000
3,222
3,222
1,373
1,373
1
1
15,000
15,000
5,000
7,175
25
5,000
5,000
25
2,000
2,000
Double A Corp inc.
20
3,000
Enerkem inc.
15
2,175
11,015
7
3,000
11,015
V15929
V15945
V17373
V15294
V15958200
V11761
V16292
V18194
V18380
V18036
V18122
V17590
V13715
V17727
V17797
V15710
V15961
V06297
V18185
V17672
V17520
V17235
V13021
(In thousands $)
Unsecured
Year of
Initial Investment
2014
Listed
Shares
Unlisted
Shares
and Units
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
Fonds CTI Sciences de la vie II, s.e.c.
35
1,873
1,873
croissance II, s.e.c.
45
4,501
4,501
● Fonds Valorisation Bois, s.e.c.
15
5,000
5,000
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
7,485
2,500
7,500
21,537
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
3,600
3,600
Novacap Industries IV, s.e.c.
40
12,409
12,409
7,485
9,937
2,000
57
950
4,750
2,000
1,007
4,750
3,990
3,990
Orckestra inc.
45
9,937
PRCL Research inc.
35
1,818
Redevances Aurifères Osisko ltée
15
1,818
27,905
27,905
Ricardo Média inc.
25
2,463
2,463
Rudsak inc.
25
4,750
4,750
Société d'investissement Alt Canada, s.e.c.
25
3,583
Sterinova inc.
35
6,000
Super Aqua Club inc.
25
Technologies Tremcar inc.
20
10,000
● Teralys Capital Fonds de Fonds, s.e.c.
2015
Industry
Segment
Secured
3,583
6,000
2,700
2,700
10,000
45
45,384
Tuango inc.
25
5,000
45,384
Versant Venture Capital V, L.P.
35
5,382
Xenon Pharmaceuticals inc.
35
1
1
Yamana Gold inc.
15
3,405
3,405
2,500
7,500
5,382
Zymeworks inc.
35
4,000
8978832 Canada inc. (Groupe Stingray Digital inc.)
25
2,000
2,000
9314-3394 Québec inc. (MGT - Terminaux
Montréal Gateway)
20
60,000
60,000
9327-2615 Québec inc. (Manac inc.)
20
17,000
APGN inc.
20
4,000
15,000
32,000
5,000
5,000
Artemano Canada inc.
25
500
500
Artika Maison
25
4,500
4,500
Corporation Fiera Capital
40
Emballage St-Jean ltée
15
12,600
12,600
9,600
8
9,600
V15952
V18165
V15486
V18053
V12828
V02222
V18199
V16356
V14766
V15264
V17474
V17459
V17257
V18101
V17399
V17668
V18164
V17211
V18105
V17379
V14788
V13237
V16093
V17395
V13729
V13842
V17516
V16155
V18203
V12055
V18031
V18757
V18178
V19133
V12377
V18177
V18807
V18462
V11888
(In thousands $)
Unsecured
Year of
Initial Investment
2015
Listed
Shares
Unlisted
Shares
and Units
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
enGene inc.
35
1,778
1,778
Esperas Pharma inc.
35
2,430
2,430
Forbion Capital Fund III C.V.
35
2,289
2,289
Gérodon (Canada) inc.
25
500
Gestion Estérel inc.
25
500
1,500
Gestion Frima inc.
45
2,400
Gladius Pharmaceuticals Corporation
35
407
Groupe Alithya inc.
45
1,500
2,400
407
10,000
10,000
Groupe Atis inc.
20
32,000
7,311
39,311
Groupe Maibec inc.
15
1
7,000
7,001
Groupe Stingray Digital inc.
25
GrowthWorks Atlantic Venture Fund Ltd
40
Immune Biosolutions inc.
35
179
179
Investissements Speedware ltée
45
7,136
7,136
Mediabiz Capital Canada, s.e.c
25
2,300
2,300
NoviFlow inc.
45
5,400
5,400
Pélican International inc.
25
20,000
20,000
2,540
2,540
500
500
Placements Mecyva inc.
40
17,500
17,500
Produits Zinda Canada inc.
30
3,000
3,000
Ressources Sphinx ltée
15
150
159
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
1,147
Voyages Traditours inc.
25
2,925
Worximity Technologies inc.
45
1,400
40
2
1
2,937,874
1,569,013
19 general partners of limited partnerships
9
358
358
4,000
2,000
6,000
4,998
804,686
Total
●
Industry
Segment
Secured
4,998
1,147
3,900
6,825
1,400
3
5,750
5,317,323
V16114
V18382
V18410
V17333
V17754
V17374
V16224
V16115
V18198
V18400
V16337
V19111
V19128
V05058
V18086
V16262
V03545
V18417
V18398
V13371
V18991
V16254
V18295
V13685
V18076
V18298
V19180
V18880
10,285
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 $5,317,323,000 itemizes by company the amounts invested by the Fonds de
solidarité des travailleurs du Québec (F.T.Q.). This amount appears in Note 5 to the financial statements as at November 30, 2015. 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
15
20
25
30
35
40
45
50
55
Energy
Materials
Industrials
Consumer discretionary
Consumer staples
Health care
Financials
Information technology
Telecommunication services
Utilities
9
APPENDIX A
Entreprises québécoises publiques, at cost
(In thousands $)
Description
Industry
Segment
Listed
Shares
5N Plus inc.
45
14,043
15
8
Adventure Gold inc.
15
49
Aimia inc.
25
28,168
Air Canada
20
9,688
Alimentation Couche-Tard inc.
30
3,069
Amex Exploration inc.
15
12
Bombardier inc.
20
37,253
Bowmore Exploration Ltd
15
79
Cogeco Câble inc.
25
24,884
Corporation Fiera Capital
40
14,342
Corporation Minière Niogold
15
9
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
3,164
Groupe CGI inc.
45
14,103
Groupe d'alimentation MTY inc.
25
6,129
Groupe DMD Connexions santé numériques inc.
35
2,538
Groupe Stingray Digital inc.
25
5,940
Hecla Mining Company
15
13
Héroux-Devtek inc.
20
14,227
Industries Lassonde inc.
30
8,401
Innergex Énergie renouvelable inc.
55
8,632
Junex inc.
10
1,537
Le Groupe Intertape Polymer inc.
15
8,627
Le Groupe Jean Coutu (PJC) inc.
30
493
Lumenpulse inc.
20
10,939
Mason Graphite inc.
15
30
Metro inc.
30
282
Mines Agnico Eagle Limitée
15
23
15
12
Mines Richmont inc.
15
3,495
Nunavik Nickel Mines Ltd
15
3
Opsens inc.
45
1,935
Ovivo inc.
20
5,201
1
V12431
V15313
R14323
399453
008911
01626P
30214Q
V13647
10303
V12924
31660A
V11922
R11419
29482C
V04288
V11976
V12531
68556N
13710C
39945C
55378N
APTILON
86083Q
422704
42774L
417907
45790B
V05601
460919
47215Q
V15264
V17459
V11740
V18101
V06004
V02088
V15314
683823
V13155
APPENDIX A
Entreprises québécoises publiques, at cost
(In thousands $)
Description
Industry
Segment
Listed
Shares
Quincaillerie Richelieu ltée
20
6,786
15
27,437
15
24
Ressources Falco ltée
15
19
15
10
Rogers Sugars inc.
30
9,159
SEMAFO inc.
15
28
Stella-Jones inc.
15
4,146
Technologies D-Box inc.
25
5,445
Technologies Interactives Mediagrif inc.
45
12,153
Technologies Sensio inc.
45
1,283
TransForce inc.
20
18,121
WSP Global inc.
20
19,048
Xebec Adsorption inc.
20
2,374
Yamana Gold inc.
15
40
351,058
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
76329W
V18105
V12031
V16292
V14798
77519R
816922
V02986
DBOX
V03963
81725Y
V04179
37230Q
983891
V12055
RELEVÉ
DES AUTRES
INVESTISSEMENTS
(NON AUDITÉ) IN FRENCH ONLY
Relevé des autres investissements ( non audité )
au 30 novembre 2015
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
ES0111845014
Accenture plc
G1151C101
ACE Ltd
H0023R105
ACS, Actividades de Construccion y Servicios, SA
ES0167050915
Actelion Ltd
CH0010532478
Activision Blizzard inc.
00507V109
Adecco SA
CH0012138605
Adidas
AG
403197908
Adobe
Systems
inc.
00724F101
Advance
Auto
Parts
inc.
00751Y106
Advantage
Oil
&
Gas
Ltd
00765F101
Aegon
NV
592737902
Aena SA
ES0105046009
Aeon Co. Ltd
648004000
AerCap Holdings NV
NL0000687663
AES Corp.
00130H105
Aetna inc.
00817Y108
Aflac inc.
001055102
Ag Growth International inc.
001181106
Ageas SA
BE0003801181
Aggreko plc
GB00BK1PTB77
Agilent Technologies inc.
00846U101
AGL
Energy Ltd
B0ZNPN904
AGL
Resources inc.
001204106
Agnico
Eagle Mines Ltd
008474108
Agrium
inc.
008916108
AIA
Group
B4TX8S909Ltd
Air Canada
008911877
Air Liquide SA
B1YXBJ905
Air Products & Chemicals inc.
009158106
Airgas inc.
009363102
Ajinomoto Co. inc.
601090004
Akamai Technologies inc.
00971T101
Akzo Nobel NV
545831901
Albemarle Corp.
012653101
Alcatel-Lucent
FR0000130007
Alcoa inc.
013817101
Alexion Pharmaceuticals inc.
015351109
Alfa Laval AB
SE0000695876
Alfresa Holdings Corp.
JP3126340003
Alimentation
01626P403 Couche-Tard, classe B
Alkermes plc
IE00B56GVS15
All Nippon Airways Co. Ltd
JP3429800000
Alleghany
017175100 Corp.
1
30 677
267
318
44 900
5 969
9 363
488
749
992
126 454
2 894
3 196
111 600
4 462
6 676
41 094
1 954
3 182
8 500
404
615
25 188
180
161
10 595
244
218
36 300
3 250
5 183
13 600
1 272
2 080
4 929
191
214
1 596
215
299
7 000
158
351
1 208
110
110
13 724
1 512
1 765
16 400
918
1 997
1 900
248
412
150 000
1 126
1 056
58 349
421
476
5 336
782
806
24 700
341
510
4 105
248
248
56 800
891
756
9 300
580
1 272
12 000
693
1 043
17 542
893
511
6 539
297
381
17 510
512
353
21 200
828
1 180
108 101
1 609
1 726
1 900
158
158
189 700
6 745
6 729
73 970
6 967
9 752
833 600
4 182
6 630
496 100
5 434
5 174
9 034
881
1 467
5 700
460
1 039
2 700
165
497
56 000
813
1 708
4 700
303
361
13 361
885
1 265
3 500
220
250
88 289
419
463
32 600
499
406
5 400
531
1 283
10 080
300
248
37 400
700
985
133 700
3 944
8 139
166
1 700
145
28 000
102
105
3 700
1 591
2 509
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
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 inc., classe C
02079K107
Alps Electric Co. Ltd
JP3126400005
Alstom SA
FR0010220475
AltaGas
021361100Ltd
Altera Corp.
021441100
Altice NV, classe A
NL0011333752
Altice
NV, classe B
NL0011333760
Alumina
695498006Ltd
Amadeus IT Holding SA
ES0109067019
Amazon.com
023135106 inc.
Amcor Ltd
606660009
Amec Foster Wheeler plc
002826006
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
inc.
031100100
Amgen inc.
031162100
AMP Ltd
670995901
Amphenol
032095101 Corp., classe A
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
Anthem inc.
036752103
Antofagasta plc
004561908
Aon plc
G0408V102
Aozora Bank Ltd
JP3711200000
AP Moeller - Maersk AS
DK0010244425
APA Group
624730909
Apache Corp.
037411105
Apple
inc.
037833100
Applied
038222105Materials inc.
ARC Resources Ltd
00208D408
2
9 484
2 206
3 964
1 400
461
535
4 400
170
353
10 593
1 691
2 491
114 100
4 186
3 737
10 800
539
903
10 000
273
266
1 500
245
208
9 278
4 814
9 425
7 420
3 310
7 338
4 300
180
180
4 085
185
169
126 100
5 179
3 947
26 900
1 117
1 891
5 743
140
117
1 299
25
27
234 097
348
255
14 111
666
753
10 525
3 280
9 318
34 892
231
455
17 891
301
156
7 300
246
425
6 800
307
374
80 600
1 991
1 927
32 200
1 479
2 402
23 900
1 881
2 280
32 900
1 523
2 786
19 452
1 634
2 574
15 800
707
1 215
6 000
508
902
34 800
2 400
4 572
11 600
519
872
18 900
1 979
4 055
109 181
572
612
24 400
1 130
1 788
13 500
858
1 077
10 700
509
878
8 699
604
607
102 238
3 252
838
56 662
4 769
9 719
311 100
4 098
3 969
6 900
648
856
9 600
865
1 666
41 310
602
420
8 100
535
1 022
126 000
399
591
248
655
495
29 509
163
253
7 300
694
478
321 300
24 434
50 616
102 400
1 875
2 559
333 731
9 085
6 107
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
ArcelorMittal
B03XPL901
Arch Capital Group Ltd
BMG0450A1053
Archer-Daniels-Midland Co.
039483102
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
698538006Pharma inc.
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
ATS Automation Tooling Systems inc.
001940105
Auckland International Airport
NZAIAE0002S6
Aurizon Holdings Ltd
AU000000AZJ1
Australia
606558005and New Zealand Banking Group Ltd
Auto Trader Group plc
GB00BVYVFW23
Autodesk inc.
052769106
Autoliv inc.
052800109
Automatic
053015103 Data Processing inc.
Autozone inc.
053332102
Avago Technologies Ltd
SG9999006241
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
Banca
Monte dei Paschi di Siena SPA
IT0005092165
Banco
Bilbao
550190904 Vizcaya Argentaria SA
Banco Comercial Português SA
PTBCP0AM0007
Banco de Sabadell SA
ES0113860A34
Banco Popolare SC
IT0005002883
3
58 120
1 060
379
37 200
2 367
3 590
18 100
594
880
101 655
1 699
2 290
3 442
139
215
42 000
269
328
15 600
304
650
51 000
302
464
12 167
97
100
3 200
291
480
13 773
287
302
1 500
16
15
26 482
2 523
3 258
34 392
482
974
31 139
602
788
9 850
188
700
123 500
1 437
2 312
78 013
5 567
7 041
29 190
1 080
1 166
364 452
13 179
16 340
2 500
121
90
13 773
402
484
34 174
932
1 220
28 105
812
926
1 000
101
109
32 100
485
411
150 895
597
699
40 000
192
215
91 702
2 682
2 403
160 298
1 313
1 306
1 800
124
152
2 700
299
452
68 700
4 959
7 891
6 299
3 359
6 574
19 800
1 454
3 440
11 400
1 696
2 760
246
2 800
156
89 638
472
919
46 223
973
1 665
3 716
144
144
12 550
891
936
1 772
93
91
9 700
697
597
13 643
301
293
107 080
686
1 109
16 000
954
1 152
2 400
70
222
50 669
360
106
470 020
5 335
5 193
614 411
86
44
110 869
273
272
10 777
247
207
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Banco Popular Espanol SA
ES0113790226
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 de Montréal
063671101
Banque Laurentienne du Canada
51925D106Z
Banque Nationale du Canada
633067103
Banque Royale du Canada
780087102
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
Baytex Energy Corp.
07317Q105
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
BG
Group plc
087628905
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
097751200 inc., classe B
Boral Ltd
621867902
BorgWarner inc.
099724106
Boston Properties inc.
101121101
Boston Scientific Corp.
101137107
Bouygues SA
400212908
4
46 903
390
220
963 591
8 517
7 004
3 600
103
107
206 123
1 349
1 420
179 310
810
864
253 400
3 575
5 882
326 519
1 747
1 554
696 940
325
346
59 799
59
100
161 500
14 813
16 195
171 600
11 102
13 232
459 697
15 515
24 962
104 563
4 686
4 576
474 320
31 663
36 087
737 140
34 626
40 204
428 176
2 000
1 916
13 910
158
168
351 500
5 691
3 456
838
1 186
1 161
22 051
1 443
2 425
46 900
1 568
2 147
45 400
1 931
2 276
45 706
5 706
8 118
18 610
1 969
2 706
2 888
301
322
106 800
644
593
21 200
724
1 090
154 080
7 408
8 856
27 879
3 350
5 578
13 700
975
995
12 466
1 222
1 540
20 900
878
704
57 100
7 289
10 196
9 500
265
402
517 064
998
1 484
248 939
5 214
5 147
308 224
9 842
5 381
163 029
4 848
2 605
5 900
1 414
2 254
4 800
354
610
80 470
908
855
3 000
867
1 453
26 992
1 637
2 130
72 628
4 597
3 444
294 500
970
1 201
6 173
81
151
2 413 900
8 732
3 139
30 744
142
168
8 000
336
455
6 300
702
1 049
39 300
379
957
3 286
166
165
au 30 novembre 2015
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 Corp., classe A
111320107
Brookfield Asset Management inc., classe A
112585104
Brookfield Properties Corp.
G16249107
Brookfield Renewable Energy Partners LP
G16258108
Brown-Forman Corp., classe B
115637209
BT Group plc
309135903
Bunge Ltd
G16962105
Bunzl
plc
GB00B0744B38
Burberry
317430908Group plc
Bureau Veritas SA
B28DTJ907
C.R.
Bard inc.
067383109
Cabot
Oil & Gas Corp.
127097103
CAE
inc.
124765108
CaixaBank SA
ES0140609019
CALBEE inc.
B3TBRZ902
Calpine Corp.
131347304
Caltex Australia Ltd
616150009
Camden Property Trust
133131102
Cameco Corp.
13321L108
Cameron International Corp.
13342B105
Campbell Soup Co.
134429109
Canadian Apartment Properties Real Estate Investment Trust
134921105
Canadian Energy Services & Technology Corp.
13566W108
Canadian National Railway Co.
136375102
Canadian Natural Resources Ltd
136385101
Canadian Oil Sands Ltd
13643E105
Canadian Pacific Railway Ltd
13645T100
Canadian
13650J104 Real Estate Investment Trust
Canadian Tire Corp., classe A
136681202
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
14149Y108Health inc.
Carlsberg AS, classe B
416921005
CarMax inc.
143130102
Carnival Corp.
143658300
Carrefour SA
564156909
Casino Guichard Perrachon SA
417841004
Casio Computer Co. Ltd
JP3209000003
Caterpillar
149123101 inc.
Cathay Pacific Airways Ltd
HK0293001514
5
519 402
4 481
4 011
79 726
768
838
4 228
268
309
25 600
980
1 211
74 800
3 920
6 674
45 970
448
769
32 400
1 188
2 357
156 250
5 163
7 164
304 400
7 140
9 095
101 400
3 274
3 407
15 400
1 035
2 103
264 012
1 337
2 627
12 000
970
1 065
52 892
1 617
2 036
37 506
991
936
28 152
834
771
10 500
1 788
2 612
43 400
1 485
1 088
5 400
76
82
63 978
378
312
5 000
129
275
2 900
42
57
9 937
171
329
4 900
388
499
12 000
255
196
10 900
639
991
38 900
1 827
2 706
2 480
93 400
2 243
353 008
2 107
1 670
156 300
8 887
12 459
285 800
9 668
9 242
10 900
269
93
3 700
511
728
101 100
4 563
4 269
89 950
9 277
11 254
3 000
120
98
158 000
5 799
6 342
5 326
410
654
30 646
469
781
14 400
915
1 505
200 000
4 775
3 370
96 000
273
274
21 700
742
715
24 600
1 575
2 846
9 294
927
1 052
7 500
359
572
14 100
478
949
18 582
749
763
9 500
956
723
5 000
147
147
33 400
3 157
3 231
79 000
171
186
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
CBS Corp., classe B
124857202
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 plc
B033F2900
CenturyLink inc.
156700106
Cerner Corp.
156782104
CF Industries Holdings inc.
125269100
CGI
Group inc., classe A
39945C109
CH
Robinson
12541W209 Worldwide inc.
Charter Communications inc., classe A
16117M305
Chartwell
16141A103Retirement Residences
Check Point Software Technologies Ltd
IL0010824113
Chemtrade Logistics Income Fund
16387P103
Cheniere Energy inc.
16411R208
Chesapeake Energy Corp.
165167107
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
Corp.
171232101
Chubu
Electric Power Co. inc.
619560006
Chugai
Pharmaceutical Co. Ltd
JP3519400000
Chugoku
619590003Electric Power Co. inc.
Church & Dwight Co. inc.
171340102
CI Financial Corp.
125491100
Cigna Corp.
125509109
Cimarex Energy Co.
171798101
CIMIC Group Ltd
AU000000CIM7
Cincinnati Financial Corp.
172062101
Cineplex inc.
172454100
Cisco Systems inc.
17275R102
CIT Group inc.
125581801
Citigroup inc.
172967424
Citizen Holdings Co. Ltd
JP3352400000
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
CMS Energy Corp.
125896100
6
13 362
684
898
23 700
1 949
5 256
1 000
65
63
9 000
456
848
408 045
5 223
6 145
19 900
1 250
2 900
534 400
14 897
10 560
2 900
266
223
15 900
273
359
4 000
453
950
121 130
616
530
18 100
677
649
7 500
381
595
7 000
193
430
88 900
4 155
5 169
8 800
568
790
1 300
289
324
276 600
3 093
3 651
891
103
104
32 000
639
578
412
6 500
195
16 000
401
112
215 000
1 459
2 508
76 988
775
669
64 000
5 918
7 783
3 500
197
199
2 200
1 289
1 698
4 526
378
378
3 678
628
896
24 700
2 354
4 293
19 400
452
356
3 300
114
153
12 400
257
211
49 700
3 470
5 676
85 400
2 864
2 710
6 600
460
1 186
5 400
561
856
7 818
161
189
10 300
500
838
113 717
4 795
5 693
173 200
4 744
6 285
4 500
263
257
218 093
11 575
15 709
17 700
154
174
10 000
319
355
4 900
325
500
57 000
491
395
67 488
460
1 179
19 400
1 786
3 211
431 500
3 589
4 803
8 100
572
1 053
10 600
258
494
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
CNH Industrial NV
NL0010545661
Coach inc.
189754104
Cobham
plc
GB00B07KD360
Coca-Cola
612345900 Amatil Ltd
Coca-Cola Co.
191216100
Coca-Cola Enterprises inc.
19122T109
Coca-Cola HBC AG
B9895B904
Cochlear Ltd
AU000000COH5
Cogeco Câble inc.
19238V105
Cognizant Technology Solutions, classe A
192446102
Colgate-Palmolive Co.
194162103
Colliers International Group inc.
194693107
Coloplast AS
DK0060448595
Colruyt SA
ACI009ZR8
Columbia Pipeline Group inc.
198280109
Comcast
20030N200Corp.
Commerzbank AG
ACI05RX61
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
ConocoPhillips
20825C104
Consolidated Edison inc.
209115104
Constellation Brands inc., classe A
21036P108
Constellation
21037X100 Software inc.
Contact Energy Ltd
615252905
Continental AG
459858908
Continental Resources inc.
212015101
Cooper Companies inc.
216648402
Core Laboratories NV
N22717107
Corning
219350105inc.
Costco Wholesale Corp.
22160K105
Crédit Agricole SA
FR0000045072
Credit Suisse Group AG
CH0301992506
Crescent Point Energy Corp.
22576C101
Crew Energy inc.
226533107
CRH plc
418224002
Croda International plc
023352008
Crown Castle International Corp.
22822V101
Crown Holdings inc.
228368106
Crown Resorts Ltd
AU000000CWN6
CSL
Ltd
618549901
CSX
Corp.
126408103
Cummins
231021106 inc.
CVS Caremark Corp.
126650100
Daicel Corp.
625054002
Daiichi Sankyo Co. Ltd
B0J7D9901
Daikin Industries Ltd
625072004
7
54 404
654
533
9 000
543
381
17 280
98
105
34 319
364
299
201 800
6 990
11 454
10 500
265
703
20 293
555
656
11 653
903
1 061
61 000
3 952
3 959
16 200
541
1 393
119 600
7 601
10 461
22 000
1 257
1 330
23 241
2 104
2 511
13 900
808
917
9 000
116
230
63 000
2 517
5 121
29 318
315
428
74 391
5 476
5 701
13 614
592
801
33 870
3 271
3 379
6 089
556
813
103 497
1 513
2 394
42 503
482
478
27 700
967
1 510
3 700
343
540
66 000
4 112
4 751
67 300
3 884
5 570
5 300
149
990
8 500
1 869
4 872
24 055
133
105
2 517
342
809
3 800
122
184
1 100
246
214
3 100
443
488
88 300
1 659
2 203
19 000
1 618
4 084
31 297
531
503
38 566
1 145
1 136
212 600
5 890
3 714
126 700
669
570
19 807
466
776
5 487
196
315
20 300
1 242
2 323
573
8 300
398
15 653
205
176
20 841
1 297
2 013
27 800
723
1 052
5 000
619
668
39 000
2 073
4 886
12 000
78
234
40 300
713
1 104
16 000
866
1 495
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
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
Deere & Co.
244199105
Delhaize Group SA
426211009
Delphi
Automotive plc
G27823106
Delta
Air
247361702Lines inc.
Denso Corp.
664038007
DENTSPLY International inc.
249030107
Dentsu inc.
JP3551520004
Detour
Gold Corp.
250669108
Deutsche
Annington Immobilien SE
DE000A1ML7J1
Deutsche
Bank
AG
575035902
Deutsche Boerse AG
702196908
Deutsche Lufthansa AG
DE0008232125
Deutsche Post AG
461785909
Deutsche Telekom AG
584235907
Devon Energy Corp.
25179M103
DEXUS Property Group
AU000000DXS1
DH Corp.
23290R101
Diageo plc
023740905
Digital Realty Trust inc.
253868103
Direct Line Insurance Group plc
GB00BY9D0Y18
DirectCash
25456A103 Payments inc.
Discover Financial Services
254709108
Discovery Communications inc., classe A
25470F104
Discovery Communications inc., classe C
25470F302
DISH Network Corp.
25470M109
Distribuidora
ACI00NNS8 Internacional
DNB ASA
426330007
Dollar General Corp.
256677105
Dollar Tree inc.
256746108
Dollarama inc.
25675T107
Dominion Diamond Corp.
257287102
Dominion Resources inc.
25746U109
Dorel Industries inc., classe B
25822C205
Dover Corp.
260003108
Dow
Chemical Co.
260543103
Dr
Pepper
26138E109 Snapple Group inc.
Dream Global Real Estate Investment Trust
26154A106
DTE Energy Co.
233331107
Dufry AG
CH0023405456
Duke
Energy Corp.
26441C204
E*TRADE
269246401 Financial Corp.
E.I. du Pont de Nemours and Co.
263534109
8
49 553
3 838
5 910
4 000
420
553
21 000
417
778
67 000
561
576
15 800
1 022
2 028
41 587
3 189
3 880
36 936
926
1 319
7 125
513
755
26 900
2 057
2 616
139 876
1 986
2 181
9 500
860
1 007
2 796
207
373
16 776
1 122
1 964
3 800
165
235
15 500
676
983
3 600
255
291
3 800
240
284
110 000
1 543
1 530
5 200
211
215
30 787
1 379
1 052
6 569
439
747
4 441
79
85
24 737
646
965
74 679
1 091
1 833
10 600
773
649
64 581
437
479
111 545
3 588
3 596
216 259
6 289
8 280
1 700
149
163
43 242
287
357
98 063
1 462
1 179
13 700
677
1 036
5 800
241
241
8 200
326
323
6 600
402
551
10 507
87
88
23 285
391
409
25 100
1 483
2 186
24 911
1 807
2 503
64 900
3 546
5 796
169 000
2 624
1 862
55 200
3 739
4 952
90 850
3 201
2 795
5 800
472
509
63 899
2 442
4 436
9 800
416
1 171
75 800
742
633
5 000
249
536
1 015
162
162
86 399
6 251
7 796
7 400
262
300
51 400
2 632
4 609
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
E.ON SE
494290901
East Japan Railway Co.
629854902
Eastman Chemical Co.
277432100
Eaton Corp. plc
G29183103
eBay inc.
278642103
Ecolab inc.
278865100
Edenred
FR0010908533
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
FR0013054939
Electrolux AB
SE0000103814
Electronic Arts inc.
285512109
Element
286181201Financial Corp.
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 Corp.
292505104
Endesa SA
527178909
Endo International plc
IE00BJ3V9050
Enel
Green Power SPA
B4TWTW909
Enel
SPA
714456902
EnerCare
29269C207inc.
Enerflex Ltd
29269R105
Energen Corp.
29265N108
ENI
SPA
714505906
Ensco plc, classe A
G3157S106
Entergy Corp.
29364G103
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
721247906
European
401225909 Aeronautic Defence and Space Co. NV
Eutelsat Communications
FR0013006566
Everest
Re Group Ltd
BMG3223R1088
Eversource
30040W108 Energy
Exelon Corp.
30161N101
9
45 835
1 631
578
19 700
1 555
2 473
5 000
194
484
13 900
956
1 077
54 000
1 222
2 128
32 400
3 236
5 141
19 613
659
541
2 500
99
268
9 300
427
735
47 020
180
209
1 400
201
304
11 600
476
1 002
305 000
2 271
1 247
4 800
166
204
12 040
370
119
11 722
351
458
9 700
223
876
128 000
2 276
2 189
42 900
2 485
4 687
5 759
130
286
64 200
1 728
2 166
66 700
2 753
2 842
42 000
2 651
2 797
12 900
293
344
351
85
191
3 434
84
136
193 400
10 129
9 173
506 900
7 026
5 636
5 041
137
139
3 500
276
287
12 803
28
36
147 225
863
864
218 676
3 224
3 532
110 400
1 703
1 547
3 000
155
237
131 808
3 492
2 858
11 129
543
254
5 200
431
461
23 300
1 751
2 589
20 400
1 568
1 555
2 600
319
386
1 623
351
641
25 700
1 547
2 732
208 462
2 703
2 704
19 477
620
795
1 700
343
522
7 598
871
1 320
36 865
2 440
3 549
3 014
104
120
6 900
1 180
1 695
12 800
480
868
19 300
973
702
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Expedia inc.
30212P303
Expeditors International of Washington inc.
302130109
Experian plc
B19NLV907
Express
30219G108Scripts Holdging Co.
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
Ferrovial SA
ES0118900010
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
FireEye inc.
31816Q101
First Capital Realty inc.
31943B100
First Pacific Co. Ltd
BMG348041077
First Quantum Minerals Ltd
335934105
FirstEnergy Corp.
337932107
Fiserv
inc.
337738108
FleetCor
339041105Technologies inc.
Fletcher Building Ltd
634160907
Flextronics International Ltd
SG9999000020
Flowserve Corp.
34354P105
Fluor Corp.
343412102
FMC Corp.
302491303
FMC Technologies inc.
30249U101
Foncière des Régions
FR0000064578
Ford Motor Co.
345370860
Fortescue Metals Group Ltd
608625901
Fortinet inc.
34959E109
Fortis inc.
349553107
Fortum OYJ
557955903
Fortuna Silver Mines inc.
349915108
Franco-Nevada Corp.
351858105
Franklin Resources inc.
354613101
Freehold Royalties Ltd
356500108
Freeport-McMoRan
inc.
35671D857
Freescale
Semiconductor
Ltd
BMG3727Q1015
Fresenius
Medical
Care
AG
& Co. KGaA
512907908
Fresenius
SE
&
Co.
KGaA
435209903
Fresnillo plc
B2QPKJ909
Frontier Communications Corp.
35906A108
Fuchs Petrolub SE
435435003
10
3 200
213
525
6 000
262
388
35 256
675
870
42 233
3 322
4 807
800
76
89
151 600
12 096
16 485
1 400
218
192
65 712
3 146
9 121
1 300
658
833
2 400
92
142
13 700
2 367
3 244
753
1 400
496
10 000
537
540
7 700
971
1 502
6 800
681
1 436
10 725
282
338
23 424
304
445
20 900
1 000
1 772
29 400
550
809
235 000
8 907
10 350
9 491
157
183
142 125
3 819
2 788
3 000
125
91
34 700
610
680
262 000
286
217
57 200
1 001
278
12 100
612
506
28 200
1 530
3 614
700
100
143
28 205
173
180
28 000
286
419
7 200
568
444
9 400
747
608
11 400
656
653
14 000
568
634
1 964
176
232
90 100
1 490
1 719
191 917
873
363
2 600
125
125
7 900
254
291
9 210
261
179
57 400
188
188
56 400
2 890
3 621
13 300
704
742
20 500
242
239
147 200
4 458
1 603
8 865
491
459
14 988
1 111
1 645
14 619
658
1 426
92 509
1 485
1 326
40 400
318
268
6 452
280
405
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Fuji Heavy Industries Ltd
635640006
FUJIFILM Holgings Corp.
635652001
Fujitsu Ltd
635694003
G4S plc
GB00B01FLG62
Galaxy Entertainment Group Ltd
HK0027032686
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
369604103Electric Co.
General Growth Properties inc.
370023103
General
370334104Mills inc.
General Motors Co.
37045V100
Genuine Parts Co.
372460105
George Weston Ltd
961148509
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 Lifeco inc.
39138C106
Groupe Canam inc.
13710C107
Groupe Eurotunnel SE
FR0010533075
Groupe SNC-Lavalin inc.
78460T105
GungHo Online Entertainment inc.
JP3235900002
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
11
17 400
405
956
35 900
1 424
1 934
60 000
259
403
119 805
622
545
256 000
2 185
1 002
22 334
389
316
4 400
516
546
13 418
320
386
27 997
976
649
3 613
184
199
1 540
396
686
3 344
352
281
310 417
8 030
12 376
21 100
447
716
112 600
5 949
8 661
33 800
1 276
1 629
16 700
1 461
2 016
18 000
1 886
1 966
45 200
2 827
6 378
1 855
2 930
4 462
44 632
307
269
207 401
5 741
5 635
166 000
388
309
1 000
95
94
324 100
8 224
5 117
684 000
375
233
9 900
1 655
2 505
17 359
99
103
421 314
1 592
1 878
87 923
1 828
1 416
94 876
3 342
3 443
79 900
1 062
1 118
6 740
121
115
4 000
147
170
17 800
158
72
149 800
3 374
3 215
24 292
307
297
3 400
137
139
108 000
402
337
237 100
4 135
5 722
113 000
741
962
8 278
211
248
6 200
353
404
1 500
226
206
2 200
214
244
3 200
282
311
9 000
364
816
29 900
1 446
1 415
325 718
824
845
4 123
237
437
8 441
511
883
17 021
1 098
2 015
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Helmerich & Payne inc.
423452101
Henderson Land Development Co. Ltd
HK0012000102
Henkel
AG & Co. KGaA
500246905
Hennes
568743900& Mauritz AB, classe B
Henry Schein inc.
806407102
Hermès International
FR0000052292
Hertz Global Holdings inc.
42805T105
Hess Corp.
42809H107
Hewlett Packard Enterprise Co.
42824C109
Hexagon AB
SE0000103699
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
B4TXDZ907 HKT Ltd
Hokuriku Electric Power Co.
643312002
HollyFrontier Corp.
436106108
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
HRS
3397334Holding Ltd
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
IHS inc.
451734107
Iliad SA
775943905
Illinois Tool Works inc.
452308109
Illumina inc.
452327109
Iluka Resources Ltd
695757005
Imerys
SA
B011GL903
Imperial
453038408Oil Ltd
Incitec Pivot Ltd
667304901
Incyte Corp.
US45337C1027
12
4 300
220
31 045
210
334
255
22 082
1 894
3 106
32 520
1 304
1 606
22 800
3 211
4 751
1 187
461
556
12 700
332
268
7 800
493
613
61 099
983
1 209
6 086
280
294
12 200
426
377
4 735
665
766
7 000
104
155
8 700
185
182
1 700
44
62
133 000
939
1 044
155
9 000
108
273 051
285
290
632 700
799
1 067
8 100
120
147
5 900
196
378
47 300
4 413
8 433
45 500
1 811
1 967
24 300
2 102
3 364
941 444
1 945
2 461
29 080
520
1 009
37 000
345
344
21 600
991
2 155
27 500
504
608
18 400
432
991
104 879
1 451
1 751
186
44
14
466 422
5 406
4 951
470 800
4 496
2 792
1 992
303
230
3 800
316
853
19 900
278
310
279 700
8 324
5 043
410 000
300
295
215 970
4 550
4 870
119 837
885
1 118
3 093
152
145
24 800
613
546
1 700
258
279
950
112
282
10 700
778
1 339
3 800
499
931
42 024
522
233
1 352
84
122
74 000
3 338
3 209
66 548
244
243
3 000
296
456
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Inditex SA
711131904
Industrielle Alliance, Assurance et services financiers inc.
455871103
Infineon Technologies AG
DE0006231004
Ing Groep NV
715418901
Ingenico Group
FR0000125346
Ingersoll-Rand plc
G47791101
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
B85KYF903
IntercontinentalExchange Group inc.
45866F104
International
459200101 Business Machines Corp.
International Consolidated Airlines Group SA
ES0177542018
International Flavors & Fragrances inc.
459506101
International Paper Co.
460146103
Intertape Polymer Group inc.
460919103
Intertek Group plc
316383900
Intesa Sanpaolo
407683002
Intuit inc.
461202103
Intuitive Surgical inc.
46120E602
Invesco Ltd
G491BT108
Investec plc
GB00B17BBQ50
Investment AB Kinnevik, classe B
SE0000164626
Investor AB, classe B
567959903
Isis Pharmaceuticals inc.
464330109
Israel Chemicals Ltd
645553900
Isuzu Motors Ltd
JP3137200006
Itochu Corp.
646780007
Itochu Techno-Solutions Corp.
JP3143900003
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
Jazz Pharmaceuticals plc
IE00B4Q5ZN47
JB Hunt Transport Services inc.
445658107
Jeronimo Martins SGPS, SA
B1Y1SQ901
JFE Holdings inc.
654379908
JGC Corp.
JP3667600005
Johnson
478160104& Johnson
Johnson Controls inc.
478366107
Johnson Matthey plc
B70FPS903
Jones Lang Lasalle inc.
48020Q107
JPMorgan
46625H100 Chase & Co.
JSR Corp.
647098003
Juniper Networks inc.
48203R104
13
27 814
885
1 332
78 252
3 325
3 545
67 543
863
1 338
102 320
989
1 870
2 476
411
415
9 300
556
727
77 268
1 115
1 727
137 300
2 010
1 813
89 141
511
477
108 100
7 555
9 622
342 700
9 571
15 868
32 571
896
756
12 672
415
649
3 359
622
1 162
50 300
10 514
9 338
14 516
153
165
7 200
580
1 150
7 600
212
423
23 700
345
431
16 713
908
947
372 992
724
1 704
7 100
429
947
1 100
584
761
15 400
538
691
53 986
501
612
16 284
643
667
17 158
514
871
1 700
150
138
29 889
288
200
23 000
290
344
55 300
744
897
16 000
368
440
104 766
383
569
45 666
293
232
17 527
126
277
21 200
304
442
255
940
1 171
259
1 488
1 639
758
1 808
1 928
8 888
340
268
1 100
211
215
9 400
819
980
31 086
503
574
15 700
448
329
8 000
308
181
110 700
10 263
14 925
16 800
652
1 029
6 668
198
378
1 600
321
354
87 600
4 963
7 778
7 500
155
157
10 000
273
401
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
JX Holdings inc.
B627LW906
K+S AG
ACI00RQT4
Kabel Deutschland Holding AG
DE000KD88880
Kajima
Corp.
JP3210200006
Kakaku.com inc.
JP3206000006
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
Kellogg Co.
487836108
Keppel Corp. Ltd
B1VQ5C905
Kering
550507909
Kerry Group plc, classe A
451957906
Kerry Properties Ltd
BMG524401079
Keuring Green Mountain inc.
49271M100
KeyCorp
493267108
Keyence Corp.
649099009
Keyera
Corp.
493271100
Kikkoman Corp.
649080009
Kimberly-Clark Corp.
494368103
Kinaxis inc.
49448Q109
Kinder Morgan inc.
49456B101
Kingfisher plc
331952903
Kinross Gold Corp.
496902404
Kirin Holdings Co. Ltd
649374006
KLA-Tencor Corp.
482480100
Klepierre SA
FR0000121964
Kobe Steel Ltd
649602000
Kohl's Corp.
500255104
Komatsu
649658002Ltd
Kone OYJ, classe B
B09M9D905
Koninklijke Ahold NV
525260907
Koninklijke DSM NV
025328825
Koninklijke KPN NV
595607904
Koninklijke Philips NV
598662906
Koninklijke Vopak NV
NL0009432491
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
649980000Electric Power Co. inc.
L Brands inc.
501797104
L-3 Communications Holdings inc.
502424104
La
Banque de Nouvelle-Écosse
064149107
Laboratory
50540R409 Corp. of America Holdings
Labrador Iron Ore Royalty Corp.
505440107
LafargeHolcim Ltd
CH001221405E
Lam Research Corp.
512807108
14
167 300
972
6 761
405
902
255
6 331
994
1 028
12 000
88
88
27 700
499
703
22 200
485
331
23 000
292
483
5 000
563
606
34 200
1 172
2 332
8 032
541
638
88 000
1 216
2 907
48 900
3 227
4 478
94 000
800
582
4 713
1 065
1 084
25 211
2 187
2 709
45 500
166
171
3 500
252
244
15 000
282
262
2 500
928
1 802
156 507
5 765
6 233
7 000
83
307
43 000
4 291
6 823
45 500
1 544
2 125
49 972
2 016
1 568
81 677
453
579
470 700
2 146
1 229
66 700
1 080
1 248
8 700
705
770
5 137
307
310
142 000
298
221
7 800
418
490
57 200
1 504
1 258
19 092
905
1 085
32 203
456
933
9 357
518
634
106 426
517
539
49 993
1 520
1 820
1 920
111
111
25 800
331
1 294
37 000
581
821
20 122
2 872
3 626
14 400
179
244
17 900
927
1 104
4 000
84
94
18 000
374
251
14 168
1 214
1 800
5 000
738
815
355 646
22 006
21 655
19 300
2 070
3 123
93 400
2 479
1 200
28 520
2 311
2 032
10 100
711
1 052
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Land Securities Group plc
318094901
Lanxess AG
B05M8B904
Las
Vegas Sands Corp.
517834107
Lawson
626691901inc.
Le Groupe Jean Coutu (PJC) inc., classe A
47215Q104
Lear Corp.
521865204
Legal & General Group plc
056039902
Legg Mason inc.
524901105
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 Media Corp., classe A
531229102
Liberty Media Corp., classe C
531229300
Linamar
53278L107Corp.
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
Liquor Stores NA Ltd
536347107
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
B28YTC906Group Ltd
Macy's inc.
55616P104
Magna
International inc.
559222401
Mallinckrodt
G5785G107 plc
MAN SE
DE0005937007
Manitoba Telecom Services inc.
563486109
ManpowerGroup inc.
56418H100
Manulife
56501R106Financial Corp.
15
29 997
441
6 854
522
740
465
33 600
2 417
1 972
25 200
1 889
2 546
6 500
152
116
3 000
431
503
162 239
460
883
4 700
153
278
10 298
525
806
4 000
231
273
110 800
3 203
4 590
16 100
517
379
5 900
131
399
144 000
201
132
10 166
732
574
15 395
573
841
2 700
100
95
3 700
120
200
7 400
235
385
86 500
4 934
6 519
6 000
426
439
4 572
622
1 063
471
2 442
3 786
13
662
1 251
8 000
421
487
3 000
505
971
25 200
375
216
4 800
154
188
1 426 421
1 609
2 086
97 143
5 590
6 549
11 900
560
600
6 170
205
328
3 009
334
634
5 690
729
1 341
39 900
2 607
4 070
2 000
149
127
850 900
4 183
3 106
8 971
220
191
9 941
696
885
16 203
2 737
3 618
9 100
355
1 161
4 100
467
684
46 900
888
1 372
2 500
91
191
10 868
502
854
10 000
501
520
117 600
5 812
7 143
1 500
153
136
13 721
1 840
1 812
95 200
3 018
2 884
2 000
212
240
923 000
17 797
20 288
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Mapfre SA
ES0124244E34
Marathon Oil Corp.
565849106
Marathon Petroleum Corp.
56585A102
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
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
McGraw Hill Financial inc.
580645109
McKesson
58155Q103 Corp.
Mead Johnson Nutrition Co.
582839106
Medibank Private Ltd
AU000000MPL3
Medivation inc.
US58501N1019
Medtronic plc
585055106
MEG Energy Corp.
552704108
Meggitt plc
GB0005758098
MEIJI Holdings Co. Ltd
B60DQV902
Melco Crown Entertainment Ltd
US5854641009
Merck
& Co. inc.
58933Y105
Merck
KGaA
DE0006599905
Methanex
59151K108 Corp.
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
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
16
6 000
27
22
13 000
351
303
15 200
286
1 182
57 650
429
581
7 800
342
737
41 100
1 893
3 027
1 800
167
377
94 000
693
692
8 700
288
320
26 000
448
307
29 900
1 771
3 899
15 100
703
500
19 200
735
992
19 900
424
550
36 400
2 611
4 164
65 100
6 812
9 897
20 000
584
646
7 500
424
963
11 500
1 547
2 900
20 200
1 529
2 167
852 964
1 752
1 909
2 000
126
113
66 128
4 388
6 635
67
6 000
242
12 230
119
95
10 000
289
1 064
5 557
120
120
134 000
7 433
9 459
4 814
452
655
3 000
199
157
22 700
1 045
1 544
5 287
339
234
63 200
2 170
2 431
3 738
133
124
1 100
285
502
68 400
268
120
17 800
486
539
5 800
521
332
11 200
594
720
84 800
1 579
1 799
224 000
8 370
16 211
8 180
818
641
10 000
163
146
16 700
816
987
56 000
317
488
45 300
839
1 014
51 000
510
751
35 000
900
979
37 000
247
266
104 000
674
708
150 000
693
705
25 500
295
302
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
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
Mohawk Industries inc.
608190104
Molson Coors Brewing Co., classe B
60871R209
Mondelez International inc., classe A
609207105
Mondi plc
B1CRLC906
Monster Beverage Corp.
61174X109
Moody's Corp.
615369105
Morgan
617446448Stanley
Motorola Solutions inc.
620076307
MS&AD Insurance Group Holdings inc.
B2Q4CS905
MTR
Corp. Ltd
HK0066009694
Muenchener
529412900 Rueckver AG
Mullen Group Ltd
625284104
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 World Development Co. Ltd
HK0017000149
Newcrest
663710002 Mining Ltd
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 Packers inc.
664076007
Nippon
Prologis
JP3047550003 REIT inc.
Nippon Steel & Sumitomo Metal Corp.
664256005
Nippon
Telegraph and Telephone Corp.
664137007
Nissan
Motor
664286002 Co. Ltd
17
64 000
1 025
1 487
327 500
2 016
2 795
58 900
789
961
27 000
787
905
50 148
742
790
883 500
1 962
2 371
1 300
301
330
8 500
592
1 041
159 724
5 749
9 286
18 613
551
576
4 000
205
824
7 300
498
1 002
38 300
1 036
1 749
33 718
2 343
3 223
16 800
442
630
456 405
1 875
2 822
1 210
4 519
873
58 700
1 591
923
17 400
1 846
3 590
7 899
515
301
10 700
436
731
211 000
816
1 130
117 120
3 636
3 321
212 726
2 657
3 948
37 000
1 950
1 840
141 000
519
627
6 262
180
240
269 040
19 121
26 609
11 100
432
453
9 800
325
1 609
171 737
2 767
4 494
399 156
477
530
249 287
3 010
2 624
155 500
4 352
3 813
1 275
21
24
7 900
72
167
19 681
2 392
3 124
37 100
3 167
4 933
4 000
135
145
8 542
479
691
15 800
1 046
1 614
12 900
454
802
24 400
2 055
4 298
17 600
314
314
2 900
303
592
309
1 858
1 939
25 000
142
184
20 000
454
514
497
1 141
1 159
22 100
673
590
94 300
2 600
4 650
73 800
833
1 048
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Nisshin Seifun Group inc.
664096005
Nissin Foods Holdings Co. Ltd
664176005
Nitori Co. Ltd
JP3756100008
Nitto Denko Corp.
664180007
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 inc.
65548P403
Nordea Bank AB
538003906
Nordstrom
655664100 inc.
Norfolk Southern Corp.
655844108
Norsk Hydro ASA
B11HK3901
Northern Trust Corp.
665859104
Northland
666511100 Power inc.
Norwegian Cruise Line Holdings Ltd
BMG667211046
Novartis
710306903AG
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
674599105 Petroleum Corp.
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
Onex
Corp.
68272K103
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
18
9 680
92
202
26 400
1 288
1 783
15 400
742
1 687
12 600
670
1 129
9 900
376
483
256 000
213
103
3 500
63
126
256 983
1 375
2 471
116 200
900
917
183
294
294
38 890
1 248
1 955
146 800
3 869
4 084
77 427
996
1 143
14 800
1 113
1 110
8 100
645
1 025
98 901
510
510
7 400
447
738
181 500
3 221
3 307
2 300
157
176
86 779
6 956
9 887
68 253
2 399
5 006
13 251
460
848
10 100
272
166
7 500
137
125
6 600
330
428
182 600
3 133
4 591
9 400
423
519
1 106
78
63
88 900
696
362
37 200
864
1 571
7 571
937
942
9 000
110
111
1 400
99
99
28 300
2 346
2 849
7 399
450
431
53 000
542
717
14 800
564
515
136 252
1 078
1 078
33 000
167
190
484 690
1 704
2 030
3 600
167
191
9 500
608
935
26 060
1 096
990
6 700
197
263
43 000
3 010
3 536
1 700
225
362
6 900
387
448
87 000
3 060
4 514
11 600
576
752
53 896
1 244
1 240
7 300
959
2 565
11 844
254
181
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
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
Palo Alto Networks inc.
US6974351057
Panasonic Corp.
657270005
Pandora AS
DK0060252690
Parex
Resources inc.
69946Q104
Park24
Co. Ltd
007429126
Parker
Hannifin
Corp.
701094104
Parkland
Fuel
Corp.
70137T105
PartnerRe Ltd
BMG6852T1053
Patterson Cos inc.
703395103
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
Pepco Holdings inc.
713291102
Pepsico inc.
713448108
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
Plum Creek Timber Co. inc.
729251108
PNC Financial Services Group
693475105
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
739721108 Royalty Ltd
19
22 000
863
1 662
61 301
620
331
35 200
497
675
31 026
262
336
234 000
960
1 156
6 159
300
346
15 300
732
1 020
75 000
2 491
3 304
465 806
3 836
3 817
10 200
565
706
1 000
135
249
63 700
512
962
1 953
156
308
175 700
1 733
1 918
29 500
621
797
5 200
536
725
215 338
4 929
4 996
9 600
1 387
1 779
26 600
1 268
1 614
85 200
3 795
6 155
53 737
2 159
2 524
508 395
282
410
29 467
570
488
220 409
8 228
6 755
558 200
1 836
636
4 300
258
325
77 800
1 274
1 735
37 600
1 133
1 285
102 900
8 119
13 725
17 899
2 022
2 711
4 000
477
796
10 911
354
419
32 469
702
537
11 356
175
270
121 900
4 149
3 310
271 700
7 915
11 857
42 100
1 927
2 956
14 300
469
1 743
4 300
188
363
7 000
882
1 349
2 700
144
183
14 100
1 046
1 793
1 100
201
154
2 627
223
183
2
43 433
63 892
22 200
905
600
138 500
1 176
1 647
77 500
2 272
2 428
139 200
4 892
4 720
6 200
252
873
50 900
1 594
2 307
3 400
127
87
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Praxair inc.
74005P104
Precision Castparts Corp.
740189105
Premium
74061A108Brands Holdings Corp.
Pretium Resources inc.
74139C102
Priceline.com inc.
741503403
Principal Financial Group inc.
74251V102
Progressive Waste Solutions Ltd
74339G101
Prologis inc.
74340W103
ProMetic Sciences de la vie inc.
74342Q104
ProSiebenSat.1 Media AG
DE000PSM7770
Proximus SA
B00D9P907
Prudential Financial inc.
744320102
Prudential
070995006 plc
Prysmian SPA
IT0004176001
Public Service Enterprise Group inc.
744573106
Public
Storage
74460D109
Publicis
438042905Groupe SA
QBE Insurance Group Ltd
671574002
Qorvo
inc.
74736K101
QUALCOMM
747525103 inc.
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
Realty Income Corp.
756109104
Reckitt Benckiser Group plc
B24CGK904
Recruit Holdings Co. Ltd
JP3970300004
Red Electrica Corp. SA
572377901
Red Hat inc.
756577102
Regeneron Pharmaceuticals inc.
75886F107
Regions Financial Corp.
7591EP100
Reitmans (Canada) Limitée, classe A
759404205
RELX plc
B2B0DG904
Rémy Cointreau SA
474171006
RenaissanceRe Holdings Ltd
BMG7496G1033
Renault SA
471279901
Repsol SA
566935904
Republic
760759100Services inc.
ResMed inc.
761152107
Resona Holdings inc.
642155907
Restaurant
76131D103 Brands International inc.
Restoration Hardware Holdings inc.
761283100
Rexam plc
GB00BMHTPY25
Ricoh
Co. Ltd
JP3973400009
Rio
Tinto
622010007Ltd
Rio Tinto plc
071887004
20
40 200
5 170
6 038
4 000
884
1 233
55 000
1 880
2 086
66 400
547
478
2 328
1 400
1 159
10 500
412
720
119 200
3 474
3 765
17 400
727
991
119 800
219
424
5 987
303
418
36 994
1 339
1 626
11 700
840
1 348
61 693
1 090
1 904
6 058
167
176
24 200
874
1 260
17 200
3 177
5 499
8 741
642
734
36 693
580
442
10 956
1 082
847
190 700
15 499
12 390
5 800
209
170
120 500
3 678
3 985
18 400
1 176
1 674
120 000
1 161
1 038
8 596
284
179
22 800
315
382
2 000
358
331
27 408
1 536
1 773
40 350
3 401
3 269
16 300
1 395
620
200
13
13
61 874
4 530
7 727
24 498
946
1 017
4 362
234
498
6 700
410
726
2 000
492
1 450
35 900
339
485
67 900
410
295
40 211
473
966
3 265
293
308
14 900
1 645
2 198
11 529
1 238
1 549
27 853
679
484
44 300
1 853
2 591
254
3 200
223
97 100
457
630
38 378
2 138
1 872
4 100
422
491
74 310
702
863
7 200
99
98
60 849
3 583
2 695
114 409
6 456
5 065
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
RioCan Real Estate Investment Trust
766910103
Ritchie Bros. Auctioneers inc.
767744105
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 Holdings plc
GB00BYSVPQ32
Roper Industries inc.
776696106
Ross Stores inc.
778296103
Royal Bank of Scotland Group
B7T772907
Royal Boskalis Westminster NV
NL0000852580
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
SABMiller plc
048354906
Safran SA
B058TZ909
Saipem SPA
476876008
Salesforce.com inc.
79466L302
Sampo OYJ, classe A
522603901
SanDisk Corp.
80004C101
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 Electric SA
483410007
Seagate Technology plc
G7945M107
Sealed Air Corp.
81211K100
Secom
Co. Ltd
679159004
Securitas
AB, classe B
SE0000163594
Seek
Ltd
AU000000SEK6
Seiko Epson Corp.
JP3414750004
Sekisui House Ltd
JP3420600003
Sempra
816851109Energy
21
198 300
5 372
5 066
44 000
1 577
1 573
24 000
261
252
25 340
6 851
9 044
5 600
509
794
7 000
744
864
283 900
13 079
14 622
4 600
226
329
55 155
1 030
681
3 200
411
825
25 200
858
1 745
67 923
363
412
3 225
196
191
3 500
343
432
340 222
12 366
11 205
147 776
5 146
4 894
96 678
945
942
23 000
202
203
12 997
920
197
47 540
394
327
300
86
86
81 937
3 839
6 622
867
8 819
485
23 092
676
266
15 800
681
1 677
9 848
416
650
16 400
1 163
1 613
278 400
1 898
1 253
68 595
1 001
947
101 800
348
280
17 600
818
926
29 820
3 281
3 539
45 000
486
949
39 456
357
153
22 957
1 785
2 410
23 500
666
768
19 400
1 940
2 717
17 000
877
1 339
398 067
1 327
1 536
7 476
348
347
6 046
982
1 321
2 646
396
580
104 600
9 469
10 747
33 026
2 878
2 787
8 000
359
383
4 600
102
278
34 500
2 025
3 144
9 493
163
193
24 115
379
323
4 600
123
96
4 800
108
108
14 200
1 116
1 876
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
ServiceNow inc.
81762P102
SES SA
B00ZQQ907
Seven & I Holdings Co. Ltd
B0FS5D909
Seven Bank Ltd
JP3105220002
Severn Trent plc
B1FH8J905
SGS SA
482477007
Shangri-La Asia Ltd
BMG8063F1068
Shaw Communications inc., classe B
82028K200
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
572797900AG
Sienna Senior Living inc.
82621K102
Signet Jewelers Ltd
BMG812761002
Sika AG
480808906
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
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
22
5 300
294
15 136
464
614
559
21 600
640
1 288
76 000
329
442
9 301
234
420
978
2 515
2 493
100 000
177
124
155 100
3 863
4 299
145
7 600
220
33 000
323
710
6 500
616
1 054
3 700
438
730
14 200
832
1 068
8 200
393
481
16 077
549
1 497
10 800
200
344
38 600
452
452
39 497
4 717
5 467
94 754
1 317
1 620
500
92
87
114
293
515
157 200
3 944
2 760
11 100
1 794
2 753
50 000
481
480
510 000
1 880
1 938
217 000
721
587
1 341 000
4 066
4 855
134 000
398
131
42 937
465
608
18 848
480
438
135 147
2 066
2 996
16 900
1 286
1 869
11 100
185
211
62 757
1 896
2 008
2 800
603
986
67 655
1 073
1 525
20 863
457
432
28 831
143
195
2 409 928
1 687
2 000
19 369
800
1 231
6 166
543
811
24 200
704
1 709
1 600
102
102
4 074
561
625
12 100
290
496
119 266
2 213
2 340
3 706
616
623
32 100
668
1 102
405 263
789
464
11 000
385
132
5 000
251
305
79 751
161
233
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Spectra Energy Corp.
847560109
Splunk inc.
848637104
Sprint
Corp.
85207U105
SSE
plc
079087003
St. James's Place plc
GB0007669376
St. Jude Medical inc.
790849103
Standard Chartered plc
GB00BYZXCH29
Standard Life plc
B16KPT907
Stanley Black & Decker inc.
854502101
Stanley Electric Co. Ltd
JP3399400005
Staples inc.
855030102
Starbucks
855244109 Corp.
StarHub Ltd
B1CNDB906
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
Sulzer AG
CH0038388911
Sumitomo Chemical Co. Ltd
685856007
Sumitomo Corp.
685894008
Sumitomo Electric Industries Ltd
685870008
Sumitomo
685884009 Metal Mining Co. Ltd
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
Suntec Real Estate Investment Trust
SG1Q52922370
Suntory Beverage & Food Ltd
JP3336560002
SunTrust Banks inc.
867914103
Superior Plus Corp.
86828P103
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
Swiss Life Holding AG
CH0014852781
Swiss
Prime Site AG
B083BH906
Swiss
Re AG
ACI00MQT5
Swisscom
553397902 AG
Sydney Airport
AU000000SYD9
Symantec Corp.
871503108
Symrise AG
027647189
23
73 200
2 601
2 554
1 900
160
151
8 508
56
41
61 725
1 602
1 774
8 000
141
163
8 300
371
697
179 642
4 192
2 100
58 983
362
492
4 800
393
698
6 000
146
177
12 400
151
199
65 600
2 142
5 363
195 000
685
669
6 200
441
593
12 900
890
1 247
58 259
1 661
1 201
25 000
1 055
1 288
13 600
1 627
2 186
36 554
368
353
221 861
857
856
12 969
137
171
17 100
1 530
2 196
74 632
764
505
11 008
215
278
623
94
87
43 000
219
328
44 400
594
627
33 400
425
632
59 000
1 008
885
34 700
1 443
1 761
122 000
534
619
12 000
480
485
116 364
1 694
1 905
402 200
13 550
14 842
48 475
615
626
62 000
100
90
48 594
1 960
2 522
13 800
460
798
171 400
1 911
1 774
8 660
330
449
29 100
806
1 189
18 267
292
702
42 210
632
757
27 853
695
822
61 000
806
887
774
243
260
18 644
1 531
1 858
8 434
567
1 071
7 964
5 175
5 231
61 136
272
389
22 500
521
587
2 553
199
230
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Synchrony Financial
87165B103
Syngenta AG
435664909
Synopsys inc.
871607107
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
GB0008782301plc
TDC AS
569879901
TDK Corp.
JP3538800008
TE Connectivity Ltd
H84989104
Technip SA
487416901
Techtronic Industries Co. Ltd
HK0669013440
Teck Resources Ltd, classe B
878742204
Tele2 AB, classe B
B97C73904
Telecom Italia SPA
763439908
Telefonica Deutschland Holding AG
DE000A1J5RX9
Telefonica SA
ES06784309A5
Telenor ASA
473249902
TeliaSonera AB
597838903
Telstra
Corp. Ltd
608728903
Telus
Corp.
87971M103
Tenaris SA
753851906
Terna - Rete Elettrica Nazionale SPA
B01BN5908
Terumo Corp.
JP3546800008
Tesco
plc
088470000
Tesla
Motors
88160T101 inc.
Tesoro Corp.
881609101
Teva Pharmaceutical Industries Ltd
688217900
Texas Instruments inc.
882508104
Textron inc.
883203101
Thales SA
FR0000121329
The ADT Corp.
00101J106
The Bank of New York Mellon Corp.
064058100
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
427866108 Co.
The J.M. Smucker Co.
832696405
The Kraft Heinz Co.
500754106
The Link Real Estate Investment Trust
HK0823032773
24
26 345
1 100
1 117
5 703
2 129
2 803
48 900
2 091
3 261
48 500
1 822
2 655
6 800
538
560
8 900
698
903
61 700
873
725
48 000
101
197
55 000
265
451
1 200
113
108
83 500
4 097
5 397
163 100
801
468
46 600
3 226
4 499
19 077
210
226
56 306
216
226
43 014
151
168
145 623
1 228
1 018
8 100
477
775
11 600
535
1 036
6 619
594
462
29 500
160
159
429 100
9 045
2 437
12 606
219
171
520 950
817
849
15 806
125
118
279 011
5 349
4 715
102 170
2 332
2 374
59 968
437
392
1 023 969
5 079
5 296
481 459
18 991
20 433
30 079
643
526
58 963
231
386
3 200
101
136
212 339
1 397
712
2 400
459
736
3 900
250
598
34 407
1 486
2 808
91 900
4 254
7 113
9 700
374
551
2 430
212
241
8 300
347
392
26 800
841
1 565
37 000
4 214
7 167
30 300
624
1 360
32 000
461
736
20 000
1 259
2 241
320
9 000
374
12 000
381
729
31 100
3 068
3 574
15 900
1 502
2 566
14 800
1 339
1 452
143 000
794
1 158
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
The Macerich Co.
554382101
The Mosaic Co.
61945C103
The North West Co. inc.
663278109
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 Walt Disney Co.
254687106
The Weir Group plc
GB0009465807
The Western Union Co.
959802109
Thermo
883556102Fisher Scientific inc.
Thomson Reuters Corp.
884903105
ThyssenKrupp AG
563692904
Tiffany & Co.
886547108
Time Warner Cable inc.
88732J207
Time
Warner inc.
887317303
TJX Cos. inc.
872540109
T-Mobile US inc.
872590104
TNT Express NV
NL0009739424
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
TORC
Oil
&
Gas
Ltd
890895303
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
89353D107 Corp.
TransDigm Group inc.
893641100
Transocean Ltd
B5W3ND904
Transurban
620088906 Group
Transurban Group NPV
AU0000TCLXX8
Travis Perkins plc
GB0007739609
Treasury Wine Estates Ltd
B61JC6908
Trend Micro inc.
JP3637300009
Trevali Mining Corp.
89531J109
25
2 300
203
21 028
1 196
239
886
86 800
2 156
2 357
228 100
18 233
22 732
20 900
546
858
33 599
297
395
8 400
1 464
3 088
115 400
5 297
6 845
3 358
404
295
2 163
1 279
1 014
19 700
1 757
3 006
39 400
2 572
5 953
15 099
697
364
25 300
498
635
11 200
1 026
2 064
289 700
12 094
15 647
9 700
307
274
1 800
189
191
7 900
781
1 944
21 700
1 240
2 022
57 800
3 772
5 434
5 600
134
265
12 658
139
137
237 000
1 274
1 536
9 200
204
325
18 900
391
295
20 200
626
991
38 000
858
309
13 600
777
1 204
158 000
803
1 004
109 000
1 082
1 398
162 000
1 410
1 959
135 478
1 251
875
106 000
525
345
1 100
67
82
2 600
120
119
16 472
457
418
6 600
109
173
23 800
776
1 131
68 200
4 202
5 641
11 453
101
114
2 100
180
250
22 700
128
122
37 100
1 697
1 564
719
2 300
645
12 048
564
231
506 372
3 686
5 070
28 133
260
282
6 239
243
254
29 973
156
219
6 500
220
352
439 600
383
154
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Tricon Capital Group inc.
89612W102
Trimble Navigation Ltd
896239100
TripAdvisor inc.
896945201
Tryg AS
DK0060636678
TUI AG
DE000TUAG000
Turquoise Hill Ressources Ltd
900435108
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
Unibail-Rodamco SE
707624904
Unicharm
691148001 Corp.
UniCredit SPA
ACI01A0K7
Unilever
NV
NL0011509344
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
JP3045540006Investment Corp.
United Utilities Group plc
B39J2M903
UnitedHealth
91324P102 Group inc.
UOL Group Ltd
SG1S83002349
UPM-Kymmene OYJ
505125906
US Bancorp
902973304
USS Co. Ltd
JP3944130008
Valeant Pharmaceuticals International inc.
91911K102
Valeo SA
FR0000130338
Valero Energy Corp.
91913Y100
Varian Medical Systems inc.
92220P105
Ventas inc.
92276F100
Veolia Environnement
403187909
VEREIT inc.
92339V100
Veresen
92340R106inc.
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
26
28 500
326
2 500
107
277
76
3 300
251
362
12 107
314
314
24 894
556
553
68 324
263
241
42 000
1 395
1 675
9 000
455
304
14 400
504
677
9 300
158
619
86 092
1 549
2 203
3 690
383
439
2 900
121
143
4 600
730
1 023
4 590
183
253
3 100
171
356
3 304
830
1 130
1 832
65 300
1 291
122 539
731
957
116 416
4 516
6 799
137 122
5 883
7 789
21 700
1 737
2 426
17 834
179
162
24 400
830
1 518
3 100
137
230
2 007
131
142
88 740
1 590
1 627
41 100
3 941
5 638
1 300
144
136
21 400
2 109
2 737
700
161
142
836
1 415
1 481
16 592
203
321
47 400
3 460
7 114
34 000
210
196
12 461
204
317
82 300
3 180
4 810
56 900
878
1 203
39 100
6 135
4 706
3 100
471
639
14 100
538
1 349
18 700
1 889
2 011
24 000
1 597
1 704
15 969
333
510
21 600
220
240
159 200
2 450
1 668
5 400
329
539
258 095
12 058
15 622
82 000
4 849
3 279
6 100
491
1 051
5 044
292
438
30 000
2 142
2 585
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Viacom inc., classe B
92553P201
Vicinity Centres
022782991
Vinci SA
B1XH02900
Visa
inc., classe A
92826C839
Vivendi SA
483477907
Vodafone Group plc
B16GWD903
Voestalpine AG
494340904
Volkswagen AG
549716900
Volvo AB, classe B
928856301
Vornado Realty Trust
929042109
Vulcan Materials Co.
929160109
Walgreens Boots Alliance inc.
931427108
Wartsila OYJ Abp
452518905
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
Western Digital Corp.
958102105
Western Forest Products inc.
958211203
Westfield Corp.
AU000000WFD0
Westjet Airlines Ltd
960410207
Westpac Banking Corp.
607614005
WestRock Co.
96145D105
Westshore
96145A200 Terminals Investment Corp.
Weyerhaeuser Co.
962166104
WH Group Ltd
109647233
Wharf Holdings Ltd
643557002
Wheelock & Co. Ltd
HK0020000177
Whirlpool Corp.
963320106
Whitbread plc
GB00B1KJJ408
Whitecap
96467A200Resources inc.
WhiteWave Foods Co.
966244105
Whitting Petroleum Corp.
966387102
Whole Foods Market inc.
966837106
William Demant Holding AS
DK0010268440
William Morrison Supermarkets plc
060431004
Williams Cos. inc.
969457100
Willis Group Holdings plc
G96666105
Wilmar International Ltd
B17KC6900
Winpak
Ltd
97535P104
Wolseley
098834435 plc
Woodside Petroleum Ltd
697972008
Woolworths Ltd
698123908
Workday inc.
98138H101
WPP plc
B8KF9B904
WR
Berkley Corp.
084423102
WSP
Global inc.
92938W202
27
8 600
586
37 766
101
570
99
14 746
788
1 277
73 000
3 524
7 680
36 405
772
1 020
885 571
3 569
3 981
4 334
161
188
4 673
1 048
864
86 045
1 368
1 185
7 200
511
928
3 800
206
520
21 400
813
2 395
11 244
557
672
36 000
1 818
2 578
531
3 000
393
42 555
846
612
46 865
2 263
3 078
129 700
5 891
9 516
31 060
2 458
2 614
73 907
2 801
2 717
3 200
204
175
27 000
1 405
2 268
16 699
1 305
1 388
1 186 129
2 584
2 633
188 968
1 314
1 750
165 400
4 158
3 526
96 803
2 817
3 004
6 988
404
471
79 600
2 441
1 487
20 665
641
885
496 149
418
341
114 000
986
871
41 000
175
236
4 700
757
1 017
4 963
382
452
212 490
3 175
2 433
4 400
261
238
4 700
305
103
11 000
353
427
6 797
672
869
94 866
454
290
18 600
451
906
16 900
701
1 034
252 000
836
681
27 000
1 168
1 221
9 282
514
717
156 162
5 959
4 537
67 403
2 085
1 540
2 900
296
323
41 803
744
1 286
29 700
1 361
2 201
117 974
4 718
5 315
au 30 novembre 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
WW Grainger inc.
384802104
Wynn Macau Ltd
KYG981491007
Wynn
Resort Ltd
983134107
Xcel
Energy
98389B100 inc.
Xerox Corp.
984121103
Xilinx inc.
983919101
Yahoo Japan Corp.
JP3933800009
Yahoo! inc.
984332106
Yakult Honsha Co. Ltd
698511003
Yamaha Corp.
JP3942600002
Yamaha Motor Co. Ltd
JP3942800008
Yamana
98462Y100Gold inc.
Yamato Transport Co. Ltd
JP3940000007
Yamazaki Baking Co. Ltd
698550001
Yangzijiang
029649723 Shipbuilding (Holdings) Ltd
Yara International ASA
775125909
Yaskawa
Electric Corp.
JP3932000007
Yokogawa
Electric Corp.
JP3955000009
Yue
Yuen
Industrial
BMG988031446 Holdings Ltd
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
28
2 100
552
561
198 400
738
329
7 900
1 435
660
81 600
2 549
3 875
41 500
378
583
13 400
730
886
53 000
315
290
23 700
646
1 067
3 800
122
250
2 700
84
90
13 900
245
451
375 400
3 593
1 059
63 300
1 497
1 609
8 000
115
200
47 000
45
49
10 382
433
640
3 300
58
58
9 000
159
143
200 500
875
970
34 500
2 623
3 331
2 200
69
72
7 200
595
969
9 720
336
350
20 400
806
1 269
3 451
877
1 211
2 218 976
2 767 973
au 30 novembre 2015
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
VW Credit Canada inc.
918423AC8A
La Banque de Nouvelle-Écosse
064149D53A
Choice Properties L.P.
17039BAA2
Shoppers Drug Mart Corp.
82509ZAE6
Rogers Communications inc.
775109AM3
633067YJ6
Powell River Energy inc.
739135AB7
Enbridge inc.
29251ZAS6
Gouvernement du Canada
135087ZQ0
918423AF1
George Weston Ltd
96115ZAW2
064149G76
Emera inc.
29087ZAD9
13509PCZ4
135087B60
Bell Canada
07813ZAU8
PSP Capital inc.
69363TAE2
Daimler Canada Finance inc.
23384NAK3
064149J24
17039BAB0
Brookfield Asset Management inc.
112585AC8
Ottawa MacDonald-Cartier International Airport Authority
689561AC2
918423AD6
633067VX8
Banque de Montréal (NHA MBS)
62932ZAF2
780086BU7
13595ZHZ2
Hydro One inc.
44810ZAT7
Financement-Québec
31739ZAQ8
OMERS Realty Corp.
68214WAF5
Banque
de Montréal
0636795H3
Enbridge
29254ZAJ3Income Fund
Banque Toronto-Dominion (NHA MBS)
62932ZC60
13509PDM2
AltaGas Ltd
02138ZAA1
Home Trust Co.
437376AD8
13595ZLB0
TELUS Corp.
87971MAZ6
American Express Canada Credit Corp.
02580ZAM8
918423AM6
0641498J9
Shoppers Drug Mart Corp.
82509ZAF3
Caterpillar Financial Services Ltd
14911ZAP6
OMERS Realty Corp.
68214WAG3
NBC Asset Trust
62874WAA0
Banque
Royale du Canada
780086FE9
bcIMC
Realty
07329VAL4 Corp.
Hydro-Québec
44889ZDU7
Genesis Trust II
37185ZAK7
Molson Coors International L.P.
U60901AC6
Daimler Canada Finance inc.
23384NAN7
Groupe TMX Limitée
87262KAA3
3,60 % 2016-02-01
7 002
7 112
7 013
3,61 % 2016-02-22
3 236
3 314
3 255
3,00 % 2016-04-20 Rachetable à compter du 2016-01-20
1 500
1 506
1 503
2,01 % 2016-05-24
1 800
1 800
1 806
5,80 % 2016-05-26
2 500
2 499
2 553
13 000
13 000
13 007
6,45 % 2016-07-25
1 500
1 500
1 534
5,00 % 2016-08-09
7 000
7 139
7 159
2,75 % 2016-09-01
1 800
1 830
1 830
2,20 % 2016-10-11
2 000
2 000
1 990
3,78 % 2016-10-25
7 000
7 063
7 143
2,74 % 2016-12-01
3 295
3 323
3 347
2,96 % 2016-12-13
3 000
3 000
3 041
1,85 % 2016-12-15
20 500
20 758
20 750
1,50 % 2017-02-01
25 800
26 091
26 077
5,00 % 2017-02-15
3 000
3 038
3 119
2,26 % 2017-02-16
41 475
42 125
42 109
1,24 % 2016-06-23 Taux variable
2,28 % 2017-02-17
2 590
2 591
2 609
2,60 % 2017-02-27
17 300
17 471
17 586
1 500
1 516
1 521
5,29 % 2017-04-25
5 000
5 155
5 221
4,73 % 2017-05-02
11 000
11 518
11 530
2,90 % 2017-06-01
3 750
3 750
3 743
2,69 % 2017-08-21
3 500
3 500
3 575
2,10 % 2017-09-01
7 760
7 828
7 865
2,36 % 2017-09-21
7 200
7 245
7 320
2,35 % 2017-10-18
10 000
10 202
10 168
5,18 % 2017-10-18
7 600
8 127
8 133
3,50 % 2017-12-01
9 700
10 189
10 188
3,04 % 2017-12-05
355
355
362
2,24 % 2017-12-11
27 800
28 074
28 233
2,92 % 2017-12-14
2 500
2 500
2 540
1,70 % 2017-12-15
9 217
9 243
9 290
1,70 % 2017-12-15
2 900
2 958
2 950
4,60 % 2018-01-15
3 300
3 461
3 466
2,28 % 2018-03-06
1 450
1 450
1 425
2,22 % 2018-03-07
12 000
12 053
12 184
1,50 % 2018-03-27
1 000
1 000
993
2,31 % 2018-03-29
5 000
5 000
5 072
1,60 % 2018-04-04
3 750
3 750
3 618
1,33 % 2018-05-01
11 300
11 299
11 227
2,36 % 2018-05-24
3 500
3 500
3 544
2,29 % 2018-06-01
2 500
2 500
2 534
2,50 % 2018-06-05
6 000
6 000
6 126
7,24 % 2018-06-30
575
634
643
2,82 % 2018-07-12
9 300
9 456
9 582
2,79 % 2018-08-02
6 800
6 970
6 999
5,50 % 2018-08-15
26 965
27 336
30 081
1,68 % 2018-09-17
1 100
1 100
1 098
2,25 % 2018-09-18
3 000
2 999
2 985
1,42 % 2018-10-02
3 400
3 400
3 341
3,25 % 2018-10-03
10 000
10 011
10 410
29
au 30 novembre 2015
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
13595Z4F0
Province de l'Ontario
68323ACW2
Brookfield Power Corp.
05573YAA9
Enbridge inc.
29250ZAH1
Banque HSBC Canada
40427HSZ7
BMW Canada inc.
05590HAN7
Financement-Québec
31739ZAS4
Province de Québec
74814ZDU4
780086GH1
TD Capital Trust III
87239BAA3
Enbridge Income Fund
29254ZAF1
Loblaw Cos. Ltd
539481AH4
11257ZAB5
739239AB7
893578AA2
884903BR5
Scotia Plaza
78468GAA3
WestJet Airlines Ltd
960410AA6
First
National Bank (NHA MBS)
62937Z5E6
Choice
Properties L.P.
17039BAC8
Saputo inc.
80310ZAA7
Financement-Québec
31739ZAT2
TELUS Corp.
87971MAK9
780086JX3
BP L.P.
05576AAA8
Banque Laurentienne du Canada
51925DBD7
Caisse Centrale Desjardins du Québec
12801ZCL0
8911454A9
Capital Desjardins inc.
14006ZAD9
General Motors Financial of Canada Ltd
37045YAB0
Metropolitan
592179JP1 Life Global Funding I
064151BL6
Bell
Canada
07813ZBD5
VW
Credit
918423AN4Canada inc.
NBC Asset Trust
62874WAB8
Merrill Lynch Canada inc. (NHA MBS)
62941ZPA6
Banque HSBC Canada
40427HSW4
13595ZZ66
CDP Financial inc.
125094AF9
780086KY9
Inter Pipeline Ltd
45834ZAD1
Cominar Real Estate Investment Trust
199910AL4
13638ZCE3
135087E59
Ford Credit Canada
34527ABN9
884903BJ3
Banque de Montréal
06367XKF7
Municipal Finance Authority of British Columbia
626209AE0
PSP Capital inc.
69363TAF9
Mississagi Power Trust
605204AA4
Province de Québec
74814ZEG4
Province de la Colombie-Britannique
1107098X3
1,70 % 2018-10-09
18 670
18 695
18 697
1,75 % 2018-10-09
5 990
5 982
6 095
5,25 % 2018-11-05
1 790
1 790
1 937
6,62 % 2018-11-19
7 000
7 907
7 922
2,08 % 2018-11-26
13 000
13 000
13 026
2,27 % 2018-11-26
1 900
1 938
1 921
2,40 % 2018-12-01
35 800
36 428
37 055
4,50 % 2018-12-01
55 100
60 424
60 487
2,77 % 2018-12-11
4 000
4 024
4 125
7,24 % 2018-12-31
1 160
1 160
1 324
4,10 % 2019-02-22
1 500
1 499
1 571
3,75 % 2019-03-12
9 000
9 000
9 491
3,95 % 2019-04-09
4 850
4 924
5 076
7,57 % 2019-04-22
3 000
3 000
3 524
3,90 % 2019-05-13
10 000
10 002
10 166
3,37 % 2019-05-23
5 000
5 000
5 175
3,21 % 2019-06-15
1 369
1 369
1 404
3,29 % 2019-07-23
100
100
101
1,75 % 2019-08-01
18 355
18 299
18 453
5 000
4 998
5 128
2,65 % 2019-11-26
8 000
8 000
8 161
2,45 % 2019-12-01
23 300
24 146
24 248
5,05 % 2019-12-04
5 000
5 249
5 547
2,35 % 2019-12-09
7 800
7 799
7 936
3,24 % 2020-01-09
579
582
596
2,50 % 2020-01-23
5 000
4 950
4 963
1,75 % 2020-03-02
22 920
22 928
22 664
1,69 % 2020-04-02
7 500
7 500
7 423
5,19 % 2020-05-05
1 135
1 284
1 268
3,08 % 2020-05-22
950
961
947
3,03 % 2020-06-11
1 415
1 437
1 467
2,13 % 2020-06-15
900
900
903
3,25 % 2020-06-17
9 000
8 900
9 368
2,15 % 2020-06-24
2 100
2 097
1 985
7,45 % 2020-06-30
2 925
3 319
3 477
1,07 % 2020-07-01
8 894
8 690
8 699
1,82 % 2020-07-07
850
850
832
1,85 % 2020-07-14
6 750
6 753
6 711
4,60 % 2020-07-15
12 150
12 634
13 751
1,92 % 2020-07-17
17 615
17 510
17 528
3,45 % 2020-07-20
9 375
9 372
9 786
4,94 % 2020-07-27
225
235
236
2,89 % 2020-08-14
1 510
1 537
1 516
0,75 % 2020-09-01
9 260
9 147
9 192
2,92 % 2020-09-16
1 015
1 016
1 012
4,35 % 2020-09-30
3 000
3 130
3 228
2,10 % 2020-10-06
7 800
7 798
7 805
1,75 % 2020-10-15
10 000
10 000
9 995
3,03 % 2020-10-22
7 500
8 000
8 002
6,92 % 2020-11-27
1 545
1 545
1 821
4,50 % 2020-12-01
4 500
5 125
5 123
3,70 % 2020-12-18
7 600
8 369
8 399
30
au 30 novembre 2015
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
Cadillac Fairview Finance Trust
12741RAB5
Banque HSBC Canada
40427HSY0
Leisureworld Senior Care L.P.
52541RAC1
Goldman Sachs Group inc.
38141GVL5
112585AG9
775109AS0
13509PCS0
TELUS Communications inc.
110727BJ2
Granite Reit Holdings L.P.
387427AB3
Reliance L.P.
759480AG1
17039BAE4
AltaGas Ltd
02138ZAE3
884903BS3
Suncor Energy inc.
86721ZAL3
Metro inc.
59162NAA7
Province de Québec
74814ZEH2
8911452R4
Algonquin Power Co.
01585PAE5
29254ZAG9
OPB
Finance Trust
67103MAD8
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
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
First Capital Realty inc.
31943BBU3
AltaLink L.P.
02135ZAL0
Bankers Hall L.P.
066164AA2
West
Edmonton Mall Property inc.
952637AC0
IPL
Energy
46065DAA4inc.
775109BA8
Genworth MI Canada inc.
37252BAC6
Province
de l'Ontario
68323ACG7
Province
563469UC7du Manitoba
13638ZCR4
Province
803854JW9de la Saskatchewan
Province du Nouveau-Brunswick
642869AJ0
4,31 % 2021-01-25
3 000
3 000
3 364
2,45 % 2021-01-29
1 100
1 100
1 099
3,47 % 2021-02-03
900
900
949
3,55 % 2021-02-12
870
870
914
5,30 % 2021-03-01
5 200
5 712
5 782
5,34 % 2021-03-22
9 470
9 972
10 724
3,80 % 2021-06-15
16 450
18 508
18 433
10,65 % 2021-06-19
743
843
1 043
795
797
810
4,08 % 2021-08-02
385
385
385
3,60 % 2021-09-20
5 000
5 011
5 193
3,72 % 2021-09-28
2 500
2 499
2 611
6 000
6 000
6 111
7 275
7 302
7 466
8 100
8 099
8 329
4,25 % 2021-12-01
65 600
71 936
74 451
2,62 % 2021-12-22
10 395
10 409
10 570
4,65 % 2022-02-15
3 000
3 010
3 145
4,85 % 2022-02-22
235
257
255
1,88 % 2022-02-24
16 130
15 850
15 823
1,97 % 2022-03-02
6 125
6 089
5 961
2,12 % 2022-03-16
11 450
11 434
11 260
665
663
647
9,65 % 2022-04-08
362
436
500
3,26 % 2022-04-11 Variable et rachetable à compter du 2017-04-11
700
700
714
750
750
741
2 490
2 514
2 536
410
404
421
2 000
2 000
2 140
3,75 % 2022-11-14
5 000
5 000
5 119
3,50 % 2022-12-01
63 900
66 940
69 723
2,40 % 2022-12-15
29 900
30 217
31 141
2,91 % 2023-04-10
1 350
1 343
1 394
300
300
306
2,85 % 2023-06-02
117 670
121 917
123 100
3,57 % 2023-06-12
245
245
249
1 910
1 941
1 958
765
806
781
4,70 % 2023-09-11
995
1 011
1 096
380
439
425
3,90 % 2023-10-30
505
488
521
3,67 % 2023-11-06
10 000
10 701
10 754
4,38 % 2023-11-20
628
628
666
4,06 % 2024-02-13
1 870
1 907
1 960
8,20 % 2024-02-15
756
987
990
4,00 % 2024-03-13
545
547
569
4,24 % 2024-04-01
750
750
739
3,50 % 2024-06-02
20 050
21 325
21 784
3,30 % 2024-06-02
5 000
5 412
5 322
500
498
490
3,20 % 2024-06-03
20 000
21 458
21 253
3,65 % 2024-06-03
16 000
15 983
17 408
31
au 30 novembre 2015
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
AltaLink L.P.
02135ZAM8
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
29254ZAM6
ENMAX Corp.
293365AC6
AltaGas
Ltd
02138ZAM5
TELUS
Corp.
87971MAX1
Hydro Ottawa Holding inc.
44882CAD6
70632ZAE1
Inter
Pipeline Ltd
45834ZAM1
Wells
Fargo & Co.
949746RQ6
Nova
Gas
66975ZAE4Transmission Ltd
135087D50
Province
de l'Alberta
013051DQ7
Province de Nouvelle-Écosse
669827BG1
Alimentation Couche-Tard
01626PAE6
68323ACX0
Province du Manitoba
563469UE3
bcIMC Realty Corp.
07329VAP5
780086KR4
8911454X9
Westcoast Energy inc.
95751DAK8
US Treasury
912828K74
Province de Québec
74814ZEV1
Enbridge Gas Distribution inc.
29290ZAQ3
AGT Ltd
00126TAB1
Sun
Life Financial inc.
86682ZAG1
Banque
Toronto-Dominion
8911455X8
Lievre
Power
531739AA8 Financing Corp.
Choice Properties Real Estate Investment Trust
17039AAF3
Alliance Pipeline L.P.
01877ZAC4
11257ZAE9
North West Redwater Partnership
663307AE6
780086JM7
Industrielle Alliance
455870AC9
064151AR4
70632ZAF8
Bell Canada
078149DW8
Manufacturers
564835AL0 Life Insurance Co.
Loblaw Companies Ltd
53947ZAD9
Melancthon Wolfe Wind L.P.
58533TAB6
Loblaw Companies Ltd
53947ZAF4
683234LJ5
Bell Canada
07813ZAC8
110709EK4
Ontario School Boards Financing Corp.
683244AM9
2,90 % 2024-06-15
3,42 % 2024-06-20
3 115
3 222
3 271
11 500
11 827
12 311
3 000
3 000
3 144
765
765
803
400
400
413
35 950
38 815
39 683
665
665
665
250
250
258
3,33 % 2024-11-12
345
345
358
8 800
8 800
8 850
3,75 % 2024-09-01
420
420
429
1 970
2 013
1 994
1 300
1 298
1 337
8 000
8 000
7 894
730
730
710
6 000
5 824
5 843
3,87 % 2025-05-21
2 350
2 392
2 405
8,90 % 2025-05-27
2 000
2 338
2 835
2,25 % 2025-06-01
385
405
408
2,35 % 2025-06-01
16 000
16 190
15 762
2,15 % 2025-06-01
7 000
6 997
6 725
6 300
6 293
6 277
2,60 % 2025-06-02
88 500
90 483
89 021
2,45 % 2025-06-02
12 000
11 751
11 823
1 075
1 074
1 068
950
950
924
11 320
11 282
11 130
8,85 % 2025-07-21
2 086
2 309
2 892
2,00 % 2025-08-15
3 755
4 876
4 903
2,75 % 2025-09-01
8 500
8 587
8 622
975
975
990
8,80 % 2025-09-22
560
625
792
1 425
1 424
1 416
1 490
1 490
1 479
5,56 % 2025-10-06
1 500
1 500
1 673
3 000
3 000
3 046
6,77 % 2025-12-31
355
355
403
4,82 % 2026-01-28
875
875
927
3 195
3 189
3 195
3 750
3 830
3 755
6 000
5 999
5 958
1 570
1 570
1 483
830
833
823
7,00 % 2027-09-24
445
424
562
10 000
10 000
10 062
6,45 % 2028-02-09
3 240
3 333
3 967
3,83 % 2028-12-31
1 125
1 126
1 125
6,50 % 2029-01-22
1 172
1 135
1 428
6,50 % 2029-03-08
40 900
53 849
56 909
6,55 % 2029-05-01
2 143
1 932
2 628
5,70 % 2029-06-18
7 000
8 215
9 237
5,48 % 2029-11-26
1 648
1 648
1 970
32
au 30 novembre 2015
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
Hydro One inc.
448810AC5
Greater Toronto Airports Authority
39191ZAA7
Enbridge inc.
29251ZAD9
683244AP2
Gaz Métro inc.
368271AU6
TransCanada PipeLines Ltd
89353ZBK3
Bell Canada
07813ZAL8
683244AR8
683234NM6
39191ZAC3
Aéroport de Montréal
007863AB9
Hydro One inc.
44810ZAB6
Province de Québec
748148QT3
North Battleford Power L.P.
65746TAA6
Province
683234SL3de l'Ontario
55 Ontario School Board Trust
31680PAA4
SEC L.P. and Arci Ltd
784103AA1
Aéroport
de Montréal
007863AC7
Gaz
Métro
368271AV4inc.
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
Gouvernement
135087XW9 du Canada
Ontario Infrastructure Projects Corp.
683086AA0
683234YD4
110709FL1
Province de Québec
74814ZDK6
739239AC5
Nova Scotia Power inc.
66988ZAY5
775109AP6
Canadian Pacific Railway Co.
13644ZAX5
Canada Post Corp.
13521JAB7
Hydro One inc.
44810ZAY6
350863AU0
Winnipeg Airport Authority inc.
975014AA9
39191ZAX7
563469TM7
Arrow Lakes Power
042767AB9
Gouvernement
135087YQ1 du Canada
669827FW2
683234B98
35085ZBE5
TransCanada
89353ZBV9 PipeLines Ltd
Manulife Finance Delaware L.P.
56502FAA9
7,35 % 2030-06-03
1 902
2 125
2 672
7,05 % 2030-06-12
3 437
3 524
4 791
7,22 % 2030-07-24
3 050
3 662
3 724
4,79 % 2030-08-08
2 198
2 198
2 413
7,05 % 2030-10-30
1 000
999
1 376
6,50 % 2030-12-09
1 115
1 032
1 351
7,85 % 2031-04-02
237
273
317
5,07 % 2031-04-18
1 361
1 361
1 572
6,20 % 2031-06-02
15 600
20 102
21 579
7,10 % 2031-06-04
610
659
863
6,95 % 2032-04-16
1 631
1 687
2 132
6,93 % 2032-06-01
3 575
4 292
4 920
6,25 % 2032-06-01
15 100
21 100
21 038
4,96 % 2032-12-31
598
599
672
5,85 % 2033-03-08
14 000
19 828
18 967
5,90 % 2033-06-02
5 815
5 812
7 616
5,19 % 2033-08-29
450
450
472
6,55 % 2033-10-11
2 600
2 980
3 508
6,30 % 2033-10-31
500
498
651
6,47 % 2034-02-02
500
500
678
5,25 % 2034-06-01
17 614
18 851
22 177
6,35 % 2034-10-15
4 092
4 159
4 941
6,22 % 2034-10-31
525
684
669
6,50 % 2035-02-15
20 040
24 948
28 992
5,60 % 2035-06-02
13 500
17 598
18 056
5,95 % 2035-06-14
1 060
1 054
1 145
5,75 % 2036-02-14
1 075
1 132
1 309
5,08 % 2036-12-19
450
506
480
5,39 % 2037-03-26
405
470
445
4,88 % 2037-05-11
1 200
1 200
1 407
5,00 % 2037-06-01
36 200
50 174
53 036
4,70 % 2037-06-01
6 000
6 011
6 914
4,70 % 2037-06-02
26 800
31 695
32 487
4,70 % 2037-06-18
22 000
25 689
27 071
5,00 % 2038-12-01
26 250
29 870
32 927
8,57 % 2039-04-22
980
1 113
1 513
5,95 % 2039-07-27
800
798
1 003
6,68 % 2039-11-04
605
667
751
6,45 % 2039-11-17
450
541
544
4,36 % 2040-07-16
3 000
3 000
3 804
5,49 % 2040-07-16
290
366
357
7,13 % 2040-07-26
1 690
1 806
2 520
5,21 % 2040-09-28
1 142
1 142
1 292
5,30 % 2041-02-25
2 500
2 501
3 091
4,10 % 2041-03-05
2 900
2 741
3 192
5,52 % 2041-04-05
275
275
315
4,00 % 2041-06-01
11 300
14 190
14 997
4,70 % 2041-06-01
9 200
11 211
11 071
4,65 % 2041-06-02
15 700
19 555
19 157
4,45 % 2041-11-15
570
607
624
4,55 % 2041-11-15
1 430
1 436
1 440
1 000
1 133
1 054
33
au 30 novembre 2015
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
EPCOR Utilities inc.
29410ZAK1
35085ZBF2
OPB Finance Trust
67103MAA4
007863AH6
563469TW5
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
Inter Pipeline Ltd
45834ZAE9
Union
Gas Ltd
90664ZAD2
Hydro
One inc.
44810ZBN9
AltaGas
Ltd
02138ZAL7
CU
inc.
12657ZBE2
Bell Canada
07813ZBH6
29254ZAN4
Metro inc.
59162NAB5
Hydro Ottawa Holding inc.
44882CAE4
35085ZBK1
Gaz Métro inc.
368271AY8
66988ZBD0
669827FZ5
68323ACC6
Province de la Saskatchewan
803854JU3
007863AJ2
AltaLink L.P.
02135ZAQ9
CU inc.
12657ZBG7
Toronto Hydro Corp.
89119ZAH6
US Treasury
912810RN0
563469UB9
Canadian National Railway Co.
136375CG5
FortisAlberta inc.
34957ZAU8
Enbridge Pipelines inc.
29250ZAU2
US Treasury
912810RP5
135087ZS6
Province de Québec
74814ZER0
Bell Canada
07813ZBR4
35085ZBL9
68323ACY8
Province de la Saskatchewan
803854KA5
11070TAG3
Province de Québec
74814ZEW9
SSL Finance inc.
78468QAB9
Sun Life Capital Trust
86679QAB7
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
4,55 % 2042-02-28
3 500
3 492
3 778
3 000
2 996
3 156
3,89 % 2042-07-04
2 320
2 318
2 379
3,92 % 2042-09-26
1 400
1 395
1 417
3,35 % 2043-03-05
7 000
6 967
6 810
4,50 % 2043-07-20
4 000
3 978
4 171
4,92 % 2043-09-17
1 170
1 313
1 342
2 000
2 416
2 194
5,15 % 2043-11-26
585
601
610
3,45 % 2043-12-01
4 000
3 783
4 061
4,15 % 2044-03-10
4 470
4 442
4 820
4,57 % 2044-03-11
1 325
1 350
1 216
400
400
377
375
385
368
4 500
4 456
4 476
2 000
2 283
2 062
150
138
137
5 000
5 052
5 044
1 250
1 262
1 244
150
150
143
3 000
2 999
3 042
2 000
2 000
1 857
2 000
2 000
1 790
1 500
1 499
1 319
3 600
3 600
3 215
3,45 % 2045-06-01
16 000
15 870
15 917
3,45 % 2045-06-02
50 550
51 659
51 540
3,90 % 2045-06-02
7 000
7 055
7 653
3 150
3 150
3 187
1 480
1 512
1 489
2 075
2 057
2 043
2 500
2 497
2 294
2,88 % 2045-08-15
3 385
4 390
4 406
4,05 % 2045-09-05
16 000
16 557
17 659
1 300
1 296
1 303
100
100
102
1 600
1 590
1 586
3,00 % 2045-11-15
1 000
1 310
1 337
3,50 % 2045-12-01
8 900
11 108
11 238
3,50 % 2045-12-01
5 000
5 340
5 090
2 100
2 091
1 947
535
535
523
2,90 % 2046-12-02
13 000
11 892
11 891
2,75 % 2046-12-02
9 000
7 891
7 891
2,80 % 2048-06-18
7 950
7 886
7 249
3,50 % 2048-12-01
18 745
19 182
19 098
4,18 % 2049-04-30
1 000
1 000
966
1 390
1 516
1 751
4,21 % 2055-10-29
1 175
1 175
1 175
0,00 % 2056-07-15
2 969
2 984
2 873
0,00 % 2056-07-15
9 141
9 184
8 666
3 770
3 836
3 975
34
au 30 novembre 2015
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
89116ZAC0
CIBC Capital Trust
12544UAA9
80928FAA5
TD Capital Trust IV
87239GAC8
Manulife Financial Capital Trust II
56501XAA1
8 600
8 939
8 846
5 000
6 617
6 192
5 200
5 200
6 101
2 500
2 860
2 921
2 785
2 785
3 293
2 204 382
2 333 605
2 392 699
Total - obligations
35
au 30 novembre 2015
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Instruments du marché monétaire
Gouvernement du Canada, bon du trésor
1350Z7WY6
1350Z7WY6
1350Z7WY6A
1350Z7XN9
Province de Québec, note promissoire
09006RM93
Province de Québec, bon du trésor
09852UMC4
09006RMC6
1350Z7WB6A
Banque Nationale du Canada, acceptation bancaire
633068MP3
Province de l'Ontario, bon du trésor
6832Z54E7
0900ZRN82
Banque
Nationale du Canada, acceptation bancaire
6330Z8NC9
Banque
Nationale du Canada, acceptation bancaire
6330Z8ND7
Province
de l'Ontario, bon du trésor
6832Z54J6A
Gouvernement
1350Z7WG5 du Canada, bon du trésor
1350Z7WG5
1350Z7WG5
0985ZUNG8
0985ZUNP8
1350Z7W67
1350Z7W67A
6832Z54N7
1350Z7WL4
0985ZUPL5
6832Z54Q0A
1350Z7XA7
Province de la Saskatchewan, note promissoire
8039ZAQ28
1350Z7WW0
0985ZUSU2
1350Z7XK5
0,38 % 2015-12-03
50
50
50
0,39 % 2015-12-03
1 410
1 410
1 410
0,41 % 2015-12-03
5 800
5 799
5 800
0,46 % 2015-12-04
85
85
85
0,52 % 2015-12-09
9 000
8 988
8 999
0,52 % 2015-12-11
10 000
9 988
9 998
0,49 % 2015-12-11
50
50
50
0,47 % 2015-12-17
11 800
11 797
11 797
0,73 % 2015-12-22
20 000
19 988
19 991
0,51 % 2015-12-23
1 245
1 244
1 245
0,51 % 2016-01-08
255
255
255
0,72 % 2016-01-11
2 100
2 097
2 098
0,75 % 2016-01-12
1 450
1 448
1 449
0,56 % 2016-01-13
50
50
50
0,40 % 2016-01-14
1 395
1 394
1 394
0,41 % 2016-01-14
3 900
3 897
3 898
0,42 % 2016-01-14
4 470
4 467
4 467
0,47 % 2016-01-15
1 500
1 498
1 499
0,55 % 2016-01-22
7 400
7 382
7 394
0,39 % 2016-01-28
740
739
739
0,43 % 2016-01-28
75
75
75
0,54 % 2016-02-10
80
80
80
0,45 % 2016-02-11
20
20
20
0,55 % 2016-02-19
50 000
49 934
49 937
0,56 % 2016-02-24
90
90
90
0,48 % 2016-02-25
3 100
3 096
3 096
0,52 % 2016-03-02
400
399
399
0,53 % 2016-05-05
200
199
200
0,55 % 2016-05-27
1 000
997
997
0,47 % 2016-10-20
700
697
697
138 365
138 213
138 259
Total - instruments du marché monétaire
36
au 30 novembre 2015
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 $)
Contrats à terme - position acheteur
Gouvernement du Canada, 1,25 %, 2018-02-01
F135E260312
Gouvernement
F135B450312 du Canada, 2,50 %, 2024-06-01
Gouvernement du Canada, 3,50 %, 2045-12-01
F135ZS60312
Indice
Euro StoXX 50
VGZ5F04NEW
Indice
Nikkei 225
NHZ5F04NEW
Taux
d'intérêt
10 ans obligations du gouvernement du Canada
CNH6F01NEW
101,56 CAD
15 000 000
2015-12-03
15 235
-
(40)
108,87 CAD
18 000 000
2015-12-03
19 597
-
(108)
126,18 CAD
19 000 000
2015-12-03
23 973
-
14
3 179,00 EUR
121
2015-12-18
5 965
-
-
17 535,00 JPY
20
2015-12-10
2 138
-
-
138,23 CAD
50
2016-03-21
6 941
-
-
73 849
Total - contrats à terme - position acheteur
(134)
Contrats à terme - position vendeur
Dollar américain
FUSD091215
Dollar américain
FUSD231215
Dollar australien
FAUD091215
Euro
FEUR091215
Gouvernement du Canada,
F135B860312
Gouvernement du Canada,
F135ZJ60312
Livre sterling
FGBP091215
1,33 CAD
25 440 000
2015-12-09
33 802
-
1,33 CAD
7 977 500
2015-12-23
10 623
-
(77)
(1)
0,94 CAD
7 120 000
2015-12-09
6 711
-
(156)
1,43 CAD
3 294 000
2015-12-09
4 725
-
92
1,75 %, 2019-03-01
103,54 CAD
40 000 000
2015-12-03
41 416
-
76
3,25 %, 2021-06-01
112,07 CAD
30 700 000
2015-12-03
34 405
-
95
2,01 CAD
6 700 000
2015-12-09
13 446
-
16
Total - contrats à terme - position vendeur
145 128
45
Contrats d'options - position vendeur
Indice Euro StoXX 50
SX5EF043300
Indice Euro StoXX 50
SX5EF043550
3 300,00 EUR
500
2015-12-18
2 321
(30)
(13)
3 550,00 EUR
500
2015-12-18
2 496
(22)
(35)
4 817
(52)
(48)
(52)
(137) *
4 690 742
5 298 794 *
Total - contrats d'options - position vendeur
Total - instruments financiers dérivés
Total des autres investissements
*
De ces totaux, un montant de 0,4 M$, représentant la juste valeur négative des instruments financiers dérivés est présenté sous Créditeurs et autres passifs aux états financiers
du Fonds de solidarité des travailleurs du Québec (F.T.Q.) au 30 novembre 2015.
Titres vendus en vertu de conventions de rachat
Au 30 novembre 2015, la juste valeur des titres en portefeuille vendus en vertu de conventions de rachat est de 242,4 M$ . Ces titres sont des obligations. Ces transactions ont été
exécutées entre le 12 novembre 2015 et le 30 novembre 2015, tandis que leurs échéances se situent dans l'intervalle compris entre le 1er décembre 2015 et le 11 décembre 2015.
Le collatéral reçu est de 247,2 M$. Le prix de rachat à payer est de 242,2 M$.
37
INDEX OF THE SHARE
OF THE FONDS IN INVESTMENTS
MADE BY THE SPECIALIZED FUNDS,
AT COST (UNAUDITED)
Index of the Share of the Fonds in investments Made by the Specialized Funds, at Cost
(unaudited)
as at November 30, 2015
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
31-12-14 BDR Capital s.e.c.
Securities of eleven compagnies
21,274
31-12-14 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
Total
3,635
24,909
37,458
31-03-15 Fonds Bio-Innovation, société en commandite
Securities of nine companies
8,716
31-05-15 Fonds de solidarité FTQ Investissements croissance I, s.e.c.
2525 inc.
Colo-D inc.
Distech Contrôles inc.
Lumenpulse inc.
31-05-15 Fonds de solidarité FTQ Investissements croissance II, s.e.c.
2525 inc.
Colo-D inc.
Orckestra inc.
31-05-15 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.
31-12-14 Fonds d'investissement de la culture et des communications, société en commandite
Attraction Média inc.
Carpediem film & TV inc.
Corporation de distribution pour spectacle inc.
Datsit Studios inc.
De Marque 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.
Echo Média inc.
Max Films inc.
Média Cineflix inc.
Media-Max inc.
Studios Budge inc.
Via Éditorial, société en commandite
Vivavision inc.
Wilson & Lafleur, limitée
Securities of six other companies
1
37,458
13,883
51,341
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
833
333
333
721
1,678
6,818
4,107
833
55
67
834
388
444
23
167
833
1,000
3,756
105
3,861
12,603
952
13,555
(unaudited)
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
31-12-14 Fonds immobilier de solidarité FTQ inc.
1030-1040 De Bleury s.e.c.
175 Metcalfe s.e.c.
300 St-Paul Québec inc.
325 St-Vallier inc.
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.
Carré Chambord 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.
Espace MV1 s.e.c.
Espace MV2 s.e.c.
Espace MV3 s.e.c.
Espace MV4 s.e.c.
Espaces Lebourgneuf Phase III s.e.c.
Fonds accès terrains Québec 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
Graham-Mont-Royal 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 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 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
St-Paul/Du Palais s.e.c.
Technoparc Bromont Phase I s.e.c.
Urbania Phase VII s.e.c.
Wanklyn-Milot s.e.c.
Direct holdings:
Terrain Boul. Lucille Teasdale, Terrebonne
Terrain Boul. Le Corbusier, Laval
1,358
15,750
250
1,704
880
2,140
28,725
2,217
1
10
1,283
3,850
250
8,543
1
1
2,700
1,300
2,800
1
1,630
978
3,999
7,194
901
1,209
10
1
2,920
2,500
836
1,176
3,168
2,777
2,348
1,118
1,141
457
3,833
1
5,050
8,266
29,700
10
2,000
3,928
1,601
1
4,674
1
151,192
Secured
Loans and
advances
1,726
1,917
2,083
2,944
3,800
40
21
9,713
813
2,940
2,804
2,668
15,726
4,000
41,460
25,735
Total
15,750
3,084
2,167
2,083
1,704
3,824
2,140
28,725
3,800
2,217
1
10
1,283
3,850
290
8,543
1
1
2,700
1,300
2,800
1
1,630
978
3,999
7,194
922
1,209
9,723
1
2,920
3,313
836
1,176
3,168
2,777
5,288
3,922
3,809
457
3,833
1
5,050
23,992
29,700
10
6,000
3,928
1,601
1
4,674
1
218,387
2,596
11,377
232,360
2
(unaudited)
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
31-12-14 Fonds immobilier de solidarité FTQ I, s.e.c.
C.C.L. II, société en commandite
Complexe d'affaires 440, s.e.c.
Condos Miscéo s.e.c.
Fonds d'acquisition québécois, société en commandite
Le 160 de l'Évêché, s.e.c.
Riverside St-Lambert s.e.c.
Sfère-Ahuntsic s.e.c.
Société en commandite 1190 Jeanne-Mance
Société en commandite 544 de l'Inspecteur
Société en commandite Alfred-Nobel
Société en commandite Alphonse T. Lépine
Société en commandite Ann-Ottawa
Société en commandite Beauharnois
Société en commandite Boisé du Ruisseau Clair
Société en commandite Claude Baillif
Société en commandite Inspecteur-William
Société en commandite Les Berges Brossard
Société en commandite De La Dauversière
Société en commandite Place Dunant
Société en commandite Square Mont-Royal
Société en commandite Ste-Hélène
Village de la Gare s.e.c.
484
1,825
225
2,929
1,983
1,000
1,483
6
1,725
1,504
1,045
20
11
150
27
1,080
1
15,498
Direct holding:
Terrain ave. du Lac-Clermoutier, Chertsey
Secured
Loans and
advances
400
2,193
3,374
16
11
1,000
2,892
11
200
7
20
7,232
299
3,191
Total
484
1,825
225
2,929
1,983
1,400
1,483
2,199
3,374
16
1,725
4,396
11
1,000
1,045
20
22
200
150
7
47
1,379
1
25,921
1,295
27,216
31-12-14 Fonds immobilier de solidarité FTQ II, s.e.c.
1030-1040 De Bleury s.e.c.
1405 Henri-Bourassa ouest s.e.c.
Capital BLF inc.
Espaces Lebourgneuf s.e.c.
Faubourg la Grande Place, s.e.c.
Fonds d'acquisition québécois II, s.e.c.
Hôtel Particulier:Le Ste-Hélène s.e.c.
Immobilière Concorde-Corbusier s.e.c.
Les Haltes du Roi s.e.c.
Neuvième Avenue s.e.c.
Société en commandite Ann-Ottawa
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 JBSL
Société en commandite Mansfield
Société en commandite RMI
Trois A, Société en commandite
Village de la Gare s.e.c.
4,100
2,581
15,092
3,471
1,218
5,213
3,400
806
410
3,838
2,710
4,003
100
133
10
2,075
239
850
1
43,702
Direct holding:
Condominium 410 des Récollets, Montréal
Terrain ave. du Lac-Clermoutier, Chertsey
2,892
299
6,548
3,191
4,100
2,581
15,092
3,471
1,218
5,213
3,838
3,400
806
3,120
2,892
4,003
100
133
10
2,075
239
850
299
1
53,441
615
1,295
55,351
3
(unaudited)
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
31-08-15 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 MRC de Coaticook
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 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 Maria-Chapdelaine
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 Robert-Cliche
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 Maskoutains
MRC des Pays-d'en-Haut
MRC du 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
38
60
143
63
80
114
150
77
32
102
17
150
4
10
370
10
10
10
10
10
420
10
25
15
10
45
437
332
170
280
10
10
205
35
20
148
570
10
10
10
230
10
250
10
45
15
205
10
173
504
10
10
10
10
30
145
113
4
10
280
10
10
10
10
10
595
115
10
10
10
10
10
10
10
Secured
Loans and
advances
Total
10
370
48
10
10
10
10
420
10
25
15
70
45
437
332
170
280
10
10
205
178
20
148
570
10
73
10
230
10
250
10
125
15
205
124
173
504
160
10
10
10
30
145
113
81
10
312
10
112
10
10
27
595
115
10
160
10
10
10
10
10
(unaudited)
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
31-08-15 Fonds locaux de solidarité FTQ, s.e.c. (continued)
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
Secured
Loans and
advances
Total
205
173
10
10
460
220
2,339
285
9,808
205
173
10
10
460
220
2,417
285
10,912
48,036
58,948
542
240
156
97
15
1,122
157
176
542
240
156
97
15
2,422
157
176
195
170
1,585
493
193
200
204
200
47
168
201
175
180
1,901
810
191
277
100
376
447
1,118
65
1,382
141
135
105
750
1,173
438
80
17,305
31-03-15 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.)
9187-1186 Québec inc. (Dan Extermination)
9187-8850 Québec inc. (Forage Boréal)
9210-8737 Québec inc. (Pétroles Témis)
A. & L. Pinard inc.
Adventure Gold inc.
Agritibi R.H. inc.
ASDR Fabrication inc.
Atelier Tangente inc.
Climatisation Abitibi-Témiscamingue Experts inc.
Corporation Aurifère Monarques
Corporation Aurifère QMX
Corporation d'Or Intégra
CR Capital Corp.
Entrepreneur Minier Promec inc.
Ferabi inc.
Géliko inc.
Groupe MBI 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 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.
Mines Richmont inc.
Modulabec inc.
Propair inc.
Transport Clément Bégin inc.
VCC-Massénor inc.
1,300
195
170
204
47
168
201
1,901
810
1
350
141
135
105
5,728
5
1,585
493
193
200
200
175
180
191
277
100
375
447
93
65
1,382
750
1,173
438
80
10,902
675
675
(unaudited)
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
Secured
Loans and
advances
Total
31-03-15 Fonds régionaux de solidarité FTQ, société en commandite (continued)
Bas-Saint-Laurent
6318703 Canada inc. (Méridien Maritime Réparation) et 3326403 Canada inc.
9031-8395 Québec inc. (Réfrigération Air C) et 9098-8106 Québec inc.
9181-4244 Québec inc. (Carrière Neigette)
9183-9530 Québec inc. (Pièces d'autos Sélect)
9198-8659 Québec inc. (Multi-Pièces D.L.)
Adélard Soucy (1975) inc.
AMH Canada ltée
André Roy Électrique inc.
Asselin & Asselin arpenteurs-géomètres inc. et Topocom Technologie inc.
Bois BSL inc.
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.
Gérald Leblond ltée et 9098-8106 Québec inc.
Gestion du Fonds Soutien Bas-Saint-Laurent inc.
Les Constructions H.L. Thériault inc.
Les Distributions Arnaud inc.
Les Produits PBM ltée
Placements Gino Bois inc. et Transport C.F. Morin inc.
Pourvoirie de la Seigneurie du lac Métis inc.
Productions Québec Multimédia inc.
Projexco inc.
Richard Poirier et Frères Électrique ltée
Capitale-Nationale
9099-7768 Québec inc. (E.B.M. Laser)
Armeco inc.
Ascenseurs Maxi inc.
Auvents W. Lecours inc.
Corporation Eatsleepmusic.com
Distribution Sports Loisirs G.P. inc.
DK-SPEC inc.
Engrenage Provincial inc.
Équipements supérieurs inc.
Filtrum inc.
Fleurigros 1995 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.
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.
125
150
417
1,000
1
1,693
200
460
750
25
1,435
6
167
451
167
451
125
395
207
83
650
125
159
145
125
1,000
655
46
1,000
256
458
1
215
294
24
120
174
212
106
766
7,959
500
8,459
245
207
83
233
125
159
145
125
1,000
655
46
256
458
215
294
24
120
174
212
106
766
6,266
114
300
330
191
75
1,528
1,500
748
33
861
188
294
500
174
160
695
117
303
669
75
847
375
500
327
556
381
700
128
750
396
750
296
14,861
486
486
314
300
330
191
460
75
750
1,528
1,500
748
33
861
188
294
500
174
160
695
117
303
669
75
847
375
486
500
327
556
406
700
128
750
396
750
296
16,782
750
17,532
(unaudited)
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
Secured
Loans and
advances
Total
Centre-du-Québec
Écofib inc.
Huppé Meubles inc.
IPM Canada inc.
J.I.T. Laser inc.
Misa Tours Canada inc.
Nitek Laser inc.
Paul Rocheleau inc.
Rénovation Expo inc.
Vibrotech inc.
Chaudière-Appalaches
9050-7641 Québec inc. (Ramp-Art)
9069-4654 Québec inc. (Supervac 2000)
9217-2840 Québec inc. et L'Usine Tac Tic inc.
Bercomac ltée
Canada moteurs importations inc.
Cométal inc.
Équipements Demers inc.
Équipements Plannord ltée
Équipements récréatifs Jambette inc.
Étic Produits Plein-Air inc.
Fini. U.V. International inc.
Groupe PCM inc.
Groupe S.S. inc.
J.L. Leclerc & fils inc.
Les Productions Horticoles Demers 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.
Usine Sartigan inc.
700
725
1,425
7
200
33
500
750
227
67
185
267
491
2,720
200
33
500
750
227
67
185
267
491
2,720
633
56
730
397
400
400
84
403
785
500
51
288
633
56
730
964
333
217
89
700
397
400
400
84
403
785
1,225
51
288
1,000
17
450
1,000
293
394
8,520
1,000
17
450
1,000
293
394
10,909
333
217
89
964
964
(unaudited)
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
Secured
Loans and
advances
Total
Côte-Nord
7583168 Canada inc. (Les Entreprises Electro Select)
9011-1501 Québec inc. (Pompage Pelletier)
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.
Les Pétroles Paul Larouche inc.
Mason Graphite inc.
Métal 7 inc.
Nord Industrie inc.
Pec-Nord inc.
Plomberie Chauffage O Max inc. et 9276-5593 Québec inc.
Synergica Alliance inc.
413
1
6
700
300
1,420
Estrie
9100-2790 Québec inc. (Multi distribution Sherbrooke inc.)
9159-7500 Québec inc. (Armoires NAC)
Boccam inc.
Acier Fastech inc.
Amecci inc.
Ani-Mat inc.
Groupe Cabico inc.
Innotex inc.
Kemestrie inc.
LeProhon inc.
Les Entreprises Dauphinais inc.
Les Industries Touch inc.
Les Quais Bertrand inc.
Les Viandes Laroche inc.
MPÉCO Construction inc.
Motrec international inc.
Oasis Tropik Nordik 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.
8
25
524
125
1,000
1
46
97
1,818
135
506
186
296
928
650
1,812
550
49
392
400
90
200
68
415
25
6,702
107
287
1,300
244
117
1,038
458
864
1,500
521
758
453
407
283
771
61
500
920
160
10,749
700
205
187
175
175
95
646
225
252
2,660
135
506
186
296
928
650
413
1
1,812
550
49
392
400
90
206
700
68
300
415
25
8,122
107
287
1,300
244
117
1,038
458
864
678
1,500
521
758
453
407
283
771
61
500
920
160
11,427
1,550
12,977
700
230
524
312
175
1,000
175
1
46
95
646
225
349
4,478
25
4,503
(unaudited)
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
Secured
Loans and
advances
Total
Lanaudière
ABC Environnement inc. et
9216-4615 Québec inc. (Centre de Valorisation de Crabtree)
Agro-100 ltée
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.
Sécurité GMR inc., 9172-9863 Québec inc. et 9135-5214 Québec inc.
Triotech Amusement inc.
Verre Select inc.
Laurentides
4486021 Canada inc. (Aliments Urbains)
7661665 Canada inc. (Profab mécanique 2010) et
9151-0768 Québec inc. (Desco)
9018-4995 Québec inc. (Lacelle & Frères)
9311-5947 Québec inc. (Les Aliments Kamloop)
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.
Groupe Sima Palsol 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.
Palmex International inc.
Service Alimentaire Desco inc.
Vision Villégiature inc.
Laval
9160-5188 Québec inc. (Hulix Construction)
9210-9107 Québec inc. (Jungle Aventure)
Artemano Canada inc.
Attractions SOS inc.
Ciel Aventure Québec inc.
Collections Unimage inc.
Cunico ltée
Geram Communications inc. et Gerba Entreprises inc.
Hydrolico International inc.
K.F. Construction inc.
Les Bouteilles Recyclées du Québec (B.R.Q.) inc.
Paris, Ladouceur & associés inc.
Produits Alimentaires Berthelet inc.
S.R.A.D. Communications inc.
Vinyform ltée
1,000
300
1,300
126
126
Mauricie
9145-5980 Québec inc. (Transport Jacques Labbé)
Climatisation Trois-Rivières inc.
Concept Éco-Plein-Air Le Baluchon inc.
Estampage J.P.L. limitée
Portes & fenêtres Nouvel Horizon inc.
751
751
9
706
375
275
1,250
577
1,063
500
475
80
464
217
187
8
6,177
706
375
275
1,250
577
1,063
500
475
80
464
217
187
8
6,177
750
6,927
107
107
500
73
500
321
1,187
177
390
490
466
528
78
717
7
1,112
772
167
500
73
500
321
1,187
177
390
490
466
528
78
717
7
1,112
772
167
1,000
240
270
128
15
217
300
9,762
200
9,962
240
270
128
15
217
8,462
332
217
250
350
1,317
350
750
300
667
360
167
190
717
67
250
6,284
332
217
250
350
1,317
350
750
300
667
360
293
190
717
67
250
6,410
600
7,010
389
57
601
2,000
450
3,497
389
57
1,352
2,000
450
4,248
(unaudited)
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
Secured
Loans and
advances
Total
Montérégie
9183-1214 Québec inc. (Service Sérigraphique Professionnel S.S.P.)
Agro-Bio contrôle inc.
Agrocentre Belcan inc.
Atelier d'usinage Quenneville 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.
Géomap GIS Amérique inc.
Groupe Exel International 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
Les Cartons Northrich inc.
Les Produits de Ventilation Lambro inc.
Les Promotions Universelles inc.
Les sols Sportica inc.
M.G.B. Électrique inc.
Matériaux paysagers Savaria ltée
Plombco 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.
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.
Corporation Smartsilk inc.
Emballages Cré-O-Pack International inc.
Galerie au chocolat inc.
Groupe Carreaux Céragrès inc.
Groupe Lincora inc.
Le Groupe Conseil Integrim inc.
Les Investissements Sylnic inc.
Les Laboratoires de recherche de Lan Wirewerks inc.
Location Jean Légaré ltée
Magnus Poirier inc.
Manutention Québec 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.
Stylo Bankers (1991) inc.
Tornatech inc.
Turbines Essential inc.
Vulcan Compagnie de Palans ltée
10
422
133
555
117
17
24
900
275
285
270
354
250
158
147
33
1,950
506
115
35
187
100
590
1,334
100
750
567
464
70
200
540
197
10,535
192
192
422
117
17
24
900
275
285
270
354
250
158
147
33
1,950
506
192
115
35
187
100
590
1,334
100
750
567
464
70
333
540
197
11,282
1,000
1,000
235
533
388
340
100
150
500
361
334
272
1,800
45
351
54
346
333
478
1,150
233
232
500
96
494
154
250
465
500
494
12,188
235
533
388
340
100
150
500
361
334
272
1,800
45
351
54
346
333
478
1,150
233
232
500
96
494
154
250
465
500
494
12,188
1,000
13,188
(unaudited)
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
Secured
Loans and
advances
Total
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)
Corporation Éléments Critiques
Équipement de bureau Ungava inc.
Exploration NQ inc.
Fonds Soutien Baie-James, société en commandite
Gestion du Fonds Soutien Baie-James inc.
Les Consultants de l'Arctique inc.
Les Pétroles M.J. inc.
Les Ressources Yorbeau inc.
M.A.S. Chibougamau inc.
Mines Coulon inc.
Nemaska Lithium inc.
Ressources Sphinx ltée
Services Pétroliers Chibougamau inc.
Société d'Exploration Minière Vior inc.
50
192
56
308
72
500
1
100
400
77
476
397
182
387
247
124
3,569
Outaouais
140689 Canada ltée (Taxi Loyal)
2786630 Canada inc. (Vitrerie Vision 2000 enr.)
4031202 Canada inc.
6227945 Canada inc. (IEG)
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)
Alary, St-Pierre & Durocher Arpenteurs-géomètres inc.
Auberge & Spa le Nordik inc.
Ed. Brunet et associés Canada inc.
Gestion conseil Immogest-Sweeney inc.
Imasight inc.
Laiterie de l'Outaouais inc.
Lauzon - Foresterie (Fiducie)
Les Entreprises RGMSP ltée et 6588891 Canada inc.
Macadamian Technologies inc.
Norgau 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
98
83
400
176
130
300
600
75
328
300
2,490
29
750
1,235
90
150
391
159
55
1,392
233
202
125
492
1,500
548
2,048
98
83
400
50
176
192
56
308
72
500
1
130
300
100
600
400
77
476
397
182
462
328
247
424
6,059
25
6,084
750
350
187
182
740
75
577
1
253
86
129
8,633
52
500
552
29
750
1,235
52
90
150
391
159
55
1,392
233
202
125
492
500
750
1,500
350
187
182
1,288
75
577
1
253
86
129
11,233
700
11,933
(unaudited)
(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 9300-9181 Québec inc.
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.
Garage Marcel Simard inc.
Gestion du Fonds AP 60 inc.
Gestion LJ inc.
Groupe Giroux Maçonnex inc.
Industries Bofab inc.
Isumi Précision ltée
Laval Fortin ltée
LCR Vêtements et Chaussures inc.
Les Équipements pétroliers Claude Pedneault inc.
Les Fenêtres AGM inc.
Les Placements G.M.R. Maltais inc.
Nolicam Location de camions inc.
Novabrik International inc.
Pétrolex St-Félicien inc.
Précicast ltée
Reboitech inc. et Plani-forêt S.G.F. inc.
Remac innovateurs industriels inc.
St-Félicien Diesel (1988) inc.
SCP 89 inc.
Transports J.M. Bernier inc.
Total Fonds régionaux de solidarité FTQ, société en commandite
31-12-14 Fonds Valorisation Bois, s.e.c.
Groupe Lebel (2004) inc.
30-04-15 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
58
158
40
270
1,405
559
295
123
350
1,000
55
832
767
800
132
1,000
55
832
767
800
132
610
610
840
108
868
350
1
60
1,160
259
58
1,000
400
348
642
40
535
1,527
384
647
170
173
651
295
380
15,442
250
15,692
108
868
350
60
1,160
259
1,000
400
348
300
265
122
384
170
173
651
184
88
3,853
380
11,317
272
26,399
132,963
3,141
162,503
6,350
168,853
6,000
6,000
140,005
140,005
(unaudited)
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
31-12-14 Teralys capital Fonds de Fonds, 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, s.e.c.
Novacap TMT IV, s.e.c.
Rho Canada Capital de Risque II, s.e.c.
Sofinnova Capital VII
Vanedge Capital I Limited Partnership
Capital de risque Versant V (Canada), s.e.c.
31-12-14 VC, société en commandite
Securities of two companies
Direct holdings of real estate
Secured
Loans and
advances
Total
15,665
9,540
1,636
6,835
5,049
3,367
3,200
2,803
2,857
2,357
2,145
2,083
848
633
530
406
118
59,680
15,665
9,540
1,636
6,835
5,049
3,367
3,200
2,803
2,857
2,357
2,145
2,083
848
633
530
406
118
59,680
127,406
187,086
32
32
123,845
123,877
This unaudited index details the investments made by the specialized funds as required by the Regulation Respecting Development Capital Investment Fund
Continuous Disclosure.
13

FONDS DE SOLIDARITÉ DES TRAVAILLEURS

Transcription

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