Equity, fixed income, economic and market research is obtained from a variety of independent and proprietary sources.


The equity investment focus is to endeavour to identify superior long-term investments primarily in the large cap market. Investments are held until long-term value is realized or fundamentals change. SIM has an informal investment committee, where each member is responsible for specific areas of research and following specific companies. Combining internal and external research, including management interviews, investment committee members discuss new investment ideas.

Each portfolio is reviewed weekly at the investment committee level. Attention is paid to the long-term prospects of the company and also to the suitability for the individual portfolio. The merits of each investment are reviewed with the specific focus on any new developments or issues.

After-tax considerations play a significant pivotal role in the sale process. Given the considerable holding period of most of the portfolios' investments, significant capital gains may have accumulated and, with the long-term investment horizon the managers take, SIM would have to be motivated by substantial, company-specific risks in order to sell.

Fixed Income

Fixed income investments are selected to serve two functions: to hedge against uncertain markets and to provide income. Though capital gains can be achieved, the trading of fixed income investments is limited. Investments in the fixed income area will be primarily limited to government securities such as provincial and federal issues, as well as high grade corporate bonds.

Trading and Commonality

All trading will be done through approved investment dealers and every attempt will be made to achieve best price and execution. SIM will undertake to get the most competitive rates given the level of service and research from every broker. However, if clients direct commissions to specific brokers it may affect SIM's ability to achieve competitive pricing and commission.

Presently, SIM does not participate in soft dollar arrangements. However, if SIM is directed by clients to enter into such agreements or if the firm enters on its own volition,, such arrangements and disclosure will be made in accordance with regulatory requirements, as well as the CFA Institute's Soft Dollar Standards.

Given the tax sensitivity of each client and the level of customization that specific accounts may have, there is no guarantee that all accounts will be identical. As well, specific accounts may have constraints or preferences which may require some variation. However, there will be every attempt to maintain a high level of commonality among clients.

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