1- Complete financial report as at May 31, 2015

Transcription

FINANCIAL
STATEMENTS
AS AT MAY 31, 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 May 31, 2015, May 31, 2014 and June 1, 2013, and the statements of comprehensive income, changes in net
assets and cash flows for the years ended May 31, 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) issued by the International Accounting Standards Board, and for such internal control as
management determines is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance
with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the
entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fonds de solidarité des
travailleurs du Québec (F.T.Q.) as at May 31, 2015, May 31, 2014 and June 1, 2013, and its financial performance and its cash flows for
the years ended May 31, 2015 and 2014 in accordance with International Financial Reporting Standards (IFRS) issued by the
International Accounting Standards Board.
Signed,
Deloitte LLP1
1
CPA auditor, CA, public accountancy permit No. A110972
Signed,
Raymond Chabot Grant Thornton LLP2
2
Montréal, June 23, 2015
FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.)
1
BALANCE SHEETS
Note
May 31, 2015
May 31, 2014
June 1, 2013
Development capital investments
5
6,094
5,444
5,306
Other investments
6
5,384
5,075
4,380
(in millions of Canadian dollars, except net assets per share)
Assets
Investment property
11
31
28
25
Accounts receivable
12
244
220
259
18
16
9
Cash
Other assets
Deferred income taxes
24
-
-
1
Property and equipment
13
47
48
49
Intangible assets
14
6
7
5
Refundable taxes on hand
24
7
-
2
Income taxes
9
1
5
Securities purchased under reverse repurchase agreements
-
255
274
Financial instruments related to securities sold under
repurchase agreements
257
101
149
12,090
11,197
10,469
Liabilities
Notes
15
419
452
396
Accounts payable
17
188
180
266
Other liabilities
24
3
-
-
Net defined benefit liability
25
43
44
45
Share redemptions payable
Securities sold under repurchase agreements
30
34
30
257
356
423
940
1,066
1,160
Net assets
18
11,150
10,131
9,309
Net assets per Class A share
28
33.26
30.31
28.00
Contingencies (Note 20)
The accompanying notes form an integral part of these financial statements.
On behalf of the Board of Directors,
(signed) “Robert Parizeau”
(signed) “Gaétan Morin”
Robert Parizeau, Director
Gaétan Morin, Director
2
STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED MAY 31
2015
2014
Interest
143
166
Dividends and distributions
182
183
16
11
341
360
Realized
226
177
Unrealized
584
405
(in millions of Canadian dollars, except net income per share)
Revenues
Note
21
Rental, fee and other income
Gains (losses) on development capital investments, other investments and investment property
Transaction costs
(2)
(2)
808
580
1,149
940
Corporate
70
65
Development capital investments and other investments
33
35
Shareholder Services and Economic Training
44
49
147
149
1,002
791
Total operating expenses
22
Income before income taxes
Income taxes
24
Net income
17
19
985
772
7
1
992
773
2.94
2.31
Item of other comprehensive income that will not be reclassified to net income
Remeasurement of the net defined benefit liability
25
Comprehensive income
Supplemental information
Net income per Class A share
18 and 28
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
841
1,417
1
Net
assets
10,131
2015
Balance at beginning of year
7,793
78
1
Net income
985
Other comprehensive income
Share issues
19
658
9
(490)
(8)
Net change in share
subscriptions
Change in outstanding
redemptions
Balance at end of year
1
(51)
2
18
7
667
1
Share redemptions
Transfers
985
7
1
80
(94)
(643)
(1)
2
(80)
-
8,043
79
2
791
2,227
8
11,150
7,509
80
1
910
809
-
9,309
2014
Net income
772
772
1
Share issues
778
9
(578)
(11)
Net change in share
subscriptions
-
Share redemptions
1
787
-
(69)
(72)
(730)
(2)
(8)
Change in outstanding
redemptions
Transfers
(6)
18
-
90
7,793
(90)
78
1
841
1,417
1
10,131
4
STATEMENTS OF CASH FLOWS
(in millions of Canadian dollars)
2015
2014
985
772
Operating activities
Net income
Non-cash items
Interest capitalized on development capital investments
(4)
(2)
Interest capitalized on notes
18
19
Amortization of premiums and discounts
11
10
Realized
(226)
(177)
Unrealized
(584)
(405)
(Gains) losses on development capital investments, other investments and
investment property
Post-employment benefits
8
-
Depreciation of property and equipment and amortization of intangible assets
7
6
1
-
216
223
Changes in non-cash items
Accounts receivable
11
67
Refundable taxes on hand
2
5
Income taxes
(8)
4
Accounts payable
(2)
(68)
Other
1
2
220
233
Acquisition of development capital investments
(620)
(380)
Proceeds of disposal of development capital investments
299
473
Acquisition of other investments
(7,792)
(9,458)
Proceeds of disposal of other investments
7,932
9,056
Increase in notes
Repayment of notes
Acquisition of investment property
108
179
(159)
(142)
(3)
(15)
(39)
Financing activities
Shares issued and subscribed
Shares redeemed
668
787
(645)
(733)
23
54
Investing activity
Acquisition of property and equipment and intangible assets
Increase in cash
(6)
(8)
2
7
Cash at beginning of year
16
9
Cash at end of year
18
16
Interest received
165
187
Dividends and distributions received
179
190
22
11
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. IFRS ADOPTION
These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”). The
Fonds adopted this accounting framework for the year beginning June 1, 2014, as required by Canadian securities laws and
the Accounting Standards Board of Canada. Previously, the Fonds prepared its financial statements in accordance with
Canadian generally accepted accounting principles as defined in Part V of the CPA Canada Handbook — Accounting
(“Canadian GAAP” – Part V). The Fonds used the same accounting policies to prepare its opening IFRS balance sheet as at
June 1, 2013 and throughout all the financial years presented, as if such policies had always been effective. Note 28
discloses the impact of the transition to IFRS on the financial position, financial performance and cash flows reported by the
Fonds. It also presents the nature and impact of the significant changes in accounting policies from the accounting policies
used to prepare the financial statements of the Fonds in accordance with Canadian GAAP – Part V for the year ended
May 31, 2014.
2. BASIS OF PREPARATION
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 5 of
Note 2. These separate financial statements are the only financial statements presented by the Fonds. They have been
approved for issue on June 23, 2015 by the Board of Directors of 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. SUBSIDIARIES AND ASSOCIATES
Investments in subsidiaries and associates are recognized at fair value through profit or loss.
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(CONTINUED)
5. 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,
securities purchased under reverse repurchase agreements, 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.
6. 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.
7
(CONTINUED)
6. 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) Hedge fund units
The fair value of hedge fund units is determined using the price established by their respective manager.
iii) 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.
iv) 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.
v)
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.
vi) 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.
7. 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.
8. INVESTMENT PROPERTY
Investment property is property held by the Fonds for renting and value appreciation purposes. The investment property is
occupied by several tenants. The Fonds presents its investment property using the fair value model. Fair value is measured
at each reporting date, and any change in fair value is recognized in net income.
The fair value used is determined using the discounted cash flow technique, whereby fair value represents the aggregate of
the present value of projected cash flows and the reversion value at the end of the projection period. To ensure that such
fair value is appropriate, the result is compared with other techniques, such as the direct discounting technique, under
which an overall discount rate is applied to normalized net operating income, and the direct comparison method, under
which the most likely selling price is estimated by comparing and analyzing real estate transactions involving similar
properties.
8
9.
(CONTINUED)
CASH
Cash includes bank accounts used in operating, processing transactions on share capital and managing development
capital investments and other investments.
10. 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
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.
11. 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.
12. SHARE CAPITAL
The Fonds’ Class A shares are puttable (redeemable at the option of the holder), subject to certain conditions, and are
classified in net assets as they have all the following features:

they entitle the holder to a pro rata share of the Fonds’ net assets in the event of the Fonds’ liquidation;

they are in a class of instruments that is subordinate to all other classes of instruments of the Fonds;

they have features that are identical to those of all the other instruments of this class;
9
(CONTINUED)
12. 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.
13. 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.
14. 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 are recognized when they are declared, while cumulative dividends are recognized on an
accrual basis. Distributions are recognized when they are received.
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 .
15. 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)
15. 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.
16. NET INCOME PER CLASS A SHARE
Net income per share is calculated by dividing net income by the weighted average number of Class A shares outstanding
during the year.
17. ACCOUNTING STANDARDS ISSUED 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 assessing 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, 2017. However, the IASB has
proposed to postpone the effective date to January 1, 2018, but this postponement has not yet been adopted. The
Fonds is currently assessing the impact of applying this standard.
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of financial statements in accordance with IFRS requires using accounting estimates and judgment when
applying certain accounting policies. Changes to certain assumptions may have an impact on the financial statements for the
year during which such changes are made. The Fonds believes that the underlying assumptions are appropriate and that,
accordingly, its financial statements present fairly its financial position and performance. The following paragraphs present an
analysis of the most significant critical accounting estimates and judgments made by the Fonds in preparing its financial
statements.
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 that market participants would use to determine fair value using the best information
possible in the circumstances.
11
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 financial instruments at fair value in accordance with the
valuation principles adopted by the Fonds, the Fonds’ team of qualified valuators monitor twice a year the performance of
the companies in the portfolio and are continuously looking for information on the business and operations of the
companies being valued. Where appropriate, the qualified valuators monitor data on comparable companies, the results of
recent transactions and the ratings of instruments issued by similar companies.
Except in the case of listed public companies, any relevant information related to fair value measurements is submitted to
an independent valuation committee composed of a majority of qualified valuators independent from the Fonds, as
required by the Regulation Respecting Development Capital Investment Fund Continuous Disclosure. This committee
reviews this information and submits a written report to the Audit Committee, which must examine the compliance of the
financial statements. The President and Chief Executive Officer as well as the Executive Vice-President, Finance, sign a
certification for the Audit Committee on the valuation of development capital investments that is filed with the Autorité des
marchés financiers. This certification confirms, in particular, the reasonableness of the aggregate fair value of the
development capital investments portfolio.
2. FAIR VALUE MEASUREMENT OF THE INVESTMENT PROPERTY
The Fonds must make assumptions and use estimates in measuring the fair value of its investment property. These
assumptions include the internal rate of return and the capitalization rate. The investment property is measured based on
its highest and best use. The Fonds uses a firm of independent real estate appraisal experts to determine fair value and
approves the reasonableness of the assumptions used.
3. MEASUREMENT OF THE NET DEFINED BENEFIT LIABILITY
The Fonds must make assumptions for using statistical data and other parameters to measure the net defined benefit
liability. These assumptions include the discount rate for the pension obligation and for calculating the expected return on
plan assets, the expected rate of increase in salaries and the mortality table used. Should the actuarial assumptions be
materially different from the actual data observed subsequently, the plan cost recognized in Other comprehensive income
as well as the net defined benefit liability presented on the Balance Sheet could substantially change.
4. FINANCIAL INSTRUMENT RISKS
Risks arising from financial instruments are an integral part of the audited financial statements and are discussed in the
audited “Risk management” section of the Management Discussion and Analysis for the Year Ended May 31, 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.
Unrealized
appreciation
(in thousands $)
Cost
(depreciation)
Fair value
May 31, 2015
Unsecured
Listed shares
768,070
161,207
929,277
2,846,408
755,334
3,601,742
Loans, bonds and advances
1,552,409
8,261
1,560,670
2,638
-
2,638
5,169,525
924,802
6,094,327
Secured
Loans
May 31, 2014
Unsecured
Listed shares
657,394
194,313
851,707
2,583,215
470,761
3,053,976
1,522,159
5,086
1,527,245
Secured
Loans and advances
30,988
(20,113)
4,793,756
650,047
10,875
5,443,803
June 1, 2013
Unsecured
Listed shares
761,142
114,403
875,545
2,454,011
353,550
2,807,561
1,612,955
(181)
1,612,774
11,590
(1,114)
10,476
Secured
Loans and advances
4,839,698
466,658
5,306,356
Development capital investments include securities denominated in foreign currencies, mainly the U.S. dollar, with a fair value
of $452.5 million (May 31, 2014: $394.4 million; June 1, 2013: $287.4 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.
13
(CONTINUED)
BREAKDOWN BY MATURITY OF LOANS, BONDS AND ADVANCES AT FAIR VALUE
Variable rates
Fixed rates
Total
Less than 1 year
1 to 5 years
5 years and more
81,878
310,498
685,503
482,791
7.6
1.31
7.6
7.2
138
2,500
13.0
6.4
75,999
296,909
584,879
569,458
7.1
1.01
7.0
5.5
4,110
1,031
5,734
14.0
5.2
8.9
100,685
342,346
628,564
541,179
9.0
2.11
7.8
6.9
6,009
4,467
6.9
16.5
(in thousands $)
May 31, 2015
Unsecured
Average effective rate (%)
Secured
1,560,670
2,638
May 31, 2014
Unsecured
Secured
1,527,245
10,875
June 1, 2013
Unsecured
Secured
1.
1,612,774
10,476
This average rate includes non-interest bearing advances to a wholly-owned company repayable on demand of $253.8 million
(May 31, 2014: $258.2 million; June 1, 2013: $268.9 million). Excluding these advances, the average effective rate would be 8.1%
(May 31, 2014: 8.7%; June 1, 2013: 8.4%).
14
(CONTINUED)
BREAKDOWN BY INDUSTRY SEGMENT
Information
Energy and
(in thousands $)
Consumer
technology,
discretionary
telecommuni-
and
Financials
cations
consumer
and
services and
healthcare
Total
5,169,525
materials
Industrials
staples
utilities
571,931
893,424
1,003,051
2,046,577
654,542
51,642
73,234
261,650
557,929
(19,653)
924,802
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)
Fair value
Funds committed but not disbursed1
Guarantees and
9,655
suretyships2
9,655
728,173
1,154,552
1,410,045
2,826,574
992,680
7,112,024
528,093
721,573
917,995
19,895
104,398
208,712
1,982,376
643,719
4,793,756
441,101
(124,059)
650,047
Fair value
547,988
825,971
110,366
89,549
1,126,707
2,423,477
519,660
5,443,803
102,758
223,837
436,500
963,010
May 31, 2014
Cost
Guarantees and suretyships2
8,227
8,227
658,354
915,520
1,237,692
2,647,314
956,160
6,415,040
539,299
701,695
937,292
7,876
80,471
81,010
2,040,819
620,593
4,839,698
463,539
(166,238)
466,658
547,175
782,166
1,018,302
2,504,358
454,355
5,306,356
105,000
88,443
91,083
141,044
412,116
837,686
June 1, 2013
Cost
Fair value
Guarantees and
suretyships2
7,814
652,175
870,609
1,117,199
7,814
2,645,402
866,471
6,151,856
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. Disbursements are subject to
compliance with the agreement’s terms and conditions. Of funds committed but not disbursed, an amount of $234.8 million
(May 31, 2014: $278.1 million; June 1, 2013: $171.8 million) represents credit facilities and project financing for operating
companies, having a weighted average maturity of 30 months (May 31, 2014: 20 months; June 1, 2013: 18 months); and an amount
of $773.2 million (May 31, 2014: $684.9 million; June 1, 2013: $665.9 million) represents commitments that will be disbursed to
specialized funds in tranches, having a weighted average maturity of 7.8 years (May 31, 2014: 7.2 years; June 1, 2013: 8.1 years).
Commitments amounting to $186.2 million (May 31, 2014: $189.5 million; June 1, 2013: $103.6 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.
15
(CONTINUED)
GUARANTEES AND SURETYSHIPS
The Fonds granted guarantees and suretyships for operating activities and operating lines of credit purposes, without recourse,
that do not generally include a specific maturity and that are irrevocable commitments by the Fonds to make the payments of
partner companies that cannot meet their obligations to third parties.
As at May 31, 2015, May 31, 2014 and June 1, 2013, 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.
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.
Unrealized
appreciation
(in thousands $)
Cost (depreciation)
Fair value
May 31, 2015
Listed shares and unlisted units
2,183,840
576,379
2,760,219
Bonds
2,320,097
117,936
2,438,033
185,074
77
185,151
4,689,011
694,392
5,383,403
-
172
172
4,689,011
694,564
5,383,575
2,168,611
310,678
2,479,289
25,097
388
25,485
2,431,186
78,575
2,509,761
59,803
52
59,855
4,684,697
389,693
5,074,390
-
817
817
4,684,697
390,510
5,075,207
1,665,829
69,420
1,735,249
Money market instruments
May 31, 2014
Hedge fund units
Bonds
June 1, 2013
Hedge fund units
Bonds
242,630
4,663
247,293
2,325,705
65,971
2,391,676
848
1
849
4,235,012
140,055
4,375,067
1,492
2,989
4,481
4,236,504
143,044
4,379,548
Other investments include securities denominated in foreign currencies with a fair value of $2,062.4 million (May 31, 2014:
$1,847.1 million; June 1, 2013: $1,522.3 million), mainly including $1,192.4 million (May 31, 2014: $1,020.9 million;
June 1, 2013: $910.3 million) in U.S. dollars, $201.0 million (May 31, 2014: $199.3 million; June 1, 2013: $199.8 million) in
euros, $199.0 million (May 31, 2014: $172.4 million; June 1, 2013: $92.4 million) in yens and $166.4 million (May 31, 2014:
$167.0 million; June 1, 2013: $180.6 million) in pounds sterling.
16
(CONTINUED)
BREAKDOWN BY MATURITY
BONDS
(in thousands $)
Less than
1 to
5 to
10 to
20 to
30 years
1 year
5 years
10 years
20 years
30 years
and more
Total
May 31, 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
Fair value
163,631
740,105
707,059
427,440
342,574
128,952
2,509,761
Cost
163,844
725,050
686,243
409,063
323,215
123,771
2,431,186
Par value
162,896
711,707
671,306
363,711
295,539
123,609
2,328,768
1.5
2.4
3.2
3.7
4.2
3.9
3.1
2.5
3.1
3.6
4.8
4.9
3.9
3.7
Fair value
84,080
739,268
783,978
310,227
361,787
112,336
2,391,676
Cost
84,714
733,505
764,198
296,973
336,942
109,373
2,325,705
Par value
82,972
712,346
724,150
236,004
293,689
103,369
2,152,530
2.1
2.2
3.2
3.9
4.1
3.8
3.1
4.0
3.2
4.0
6.0
5.1
4.3
4.1
May 31, 2014
June 1, 2013
MONEY MARKET INSTRUMENTS
6 months and
(in thousands $)
Less than 1 month
1 to 6 months
more
Total
78,683
104,481
1,987
185,151
0.8
0.8
0.7
0.8
59,565
290
59,855
1.0
1.0
1.0
90
759
849
1.0
1.0
1.0
May 31, 2015
Fair value
May 31, 2014
Fair value
June 1, 2013
Fair value
17
(CONTINUED)
BREAKDOWN BY MATURITY (CONTINUED)
DERIVATIVE FINANCIAL INSTRUMENTS
Less than
(in thousands $)
1 month
6 months and
1 to 6 months
more
Total
May 31, 2015
Fair value1
Listed stock index option contracts
Written put options
Foreign currency forward contracts
(27)
Interest rate forward contracts
Stock index futures
(97)
(124)
(1,495)
(1,495)
(184)
(184)
(281)
(1,803)
(1,522)
-
Notional amount
Listed stock index option contracts
Written put options
2,361
Stock index futures
4,652
7,013
50,925
50,925
72,483
72,483
10,382
10,382
31 mai 2014
Fair value1
Purchases
Sales
Interest rate futures
Stock index futures
(4)
(4)
413
-
413
-
-
144
553
144
-
-
-
-
553
Notional amount
Purchases
Sales
1.
1,481
1,481
81,487
81,487
16,228
56,981
Stock index futures
66,511
78,369
1,516,453
1,611,050
56,981
6,745
73,256
The fair value of instruments with positive values is $0.2 million (May 31, 2014: $0.8 million; June 1, 2013: $4.5 million) and is
presented under Other investments. The fair value of those with negative values is $2.0 million (May 31, 2014: $0.3 million; June 1,
2013: $19.7 million) and is presented under Accounts payable.
18
(CONTINUED)
BREAKDOWN BY MATURITY (CONTINUED)
DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
(in thousands $)
Less than 1 month
1 to 6 months
6 months and more
Total
June 1, 2013
Fair value1
Unlisted share option contracts
Purchased put options
750
Written put options
(2,327)
750
(2,327)
Listed index stock option contracts
Written call options
2
254
256
(60)
(179)
(239)
(93)
(93)
Written put options
Purchases
Sales
150
(14,573)
-
Stock index futures
(1)
149
(67)
-
(14,640)
-
896
(14,481)
810
896
(1,577)
(15,248)
Notional amount
Unlisted share option contracts
18,900
18,900
Written put options
31,500
31,500
Listed index stock option contracts
1,550
11,724
13,274
Written call options
1,633
12,636
14,269
9,367
9,367
Written put options
Purchases
630,656
77,298
707,954
Sales
931,659
639,582
1,571,241
25,612
Stock index futures
1.
67,646
1,357,638
159,738
124,603
1,450,896
159,738
7,925
132,528
The fair value of instruments with positive values is $0.2 million (May 31, 2014: $0.8 million; June 1, 2013: $4.5 million) and is
presented under Other investments. The fair value of those with negative values is $2.0 million (May 31, 2014: $0.3 million;
June 1, 2013: $19.7 million) and is presented under Accounts payable.
19
(CONTINUED)
BREAKDOWN OF FAIR VALUE BY INDUSTRY SEGMENT
Information
Energy
(in thousands $)
Consumer
technology,
Govern-
discretionary
telecommuni-
ments and
govern-
and
Financials
cations
and
Indus-
consumer
and
services and
ment
materials
trials
staples
utilities
healthcare
agencies
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
644,630 1,364,278
801,982
1,710,140
5,383,403
Total
May 31, 2015
Bonds
81,714
14,993
Fair value
46,424
563,317 299,056
2,760,219
20,234
2,438,033
20,234
563,317 299,056
644,630 1,384,512
801,982
502,645 220,701
468,003
738,581
574,844
66,687
600,923
59,545
1,710,140
5,403,637
May 31, 2014
Listed shares, unlisted units and
hedge fund units
Bonds
101,305
38,474
Fair value
6,999
603,950 259,175
534,690 1,346,503
634,389
2,504,774
1,642,827
2,509,761
52,856
59,855
1,695,683
5,074,390
19,102
19,102
603,950 259,175
534,690 1,365,605
634,389
752,823
270,143
681,827
277,749
34,518
545,758
81,026
1,695,683
5,093,492
June 1, 2013
Listed shares, unlisted units and
hedge fund units
Bonds
87,007
42,613
Fair value
839,830
42,613
304,661 1,227,585
839,830
42,613
304,661 1,244,488
1,982,542
1,600,754
2,391,676
849
849
358,775
1,601,603
4,375,067
358,775
1,601,603
4,391,970
16,903
16,903
1. Funds committed but not disbursed to international infrastructure funds represent other investments that have already been agreed
to and for which amounts have been committed by the Fonds but have not been disbursed at the reporting date. Disbursements are
subject to compliance with the agreement’s terms and conditions. These commitments, having a weighted average maturity of
5.6 years (May 31, 2014: 6.6 years; June 1, 2013: 7.4 years), are denominated in U.S. dollars.
20
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 $0.2 million (May 31, 2014:
$0.3 million; June 1, 2013: $1.9 million), and the fair value of derivative financial instrument liabilities subject to such
arrangements is $2.0 million (May 31, 2014: $0.3 million; June 1, 2013: $7.4 million).
For securities purchased under reverse repurchase agreements and securities sold under repurchase agreements, the Fonds
receives from or pledges to the counterparty collateral to manage credit risk. In the event of default, amounts related to a
specific counterparty may be settled on a net basis under the Global Master Repurchase Agreement. As at May 31, 2015, May
31, 2014 and June 1, 2013, none of these amounts was set off in the Balance Sheet.
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
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
Financial instruments related to securities sold under
154,160
17,734
Financial liabilities
Accounts payable relating to development capital
investments and other investments purchased
(124)
185,151
172
62,241
5,383,575
154,160
17,734
256,810
256,810
(130,961)
(130,961)
(1,851)
(1,975)
(256,810)
(256,810)
21
(in thousands $)
(CONTINUED)
Level 1
Level 2
851,654
53
Level 3
Total
3,053,976
3,053,976
1,076,144
1,527,245
10,875
10,875
4,140,995
5,443,803
51,051
2,479,289
May 31, 2014
Financial assets
Unsecured
Listed shares
451,101
851,707
Secured
Loans and advances
851,654
451,154
Other investments
2,428,238
Hedge fund units
Bonds
2,498,500
25,485
25,485
11,261
2,509,761
59,855
-
817
2,428,238
2,559,172
59,855
817
87,797
5,075,207
121,547
121,547
Securities purchased under reverse repurchase
254,980
254,980
agreements
Financial
instruments related to securities sold under
101,252
101,252
122,121
122,121
Cash
15,939
15,939
(264)
(264)
(356,232)
(356,232)
22
(in thousands $)
(CONTINUED)
Level 1
Level 2
875,162
383
Level 3
Total
June 1, 2013
Financial assets
Unsecured
Listed shares
-
875,545
2,807,561
2,807,561
442,405
1,170,369
1,612,774
10,476
10,476
442,788
3,988,406
5,306,356
57,440
1,735,249
Secured
Loans and advances
875,162
Other investments
1,677,809
Hedge funds units
Bonds
2,380,940
247,293
247,293
10,736
2,391,676
849
849
256
4,225
4,481
1,678,065
2,386,014
315,469
4,379,548
159,421
159,421
Securities purchased under reverse repurchase
274,123
274,123
agreements
Financial
instruments related to securities sold under
148,819
148,819
185,862
185,862
Cash
9,172
9,172
(332)
(19,397)
(19,729)
(422,942)
(422,942)
23
(CONTINUED)
The following tables show the reconciliation from beginning balances to ending balances for Level 3 fair values. There were no
transfers between Levels 1 and 2 during the year. Transfers between levels are deemed to occur when the underlying
information or the prices used in measuring assets and liabilities become more or less dependent on observable market data,
as it is previously mentioned in the determination of Levels 1, 2 and 3 of the fair value hierarchy for the Fonds.
DEVELOPMENT CAPITAL INVESTMENTS
Unlisted shares
(in thousands $)
and units
Unsecured
Secured
Total
4,140,995
May 31, 2015
Fair value as at May 31, 2014
3,053,976
1,076,144
10,875
Purchases
370,678
177,267
1,323
549,268
Sales and settlements
(118,745)
(131,503)
(13,971)
(264,219)
Realized gains (losses)
Unrealized gains (losses)
11,260
284,573
Transfer of a financial instrument out of Level 3
73
(2,384)
(15,702)
20,113
(30,000)1
(4,369)
302,302
(30,000)
3,601,742
1,089,597
2,638
4,693,977
280,957
(4,799)
95
276,253
3,988,406
Unrealized gains (losses) on development capital
investments held as at May 31, 2015
May 31, 2014
2,807,561
1,170,369
10,476
Purchases
224,397
182,695
23,555
(83,294)
(267,476)
(11,899)
117,211
Transfer of a financial instrument out of Level 3
(1,540)
15,235
(3,346)
(811)
(14,250)
(18,999)
113,447
(23,139)1
3,053,976
1,076,144
96,775
6,205
430,647
(354,116)
(23,139)
10,875
4,140,995
Unrealized gains (losses) on development capital
investments held as at May 31, 2014
(19,809)
83,171
1. The transfer from Level 3 to Level 2 was made as the measurement method is now based on observable market inputs.
24
(CONTINUED)
OTHER INVESTMENTS
(in thousands $)
Listed shares and
Hedge fund
unlisted units
units
Bonds
Total
51,051
25,485
11,261
87,797
May 31, 2015
Purchases
749
(8,497)
(66)
7,670
749
(25,868)
(34,365)
988
922
(605)
73
7,138
50,907
11,334
62,241
7,441
73
7,514
10,736
315,469
Unrealized gains (losses) on other investments held as
at May 31, 2015
May 31, 2014
Purchases
57,440
247,293
817
22,361
(13,818)
Realized gains(losses)
8,046
7,673
(1,434)
(4,275)
51,051
23,178
(247,567)
(1)
(261,386)
-
15,719
526
(5,183)
25,485
11,261
87,797
1,888
526
980
Unrealized gains (losses) on other investments held as
at May 31, 2014
(1,434)
USE OF UNOBSERVABLE INPUTS IN MEASURING LEVEL
3 FINANCIAL INSTRUMENTS
Level 3 financial instruments are measured at fair value using valuation techniques and models that 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
598,342
Capitalized cash flows
Capitalization rate
5.2% - 12.7% (7.8%)
EBITDA margin %1
5.7% - 40.1% (15.9%)
(weighted average)
May 31, 2015
2,460,854
Adjusted net assets
Adjusted net assets
N/A2
335,265
Recent transactions
-
-
207,281
Other3
-
-
810,415
Discounted cash flows
Required rate of return
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
25
USE OF UNOBSERVABLE INPUTS IN MEASURING LEVEL
(CONTINUED)
3 FINANCIAL INSTRUMENTS (CONTINUED)
Input value ranges
Fair value
(in thousands $)
Main valuation techniques
1,035,939
Unobservable inputs
(weighted average)
May 31, 2014
Capitalization rate
5.9% - 14.5% (8.8%)
EBITDA margin %1
4.1% - 42.4% (16.8%)
1,704,547
Adjusted net assets
Adjusted net assets
N/A2
94,251
Recent transactions
-
-
219,239
Other3
-
-
811,817
2.6% - 18.0% (7.8%)
258,182
Adjusted net assets
Adjusted net assets
N/A2
17,020
Other
-
-
4,140,995
Other investments
Unlisted units
51,051
Manager’s quote
-
-
Hedge fund units
25,485
Manager’s quote
-
-
Bonds
11,261
Other
-
-
Capitalization rate
5.7% - 16.3% (9.1%)
EBITDA margin %1
4.4% - 31.8% (15.3%)
87,797
June 1, 2013
#
395,100
1,670,748
Adjusted net assets
Adjusted net assets
N/A2
486,647
Recent transactions
-
-
255,066
Other3
-
-
835,070
3.0% - 18.0% (8.6%)
316,187
Adjusted net assets
Adjusted net assets
N/A2
29,588
Other
-
-
3,988,406
Other investments
Unlisted units
Hedge fund units
Bonds
57,440
Manager’s quote
-
-
247,293
Manager’s quote
-
-
10,736
Other
-
-
315,469
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, discounted cash flow, liquidation and bid
value methods.
26
(CONTINUED)
SENSITIVITY OF THE FAIR VALUE OF FINANCIAL INSTRUMENTS CATEGORIZED WITHIN LEVEL
3
Our sensitivity analyses on loans and advances 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.
Although management believes that its fair value measurements are appropriate, for unlisted shares and units measured using the
capitalized cash flow method, using different variables related to maintainable EBITDA and capitalization rate would result in an
increase or a decrease in fair value that could be material in certain cases. In practice, the Fonds’ qualified valuators determine a
range of plausible values for each of the securities being valued and the mid-range point is generally used for preparing financial
statements. Accordingly, for a given investment, the low end of the range reflects the worst-case scenario, while the high end of
the range reflects the best-case scenario. This practice is the most common method used to estimate the financial impact of
changing the main assumptions by other reasonably acceptable assumptions.
According to management, the increase or decrease in the value of unlisted shares and units is theoretical and unlikely, as the
diversification of the portfolio with respect to industries, maturities and sizes is such that the value of investments is not moving
solely in one direction. Consequently, management believes that only a portion of the increase or decrease in value should be used
to estimate the impact of using alternative assumptions on the fair value of unlisted shares and units measured using the
capitalized cash flow method. 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:
May 31, 2015
May 31, 2014
Fair value
June 1, 2013
Fair value
Number
(in thousands $)
Number
Operating companies
16
1,107,181
Investment entities
15
1,002,662
Operating companies
65
Investment entities
28
Fair value
(in thousands $)
Number
16
793,368
17
836,838
30
1,149,949
31
1,123,706
796,314
59
498,036
59
477,405
294,403
27
254,457
29
232,113
(in thousands $)
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 $133.4 million (May 31, 2014: $140.9 million; June 1, 2013:
$140.7 million). In certain circumstances, some conditions could restrict the ability of a subsidiary to transfer amounts to the
Fonds: for instance, compliance with certain ratios or approval of a payment by another financial institution or other shareholders.
However, the Fonds considers that there are no significant restrictions to these transfers, except for one subsidiary operating in
the insurance industry. In that case, laws and regulations do not allow the Fonds to receive dividends, redeem its shares or obtain
repayment of its loans without approval by the Autorité des marchés financiers.
When the Fonds controls an investment entity, it must also take into account in its scope of subsidiaries and associates those of
that investment entity. Accordingly, as at May 31, 2015, the Fonds indirectly had 83 additional subsidiaries and 105 additional
associates
under
this
criteria
(May 31, 2014:
83 subsidiaries
and
105 associates;
June 1,
2013:
92 subsidiaries
and
101 associates).
27
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 ranges from 102% to
105% as at May 31, 2015 (May 31, 2014: from 102% to 105%; June 1, 2013: 102%) and the fair value of the securities loaned is
$418.3 million (May 31, 2014: $311.3 million; June 1, 2013: $83.6 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 years ended May 31.
(in thousands $)
Increase in rental space
2015
2014
27,689
25,328
2,871
Change in fair value recognized in net income
816
2,361
31,376
27,689
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%
7.50%
Capitalization rate
6.75%
7.25%
Capitalization rate
6.50%
May 31, 2015
Investment property
31,376
May 31, 2014
Investment property
27,689
June 1, 2013
Investment property
25,328
12. ACCOUNTS RECEIVABLE
(in thousands $)
May 31, 2015
May 31, 2014
June 1, 2013
Accounts receivable relating to development capital investments
154,160
121,547
159,421
Accrued dividends and interest
and other investments sold
64,854
73,580
71,597
Other
24,993
25,358
28,031
244,007
220,485
259,049
28
13. PROPERTY AND EQUIPMENT
(in thousands $)
Office furniture
Computer
Buildings
and equipment
hardware
42,615
11,890
Total
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
Net carrying amount as at May 31, 2014
41,099
2,556
3,923
47,578
Acquisitions
390
917
1,831
3,138
Disposals
(214)
-
-
Depreciation
(1,357)
(632)
(1,988)
(214)
(3,977)
39,918
2,841
3,766
46,525
42,451
10,973
15,674
69,098
May 31, 2014
Cost
Net carrying amount
(8,417)
(11,751)
(21,520)
41,099
(1,352)
2,556
3,923
47,578
42,393
2,275
4,315
48,983
58
836
1,675
2,569
Acquisitions
Disposals
Depreciation
(1,352)
(555)
(2,067)
41,099
2,556
3,923
42,393
10,137
14,303
(3,974)
47,578
June 1, 2013
Cost
Net carrying amount
42,393
66,833
(7,862)
(9,988)
(17,850)
2,275
4,315
48,983
As at May 31, 2015, May 31, 2014 and June 1, 2013, no item of property and equipment was impaired. In addition, as at
May 31, 2015, May 31, 2014 and June 1, 2013, 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.
29
14. INTANGIBLE ASSETS
Information system development
(in thousands $)
May 31, 2015
May 31, 2014
June 1, 2013
Cost
26,558
24,028
20,283
Accumulated amortization
(20,091)
(17,486)
(15,689)
6,467
6,542
4,594
Net carrying amount at beginning of year
6,542
4,594
Acquisitions
2,530
3,745
Amortization
(2,605)
(1,797)
Net carrying amount at the end of year
6,467
6,542
Net carrying amount
As at May 31, 2015, May 31, 2014 and June 1, 2013, no intangible asset was impaired. In addition, as at May 31, 2015,
May 31, 2014 and June 1, 2013, 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.
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 rate of return of Other investments. As at May 31, 2015, May 31, 2014 and
June 1, 2013, the interest rate is 4%.
16. CREDIT FACILITIES
As at May 31, 2015, May 31, 2014 and June 1, 2013, the Fonds has credit facilities amounting to $80 million, bearing interest at
prime rate and renewable annually. As at May 31, 2015, May 31, 2014 and June 1, 2013, these facilities are unused, and they
were not used during the years then ended.
17. ACCOUNTS PAYABLE
(in thousands $)
May 31, 2015
May 31, 2014
June 1, 2013
130,961
122,121
185,862
55,008
57,573
60,752
1,975
264
19,729
187,944
179,958
266,343
Accounts payable relating to development capital investments
and other investments purchased
Accrued expenses and other
30
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.
e) Transfers
During the year, the Board of Directors approved an increase in the issued and paid-up capital on Class A shares,
Series 1 of $80 million through transfers from retained earnings (May 31, 2014: $90 million).
As at May 31, 2015, the Fonds had, since its incorporation, transferred the following cumulative amounts:
$1,982 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. ACCUMULATED OTHER COMPREHENSIVE INCOME
Accumulated other comprehensive income was set up upon the first-time adoption of IFRS.
3. NET INCOME PER CLASS A SHARE
Net income per share is based on the weighted average number of Class A shares, which was 335,330,928 (May 31, 2014:
333,514,006).
31
18. NET ASSETS
(CONTINUED)
4. NET ASSETS – CLASS A
Series 1
(in thousands)
Series 2
Subscribed
Total
Number
$
Number
$
$
$
330,886
10,029,119
3,348
101,472
612
10,131,203
May 31, 2015
Net assets as at May 31, 2014
Net income
974,641
Share issues
9,883
7,011
70
7,081
21,424
658,419
293
8,895
6 667,314
(20,544)
(632,851)
(322)
(9,942)
Net change in share subscriptions
Share redemptions
Change in outstanding redemptions
984,524
700
700
(642,793)
112
1,659
1,659
331,878
11,037,998
3,319
110,378
1,312
11,149,688
328,951
9,210,014
3,490
97,724
778
9,308,516
May 31, 2014
Net income
Share issues
763,579
7,889
1,025
9
1,034
787,271
27,166
778,264
317
9,007
(25,011)
(716,048)
(459)
(13,157)
(220)
(7,715)
330,886
10,029,119
Net change in share subscriptions
Share redemptions
Change in outstanding redemptions
771,468
(166)
(166)
(729,205)
(7,715)
3,348
101,472
612
10,131,203
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%.
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%, May 31, 2013 : 66.0%). 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.
It should be noted that 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.
32
19. CAPITAL DISCLOSURES
(CONTINUED)
1. EXTERNALLY IMPOSED REQUIREMENTS GOVERNING SHARE ISSUES (CONTINUED)
b) Government of Québec budget
According to the 2014-2015 Québec budget tabled before the National Assembly on June 4, 2014, 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, was limited to an amount of $650 million. 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. This limit ceased to
be in effect as of June 1, 2015.
2. EXTERNALLY IMPOSED REQUIREMENTS GOVERNING SHARE REDEMPTIONS
The Taxation Act (Québec) provides for the payment of a penalty by the Fonds when the total amount paid for purchases by
mutual agreement made during a financial year exceeds 2% of paid-up capital, with certain criteria for purchases by mutual
agreement being excluded from the calculation. Since this provision has been in effect, the Fonds has always complied with
this limit.
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.
21. REVENUES
Interest totalling $17.6 million (May 31, 2014: $18.7 million) on the notes is presented as a deduction of interest in the
Statement of Comprehensive Income and capitalized under Notes in the Balance Sheet.
22. TOTAL OPERATING EXPENSES
May 31, 2015
May 31, 2014
Salaries and benefits
80,797
87,347
Advertising and information
18,294
17,979
Occupancy expenses and rent
13,770
10,567
Management fees
7,006
6,173
Professional fees
8,229
9,069
Stationery and office supplies
5,019
4,697
Travel and entertainment
3,423
3,757
Shareholder reporting costs
2,915
3,243
(in thousands $)
Custodial fees and trustee’s fees
877
868
Depreciation of property and equipment
3,977
3,974
Amortization of intangible assets
2,605
1,797
146,912
149,471
May 31, 2015
May 31, 2014
Salaries and short-term benefits
2,709
3,758
1,429
1,833
Directors’ remuneration and fees
1,194
1,108
5,332
6,699
23. KEY MANAGEMENT PERSONNEL COMPENSATION
(in thousands $)
33
24. 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. The balance of these income
taxes is nil (May 31, 2014: $2.2 million; June 1, 2013: $7.2 million).
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 transfers from retained earnings. This tax of $23.7 million
(May 31, 2014: $29.2 million; June 1, 2013: $30.3 million) was entirely applied against income taxes payable following transfers
approved by the Board of Directors during the year.
Under the Taxation Act (Québec), the Fonds is an open-ended investment company. As such, the Fonds can, in calculating its
Québec taxes, deduct taxable capital gains from its taxable income. Consequently, capital gains realized by the Fonds are not
subject to taxes in Québec.
Income taxes on income before income taxes are detailed as follows:
(in thousands $)
Current
Deferred
May 31, 2015
May 31, 2014
15,924
18,549
1,596
211
17,520
18,760
The above income taxes are different from the amounts that would be obtained by applying the combined basic tax rate (Québec
and federal) to income before income taxes. The difference is explained as follows:
(in thousands $)
Income before income taxes
Tax rate to which the Fonds is subject
Income taxes
May 31, 2015
May 31, 2014
1,002,045
790,229
46.6%
46.6%
466,953
368,247
Non-taxable dividends and distributions
(61,662)
(67,142)
Refundable dividend tax on hand
(23,659)
(29,246)
Non-taxable portion and federal rate difference
(209,149)
(142,938)
Refundable federal tax
(109,995)
(75,140)
(46,748)
(32,000)
Realized and unrealized capital gains (losses)
Québec tax deduction
Other items
1,780
(3,021)
17,520
18,760
Items giving rise to deferred income tax assets (liabilities) are as follows:
(in thousands $)
May 31, 2015
May 31, 2014
June 1, 2013
(5,910)
(2,846)
(3,447)
Investment property
(1,614)
(1,650)
(1,514)
Property and equipment and intangible assets
(4,073)
(3,925)
(3,733)
Net defined benefit liability
8,385
8,329
8,538
261
496
1,027
404
871
Other
(2,951)
34
On January 1, 2001, the Fonds implemented funded and unfunded defined benefit pension plans, which guarantee pension
benefits to most of its employees. Also, since July 1, 2003, the Fonds has had an optional personal insurance plan for retired
employees.
The defined benefit obligation of these plans, as measured by independent actuaries, and the fair value of plan assets are
determined as at May 31, 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 year are as follows:
May 31, 2015
Present value
(in thousands $)
May 31, 2014
Net defined
Present value
of pension
Fair value of
benefit
of pension
of plan
benefit
obligation
plan assets
liability
obligation
assets
liability
147,207
(42,226)
(228,410)
187,378
(41,032)
(189,433)
Fair value Net defined
Current service cost
(12,788)
(12,788)
(11,907)
(11,907)
Interest
(10,130)
(10,130)
(8,671)
(8,671)
Interest income
Impact on net income
(22,918)
7,886
7,886
7,886
(15,032)
(20,578)
6,490
6,490
6,490
(14,088)
Remeasurements
Return on plan assets, excluding
14,862
interest income
Gain (loss) arising from changes
863
in demographic assumptions
Gain (loss) arising from changes
in financial assumptions
Experience gain (loss)
14,862
863
(5,127)
(5,127)
(1,593)
(1,593)
18,310
18,310
(14,143)
(14,143)
(3,123)
(3,123)
400
400
Impact on other comprehensive
income
(5,857)
Fonds contributions
14,862
9,005
7,249
7,249
Employee contributions
(4,782)
4,782
-
Benefits paid
4,855
(4,855)
73
(257,112)
7,176
217,302
7,249
(39,810)
(16,866)
(4,877)
3,344
(1,533)
(228,410)
18,310
1,444
13,838
13,838
4,877
-
(3,344)
-
15,371
13,838
187,378
(41,032)
As at May 31, 2015, the weighted average duration of the defined benefit obligation is 18.3 years.
35
(CONTINUED)
2. POST-EMPLOYMENT MEDICAL PLANS
The Fonds offers post-employment medical plans that cover hospital and medication costs for eligible retirees. These plans
are unfunded. Changes in the defined benefit obligation, which is equal to the defined benefit liability, during the year are as
follows:
Present value of obligation and net defined benefit
liability
May 31, 2015
(in thousands $)
May 31, 2014
(2,860)
(2,546)
Current service cost
(107)
(103)
Interest
(124)
(112)
(231)
(215)
(9)
(153)
Impact on net income
Remeasurements
Loss arising from changes in demographic assumptions
Gain (loss) arising from changes in financial assumptions
(156)
Impact on other comprehensive income
(165)
Benefits paid
(153)
68
54
(3,188)
(2,860)
3. SIGNIFICANT ACTUARIAL ASSUMPTIONS
The significant actuarial assumptions used to measure the Fonds’ defined benefit obligation and the costs recognized for the
plans are as follows:
May 31, 2015
May, 2014
Medical
Pension plans
plans
Pension plans
Medical plans
Discount rate
4.00
3.75
4.00 & 4.25
4.25
Rate of increase in salaries
3.50
(in %)
Defined benefit obligation
Rate at end of year
3.50
Defined benefit costs recognized
Rate at end of previous year
Discount rate
4.00 & 4.25
3.50
4.25
4.25
4.25
3.50
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.
36
(CONTINUED)
4. SENSITIVITY ANALYSES
The sensitivity analyses for the defined benefit obligation were prepared based on reasonably possible changes in each
significant actuarial assumption, without considering the impact of simultaneous changes in several significant actuarial
assumptions. Any change in an actuarial assumption may result in a change in another actuarial assumption, which could
amplify or reduce the impact of changes in such assumptions on the present value of the defined benefit obligation. Actual
results could differ from these estimates.
Impact on the defined benefit obligation as at May 31, 2015
Increase in assumption
Decrease in assumption
Discount rate
Life expectancy
Change in
assumption
(impact in thousands $)
(impact in thousands $)
0.50%
0.50%
1 year
(21,469)
6,080
4,956
24,026
(6,042)
(5,178)
5. COMPOSITION OF PENSION PLAN ASSETS
Funded plan assets are held in trust and their breakdown is as follows:
May 30, 2015
May 31, 2014
Equity mutual funds
62.3
62.4
Bond mutual funds
37.4
37.4
0.3
0.2
100.0
100.0
(in %)
Cash and other
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) Salary 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
May 31, 2015
May 31, 2014
Actuarial gain (loss) arising from post-employment benefits
8,840
1,291
(1,759)
7,081
(257)
1,034
37
26. RELATED PARTY TRANSACTIONS
1. TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL
The Fonds’ key management personnel comprises the members of the Board of Directors and the members of the
Management Committee. Information on key management personnel compensation for the year is presented in Note 23.
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 year and
presents the end-of-period balances appearing on the Balance Sheet.
May 31, 2015
May 31, 2014
Interest
23,273
27,376
Dividends and distributions
51,391
8,167
3,673
1,278
6,395
6,433
Interest expense on notes
17,425
18,551
Increase in notes
355,860
178,324
Repayment of notes
406,431
142,031
Disbursements for development capital investments
250,911
95,536
62,166
102,340
2,603,863
2,401,628
16,321
16,325
(in thousands $)
Transactions
Receipts on development capital investments
Balances
Development capital investments, at cost
Accounts receivable
Accounts payable
Notes
249
110
414,313
447,459
451,314
565,255
Other information
Funds committed but not disbursed
The Fonds engaged two of its associates to manage portfolios with assets totalling $652.4 million (May 31, 2014:
$600.7 million).
3. OTHER TRANSACTIONS
The Fonds, of which a majority of directors are elected by the Fédération des travailleurs et travailleuses du Québec (FTQ),
agreed to pay $2.5 million to the FTQ for the year ended May 31, 2015 (May 31, 2014: $2.2 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.
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, 2014: $3.6 million; June 1, 2013: $3.8 million). The Fonds issued a note of $4.1 million (May 31, 2014:
$3.8 million, June 1, 2013: $3.8 million).
The Fonds granted non-interest bearing loans of $15 million (May 31, 2014: $15 million; June 1, 2013: $20 million) with a
fair value of $11.6 million (May 31, 2014: $10.6 million; June 1, 2013: $13.7 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.
38
26. RELATED PARTY TRANSACTIONS
(CONTINUED)
3. OTHER TRANSACTIONS (CONTINUED)
The Fonds granted a non-interest bearing loan of $5 million (May 31, 2014: $5 million; June 1, 2013: N/A) with a fair value
of $3.4 million (May 31, 2014: $3.2 million; June 1, 2013: N/A) 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.
27. 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.
28. TRANSITION TO IFRS
The financial statements for the year ended May 31, 2015 are the first annual IFRS financial statements. They have been prepared
as described in Notes 2 and 3. To prepare these financial statements, the Fonds applied IFRS 1.
The date of adoption of IFRS by the Fonds is June 1, 2014. However, the date of transition is June 1, 2013, which is the beginning
of the first comparative year presented.
In preparing these first IFRS financial statements in accordance with IFRS 1, the Fonds elected to use some of the allowed
exemptions to the retrospective application of certain IFRSs while taking into account the exceptions to the retrospective
application of other IFRSs.
1. ELECTIONS AT TRANSITION
In accordance with IFRS 1 First-time Adoption of International Financial Reporting Standard, the Fonds used the following
exceptions to the full retrospective application of IFRS at the transition date:
Deemed cost of property and equipment
As permitted by IFRS 1, the Fonds elected to use the fair value of its buildings at the date of transition as their cost of
acquisition.
Designation of previously recognized financial instruments
IFRS 1 allows irrevocably designating any financial instrument as measured at fair value through profit or loss, provided
certain criteria are met at the date of transition. The Fonds thereby designated as at fair value through profit or loss all its
development capital investments, all its other investments, cash as well as certain accounts receivable and accounts payable.
2. RECONCILIATION – TRANSITION TO IFRS
Balance sheet and net assets reconciliation
(in thousands $)
Note
Net assets reported under Canadian GAAP - Part V
May 31, 2014
June 1, 2013
10,125,598
9,301,300
7,513
a
6,648
Other investments
a
6,188
9,362
b
(29,170)
(28,691)
Investment property
c
8,456
6,095
d
10,202
10,202
Accumulated depreciation – Property and equipment
d
562
-
e
2,719
2,735
10,131,203
9,308,516
$30.29
$30.31
$27.98
$28.00
Net assets reported under IFRS
Net assets per share reported under Canadian GAAP - Part V
Net assets per share reported under IFRS
39
28. TRANSITION TO IFRS (CONTINUED)
2. RECONCILIATION – TRANSITION TO IFRS (CONTINUED)
Comprehensive income reconciliation
(in thousands $)
Net income
Year ended May 31, 2014
Other
comprehensive
income
Comprehensive income
774,113
774,113
Note
Income reported under Canadian GAAP - Part V
a,c
(1,677)
b
(1,770)
d
562
Income taxes
e
240
(257)
771,468
1,034
Income reported under IFRS
Income per share reported under Canadian GAAP - Part V
Income per share reported under IFRS
(1,677)
1,291
(479)
562
(17)
772,502
$2.32
$2.31
$2.32
$2.32
3. NOTES – TRANSITION TO IFRS
a)
Development capital investments and other investments
Under Canadian GAAP – Part V, the Fonds determined the fair value of its development capital investments and other
investments in accordance with Section 3855, “Financial Instruments – Recognition and Measurement”, which required
using the bid price for long positions and the asking price for short positions to the extent such prices were available.
Under IFRS, the Fonds measures the fair value of its listed financial instruments in accordance with the guidance of
IFRS 13 Fair Value Measurement and uses the price within the bid-ask spread that is most representative of fair value,
given the relevant facts and circumstances.
Consequently, on first-time adoption of IFRS, the carrying amount of the following financial instruments was adjusted:
May 31, 2014
June 1, 2013
Listed shares
5,964
6,332
Bonds
684
6,648
1,181
7,513
Listed shares
3,809
3,488
Bonds
2,377
5,874
2
6,188
9,362
(in thousands $)
Other investments
This adjustment decreased the Fonds’ comprehensive income by $4.0 million, under Unrealized gains (losses), for the
year ended May 31, 2014.
40
3. NOTES – TRANSITION TO IFRS (CONTINUED)
b) Post-employment benefits
Under IFRS, actuarial gains and losses arising from the remeasurement of post-employment benefit obligations are
recognized in other comprehensive income when they occur. Under Canadian GAAP – Part V, the Fonds applied the
“corridor approach” to recognize such gains and losses, whereby gains and losses were gradually recognized in income
only when they exceeded specified thresholds.
In addition, under IFRS, the pension expense component reflecting interest income on plan assets is measured using the
discount rate for the obligation. Under Canadian GAAP – Part V, this component was measured using the expected rate of
return on assets.
Finally, under IFRS, the past service cost is recognized immediately in net income, whereas it was amortized over the
average remaining service period of active employees under Canadian GAAP – Part V.
The carrying amount of the net defined benefit liability corresponding to the post-employment benefit obligation was
increased by $28.7 million as at June 1, 2013 and $29.2 million as at May 31, 2014 as a result of recognizing the net
amount of unamortized actuarial gains and losses as at these dates. These adjustments decreased net income and
increased other comprehensive income by $-1.8 million and $1.3 million, respectively, for the year ended May 31, 2014.
c)
Investment property
Under IFRS, the investment property is subject to the requirements of IAS 40 Investment Property with respect to
recognition, measurement and disclosures. According to this standard, investment property is property (land or a
building—or part of a building—or both) held to earn rentals or for capital appreciation or both. An entity that holds an
investment property must choose as its accounting policy either the fair value model or the cost model and apply it to its
investment property. Under Canadian GAAP – Part V, this property was classified as an item of property and equipment,
was recognized using the cost method and was depreciated.
As an entity meeting the definition of an investment entity, the Fonds must recognize its investment property at fair
value, with changes in fair value recognized in net income. Consequently, on first-time adoption of IFRS, the carrying
amount of the investment property was increased by $6.1 million as at June 1, 2013 and $8.5 million as at May 31, 2014
to reflect fair value. This adjustment increased comprehensive income by $2.3 million under Unrealized gains (losses) for
the year ended May 31, 2014.
d) Property and equipment
i)
Fair value measurement:
As previously mentioned, the Fonds elected to remeasure at fair value at the date of transition buildings included
in property and equipment, and thereby increased their value by $10.2 million as at June 1, 2013.
ii)
Depreciation:
Under Canadian GAAP – Part V, all buildings were items of property and equipment, were recognized at cost and
depreciated. Under IFRS, a portion of the buildings was recognized as investment property. The depreciation on
the remaining balance of property and equipment is therefore decreased based on the portion that remained in
property and equipment. In addition, under IFRS, buildings are divided into their significant parts, which are
depreciated over their specific lives. These adjustments decreased depreciation expense by $0.6 million for the
year ended May 31, 2014 and decreased accumulated depreciation by $0.6 million as at May 31, 2014.
41
3. NOTES – TRANSITION TO IFRS (CONTINUED)
e)
Income taxes
Income taxes were adjusted to reflect the following items:
(in thousands $)
May 31, 2014
June 1, 2013
5,805
5,709
Investment property
(944)
(2,030)
(2,030)
(112)
Total adjustment to deferred income taxes reported under IFRS
-
2,719
2,735
Year ended May 31, 2014
(in thousands $)
Net income
(944)
352
Other
comprehensive income
(257)
Comprehensive
income
95
Reversal of depreciation expense recognized under Canadian GAAP
attributable to the investment property portion
Impact of the different depreciation expense under IFRS
Total adjustment to income taxes reported under IFRS
f)
(142)
(142)
30
30
240
(257)
(17)
Reclassification adjustments
In addition to the above-mentioned measurement adjustments, the Fonds reclassified certain amounts at the date of
transition to ensure that its financial statements were presented in accordance with IFRS. The main reclassifications were
the following:



In accordance with IAS 1 Presentation of Financial Statements, the Fonds reclassified the gains (losses) on
development capital investments and other investments to revenues in the Statement of Comprehensive Income.
Under IFRS, the Fonds considers itself exempted from income tax related to capital gains and, accordingly, does
not recognize any deferred tax liabilities for unrealized net gains on development capital investments, other
investments and investment property nor any corresponding deferred tax assets for unrealized recoveries resulting
from the tax mechanisms related to refundable capital gains tax on hand. Amounts that the Fonds is entitled to
receive under the refundable tax on hand rules are presented separately on the Balance Sheet.
The Fonds reclassified distributions in net income under Dividends and distributions; they were previously
presented under Realized and unrealized gains (losses).
g) Adjustments to the Statement of Cash Flows
Acquisition of investments and proceeds of disposal of investments were reclassified from investing activities to
operating activities to reflect the nature of the Fonds’ operations and the fact that it qualifies as an investment entity.
42
MANAGEMENT
DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED MAY 31, 2015
MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR
ENDED MAY 31, 2015
This Management Discussion and Analysis (“MD&A”) is intended to help the readers assess, through the eyes of management, the
Fonds de solidarité FTQ’s (the “Fonds”) results and financial condition and the material changes therein during the financial year ended
May 31, 2015. The annual MD&A complements and supplements the financial statements and contains financial highlights, but does
not contain the complete annual financial statements of the Fonds. To facilitate the understanding of events and uncertainties presented
herein, this MD&A should be read together with the financial statements and the notes thereto.
The financial information presented in this MD&A has been prepared in accordance with International Financial Reporting Standards
(“IFRS”). The Fonds adopted this accounting framework for the year beginning June 1, 2014, as required by Canadian securities laws and
the Accounting Standards Board of Canada. Previously, the Fonds prepared its financial statements in accordance with Canadian generally
accepted accounting principles as defined in Part V of the CPA Canada Handbook – Accounting (“Part V”).
The financial information presented in this MD&A has been restated to reflect the adoption of IFRS as at June 1, 2013, the da te of
transition, in a manner consistent with the financial statements. The financial information for periods prior to June 1, 2013 has not
been restated and has been prepared in accordance with Part V. Note 28 to the financial statements discloses the impact of th e
transition to IFRS on the financial position, financial performance and cash flows reported by the Fonds. It also presents the nature
and impact of the significant changes in accounting policies from the accounting policies used to prepare the financial state ments of
the Fonds in accordance with Part V for the year ended May 31, 2014.
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 competiti on are
some examples of major factors that may influence, sometimes significantly, the accuracy of the forward-looking statements in this
MD&A. This MD&A is dated June 23, 2015.
The Fonds is subject to the Regulation Respecting Development Capital Investment Fund Continuous Disclosure (the “Regulation”)
and, as such, applies the requirements of this Regulation, notably to its financial statements and its MD&A. The Regulation was
updated to reflect the transition to IFRS.
You can get a copy of the annual financial statements by visiting our website (fondsftq.com) or the SEDAR website (sedar.com), or at
your request, and at no cost, by calling us at 514-383-3663 or toll free at 1-800-567-3663, or by writing to us at P.O. Box 1000, Youville
Station, Montréal, Québec H2P 2Z5. You can also get a copy of the interim 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. This information is derived from the Fonds’ audited financial statements. Financial
data for the financial year ended May 31, 2015 are in accordance with IFRS. Financial data for the financial year ended May 3 1, 2014
have been restated to conform to IFRS for purposes of comparison with the data for the current year. The impact of this accounting
restatement on the value of the shares for presentation purposes means that applying IFRS, if they had been effective at that time,
would have had an impact of $0.02 on the value of the Fonds’ shares. 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 year s that
began prior to June 1, 2013 are in accordance with Part V. The Fonds’ results are discussed under “Results of operations” on page 5.
RATIOS AND SUPPLEMENTAL DATA
Years ended May 31
(in millions of dollars, unless otherwise specified)
Revenues
a
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 (%)
2015
(IFRS)
2014
(IFRS)
2013
(Part V)
2012
(Part V)
2011
(Part V)
1,149
940
256
247
256
985
772
458
215
650
11,150
10,131
9,301
8,525
8,178
335,197
334,234
332,441
320,629
315,504
1.36
1.51
1.44
1.46
1.47
6.05
119.55
7.14
167.36
8.44
115.57
12.09
158.61
11.38
172.57
0.01
0.02
0.02
0.02
0.02
610,605
613,958
615,664
594,287
583,235
Issues of shares
667f
787
855
767
698
Redemption of shares
643
730
542
620
465
7,112
6,415
6,144
5,757
5,207
Number of shareholders (number)
Fair value of development capital investments
g
a
For the financial years ended May 31, 2015 and 2014, revenues include realized and unrealized gains and losses, distributions, rental, fee and other income,
which is not the case for the financial year ended May 31, 2013 and the prior years.
b
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.
c
The total operating expense ratio is obtained as follows: 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 portfolio turnover rate reflects the number of changes made to the composition of the portfolio. A portfolio turnover rate of 100% means, for example, that
the Fonds purchased and sold all the securities in its portfolio once during the financial year. There is not necessarily a relationship between a high turnover rate
and the portfolio’s performance.
The trading expense ratio represents transactions costs expressed as a percentage of average net assets.
According to the 2014-2015 Québec budget tabled before the National Assembly on June 4, 2014, 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 was limited to $650 million. 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; these shares were issued pursuant to the provisions regarding the
acquisition of replacement shares set out in the Home Buyers’ Plan and the Lifelong Learning Plan.
These investments include funds committed but not disbursed as well as guarantees and suretyships.
d
e
f
g
2
CHANGE IN NET ASSETS PER SHARE
Years ended May 31
2015
2014
2011
(IFRS)
(IFRS)
2013
(Part V)
2012
(in dollars)
(Part V)
(Part V)
Net assets per share, beginning of
a
year
30.31
27.98
26.59
25.92
23.84
-
Impact of the transition to IFRS
Net assets per share, beginning of
year after impact of the transition to
a
IFRS
b
Increase from operations :
Interest, dividends and distributions
c
and rental, fee and other income
Realized gains
d
Unrealized gains
e
Income tax and capital tax
Increase from other comprehensive
income
Variance from issues and redemption of
shares
Net assets per share, end of year
a
b
c
d
e
a
0.02
-
-
-
30.31
28.00
26.59
25.92
23.84
2.94
2.31
1.41
0.68
2.10
1.02
1.08
0.79
0.78
0.82
0.67
0.53
0.30
0.16
0.26
1.74
1.21
0.77
0.22
1.48
(0.44)
(0.45)
(0.40)
(0.39)
(0.38)
(0.05)
(0.06)
(0.05)
(0.09)
(0.08)
0.02
0.01
-
-
(0.01)
(0.01)
(0.02)
(0.01)
(0.02)
33.26
30.31
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 financial year.
For 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
World and the United States
Over the last 12 months, the sharp decline in energy prices and the changing geopolitical situation in the Ukraine, the Middle East, and
more recently, Greece, all contributed in one way or another to dampening the outlook for global GDP. These conditions pushed the
International Monetary Fund to reduce its 2015-2016 global growth forecast in mid-January. The gloomy outlook for global economic
growth for the coming quarters, combined with fears about the impact of falling oil prices on inflation, prompted several central banks,
particularly in Asia and Europe, to ease their monetary policy. This situation also drove several currencies down against the U.S. dollar.
The situation in the Eurozone is hardly any better. Economic growth over the last 12 months remained sluggish: Germany’s real GDP
contracted in the second quarter of 2014, which was a hard blow to a country that had been an economic pillar in the zone in previous
quarters. However, the German economy rebounded in the fourth quarter of 2014 only to slow in the following quarter. Facing persistent
weakness in the Eurozone economy and inflation hovering around zero, the European Central Bank (ECB) finally initiated its own
version of large-scale quantitative easing. The program involves monthly purchases by the ECB of 60 billion euros in member country
bonds until September 2016. A total of over 1,000 billion euros will therefore be injected into the system if the program runs for its
scheduled duration. With this program, the ECB is foremost targeting a decrease in borrowing rates in the most problematic countries
(Italy, Spain, Portugal and Greece). Despite this quantitative easing program, economists agree that the increase in real GDP will
remain relatively moderate in the Eurozone in 2015.
3
All this uncertainty on the global economic outlook can be felt on the stock markets, which have been highly volatile over the last
12 months, with several indexes reaching new highs despite that.
After recording a decrease in GDP in the first quarter of 2014, the U.S. economy experienced two strong quarters that are mainly due to
sustained growth in real consumption and faster growth in business investment. However, in the fourth quarter of 2014, the U.S.
economy started to show signs it was losing steam, and then declined in the first quarter of 2015. This situation stems in particular from
bad weather conditions during winter 2015 as well as the labour conflict in West Coast ports that seems to have disrupted supply chains
and deliveries. Despite this slowdown in the U.S. economy and several somewhat disappointing economic indicators (e.g. deterioration
in the trade balance and the confidence index, lower-than-expected retail sales), economists generally remain optimistic on the U.S.
economy’s real capacity to continue growing in the coming quarters, supported by robust domestic demand and strong investment
spending.
Job creation in the United States progressed steadily over the last 12 months, further lowering the unemployment rate: it was 5.5% in
May 2015, compared to 6.3% in May 2014. According to several economists’ projections, the unemployment rate should continue to
decrease over 2015. The average savings rate has been 5.1% in the United States since May 31, 2014, up from the average savings
rate for the same period last year. The annual change in consumer prices in the United States slipped into negative territory in January
2015, where it could remain until the middle of summer. When inflation starts to climb again, the U.S. Federal Reserve (the Fed) could
decide to begin raising its key interest rate (which has been unchanged at 0.25% since December 2008). However, according to several
experts, such an increase should not happen before the end of 2015.
Canada and Québec
After a rough start to the year, the Canadian economy recovered in the second quarter of 2014, and this growth continued through the
third quarter, albeit at a slower pace. However, starting in fall 2014, the Canadian economy began to feel the backlash from the sharp
drop in energy prices and the decrease in foreign trade, as evidenced by the deceleration of growth in GDP in the last quarter of 2014
and the decline in GDP in the first quarter of 2015. This also led to an inversion of the asymmetry of the country’s economic growth from
the Western provinces to Ontario and Québec. This is the context in which the Bank of Canada surprised market participants at its
January 21, 2015 meeting by announcing its decision to lower the discount rate by 25 basis points (from 1.00% to 0.75%). The Bank of
Canada specifically noted the sharp decrease in oil and other commodities prices as well as economic difficulties across the country in
general to justify its decision. Economists agree that Canadian economic growth should continue to slow down in the coming months as
the negative impact of the sharp decrease in oil prices will continue to be felt. That said, thanks to the expected gradual r ecovery of
energy prices combined with more robust foreign trade, economic conditions should improve afterwards.
Overall, in the last 12 months, the Canadian unemployment rate inched down from 7.0% in May 2014 to 6.8% in May 2015. It should
continue on this path in the coming months as long as the Canadian economy continues to expand. In general, inflation has remained
weak in Canada over the last 12 months. Bumpy oil prices will continue to be a determining factor in the evolution of inflation across the
country in the coming months. Even though prices at the pump started to climb again in February 2015, the annual total inflation rate
should remain very weak for the coming months, according to many economists. We will likely have to wait until 2016 for total inflation
to go back around the median target.
The Canadian real estate market showed strong resilience for much of 2014. After slowing at the beginning of the year, housing starts
and home sales started to go up in spring 2014. The situation then reversed course in the fourth quarter of 2014, as evidenced by the
drop in residential housing starts for both single-family homes and multi-unit buildings. According to many experts, the real estate
market could continue to slow down a little more in the coming quarters.
During the last 12 months, short-term (2 years) and long-term (10 years) Canadian government bond interest rates posted a decrease.
During the same period, investment-grade corporation credit spreads trended up while provincial credit spreads trended down. The
Canadian dollar traded at $US0.80 on May 31, 2015, compared to $US0.92 on May 31, 2014. However, it should be noted that it
fluctuated during the last 12 months and reached its lowest level ($US0.78 in March 2015) since the 2008-2009 recession. This
downward movement and volatility in the Canadian dollar against the US dollar mainly stems from falling oil prices, increased investor
appetite for US dollars and diverging expectations in terms of direction of the two central banks: the Fed and the Bank of Canada. In
light of the current context, we believe that the Canadian dollar could continue to experience wide swings 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
In Québec, despite a sharp improvement in exports, economic growth remained weak during the last 12 months, notably due to the
weakness in household consumption and business investment. The unemployment rate was 7.6% in May 2015, down from 7.9% in
May 2014; this rate is higher than for Canada (6.8%) and for Ontario (6.5%). According to many economists, despite the difficulties
arising from current budget cuts, the Québec economy should experience a slight acceleration in 2015 thanks to low oil prices and a
weak Canadian dollar. Similar to 2014, Québec’s economic growth in 2015 should be largely driven by exports that, despite falling
sharply in the first quarter, should recover in the coming months. 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 who have the will and
desire to expand abroad while generating economic spinoffs for Québec.
Despite the positive signs suggesting than an economic recovery built on stronger ground may be on the horizon in North America, and
more specifically in the United States, economic and financial issues still abound around the world, particularly in Europe and several
emerging countries. Put another way, the road to greater stability on a global scale is still littered with obstacles of all kinds. This
situation is giving rise to 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 financial year ended May 31, 2015, the Fonds posted comprehensive income of $992 million, compared to $773 million for the
previous year. The Fonds’ return was 9.7% for the year, compared to a return of 8.3% for the previous year. The value of the Fonds’
shares increased by $2.97 compared to the value in effect since July 4, 2014 and by $1.90 compared to January 2015 to stand at
$33.26 as at July 6, 2015. The Fonds’ net assets amounted to $11.1 billion as at May 31, 2015 compared to $10.1 billion as at May 31,
2014. The number of shareholders stood at 610,605 as at May 31, 2015.
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.
FONDS RETURN1
Years ended May 31
2015
(IFRS)
Other investments**
Income tax
Fonds return (annual)
Fonds return (1st six-month period)
Fonds return (2
nd
six-month period)
Assets under
management at
end of year*
$M
Weight
%
5,692
5,487
11,179
50.9
49.1
100.0
2014
(IFRS)
Return
%
10.1
12.1
11.1
0.2
(1.4)
(0.2)
9.7
Assets under
management at
end of year*
$M
Weight
%
5,007
5,168
10,175
49.2
50.8
100.0
Return
%
9.8
9.7
9.8
0.2
(1.5)
(0.2)
8.3
3.5
4.4
6.0
3.8
*
Assets under management at end of period refer to the fair value, at the end of the year, 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, notes from the liquidity surpluses of regional and local funds and certain specialized funds, among
other things.
**
Other investments represent the remaining assets not invested in partner companies. Managed by the Other Investments sector, they consist of the following
portfolios: cash and money market, bonds, shares, international infrastructure funds, high-income securities and absolute return strategies.
1
The annual return of the Fonds is calculated by dividing net income (net loss) per share for the financial year by net assets per share at the beginning of the
financial year. The non-annualized return of the Fonds for a six-month period is calculated by dividing net income (net loss) per share for the six-month period by
net assets per share at the beginning of the six-month period.
5
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 10.1% for the year, compared to the gross return of 9.8% generated for the prior year.
Taking into account this return and given the level of mission-driven investments made by the Fonds, the assets in this sector
represented $5.7 billion at the end of the year or 50.9% of assets under management as at May 31, 2015 (49.2% as at May 31, 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 10.1% of the Investments sector for the most recently ended year is largely explained by the following:
• The return of 11.1% generated by our private securities and specialized funds portfolio during the year (compared to 7.1% for the
previous year). Overall, this performance is attributable to the general strength of the portfolio, which produced interest revenues,
dividends and distributions and, in addition, generated an increase in value during the year in a low economic growth environment in
Québec. The depreciation of the Canadian dollar over the last 12 months is a factor that contributed positively to this increase in
value;
• The return of 5.3% generated by our portfolio of listed securities during the year. This return was earned in an environment i n which
the Canadian stock markets were very volatile and, in general, did not perform as well as in the prior year, when conditions were
much more favourable, in particular for small-cap companies, which had enabled our portfolio to generate a return of 21.5%.
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 strategies2
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.
The changes to portfolios initiated during the year ended May 31, 2014 as part of the revision of the Other Investments Portfolio Policy
(in particular reducing the target bond allocation to increase the target equity allocation, adopting an active management ap proach for
Canadian equities and adding low-volatility and high-dividend shares to optimize the Fonds’ return/risk ratio) were completed on
June 30, 2014.
For the year, the Other Investments sector earned a gross return of 12.1%, up from the gross return of 9.7% recorded for the prior year.
The assets of this sector represented $5.5 billion, or 49.1% of the Fonds’ assets under management as at May 31, 2015 (50.8% as at
May 31, 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 12.1% of the Other Investments sector for the year is largely
explained by the following:
• The good performance of foreign stock markets which, combined with the depreciation of the Canadian dollar, led to a return of 16.9%
for the shares and other securities 3 portfolios. These portfolios had generated a return of 19.3% for the prior year, when economic
conditions were characterized by a widespread increase in stock markets;
• The return of 7.2% on our fixed-income portfolio for the year, compared to the return of 3.1% for the prior year. This return is
essentially explained by the interest income generated by the portfolio and the decrease in interest rates for Government of Canada
securities, which increased the value of bond securities in the portfolio.
2
3
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.
6
RETURN BY ASSET CLASS
Years ended May 31
2015
(IFRS)
Weight
%
Return
%
Assets under
management at
end of year
$M
4,762
930
42.6
8.3
11.1
5.3
2,687
2,800
11,179
24.0
25.1
100.0
7.2
16.9
11.1
Assets under
management at
end of year
$M
Private securities and specialized funds
Listed securities
Other investments
Fixed-income securities
Shares and other securities
2014
(IFRS)
Weight
%
Return
%
4,155
852
40.8
8.4
7.1
21.5
2,649
2,519
10,175
26.0
24.8
100.0
3.1
19.3
9.8
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 a nd 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 a ble to maintain its
total operating expense ratio at a lower level than the management expense ratio of Canadian balanced funds 4, which stands at
approximately 2.3% on an annual basis.
For the financial year ended May 31, 2015, the ratio of total operating expenses to average net assets attributable to securi ty holders
of the Fonds, calculated using the method prescribed in the Regulation, was 1.4% (compared to 1.5% for the previous year ). The
decrease in the ratio is attributable to an increase in average net assets, but also by a decrease in total operating expense s which,
expressed in dollars, amounted to $146.9 million for the year ended May 31, 2015, down $2.6 million compared to the previous year.
ANALYSIS OF CASH FLOWS, BALANCE SHEET AND OFF-BALANCE SHEET ITEMS
Cash flows
Cash flows from operating activities of the Fonds were a total negative amount of $15 million for the year, compared to a total
negative amount of $39 million for the prior year. Changes in these cash flows mainly resulted from our current operations.
Cash flows from financing activities of the Fonds totalled $23 million for the year, compared to $54 million for the prior year. These
cash flows for the two years resulted from issues of shares amounting to $668 million5 ($787 million for the previous year) less
redemptions of shares totalling $645 million6 ($733 million for the previous year). Cash flows from investment activities of the Fonds
represented a net cash outflow of $6 million for the year, compared to $8 million for the previous year.
As at May 31, 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 year, and their outstanding balance was nil as at May 31, 2015.
Balance sheet and off-balance sheet items
Balance sheet development capital investments increased from $5.4 billion as at May 31, 2014 to $6.1 billion as at May 31, 2015. This
$650 million increase mainly resulted from our net disbursed investments of $290 million (disbursed investments of $603 million less
disinvestments of $313 million) and the increase in value of development capital investments during the year.
On a commitment basis, the Fonds made development capital investments of $640 million during the year, compared to $548 million for
the prior year. Funds committed but not disbursed increased from $963 million as at May 31, 2014 to $1.0 billion as at May 31, 2015.
4
5
6
Source: Bloomberg (based on a sample of 149 Canadian retail balanced funds).
This amount is presented on a cash basis and therefore includes the net change in share subscriptions between May 31, 2014 and May 31, 2015.
This amount is presented on a cash basis and therefore includes the change in amounts payable between May 31, 2014 and May 31, 2015.
7
In addition, balance sheet other investments increased by $309 million during the year to $5.4 billion as at May 31, 2015 ($5.1 billion
as at May 31, 2014). This increase is mainly attributable to the increase in value of securities held in the portfolio as a r esult of the
stock market appreciation.
The Fonds may use derivative financial instruments in particular to facilitate the management of portfolios, increase its revenues,
safeguard the value of its assets and manage its market risks.
MISSION OF THE FONDS, OBJECTIVES AND STRATEGIES
MISSION AND OBJECTIVES
The Fonds is a union-based development capital investment fund that was born out of the Fédération des travailleurs et travailleuses du
Québec. Created in 1983 under the Act to Establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.), the Fonds endeavours
to collect the savings of FTQ members and Québec residents who want to participate in creating and maintaining jobs, in order to
improve the situation of workers and to stimulate the Québec economy. The Fonds’ mission also includes raising awareness and
encouraging workers to save for retirement as well as providing them economic training .
The Fonds’ mission is supported by both levels of government since shares of the Fonds qualify for RRSPs and give rise to both
Québec and federal tax credits.
The business model the Fonds uses to achieve its mission can be illustrated as follows:
When shareholders buy shares of the Fonds, an entire process is set into motion. A portion of the money collected from shareholders
(in consideration of which the Fonds issues them shares) is first invested by the Fonds, pursuant to its mission, in shares, units or loans
in private and public companies in Québec, or in companies that generate economic spinoffs in Québec. The investments made by the
Fonds in compliance with its mission represent the development capital investments portfolio, and the companies in which the Fonds
invests become partner companies of the Fonds. Pursuant to the Fonds’ Incorporation Act, this portion invested in partner companies
must comply with the investment rule7. To ensure sound diversification of its financial assets, the other portion of the money collected
but not invested in Fonds partner companies is invested in other financial instruments in a way that allows the Fonds to meet its liquidity
needs, to produce current revenue sufficient to cover expenses and to contribute to the generation of a reasonable return to the
shareholders. All of these other financial investments represent the other investments portfolio. The Fonds’ interests in partner
companies are qualified as patient capital as they are intended to be held over an investment horizon generally ranging from 5 to 7
years, depending on the financial instrument used. The sums raised when an interest held by the Fonds is sold or bought back
(disinvestment) are reinvested in other companies or used to reimburse shareholders who request a share redemption, in accordance
with our retirement or early retirement criteria. On average, shareholders request a redemption approximately 10 years after their first
share purchase. During this 10-year average period, given the Fonds’ investment horizon, the shareholders’ money would therefore
have been invested in development capital more than 1.5 times.
7
For more on this, please see the “Investment rule” section of this MD&A.
8
PHASE-OUT OF THE FEDERAL TAX CREDIT
In the budget tabled on March 21, 2013, the Government of Canada announced its intention to phase out through 2017 the 15% ta x
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), the Government of Canada 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 tax credit
remains 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 will
be entitled will be 25% (15% provincial and 10% federal). In other words, for the 2015 tax year, the maximum tax credit will be $1,250, which
corresponds to an annual subscription of $5,000. Despite this decision by the Government of Canada, the Fonds continues to make
representations and proposals to convince the federal government to change its decision in future budgets.
It is important to highlight that the phase-out of the federal labour-sponsored fund tax credit will not affect the ability of the Fonds to seek
a reasonable return, its ability to comply with the investment rule or its ability to satisfy the eligible requests for redemption from its
shareholders, as a significant part of its assets is liquid. In addition, it should be noted that the Fonds’ share value does not depend on
the federal tax credit, on the size of the Fonds, on the annual subscriptions or on the redemption requests to the Fonds, but depends
exclusively on the value of the Fonds’ assets, which are solid.
According to a KPMG-SECOR analysis, the Fonds’ business model will remain viable despite the feared decrease in subscription
caused by this hidden tax hike. However, should subscriptions decrease, the Fonds will have to reduce its investments in Québec
companies to maintain the equilibrium of its model. In addition, should subscriptions decrease while redemptions maintain their trend,
the financial impact of the measure would be, for the Fonds, a potential decrease in its assets that would be gradual and slow. Th e
Fonds’ assets will nevertheless continue to be very substantial, and their decrease will have no impact on the equilibrium of the model
mentioned above, in particular the Fonds’ ability to redeem shares from its shareholders. The conclusions of the KPMG-SECOR
analysis show the potential disruptive effect of the federal government’s decision on the financing of Québec job-creating companies.
Put another way, the federal government’s decision, which will ultimately represent a significant tax increase for Québec workers who
save (annual increase of $402 for the Fonds shareholder who contributed on average $2,677 for the 2014 tax year), could reduce
subscriptions and, consequently, job-creating investments in the Québec economy.
LIMITATION ON FONDS SHARE ISSUES
As part of the 2014-2015 Québec budget tabled on June 4, 2014, the Government of Québec decided to set a limit on share issues by
tax-advantaged funds for the 2014-2015 fiscal year. The limit for the Fonds amounted to $650 million in shares giving rise to laboursponsored fund tax credits and had no impact on its share return or its ability to redeem its shares. However, it reduced the ability of
Québec workers to save for retirement. It should be noted that this limit ceased to be in effect as of June 1, 2015.
STRATEGIES
The Fonds was created by the FTQ over 30 years ago to proactively meet the needs of Québec society: creating jobs to battle
unemployment and offering financing options during a period of high interest rates by setting up an innovative and solidary b usiness
model. Therefore, by mobilizing Quebecers’ savings and channeling it toward Québec companies seeking prosperity, we became a key
player in Québec’s economic development.
The context in which the Fonds operates has obviously changed a great deal since its creation and, over time, we have developed
strategies to adapt to these changes. More recently, conditions have been gloomier for the Québec society and economy:
• Québec’s GDP grows slower than other Canadian provinces, mainly due to less favourable demographics;
• Governments have less and less flexibility, triggering a reflection on the State’s role in certain sectors.
More recently, the Fonds has weathered a stormy period, particularly marked by the announcement of the phase-out of the federal tax
credit. Given this, the success of recent fundraising campaigns and the increase in the share value are not enough – it is more
important than ever for the Fonds to undertake some self-reflection so that it remains an essential player at the forefront of meeting the
needs of the Québec of tomorrow.
9
The Fonds therefore launched an extensive strategic review during the 2014-2015 financial year to ensure that:
•
•
In the medium-term, it continues increasing its socio-economic impact and optimizing is current activities, and
In the long-term, it adapts its business model to take into account the possibility of permanently losing the federal tax credit while
maintaining its proactive and structuring role in Québec’s economic development and wealth creation by mobilizing Quebecers’
savings.
This strategic review is expected to be finalized in fall 2015.
The Shareholder Services sector
The 2014-2015 financial year was marked by the limit imposed on share issues by the Fonds and the expected decrease in the federal
tax credit. These two challenges were not enough to prevent the Fonds from collecting $650 million giving rise to labour-sponsored fund
tax credits (the maximum allowed by the Government of Québec) and to further strengthen its relationship with its shareholders,
particularly with young savers. In addition, it is worth noting that the Fonds also issued $17 million in shares that do not give rise to tax
credits and are not subject to this limit; these shares were issued pursuant to the provisions regarding the acquisition of replacement
shares set out in the Home Buyers’ Plan and the Lifelong Learning Plan.
To avoid being affected by this limit and to be certain they could contribute to the Fonds, shareholders who so wished could elect to
contribute automatically to their RRSP, either through payroll deduction or by pre-authorized bank withdrawals. Incredible efforts were
undertaken by all the Fonds’ teams to thoroughly inform our shareholders about this situation. Our LRs (local representatives ), who
receive continuous training so they can provide top-notch service to our shareholders, played a critical role in the last campaign.
Hundreds turned out to put their shoulders to the wheel. The number of workplace blitzes reached an all-time high. The LRs’
personalized approach and their proximity to shareholders paid off: 18,041 shareholders signed up for payroll deduction in 2014-2015.
In fall 2014, we went back to an “education” advertising phase. Focusing on the benefits of automatic savings, this phase was critical in
the context of the limit. We also intensified our relationship-building activities with our shareholders, whether through mailings,
electronically or by telephone. The Fonds has a shareholder base that is loyal and committed: it was crucial to retain this s trong
relationship. In winter 2015, our traditional “sign-up” and “loyalty-building” advertising phases were released in the media. They allowed
us to raise interest in subscribing to shares of the Fonds during the RRSP period and to offer an alternative savings solution (automatic
savings) once the limit was reached.
The total number of new shareholders was 18,727 for the 2014-2015 financial year; the Fonds therefore had a total of 610,605
shareholders as of May 31, 2015. The annual volume of subscriptions through systematic savings, which continues to represent the
largest proportion of the Fonds’ subscriptions, was $428 million.
Online transactions were not outdone: 6,550 new shareholders signed up through the Fonds’ website, and total lump-sum subscriptions
of over $118 million were collected through various virtual channels.
The volume of redemptions was $643 million as at May 31, 2015 ($730 million as at May 31, 2014). a level below our expectations for
the year. The Fonds’ excellent return and the ongoing increase in the share value no doubt encourage shareholders to delay cashing
out.
SÉCURIFONDS, a financial services firm and subsidiary of the Fonds, continues to enjoy a strong success. Its mission involves
supporting our shareholders as they prepare for retirement. Over 4,000 shareholders are currently using SÉCURIFONDS, which now
manages assets of $102 million.
Since July 2014, the Fonds’ payroll deduction has been an alternative solution to the Voluntary Retirement Savings Plan (VRSP), which
will be implemented over a few years. All companies with five or more employees will therefore have to comply with the Voluntary
Retirement Savings Plans Act and offer their employees a way to save for retirement. By setting up the Fonds’ payroll deduction in their
companies, employers will not need to set up a VRSP. Our teams are currently working with companies in this process that allows them
to comply with the Act and offer a beneficial savings option to their employees.
As noted previously, the Government of Québec announced in its March 2015 budget that it was lifting the limit imposed on the Fonds’
share issues. In this context, our marketing activities aimed at encouraging shareholders to subscribe will continue until the end of
February 2016 and will certainly allow a larger number of shareholders to contribute to their Fonds RRSP.
10
Integrated management of the Fonds’ assets
The Fonds implemented the Integrated Financial Assets Management Policy, which applies to all the Fonds’ financial assets. The
objective of this policy is to manage the financial assets in an integrated and comprehensive way to ensure sound diversification and an
optimal return/risk profile while complying with the mission of the Fonds and meeting the expectations of its stakeholders. The
Integrated Financial Assets Management Policy is complemented by the Investment Policy for the development capital investments
managed by the Investments sector and the Other Investments Portfolio Policy for the assets managed by the Other Investments
sector. The assets in the other investments portfolio are allocated in a way that is complementary to the portfolio of mission-driven
investments made in partner companies in order to allow the Fonds to obtain, overall, the desired return/risk ratio.
The Integrated Financial Assets Management Policy takes into account actual and expected changes in the Fonds’ business,
particularly the expected increase in redemptions due to aging shareholders and the increase in the size of the portfolio of missiondriven development capital investments. In fact, the weight of investments disbursed by the Fonds, which was 51% as at May 31, 2015,
should gradually increase. Following the strategic review being undertaken by the Fonds, changes could be made to the Integrated
Financial Assets Management Policy in the coming years in order to preserve the desired balance between the various components of
the Fonds’ balance sheet, to maintain the desired return/risk ratio and to continue meeting stakeholders’ expectations.
The Investments sector
The Investments sector’s strategies, which support the Fonds’ achievement of its mission regarding development capital investments in
Québec's economy, are integrated in the global perspective defined by the Integrated Financial Assets Management Policy, which
includes the Investment Policy, and vary, among other things, depending on fluctuations of the investment rule which the Fonds must
follow pursuant to its Incorporation Act (for more on this, see the “Investment rule” section).
To enable risk diversification, the Fonds allocates its investment portfolio among various economic sectors, including the real estate
sector, through the fonds immobilier de solidarité FTQ. To bring into action its regional and local commitment, the Fonds invests in all
regions of Québec through the fonds régionaux de solidarité FTQ and the fonds locaux de solidarité FTQ.
Generally, the Fonds holds a minority interest in the companies in which it invests. Over the years, this approach to investing has
allowed the Fonds to develop extensive knowledge of the various sectors in which it invests, and its partner companies highly value the
expertise this has allowed it to develop.
Every year the Fonds undertakes an analysis to determine the sectors that will be prioritized given the behaviour of the financial
markets and the economic and business conditions of the various sectors, as well as based on the dynamic management of its
investments. The priorities are determined within the risk management framework implemented by the Investments sector several years
ago, which helped improve the quality of the portfolio and stabilizing the return.
Multidisciplinary teams support our investment specialists with their expertise: legal, tax, business valuation, market study, due
diligence, labour relations and public market departments. A due diligence committee reviews all files submitted to governing bodies to
identify the associated risks taking into consideration the Fonds’ mission. In addition, to deal with more difficult sit uations, the VicePresident, Due Diligence and Administration, together with the Vice-President, Legal Affairs, very closely monitor investments that entail
greater risk.
To fulfill its Québec economic development and job creation mission, the Fonds invests significantly in the form of unsecured risk capital
(development capital) in partner companies. To have an accurate idea of the Fonds’ efforts in Québec’s economic development, we
must go beyond the image given by the portfolio as at a particular date and look at amounts invested in the form of unsecured risk
capital (development capital) over a certain period.
As the following graph illustrates, during the financial years 2006 to 2015, i.e. a 10-year period, the Fonds has committed $5.9 billion of
unsecured risk capital (development capital) to partner companies. Of this amount, $2.1 billion has been invested in venture c apital8
either directly in private companies ($1.1 billion) or indirectly in private funds ($1.0 billion) in Québec and Canada. The investments
made by the Fonds in private funds had a structuring effect on the Québec venture capital industry and allowed these private funds to
raise several additional billions of dollars.
8
Venture capital comprises high-risk investments made directly or indirectly by the Fonds in companies in the start-up or early development stage, particularly in
the new economy sector.
11
The Other Investments sector
In managing the balance of assets not invested in partner companies (presented under “Other Investments” in the financial statements),
the Other Investments sector is governed by the Other Investments Portfolio Policy, which forms an integral part of the Integrated
Financial Assets Management Policy. The objective of the Other Investments Portfolio Policy is to optimize the Fonds’ return/risk ratio,
diversify development capital investments and provide the liquidity necessary for the Fonds’ to meet all its obligations.
The assets of the Other Investments sector are managed internally by a team of specialists and externally by specialized managers.
The internal team of specialists manages the cash and money market portfolio, part of the bond portfolio and the high-income portfolio.
The portfolios that are managed internally represented $2.1 billion as at May 31, 2015, or 38% of the total amount of other investments
(40% as at May 31, 2014). To improve the overall performance of these portfolios, the Fonds’ specialists have some latitude in
implementing tactical strategies on the market; these transactions must comply with the Other Investments Portfolio Policy and the
guidelines authorized by the Financial Assets Management Committee.
For portfolios managed externally, the Fonds retains the services of specialized managers to manage all the shares held in the other
investments portfolio and to actively manage a portion of the bond portfolio. An active approach is adopted by the external managers for
Canadian shares, while a passive approach, including the replication of alternative beta indexes, is preferred for managing the global
equities portfolios. International infrastructure funds are also managed externally.
In addition, the Other Investments sector may use derivative financial instruments to facilitate the management of its portfolios, increase
the Fonds’ revenues and manage its market risks. The internal manager is also authorized to manage overlay management tactical
allocation and market opportunities portfolios in accordance with predetermined risk budgets that have been approved by the
appropriate governing bodies.
12
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.
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 9 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 and 66.0% as at May 31, 2013). 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 May 31, 2015, in addition to the investment rule, the Fonds was in compliance with all other limits and rules set out in its
Incorporation Act. The Fonds expects to comply with all the limits and rules set out in its Incorporation Act over the next several years.
It should be noted that in the most recent Québec budget, it was announced that the investment rule threshold will be gradual ly raised
(by 1% per year starting in 2016) to 65% in 2020.
RECENT DEVELOPMENTS
ACCOUNTING POLICIES – INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
The Fonds adopted the IFRS for the year beginning June 1, 2014, as required by Canadian securities laws and the Accounting
Standards Board of Canada. Note 28 to the financial statements at as May 31, 2015 discloses the impact of the transition to IFRS on
the financial position, financial performance and cash flows reported by the Fonds. It also presents the nature and impact of the
significant changes in accounting policies.
AMENDMENTS TO THE ACT TO ESTABLISH THE FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU
QUÉBEC (F.T.Q.)
The proposed amendments to the Act to Establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.) were adopted by the
National Assembly on April 20, 2015. These amendments were mainly related to the governance framework of the Fonds (for more
information, see the “Governance” section on page 25).
9
These investments include funds committed but not disbursed as well as guarantees and suretyships.
13
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.
The annual return of the Fonds is calculated by dividing net income (net loss) per share for the financial year by net assets per share at
the beginning of the financial year. Such return sometimes differs from the annual compound return to the shareholder because the
annual return of the Fonds does not take into account other comprehensive income but takes into account share issues and redemptions
made during the year, which have a dilutive or accretive effect on net income (net loss) per share, as the case may be.
ANNUAL COMPOUND RETURNS TO THE SHAREHOLDER
At the current value of $33.26 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 invested, for instance, an equal amount each year through payroll deduction earned, at the current value of $33.26
per share and including the Québec and federal labour-sponsored fund tax credits (15% at the provincial level and 15% at the federal
level) an annual compound return of 17.4% and 12.3% for a 7-year and 10-year period, respectively. In addition to this return, the
shareholder can receive additional tax benefits if he transfers his Fonds shares to an RRSP. 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 this return going forward.
14
SUMMARY OF INVESTMENT PORTFOLIO
As at May 31 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
31.7
11.1
8.3
51.1
Other investments
Cash and money market
Bonds
Shares
High-dividend shares10
International infrastructure funds
2.3
21.8
24.3
0.3
0.5
49.2
The following table presents the issuers of the top 25 positions held by the Fonds as at May 31, 2015, of which 18 are part of the
development capital investments portfolio and 7 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
(18 issuers)*
Other investments
(7 issuers)**
* The 18 issuers representing, as a group, 32.0% of the Fonds’ net
assets are (in alphabetical order):
Camoplast Solideal inc.
Cogeco Câble inc.
Corporation Financière L'Excellence ltée
Entreprises québécoises publiques11
FinTaxi, s.e. c.
Fonds immobilier de solidarité FTQ inc.11
Fonds immobilier de solidarité FTQ I, s.e.c.11
Fonds immobilier de solidarité FTQ II, s.e.c.11
Fonds régionaux de solidarité FTQ, s.e.c.11
Gestion TFI inc.
Metro inc.
Société de gestion d'actifs forestiers Solifor, société en commandite11
Société en commandite Groupe CH
SSQ Financial Group12
TMX Group Limited
Transcontinental inc.
Trencap s.e. c.
VC, société en commandite
32.0
13.1
45.1
**
The 7 issuers representing, as a group, 13.1% of the Fonds’ net
assets are:
Province of Ontario
Province of Québec
Government of Canada
Financement-Québec
Province of British Columbia
Canada Housing Trust No 1
Hydro-Québec
4.5%
3.1%
1.8%
1.2%
0.9%
0.9%
0.7%
This summary of investment portfolio may change due to the ongoing portfolio transactions of the Fonds.
10
11
12
High-dividend shares are included in the high-income securities portfolio.
Despite their relatively important weight in the overall portfolio of the Fonds, these issuers do not constitute a significant concentration risk given the large
number of investees.
Includes all the Fonds’ investments in SSQ, Life Insurance Company Inc. and its subsidiary, SSQ General Insurance Company Inc. as well as the Fonds’
investment in SSQ, Mutual Holding Inc.
15
CONTRIBUTION TO QUÉBEC’S ECONOMIC DEVELOPMENT
In keeping with its mission, the Fonds made investments over the financial year that contributed to creating, maintaining or saving
quality jobs in different sectors of the Québec economy. In the current, still uncertain economic conditions, the Fonds continues to play
an active role in the development and growth of Québec companies. As such, during the financial year, the Fonds invested $640 million,
on a commitment basis, to support Québec entrepreneurs in their development projects. Here are a few examples of the Fonds’
contribution to Québec’s economic development during the financial year.
The economic growth of Québec successful companies hinges on their expansion into new markets. By participating in the historic
$470 million transaction in Agropur Dairy Cooperative, the Fonds’ $75 million investment fits perfectly with this strategy and
demonstrates how important it is to the Fonds to develop Québec’s agrifood companies of all sizes. This transaction supports the
company’s growth strategy and finances announced acquisitions. The Cooperative’s members include 3,473 milk producers that
employ some 8,000 people.
The Fonds joined a mainly Québec-based consortium for the acquisition of Montreal Gateway Terminals. This $60 million investment
reflects the Fonds’ desire to support Québec’s maritime sector and strategic infrastructures, and it will bring back to Québec the
ownership and decision centre of a strategic infrastructure. In addition, a Fonds/Government of Québec joint project, announc ed in the
last Québec budget, will be created to support the Québec maritime strategy. In connection with this project, the Fonds will provide a
$100 million envelope and the Government of Québec will provide a $200 million envelope over the next five years.
The transaction with ATIS Group is a good example of the vitality of the Québec manufacturing sector. The $39 million investment the
Fonds made in this company is intended to repatriate the company’s ownership to Québec, and it will allow the company to launch its
strategic growth plan in full force. ATIS Group is one of the largest door and window manufacturers in Canada and has
1,400 employees, including 900 in Québec.
Present in the media sector for many years now, the Fonds has partnered with Média-Participations, a strategic European partner, to
invest a total of $7.5 million (of which $4.9 million is provided by the Fonds) in Frima, a flagship of the gaming and entertainment
industry in Québec. With this $4.9 million investment, the Fonds is supporting over 300 quality jobs in one of the largest production
company in the Québec City region. Through this partnership, Frima expects to make targeted acquisitions in Canada and abroad. In
addition, the Fonds invested $5 million in COLO-D, a new economy company in Drummondville, to support its growth in the
development of data centres.
During their financial year ended March 31, 2015, the fonds régionaux de solidarité FTQ invested a total of $48.1 million on a
commitment basis, up 32.8% from the $36.1 million invested in the previous year. In total, 84 investments were made, of which 58 were
in new companies.
During its financial year ended December 31, 2014, the fonds immobilier de solidarité FTQ invested in 14 new real estate projects in
various regions of Québec and various sectors (residential, commercial, offices and industrial). The authorized investments totalled
$114 million. Among them, an investment of $2.5 million was authorized for the construction of a commercial building located on Rue de
l’Évêché in Rimouski. In addition, a $7.2 million investment was authorized for the Urbania 2 residential project, which will be built
according to Transit-Oriented Development principles near the Montmorency metro station and will be part of a group of buildings
creating a new downtown in Laval.
POLICY FOR INVESTMENT OUTSIDE QUÉBEC13
Over the years, the Fonds made investments pursuant to the Policy for Investment Outside Québec that have had significant economic
spinoffs for Québec. During the financial year, the Fonds invested $47.7 million ($20.1 million in the previous year) in accordance with
this policy.
Five investments totalling $32.2 million ($3.7 million in the previous year) were made in companies meeting the companies impacting the
Québec economy criteria. One of these investments, for $17.0 million, was made in AJ Walter Aviation Limited to support the development
of its Montréal-based sister company (AJW Technique), which is one of its suppliers. Another investment of $4.0 million was made in
Zymeworks Inc., which develops several cancer treatment products. In addition, two investments totalling $10.2 million were made in
companies in the life sciences sector. Lastly, following an investment made last year, an additional $1.0 million was invested in Adetel
Group.
13
Since 1998, the Fonds has been authorized by the Minister of Finance of Québec to invest outside Québec provided certain clearly defined conditions are met,
notably with regards to economic spinoffs in Québec. The main groups of eligible investments are private funds outside Québec, companies impacting the
Québec economy and large-scale investment projects (financing for expansion, modernization, productivity improvement).
16
An investment of $14.3 million ($16.4 million for the previous year) was made in a private fund outside Québec. More specifically, this
investment was made in Forbion Capital Fund III C.V., a Dutch fund specialized in life sciences that invests in companies in phases ranging
from the end of pre-clinical activities to pre-commercialization that are active in developing drugs, medical technologies and diagnostics.
In addition, an investment of $1.2 million (none for the previous year) was made in the category of companies undertaking large-scale
projects in Québec. This investment in Gladius Pharmaceuticals Inc. will allow it to create five new jobs in its Montréal office and pursue its
plans to discover and develop antibiotics to treat life-threatening, multi-drug-resistant bacterial infections.
THE FONDS’ INVESTMENT NETWORK
Since its inception in 1983, the Fonds has built a solid investment network that provides entrepreneurs who follow their ambitions with
patient capital based on their needs. A veritable business hub brimming with ideas, talent and knowledge, this network offers the Fonds'
partner companies the opportunity to share their concerns with other SMEs, learn from past experiences and forge new business ties.
The Fonds’ investment network, which covers all of Québec, revolves around five levels of investment:
•
•
•
•
•
The Fonds generally offers $2 million and up for large companies. The Fonds is involved in the financing of mergers, acquisitions,
expansions, development of a new market or buy-backs, among others.
The fonds régionaux de solidarité FTQ generally offer capital ranging from $100,000 to $3 million to meet the needs of businesses
in their region.
The fonds locaux de solidarité FTQ, created by the Fonds and the Québec Federation of Municipalities, generally offer $5,000 to
$100,000 to small businesses.
The fonds immobilier de solidarité FTQ specializes in real estate investment and development. Its main objective is to create and
save jobs through building or renovating major office buildings and commercial, industrial, institutional and residential properties.
The other specialized funds form an investment network in Québec and abroad that invests in assorted industries. The Fonds’
commitment to this network continued in 2014-2015, with the ongoing goal to facilitate Québec SMEs’ access to capital in all their
stages of development.
Québec entrepreneurs have access to the entire Fonds investment network through its website: www.fondsftq.com. In addition to
searching for our financing projects and for members of our teams of experts, this one-stop shop for investment provides details on the
Fonds, the regional funds, the local funds and the real estate fund.
The following graph shows the breakdown of the Fonds’ investments based on its various network components:
17
TRENDS AND OUTLOOK
TRENDS IN THE VENTURE CAPITAL INDUSTRY14
Investment activity in the Québec venture capital market posted an increase for a second consecutive year. Investments by venture capital
funds totalled $604 million as at December 31, 2014, surpassing the $599 million invested in 2013. The amount invested in Québec in 2014
was the highest since 2007, a record year in the cycle prior to the 2008-2009 financial crisis.
It should be noted that the North American market saw an increase in activity in 2014 compared to the previous year. Canadian activity was
up 21% from 2013 to 2014, reaching a total amount of $2.4 billion. However, with an increase of only 0.8%, Québec lost some of its share
of the Canadian market, which went from 31% in 2013 to 25.5% in 2014.
The sharp decrease in amounts invested by foreign funds mainly explains the weak growth in total amounts invested in 2014 in Québec. In
fact, amounts invested by private independent funds, government funds, labour-sponsored funds and other tax-advantaged funds were up
19%, (from $406 million in 2013 to $484 million in 2014), but amounts invested by foreign funds were down 38% (from $193 million in 2013
to $120 million in 2014).
The allocation of these investments by sector also changed compared to 2013, when the non-technology and clean technology sectors
were the big winners, with 36% and 34% of total venture capital invested in Québec, respectively. In 2014, the information technology (IT)
and life sciences sectors made a comeback. In total, these two sectors attracted 54% of amounts invested. Investments totalled
$225 million in the IT sector (73% more than in 2013) and $104 million in the life sciences sector (56% more than in 2013).
TRENDS IN THE SAVINGS MARKET AND RRSP
In Québec, as soon as the Liberal government took office in April 2014, a process to improve public finances was put in place with the
objective to quickly return to a balanced budget. For this government, a major factor in achieving this objective is the aging population,
which will lead to massive retirements that will put increasing pressure on pension plans15.The conclusions of the D’Amours Report, which
examined the viability of these plans, are therefore still quite present.
Since July 1, 2014, the Voluntary Retirement Savings Plans Act has been in effect, and its implementation will span a few years. As such,
the necessity for citizens to take charge of their personal savings remains more than ever a hot topic. Despite this observation, the current
financial position of the citizens does not really allow them to do so. While disposable income has risen in recent years in both Québec and
Canada, the personal debt rate continued to go up and the savings rate in Québec has remained significantly lower than that of Canada (in
2013: 2.7% in Québec compared with 5.2% in Canada)16.
The trend did not improve in 2014, as the percentage of Quebecers having contributed to their registered retirement savings plan (RRSP) is
the same as in 2013 (62% compared to 66% in 2012)17. Despite all this, tax free savings accounts (TSFAs) remain very popular as a tool
for financing medium-term projects (increase of 89% from 2009 to 2013)18, because withdrawals are less restrictive than with an RRSP.
These findings are a reminder of the importance of the Fonds’ mission for the Québec population. The phase-out of the federal tax credit
and the limit imposed in 2014-2015 by the Government of Québec on the Fonds’ share issues giving rise to the labour-sponsored fund tax
credits do not seem to have affected the trust of the Fonds’ shareholders and the Québec population in general; the last subscription
campaign was successful and the limit was achieved on February 18, 2015. The strength of our roughly 2,000 LRs and our customer
service, combined with a competitive return, should favourably position the Fonds for the next financial year, especially since the abovementioned limit on the Fonds’ share issues giving rise to labour-sponsored fund tax credits ceased to be in effect as of June 1, 2015.
14
15
16
17
18
The information presented in this section only concerns the venture capital category and is therefore not representative of the Fonds’ overall development capital
investments. In addition, most of the information presented in this section covers the 2014 calendar year, which is different than the Fonds’ financial year.
Statistics Canada, Canadian Economic Observer: Projected trends to 2031 for the Canadian labour force.
Institut de la statistique du Québec and Statistics Canada.
SOM-REER, Le marché des REER et des CELI pour l’année d’imposition 2014.
Canada Revenue Agency (data extracted from income tax returns and related schedules filed by individuals).
18
FONDS OUTLOOK19
Notice to readers: The following outlook does not take into consideration the potential impact of the implementation of new strategic
directions on subscriptions and their redeployment as investments as well as on operating expenses.
Based on current financial and economic outlooks, and given our mission and investment strategy, we are anticipating an average
annual return of 2.5% to 3% on a long-term horizon. This return does not take into account the tax credits granted to shareholders upon
purchasing shares of the Fonds and is subject to significant volatility on a six-month and annual basis.
While the Fonds is confident it will reach its return objective over a long period, the annual return depends on current economic
conditions and the ups and downs of the stock and financial markets. Therefore, the Fonds’ return over the 2015-2016 year will be
greatly influenced by stock market returns. The return for private securities is also linked to the general performance of the economy
and may be lower than their historic average returns, particularly because of an increase in the cost of credit, adverse impact of
economic conditions, the volatility of the Canadian dollar compared to the U.S. dollar and the effects of foreign competition. The Fonds
is targeting a ratio of total operating expenses to average net assets similar to the ratio achieved for the financial year ended May 31,
2015.
With projected share issues higher than forecasted redemptions, net assets should increase during the 2015-2016 financial year. Net
subscriptions (share issues less redemptions) could even be greater than in the 2014-2015 financial year, given the absence of a limit
and despite the reduction in the federal tax credit. However, it should be noted that net subscriptions should become negative
thereafter, due to the combined impact of the reduction in the federal tax credit on share issues and the forecasted increase in share
redemptions. In particular, as a result of the increase in the investment rule threshold from 60% to 61% in 2016, announced in the most
recent Québec budget (more specifically, the investment rule threshold will increase 1% per year starting in 2016 to reach 65% in
2020), the volume of investments made by the Fonds should be higher than the volume recorded in the 2014-2015 financial year.
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, as mentioned previously, the
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.
19
The outlook presented in this MD&A reflects the Fonds’ expectations with respect to future events, based on information available to the Fonds as at June 23,
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.
19
RISK MANAGEMENT
Sound risk management practices are vital to the success of the Fonds. We manage our risk within a framework taking into acco unt
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
June 23, 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 in particular to facilitate the management of portfolios, increase its revenues,
safeguard the value of its assets and manage its market risks.
During the year ended May 31, 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 scorecard. This scorecard, which is
integrated into its corporate scorecard, 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 end, the
Board of Directors of the Fonds adopted, in May 2012, the Integrated Risk Management Policy, which sets out the Fonds’ requirements
in that regard 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 have started 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, which has already been completed in the Other Investments and
Investments sectors, was completed in two other sectors (Shareholder Services and Information Technologies) during the financial
year.
In the normal course of business, the Fonds is exposed to various risks; the principal ones are presented hereafter.
MARKET RISK
Market risk, which is inherent to the Fonds’ participation in financial markets, represents the risk of losses in value arisi ng from
fluctuations in interest rates, exchange rates and prices of listed financial instruments. More specifically, this risk varies with the financial
markets’ 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 i ndustries
(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.
As part of the revision of the other investments portfolio, the implementation of which was completed on June 30, 2014, the target equity
allocation was increased. This change increased the sensitivity of the Fonds’ assets to changes in stock markets. In addition, the
phase-out of the foreign currency hedge on global equities increased the exposure to foreign exchange risk.
20
SENSITIVITY OF THE FONDS’ RESULTS TO MARKET RISK
(in millions of dollars)
May 31, 2015
(IFRS)
May 31, 2014
(IFRS)
June 1, 2013
(IFRS)
Change in bond interest rates*
1% increase in bond interest rates
1% decrease in bond interest rates
(186)
186
(180)
180
(179)
179
Change in listed share prices**
10% increase in listed share prices
10% decrease in listed share prices
364
(364)
333
(333)
253
(253)
Change in exchange rates***
10% appreciation of the Canadian dollar
10% depreciation of the Canadian dollar
(246)
246
(216)
216
(95)
95
*
**
***
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 safeguarding 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 such as economic
growth and credit spreads as at the valuation date. Since the assumptions used are highly interrelated, a sensitivity analysis that
isolates the impact of one of these variables on the unlisted securities portfolio is not considered to fairly represent the sensitivity of the
results. In addition, the fair value of certain financial instruments, in particular other investments and listed securities in the development
capital investments portfolio, is determined based on external information and, consequently, no other reasonably possible assumption
can be applied to the valuation techniques. Despite this, management assessed the situation for loans, bonds and advances as well as
for unlisted securities valued using the capitalization of cash flows method, and determined that using possible alternative assumptions
would not result in significantly different fair values.
CREDIT AND COUNTERPARTY RISK
The Fonds’ exposure to credit risk stems mainly from its mission-driven development capital investments, which are generally
unsecured. Its other investment activities generally entail less of this risk since the counterparties concerned are typically more
financially solid (governments, banks, etc.).
Credit risk is the potential for loss due to the failure of a partner company (financial instruments presented under Developm ent 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 through several means, 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)
*
**
May 31, 2015
(IFRS)
18.9*
11.5**
May 31, 2014
(IFRS)
17.1*
13.0**
June 1, 2013
(IFRS)
19.5*
14.2**
The portion attributable to investments that do not constitute a significant concentration of credit risk given the large number of investees represented 10.4% as
at May 31, 2015 (8.9% as at May 31, 2014 and 9.6% as at June 1, 2013).
All of these securities are issued or guaranteed by government issuers (Canada or provinces).
21
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 wi th 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 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
(fair value in millions of dollars)
Compliant with criteria
Under watch
In turnaround
May 31, 2015
(IFRS)
May 31, 2014
(IFRS)
June 1, 2013
(IFRS)
5,818
236
40
6,094
5,142
285
17
5,444
4,989
293
24
5,306
For the other investments portfolio, issuer and counterparty 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. As at May 31, 2015, the weighted average credit rating of bonds was AA-, as it was as at May 31, 2014 and as at
June 1, 2013.
CLASSIFICATION OF BONDS INCLUDED IN THE OTHER INVESTMENTS PORTFOLIO*
(fair value in millions of dollars)
AAA
AA
A
BBB
*
Presented using the Dominion Bond Rating Services (DBRS) rating scale.
**
Presented using the Standard and Poor’s rating scale.
May 31, 2015*
(IFRS)
May 31, 2014**
(IFRS)
June 1, 2013**
(IFRS)
402
924
892
220
2,438
459
775
966
310
2,510
445
707
976
264
2,392
LIQUIDITY RISK
The Fonds must make disbursements on a daily basis—when it redeems shares held by 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
shares only in the circumstances set out in its Incorporation Act, or to purchase them by agreement in exceptional situations provided
under a policy adopted for such purpose by the Board of Directors and approved by the Minister of Finance of Québec.
The Fonds must be able to obtain the liquidity required to meet its commitments. Liquidity risk is therefore related to the potential for
loss due to its inability to meet such commitments. In certain cases, securities acquired on the market can be subject to resale
restrictions, thus potentially reducing their liquidity.
The Fonds’ Incorporation Act provides that part of the financial assets of the Fonds may be invested in marketable securities on
organized markets, such as stock and bond markets, so it can easily obtain cash. The Fonds also has access to bank credit facilities for
additional liquidities.
As at May 31, 2015, the ratio of liquid assets20 as a percentage of assets under management was 57.6% (59.2% as at May 31, 2014
and 53.8% as at June 1, 2013), 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.
20
Liquid financial assets are comprised of fixed-income securities (cash, money market and bonds), listed shares of the other investments portfolio and certain
listed shares of the development capital investments portfolio.
22
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.
Effective policies, standards and procedures are implemented to manage this risk. Control principles and mechanisms are monit ored
and periodically revised with a view to continuous improvement. The Fonds’ operational risk management and the effectiveness of its
management framework are underpinned by the following guiding principles:
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Competent, well-trained staff;
A succession management program;
A culture of integrity;
Segregation of incompatible duties;
Adoption of a concept of independence inspired by the securities regulations applicable to public companies;
Delegation of decision-making authority to Investment Committees whose majority of members are independent from the Fonds, the
FTQ and its affiliated unions;
Monitoring of the development capital investment valuation process;
Monitoring of the due diligence process;
Implementation of a framework program of financial compliance;
Implementation of a framework program of regulatory compliance;
Implementation of an internal audit function;
Monitoring of technology development and information security;
A planning process for resumption of activities in the event of business interruption;
Continuous monitoring of changes in applicable legislation, regulations and standards, including the Fonds’ compliance therewith;
Risk identification and assessment when new products or activities are implemented.
Codes of ethics and conduct define, among other things, the rules of conduct to be followed by employees, officers and directors to
avoid, for instance, conflict of interest situations. All employees or officers must, in the execution of their duties, put the interests of the
Fonds ahead of their own or those of third parties. They must also avoid placing themselves in a conflict of interest situation, either real,
potential or apparent. The codes of ethics and conduct prohibit, among others, certain personal trading deemed conflictual, including
receiving certain gifts and using any advantage, information or interest related to the Fonds that would be incompatible with the
professional duties and responsibilities of an employee. In addition, the codes forbid the disclosure by directors and employees, for
purposes other than the execution of their duties, of confidential information obtained through such execution. Each year, all employees
must complete a statement of interests held and a statement on the compliance of their conduct with the code.
The code of ethics and conduct for management and unionized personnel was updated in 2014, and training was provided to all
employees. An ethics hotline managed by an accounting firm is in place and allows employees to anonymously report cases of noncompliance with the code involving financial or accounting information or illegal acts.
A few years ago, the Fonds undertook an analysis of the risk of fraud and misconduct to which it is exposed. Although this risk was not
assessed as high following this analysis, recommendations to improve its control environment were implemented by the Fonds over the
past few years.
OTHER RISKS
The Fonds is also exposed to other risks such as strategic and reputation risks, which could result in negative financial consequences.
Strategic risk, which includes competitive risk and risk associated with regulatory changes, refers to the possibility of incurring losses as a
result of ineffective strategies, lack of integrated business strategies or the inability to adapt the strategies to changes in the business
environment. This risk is managed through monitoring and strategic and operational planning processes that seek input from all levels of
the organization; the resulting plans are submitted to the Board of Directors for approval. The Management Committee periodically monitors
the business plans and strategic objectives of the Fonds and each sector. Any strategic decision or change to the Fonds’ already adopted
orientations that could have a material impact is authorized beforehand by the appropriate governing bodies, based on the powers
delegated to them.
23
With respect to strategic risk, the phase-out of the tax credit announced by the federal government in its March 2013 budget, which has been
effective since January 1, 2015 (for the 2015 tax year, the total tax credits granted to taxpayers will be 25%, compared to 30% previously),
will force the Fonds to adapt and review its short-, medium- and long-term development strategies by taking into account a potential reduction
in subscriptions. As explained previously in this MD&A, the phase-out of the federal tax credit does not affect the equilibrium of the Fonds’
model (ability to redeem shares, to keep sufficient liquidities, to seek a reasonable return, to comply with the investment rule, etc.), but it will
force the Fonds to adapt its annual investment volumes to the subscription amounts it will collect year after year. Should subscriptions
decrease while redemptions maintain their trend, the financial impact of the measure would be, for the Fonds, a potential decrease in its
assets that would be gradual and slow. The Fonds’ assets will nevertheless continue to be very substantial, and their decrease will have no
impact on the equilibrium of the model mentioned above, in particular the Fonds’ ability to redeem shares from its shareholders. In addition,
as previously mentioned in this MD&A, the Fonds launched, during the 2014-2015 financial, 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 model to take into account the possibility of permanently losing the federal tax credit. This strategic review process should be
finalized in fall 2015.
In addition, the limit that the Government of Québec decided to set on share issues by tax-advantaged funds for the 2014-2015 fiscal year
(for the Fonds, this limit amounted to $650 million in shares giving rise to labour-sponsored fund tax credits) reduced the ability of Québec
workers to save for retirement. However, this limit had no impact on the return of the Fonds or its ability to redeem its shares. It should be
noted that this limit ceased to be in effect as of June 1, 2015.
Reputation risk is the risk that negative publicity, whether founded or unfounded, will cause expenses, revenue losses, a decrease in liquidity
or a decline in the customer base. The Fonds controls and manages reputation risk through the following, among others: proper training, legal
and financial due diligence for all its capital development investments, sound governance practices, the application of policies and
procedures, and ownership of the codes of ethics and conduct by all officers and employees. The Fonds is a responsible corporate citizen
that takes ethical, social and environmental aspects into consideration when making investment decisions. In that respect, the Fonds has
implemented in August 2014 the Sustainable Development Policy. The Fonds also has a voting rights policy with regards to public companies
and a code of conduct for international business dealings. The Fonds also ensures that any financial information released outside the
organization is accurate and validated beforehand.
Reputation risk evolved favourably during the year, as evidenced by the strengthening of the message on the relevance of the Fonds in the
Godbout report and the Québec budget, tabled in March 2015, as well as the adoption, on April 20, 2015, by the National Assembly of the
amendments to the Act to Establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.), which will enable the Fonds to complete the
implementation of its new governance. These amendments to the Act reflect the recommendations of the special committee on governance
of the Board of Directors of the Fonds issued in February 2014.
The Fonds has had for a few years a Disclosure Policy concerning all financial and non-financial information issued and/or disclosed
externally and the information that is communicated internally to a large number of employees. The main objectives of this policy are to
provide a disclosure framework and standards, to ensure that information disclosed is rigorously prepared and validated, to make the Fonds’
employees aware of disclosure principles, and to specify the roles and responsibilities of the main participants in the disclosure process.
The application of this policy is monitored by a Disclosure Committee comprised of members of the Fonds’ management. The main
responsibilities of this Committee are to set disclosure guidelines, to implement and keep up to date the Disclosure Policy and ensure it
is complied with, and to ensure that relevant and effective disclosure controls and procedures are in place. The Disclosure Committee
reports its activities to the Audit Committee.
Given the growing use of social media by the Fonds and its employees, the Fonds has had a Social Media Policy for a few years. This policy
governs the use of these tools to prevent any harm or damage to the image or the reputation of the Fonds resulting from such use. All
employees were trained following the implementation of this policy.
24
GOVERNANCE
Further to the announcement, in February 2014, of the important reform of the Fonds’ governance, the Fonds has implemented several
elements designed to strengthen its governance:
•
•
•
Presidency of the Board of Directors and all the Board’s committees (including those authorizing regional and real estate fund
investments) reserved for a member independent from the Fonds, the FTQ and its affiliated unions;
Creation of two new committees composed of a majority of members independent from the Fonds, the FTQ and its affiliated unions,
namely the Governance and Ethics Committee and the Human Resources Committee;
Implementation of a working group composed of independent members to review the decision-making process for investments, and
whose work has an immediate impact on the scope of the mandate, roles, responsibilities and composition of the various
governance bodies of the Fonds.
In connection with this ongoing reform at the Fonds, Robert Parizeau, Chairman of the Board of Directors of the Fonds, and Gaétan
Morin, President and Chief Executive Officer of the Fonds, supported before the National Assembly’s Committee on Public Finance in
January 2015 the amendments proposed to the Act to Establish the Fonds de solidarité des travailleurs du Québec (F.T.Q), which were
finally adopted on April 20, 2015. The amendments enshrine the reforms already made by the Fonds since 2009 whereby all
investments must first be recommended by an investment committee made up of a majority of members independent from the Fonds,
the FTQ and its affiliated unions. In addition, the number of members of the Board of Directors is increased from 17 to 19; the majority
of these members will have to be elected annually by the shareholders for a term not exceeding 12 years.
The Fonds has therefore launched a call for nominations ahead of its Annual General Meeting of Shareholders to be held on
September 26, 2015. A notice of the call for nominations has been published in Québec’s major dailies and on the Fonds’ website for
the four director positions that will be voted on at the Annual Meeting from among the candidates selected following the call for
nominations. The criteria for director eligibility and the nomination procedure are available on the Fonds’ website. As regards the seven
independent directors recommended to the Board of Directors by the Fonds’ Governance and Ethics Committee, a notice of meeting for
the Annual Meeting and a proxy circular will be made available to shareholders in August 2015.
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:
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.
25
The implementation process of the integrated risk management framework that was launched a few years ago and led to the adopt ion
by the Board of Directors of the Integrated Risk Management Policy in May 2012 (see the “Risk Management” section) also had some
effects on the risk governance structure. The roles and responsibilities of the Fonds’ governing bodies, internal committees and main
stakeholders involved were specified in this policy. The Board of Directors of the Fonds thus reconfirmed its responsibility for integrated
risk management while delegating to the Integrated Risk Management Committee, once formed, the monitoring of some work and their
results in that respect. The Integrated Risk Management Policy sets out the organization’s requirements with respect to the integrated
management of all types of risks, ensures that risk management is closely related to the “total” risk appetite and determines an
approach whereby all significant risks and their interrelations are considered in the development of the organization and the
maintenance of the return/risk balance. Integrated risk management is the responsibility of the Executive Vice-President, Finance, who
chairs the Integrated Risk Management Advisory Committee, composed of internal members, and will be supported in his duties by a
Vice-President, Integrated Risk Management and Financial Strategies, a position that will be filled during the 2015-2016 financial year.
The Integrated Financial Assets Management Policy, which is under the Integrated Risk Management Policy, is a key piece of the risk
governance framework. The objective of this policy is to manage financial assets in an integrated and comprehensive way to ensure sound
diversification and an optimal return/risk profile while complying with the mission of the Fonds and meeting the expectations of its
stakeholders. The Integrated Financial Assets Management Policy is complemented by the Investment Policy for the development capital
investments managed by the Investments sector and the Other Investments Portfolio Policy for the assets managed by the Other
Investments sector. The purpose of these policies is to set out the investment principles and rules for financial assets as well as to define
the roles and responsibilities of the persons involved and the monitoring procedure to be applied. Policies are complemented by guidelines
to specify how investment managers must proceed, including, without limitations, discretionary limits, diversification requirements, quality
standards as well as return and risk objectives.
KEY GOVERNING BODIES
BOARD OF DIRECTORS
The Board of Directors carries out the following duties:
•
•
•
•
•
•
Ensuring the Fonds’ mission, Incorporation Act and any other law it is subject to are followed while adhering to its values of solidarity and
responsibility;
Approving the main directions, policies and business strategies of the Fonds, notably in regards to integrated financial assets management
and integrated risk management;
Ensuring there are controls over the Fonds’ management, including over risk management, and ensuring a culture of integrity;
Approving investment recommendations for which it is responsible and monitoring them;
Ensuring that the Fonds, as an investor, behaves as a socially responsible entity;
Evaluating the Fonds’ performance on a regular basis.
Members of the Board of Directors are nominated or elected according to the rules set out in the Fonds’ Incorporation Act. In carrying
out its mandate, the Board delegates part of its responsibilities to boards and committees to support it in maintaining the highest
standards. The Fonds’ committees report their activities at least once a year to the Board of Directors.
INVESTMENT BOARDS AND COMMITTEES
Investment Boards and Committees are responsible for decisions related to development capital investments. These Investment Boards
and Committees comprise the three Investment Committees for the Traditional, New Economy and Mining sectors as well as the
Decision-Making Boards of the fonds immobilier de solidarité FTQ (which are similar, for operational purposes, to an Investment
Committee). Each development capital investment of $15 million or more ($10 million or more for the Real Estate sector) must be
authorized by the Board of Directors, or the Executive Committee if the Board of Directors is unable to meet in a timely fashion; in
addition, each of these investments must be recommended by the corresponding Investment Board or Committee. All investments
below these thresholds are under the authority of the Investment Committee overseeing the economic sector or the Decision-Making
Boards of the fonds immobilier de solidarité FTQ. All majority interest investments must be authorized by the Board of Directors on the
recommendation of the appropriate Investment Committees. The three Investment Committees and the Decision-Making Boards of the
fonds immobilier de solidarité FTQ are composed of a majority of members who are independent from the Fonds, the FTQ and its
affiliated unions.
26
EXECUTIVE COMMITTEE
The Executive Committee is composed of at least seven directors, including (i) the Chairman of the Board of Directors, (ii) the First
Vice-Chair of the Board of Directors, (iii) the President and Chief Executive Officer, (iv) a membe r appointed by the FTQ, and
(v) three independent members who sit on the Board of Directors. The Executive Committee only deliberate or make decisions if a
majority of independent members are present. It may exercise all the powers of the Board of Directors with the exception of
distributing shares, granting options, dismissing or replacing directors, declaring or authorizing dividend payments, and adopting,
amending or revoking bylaws.
AUDIT COMMITTEE
The Audit Committee is comprised entirely of members who are independent from the Fonds, the FTQ and its affiliated unions in
accordance with the Fonds’ Incorporation Act and Regulation 52-110 respecting Audit Committees, and its mandate includes
recommending the audited financial statements and MD&A for approval by the Board of Directors; approving the principles for
valuing development capital investments and receiving the Valuation Committee’s report; enquiring about the effectiveness of
internal controls implemented by management and the fact that they are not overridden; enquiring about the compliance and risk
management process for preparing the Fonds’ financial statements and providing feedback. The Audit Committee also ensures the
Fonds complies with the laws, regulations and agreements that govern its operations and that may have a material financial impact.
The Audit Committee makes recommendations to the Board of Directors when necessary. An internal audit function monitored by
the Audit Committee was put in place, which allows benefiting from an independent assurance function.
HUMAN RESOURCES COMMITTEE
Composed of a majority of independent directors (from the Fonds, the FTQ and its affiliated unions), this new committee is tasked
with proposing to the Board of Directors the appointment of the President and Chief Executive Officer, his employment conditions
and his remuneration, as well as assessing his performance. More broadly, the Committee will have to examine issues related t o the
compensation of the Fonds’ management as well as evaluate and plan management’s succession. Its mandate will also include
overseeing the negotiation of the collective agreement with the Fonds’ employees. Furthermore, the mandate of the Committee
includes monitoring the general human resources practices within the Fonds’ network, in particular at the real estate fund, the
regional funds and the local funds.
GOVERNANCE AND ETHICS COMMITTEE
Composed of a majority of independent directors (from the Fonds, the FTQ and its affiliated unions), this new committee had fi rst
been mandated in the short-term to steer the implementation of the Fonds’ governance reform. This committee is also responsible
for supporting the Board of Directors in the implementation of a continuing education and self -assessment program, in addition to
the overall aspects of the Fonds’ general governance, in particular with respect to appointments to the governing bodies of t he
Fonds. More specifically, it determines the terms and conditions for the election of members of the Board of Directors at the
shareholders’ meeting. It also ensures, with the Fonds’ management, that directors, governing body members and all employees of
the Fonds maintain on an ongoing basis ethical culture and practices. The Governance and Ethics Committee also reviews certa in
continuous disclosure documents to be filed with the Autorité des marchés financiers or distributed to shareholders.
INTEGRATED RISK MANAGEMENT COMMITTEE
The primary mandate of this committee, which will be implemented during the 2015 -2016 financial year, will be to supervise the
Fonds’ integrated risk management general practices by making recommendations to ensure that the Fonds applies proper
oversight and integrated management practices to its risk exposures. It will also have to ensure that the r isks to which the Fonds is
exposed are clearly identified, review the measures taken by management to adequately manage them, including examining the
integrated risk profile and its action plans, and review the quantitative and qualitative risk appetite st atements as well as the risk
tolerance levels. This committee will coordinate with the Financial Assets Management Committee.
INTEGRATED RISK MANAGEMENT ADVISORY COMMITTEE
The Integrated Risk Management Advisory Committee, composed of internal members, supports the Management Committee in the
implementation of the integrated risk management framework and its decisions, in accordance with the requirements of the
Integrated Risk Management Policy.
27
FINANCIAL ASSETS MANAGEMENT COMMITTEE
This committee is responsible for monitoring the implementation, compliance with and updating of the Integrated Financial Assets
Management Policy, including the Investment Policy and the Other Investments Portfolio Policy. Its primary mandate is to ensure
that asset management is coordinated and aligned. In this capacity, it recommends the main investment orientations to the Boa rd of
Directors. This committee also monitors performance and changes in the return/risk ratio, ensures that the Fonds’ asset
management is in compliance with all its policies and approves the guidelines required to manage its financial assets. Th is
committee makes recommendations to the Board of Directors when necessary.
PURCHASE-BY-AGREEMENT DECISION-MAKING COMMITTEE
The Purchase-by-Agreement Decision-Making Committee, composed of internal members, was set up in accordance with Section 8 of
the Fonds’ Incorporation Act. Its main duty is authorizing the purchase by agreement of the shares and fractional shares of the Fonds in
accordance with the Purchase-by-Agreement Policy adopted by the Board of Directors and approved by the Minister of Finance of
Québec.
VALUATION COMMITTEE
Composed of a majority of qualified valuators independent from the Fonds, the FTQ and its affiliated unions, the Valuation Committee is
mandated to review the private investment valuation process and provide a reasonable assurance that the procedure used for valuing the
development capital investments portfolio complies with the procedure set out in the Regulation Respecting Development Capital
Investment Fund Continuous Disclosure. The Valuation Committee reports on its review to the Audit Committee twice yearly.
VALUATION FRAMEWORK
Development capital investments and other investments are recorded on the balance sheet at their fair value 21. However, the majority of
the Fonds’ development capital investments are made in private companies or specialized funds for which a fair value must be
established because the securities issued by these companies or funds are not traded on organized, public markets. Qualified valuators
employed by the Fonds determine the fair value of these investments. These valuators report to the Executive Vice-President, Finance
and follow a structured process comprising several verification and validation steps to ensure the quality, uniformity and integrity of the
work performed and of the resulting fair value.
The management framework that governs the procedure for valuing development capital investments is set out in the Regulation
Respecting Development Investment Fund Continuous Disclosure. In particular, the Regulation specifies the minimum qualifications
required for qualified valuators employed by the Fonds as well as the governing body responsible for approving the valuation principles
used. The Regulation also requires that all relevant information about the valuations (excluding publicly traded issuers valu ed using
market prices) should be provided to an independent valuation committee. In addition, regulations require that the Chief Executive
Officer and the Chief Financial Officer of an investment fund sign on a half-year basis a certification stating that the valuation procedure
set out in the Regulation was complied with and confirming the aggregate fair value of the development capital investments portfolio.
This certification has been signed and submitted to the Audit Committee on a half-year basis since May 31, 2009. For the six-month
period ended May 31, 2015, the certification was signed by the President and Chief Executive Officer and the Executive Vice-President,
Finance of the Fonds.
FINANCIAL GOVERNANCE
While not required to apply MI 52-109 issued by the Canadian Securities Administrators, the Fonds has decided to base its work upon the
principles stated in this rule, thereby demonstrating its willingness to respect best practices in financial governance. Our financial
compliance framework program commonly known as Confor applies to controls providing reasonable assurance that the financial
information prepared and reported is reliable and that the financial statements are prepared in accordance with IFRS issued by the
International Accounting Standards Board.
Management is responsible for designing and maintaining adequate internal control over financial reporting and disclosure controls and
procedures. It must also periodically evaluate their design and effectiveness.
21
Using fair value is a best practice recognized by venture capital firms and private equity funds. In short, fair value is defined as the price that would be received
to sell an asset in an orderly transaction between market participants at the measurement date.
28
During the year, the Fonds undertook the necessary work to evaluate the design and effectiveness of internal control over financial
reporting and disclosure controls and procedures using the new COSO framework (issued in 2013 by the Committee of Sponsoring
Organizations of the Treadway Commission), and, for information technology controls, the COBIT (Control Objectives for Information
and Related Technology) framework, two recognized financial governance frameworks. The necessary work to comply with the new
COSO 2013 framework was completed by the Fonds during the year; the Fonds previously used the 1992 version of the COSO
framework.
Regulations require that the President and Chief Executive Officer and the Chief Financial Officer confirm their responsibility for controls
by signing a certification to this end. Accordingly, for the year ended May 31, 2015, the Fonds’ President and Chief Executive Officer
and Executive Vice-President, Finance signed a certification confirming their responsibility in that regard. These certifications are
available on SEDAR. A mechanism for sub-certification by several Fonds executives and managers also supports these certifications.
Management’s conclusions on the design and effectiveness of internal control over financial reporting and disclosure controls and
procedures are presented hereafter.
MANAGEMENT’S REPORT ON INTERNAL CONTROLS
CONCLUSIONS ON THE DESIGN AND EFFECTIVENESS OF INTERNAL CONTROL OVER
FINANCIAL REPORTING
Internal control over financial reporting comprises all the processes and controls in place, including policies and procedures, that govern
the maintenance of accounting records and the preparation of financial statements to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements in accordance with IFRS issued by the Internat ional
Accounting Standards Board. Management, under the supervision of the President and Chief Executive Officer and the Executive VicePresident, Finance, evaluated the design and effectiveness of internal control over financial reporting. Based on this evaluation,
management concluded that, as at May 31, 2015, internal control over financial reporting was adequately designed and effective and
did not contain any material weaknesses. However, because of its inherent limitations, internal control over financial report ing may not
prevent or detect certain misstatements on a timely basis. During the year ended May 31, 2015, there was no change in the Fonds’
internal control over financial reporting that has materially affected, or is reasonably likely to affect, the Fonds’ internal control over
financial reporting.
CONCLUSIONS ON THE DESIGN AND EFFECTIVENESS OF DISCLOSURE CONTROLS AND
PROCEDURES
Disclosure controls and procedures include the processes and mechanisms designed to provide reasonable assurance that financial
information for external purposes is recorded, processed, summarized and reported within the required time period for review and
approval by management and that it is disclosed externally within the time periods specified in the applicable regulations and legislation.
Management, under the supervision of the President and Chief Executive Officer and the Executive Vice-President, Finance, evaluated
the design and effectiveness of disclosure controls and procedures. Based on this evaluation, management concluded that, as at May 31,
2015, disclosure controls and procedures were adequately designed and effective.
29
STATEMENT OF
DEVELOPMENT CAPITAL
INVESTMENTS, AT COST
AS AT MAY 31, 2015
INDEPENDENT AUDITOR’S REPORT
To the Directors of the Fonds de solidarité des travailleurs du Québec (F.T.Q.)
We have audited the statement of development capital investments at cost of the Fonds de solidarité des travailleurs du Québec
(F.T.Q.) as at May 31, 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 May 31, 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, June 23, 2015
1
Statement of Development Capital
Investments, at Cost
AS AT MAY 31, 2015
(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
315,106
315,106
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
2,991
2,991
Château M.T. inc.
25,000
27,954
49,894
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
7,828
9,219
9,446
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
32,732
32,732
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
AS AT MAY 31, 2015
(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
253,821
304
Total
Guarantees
and
Suretyships
Loans
253,822
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
801
4,647
35,938
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, LP
35
8,308
8,308
Addenda Capital inc.
40
71,406
71,406
Camoplast Solideal inc.
25
39,551
39,551
Château Bonne Entente inc.
25
1,138
40
27,822
● FIER Partenaires, société en commandite
2006
Industry
Segment
Secured
106
1,244
27,822
Fonds Brightspark II, s.e.c.
45
1,367
1,367
Fonds d'opportunités canadiennes HRS, s.e.c.
40
20,484
20,484
2,000
Média Groupe inc.
25
Metro inc.
30
2,042
4,042
73,948
73,948
ProQuest Investments III, L.P.
35
3,653
RHO Fund Investors 2005, L.P.
45
2,976
3,653
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
35,254
35,254
2,976
4,911
10,911
21,861
700
700
Coveo Solutions inc.
45
6,318
6,318
Emerald Cleantech Fund II L.P.
40
6,538
6,538
Exploration Dios inc.
15
FCPR Aerofund
20
6,941
6,941
Fiducie du Chantier de l'économie sociale
40
Fonds CTI sciences de la vie, s.e.c.
35
184
184
12,000
3,029
3
12,000
3,029
V05025
V05601
V05720
V05148
V05543
V05951
V05841
V06004
V02986
V06375
V06287
V05710
V05549
V06277
V06177
V04338
V11759
V13108
V04935
V06252
V06260
V06280
V06076
V06408
V11740
V06351
V11625
V11743
V11897
V12067
V06115
V11478
V12363
V12251
V11778
V11976
V11792
V06285
V11965
AS AT MAY 31, 2015
(In thousands $)
Unsecured
Year of
Initial Investment
2006
2007
Listed
Shares
Unlisted
Shares
and Units
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
Fonds ID s.e.c.
40
10,000
10,000
Fonds Propulsion III s.e.c.
45
5,436
5,436
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
450
3,291
16,000
16,000
1,186
21,171
3,452
3,452
45
20,000
20,000
Société en commandite Agechem
35
15,756
15,756
VantagePoint Venture Partners 2006 (Q), L.P.
40
18,631
18,631
918
918
6705341 Canada inc. (North Country Slate)
25
Envivio, inc.
45
5,751
Exploration Midland inc.
15
2,136
Fonds d'investissement iNovia II, société en
commandite
45
GO capital s.e.c.
45
1,693
1,693
Investissement (12348) s.e.n.c. (Bandsintown
Group)
45
12,029
12,029
Les Industries Spectra Premium inc.
25
10,000
MMV Financial inc.
40
1
1
● Novacap Industries III, s.e.c.
2008
Industry
Segment
Secured
90
138
228
5,751
2,136
3,999
3,999
2,003
12,003
40
25,878
25,878
Novacap Technologies III, s.e.c.
45
4,719
4,719
Partenaires Médias Remstar, s.e.c.
25
2,000
2,000
ProQuest Investments IV, L.P.
35
6,918
6,918
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
7,400
3,244
1,200
30
18,780
150,000
127
1,200
127
● 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
180
5,580
Exploration NQ inc.
15
Fonds soutien Montréal parallèle, s.e.c.
45
2,000
2,000
G.D.G. Environnement ltée
20
2,500
2,500
Gestion ACCEO inc.
45
22,870
Gestion TFI inc.
20
Groupe AGF inc.
15
20,000
HR Stratégies inc.
40
100
59,725
5,400
59,725
124
4
124
5,750
28,620
125,000
125,000
3,300
23,300
100
V11741
V06283
V11457
V12378
V12130
V12024
V12031
V11984
V06248
V11545
V12564
V12402
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
AS AT MAY 31, 2015
(In thousands $)
Unsecured
Year of
Initial Investment
2008
2009
2011
Listed
Shares
Unlisted
Shares
and Units
Ontario Venture Capital Fund LP
45
Ovivo inc.
20
Placements Montrusco Bolton inc.
40
20,055
Rho Ventures VI, L.P.
45
20,160
Sonaca Montréal inc.
20
VantagePoint Cleantech Partners II, L.P.
40
Loans,
Bonds
and Advances
Guarantees
and
Suretyships
Loans
5,438
32,061
Total
5,438
25,000
57,061
20,055
20,160
3,945
3,945
19,938
19,938
5N Plus inc.
45
A.M. Pappas Life Science Ventures IV, LP
35
2,123
2,123
ADS inc.
25
3,600
3,600
Champlain Capital Partners, L.P.
40
3,791
Corporation Nuvolt inc.
20
1
FCPR Aerofund II
20
13,664
Fonds Cycle Capital I, s.e.c.
40
18,458
Gestion hôtelière REVPAR inc.
25
69
69
Gestion Juste pour Rire inc.
25
667
667
14,166
14,166
5,000
17,121
12,729
34,231
3,791
196
197
13,664
18,458
Holding Smardt inc.
20
12,121
Les Viandes Laroche inc.
30
2,000
MECA DEV S.A.S.
20
21,502
Média Cineflix inc.
25
10,925
10,925
Premier Tech ltée
15
42,875
42,875
Société en commandite Groupe CH
25
11,324
Teraxion inc.
45
6,167
Transcontinental inc.
20
● VC, société en commandite
2010
Industry
Segment
Secured
2,000
11,324
6,167
100,000
40
100,000
121,037
121,037
Dalkotech International inc.
20
1
Foliot Management inc.
25
7,000
9,500
25,000
32,000
45,000
60,000
Fortress Paper Ltd
15
Groupe Technosub inc.
20
2,430
IPL inc.
15
15,000
Nemaska Lithium inc.
15
260
260
Ressources Géoméga inc.
15
347
347
Royal Nickel Corp.
15
300
Saladexpress inc.
30
Serdy Média inc.
25
Société de Diamant Stornoway
15
SSQ, Société d'assurances générales inc.
40
Twist, société en commandite
30
7,000
1
2,500
2,430
300
8,318
2,500
11,045
500
167
2,667
14,700
25,745
15,000
15,000
6,000
Abitibi Royalties inc.
15
Acquisio inc.
45
4,429
AmorChem, société en commandite
35
5,753
6,000
387
5
8,818
387
500
4,929
5,753
V13245
V13155
V13132
V12930
V11595
V13031
V12431
V12898
V13601
V13625
V14081
V13661
V13823
V14033
V12916
V15321
V01417
V14354
V13243
V01387
9,437
V14109
V05734
V13756
V13847
V14868
V14270
V14403
V06405
V01975
V14826
V14798
V14827
V03768
V13802
V14396
V14428
V14444 18
V15313
V12982
V14317
AS AT MAY 31, 2015
(In thousands $)
Unsecured
Year of
Initial Investment
2011
2012
Industry
Segment
Listed
Shares
Unlisted
Shares
and Units
Secured
Loans,
Bonds
and Advances
49,779
Total
Guarantees
and
Suretyships
Loans
Bombardier inc.
20
Cogeco inc.
25
49,779
Corporation Aurifère Aurvista
15
400
Corporation Aurifère Monarques
15
305
Fonds Alpha+ Montrusco Bolton
40
20,240
20,240
Fonds Capital Culture Québec, société en
commandite
25
10,000
10,000
40,000
40,000
400
305
Fonds d'amorçage Cycle-C3E, s.e.c.
45
5,561
5,561
Fonds d'investissement pour la relève agricole
(FIRA), s.e.c.
30
3,667
3,667
Fonds d'investissement Réal, s.e.c.
45
6,803
6,803
Fonds Relève Québec, s.e.c.
40
2,677
2,677
Fonds stratégique à rendement absolu HRS, s.e.c.
40
50,000
Groupe Crête division St-Faustin inc.
15
Groupe Meloche inc.
20
Groupe TMX Limitée
40
JV Driver Corporation inc.
20
16,000
16,000
Les Chantiers de Chibougamau ltée
15
1,750
1,750
Les Investissements Nolinor inc.
20
875
875
Magnus Poirier inc.
25
143
143
Milestone Pharmaceutiques inc.
35
1,202
6,359
V13647
V15279
V14828
V15054
V13562
V14949
V14929
V14455
35
3,106
3,106
● Fonds de solidarité FTQ investissements
croissance I, s.e.c.
45
5,992
5,992
V14927
V14948
V14730
V14867
V14936
V15039
V14834
V14814
V14769
V03002
V14985
V15314
V15367
V14839
V14933
V15284
V15425
V15495
V15783
V15297
V15817
● Fonds de solidarité FTQ Investissements
technologiques I, s.e.c.
45
4,000
4,000
V15320
1,073
V14464
V15483
V15331
V06111
V15261
V15362
V14747
V14257
50,000
933
3,000
933
3,000
97,600
97,600
5,157
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
9262-2059 Québec inc. (Casavant Frères)
25
2,000
Abipa Canada inc.
20
9,600
Agritibi R.H. inc.
20
450
450
Athos services commémoratifs inc.
25
14,699
14,699
Erfa Canada 2012 inc.
1,861
1,861
2,050
Germain Larivière inc.
25
Gestion SMS inc.
20
1
2,837
2,050
2,000
9,600
1,073
1
GLyPharma Thérapeutique inc.
35
Groupe Colabor inc.
30
Groupe MBI inc.
20
Groupe PCM inc.
20
Groupe QuébéComm inc.
25
3,000
3,000
Innovation Thrasos inc.
35
12,017
12,017
20,321
2,837
30,000
30,000
408
20,729
395
6
395
AS AT MAY 31, 2015
(In thousands $)
Unsecured
Year of
Initial Investment
2012
2013
2014
Industry
Segment
Listed
Shares
Unlisted
Shares
and Units
Secured
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
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
Les Industries Touch inc.
25
Lumira Capital II, société en commandite
35
7,133
Maibec inc.
15
9,662
Mine Barlow inc.
15
200
Pages Jaunes Limitée
25
Pages Jaunes Solutions numériques et médias
limitée
25
Produits alimentaires Viau inc.
30
Société en commandite Free 2 Play
25
Sojag inc.
25
SSQ, Société de participation mutualiste inc.
40
4,500
427
427
7,133
4,824
14,486
200
1,747
1,747
6,948
6,948
4,700
4,700
7,500
7,500
3,325
3,325
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
10,750
10,750
1,500
5,500
4,725
4,725
1,252
Asmacure inc.
35
1
Attraction Média inc.
25
4,000
Auberge & Spa le Nordik inc.
25
Bandsintown Group inc.
45
Corporation d'Or Intégra
15
Distech Contrôles inc.
45
Entreprises Minières du Nouveau-Monde inc.
15
FCPR Aerofund III
1,252
1
741
5,168
741
5,168
74
74
13,000
13,000
20
6,052
6,052
Fonds d'investissements Sanderling VII (Canada),
s.e.c.
35
2,502
2,502
Groupe de construction industrielle DCM inc.
20
7,667
7,667
Humania Assurance inc.
40
10,000
10,000
150
150
Les Brasseurs du Nord inc.
30
19,975
Les Réseaux Accedian inc.
45
7,764
Lunetterie New Look inc.
25
Macadamian Technologies inc.
45
Propair inc.
20
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
19,975
7,764
15,000
500
500
718
553
718
553
625
625
2,500
2,500
17,417
17,417
3,100
7
15,000
3,100
V15256
V13578
V14680
V11932
V13774
V02502
V15436
V16028
V16027
V14878
V14906
V15446
V15372
V05411
V03963
V13081
V15890
V15836
V06167
V11876
V16361
V16328
V17283
V06350
V15867
V15929
V15642
V15945
V15294
V15958200
V11761
V17373
V17250
V16025
V16292
V18194
V18380
V18036
V18122
AS AT MAY 31, 2015
(In thousands $)
Unsecured
Year of
Initial Investment
2014
Industry
Segment
Acquisition Glacier II inc.
35
Adventure Gold inc.
15
Listed
Shares
400
Unlisted
Shares
and Units
Secured
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
58,895
58,895
1
401
Agropur Coopérative
30
75,000
75,000
Anges Québec Capital s.e.c.
40
2,738
2,738
Argos Therapeutics inc.
35
AV & R Vision & Robotiques inc.
20
1,373
1,373
Coalision inc.
25
Colo-D inc.
45
Decolin inc.
1
1
15,000
15,000
5,000
7,175
25
5,000
5,000
Densi Corporation
25
2,000
2,000
Double A Corp inc.
20
Enerkem inc.
15
2,175
3,000
3,000
11,015
11,015
Fonds CTI Sciences de la vie II, s.e.c.
35
830
830
● Fonds de solidarité FTQ investissements
croissance II, s.e.c.
45
1,600
1,600
● 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
Leprohon inc.
20
Lumenpulse inc.
20
Machines Roger International inc.
15
Maison des Futailles, s.e.c.
30
2,500
7,500
21,537
21,537
500
500
7,485
7,485
1,000
1,000
2,000
29
950
2,000
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
5,404
5,404
Orckestra inc.
45
2,800
2,800
PRCL Research inc.
35
1,818
Redevances Aurifères Osisko ltée
15
4,750
979
4,750
3,990
3,990
1,818
27,905
27,905
Ricardo Média inc.
25
2,738
2,738
Rudsak inc.
25
4,950
4,950
Société d'investissement Alt Canada, s.e.c.
25
2,083
Sterinova inc.
35
4,500
Super Aqua Club inc.
25
Technologies Tremcar inc.
20
5,000
5,000
45
24,854
24,854
● Teralys Capital Fonds de Fonds, s.e.c.
2,083
4,500
2,700
8
2,700
V17590
V13715
V17727
V17797
V15710
V15961
V06297
V18185
V17672
V17520
V17235
V13021
V15952
V18165
V15486
V18053
V12828
V02222
V18199
V16356
V14766
V18174
V15264
V02679
V17474
V17459
V17257
V18101
V17399
V17668
V18164
V17211
V18105
V17379
V14788
V13237
V16093
V17395
V13729
V13842
AS AT MAY 31, 2015
(In thousands $)
Unsecured
Year of
Initial Investment
2014
2015
Listed
Shares
Unlisted
Shares
and Units
Tuango inc.
25
5,000
Versant Venture Capital V, L.P.
35
3,228
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
2,500
7,500
3,228
Xenon Pharmaceuticals inc.
35
1
1
Yamana Gold inc.
15
3,405
3,405
Zymeworks inc.
35
4,000
4,000
9314-3394 Québec inc. (MGT - Terminaux
Montréal Gateway)
20
60,000
60,000
Artemano Canada inc.
25
Corporation Fiera Capital
40
500
500
12,600
12,600
enGene inc.
35
1,778
1,778
Esperas Pharma inc.
35
2,430
2,430
Gérodon (Canada) inc.
25
500
500
Gestion Frima inc.
45
2,400
2,400
Groupe Atis inc.
20
32,000
7,311
Groupe Maibec inc.
15
1
7,000
7,001
Placements Mecyva inc.
40
17,500
17,500
Ressources Sphinx ltée
15
150
150
Société en commandite Fiera Axium Infrastructure
Canada II
40
Souris Mini inc.
25
Tecsys inc.
45
39,311
228
228
4,000
2,000
6,000
1,233
1,233
Teralys Capital Fonds d'Innovation s.e.c.
40
709
Voyages Traditours inc.
25
2,925
4,000
6,925
40
2
1
3
2,846,408
1,552,409
19 general partners of limited partnerships
768,070
Total
●
Industry
Segment
Secured
709
2,638
5,169,525
V17516
V16155
V18203
V12055
V18031
V18178
V18177
V18462
V16114
V18382
V17333
V17374
V18198
V18400
V18417
V13371
V16254
V18295
V13685
V18076
V18298
V18880
9,655
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 $5,169,525,000 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 May 31, 2015. In addition, this statement
presents a list of the guarantees and suretyships granted by the Fonds.
Industry segment legend
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
AS AT MAY 31, 2015
(In thousands $)
Description
Industry
Segment
Listed
Shares
5N Plus inc.
45
12,480
15
8
Adventure Gold inc.
15
49
Aimia inc.
25
28,019
3,069
Alimentation Couche-Tard inc.
30
Amex Exploration inc.
15
25
Bombardier inc.
20
37,253
Bowmore Exploration Ltd
15
79
Cogeco Câble inc.
25
24,770
Corporation Fiera Capital
40
12,269
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
15,066
Groupe d'alimentation MTY inc.
25
8,259
Groupe DMD Connexions santé numériques inc.
35
2,538
Hecla Mining Company
15
13
Héroux-Devtek inc.
20
14,227
Industries Lassonde inc.
30
2,490
Innergex Énergie renouvelable inc.
55
2,935
Junex inc.
10
1,537
Lamêlée minerais de fer ltée
15
9
Le Groupe Jean Coutu (PJC) inc.
30
493
Lumenpulse inc.
20
5,300
Manac inc.
20
7,468
Mason Graphite inc.
15
30
Metro inc.
30
1,570
Mines Agnico Eagle Limitée
15
23
15
12
Mines Richmont inc.
15
1,889
Nunavik Nickel Mines Ltd
15
3
Opsens inc.
45
1,935
Ovivo inc.
20
5,201
Quincaillerie Richelieu ltée
20
7,076
15
27,437
1
V12431
V15313
R14323
399453
01626P
30214Q
V13647
10303
V12924
31660A
R11419
29482C
V04288
V11976
V12531
68556N
13710C
39945C
55378N
APTILON
422704
42774L
417907
45790B
V05601
513441
47215Q
V15264
V06118
V17459
V11740
V18101
V06004
V02088
V15314
683823
V13155
76329W
V18105
APPENDIX A
Entreprises québécoises publiques, at cost
AS AT MAY 31, 2015
(In thousands $)
Description
Industry
Segment
Listed
Shares
15
24
Rogers Sugars inc.
30
9,076
SEMAFO inc.
15
28
Stella-Jones inc.
15
4,496
Technologies D-Box inc.
25
5,445
Technologies Interactives Mediagrif inc.
45
12,153
Technologies Sensio inc.
45
1,283
TransForce inc.
20
14,598
WSP Global inc.
20
21,236
Xebec Adsorption inc.
20
2,374
Yamana Gold inc.
15
40
315,106
Total
Industry segment legend
10
Energy
15
Materials
20
Industrials
25
Consumer discretionary
30
Consumer staples
35
Health care
Financials
40
45
Information technology
50
Telecommunication services
55
Utilities
2
V12031
77519R
816922
V02986
DBOX
V03963
81725Y
V04179
37230Q
983891
V12055
RELEVÉ
DES AUTRES
INVESTISSEMENTS
(NON AUDITÉ) IN FRENCH ONLY
AS AT MAY 31, 2015
Relevé des autres investissements ( non audité )
au 31 mai 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
Actavis plc
00507K103
Actelion Ltd
CH0010532478
Activision Blizzard inc.
00507V109
Adecco SA
CH0012138605
Adidas AG
403197908
Adobe
Systems inc.
00724F101
Advance
00751Y106Auto Parts inc.
Advantest Corp.
JP3122400009
Aegon
NV
NL0010866687
Aena SA
ES0105046009
Aeon Co. Ltd
648004000
Aéroports de Paris
FR0010340141
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
B0ZNPN904 Ltd
Agnico Eagle Mines Ltd
008474108
Agrium inc.
008916108
AIA Group Ltd
B4TX8S909
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
JP3126340003 Corp.
Alimentation Couche-Tard, classe B
01626P403
Alkermes plc
IE00B56GVS15
Alleghany Corp.
017175100
Alliance Data Systems Corp.
018581108
Alliant Energy Corp.
018802108
1
30 677
274
337
45 500
6 046
9 035
457
686
1 098
131 773
3 024
3 585
114 600
4 577
6 952
43 494
2 068
3 615
8 500
404
616
25 188
180
214
10 211
247
224
36 300
3 250
4 352
15 700
1 476
2 087
9 484
2 206
3 632
1 596
215
277
7 000
158
221
1 208
110
119
13 724
1 512
1 343
14 400
686
1 422
1 900
248
363
12 500
149
187
112 124
401
532
157
1 201
157
24 700
341
413
6 849
971
1 056
67 700
1 024
1 149
9 300
580
1 369
12 000
693
932
53 524
2 852
2 802
305
6 539
297
17 510
512
536
21 200
828
1 090
119 975
1 793
1 861
99 200
3 588
3 970
84 770
8 237
10 951
853 000
4 271
7 012
585 200
5 619
8 053
13 560
1 394
2 177
5 700
460
1 044
2 700
165
344
56 000
813
1 447
4 700
303
447
13 290
880
1 261
3 500
220
263
88 289
419
440
32 600
499
509
5 400
531
1 104
10 080
300
237
36 000
629
690
120 500
3 066
5 840
1 700
145
130
3 700
1 591
2 195
1 400
461
521
4 400
170
337
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Allianz SE
523148906
Allied Properties REIT
019456102
Allstate Corp.
020002101
Ally Financial inc.
02005N100
Alnylam Pharmaceuticals inc.
02043Q107
Alstom SA
FR0010220475
AltaGas Ltd
021361100
Altera Corp.
021441100
Altice SA
101453952
Alumina Ltd
695498006
Amadeus IT Holding SA
ES0109067019
Amazon.com inc.
023135106
Amcor Ltd
606660009
Amec
Foster Wheeler plc
002826006
Ameren
023608102Corp.
American Airlines Group inc.
02376R102
American Capital Agency Corp.
02503X105
American
025537101 Electric Power Co. inc.
American Express Co.
025816109
American International Group inc.
026874784
American Realty Capital Properties inc.
02917T104
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 Corp., classe A
032095101
Anadarko Petroleum Corp.
032511107
Analog Devices inc.
032654105
Andritz AG
013042748
Anglo American plc
B1XZS8907
Anheuser-Busch
InBev NV
475531901
Annaly
Capital
Management
inc.
035710409
Ansys
inc.
03662Q105
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
ArcelorMittal
B03XPL901
Arch Capital Group Ltd
BMG0450A1053
Archer-Daniels-Midland Co.
039483102
ARM Holdings plc
005958905
Aryzta AG
B39VJC900
Asahi Glass Co. Ltd
JP3112000009
2
10 593
1 691
2 082
40 000
1 602
1 451
12 800
638
1 076
10 000
273
283
245
1 500
245
12 362
434
482
95 600
4 127
3 791
21 700
758
1 323
1 299
100
211
222 398
335
377
14 111
666
800
9 900
2 727
5 304
34 892
231
483
17 891
301
324
7 300
246
367
6 800
307
360
20 100
530
523
33 400
1 538
2 347
23 900
1 881
2 378
32 900
1 523
2 407
21 600
220
239
23 481
1 991
2 720
17 000
770
1 122
6 000
508
933
40 100
2 785
5 635
11 600
519
778
19 700
2 063
3 843
109 181
572
695
23 500
988
1 674
13 500
858
1 409
10 700
509
908
3 008
206
231
113 734
3 700
2 223
56 662
4 769
8 487
232 100
3 065
3 024
4 600
389
511
2 012
9 600
865
41 310
602
587
8 100
535
1 023
126 000
399
607
248
655
581
29 509
163
263
10 800
1 027
807
323 400
24 279
52 592
102 400
1 875
2 573
387 220
11 122
8 821
58 120
1 060
771
40 800
2 596
3 254
18 100
594
1 194
101 655
1 699
2 237
3 442
139
271
42 000
269
343
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Asahi Group Holdings Ltd
605440007
Asahi Kasei Corp.
605460005
Ashland inc.
044209104
Ashtead Group plc
GB0000536739
ASM Pacific Technology Ltd
KYG0535Q1331
ASML Holding NV
ACI02GTQ9
Assa Abloy AB, classe B
569878903
Assicurazioni Generali SPA
405671009
Associated British Foods plc
067312900
Astellas Pharma inc.
698538006
AstraZeneca plc
098952906
ASX Ltd
AU000000ASX7
AT&T
inc.
00206R102
ATCO
Ltd, classe I
046789400
Atlantia
SPA
IT0003506190
Atlas
Copco
AB
SE0001426065
Atlas
Copco
AB
SE0001426073
ATS
Automation
Tooling Systems inc.
001940105
Auckland
International
Airport
NZAIAE0002S6
AuRico
Gold
inc.
05155C105
Australia and New Zealand Banking Group Ltd
606558005
Autodesk inc.
052769106
Autoliv inc.
052800109
Automatic Data Processing inc.
053015103
Autozone inc.
053332102
Avago Technologies Ltd
SG9999006241
AvalonBay Communities inc.
053484101
Avery Dennison Corp.
053611109
Aviva plc
021623004
Axa
SA
708842901
Axis
Capital Holdings Ltd
BMG0692U1099
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
IT0005091993
Banco Bilbao Vizcaya Argentaria SA
550190904
Banco Comercial Português SA
PTBCP0AM0007
Banco de Sabadell SA
ES0113860A34
Banco Popolare SC
IT0005002883
Banco Popular Espanol SA
ES0113790226
Banco Santander SA
570594903
Bank Hapoalim BM
IL0006625771
Bank Leumi Le-Israel BM
IL0006046119
Bank of America Corp.
060505104
Bank of East Asia Ltd
HK0023000190
Bank of Ireland
IE0030606259
Bankia SA
011330702
Banque Canadienne Impériale de Commerce
136069101
Banque
063671101de Montréal
Banque Laurentienne du Canada
51925D106Z
3
15 600
304
625
132 000
910
1 467
3 200
291
509
13 773
287
294
17 400
183
226
26 279
2 488
3 659
11 464
482
842
31 139
602
750
9 850
188
568
131 800
1 527
2 402
71 946
5 053
5 992
31 562
1 168
1 255
348 700
12 256
15 034
109
2 500
121
13 773
402
441
79 270
1 116
1 527
56 210
841
966
7 600
115
119
150 895
597
650
74 600
460
307
98 065
2 854
3 110
6 300
402
426
2 700
299
425
79 100
5 738
8 443
6 399
3 415
5 380
18 800
1 291
3 475
10 700
1 526
2 224
2 800
156
216
89 638
472
894
46 223
973
1 450
3 050
194
210
6 200
470
444
13 643
301
292
107 080
686
1 050
10 700
572
861
2 400
70
213
9 337
242
51
464 967
5 281
5 723
1 460 067
187
170
160 581
396
507
10 777
247
226
46 646
389
287
954 327
8 449
8 469
128 414
813
847
168 280
756
811
253 400
3 575
5 219
302 372
1 621
1 704
696 940
325
332
142 484
141
230
62 100
5 122
5 893
184 600
11 974
14 013
739 697
24 965
35 350
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Banque Nationale du Canada
633067103
Banque
780087102Royale du Canada
Banque Toronto-Dominion
891160509
Barclays plc
313486904
Barratt Developments plc
GB0000811801
Barrick Gold Corp.
067901108
Barry Callebaut AG
547692905
BASF SE
ACI0054Q2
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 & Beyond inc.
075896100
Beiersdorf AG
510740905
Belgacom SA
B00D9P907
Benesse Holdings inc.
JP3835620000
Berkshire Hathaway inc., classe B
084670702
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
09247X101 inc.
BNP Paribas
730968906
Boardwalk Real Estate Investment Trust
096631106
BOC Hong Kong Holdings Ltd
653611905
Boliden AB
B1XCBX901
Bombardier inc.
097751200
Bonavista
09784Y108 Energy Corp.
Boral Ltd
621867902
BorgWarner inc.
099724106
Boston Properties inc.
101121101
Boston Scientific Corp.
101137107
Bouygues SA
400212908
BP plc
079805909
Brambles Ltd
B1FJ0C904
Brenntag AG
DE000A1DAHH0
Bridgestone Corp.
613210004
Bristol-Myers
110122108 Squibb Co.
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
4
94 490
4 273
4 584
446 509
29 295
35 304
613 290
27 750
33 209
426 517
1 992
2 194
13 910
158
157
266 400
5 210
3 921
838
1 186
1 175
22 051
1 443
2 541
72 000
5 579
5 986
46 991
5 849
8 375
18 610
1 969
2 580
2 888
301
305
156 700
6 119
3 315
21 200
724
1 044
130 680
6 110
7 122
27 879
3 350
4 890
13 700
975
1 219
14 385
1 430
1 623
34 160
1 214
1 478
20 900
878
684
57 100
7 289
10 192
9 500
265
411
517 064
998
1 099
241 771
5 065
5 236
304 893
9 761
8 621
163 029
4 848
4 283
6 700
1 841
3 320
4 800
354
752
155 670
1 863
1 901
3 500
1 012
1 598
26 992
1 637
2 029
63 186
4 080
3 684
550 000
1 790
2 825
6 173
81
165
2 156 000
8 238
5 563
81 000
611
638
30 744
142
184
8 000
336
601
7 200
802
1 169
39 300
379
896
3 286
166
161
518 478
4 477
4 451
78 579
758
859
4 228
268
322
23 500
882
1 224
79 200
4 091
6 386
45 272
437
743
36 300
1 333
2 576
142 650
4 492
6 273
256 000
5 675
7 303
88 000
2 792
3 321
18 100
1 222
2 130
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
BT Group plc
309135903
Bunge Ltd
G16962105
Bunzl plc
GB00B0744B38
Burberry Group plc
317430908
Bureau Veritas SA
B28DTJ907
C.R. Bard inc.
067383109
Cabot Oil & Gas Corp.
127097103
CaixaBank SA
ES0140609019
CALBEE inc.
B3TBRZ902
Calpine Corp.
131347304
Caltex Australia Ltd
616150009
Camden Property Trust
133131102
Cameco Corp.
13321L108
Cameron
13342B105International Corp.
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 Real Estate Investment Trust
13650J104
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
630930907 Ltd
Capstone Mining Corp.
14068G104
Cardinal Health inc.
14149Y108
Carlsberg AS, classe B
416921005
CarMax inc.
143130102
Carnival Corp.
143658300
Carrefour
564156909 SA
Casino Guichard Perrachon SA
417841004
Catamaran Corp.
148887102
Caterpillar inc.
149123101
Cathay Pacific Airways Ltd
HK0293001514
CBS Corp., classe B
124857202
CCL Industries inc., classe B
124900309
Celanese Corp., série A
150870103
Celestica inc.
15101Q108
Celgene
151020104Corp.
Cenovus Energy inc.
15135U109
CenterPoint Energy inc.
15189T107
Central Japan Railway Co.
618355903
Centrica plc
B033F2900
CenturyLink
156700106 inc.
Cerner Corp.
156782104
CF Industries Holdings inc.
125269100
5
203 019
727
1 727
12 000
970
1 386
46 741
1 379
1 688
37 506
991
1 211
22 473
670
641
9 500
1 536
2 020
40 000
1 400
1 695
63 312
375
378
13 300
390
639
14 400
211
361
9 937
171
320
3 900
289
365
12 000
255
224
12 500
669
801
38 900
1 827
2 347
2 594
94 400
2 213
123 432
823
895
146 200
7 898
10 785
246 900
8 673
9 476
10 900
269
119
12 800
2 094
2 623
87 700
3 976
3 781
93 450
9 256
12 050
12 500
471
462
151 500
5 535
6 541
576
5 326
410
30 646
469
731
16 100
1 024
1 679
160 000
3 945
3 848
177 000
504
572
173 300
394
210
24 600
1 575
2 708
9 294
927
1 065
7 500
359
665
14 100
478
815
18 153
732
768
13 844
1 399
1 354
11 500
638
856
34 300
3 246
3 653
53 000
110
169
13 362
684
1 029
19 000
1 086
2 746
9 000
456
774
427 100
5 400
6 795
21 000
1 319
3 000
495 100
14 115
10 159
15 900
273
404
4 000
453
870
117 294
597
620
43 000
1 589
1 784
7 500
381
630
1 400
193
552
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
CGI Group inc., classe A
39945C109
CH Robinson Worldwide inc.
12541W209
Charter Communications inc., classe A
16117M305
Chartwell Retirement Residences
16141A103
Chemtrade Logistics Income Fund
16387P103
Cheniere Energy inc.
16411R208
Chesapeake Energy Corp.
165167107
Cheung Kong Holdings Ltd
619027006
Cheung Kong Infrastructure Holdings Ltd
621255900
Chevron Corp.
166764100
Chicago Bridge & Iron Co. NV
167250109
Chipotle Mexican Grill inc.
169656105
Chiyoda Corp.
JP3528600004
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
Citigroup inc.
172967424
Citizen Holdings Co. Ltd
JP3352400000
Citrix Systems inc.
177376100
City Developments Ltd
SG1R89002252
Clorox
Co.
189054109
CLP
Holdings
609701909 Ltd
CME Group inc.
12572Q105
CMS Energy Corp.
125896100
CNH
Industrial NV
NL0010545661
Coach
inc.
189754104
Cobalt International Energy inc.
19075F106
Coca-Cola Amatil Ltd
612345900
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
Coloplast AS
DK0060448595
Colruyt SA
ACI009ZR8
Comcast Corp.
20030N200
Commerzbank AG
ACI05RX61
Commonwealth Bank of Australia
621503002
Communications Sales & Leasing inc.
20341J104
Compagnie de St-Gobain
738048909
6
85 400
3 823
4 499
9 800
625
755
1 300
289
291
243 600
2 668
2 682
20 300
431
418
6 500
195
615
16 000
401
282
154 000
2 764
3 000
223 000
1 516
2 299
65 400
5 989
8 409
3 500
197
237
1 300
594
998
9 000
128
100
3 678
628
920
39 500
3 784
4 807
26 900
627
508
3 300
114
123
12 400
257
235
52 200
3 649
5 472
98 000
3 346
3 426
7 400
515
1 301
2 800
149
404
5 018
98
116
10 300
500
650
91 957
3 680
4 510
166 000
4 452
6 073
222 993
11 833
15 053
12 700
105
116
6 500
431
527
57 000
491
555
19 400
1 786
2 607
442 500
3 681
4 831
9 400
664
1 105
10 600
258
452
54 404
654
603
9 000
543
397
25 900
609
328
34 319
364
331
201 800
6 990
10 317
10 500
265
580
20 293
555
554
10 652
825
901
31 000
1 927
2 041
16 200
541
1 309
119 600
7 601
9 972
20 049
1 831
1 887
15 951
933
894
63 000
2 517
4 561
29 318
315
486
70 047
5 173
5 694
4 800
140
156
13 388
581
777
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Compagnie Financière Richemont SA
B3DCZF902
Compagnie Générale des Établissements Michelin SCA
458836004
Compass Group plc
053315909
Computershare
AU000000CPU5Ltd
ConAgra Foods inc.
205887102
Concho Resources inc.
20605P101
Concordia Healthcare Corp.
206519100
ConocoPhillips
20825C104
Consolidated Edison inc.
209115104
Constellation Brands inc., classe A
21036P108
Constellation Software inc.
21037X100
Contact Energy Ltd
615252905
Continental
459858908 AG
Continental Resources inc.
212015101
Cooper Companies inc.
216648402
Core Laboratories NV
N22717107
Corning inc.
219350105
Costco
Wholesale Corp.
22160K105
Crédit
Agricole
FR0012728038 SA
Credit Suisse Group AG
CH0271429679
Crescent Point Energy Corp.
22576C101
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 inc.
231021106
CVS Caremark Corp.
126650100
Daicel
Corp.
625054002
Daiichi
Sankyo Co. Ltd
B0J7D9901
Daikin
Industries
Ltd
625072004
Daimler
AG
552902900
Daito Trust Construction Co. Ltd
JP3486800000
Daiwa House Industry Co. Ltd
625136007
Daiwa Securities Group inc.
625144001
Danaher Corp.
235851102
Danone
FR0000120644
Danske Bank AS
458882909
Dassault Systèmes SA
FR0000130650
DaVita HealthCare Partners inc.
23918K108
DBS Group Holdings Ltd
617520903
Deere & Co.
244199105
Delhaize Group SA
426211009
Delphi Automotive plc
G27823106
Delta
Air Lines inc.
247361702
Denso
Corp.
664038007
Dentsu
inc.
JP3551520004
Deutsche
Annington Immobilien SE
DE000A1ML7J1
Deutsche
575035902 Bank AG
Deutsche Boerse AG
702196908
7
33 142
3 188
6 089
556
3 560
813
110 313
1 611
2 404
21 985
271
271
27 800
852
1 340
3 400
299
511
12 000
1 225
995
66 000
4 112
5 246
67 300
3 884
5 195
5 300
149
780
8 500
1 869
4 327
24 055
133
131
3 368
457
975
3 800
122
216
1 100
246
250
1 800
238
264
86 400
1 615
2 256
19 800
1 698
3 524
61 102
518
568
77 132
1 145
1 271
127 200
4 720
3 585
19 807
466
692
5 487
196
306
20 300
1 242
2 066
476
6 900
301
15 653
205
196
28 171
1 783
2 517
27 800
723
1 183
5 000
619
846
39 000
2 073
4 984
12 000
78
195
40 300
713
951
13 400
632
1 286
49 553
3 838
5 825
4 000
420
557
25 500
506
766
67 000
561
665
15 700
1 009
1 692
28 028
1 944
2 348
25 849
530
945
10 850
780
1 057
26 900
2 057
2 813
137 764
1 945
2 588
13 700
1 351
1 602
4 065
301
452
19 176
1 244
2 082
3 800
165
204
15 500
676
1 015
3 800
240
240
4 000
176
158
36 145
1 619
1 359
6 569
439
659
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Deutsche Post AG
461785909
Deutsche Telekom AG
DE000A14KLV8
Devon Energy Corp.
25179M103
DEXUS Property Group
AU000000DXS1
DH Corp.
23290R101
Diageo plc
023740905
Diamond Offshore Drilling inc.
25271C102
Direct Line Insurance Group plc
GB00B89W0M42
DirectCash Payments inc.
25456A103
DIRECTV
25490A309
Discover Financial Services
254709108
Discovery Communications inc., classe A
25470F104
Discovery Communications inc., classe C
25470F302
DISH Network Corp.
25470M109
Distribuidora Internacional
ACI00NNS8
DNB
ASA
426330007
Dollar
General Corp.
256677105
Dollar
Tree inc.
256746108
Dollarama
25675T107 inc.
Dominion Diamond Corp.
257287102
Dominion Resources inc.
25746U109
Dorel Industries inc., classe B
25822C205
Dover Corp.
260003108
Dow Chemical Co.
260543103
Dr Pepper Snapple Group inc.
26138E109
Dream Global Real Estate Investment Trust
26154A106
DTE Energy Co.
233331107
Duke Energy Corp.
26441C204
E.I.
du Pont de Nemours and Co.
263534109
E.ON
SE
DE000ENAG1G5
East
Japan
629854902 Railway Co.
Eastman Chemical Co.
277432100
Eaton Corp. plc
G29183103
eBay
inc.
278642103
Ecolab
inc.
278865100
Edenred
FR0012672889
Edison International
281020107
EDP - Energias de Portugal SA
410359905
Edwards Lifesciences Corp.
28176E108
Eisai Co. Ltd
630720001
Eldorado Gold Corp.
284902103
Electric Power Development Co. Ltd
B02Q32903
Électricité de France SA
B0NJJ1901
Electrolux AB
SE0000103814
Electronic
285512109 Arts inc.
Element Financial Corp.
286181201
Eli
Lilly & Co.
532457108
Elisa
OYJ
570151902
EMC
Corp
268648102
Emera
inc.
290876101
Emerson
291011104Electric Co.
Empire Co. Ltd, classe A
291843407
8
28 830
753
1 087
149 358
1 091
1 599
10 600
773
863
89 518
605
685
112 745
3 471
4 602
216 259
6 289
7 478
7 500
519
284
47 174
287
303
104 021
1 589
1 609
13 400
846
1 523
13 700
677
996
5 800
241
246
8 200
326
322
6 600
402
583
10 507
87
104
23 285
391
509
24 500
1 431
2 220
17 800
957
1 666
74 500
3 898
5 132
117 700
1 808
2 740
63 700
4 320
5 607
60 850
2 183
2 043
5 800
472
546
63 899
2 442
4 153
9 800
416
938
63 600
631
628
5 000
249
494
88 110
6 379
8 329
51 400
2 798
4 556
91 670
1 631
839
22 900
1 808
2 618
5 000
194
479
13 900
956
1 242
49 900
3 068
3 822
38 800
3 955
5 553
38 458
648
605
8 300
348
630
47 020
180
229
1 400
201
228
11 600
476
910
318 900
2 422
1 910
4 800
166
209
6 020
370
184
11 722
351
446
9 700
223
760
80 000
1 359
1 489
59 000
3 469
5 811
5 759
130
220
64 200
1 728
2 111
43 000
1 723
1 774
42 000
2 651
3 161
4 300
293
383
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Ems-Chemie Holding AG
763561909
Enagas SA
738307909
Enbridge inc.
29250N105
Encana Corp.
292505104
Endo International plc
IE00BJ3V9050
Enel Green Power SPA
B4TWTW909
Enel SPA
714456902
EnerCare inc.
29269C207
Enerflex Ltd
29269R105
Energen Corp.
29265N108
Energizer Holdings inc.
29266R108
Enerplus Corp.
292766102
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 Aeronautic Defence and Space Co. NV
401225909
Eutelsat Communications
FR0010221234
Everest Re Group Ltd
BMG3223R1088
Eversource Energy
30040W108
Evertz
Technologies Ltd
30041N107
Exelon
Corp.
30161N101
Expedia
30212P303inc.
Expeditors International of Washington inc.
302130109
Experian plc
B19NLV907
Express
30219G108Scripts Holdging Co.
Exxon Mobil Corp.
30231G102
F5 Networks inc.
315616102
Facebook inc., classe A
30303M102
Fairfax Financial Holdings Ltd
303901102
Family Dollar Stores inc.
307000109
FamilyMart Co. Ltd
633127006
Fanuc Corp.
635693005
Fast Retailing Co. Ltd
633243902
Fastenal Co.
311900104
Federal
313747206Realty Investment Trust
FedEx Corp.
31428X106
Ferrovial SA
ES0618900957
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
9
351
85
3 434
84
186
123
194 700
10 366
11 580
378 000
6 475
5 957
1 300
96
136
68 845
152
162
147 225
863
890
147 311
2 214
2 136
123 000
1 931
1 738
3 000
155
259
2 500
187
442
107 900
1 744
1 297
136 651
3 624
3 065
15 900
821
466
5 200
431
496
13 700
684
1 516
8 800
681
935
2 600
319
326
1 970
414
659
25 700
1 547
2 385
202 173
2 622
2 827
19 477
620
704
1 700
343
472
7 598
871
1 156
36 865
2 440
3 128
3 014
104
128
6 400
1 067
1 450
12 800
480
787
19 300
335
310
19 300
973
815
3 200
213
428
6 000
262
343
35 256
675
837
42 233
3 322
4 594
152 600
12 089
16 230
1 400
218
220
61 890
2 704
6 118
1 900
1 053
1 190
24 200
1 678
2 342
2 400
92
126
12 000
1 965
3 324
877
1 700
602
10 000
537
518
12 100
1 526
2 031
7 500
751
1 622
20 768
272
283
23 424
304
466
22 500
1 074
1 761
29 400
550
743
114 800
3 698
4 558
9 491
157
157
151 200
4 131
3 762
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
FireEye inc.
31816Q101
First Capital Realty inc.
31943B100
First
Pacific Co. Ltd
BMG348041077
First
Quantum Minerals Ltd
335934105
FirstEnergy Corp.
337932107
Fiserv inc.
337738108
Fission Uranium Corp.
33812R109
FleetCor Technologies inc.
339041105
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
345370860 Co.
Fortescue Metals Group Ltd
608625901
Fortis inc.
349553107
Fortum OYJ
557955903
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
Fuji Heavy Industries Ltd
635640006
FUJIFILM
635652001 Holgings Corp.
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 Electric Co.
369604103
General Growth Properties inc.
370023103
General Mills inc.
370334104
General Motors Co.
37045V100
Genuine Parts Co.
372460105
George Weston Ltd
961148509
Gibson Energy inc.
374825206
Gilead
Sciences inc.
375558103
Givaudan
598061901 SA
GKN plc
GB0030646508
Glaxosmithkline
plc
092528900
10
3 000
125
174
34 700
610
652
262 000
286
310
62 400
1 222
1 003
12 100
612
539
29 400
1 584
2 942
113 900
132
131
700
100
133
28 205
173
219
28 000
286
425
7 200
568
494
9 400
747
660
12 500
742
892
14 000
568
731
1 964
176
216
90 100
1 490
1 706
191 917
873
444
7 900
254
300
9 210
261
218
91 300
5 139
5 840
13 300
704
845
17 500
314
308
106 800
4 034
2 620
7 008
395
395
27 827
2 086
2 958
16 299
727
1 297
106 467
1 724
1 540
40 400
318
260
6 452
280
353
17 400
405
822
16 000
352
765
60 000
259
421
121 805
633
692
256 000
2 185
1 529
51 556
882
756
500
55
55
8 747
191
268
27 997
976
704
4 731
241
286
1 540
396
689
2 302
297
251
377 100
9 899
12 837
21 100
447
746
119 900
6 359
8 404
33 800
1 276
1 518
16 700
1 461
1 886
3 000
251
303
25 900
725
620
46 300
2 889
6 488
4 560
2 001
3 153
44 632
307
312
243 438
6 756
6 740
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Global Logistic Properties Ltd
SG2C26962630
Goldcorp inc.
380956409
Golden Agri-Resources Ltd
616447900
Goldman Sachs Group inc.
38141G104
Google inc., classe A
38259P508
Google inc., classe C
38259P706
GPT Group
AU000000GPT8
Great Canadian Gaming Corp.
389914102
Great-West Lifeco inc.
39138C106
Groupe Canam inc.
13710C107
Groupe SNC-Lavalin inc.
78460T105
GungHo Online Entertainment inc.
JP3235900002
H&R
Real Estate Investment Trust
404428203
Hammerson
plc
GB0004065016
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
Health Care REIT inc.
42217K106
Healthscope Ltd
AU000000HSO1
HeidelbergCement AG
512067901
Heineken Holding NV
B0CCH4904
Heineken NV
779255900
Helmerich
423452101 & Payne inc.
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 Co.
428236103
Hexagon AB
SE0000103699
High Liner Foods inc.
429695109
Hikari Tsushin inc.
6416322
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
HKT
Trust
B4TXDZ907and HKT Ltd
Hokuriku Electric Power Co.
643312002
Holcim Ltd
711075903
HollyFrontier
436106108 Corp.
Home Depot inc.
437076102
11
155 000
362
396
280 000
7 636
6 182
872 000
470
339
9 900
1 655
2 548
8 700
4 158
5 922
7 830
3 493
5 200
410 835
1 549
1 814
45 223
923
1 085
83 748
2 972
3 018
62 700
807
902
4 000
147
180
17 800
158
82
132 000
2 996
2 984
309
24 292
307
108 000
402
426
282 900
4 928
7 088
84 000
505
631
8 278
211
200
6 200
353
414
1 500
226
226
2 200
214
218
3 200
282
288
9 000
364
919
14 700
727
710
11 300
795
991
325 718
824
868
4 123
237
416
8 441
511
731
17 021
1 098
1 661
392
4 300
220
28 000
208
282
21 338
1 743
2 954
22 920
830
1 126
27 200
3 831
4 810
1 187
461
578
12 700
332
315
7 800
493
657
101 300
2 947
4 224
5 029
230
230
102 811
2 477
2 446
3 800
324
334
4 735
665
845
7 000
104
173
8 700
185
199
1 700
44
60
133 000
939
1 137
32 000
586
665
566 700
689
893
8 100
120
154
13 891
1 039
1 362
5 900
196
307
42 500
3 451
5 911
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Honda Motor Co. Ltd
643514003
Honeywell International inc.
438516106
Hong Kong & China Gas Co. Ltd
643655004
Hong Kong Exchanges & Clearing Ltd
626735906
Hormel Foods Corp.
440452100
Hospira inc.
441060100
Host Hotels & Resorts inc.
44107P104
Hoya Corp.
644150005
HRS Holding Ltd
3397334
HSBC Holdings plc
054052907
HudBay Minerals inc.
443628102
Hudson's Bay Company
444218101
Hugo Boss AG
079582719
Humana inc.
444859102
Husky
Energy inc.
448055103
Hutchison
Post Holdings Trust
SG2D00968206
Hutchison
644806002 Whampoa Ltd
Iberdrola SA
B288C9908
Ibiden Co. Ltd
JP3148800000
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 Oil Ltd
453038408
Incitec
Pivot Ltd
667304901
Incyte
Corp.
US45337C1027
Inditex SA
711131904
Industrielle
455871103 Alliance, Assurance et services financiers inc.
Infineon Technologies AG
DE0006231004
Ing Groep NV
715418901
Ingersoll-Rand plc
G47791101
Inmarsat plc
B09LSH907
Inpex
Corp.
B10RB1904
Insurance Australia Group Ltd
627102908
Intact Financial Corp.
45823T106
Integrys Energy Group inc.
45822P105
Intel Corp.
458140100
Inter Pipeline Ltd
45833V109
InterContinental Hotels Group plc
B85KYF903
IntercontinentalExchange Group inc.
45866F104
International Business Machines Corp.
459200101
International Consolidated Airlines Group SA
ES0177542018
International Flavors & Fragrances inc.
459506101
International Paper Co.
460146103
Intertape Polymer Group inc.
460919103
Intertek
316383900Group plc
Intesa Sanpaolo
407683002
Intuit inc.
461202103
Intuitive Surgical inc.
46120E602
12
45 500
1 811
1 950
23 700
2 021
3 082
664 040
1 404
1 999
28 349
495
1 362
30 200
1 458
2 157
3 100
266
342
27 500
504
684
27 600
662
1 276
632
149
162
466 422
5 406
5 532
420 800
4 157
4 679
26 000
703
662
1 992
303
283
4 500
375
1 206
316 800
9 481
7 743
410 000
300
338
57 000
625
1 056
117 659
866
1 014
7 200
157
168
24 800
613
613
1 700
258
262
950
112
268
10 700
778
1 253
3 800
499
978
42 024
522
362
1 352
84
126
27 700
1 293
1 351
65 800
241
251
2 300
189
316
19 300
503
797
71 842
3 058
3 082
67 543
863
1 108
102 320
989
2 097
9 300
556
798
68 305
931
1 292
118 000
1 755
1 816
89 141
511
482
102 100
6 980
9 106
6 100
382
548
344 400
9 524
14 814
66 931
1 765
2 071
12 672
415
662
3 359
622
993
50 300
10 514
10 652
14 516
153
153
7 200
580
1 070
7 600
212
492
52 200
743
1 013
16 713
908
796
372 992
724
1 675
29 100
2 113
3 783
1 200
618
731
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
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 Display inc.
JP3389660006
Japan Exchange Group inc.
018949717
Japan
Prime Realty Investment Corp.
JP3040890000
Japan
Real
Estate Investment Corp.
JP3027680002
Japan
Retail
JP3039710003Fund Investment Corp.
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 & Johnson
478160104
Johnson Controls inc.
478366107
Johnson Matthey plc
B70FPS903
Jones Lang Lasalle inc.
48020Q107
JPMorgan
46625H100 Chase & Co.
JSR Corp.
647098003
Juniper Networks inc.
48203R104
JX
Holdings inc.
B627LW906
K+S
AG
ACI00RQT4
Kabel
Deutschland Holding AG
DE000KD88880
Kakaku.com
JP3206000006inc.
Kamigumi Co. Ltd
JP3219000001
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
Keyence
649099009Corp.
Keyera Corp.
493271100
Kikkoman Corp.
649080009
Kimberly-Clark Corp.
494368103
Kinder
Morgan inc.
49456B101
13
15 400
538
766
53 986
501
616
12 173
479
507
17 158
514
844
1 700
150
143
60 315
560
543
23 000
290
391
55 300
744
935
16 000
368
473
104 766
383
543
45 666
293
219
17 527
126
296
9 168
45
48
10 600
304
404
255
940
1 050
259
1 488
1 490
798
1 903
2 002
8 000
318
291
1 100
211
246
10 600
913
1 112
27 927
444
478
15 700
448
480
8 000
308
201
122 600
11 447
15 325
20 000
776
1 299
6 668
198
444
200
43
43
89 900
5 093
7 382
7 500
155
171
10 000
273
347
167 300
972
925
6 761
405
275
6 331
994
1 057
27 700
499
540
64 000
680
744
22 200
485
308
23 000
292
497
5 000
563
565
38 800
1 327
2 208
8 032
541
671
90 900
1 264
2 570
48 900
3 227
3 832
88 000
753
712
4 713
1 065
1 031
13 462
912
1 253
45 500
166
237
3 500
252
377
3 100
1 159
2 092
199 887
7 237
8 185
7 000
83
245
45 000
4 510
6 115
43 418
1 812
2 249
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
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 Ltd
649658002
Kone OYJ, classe B
B09M9D905
Koninklijke Ahold NV
525260907
Koninklijke Boskalis Westminster NV
NL0011182704
Koninklijke DSM NV
025328825
Koninklijke KPN NV
595607904
Koninklijke
Philips NV
NL0010866711
Koninklijke
Vopak NV
NL0009432491
Kraft
Foods
50076Q106 Group inc.
Kroger Co.
501044101
Kubota Corp.
649750007
Kuehne + Nagel International AG
B142S6906
Kuraray Co. Ltd
649766003
Kyocera Corp.
649926003
Kyowa Hakko Kirin Co. Ltd
JP3256000005
Kyushu Electric Power Co. inc.
649980000
L Brands inc.
501797104
L-3 Communications Holdings inc.
502424104
La Banque de Nouvelle-Écosse
064149107
Laboratory Corp. of America Holdings
50540R409
Labrador Iron Ore Royalty Corp.
505440107
Lafarge SA
450270004
Lam Research Corp.
512807108
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
Legacy Oil + Gas inc.
524701505
Legal & General Group plc
056039902
Legg Mason inc.
524901105
Legrand SA
B11ZRK906
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
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
14
81 677
453
576
439 000
2 165
1 290
43 900
667
790
7 200
572
536
5 137
307
284
142 000
298
333
7 800
418
638
53 800
1 430
1 420
19 092
905
997
32 203
456
816
6 228
189
192
9 257
510
684
106 426
517
481
99 986
1 520
1 697
1 920
111
119
14 800
652
1 560
12 900
331
1 172
37 000
581
772
18 617
2 601
3 251
14 400
179
237
17 900
927
1 220
46 000
540
726
18 000
374
263
9 000
467
972
5 000
738
735
395 575
24 697
25 872
19 300
2 070
2 842
81 000
2 273
1 332
15 013
1 174
1 320
10 100
711
1 037
35 627
524
891
6 854
522
474
33 600
2 417
2 132
27 000
2 029
2 357
6 500
152
152
500
72
72
146 600
1 043
386
162 239
460
821
4 700
153
313
10 298
525
722
120 800
3 329
4 759
16 100
517
495
5 900
131
409
144 000
201
156
15 666
1 169
1 125
8 295
163
557
3 700
120
177
7 400
235
351
68 000
3 616
5 761
6 000
426
427
4 572
622
1 094
471
2 442
3 093
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
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
406141903 Hennessy Louis Vuitton SA
LyondellBasell Industries NV, classe A
N53745100
M&T Bank Corp.
55261F104
M3 inc.
019947980
Mabuchi Motor Co. Ltd
JP3870000001
Macquarie Group Ltd
B28YTC906
Macy's inc.
55616P104
Magna International inc.
559222401
Mallinckrodt plc
G5785G107
MAN SE
DE0005937007
Manitoba Telecom Services inc.
563486109
ManpowerGroup inc.
56418H100
Manulife Financial Corp.
56501R106
Mapfre SA
ES0124244E34
Marathon Oil Corp.
565849106
Marathon
56585A102Petroleum Corp.
Marks & Spencer Group plc
312748908
Marriott
571903202International inc., classe A
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 & Co. inc.
579780206
McDonald's Corp.
580135101
McDonald's Holdings Co. Japan Ltd
JP3750500005
McGraw Hill Financial inc.
580645109
McKesson Corp.
58155Q103
MDU Resources Group inc.
552690109
Mead Johnson Nutrition Co.
582839106
MeadWestvaco
Corp.
583334107
Medibank
Private
AU000000MPL3 Ltd
15
13
662
1 017
8 000
421
478
3 000
505
730
22 400
336
331
4 800
154
171
1 426 421
1 609
2 385
94 343
5 170
5 967
11 900
560
596
6 170
205
289
3 009
334
526
6 590
844
1 551
26 700
1 166
2 332
2 000
149
149
369 400
1 945
2 080
8 971
220
176
8 336
510
699
16 203
2 737
3 595
10 900
425
1 376
4 900
536
739
58 700
1 112
1 397
258
3 400
123
10 868
502
849
12 300
617
1 028
170 500
7 596
12 186
1 500
153
242
10 247
1 375
1 319
82 600
2 653
2 300
2 000
212
211
833 100
15 510
19 020
6 000
27
27
20 100
543
682
981
7 600
286
57 650
429
640
10 300
451
1 003
41 100
1 893
2 987
1 800
167
335
94 000
693
688
8 700
288
288
26 000
448
454
29 900
1 771
3 443
15 100
703
486
15 800
570
692
19 900
424
535
40 500
2 915
3 968
82 000
8 622
9 819
23 000
671
602
8 700
492
1 127
11 500
1 547
3 405
6 700
193
175
20 200
1 529
2 454
4 600
115
290
805 083
1 647
1 646
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Medivation inc.
US58501N1019
Medtronic plc
585055106
MEG
Energy Corp.
552704108
MEIJI
Holdings Co. Ltd
B60DQV902
Merck & Co. inc.
58933Y105
Merck KGaA
DE0006599905
Methanex Corp.
59151K108
MetLife inc.
59156R108
Metro AG
504141904
Metro inc.
59162N109
Metso OYJ
FI0009007835
Mettler-Toledo International inc.
592688105
MGM China Holdings Ltd
KYG607441022
MGM
Resorts International
552953101
Michael
Kors Holdings Ltd
VGG607541015
Microchip
595017104 Technology inc.
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
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.
611740101
Moody's Corp.
615369105
Morgan Stanley
617446448
Motorola Solutions inc.
620076307
MS&AD Insurance Group Holdings inc.
B2Q4CS905
MTR Corp. Ltd
HK0066009694
Muenchener Rueckver AG
529412900
Mullen Group Ltd
625284104
Murata Manufacturing Co. Ltd
661040006
Murphy Oil Corp.
626717102
Mylan NV
628530107
Nabors Industries Ltd
G6359F103
Nagoya Railroad Co. Ltd
JP3649800004
16
1 000
126
165
67 728
4 494
6 453
76 000
1 983
1 520
5 300
310
755
142 600
7 674
10 838
4 814
452
646
4 600
305
317
22 700
1 045
1 481
5 287
339
228
11 200
259
385
5 602
200
201
1 100
285
446
68 400
268
155
17 800
486
445
5 800
521
337
10 300
536
632
89 600
1 638
3 124
229 400
8 418
13 418
7 247
745
724
9 000
141
208
18 300
894
1 104
56 000
317
441
45 300
839
1 270
65 000
650
1 115
35 000
900
978
37 000
247
269
104 000
674
825
171 000
748
848
25 500
295
297
64 000
1 025
1 271
327 500
2 016
3 035
58 900
789
1 034
27 000
787
985
37 751
547
550
848 300
1 830
2 343
1 300
301
303
12 000
774
1 099
171 711
6 170
8 914
10 007
283
281
4 000
205
636
7 300
498
985
38 300
1 036
1 826
45 000
3 111
3 314
16 800
442
653
468 500
1 920
2 803
4 519
873
1 042
139 765
3 936
2 914
16 800
1 609
3 420
11 899
775
645
10 700
436
970
8 200
210
151
211 000
816
1 000
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
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 Mining Ltd
663710002
Newmont Mining Corp.
651639106
News Corp., classe A
65249B109
Nexon Co. Ltd
070973251
Next plc
320898901
NextEra
65339F101Energy inc.
NGK SPARK PLUG Co. Ltd
JP3738600000
NICE Sytems Ltd
IL0002730112
Nidec Corp.
JP3734800000
Nielsen
Holdings NV
N63218106
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 REIT inc.
JP3047550003
Nippon Steel & Sumitomo Metal Corp.
664256005
Nippon Telegraph and Telephone Corp.
664137007
NiSource inc.
65473P105
Nissan Motor Co. Ltd
664286002
Nisshin
Seifun Group inc.
664096005
Nissin
Foods
664176005 Holdings Co. Ltd
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 Research Institute Ltd
JP3762800005
Norbord inc.
65548P403
Nordea Bank AB
538003906
Nordstrom inc.
655664100
Norfolk Southern Corp.
655844108
Norsk Hydro ASA
B11HK3901
Northern
665859104Trust Corp.
Northland Power inc.
666511100
Norwegian
Cruise Line Holdings Ltd
BMG667211046
Novartis
AG
710306903
Novo Nordisk AS, classe B
707752903
Novozymes AS, classe B
B798FW902
17
125 192
3 873
4 105
212 726
2 657
3 785
22 600
1 234
1 388
101 000
341
415
6 262
180
198
272 757
19 381
26 310
11 100
432
463
1 400
325
1 091
118 147
1 729
1 843
399 156
477
665
192 561
2 404
2 600
148 100
4 164
5 036
1 275
21
24
7 900
72
133
12 960
1 316
1 857
37 800
3 234
4 829
4 000
135
152
9 927
546
793
13 900
855
1 270
12 900
454
724
22 100
1 512
2 805
13 000
232
202
2 900
303
616
309
1 858
1 806
25 000
142
166
17 000
362
461
452
1 039
1 089
221 000
673
760
48 900
2 683
4 264
9 000
192
530
73 800
833
965
9 680
92
151
28 400
1 387
1 514
17 100
824
1 646
10 700
499
1 039
9 900
376
541
256 000
213
188
3 500
63
145
256 983
1 375
2 337
134 200
1 040
1 112
36 900
1 302
1 772
146 800
3 869
3 898
77 427
996
1 254
200
18
18
8 100
645
930
36 835
245
215
7 400
447
689
157 500
2 796
2 638
2 300
157
157
89 233
7 139
11 394
68 253
2 399
4 749
13 251
460
794
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
NRG Energy inc.
629377508
NSK Ltd
JP3720800006
NTT Data Corp.
JP3165700000
NTT DOCOMO inc.
612927905
Nucor Corp.
670346105
NuVista Energy Ltd
67072Q104
NVIDIA Corp.
67066G104
Occidental Petroleum Corp.
674599105
Oceaneering International inc.
675232102
OCI NV
NL0010558797
Odakyu Electric Railway Co. Ltd
665610002
OGE
Energy Corp.
670837103
Oji
Holdings
665770004 Corp.
Old Mutual plc
B77J08909
Omnicare inc.
681904108
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 SA
517617908
O'Reilly Automotive inc.
67103H107
Orica Ltd
645800004
Oriental Land Co. Ltd
664889904
Origin Energy Ltd
621486901
Orix Corp.
666114004
Orkla ASA
B1VQF4902
Osaka Gas Co. Ltd
666176003
Osram Licht AG
DE000LED4000
Otsuka Corp.
JP3188200004
Otsuka
Holdings Co. Ltd
B5LTM9909
Oversea-Chinese
Banking Corp.
B0F9V2906
PACCAR
inc.
693718108
Pall Corp.
696429307
Palo Alto Networks inc.
US6974351057
Panasonic Corp.
657270005
Pandora AS
DK0060252690
Paramount Resources Ltd, classe A
699320206
Parex Resources inc.
69946Q104
Park24 Co. Ltd
007429126
Parker Hannifin Corp.
701094104
Parkland Fuel Corp.
70137T105
PartnerRe
Ltd
BMG6852T1053
Partners
Group
CH0024608827 Holding AG
Patterson Cos inc.
703395103
Paychex inc.
704326107
PCCW Ltd
657407904
Pearson plc
067760009
Pembina Pipeline Corp.
706327103
18
10 100
272
3 000
62
318
62
5 300
245
295
262 000
4 503
5 893
9 400
423
555
63 000
572
485
32 300
657
893
27 800
2 300
2 714
7 399
450
470
3 412
135
125
53 000
542
629
14 800
564
582
33 000
167
184
521 715
1 823
2 197
18 600
1 457
2 212
9 500
608
884
11 996
606
424
6 700
197
351
16 000
854
1 124
1 100
97
150
6 900
387
365
86 800
3 050
4 712
11 600
576
627
53 896
1 244
1 059
2 494
9 100
1 228
11 844
254
248
23 200
912
1 869
39 010
506
496
42 800
605
850
31 026
262
302
275 000
1 130
1 379
405
6 159
300
15 300
732
930
75 000
2 491
2 936
412 447
3 395
3 894
10 200
565
809
5 500
675
854
1 000
135
212
63 700
512
1 173
1 953
156
245
1 400
43
45
13 300
135
135
29 500
621
651
5 200
536
782
82 098
1 883
2 079
5 300
602
870
3 139
970
1 224
28 100
1 339
1 678
86 600
3 859
5 341
665 395
369
520
29 467
570
734
219 909
8 468
8 817
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
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
Pirelli & C. SPA
IT0004623051
PNC Financial Services Group
693475105
Polaris
Industries inc.
731068102
Porsche
710106907Automobil Holding SE
Portefeuille de deux fonds d'infrastructures privés
CITI5
Potash Corp. of Saskatchewan inc.
73755L107
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
Praxair inc.
74005P104
Precision
740189105 Castparts Corp.
Priceline.com inc.
741503403
Primero Mining Corp.
74164W106
Principal
74251V102Financial Group inc.
Progressive Waste Solutions Ltd
74339G101
Prologis inc.
74340W103
ProMetic Sciences de la vie inc.
74342Q104
ProSiebenSat.1 Media AG
DE000PSM7770
Prudential Financial inc.
744320102
Prudential plc
070995006
Prysmian SPA
IT0004176001
Public Service Enterprise Group inc.
744573106
Public Storage
74460D109
Publicis Groupe SA
438042905
Puma Biotechnology inc.
74587V107
QBE
Insurance Group Ltd
671574002
Qorvo
inc.
74736K101
QUALCOMM
747525103 inc.
Quanta Services inc.
74762E102
Quebecor inc., classe B
748193208
Quest
Diagnostics inc.
74834L100
Rackspace
750086100 Hosting inc.
Raging River Exploration inc.
750649105
19
248 600
1 442
7 900
475
828
631
77 800
1 274
1 511
40 500
1 246
1 378
106 500
8 426
12 820
17 899
2 022
2 757
4 000
477
950
10 911
354
408
27 044
612
466
11 356
175
295
161 600
5 640
5 448
307 000
8 943
13 317
42 100
1 927
2 809
14 300
469
1 412
4 300
188
327
3 800
265
701
6 962
122
147
14 100
1 046
1 684
1 100
201
196
2 627
223
290
2
43 660
50 744
46 670
1 902
1 827
138 500
1 176
1 657
75 100
2 195
2 418
132 400
4 714
4 753
3 100
252
886
52 900
1 793
2 292
3 400
127
114
40 200
5 170
6 165
4 000
884
1 057
1 400
1 159
2 048
94 400
457
482
10 500
412
677
126 100
3 777
4 381
17 400
727
860
97 200
175
232
5 987
303
357
11 700
840
1 236
61 693
1 090
1 912
6 058
167
170
24 200
874
1 288
17 600
3 254
4 252
8 741
642
871
600
146
146
36 693
580
514
9 848
988
1 010
198 300
16 061
17 248
5 800
209
212
103 900
3 127
3 311
18 400
1 176
1 728
11 900
644
595
120 000
1 161
1 074
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Raiffeisen Bank International
AT0000606306
Rakuten inc.
39672000
Ralph
Lauren Corp.
751212101
Ramsay
Health Care Ltd
AU000000RHC8
Randgold Resources Ltd
B01C3S908
Range Resources Corp.
75281A109
Reckitt Benckiser Group plc
B24CGK904
Recruit Holdings Co. Ltd
JP3970300004
Red Electrica Corp. SA
572377901
Red Hat inc.
756577102
68827L101
Reed
Elsevier plc
B2B0DG904
Regeneron
75886F107 Pharmaceuticals inc.
Regions Financial Corp.
7591EP100
Reitmans
759404205 (Canada) Limitée, classe A
Rémy Cointreau SA
474171006
RenaissanceRe Holdings Ltd
BMG7496G1033
Renault
471279901SA
Repsol SA
566935904
Republic
760759100Services inc.
ResMed inc.
761152107
Resona Holdings inc.
642155907
Restaurant Brands International inc.
76131D103
Restoration Hardware Holdings inc.
761283100
Rexam plc
GB00BMHTPY25
Rio Tinto Ltd
622010007
Rio Tinto plc
071887004
RioCan Real Estate Investment Trust
766910103
Rite Aid Corp.
767754104
Roche Holding AG
711038901
Rock Tenn Co., classe A
772739207
Rockwell Automation inc.
773903109
Rockwell Collins inc.
774341101
Rogers Communications inc., classe B
775109200
Rohm
Co. Ltd
JP3982800009
Rolls-Royce
Holdings plc
GB00BVYJ8N82
Romarco Minerals inc.
775903206
Roper Industries inc.
776696106
Ross Stores inc.
778296103
Royal Bank of Scotland Group
B7T772907
Royal Caribbean Cruises Ltd
LR0008862868
Royal Dutch Shell plc, classe A
B03MLX903
Royal Dutch Shell plc, classe B
B03MM4906
RSA Insurance Group plc
GB00BKKMKR23
RWE AG
476896907
Ryman Healtcare Ltd
NZRYME0001S4
SABMiller plc
048354906
Safran SA
B058TZ909
Saipem SPA
476876008
Salesforce.com inc.
79466L302
Sampo OYJ, classe A
522603901
SanDisk Corp.
80004C101
20
8 596
284
165
22 800
315
469
2 000
358
326
24 696
1 379
1 499
39 587
3 340
3 570
16 300
1 395
1 128
61 874
4 530
6 960
23 098
890
904
4 362
234
457
6 700
410
646
41 400
710
746
40 211
473
831
2 200
541
1 408
56 700
536
714
67 900
410
432
3 265
293
293
14 900
1 645
1 899
738
5 702
454
27 058
661
642
44 300
1 853
2 228
3 200
223
235
97 100
457
696
2 378
99
115
4 800
468
545
56 144
500
598
55 445
3 343
3 083
108 166
6 166
5 885
171 200
4 658
4 742
24 000
261
261
26 257
7 106
9 596
3 400
125
276
5 600
509
859
7 000
744
832
206 500
9 422
8 836
4 600
226
408
7 832 010
1 044
1 063
342 600
155
152
3 900
501
852
12 600
858
1 520
67 923
363
447
3 500
343
332
324 268
11 775
12 002
151 645
5 604
5 700
23 000
202
189
12 997
920
378
61 576
510
437
83 962
3 905
5 588
10 848
596
956
23 092
676
365
15 800
681
1 435
9 848
416
578
18 900
1 334
1 613
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
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
Schindler Holding AG
CH0024638212
Schindler Holding AG - part. cert.
B11TCY906
Schlumberger Ltd
806857108
Schneider
483410007 Electric SA
Seadrill Ltd
B09RMQ900
Seagate Technology plc
G7945M107
Sealed Air Corp.
81211K100
Secom Co. Ltd
679159004
Securitas AB, classe B
SE0000163594
Seek Ltd
AU000000SEK6
Seiko Epson Corp.
JP3414750004
SEMAFO inc.
816922108
Sempra Energy
816851109
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
Sharp
Corp.
335960000
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 AG
572797900
Sienna Senior Living inc.
82621K102
Sigma-Aldrich Corp.
826552101
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
21
278 400
1 898
1 343
68 595
1 001
1 029
70 900
246
303
16 000
739
740
29 820
3 281
3 638
59 900
588
1 041
39 725
496
313
24 450
1 901
2 254
80 100
2 215
2 710
19 400
1 940
2 707
18 200
939
1 208
425 886
1 419
1 607
6 046
982
1 306
2 646
396
577
99 300
8 901
11 250
32 236
2 811
3 034
27 942
912
419
10 700
480
743
4 600
102
280
34 500
2 025
2 884
500
6
8
15 677
266
253
106
4 600
123
114 000
506
421
14 900
1 180
1 999
5 300
294
507
53 148
1 928
2 345
21 600
640
1 120
76 000
329
450
9 301
234
389
1 049
2 730
2 507
100 000
177
191
121 000
431
212
139 300
3 381
3 824
7 600
220
141
33 000
323
548
7 400
701
997
3 700
438
657
12 300
684
940
8 200
393
363
16 077
549
1 726
22 000
408
552
38 600
452
451
38 507
4 581
5 050
98 815
1 284
1 533
9 700
1 407
1 686
114
293
487
195 600
4 903
4 646
11 100
1 794
2 513
27 000
248
284
510 000
1 880
1 963
399 000
1 331
1 256
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
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
SMC Corp.
676396005
Smith & Nephew plc
092232909
Smiths Group plc
B1WY23900
Snam SPA
725147904
86222Q806
Société Générale
596651901
Sodexo
706271905
Softbank Corp.
677062903
Solvay
SA
482110004
Sompo
Japan Nipponkoa Holdings inc.
B62G7K908
Sonic
Healthcare
AU000000SHL7 Ltd
Sonova Holding AG
CH0012549785
Sony Corp.
682150008
South32
Ltd
AU000000S32S
Southwestern Energy Co.
845467109
Soutwest Airlines Co.
844741108
Spark New Zealand Ltd
012285353
Spectra Energy Corp.
847560109
Splunk inc.
848637104
Sprint Corp.
85207U105
SSE plc
079087003
St. Jude Medical inc.
790849103
Standard Chartered plc
040828907
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
Stericycle inc.
858912108
Stillwater Mining Co.
86074Q102
STMicroelectronics NV
NL0000226223
Stockland
AU000000SGP0
Stora Enso OYJ, classe R
507267904
Stryker Corp.
863667101
Stuart Olson inc.
863834107
Subsea 7 SA
525824900
Suez Environnement Co.
B3B8D0900
Sulzer
AG
CH0038388911
Sumitomo
685856007 Chemical Co. Ltd
Sumitomo Corp.
685894008
Sumitomo Electric Industries Ltd
685870008
Sumitomo Metal Mining Co. Ltd
685884009
22
1 423 000
4 324
5 439
134 000
398
214
42 937
465
661
26 049
663
784
135 147
2 066
2 716
16 900
1 286
2 307
3 300
705
1 250
67 655
1 073
1 495
20 863
457
476
28 831
143
178
2 409 928
1 687
1 711
19 369
800
1 127
8 621
760
1 108
24 200
704
1 813
4 074
561
703
12 100
290
551
111 380
2 065
2 137
1 856
302
348
32 100
668
1 247
405 263
789
843
11 000
385
354
5 000
251
231
79 751
161
196
84 500
3 041
3 710
160
1 900
160
28 108
184
163
62 023
1 603
1 967
10 100
451
930
179 642
4 192
3 579
77 080
474
716
4 800
393
614
6 000
146
179
12 400
151
255
65 600
2 142
4 255
266 000
922
990
6 200
441
640
12 900
890
1 255
78 556
2 277
1 834
20 700
2 485
3 547
29 000
490
525
14 904
159
159
320 917
1 239
1 331
12 969
137
169
14 600
1 209
1 752
74 632
764
424
8 955
208
117
11 008
215
265
623
94
85
63 000
321
459
44 400
594
662
33 400
425
668
54 000
936
1 044
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
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 Group Ltd
658508007
Sunedison inc.
86732Y109
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 Prime Site AG
B083BH906RTS
Swiss Re AG
ACI00MQT5
Swisscom AG
553397902
Sydney Airport
AU000000SYD9
Symantec Corp.
871503108
Symrise AG
027647189
Syngenta AG
435664909
Synopsys inc.
871607107
Sysco Corp.
871829107
Sysmex Corp.
JP3351100007
T. Rowe Price Group inc.
74144T108
Tahoe Resources inc.
873868103
Taiheiyo
666020003Cement Corp.
Taisei Corp.
JP3443600006
Taisho Pharmaceutical Holdings Co. Ltd
JP3442850008
Takeda Pharmaceutical Co. Ltd
687044008
Tamarack Valley Energy Ltd
87505Y409
Target Corp.
87612E106
Tate & Lyle plc
087541009
Tatts Group Ltd
AU000000TTS5
Taylor Wimpey plc
GB0008782301
TDC AS
569879901
TDK Corp.
JP3538800008
TE Connectivity Ltd
H84989104
Technip SA
487416901
Teck Resources Ltd, classe B
878742204
Tele2 AB, classe B
B97C73904
Telecom Italia SPA
763439908
Telefonica SA
573252905
Telenor ASA
473249902
TeliaSonera AB
597838903
Telstra Corp. Ltd
608728903
Telus
Corp.
87971M103
Tenaris
753851906SA
Terna - Rete Elettrica Nazionale SPA
B01BN5908
Tesco plc
088470000
23
34 700
1 443
1 979
122 000
534
699
12 000
480
578
116 364
1 694
2 462
316 500
10 324
11 504
48 475
615
627
12 578
471
471
48 594
1 960
2 532
18 400
613
980
303 150
4 172
4 159
10 560
403
431
25 300
651
1 103
18 267
292
594
42 210
632
792
27 853
695
814
55 000
718
924
42 356
1 745
2 123
8 434
567
942
7 889
5 128
5 684
61 136
272
332
22 500
521
692
1 465
101
116
10 030
3 845
5 647
48 900
2 091
3 045
52 700
1 994
2 444
2 600
189
189
8 900
698
896
52 300
808
904
48 000
101
176
73 000
352
499
200
17
17
100 000
4 925
6 076
132 100
708
495
47 800
3 307
4 732
19 077
210
211
34 531
137
137
43 014
151
150
103 823
935
967
8 100
477
811
11 600
535
999
6 619
594
544
334 400
8 864
4 838
185
12 606
219
520 950
817
719
298 964
5 770
5 269
73 704
1 670
2 078
59 968
437
440
1 023 969
5 079
6 085
452 634
17 698
19 165
30 079
643
543
58 963
231
350
212 339
1 397
860
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Tesla Motors inc.
88160T101
Tesoro Corp.
881609101
Teva Pharmaceutical Industries Ltd
688217900
Texas
Instruments inc.
882508104
Textron inc.
883203101
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 Co.
427866108
The
J.M. Smucker Co.
832696405
The
Link Real Estate Investment Trust
HK0823032773
The
Macerich Co.
554382101
The
Mosaic Co.
61945C103
The
North
663278109 West Co. inc.
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
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
TORC Oil & Gas Ltd, reçus de souscription
890895139
Toshiba Corp.
689721009
Tourmaline Oil Corp.
89156V106
Toyo Seikan Group Holdings Ltd
690026000
24
2 400
459
3 900
250
751
431
37 907
1 640
2 821
98 200
4 533
6 854
9 700
374
548
8 300
347
378
30 200
947
1 635
37 000
4 214
6 490
30 300
624
1 197
32 000
461
703
23 200
1 447
2 532
431
9 000
374
16 600
527
852
31 100
3 068
3 605
15 900
1 502
2 353
216 500
1 175
1 569
2 300
203
236
21 028
1 196
1 203
113 184
2 731
2 694
234 500
18 770
22 946
20 900
546
713
33 599
297
364
8 700
1 524
3 129
117 000
5 372
6 381
2 547
324
251
2 001
1 192
988
22 700
2 026
2 865
44 100
2 998
6 076
15 099
697
582
20 800
388
570
12 300
1 126
1 990
229 400
8 690
11 392
9 700
307
320
1 800
189
211
7 900
781
1 784
21 700
1 240
2 288
49 400
2 915
3 970
5 600
134
272
237 000
1 274
1 307
19 600
434
618
18 900
391
331
20 200
626
1 045
38 000
858
271
12 900
715
1 032
158 000
803
1 093
120 000
1 191
1 416
133 000
990
1 386
178 428
1 728
1 727
37 050
374
359
106 000
525
465
6 000
191
241
6 600
109
125
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Toyo Suisan Kaisha Ltd
689996007
Toyota Motor Corp.
690064001
Tractor Supply Company
892356106
TransCanada Corp.
89353D107
TransDigm Group inc.
893641100
Transocean Ltd
B5W3ND904
Transurban Group
620088906
Travis Perkins plc
GB0007739609
Treasury Wine Estates Ltd
B61JC6908
Trend Micro inc.
JP3637300009
Trevali Mining Corp.
89531J109
Trimble
896239100Navigation Ltd
TripAdvisor inc.
896945201
Tullow Oil plc
015008907
Turquoise
900435108 Hill Ressources Ltd
Twenty-First Century Fox inc., classe B
90130A200
Twitter inc.
90184L102
Tyco International plc
H89128104
Tyson
Foods inc., classe A
902494103
UBI
Banca
- Unione di Banche Italiane Scpa
IT0003487029
UBS Group AG
CH0244767585
UCB SA
BE0003739530
Ulta Salon, Cosmetics & Fragrance, inc.
90384S303
Umicore SA
400500005
Under Armour inc., classe A
904311107
Unibail-Rodamco SE
707624904
Unicharm Corp.
691148001
UniCredit
SPA
IT0005108276
Unilever
NV
NL0011182787
Unilever plc
B10RZP905
Union Pacific Corp.
907818108
Uni-Select inc.
90457D100
United Continental Holdings inc.
910047109
United Overseas Bank Ltd
691678007
United
Parcel Service inc., classe B
911312106
United
Rentals inc.
911363109
United Technologies Corp.
913017109
United Therapeutics Corp.
US91307C1027
United Urban Investment Corp.
JP3045540006
United Utilities Group plc
B39J2M903
UnitedHealth Group inc.
91324P102
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
Vallourec
SA
FR0000120354
Varian
Medical
Systems inc.
92220P105
Ventas
inc.
92276F100
Veolia Environnement
403187909
25
25 000
816
1 085
68 200
4 202
5 902
2 100
180
228
62 800
3 191
3 385
649
2 300
645
21 315
1 107
512
527 875
3 844
5 129
6 239
243
263
26 447
137
136
6 500
220
286
266 200
283
272
2 500
107
73
3 300
251
314
107 668
1 592
810
68 324
263
373
48 400
1 607
2 020
9 000
455
412
14 400
504
725
9 300
158
493
17 834
179
181
93 252
1 677
2 495
1 805
159
161
2 400
241
457
4 590
183
281
3 100
171
303
3 304
830
1 057
51 900
915
1 435
240 272
711
1 047
237 736
4 516
6 186
144 415
6 169
7 941
32 000
2 861
4 030
27 000
769
1 127
3 100
137
211
75 740
1 352
1 622
41 900
4 022
5 190
1 300
144
144
21 400
2 109
3 130
700
161
161
885
1 497
1 657
26 792
328
508
47 400
3 460
7 112
7 000
48
48
12 461
204
278
85 100
3 282
4 579
69 800
1 077
1 637
48 500
7 370
14 377
3 100
471
616
14 100
538
1 043
4 361
261
134
15 700
1 583
1 697
24 000
1 826
1 992
15 969
333
413
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Veresen inc.
92340R106
Verisk Analytics inc., classe A
92345Y106
Verizon Communications inc.
92343V104
Vermilion Energy inc.
923725105
Vertex Pharmaceuticals inc.
92532F100
Vestas Wind Systems AS
DK0010268606
VF Corp.
918204108
Viacom inc., classe B
92553P201
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
929042109Realty Trust
Vulcan Materials Co.
929160109
Walgreens Boots Alliance inc.
931427108
Wartsila
452518905OYJ Abp
Waste Management inc.
94106L109
Waters Corp.
941848103
Weatherford International plc
H27013103
Wells Fargo & Co.
949746101
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
Westshore Terminals Investment Corp.
96145A200
Weyerhaeuser Co.
962166104
WH Group Ltd
109647233
Wharf Holdings Ltd
643557002
Wheelock & Co. Ltd
HK0020000177
Whirlpool Corp.
963320106
Whitbread plc
GB00B1KJJ408
Whitecap Resources inc.
96467A200
Whitting Petroleum Corp.
966387102
Whole Foods Market inc.
966837106
William Demant Holding AS
DK0010268440
William Morrison Supermarkets plc
060431004
Williams
969457100Cos. inc.
Willis Group Holdings plc
G96666105
Wilmar International Ltd
B17KC6900
Wisconsin Energy Corp.
976657106
Wolseley plc
098834435
Woodside Petroleum Ltd
697972008
Woolworths
698123908 Ltd
Workday inc.
98138H101
WorleyParsons Ltd
656247905
26
237 500
3 964
6 800
414
4 410
616
265 595
12 387
16 391
60 300
3 923
3 218
7 000
563
1 121
5 044
292
321
30 000
2 142
2 638
11 000
750
918
14 746
788
1 091
73 000
3 524
6 258
36 405
772
1 155
1 674 183
6 793
8 143
4 334
161
225
4 673
1 048
1 423
86 045
1 368
1 392
8 400
596
1 047
3 800
206
427
21 400
813
2 293
11 244
557
626
29 900
1 381
1 853
400
2 400
287
47 954
947
827
117 500
5 029
8 208
68 763
2 604
2 868
34 200
2 118
2 345
27 900
1 267
2 074
16 199
1 250
1 969
1 132 397
2 649
2 491
198 580
1 380
1 836
150 400
3 802
4 082
92 771
2 719
2 975
60 500
1 934
2 008
20 665
641
840
496 149
418
475
106 000
925
913
41 000
175
276
4 700
757
1 081
4 963
382
484
247 680
3 698
3 393
4 700
305
194
11 000
353
566
5 166
496
530
94 866
454
309
18 600
451
1 186
16 900
701
1 001
382 000
1 217
1 188
47 400
2 229
2 857
9 282
514
714
154 232
5 892
5 398
90 456
2 849
2 420
2 900
296
286
7 921
193
82
au 31 mai 2015
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
WPP plc
B8KF9B904
WR Berkley Corp.
084423102
WSP Global inc.
92938W202
WW Grainger inc.
384802104
Wynn Macau Ltd
KYG981491007
Wynn Resort Ltd
983134107
Xcel Energy inc.
98389B100
Xerox Corp.
984121103
Xilinx inc.
983919101
Yahoo Japan Corp.
JP3933800009
Yahoo! inc.
984332106
Yakult Honsha Co. Ltd
698511003
Yamaha Motor Co. Ltd
JP3942800008
Yamana
98462Y100Gold inc.
Yamato Transport Co. Ltd
JP3940000007
Yamazaki Baking Co. Ltd
698550001
Yangzijiang Shipbuilding (Holdings) Ltd
029649723
Yara International ASA
775125909
Yokogawa Electric Corp.
JP3955000009
Yue Yuen Industrial Holdings Ltd
BMG988031446
Yum! Brands inc.
988498101
Zillow Group inc.
98954M101
Zimmer Holding inc.
98956P102
Zodiac Aerospace
002364611
Zoetis inc.
98978V103
Zurich Insurance Group AG
598381903
Total - actions et parts
27
41 803
744
1 226
30 900
1 415
1 890
74 310
2 763
3 176
2 100
552
630
198 400
738
467
7 900
1 435
993
81 600
2 549
3 468
41 500
378
592
13 400
730
793
53 000
315
296
23 700
646
1 270
265
3 800
122
13 900
245
436
407 400
3 969
1 821
72 100
1 706
1 845
47 000
621
979
264 000
251
353
11 372
477
714
9 000
159
133
140 500
567
603
37 800
2 862
4 252
1 100
154
125
7 000
568
997
9 720
336
442
16 000
498
994
3 451
877
1 369
2 183 840
2 760 219
au 31 mai 2015
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
Alliance Pipeline L.P.
01877PAA0
Capital Power L.P.
14043ZAB8
Banque
Canadienne Impériale de Commerce
13591Z8P8A
Gouvernement
du Canada
135087A79
VW Credit Canada inc.
918423AC8A
064149D53A
Daimler Canada Finance inc.
23384NAH0
Choice Properties L.P.
17039BAA2
Shoppers Drug Mart Corp.
82509ZAE6
Rogers Communications inc.
775109AM3
633067YJ6
Powell River Energy inc.
739135AB7
Gouvernement
du Canada
135087B29
Enbridge
inc.
29251ZAS6
918423AF1
George
Weston Ltd
96115ZAW2
Banque
Canadienne Impériale de Commerce
13595ZDS2
Financement-Québec
31739ZAN5
064149G76
Emera
inc.
29087ZAD9
Bell Canada
07813ZAU8
PSP Capital inc.
69363TAE2
23384NAK3
064149J24
17039BAB0
Brookfield Asset Management inc.
112585AC8
918423AD6
Banque de Montréal
063671RH6
Banque
Toronto-Dominion
891145A95
Banque
Nationale du Canada
633067VX8
Banque
de
62932ZAF2 Montréal (NHA MBS)
Banque Royale du Canada
780086BU7
Financement-Québec
31739ZAQ8
OMERS Realty Corp.
68214WAF5
Banque
de Montréal
0636795H3
Enbridge
29254ZAJ3Income Fund
Banque Toronto-Dominion (NHA MBS)
62932ZC60
13509PDM2
Home Trust Co.
437376AD8
13595ZLB0
TELUS Corp.
87971MAZ6
American Express Canada Credit Corp.
02580ZAM8
0641498J9
BMW Canada inc.
05590HAH0
Shoppers
82509ZAF3Drug Mart Corp.
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
23384NAN7
7,23 % 2015-06-30
16
14
10
4,60 % 2015-12-01
190
190
193
3,40 % 2016-01-14
10 000
10 157
10 142
1,25 % 2016-02-01
18 405
18 476
18 480
3,60 % 2016-02-01
7 000
7 109
7 107
3,61 % 2016-02-22
3 236
3 314
3 294
2,23 % 2016-04-18
9 000
9 000
9 073
3,00 % 2016-04-20 Rachetable à compter du 2016-01-20
3 000
3 026
3 031
2,01 % 2016-05-24
1 800
1 800
1 811
5,80 % 2016-05-26
2 500
2 499
2 604
13 000
13 000
12 967
1,24 % 2016-06-23 Taux variable
6,45 % 2016-07-25
1 500
1 500
1 560
1,00 % 2016-08-01
52 800
52 993
53 041
5,00 % 2016-08-09
10 000
10 341
10 401
2,20 % 2016-10-11
2 000
2 000
2 025
3,78 % 2016-10-25
7 000
7 098
7 222
2,65 % 2016-11-08
15 075
15 237
15 381
3,50 % 2016-12-01
13 000
13 353
13 527
2,74 % 2016-12-01
4 300
4 355
4 395
2,96 % 2016-12-13
3 000
3 000
3 069
5,00 % 2017-02-15
3 000
3 054
3 176
2,26 % 2017-02-16
28 700
29 313
29 373
2,28 % 2017-02-17
2 590
2 592
2 631
2,60 % 2017-02-27
17 300
17 539
17 697
1 500
1 521
1 535
5,29 % 2017-04-25
5 000
5 209
5 327
2,90 % 2017-06-01
3 750
3 750
3 866
5,45 % 2017-07-17
2 255
2 425
2 450
2,43 % 2017-08-15
21 000
21 175
21 534
2,69 % 2017-08-21
3 500
3 500
3 602
2,10 % 2017-09-01
9 234
9 336
9 412
2,36 % 2017-09-21
4 200
4 194
4 297
3,50 % 2017-12-01
34 300
34 872
36 493
3,04 % 2017-12-05
359
359
370
2,24 % 2017-12-11
17 800
17 901
18 197
2,92 % 2017-12-14
2 500
2 500
2 578
1,70 % 2017-12-15
9 914
9 948
10 030
1,70 % 2017-12-15
18 800
19 164
19 207
2,28 % 2018-03-06
1 450
1 450
1 449
2,22 % 2018-03-07
12 000
12 064
12 286
1,50 % 2018-03-27
1 000
1 000
999
2,31 % 2018-03-29
5 000
5 000
5 122
1,33 % 2018-05-01
15 000
14 998
14 968
2,33 % 2018-05-23
1 900
1 903
1 951
2,36 % 2018-05-24
3 500
3 500
3 582
2,29 % 2018-06-01
2 500
2 500
2 562
2,50 % 2018-06-05
6 000
6 000
6 197
7,24 % 2018-06-30
575
644
667
2,82 % 2018-07-12
9 300
9 485
9 683
2,79 % 2018-08-02
300
305
313
5,50 % 2018-08-15
26 965
27 400
30 714
1,42 % 2018-10-02
3 400
3 399
3 393
28
au 31 mai 2015
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
Groupe TMX Limitée
87262KAA3
Province de l'Ontario
68323ACW2
Brookfield
05573YAA9Power Corp.
Financement-Québec
31739ZAS4
Province de Québec
74814ZDU4
780086GH1
13509PEA7
TD Capital Trust III
87239BAA3
Enbridge Income Fund
29254ZAF1
Gouvernement du Canada
135087B86
Loblaw Cos. Ltd
539481AH4
11257ZAB5
739239AB7
Transcontinental
inc.
893578AA2
Thomson
Reuters
Corp.
884903BR5
Gouvernement
du
Canada
135087YR9
Province
de
l'Alberta
013051DN4
Scotia Plaza
78468GAA3
Cominar Real Estate Investment Trust
199910AP5
WestJet Airlines Ltd
960410AA6
First National Bank (NHA MBS)
62937Z5E6
17039BAC8
Greater Toronto Airports Authority
39191ZAV1
Saputo inc.
80310ZAA7
Financement-Québec
31739ZAT2
TELUS Corp.
87971MAK9
780086JX3
BP L.P.
05576AAA8
Gouvernement
du Canada
135087D92
Caisse
Centrale
Desjardins du Québec
12801ZCL0
Banque
Nationale
du Canada
633067B28
Banque
Toronto-Dominion
8911454A9
Capital Desjardins inc.
14006ZAD9
General Motors Financial of Canada Ltd
37045YAB0
135087YZ1
Metropolitan
592179JP1 Life Global Funding I
780085M86
Bell Canada
07813ZBD5
Fairfax Financial Holdings Ltd
303901AR3
NBC Asset Trust
62874WAB8
Banque HSBC Canada
40427HSW4
CDP Financial inc.
125094AF9
Inter Pipeline Ltd
45834ZAD1
Cominar Real Estate Investment Trust
199910AL4
Thomson
884903BJ3 Reuters Corp.
PSP Capital inc.
69363TAF9
136069DQ1
Capital
Desjardins inc.
14006ZAE7
TransAlta
89347ZAL1Corp.
Mississagi Power Trust
605204AA4
Province
de Québec
74814ZEG4
Province
1107098X3de la Colombie Britannique
3,25 % 2018-10-03
10 000
10 013
10 564
1,75 % 2018-10-09
5 990
5 981
6 133
5,25 % 2018-11-05
1 790
1 790
1 983
2,40 % 2018-12-01
37 300
37 858
38 954
4,50 % 2018-12-01
32 000
35 572
35 734
2,77 % 2018-12-11
4 000
4 028
4 171
2,35 % 2018-12-15
9 800
10 313
10 254
7,24 % 2018-12-31
1 160
1 160
1 375
4,10 % 2019-02-22
1 500
1 498
1 618
1,75 % 2019-03-01
3 200
3 320
3 330
3,75 % 2019-03-12
9 000
9 000
9 670
3,95 % 2019-04-09
4 850
4 935
5 184
7,57 % 2019-04-22
3 000
3 000
3 631
3,90 % 2019-05-13
10 000
10 002
10 436
3,37 % 2019-05-23
5 000
5 000
5 270
3,75 % 2019-06-01
3 300
3 670
3 696
2,00 % 2019-06-01
6 395
6 550
6 614
3,21 % 2019-06-15
1 384
1 384
1 436
3,62 % 2019-06-21
10 000
9 999
10 321
3,29 % 2019-07-23
100
100
103
1,75 % 2019-08-01
19 167
19 100
19 475
5 000
4 998
5 186
5,96 % 2019-11-20
345
371
413
2,65 % 2019-11-26
8 630
8 630
8 942
2,45 % 2019-12-01
20 700
20 652
21 741
5,05 % 2019-12-04
5 000
5 277
5 668
2,35 % 2019-12-09
7 800
7 799
8 023
3,24 % 2020-01-09
585
589
610
1,50 % 2020-03-01
7 955
8 108
8 184
1,75 % 2020-03-02
22 920
22 929
22 859
1,74 % 2020-03-03
1 070
1 070
1 067
1,69 % 2020-04-02
8 400
8 400
8 380
5,19 % 2020-05-05
1 135
1 299
1 299
3,08 % 2020-05-22
200
200
203
3,50 % 2020-06-01
500
563
563
3,03 % 2020-06-11
1 415
1 439
1 485
4,35 % 2020-06-15 Variable et rachetable à compter du 2015-06-15
3 600
3 718
3 604
3,25 % 2020-06-17
9 000
8 890
9 468
7,25 % 2020-06-22
2 000
2 332
2 351
7,45 % 2020-06-30
2 925
3 359
3 605
1,82 % 2020-07-07
850
850
846
4,60 % 2020-07-15
12 150
12 682
13 948
3,45 % 2020-07-20
9 375
9 372
9 935
4,94 % 2020-07-27
225
236
243
4,35 % 2020-09-30
3 000
3 142
3 305
3,03 % 2020-10-22
7 500
8 049
8 082
7 000
7 546
7 051
10 000
10 307
10 111
5 234
5,00 % 2020-11-25
5 000
4 980
6,92 % 2020-11-27
1 545
1 545
1 850
4,50 % 2020-12-01
27 000
31 472
31 230
3,70 % 2020-12-18
50 000
55 511
56 030
29
au 31 mai 2015
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
Cadillac Fairview Finance Trust
12741RAB5
Leisureworld Senior Care L.P.
52541RAC1
Goldman Sachs Group inc.
38141GVL5
Brookfield
112585AG9Asset Management inc.
775109AS0
OMERS Realty Corp.
68214WAK4
Banque de Montréal
06367VJN6
68323AAD6
TELUS Communications inc.
110727BJ2
Granite Reit Holdings L.P.
387427AB3
Reliance L.P.
759480AG1
Choice
Properties L.P.
17039BAE4
AltaGas
Ltd
02138ZAE3
Thomson
884903BS3Reuters Corp.
Suncor Energy inc.
86721ZAL3
Metro inc.
59162NAA7
Province
de Québec
74814ZEH2
Banque
Toronto-Dominion
8911452R4
Algonquin Power Co.
01585PAE5
29254ZAG9
North West Redwater Partnership
663307AC0
OPB Finance Trust
67103MAD8
780086KD5
Banque de Montréal
06367V6B6
TELUS Corp.
87971MBA0
TELUS Communications inc.
110727BL7
63306ZDM0
Cominar
Real Estate Investment Trust
199910AR1
Gouvernement
135087ZU1 du Canada
68323AAW4
064149M38
17039BAF1
BMO
Subordinated Notes Trust
055972AA1
Fairfax
Financial Holdings Ltd
303901AV4
Cameco
Corp.
13321LAH1
Province
74814ZEL3de Québec
13509PDL4
Toronto Hydro Corp.
89119ZAE3
Empire Life Insurance
291839AC2
68323ABN3
Province du Manitoba
563469UA1
AltaGas Ltd
02138ZAG8
Heathrow Funding Ltd
42246QAA6
Enbridge inc.
29251ZBD8
Province
74814ZEP4de Québec
Bell Canada
07813ZBF0
Loblaw Cos. Ltd
539481AJ0
First Capital Realty inc.
31943BBU3
Bankers Hall L.P.
066164AA2
West
Edmonton Mall Property inc.
952637AC0
IPL
Energy
46065DAA4inc.
775109BA8
4,31 % 2021-01-25
3 000
3 000
3 427
3,47 % 2021-02-03
900
900
955
3,55 % 2021-02-12
870
870
921
5,30 % 2021-03-01
5 200
5 757
5 914
5,34 % 2021-03-22
9 470
10 014
10 934
2,97 % 2021-04-05
3 000
3 000
3 164
3,40 % 2021-04-23
650
659
701
4,00 % 2021-06-02
18 800
21 083
21 303
10,65 % 2021-06-19
743
850
1 074
795
797
832
4,08 % 2021-08-02
385
385
385
3,60 % 2021-09-20
5 000
5 012
5 285
3,72 % 2021-09-28
2 500
2 499
2 669
6 000
6 000
6 245
8 300
8 326
8 690
8 100
8 099
8 438
4,25 % 2021-12-01
43 100
46 651
49 671
2,62 % 2021-12-22
9 795
9 795
10 117
4,65 % 2022-02-15
3 000
3 011
3 218
4,85 % 2022-02-22
235
259
267
1 315
1 322
1 310
1,88 % 2022-02-24
4 630
4 628
4 611
1,97 % 2022-03-02
13 725
13 685
13 522
2,12 % 2022-03-16
10 750
10 746
10 704
3 465
3 456
3 409
9,65 % 2022-04-08
362
441
516
700
700
722
4 000
4 000
4 000
4,16 % 2022-06-01
2,75 % 2022-06-01
2 800
3 075
3 078
3,15 % 2022-06-02
11 000
11 872
11 908
2 490
2 516
2 560
410
404
429
2 000
2 000
2 188
5,84 % 2022-10-14
3 000
3 093
3 332
3,75 % 2022-11-14
5 000
5 000
5 196
3,50 % 2022-12-01
45 500
46 948
50 331
2,40 % 2022-12-15
32 600
32 969
34 116
2,91 % 2023-04-10
2 100
2 089
2 190
300
300
310
2,85 % 2023-06-02
110 570
114 512
116 762
2,55 % 2023-06-02
5 000
4 987
5 179
3,57 % 2023-06-12
245
245
255
1 910
1 943
1 982
765
808
816
3,00 % 2023-09-01
20 470
22 210
21 819
4,70 % 2023-09-11
995
1 011
1 119
380
442
433
3,90 % 2023-10-30
905
874
953
4,38 % 2023-11-20
634
634
690
4,06 % 2024-02-13
1 899
1 939
2 005
8,20 % 2024-02-15
756
999
1 052
4,00 % 2024-03-13
545
548
579
30
au 31 mai 2015
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
AltaGas Ltd
02138ZAH6
Genworth MI Canada inc.
37252BAC6
Province
de l'Ontario
68323ACG7
Canadian
13638ZCR4Natural Resources
Province du Nouveau-Brunswick
642869AJ0
AltaLink L.P.
02135ZAM8
13509PEF6
George Weston Ltd
9611488Y2
Lower Mattagami Energy
548243AG9
Cameco Corp.
13321LAK4
780086JC9
Province de Québec
74814ZES8
Westcoast Energy inc.
95751ZAS2
064149P27
Banque
136069JJ1Canadienne Impériale de Commerce
OMERS Realty Corp.
68214WAM0
Enbridge
Income Fund
29254ZAM6
ENMAX
Corp.
293365AC6
AltaGas Ltd
02138ZAM5
TELUS
Corp.
87971MAX1
Hydro Ottawa Holding inc.
44882CAD6
70632ZAE1
13509PER0
Wells Fargo & Co.
949746RQ6
Nova Gas Transmission Ltd
66975ZAE4
135087D50
Province de l'Alberta
013051DQ7
Province de Nouvelle-Écosse
669827BG1
Alimentation
01626PAE6 Couche-Tard
Brookfield Renewable Energy Partners ULC
11282ZAA6
Province
de l'Ontario
68323ACX0
bcIMC
Realty
07329VAP5 Corp.
780086KR4
Westcoast Energy inc.
95751DAK8
Province
de Québec
74814ZEV1
AGT
Ltd
00126TAB1
Lievre Power Financing Corp.
531739AA8
Alliance Pipeline L.P.
01877ZAC4
11257ZAE9
780086JM7
Industrielle Alliance
455870AC9
NAV Canada
628957AE2
064151AR4
Bell Canada
078149DW8
Loblaw
Companies Ltd
53947ZAD9
Loblaw
Companies
Ltd
53947ZAF4
Province
de
l'Ontario
683234LJ5
Bell Canada
07813ZAC8
Province
110709EK4de la Colombie-Britannique
Ontario School Boards Financing Corp.
683244AM9
Hydro One inc.
448810AC5
39191ZAA7
4,40 % 2024-03-15
785
785
4,24 % 2024-04-01
750
750
781
3,50 % 2024-06-02
62 980
68 967
69 465
500
498
516
16 000
15 982
17 722
2 315
2 390
2 478
29 000
29 868
31 231
3,65 % 2024-06-03
2,90 % 2024-06-15
858
3 000
3 000
3 192
3,42 % 2024-06-20
765
765
819
400
400
421
5 000
4 999
5 175
3,75 % 2024-09-01
12 600
13 202
14 148
665
665
690
250
250
261
1 825
1 825
1 882
345
345
366
3,33 % 2024-11-12
8 800
8 800
9 329
420
420
437
255
265
266
1 300
1 298
1 357
8 000
8 000
7 977
730
730
740
2,55 % 2025-03-15
6 000
6 215
6 262
3,87 % 2025-05-21
11 000
11 000
11 248
8,90 % 2025-05-27
2 000
2 351
2 908
2,25 % 2025-06-01
1 000
1 049
1 058
2,35 % 2025-06-01
10 000
10 156
10 061
2,15 % 2025-06-01
7 000
6 997
6 832
4 500
4 500
4 500
5 000
5 030
5 022
10 000
10 102
10 216
2,60 % 2025-06-02
1 075
1 074
1 074
10 950
10 948
10 948
8,85 % 2025-07-21
2 086
2 317
3 045
2,75 % 2025-09-01
27 300
27 974
28 180
8,80 % 2025-09-22
560
628
820
5,56 % 2025-10-06
1 500
1 500
1 708
6,77 % 2025-12-31
375
375
446
4,82 % 2026-01-28
875
875
957
3 750
3 830
3 908
6 000
5 999
5 996
806
879
1 065
1 750
1 750
1 719
7,00 % 2027-09-24
445
424
580
6,45 % 2028-02-09
3 240
3 336
4 060
7,56 % 2027-03-01
6,50 % 2029-01-22
1 172
1 135
1 474
6,50 % 2029-03-08
40 900
54 230
58 886
6,55 % 2029-05-01
2 143
1 928
2 692
5,70 % 2029-06-18
7 000
8 249
9 563
5,48 % 2029-11-26
1 686
1 686
2 027
7,35 % 2030-06-03
1 902
2 130
2 781
7,05 % 2030-06-12
3 437
3 525
4 939
31
au 31 mai 2015
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
Enbridge inc.
29251ZAD9
683244AP2
Gaz Métro inc.
368271AU6
TransCanada
89353ZBK3 PipeLines Ltd
Bell Canada
07813ZAL8
683244AR8
683234NM6
39191ZAC3
Hydro-Québec
448814GY3
Aéroport de Montréal
007863AB9
Hydro One inc.
44810ZAB6
North Battleford Power L.P.
65746TAA6
55
Ontario School Board Trust
31680PAA4
SEC
L.P. and Arci Ltd
784103AA1
Aéroport
de Montréal
007863AC7
Gaz
Métro
368271AV4inc.
Province du Nouveau-Brunswick
642866FR3
39191ZAJ8
Financement-Québec
31739ZAG0
Loblaw Companies Ltd
53947ZAU1
University of Ontario Institute of Technology
914764AA3
FortisAlberta inc.
34957EAB7
Hydro-Québec
44889ZCM6
683234VR6
10549PAJ0
EPCOR Utilities inc.
29410ZAF2
Sun Life Financial inc.
866796AA3
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
Province
de l'Ontario
683234YD4
Province
110709FL1de la Colombie-Britannique
Province de Québec
74814ZDK6
739239AC5
Nova Scotia Power inc.
66988ZAY5
775109AP6
Shaw Communications inc.
82028KAQ4
Canada Post Corp.
13521JAB7
Hydro One inc.
44810ZAY6
350863AU0
Winnipeg Airport Authority inc.
975014AA9
39191ZAX7
563469TM7
Arrow Lakes Power
042767AB9
Gouvernement
135087YQ1 du Canada
Province de Nouvelle Écosse
669827FW2
Province
683234B98de l'Ontario
35085ZBE5
TransCanada PipeLines Ltd
89353ZBV9
7,22 % 2030-07-24
3 050
3 676
3 985
4,79 % 2030-08-08
2 248
2 248
2 494
7,05 % 2030-10-30
1 000
999
1 419
6,50 % 2030-12-09
1 115
1 031
1 442
7,85 % 2031-04-02
237
273
328
5,07 % 2031-04-18
1 390
1 390
1 607
6,20 % 2031-06-02
53 600
70 425
77 028
7,10 % 2031-06-04
610
660
891
6,00 % 2031-08-15
16 000
20 708
22 513
6,95 % 2032-04-16
1 647
1 704
2 178
6,93 % 2032-06-01
3 575
4 306
5 155
4,96 % 2032-12-31
606
606
693
5,90 % 2033-06-02
5 815
5 812
7 936
5,19 % 2033-08-29
456
456
513
6,55 % 2033-10-11
2 600
2 986
3 651
6,30 % 2033-10-31
500
498
682
5,50 % 2034-01-27
3 900
3 923
5 258
6,47 % 2034-02-02
500
500
702
5,25 % 2034-06-01
17 614
18 872
23 224
6,05 % 2034-06-09
365
363
441
6,35 % 2034-10-15
3 794
3 794
4 668
6,22 % 2034-10-31
525
687
714
6,50 % 2035-02-15
20 040
25 027
30 385
5,60 % 2035-06-02
13 500
17 671
18 880
5,95 % 2035-06-14
1 060
1 054
1 212
5,65 % 2035-11-16
940
965
1 203
1 135
1 152
1 152
5,75 % 2036-02-14
1 075
1 132
1 369
5,08 % 2036-12-19
450
507
534
5,39 % 2037-03-26
405
471
482
4,88 % 2037-05-11
1 200
1 200
1 459
5,00 % 2037-06-01
36 700
50 862
54 842
4,70 % 2037-06-01
6 000
6 011
7 257
4,70 % 2037-06-02
26 100
30 789
33 243
4,70 % 2037-06-18
22 000
25 745
28 462
5,00 % 2038-12-01
26 250
29 917
34 737
8,57 % 2039-04-22
980
1 114
1 579
5,95 % 2039-07-27
800
797
1 074
6,68 % 2039-11-04
605
667
784
6,75 % 2039-11-09
710
698
891
4,36 % 2040-07-16
3 000
3 000
3 875
5,49 % 2040-07-16
640
811
836
7,13 % 2040-07-26
1 690
1 807
2 590
5,21 % 2040-09-28
1 153
1 153
1 322
5,30 % 2041-02-25
2 500
2 501
3 209
4,10 % 2041-03-05
2 900
2 740
3 432
5,52 % 2041-04-05
275
275
331
4,00 % 2041-06-01
14 400
17 927
19 451
4,70 % 2041-06-01
6 000
7 268
7 649
4,65 % 2041-06-02
10 600
13 389
13 652
4,45 % 2041-11-15
250
261
285
4,55 % 2041-11-15
480
500
536
32
au 31 mai 2015
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
Manulife Finance Delaware L.P.
56502FAA9
EPCOR Utilities inc.
29410ZAK1
35085ZBF2
AltaLink L.P.
02135ZAF3
OPB Finance Trust
67103MAA4
Aéroport de Montréal
007863AH6
North West Redwater Partnership
663307AD8
563469TW5
66988ZBC2
CU inc.
12657ZBB8
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
CU
inc.
12657ZBE2
Bell Canada
07813ZBH6
29254ZAN4
135087ZH0
Metro inc.
59162NAB5
TELUS Corp.
87971MAY9
Hydro Ottawa Holding inc.
44882CAE4
35085ZBK1
Gaz Métro inc.
368271AY8
66988ZBD0
Province
669827FZ5de Nouvelle Écosse
68323ACC6
Province de la Saskatchewan
803854JU3
Toronto
Hydro Corp.
89119ZAH6
Province
563469UB9du Manitoba
135087ZS6
Province
74814ZER0de Québec
Bell Canada
07813ZBR4
Lower Mattagami Energy
548243AE4
68323ACY8
135087B94
Province de la Colombie-Britannique
11070TAG3
Sun Life Capital Trust
86679QAB7
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
Banque Toronto-Dominion
89116ZAC0
CIBC Capital Trust
12544UAA9
80928FAA5
TD Capital Trust IV
87239GAC8
Manulife Financial Capital Trust II
56501XAA1
1 000
1 133
1 116
4,55 % 2042-02-28
3 500
3 492
4 012
3 000
2 996
3 298
3,99 % 2042-06-30
880
897
929
3,89 % 2042-07-04
2 320
2 318
2 468
3,92 % 2042-09-26
1 400
1 394
1 470
275
274
273
3,35 % 2043-03-05
7 000
6 967
7 369
4,50 % 2043-07-20
4 504
4 000
3 978
770
770
910
2 000
2 421
2 336
5,15 % 2043-11-26
2 835
2 821
3 099
3,45 % 2043-12-01
4 000
3 781
4 357
4,15 % 2044-03-10
5 000
4 969
5 794
4,57 % 2044-03-11
4 825
4 846
4 905
400
400
411
2 625
2 635
2 775
2 000
1 999
2 187
2 000
2 286
2 192
5 000
5 052
5 359
1 250
1 262
1 294
150
150
162
1,50 % 2044-12-01
4 801
6 007
6 114
3 000
2 999
3 183
2 000
1 987
2 067
2 000
2 000
1 935
2 400
2 399
2 261
1 500
1 499
1 420
3 600
3 600
3 494
3,45 % 2045-06-01
16 000
15 868
16 960
3,45 % 2045-06-02
42 300
43 286
45 757
3,90 % 2045-06-02
7 000
7 056
8 277
2 500
2 498
2 456
4,05 % 2045-09-05
16 000
16 562
19 120
3,50 % 2045-12-01
2 920
3 673
3 757
3,50 % 2045-12-01
5 000
5 612
5 415
2 029
2 100
2 091
4,18 % 2046-02-23
380
380
413
2,90 % 2046-12-02
4 500
4 477
4 381
1,25 % 2047-12-01
5 326
5 770
6 469
2,80 % 2048-06-18
7 950
7 885
7 740
1 390
1 517
1 879
0,00 % 2056-07-15
2 969
2 984
2 838
0,00 % 2056-07-15
9 141
9 184
8 496
3 370
3 415
3 648
3 100
3 188
3 249
5 000
6 617
6 464
5 200
5 200
6 314
7 500
8 580
9 186
2 785
2 785
3 422
2 179 323
2 320 097
2 438 033
Total - obligations
33
au 31 mai 2015
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Instruments du marché monétaire
Province de l'Ontario, bon du trésor
6832Z52Y5A
Gouvernement du Canada, bon du trésor
1350Z7VK7
1350Z7VK7
La
Banque de Nouvelle-Écosse, acceptation bancaire
06414PF485
Province de Québec, bon du trésor
09852UF57
6832Z52Z2
09852UFD0
Enbridge Pipelines inc., papier commercial
29250PFG0
Province de la Saskatchewan, note promissoire
80390AFG7
6832Z53A6
1350Z7WA8
1350Z7WA8
Province
669980UZ5de Nouvelle-Écosse, note promissoire
TransCanada PipeLines Ltd, papier commercial
89352NFL5
Province de Québec, note promissoire
09006RFP5
Canadian Wheat Board, papier commercial
136796FQ7
Province de la Colombie-Britannique, note promissoire
743989X42
Gouvernement
1350Z7VP6 du Canada, bon du trésor
1350Z7VP6A
1350Z7VP6
09006RG66
1350Z7WF7
1350Z7WF7
09852UGJ6
09006RGJ8
Province de Nouvelle-Écosse, note promissoire
669980UY8
Province de la Colombie-Britannique, note promissoire
743989WY7
Province
6832Z53G3de l'Ontario, bon du trésor
1350Z7VR2
1350Z7VR2
Province
6832Z53H1de l'Ontario, bon du trésor
Province du Nouveau-Brunswick, bon du trésor
6426Z8X91
Province
de Québec, bon du trésor
09852UH71
Province
6832Z53J7de l'Ontario, bon du trésor
Bell Canada, papier commercial
078157HK3
Province
6832Z53K4de l'Ontario, bon du trésor
09006RJ89
1350Z7WR1
1350Z7WW0
0,71 % 2015-06-03
240
237
238
0,52 % 2015-06-04
145
145
145
0,54 % 2015-06-04
930
929
930
0,79 % 2015-06-04
10 000
9 999
9 999
0,76 % 2015-06-05
45 000
44 973
44 994
0,68 % 2015-06-10
1 415
1 413
1 415
0,70 % 2015-06-12
3 020
3 017
3 019
0,96 % 2015-06-15
5 000
4 997
4 998
0,69 % 2015-06-15
585
584
585
0,71 % 2015-06-17
55
55
55
0,53 % 2015-06-18
1 410
1 408
1 410
100
0,63 % 2015-06-18
100
100
0,72 % 2015-06-18
20
20
20
1,02 % 2015-06-19
10 000
9 988
9 995
0,69 % 2015-06-22
50
50
50
0,69 % 2015-06-23
320
320
320
0,67 % 2015-06-29
410
409
410
0,58 % 2015-07-02
2 110
2 106
2 109
0,60 % 2015-07-02
1 200
1 198
1 199
0,65 % 2015-07-02
4 860
4 855
4 857
0,74 % 2015-07-06
20
20
20
0,59 % 2015-07-16
1 350
1 348
1 349
0,62 % 2015-07-16
175
175
175
0,75 % 2015-07-17
350
350
350
0,75 % 2015-07-17
210
210
210
0,76 % 2015-07-20
40 000
39 938
39 957
160
0,75 % 2015-07-22
160
160
0,76 % 2015-07-29
80
80
80
0,61 % 2015-07-30
720
719
719
999
0,64 % 2015-07-30
1 000
999
0,76 % 2015-08-05
95
95
95
0,76 % 2015-08-06
8 000
7 987
7 989
0,75 % 2015-08-07
19 500
19 468
19 473
0,76 % 2015-08-12
120
120
120
0,98 % 2015-08-18
8 000
7 981
7 984
0,76 % 2015-08-19
15 000
14 973
14 975
0,76 % 2015-09-08
790
788
788
0,63 % 2015-09-10
875
873
873
0,66 % 2016-05-05
2 000
1 987
1 987
185 315
185 074
185 151
Total - instruments du marché monétaire
34
au 31 mai 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 $)
Contrats à terme - position acheteur
Gouvernement du Canada,
F135ZS61607
Indice Euro StoXX 50
VGM5F04NEW
Indice
Mini MSCI EAFE
MFSM5F04USD
3,50 %, 2045-12-01
126,28 CAD
9 000 000
2015-07-16
11 365
-
169
3 524,30 EUR
61
2015-06-19
2 974
-
-
1 890,53 USD
27
2015-06-19
3 202
-
-
Total - contrats à terme - position acheteur
17 541
169
Contrats à terme - position vendeur
Dollar américain
FUSD110615
Dollar américain
FUSD110615A
Dollar américain
FUSD120615
Dollar australien
FAUD110615
Euro
FEUR110615
F135D501607
F135YZ11607
Indice S&P 500 E-Mini
ESM5F04NEW
Livre
sterling
FGBP110615
1,20 CAD
2 250 000
2015-06-11
2 709
-
1,20 CAD
134 000
2015-06-11
161
-
(6)
1,20 CAD
22 150 000
2015-06-12
26 489
-
(1 166)
0,96 CAD
6 415 000
2015-06-11
6 131
-
3
1,35 CAD
2 597 000
2015-06-11
3 505
-
(50)
2,25 %, 2025-06-01
104,84 CAD
14 700 000
2015-07-16
15 411
-
(102)
3,50 %, 2020-06-01
111,48 CAD
41 000 000
2015-07-16
45 707
-
(251)
2 094,56 USD
32
2015-06-19
4 206
-
-
1,88 CAD
6 355 000
2015-06-11
11 930
-
(176)
Total - contrats à terme - position vendeur
116 249
(100)
(1 848)
Contrats d'options - position vendeur
SX5E3400A
SX5EF043400
SX5E3450A
3 400,00 EUR
500
2015-08-21
2 326
(55)
(58)
3 400,00 EUR
500
2015-07-17
2 326
(48)
(39)
3 450,00 EUR
500
2015-06-19
2 361
(39)
(27)
7 013
(142)
(124)
(142)
(1 803) *
4 688 869
5 381 600 *
Total - contrats d'options - position vendeur
Total - instruments financiers dérivés
Total des autres investissements
*
De ces totaux, un montant de 2,0 M$, représentant la juste valeur négative des instruments financiers dérivés et un montant de 0,1 M$ représentant le coût de ces instruments
financiers dérivés, sont présentés sous Créditeurs aux états financiers du Fonds de solidarité des travailleurs du Québec (F.T.Q.) au 31 mai 2015.
Titres vendus en vertu de conventions de rachat
Au 31 mai 2015, la juste valeur des titres en portefeuille vendus en vertu de conventions de rachat est de 257,1 M$. Ces titres sont des obligations. Ces transactions ont été
exécutées entre le 26 mai 2015 et le 29 mai 2015, tandis que leurs échéances se situent dans l'intervalle compris entre le 1er juin 2015 et le 25 juin 2015. Le collatéral reçu est de
262,3 M$. Le prix de rachat à payer est de 256,8 M$.
35
INDEX OF
THE SHARE OF THE FONDS
IN INVESTMENTS MADE BY
THE SPECIALIZED FUNDS,
AT COST (UNAUDITED)
AS AT MAY 31, 2015
Index of the Share of the Fonds in investments Made by the Specialized Funds, at Cost
(unaudited)
as at May 31, 2015
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and units
advances
12-31-14 BDR Capital s.e.c.
Securities of eleven compagnies
21,274
12-31-14 FIER Partenaires, société en commandite
Amorchem, s.e.c.
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
03-31-14 Fonds Bio-Innovation, société en commandite
Securities of ten companies
7,069
05-31-14 Fonds de solidarité FTQ Investissements croissance I, s.e.c.
2525 inc.
Colo-D inc.
Distech Contrôles inc.
iBwave Solutions inc.
Lumenpulse inc.
37,458
13,883
51,341
2,125
1,001
10,195
2,150
12,345
450
450
1,333
381
3,334
5,948
450
450
1,333
381
3,334
5,948
667
31
1
333
444
23
166
500
2,165
333
1,000
667
31
668
333
444
23
166
833
3,165
1,678
6,818
05-31-15 Fonds de solidarité FTQ Investissements croissance II, s.e.c.
First financial year
05-31-14 Fonds de solidarité FTQ Investissements technologiques I, s.e.c.
Axesnetwork Solutions inc.
Bonlook inc.
Cadens Imagerie Médicale inc.
E2metrix inc.
Embrionix Design inc.
GCS Medical inc.
mConcierge Systems inc.
Réflex Photonique inc.
12-31-14 Fonds d'investissement de la culture et des communications, société en commandite
Attraction Média inc.
Carpediem film & TV 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.
Lotb Productions inc. (Echo Média)
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
667
4,107
12,603
952
13,555
(unaudited)
as at May 31, 2015
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and units
advances
12-31-14 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)
as at May 31, 2015
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and units
advances
12-31-14 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, s.e.c.
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
12-31-14 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 holdings :
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)
as at May 31, 2015
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and units
advances
08-31-14 Fonds locaux de solidarité FTQ, s.e.c.
CDEC Rosemont-Petite Patrie, corporation de développement économique
communautaire
Centre local de développement (CLD) Centre-Ouest
Centre local de développement (CLD) de la MRC de Caniapiscau
Centre local de développement (CLD) de la MRC de Maskinongé
Centre local de développement (CLD) de Marguerite-D'Youville
Centre local de développement (CLD) des Îles-de-la-Madeleine
Centre local de développement (CLD) du Fjord
Centre local de développement (CLD) du Haut-St-François
Centre local de développement (CLD) du territoire de la MRC d'Argenteuil
Centre local de développement (CLD) du territoire de la MRC du Rocher-Percé
Centre local de développement (CLD) Montréal-Nord
Centre local de développement au Cœur de la Montérégie
Centre local de développement Beauharnois-Salaberry
Centre local de développement de Brome-Missisquoi
Centre local de développement de l'Île d'Orléans
Centre local de développement de la Basse-Côte-Nord
Centre local de développement de la Côte-de-Beaupré
Centre local de développement de la Haute-Côte-Nord (CLDHCN)
Centre local de développement de la M.R.C. d'Avignon inc.
Centre local de développement de la M.R.C. de Bonaventure
Centre local de développement de la Mitis
Centre local de développement de la MRC de Charlevoix
Centre local de développement de la MRC de Charlevoix-Est inc.
Centre local de développement de la MRC de Memphrémagog
Centre local de développement de la MRC de Sept-Rivières inc.
Centre local de développement de la MRC des Laurentides
Centre local de développement de la MRC du Val-Saint-François
Centre local de développement de la MRC Les Maskoutains
Centre local de développement de la MRC Robert-Cliche
Centre local de développement de la Municipalité régionale de comté de
Bellechasse inc.
Centre local de développement de la municipalité régionale de comté de
d'Autray
Centre local de développement de la Nouvelle-Beauce (C.L.D.N.B.)
Centre local de développement de la région d'Acton
Centre local de développement de la région de Rivière-du-Loup
Centre local de développement de la Vallée-du-Richelieu
Centre local de développement de Lachine (CLD Lachine)
Centre local de développement de Longueuil «CLD»
Centre local de développement de Manicouagan
Centre local de développement de Québec
Centre local de développement de Rimouski-Neigette (CLD)
Centre local de développement de Roussillon
Centre local de développement des Basques
Centre local de développement des Collines-de-l'Outaouais
Centre local de développement des Etchemins
Centre local de développement des Pays-d'en-Haut
Centre local de développement Domaine-du-Roy inc.
Centre local de développement du Pontiac
Centre local de développement les 3 Monts
Centre local de développement Maria-Chapdelaine
Centre local de développement Mékinac
Centre local de développement Minganie
Centre local du développement du Témiscamingue (C.L.D.T.)
CLD de la MRC de Lotbinière
Conseil Économique de Beauce (CEB)
Corporation de développement économique communautaire (C.D.E.C.) CentreNord
Corporation de développement économique communautaire AhuntsicCartierville
Corporation de développement économique communautaire Côte-desNeiges/Notre-Dame-de-Grâce
Corporation de développement économique de Lasalle (CLD)
Corporation de développement économique et communautaire Centresud/Plateau Mont-Royal
Développement économique - CLD Gatineau
4
38
60
63
143
32
77
17
150
114
80
Secured
Loans and
advances
Total
352
10
10
173
405
10
10
150
15
352
10
10
173
405
48
10
150
15
10
10
10
487
10
10
10
342
10
10
280
10
205
60
230
249
380
10
250
163
10
10
10
487
10
10
10
342
10
70
280
73
205
203
230
281
380
10
250
163
70
70
100
10
60
125
50
10
370
40
10
45
4
30
10
10
10
10
10
10
30
444
10
10
10
95
100
10
60
125
50
10
370
40
10
45
81
30
10
27
10
160
10
10
144
444
10
10
90
95
210
210
120
120
10
10
10
10
560
460
560
460
(unaudited)
as at May 31, 2015
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and units
advances
08-31-14 Fonds locaux de solidarité FTQ, s.e.c. (continued)
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 (FLS) MRC de la Rivière-du-Nord
Fonds local de solidarité Laval
Fonds local de solidarité MRC de Coaticook
Fonds local de solidarité MRC de Joliette
La Société de développement économique de Drummondville (CLD Drummond)
inc.
Le centre local de développement de la M.R.C. de Bécancour inc.
Regroupement économique et social du Sud-Ouest (RESO)
Sherbrooke Innopole (CLD)
Société de développement économique de la région de Thetford (CLD)
Société de développement économique de Lévis (CLD)
Société de développement économique Rivière-des-Prairies - Pointe-auxTrembles - Montréal-Est (CLD)
Société de développement économique Ville-Marie (CLD)
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 la MRC du Fjord-du-Saguenay
SOLIDE de Mercier/Hochelaga-Maisonneuve
102
876
Secured
Loans and
advances
Total
10
20
250
10
10
320
10
20
250
10
10
320
248
367
400
285
10
220
248
367
400
285
112
220
110
260
205
173
10
10
10
9,762
110
260
205
173
10
10
10
10,638
45,832
56,470
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
03-31-15 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 QMX
Corporation d'Or Intégra
Corporation de capital de ressources canadiennes
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)
as at May 31, 2015
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and units
advances
Secured
Loans and
advances
Total
03-31-15 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)
9283-3797 Québec inc. (Métal Excel inc.)
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.
Gestion A.V.F. 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 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.
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
500
300
330
191
75
1,528
1,500
748
33
296
861
188
294
500
174
160
695
117
303
669
75
847
375
327
556
381
700
128
750
396
750
14,861
486
486
314
500
300
330
191
460
75
750
1,528
1,500
748
33
296
861
188
294
500
174
160
695
117
303
669
75
847
375
486
327
556
406
700
128
750
396
750
16,782
750
17,532
(unaudited)
as at May 31, 2015
(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
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
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
135
506
186
296
928
650
1,812
550
49
392
400
90
200
68
415
25
6,702
964
964
135
506
186
296
928
650
413
1
1,812
550
49
392
400
90
206
700
68
300
415
25
8,122
(unaudited)
as at May 31, 2015
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and units
advances
Secured
Loans and
advances
Total
Estrie
9100-2790 Québec inc. (Multi distribution Sherbrooke inc.)
9159-7500 Québec inc. (Armoires NAC)
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.
M.P. Éco 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
9045376 Canada inc. (Atelier d'Usinage Gaspé Machine Works)
9182-7683 Québec inc. (Pêcheries Yan Bourdages)
B.M.B. (Îles-de-la-Madeleine) inc.
Duclos & Michaud Télécom inc.
Fabrication Delta inc.
Fonds Soutien Gaspésie-Îles-de-la-Madeleine, société en commandite
Gaspésie Diésel inc.
Gestion du Fonds Soutien Gaspésie-Îles-de-la-Madeleine inc.
Junex inc.
Les Entreprises P.E.C. inc.
Les Pêcheries Marinard ltée
Pêcheries Vilo inc.
Serres Jardins-Nature inc.
Lanaudière
ABC Environnement inc. et
9216-4615 Québec inc. (Centre de Valorisation de Crabtree)
Agro-100 ltée
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.
8
25
524
125
1,000
1
46
97
1,818
107
287
1,300
244
117
1,038
458
864
1,500
521
758
453
407
283
771
61
500
920
160
10,749
205
700
187
175
175
95
646
225
252
2,660
706
375
275
1,250
577
1,063
500
475
80
464
217
187
8
6,177
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
230
700
524
312
175
1,000
175
1
46
95
646
225
349
4,478
25
4,503
706
375
275
1,250
577
1,063
500
475
80
464
217
187
8
6,177
750
6,927
(unaudited)
as at May 31, 2015
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and units
advances
Secured
Loans and
advances
Total
Laurentides
4486021 Canada inc. (Aliments Urbains)
7661665 Canada inc. (Profab mécanique 2010) et
9151-0768 Québec inc. (Desco)
9018-4995 Québec inc. (Lacelle & Frères)
9311-5947 Québec inc. (Les Aliments Kamloops)
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
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)
as at May 31, 2015
(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)
as at May 31, 2015
(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 Géoméga inc.
Ressources Sphinx ltée
Services Pétroliers Chibougamau inc.
Société d'Exploration Minière Vior inc.
98
83
400
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.)
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.
Prop-Air 2014 inc. et 4031202 Canada 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
130
300
600
75
328
300
2,490
90
150
391
159
55
1,392
233
202
125
492
548
2,048
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
176
29
750
1,500
98
83
400
750
350
187
182
1,235
740
75
577
1
253
86
129
8,633
52
500
552
29
750
52
90
150
391
159
55
1,392
233
202
125
492
500
750
1,500
350
187
182
1,235
1,288
75
577
1
253
86
129
11,233
700
11,933
(unaudited)
as at May 31, 2015
(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. et 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. (La Voie Maltée) et
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
Les Équipements pétroliers Claude Pedneault inc.
Les Fenêtres AGM inc.
Les Placements G.M.R. Maltais inc.
LCR Vêtements et Chaussures 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
12-31-14 Fonds Valorisation Bois, s.e.c.
Groupe Lebel (2004) inc.
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
348
642
40
400
535
1,527
384
647
170
173
651
295
380
15,442
250
15,692
108
868
350
60
1,160
259
1,000
348
300
400
265
122
384
170
173
651
380
11,317
272
26,399
132,963
3,141
16,327
04-30-14 Société de gestion d'actifs forestiers Solifor, 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
88
3,853
5,390
12-31-14 Novacap Industries III, s.e.c.
Corporation de Développement Enviro-Viridis inc.
Corporation de Développement Nautilus inc.
Gestion Groupe Master inc.
IPL inc.
La Corporation de développement cuirs Bentley inc.
Pipp Mobile Storage Systems inc.
Solutions de transport GTI inc.
Securities of six other companies
184
138,315
162,503
6,350
168,853
5,390
10,992
27,319
138,315
(unaudited)
as at May 31, 2015
(in thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and units
advances
12-31-14 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, L.P.
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.
12-31-14 VC, société en commandite
Securities of two companies
Direct holdings of real estate
Secured
Loans and
advances
Total
406
3,200
530
118
848
9,540
2,083
15,665
2,465
6,835
3,367
2,357
1,636
5,049
2,145
2,803
633
59,680
406
3,200
530
118
848
9,540
2,083
15,665
2,465
6,835
3,367
2,357
1,636
5,049
2,145
2,803
633
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

1- Complete financial report as at May 31, 2015

Transcription

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