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About Us An overview of our organization
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What We Do
Expertise Information about our experience and capabilities
Investment Approach Our approach to investment management, research, opportunities and risk
Investment Strategies Details about the investment services we offer
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Responsible Investing Our approach to Responsible Investing
Our Strategies
Investment Strategies Access detailed information on our full range of strategies
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CC&L Group Income and Growth

Investment Objective

  • Construct a portfolio of primarily income-oriented equity instruments and investment grade and non-investment grade bonds focused on maximizing the long-term total return while generating a portfolio yield in excess of that of the benchmark, 25% FTSE Canada All Corporate Bond Index, 25% S&P/TSX Capped REIT Index and 50% S&P/TSX Composite Index
  • Maintain total portfolio risk at a level similar to that of the benchmark


  • Diversified across three major income and growth oriented asset classes.
  • Focused on adding value, mindful of capital preservation.
  • Limited exposure to commodities to reduce volatility.
  • Deep, stable team with long track record.
  • ESG considerations integrated into the strategy.

Investment Philosophy

  • Macroeconomic themes influence markets over longer term.
  • Opportunities exist when fundamentals vary from consensus expectations.
  • All capitalization coverage maximizes breadth of opportunities.
  • Multiple asset classes offer greater opportunities to add value and diversification.
  • Price attractiveness and valuation are key.
  • Risk management is integral component of process.

Investment Process

  • Disciplined, conservative process: Investment process that strives to deliver protection of capital in “down” markets, good participation in “up” markets, and stable cash flows.
  • Fundamental ranking system: Universe focused on yield-oriented securities ranked on key factors including financial and management strength, profitability, growth and price attractiveness.
  • Independent bottom-up research: Combining fundamental equity research and credit analysis focused on sustainable, distributable cash flow, capital preservation and quality of  management.
  • Management interviews: Confidence gauged through management interviews, on-site visits and discussions with customers and competitors.
  • Strategic outlook: Each business evaluated in context of its industry and competitive environment.
  • Target prices: Price targets established and reviewed weekly to ensure consistent application of buy and sell disciplines.
  • Top-down overlay: Historical and current valuations and macroeconomic factors shape sector overweight or underweight decisions.

Portfolio Construction & Risk Management

  • The portfolio generally holds fixed income securities along with dividend paying equities, REITs, income trusts, and preferred shares with superior total return prospects backstopped by a proven commitment to return capital to shareholders.
  • Fundamental analysis assesses business risk, liquidity and valuation risk and sustainability of distributable cash flow.
  • Fixed income securities including high yield bonds are used as a source of diversification, safety and yield.
  • Risk management is part of the investment process, not an afterthought.
  • Strict position limits on individual security weights

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