1-Complete financial report as at May 31, 2014

Transcription

FINANCIAL
STATEMENTS
AS AT MAY 31, 2014 AND 2013
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, 2014 and 2013, and the statements of operations, changes in net assets and cash flows for the years
then ended, 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 Canadian
generally accepted accounting principles, 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, 2014 and 2013 and the results of its operations and its cash flows for the years then
ended in accordance with Canadian generally accepted accounting principles.
2
-----------------------1
CPA auditor, CA, public accountancy permit No. A110972
----------------------2
Montréal, June 26, 2014
FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.)
1
BALANCE SHEETS
AS AT MAY 31
2014
2013
Development capital investments (Note 4)
5,437,155
5,298,843
Other investments (Note 5)
5,069,019
4,370,186
578,893
689,183
(In thousands $, except net assets per share)
Assets
Accounts receivable and other assets (Note 8)
Cash
15,939
9,172
Capital assets (Note 9)
62,589
62,609
1,062
4,971
11,164,657
10,434,964
Notes (Note 10)
451,450
396,601
Accounts payable and other liabilities (Note 12)
585,294
735,199
Income taxes
Liabilities
Future income taxes (Note 17)
Net assets (Note 13)
2,315
1,864
1,039,059
1,133,664
10,125,598
9,301,300
334,234
332,441
30.29
27.98
Number of Class A shares outstanding (Note 13)
Net assets per Class A share
Contingencies (Note 14)
The accompanying notes form an integral part of these financial statements.
On behalf of the Board of Directors,
Gaétan Morin, Director
Robert Parizeau, Director
2
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED MAY 31
(In thousands $, except earnings per share)
2014
2013
Revenues
Interest (Note 15)
166,359
157,549
82,107
98,348
248,466
255,897
Corporate expenses
46,691
43,614
Development capital investment and other investment expenses
32,716
31,229
Shareholder Services and Economic Training development and administration expenses
51,730
49,386
6,333
5,630
137,470
129,859
110,996
126,038
Dividends
Expenses (Note 16)
Amortization of property and equipment and information systems development
Net income
Gains (losses) on development capital investments and other investments
Realized
286,777
97,213
Change in unrealized appreciation or depreciation
397,304
252,597
Transaction costs
(1,964)
(1,460)
682,117
348,350
793,113
474,388
19,000
16,500
Net earnings
774,113
457,888
Weighted average number of Class A shares
333,514
325,734
2.32
1.41
Earnings before income taxes
Income taxes (Note 17)
Earnings per Class A share
3
STATEMENTS OF CHANGES IN NET ASSETS
Contributed
Surplus
Share Capital – Class A (Note 13)
(In thousands $)
Series 1
Series 2
Subscribed
7,509,247
80,006
778
(Note 13)
Retained
Earnings
Net Assets
909,939
801,330
9,301,300
774,113
774,113
2014
Balance at beginning of year
Net earnings
Share issues
778,264
9,007
(578,555)
(10,620)
Net change in share subscriptions
Share redemptions
Change in outstanding redemptions
Transfers (Note 13)
Balance at end of year
787,271
(166)
(5,638)
(166)
(68,489)
(71,541)
(729,205)
(411)
(1,666)
(7,715)
(90,000)
-
90,000
7,793,318
78,393
612
841,039
1,412,236
10,125,598
7,010,355
76,483
760
972,070
465,020
8,524,688
457,888
457,888
2013
Net earnings
Share issues
843,892
11,197
(444,751)
(7,674)
Share redemptions
Transfers (Note 13)
855,089
18
18
(63,156)
4,751
1,025
95,000
7,509,247
80,006
778
909,939
(26,631)
(542,212)
53
5,829
(95,000)
-
801,330
9,301,300
4
STATEMENTS OF CASH FLOWS
(In thousands $)
2014
2013
774,113
457,888
Operating activities
Net earnings
Non-cash items and change in non-cash items
Revenues capitalized on development capital investments
(1,907)
Interest capitalized on notes
18,706
Amortization of property and equipment and information systems development
6,333
(2,325)
16,859
5,630
Realized gains on development capital investments and other investments
(286,777)
(97,213)
(397,304)
(252,597)
Future income taxes
451
(2,049)
Accounts receivable and other assets
71,824
37,616
Accounts payable and other liabilities
(69,150)
(44,839)
Income taxes
3,909
(4,878)
Other
2,195
(2,194)
122,393
111,898
Financing activities
Issuance of notes
178,324
139,038
Repayment of notes
(142,181)
(187,840)
Shares issued and subscribed
787,105
855,107
Shares redeemed
(732,337)
(534,912)
90,911
271,393
Acquisition of development capital investments
(380,015)
(792,902)
Proceeds of disposal of development capital investments
574,165
Investing activities
577,208
Acquisition of other investments
(9,447,995)
(6,222,907)
Proceeds of disposal of other investments
9,055,764
6,055,038
Acquisition of property and equipment
(4,836)
(2,063)
Information systems development
(3,620)
(2,282)
(206,537)
(387,908)
Increase (decrease) in cash
6,767
(4,617)
Cash at beginning of year
9,172
13,789
15,939
9,172
Cash at end of year
Cash flows from operating activities include income taxes paid of $11.4 million (2013: $25.5 million).
5
NOTES TO FINANCIAL STATEMENTS
AS AT MAY 31, 2014 AND 2013
1. INCORPORATION ACT
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 with the following objectives:
a) to invest in Québec business enterprises and provide them with services in order to create, maintain or protect jobs;
b) to promote the training of workers in economic matters to enable them to increase their influence on Québec’s economic
development;
c) to stimulate the Québec economy by making strategic investments that will be of benefit to Québec workers and business
enterprises;
d) 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.
60% RULE
The Fonds may make development capital investments in any business enterprise with or without security. However, in any given
financial year, the proportion of unsecured development capital investments made in qualified business enterprises must represent an
average of at least 60% of the Fonds’ average net assets of the previous financial year.
If the Fonds fails to reach this percentage, the share issues giving rise to tax credits for the following financial year are limited to a
prescribed percentage of the total value of shares issued 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 of average qualified development capital investments to the average net assets of the preceding year was 65.1% as at
May 31, 2014 (2013: 66.0%).
Since the minimum percentage prescribed by the 60% rule has been reached as at May 31, 2014, the 60% rule does not limit share
issues for the 2014-2015 financial year. However, in it’s budget tabled on June 4, 2014, Québec’s Minister of Finance limited the total
value of shares giving rise to a tax benefit that the Fonds could issue to $650 million for the year ending May 31, 2015.
2. SIGNIFICANT ACCOUNTING POLICIES
The Fonds is an investment company as defined in the Accounting Guideline on investment companies contained in the CPA Canada
Handbook-Accounting and, as such, applies the generally accepted accounting principles (“GAAP”) stated therein.
A Statement of Comprehensive Income is not provided as there are no items to include therein.
USE OF ESTIMATES
The preparation of financial statements in accordance with Canadian GAAP requires management to make estimates and assumptions,
in particular when determining allowances and the fair value of development capital investments and other investments, that affect the
reported amounts in the financial statements. Actual results could differ from those estimates.
RECOGNITION OF FINANCIAL INSTRUMENTS
Financial instruments are recognized at fair value on the transaction date. The cost presented corresponds to the amount paid and is
determined based on average cost, excluding transaction costs.
Financial assets classified as loans and receivables comprise Accounts receivable and other assets, excluding securities purchased
under reverse repurchase agreements and financial instruments related to securities sold under repurchase agreements. Financial
liabilities classified as other liabilities comprise Notes and Accounts payable and other liabilities, excluding securities sold under
repurchase agreements and derivative financial instruments. These instruments are recognized at amortized cost, which approximates
their fair value.
6
AS AT MAY 31, 2014 AND 2013
(continued)
MEASUREMENT OF FINANCIAL INSTRUMENTS
All development capital investments and other investments are measured at fair value, established as follows:
a) Unlisted financial instruments
Unlisted financial instruments consist of shares, units and loans and advances.
These instruments are measured at fair value using appropriate valuation techniques and models that may not be principally based
on observable market information. Observable market information is used in valuation models if it is available.
The fair value is established based on reasonable assumptions that would be considered by parties to an arm’s length transaction.
Certain assumptions may have a material impact on fair value, including those used to determine characteristic cash flows and the
level of risk and future growth rate associated with such cash flows considering economic conditions, the outlook for the relevant
industry segment and conditions specific to the business entreprise.
Hedge fund units are measured at the fair value set by their respective manager at the date closest to the Fonds’ balance sheet
date.
b) Listed financial instruments
Listed financial instruments consist of shares, bonds and money market instruments. These instruments are measured at bid price
at the close of trading at balance sheet date. In exceptional instances, when the market for a financial instrument is not active, such
instrument is then measured using appropriate valuation techniques, including the techniques used for unlisted financial
instruments.
c) Derivative financial instruments
Listed derivative financial instruments are measured at bid price at the close of trading at balance sheet date. Unlisted derivative
financial instruments are measured using appropriate valuation techniques, including discounting future cash flows at the current
rate of return.
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 under Interest in the Statements of Operations.
CAPITAL ASSETS
Capital assets are stated at cost and are amortized over their estimated useful life using the following methods and annual rates:
Methods
Rates (%)
Property and equipment
Buildings
Office furniture and equipment
Computer hardware
straight-line
2.5
diminishing balance
20.0
straight-line
25.0
straight-line
33.3
Capital assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be
recoverable. An impairment loss is recorded when their carrying amount exceeds the undiscounted cash flows that would result from
their use and eventual disposition. The recognized impairment loss is measured as the amount by which the carrying amount of the
asset exceeds its fair value.
7
AS AT MAY 31, 2014 AND 2013
(continued)
REVENUE RECOGNITION
a) Interest
Interest is recorded on an accrual basis.
b) Dividends
Dividends are recorded as income when they are declared, except for cumulative dividends which are recorded on an accrual basis.
c) Gains and losses on development capital investments and other investments
Realized gains and losses on disposals of development capital investments and other investments, including derivative financial
instruments, are recorded at the time of sale and presented under Gains (losses) on development capital investments and other
investments in the Statement of Operations. The amount is the difference between the proceeds of disposal and the average cost.
INCOME TAXES
The Fonds uses the asset and liability method of accounting for income taxes. Under this method, future income taxes are recognized
based on the expected future tax consequences of differences between the carrying amounts of balance sheet items and their tax
bases, multiplied by the enacted or substantively enacted income tax rates for the years in which the differences are expected to
reverse. Future income tax assets are recognized to the extent that it is more likely than not that they will be realized.
FOREIGN CURRENCY TRANSLATION
Monetary assets and liabilities and assets and liabilities measured at fair value are translated into Canadian dollars at the exchange rate
prevailing at the balance sheet date. Revenues and expenses denominated in foreign currencies are translated at the exchange rate
prevailing at the transaction date. Foreign exchange gains and losses are recognized in the Statement of Operations.
EMPLOYEE FUTURE BENEFITS
The cost of pensions and other retirement benefits earned by managers and employees is actuarially determined using the projected
benefit method prorated on service and management’s best estimate of expected return on plan assets, salary escalation and
retirement ages of employees.
For the purposes of calculating the expected return on plan assets, those assets are valued at fair value.
Net actuarial gains or losses which are greater than 10% of the accrued benefit obligation or the fair value of the plan assets, whichever
is higher, are amortized over the average remaining service period of active employees. The average remaining service period of
covered active employees is between 8.75 and 11.7 years (2013: between 9.5 and 11.7 years).
3.
FUTURE CHANGES IN ACCOUNTING POLICIES
INTERNATIONAL FINANCIAL REPORTING STANDARDS (“IFRS”)
In 2008, the Accounting Standards Board of Canada (“AcSB”) confirmed that Canadian GAAP will be replaced by IFRS for the years
beginning on or after January 1, 2011, for publicly accountable enterprises. In December 2011, the AcSB confirmed that investment
companies, as defined in the Accounting Guideline on investment companies of the CPA Canada Handbook-Accounting, will have to
apply IFRS for the first time to interim and annual financial statements for the years beginning on or after January 1, 2014. The Fonds
complies with its conversion plan and will present its first interim financial statements prepared in accordance with IFRS as at
November 30, 2014. The Fonds’ IFRS transition date is June 1, 2013. Based on work performed do date, the impact on net assets and
net assets per share at the date of transition is not expected to be material.
8
AS AT MAY 31, 2014 AND 2013
4. DEVELOPMENT CAPITAL INVESTMENTS
The audited Statement of Development Capital Investments, at Cost, is available at the Fonds’ head office, on its Website at
www.fondsftq.com or at www.sedar.com.
2014
2013
Unrealized
Unrealized
appreciation
(In thousands $)
Cost
(depreciation)
appreciation
Fair value
Cost
(depreciation)
Fair value
Unsecured
Listed shares
657,394
188,349
845,743
761,142
108,071
869,213
Unlisted shares and units
2,583,215
470,761
3,053,976
2,454,011
353,550
2,807,561
Loans, bonds and advances
1,522,159
4,402
1,526,561
1,612,955
(1,362)
1,611,593
10,875
11,590
(1,114)
10,476
5,437,155
4,839,698
459,145
5,298,843
Secured
Loans and advances
30,988
4,793,756
(20,113)
643,399
Development capital investments include securities denominated in foreign currencies, mainly the U.S. dollar, with a fair value of
$394.3 million (2013: $286.8 million).
Investment agreements may include clauses providing for conversion and redemption options. Thus, in the normal course of business,
the Fonds may exercise these options and make non-monetary exchanges of financial instruments.
BREAKDOWN BY MATURITY OF LOANS, BONDS AND ADVANCES AT FAIR VALUE
Variable rates
(In thousands $)
Fixed rates
Total
Less than
1 to
5 years and
1 year
5 years
more
296,909
584,920
568,733
7.0
5.5
2014
Unsecured
Average effective rate (%)
Secured
75,999
7.1
1.01
4,110
1,031
5,734
14.0
5.2
8.9
342,346
628,564
539,998
7.8
6.9
6,009
4,467
6.9
16.5
1,526,561
10,875
2013
Unsecured
Secured
100,685
9.0
2.11
1,611,593
10,476
1. This average rate includes non-interest bearing advances repayable on demand of $258.2 million (2013: $268.9 million) to a wholly-owned
company. Excluding these advances, the average effective rate would be 8.7% (2013: 8.4%).
9
AS AT MAY 31, 2014 AND 2013
4. DEVELOPMENT CAPITAL INVESTMENTS
(continued)
BREAKDOWN BY INDUSTRY SEGMENT
Regional or local
(In thousands $)
Manufacturing
Services and
and real estate
Technology
and primary
tourism
funds
Total
4,793,756
2014
Cost
Unrealized appreciation (depreciation)
Fair value
804,232
1,223,974
1,946,689
818,861
(119,103)
100,566
411,844
250,092
643,399
685,129
1,324,540
2,358,533
1,068,953
5,437,155
Allocation of investments made by
the regional or local funds
Funds committed but not disbursed1
32,148
76,748
90,628
(199,524)
-
377,413
259,992
272,760
52,845
963,010
Guarantees and suretyships2
8,227
8,227
1,094,690
1,661,280
2,730,148
922,274
6,408,392
4,839,698
2013
Cost
Unrealized appreciation (depreciation)
Fair value
831,953
1,203,943
1,971,693
832,109
(134,322)
26,567
340,696
226,204
459,145
697,631
1,230,510
2,312,389
1,058,313
5,298,843
Allocation of investments made by
the regional or local funds
Funds committed but not disbursed1
25,559
80,184
90,422
(196,165)
-
406,413
191,491
181,116
58,666
837,686
Guarantees and suretyships2
7,814
1,129,603
1,502,185
2,591,741
7,814
920,814
6,144,343
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 balance sheet date. Disbursements are subject to compliance with the
agreement’s terms and conditions. Of funds committed but not disbursed, an amount of $278.1 million (2013: $171.8 million) represents
credit facilities and project financing for operating companies, having a weighted average maturity of 20 months (2013: 18 months); and an
amount of $684.9 million (2013: $665.9 million) represents commitments that will be disbursed to specialized funds in tranches, having a
weighted average maturity of 7.2 years (2013 : 8.1 years). Commitments amounting to $189.5 million (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.
GUARANTEES AND SURETYSHIPS
The Fonds granted guarantees and suretyships 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 for an undiscounted total
maximum amount and for the following purposes:
(In thousands $)
Operating activities and operating lines of credit - without recourse
Operating activities and operating lines of credit - with recourse
2014
2013
8,209
7,814
18
-
8,227
7,814
As at May 31, 2014 and 2013, there is no allowance 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 unlkely that these commitments will result in material additional expenses.
10
AS AT MAY 31, 2014 AND 2013
5. OTHER INVESTMENTS
The unaudited Statement of Other Investments is available at the Fonds’ head office, on its Website at www.fondsftq.com or at
www.sedar.com.
2014
2013
Unrealized
(In thousands $)
Listed shares and unlisted units
Hedge fund units
Bonds
Money market instruments
Derivative financial instruments
Cost
appreciation
Unrealized
Fair value
Cost
appreciation
Fair value
2,475,480
1,665,829
65,932
1,731,761
2,168,611
306,869
25,097
388
25,485
242,630
4,663
247,293
2,431,186
76,198
2,507,384
2,325,705
60,097
2,385,802
59,803
50
59,853
848
1
849
4,684,697
383,505
5,068,202
4,235,012
130,693
4,365,705
-
817
817
1,492
2,989
4,481
4,684,697
384,322
5,069,019
4,236,504
133,682
4,370,186
Other investments include securities denominated in foreign currencies with a fair value of $1,844.3 million (2013: $1,520.9 million),
mainly including $1,019.6 million (2013: $909.8 million) in U.S. dollars, $199.0 million (2013: $199.5 million) in Euros, $172.1 million
(2013: $92.4 million) in Yen and $166.9 million (2013: $180.0 million) in pounds sterling.
BREAKDOWN BY MATURITY
Bonds
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
Fair value
163,644
739,480
706,129
427,348
342,191
128,592
2,507,384
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
Average nominal rate (%)
2.5
3.1
3.6
4.8
4.9
3.9
3.7
(In thousands $)
2014
2013
Fair value
84,080
738,618
781,930
309,429
359,974
111,771
2,385,802
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
Average nominal rate (%)
4.0
3.2
4.0
6.0
5.1
4.3
4.1
(In thousands $)
Less than
1 to 6
1 month
months
Total
59,563
290
59,853
1.0
1.0
1.0
90
759
849
1.0
1.0
1.0
2014
Fair value
2013
Fair value
11
AS AT MAY 31, 2014 AND 2013
(continued)
BREAKDOWN BY MATURITY (continued)
(In thousand $)
Less than
1 to 6
6 months
1 month
months
and more
Total
2014
Fair value1
Foreign currency forward contracts
Purchases
Sales
Interest rate futures
Interest rate forward contracts
Stock index futures
(4)
(4)
413
413
-
-
-
144
144
553
-
-
-
-
-
553
Notional amount
Purchases
Sales
1,481
81,487
16,228
56,981
Stock index futures
66,511
1,481
81,487
78,369
1,516,453
1,611,050
56,981
6,745
73,256
12
AS AT MAY 31, 2014 AND 2013
(continued)
BREAKDOWN BY MATURITY (continued)
Derivative financial instruments (continued)
(In thousands $)
Less than
1 to 6
6 months
1 month
months
and more
Total
2013
Fair value1
Unlisted shares option contracts
Purchased put options
750
Written put options
(2,327)
750
(2,327)
Listed stock index 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)
18,900
18,900
Written put options
31,500
31,500
Notional amount
Unlisted shares option contracts
Listed stock index 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
67,646
1,357,638
159,738
124,603
1,450,896
159,738
7,925
132,528
1. The fair value of instruments with positive values is $0.8 million (2013: $4.5 million) and is presented under Other investments. The fair value
of those with negative values is $0.3 million (2013: $19.7 million) and is presented under Accounts payable and other liabilities.
13
AS AT MAY 31, 2014 AND 2013
(continued)
BREAKDOWN OF FAIR VALUE BY INDUSTRY SEGMENT1
Listed shares,
unlisted units and
(In thousands $)
hedge fund units
Money market
Bonds
instruments
Total
2014
Government and government agencies
1,665,232
52,854
1,718,086
Financial institutions
559,760
467,043
6,999
1,033,802
Technology
565,942
80,971
646,913
1,190,117
115,838
1,305,955
Manufacturing and primary
Services and tourism
Fair value
Funds committed but not disbursed²
185,146
178,300
2,500,965
2,507,384
363,446
59,853
5,068,202
19,102
2,520,067
19,102
2,507,384
59,853
5,087,304
1,596,837
849
1,597,686
2013
Government and government agencies
Financial institutions
102,970
471,920
Technology
271,661
96,838
368,499
1,025,348
84,778
1,110,126
Manufacturing and primary
Services and tourism
Fair value
Funds committed but not disbursed²
579,075
135,429
1,979,054
2,385,802
574,890
714,504
849
4,365,705
16,903
1,995,957
16,903
2,385,802
849
4,382,608
1. This breakdown does not take into account changes in asset allocation resulting from derivative financial instruments.
2. 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 balance sheet date. Disbursements are subject to
compliance with the agreement’s terms and conditions. These commitments, having a weighted average maturity of 6.6 years
(2013: 7.4 years), are denominated in U.S. dollars.
6. FAIR VALUE HIERARCHY
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 quoted market prices (unadjusted) observed on active markets for identical financial 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.
14
AS AT MAY 31, 2014 AND 2013
(continued)
(In thousands $)
Level 1
Level 2
Level 3
Total
845,690
53
3,053,976
3,053,976
450,417
1,076,144
1,526,561
10,875
10,875
450,470
4,140,995
5,437,155
51,051
2,475,480
2014
Financial Assets
Development capital investments
Unsecured
Listed shares
845,743
Secured
Loans and advances
845,690
Other investments
2,424,429
Hedge fund units
Bonds
2,496,123
25,485
25,485
11,261
2,507,384
59,853
-
817
2,424,429
2,556,793
59,853
817
87,797
5,069,019
Financial instruments related to securities
sold under repurchase agreements
101,252
101,252
254,980
254,980
Securities purchased under reverse
repurchase agreements
Cash
15,939
15,939
Financial Liabilities
Securities sold under repurchase agreements
(264)
(264)
(356,232)
(356,232)
2013
Financial Assets
Unsecured
Listed shares
868,830
383
-
869,213
2,807,561
2,807,561
441,224
1,170,369
1,611,593
10,476
10,476
441,607
3,988,406
5,298,843
57,440
1,731,761
Secured
Loans and advances
868,830
Other investments
1,674,321
Hedge fund units
Bonds
2,375,066
247,293
247,293
10,736
2,385,802
849
849
256
4,225
4,481
1,674,577
2,380,140
315,469
4,370,186
Financial instruments related to securities
sold under repurchase agreements
148,819
148,819
274,123
274,123
Securities purchased under reverse
repurchase agreements
Cash
9,172
9,172
Financial Liabilities
(332)
(19,397)
(19,729)
(422,942)
(422,942)
15
AS AT MAY 31, 2014 AND 2013
(CONTINUED)
The following table shows the reconciliation from beginning balances to ending balances for Level 3 fair values.
DEVELOPMENT CAPITAL INVESTMENTS
Unlisted
shares and
(In thousands $)
units
Unsecured
Secured
Total
10,476
3,988,406
2014
Fair value as at May 31, 2013
2,807,561
Realized losses
(11,899)
117,211
Purchases
Sales and settlements
(811)
(14,250)
15,235
(18,999)
113,447
224,397
182,695
23,555
430,647
(83,294)
(267,476)
(3,346)
(354,116)
Transfer out of Level 3
1,170,369
(1,540)
(23,139)1
(23,139)
3,053,976
1,076,144
10,875
4,140,995
96,775
6,205
(19,809)
83,171
2,613,025
1,104,807
25,302
3,743,134
Change in unrealized appreciation or depreciation of
development capital investments held as at May 31, 2014
2013
Realized losses
(24,723)
(7,210)
(2,360)
(34,293)
121,902
6,146
2,755
130,803
Purchases
281,927
182,886
(184,570)
(131,260)
Transfer to Level 3
6,500
471,313
(21,721)
(337,551)
15,0002
2,807,561
1,170,369
15,000
10,476
3,988,406
604
82,902
development capital investments held as at May 31, 2013
84,197
(1,899)
1. An unsecured debenture has been transferred from Level 3 to Level 2 since its measurement method is now based on observable market data.
2. An unsecured debenture has been transferred from Level 2 to Level 3 since its measurement method is no longer based on observable market
data.
16
AS AT MAY 31, 2014 AND 2013
(CONTINUED)
OTHER INVESTMENTS
Listed shares and
Hedge fund
unlisted units
units
Bonds
Total
57,440
247,293
10,736
315,469
8,046
7,673
-
15,719
(1,434)
(4,275)
526
817
22,361
(13,818)
(247,567)
(1)
(261,386)
51,051
25,485
11,261
87,797
(1,434)
1,888
526
980
77,582
241,050
8,805
327,437
(689)
3,444
-
2,755
(3,355)
2,124
1,938
955
68,290
(In thousands $)
2014
Realized gains
Purchases
(5,183)
23,178
other investments held as at May 31, 2014
2013
Realized gains (losses)
Purchases
707
69,245
(17,053)
(67,615)
(7)
(84,675)
57,440
247,293
10,736
315,469
(3,355)
5,685
1,935
4,265
other investments held as at May 31, 2013
All Level 3 financial instruments, except for certain units, are measured at fair value using valuation techniques and models whose
outputs depend on significant assumptions that are based on data that are not observable on the market. Even though management
believes that its fair value measurements are appropriate, using reasonably possible alternative assumptions could result in different
fair values. Whenever possible, a sensitivity analysis of changes in significant assumptions is performed. Management assessed the
situation and determined that using reasonably possible alternative assumptions would not result in significantly different fair values.
Since the Fonds does not have access to information on the underlying investments, the fair value of hedge fund units and of certain
units classified as Level 3 is based on the value provided by the general partner or the external manager. Therefore no other reasonably
possible assumption could be used.
7. SECURITIES LENDING
As part of the securities lending program, the depositary receives, in exchange for the securities loaned, guarantees or assets
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, 2014 (2013: 102%), and
the fair value of the securities loaned is $311.3 million (2013: $83.6 million).
8. ACCOUNTS RECEIVABLE AND OTHER ASSETS
(In thousands $)
2014
2013
121,547
159,421
Accounts receivable relating to development capital investments and other
investments sold
Accrued dividends and interest
73,580
71,597
Financial instruments related to securities sold under repurchase agreements
101,252
148,819
Securities purchased under reverse repurchase agreements
254,980
274,123
27,534
35,223
578,893
689,183
Other
17
AS AT MAY 31, 2014 AND 2013
9. CAPITAL ASSETS
Accumulated
Net carrying
Cost
amortization
amount
Buildings1
70,189
20,881
49,308
19,472
16,656
2,816
Computer hardware
15,674
11,751
3,923
24,028
17,486
6,542
129,363
66,774
62,589
Buildings1
70,109
19,008
51,101
18,659
16,060
2,599
Computer hardware
14,303
9,988
4,315
20,283
15,689
4,594
123,354
60,745
62,609
(In thousands $)
2014
2013
1. The net carrying amount of the portion of building that is leased out is $20.6 million (2013: $21.2 million).
10.
NOTES
Notes are repayable on demand and bear interest at a rate based on the rate of return of Other investments. Consequently, the fair
value of these notes arising from excess liquidities of regional and local funds and of certain specialized funds corresponds to their
carrying amount. As at May 31, 2014 and 2013, the interest rate is 4%.
11. CREDIT FACILITIES
As at May 31, 2014 and 2013, the Fonds has credit facilities amounting to $80 million, bearing interest at prime rate and renewable
annually. As at May 31, 2014 and 2013, these facilities are unused.
12. ACCOUNTS PAYABLE AND OTHER LIABILITIES
(In thousands $)
2014
2013
122,121
185,862
264
19,729
34,383
29,833
356,232
422,942
72,294
76,833
585,294
735,199
Accounts payable relating to development capital investments
and other investments purchased
Share redemptions
Accrued expenses and other
13. NET ASSETS
SHARE CAPITAL
Authorized
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 shares, Series 1
may be issued only to an individual requesting their transfer to a trustee under a registered retirement savings plan.
18
AS AT MAY 31, 2014 AND 2013
13. NET ASSETS
(CONTINUED)
SHARE CAPITAL (CONTINUED)
Authorized (CONTINUED)
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.
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.
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.
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, prorata to the redeemed shares.
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
$90 million through transfers from retained earnings (2013: $95 million).
As at May 31, 2014, the Fonds had, since its incorporation, transferred the following cumulative amounts: $1,902 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.
NET ASSETS
– CLASS A
Series 1
(In thousands)
Series 2
Subscribed
Total
Number
$
Number
$
$
$
328,951
9,202,881
3,490
97,641
778
9,301,300
2014
Net assets at beginning of year
Net earnings
Share issues
766,193
27,166
778,264
7,920
317
Share redemptions
Net assets at end of year
774,113
9,007
787,271
(166)
(25,011)
(716,048)
(459)
(13,157)
(166)
(729,205)
(220)
(7,715)
330,886
10,023,575
3,348
101,411
612
10,125,598
(7,715)
317,218
8,433,242
3,411
90,686
760
8,524,688
2013
Net assets at beginning of year
Net earnings
Share issues
453,015
31,335
843,892
4,873
418
Share redemptions
Net assets at end of year
457,888
11,197
855,089
18
(19,837)
(533,097)
235
5,829
328,951
9,202,881
(339)
(9,115)
18
(542,212)
5,829
3,490
97,641
778
9,301,300
19
AS AT MAY 31, 2014 AND 2013
14. 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, net of losses recognized,
would not have a material adverse effect of the Fonds’ financial position.
15. REVENUES
Interest totalling $18.7 million (2013: $16.9 million) on the notes is recorded against Interest in the Statement of Operations and
capitalized under Notes.
16. OPERATING EXPENSES
2014
2013
Salaries and benefits
83,628
80,869
Advertising and information
17,979
18,231
Occupancy expenses and rent
10,567
10,334
Professional fees
9,069
7,244
Management fees
6,173
6,779
Stationery and office supplies
4,697
3,813
Travel and entertainment
3,757
3,806
Shareholder reporting costs
3,243
3,041
(In thousands $)
Custodial fees and trustee’s fees
868
965
Fees and other income
(4,769)
(6,656)
Rental income
(4,075)
(4,197)
Amortization of property and equipment
4,536
4,438
Amortization of information systems development
1,797
1,192
137,470
129,859
20
AS AT MAY 31, 2014 AND 2013
17. 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
share capital through a transfer from retained earnings. 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 Operations, but are included in Accounts receivable and other assets. The balance of these income taxes is $2.2 million
(2013: $7.2 million).
The Fonds, as a private company, can receive a refund of a portion of the income taxes paid on its investment income through the
refundable dividend tax on hand (RDTOH). The RDTOH is recoverable by increasing the issued and paid-up share capital through a
transfer from retained earnings. This tax of $29.2 million (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 earnings before income taxes are detailed as follows:
(In thousands $)
Current
Future
2014
2013
18,549
18,549
451
(2,049)
19,000
16,500
The above income taxes are different from the amounts that would be obtained by applying the combined basic tax rate (Québec and
federal) to earnings before income taxes. The difference is explained as follows:
2014
2013
Income taxes based on combined income tax rate of 46.6%
369,591
221,065
Non-taxable dividends
(20,408)
(25,853)
Refundable dividend tax on hand
(29,246)
(30,345)
(In thousands $)
Capital gains (losses) and change in unrealized appreciation or depreciation
Federal rate difference and non-taxable portion
(170,098)
(81,390)
Refundable federal tax
(89,424)
(42,805)
Quebec tax deduction
(38,070)
(18,192)
Other items
(3,345)
(5,980)
19,000
16,500
2014
2013
2,489
2,273
Items giving rise to future income taxes liabilities are as follows:
(In thousands $)
Capital assets
Development capital investments and other
(174)
2,315
(409)
1,864
21
AS AT MAY 31, 2014 AND 2013
18.
On January 1, 2001, the Fonds implemented funded and unfunded defined benefit pension plans, which guarantee pension benefits to
most of its employees. Pension benefits under these plans are based on years of service and average annual salary, which represents
the average annual salary over the period of 36 months of consecutive service which results in the highest average.
Also, since July 1, 2003, the Fonds has had an optional personal insurance plan for retired employees.
The accrued benefit obligation of these plans as determined by independent actuaries and the fair value of plan assets are as at March
31, 2014. The most recent actuarial valuation of the pension plans for funding and solvency purposes was as at December 31, 2013
and the next valuation will take place as at December 31, 2016 at the latest.
Information about the plans is as follows:
2014
(In thousands $)
2013
Pension plans
Insurance plan
Pension plans
Insurance plan
187,648
2,547
160,030
2,217
Accrued benefit obligation
Current service cost
17,083
103
16,733
101
Interest cost
8,598
111
7,879
103
Benefits paid
(3,814)
(54)
(1,556)
Actuarial loss
15,749
153
4,562
163
225,264
2,860
187,648
2,547
142,750
-
112,379
-
14,142
54
13,589
37
(54)
(1,556)
(37)
Plan assets
Fonds contributions
Employee contributions
4,915
Benefits paid
(3,814)
Actual return on plan assets
22,449
5,549
(37)
12,789
180,442
-
142,750
-
(44,822)
(2,860)
(44,898)
32,141
880
30,686
-
(60)
-
(98)
(12,681)
(2,040)
(14,212)
(1,868)
Reconciliation of accrued benefit obligation and plan assets
Funded status - deficit
Unamortized net actuarial loss
Unamortized gain of actual plan amendments
Accrued benefit liabilities
(2,547)
777
These accrued benefit liabilities are presented under Accounts payable and other liabilities.
ADDITIONAL INFORMATION ABOUT PLAN ASSETS
Funded plan assets are held in trust and their breakdown is as follows:
(in %)
2014
2013
Equity mutual funds
62.4
62.0
Bond mutual funds
37.4
37.2
Cash and other
0.2
0.8
100.0
100.0
22
AS AT MAY 31, 2014 AND 2013
18.
(CONTINUED)
ADDITIONAL INFORMATION ABOUT PLAN ASSETS (CONTINUED)
Costs recognized in the year were as follows:
2014
(In thousands $)
Current service cost, net of employee contributions
Interest cost
Actual return on plan assets
Actuarial loss
2013
Pension plans
Insurance plan
Pension plans
Insurance plan
12,168
103
11,184
101
8,598
111
7,879
103
(22,449)
(12,789)
15,749
153
4,562
163
14,066
367
10,836
367
Cost before adjustments to recognize the
long-term nature of employee future benefits
Difference between actual and expected
return on plan assets
13,051
5,518
Difference between actuarial loss or gain recognized and actual
actuarial loss or gain on accrued benefit obligation
(14,506)
(103)
-
(38)
(2,927)
(124)
Difference between amortization of past
service cost or gain and actual plan amendments
Costs recognized in the year
12,611
226
362
(40)
13,789
203
Cash payments for employee future benefits, which comprise contributions made by the Fonds to these funded pension plans and
amounts paid directly to members under unfunded plans totalled $14.2 million (2013: $13.6 million).
SIGNIFICANT ACTUARIAL ASSUMPTIONS
The significant actuarial assumptions used to determine the accrued benefit obligation and the costs recognized for the plans are as
follows:
2014
(in %)
2013
Pension plans
Insurance plan
4.00 and 4.25
4.25
Pension plans
Insurance plan
Accrued benefit obligation
Rate at end of year
Discount rate
Rate of compensation increase
3.50
4.25
4.25
3.50
Accrued benefit costs recognized
Discount rate (rate at end of previous year)
4.25
Expected rate of return on plan assets
6.25
6.00
Rate of compensation increase
3.50
3.50
4.25
4.50
4.50
The Fonds set the maximum annual insurance premium it will assume per retiree and does not expect any increases in the future.
23
AS AT MAY 31, 2014 AND 2013
19. RELATED PARTY TRANSACTIONS
In the normal course of business, the Fonds conducts transactions with related companies that are either controlled by the Fonds or
subject to significant influence by the Fonds. Many of the development capital investments are of such an amount and nature that the
investee is considered a related company. These transactions consist predominantly of interest and dividend revenues on investments
and certain expenses, in particular premiums paid under insurance plans.
The Fonds, of which a majority of directors are elected by the FTQ, agreed to pay $1.9 million to the FTQ for the years ended May 31,
2014 and 2013 under an agreement that calls for compensation to be paid for services rendered in respect of economic training, social
audits, shareholder development, 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 $3.6 million
(2013: $3.8 million).
The Fonds granted non-interest bearing loans of $15 million (2013 : $20 million) with a fair value of $10.6 million (2013: $13.7
million) to the Fonds étudiants 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.
During the year, the Fonds granted a non-interest bearing loan of $5 million with a fair value of $3.2 million to Fiducie de Montréal
inc., which is considered related to the Fonds because the Fonds appoints some of his directors.
These loans are presented in the Balance Sheet under Accounts receivable and other assets.
20. RISK MANAGEMENT
Risks arising from financial instruments are an integral part the audited Financial Statements and are discussed in the “Risk
management” section of the Management Discussion and Analysis for the Year Ended May 31, 2014, which is available at the Fonds’
head office, on its Website at www.fondsftq.com or at www.sedar.com.
21. COMPARATIVE FIGURES
Certain prior year figures have been reclassified to be comparable with those of the current year.
22. 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 www.fondsftq.com or at www.sedar.com.
24
MANAGEMENT
DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED MAY 31, 2014
MANAGEMENT DISCUSSION AND ANALYSIS FOR
THE YEAR ENDED MAY 31, 2014
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, 2014. 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 understanding of events and uncertainties presented
herein, this MD&A should be read together with the financial statements and the notes thereto.
This MD&A contains forward-looking statements about the Fonds’ activities, results, and strategies that should be interpreted with
caution. These forecasts necessarily involve assumptions, uncertainties and risks; it is therefore possible that a number of factors may
cause them not to materialize. Legislative or regulatory changes, economic and business conditions and the level of competition are
some examples of major factors that may influence, sometimes significantly, the accuracy of the forward-looking statements in this
MD&A. This MD&A is dated June 26, 2014.
The Fonds is subject to the Regulation Respecting Development Capital Investment Fund Continuous Disclosure (the “Regulation”)
and, as such, applies the requirements of this Regulation, notably to its financial statements and its MD&A.
You can get a copy of the annual financial statements at your request, and at no cost, by calling us at 514-383-3663 or toll free at
1-800-567-3663, by writing to us at 8717 Berri Street, Montréal, Québec H2M 2T9 or by visiting our website at www.fondsftq.com or the
SEDAR website at www.sedar.com. You can also obtain a copy of the interim documents in this same manner.
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. The
Fonds’ results are discussed under “Results of Operations” on page 4.
RATIOS AND SUPPLEMENTAL DATA
Years ended May 31
2014
2013
2012
2011
2010
Revenues
248
256
247
256
222
Net earnings
774
458
215
650
600
10,126
9,301
8,525
8,178
7,294
334,234
332,441
320,629
315,504
305,951
1.39
1.44
1.46
1.47
1.54
7.14
167.36
8.44
115.57
12.09
158.61
11.38
172.57
7.93
233.20
(in millions of dollars, unless otherwise specified)
Net assets
Class A shares outstanding (number, in thousands)
Total operating expense ratio* (%)
Portfolio turnover rate**:
Development capital investments (%)
Other investments (%)
0.02
0.02
0.02
0.02
0.03
613,958
615,664
594,287
583,235
577,511
Issues of shares
787
855
767
698
660
Redemptions of shares
729
542
620
465
341
6,408
6,144
5,757
5,207
4,784
Trading expense ratio*** (%)
Number of shareholders (number)
Fair value of development capital investments****
*
**
***
****
The total operating expense ratio is obtained as follows: by dividing expenses (excluding capital tax) for the year, as shown in the Statement of Operations, by
the average net assets for that year.
The portfolio turnover rate reflects the number of changes made to the composition of the portfolio. There is not necessarily a relationship between a high
turnover rate and the portfolio’s performance.
The trading expense ratio represents transaction costs expressed as a percentage of average net assets.
These investments include funds committed but not disbursed as well as guarantees and suretyships.
1
CHANGE IN NET ASSETS PER SHARE
Years ended May 31
(in dollars)
2014
2013
2012
2011
2010
Net assets per share, beginning of year*
27.98
26.59
25.92
23.84
21.78
2.32
1.41
0.68
2.10
Increase from operations**:
0.79
0.78
0.82
0.74
Total operating expenses
(0.42)
(0.40)
(0.39)
(0.38)
(0.37)
Income tax and capital tax
(0.06)
(0.05)
(0.09)
(0.08)
(0.09)
Realized gains
0.86
0.30
0.16
0.26
0.22
Unrealized gains
1.19
0.77
0.22
1.48
1.51
Variance from issues and redemptions of shares
Variance from the transfer of Class G shares
Net assets per share, end of year*
*
**
2.01
0.75
Interest and dividends
(0.01)
(0.02)
(0.01)
(0.02)
(0.02)
-
-
-
-
0.07
30.29
27.98
26.59
25.92
23.84
The amount of net assets per share is based on the actual number of shares outstanding at the relevant time.
The increase (decrease) from operations is based on the weighted-average number of shares outstanding during the financial year.
ECONOMIC CONDITIONS AND OUTLOOK
World and the United States
Over the last 12 months, as prices for commodities such as copper, gold and oil remained volatile, the global economy as a whole
posted renewed momentum, particularly in developed countries. The recession in the Eurozone came to an end in the second quarter
of 2013 mainly due to the good performance of the German and French economies. This growth in Eurozone GDP, while modest,
continued in the following quarters, mainly stemming from improvements in consumption, net exports, public spending and investments.
In order to allow the Eurozone economy to improve further in the coming quarters, the European Central Bank seems increasingly
inclined to adopt the same language as the U.S. Federal Reserve (the Fed) by adopting an accommodating monetary policy,
particularly through guaranteeing a long period of very low rates. Despite subsisting problems in several Eurozone countries that will
inevitably take a lot of time to fix, most economic indicators seem to point to better growth in 2014 than in 2013.
The economic situation in many emerging countries appears to have deteriorated over the last 12 months to such an extent that some
economists are talking about a growth crisis and even fear the effects might be felt in developed countries. Several emerging countries
are facing struggles, including a sharp decline in the value of their currency, high inflation and significant capital flight. Under these
conditions, growth in real GDP could be slower in 2014 in most emerging countries, especially in Latin America and in Eastern Europe,
where political unrest in the Ukraine could continue to devolve and have a negative economic impact on the country as well as on
Russia, which is already under some international sanctions.
After a disappointing first quarter of 2013, the U.S. economy posted advances in GDP growth in the following two quarters, due in part
to acceleration in business investment, but more generally due to the gradual improvement of economic conditions across the country.
This growth slowed in the fourth quarter of 2013 and was negative in the first quarter of 2014, stemming in part from a decrease in
consumption, the partial shutdown of the U.S. government in fall 2013, cooling foreign trade and poor weather conditions that plagued a
large part of the United States over the 2013-2014 winter. The savings rate in the United States has been 4.6% on average since
May 31, 2013, lower than the average savings rate for the same period in the previous year. Despite a decline in job creation at the end
of 2013 and the beginning of 2014, job creation on the whole over the last 12 months was positive in the United States, which pushed
the unemployment rate down to 6.3% in May 2014, compared to 7.5% in May 2013. Based on projections from several economists, the
unemployment rate should continue to fall to 6.0% by the end of 2014. Despite the overall dampening effect the 2013 mortgage rate
increase had on growth in several housing market indicators, it seems that recovery in this market has been resilient overall, and many
specialists in the sector agree that it should continue in the coming quarters. In terms of inflation, the annual variation in the U.S. CPI
was 1.5% on average since May 2013. Inflation should continue to be relatively weak in 2014, and then accelerate somewhat in 2015.
Lastly, the key interest rate remained unchanged at 0.25% since December 2008, and no increase is expected before September 2015.
2
At the beginning of December 2013, the Democrats and Republicans finally managed to come to terms and signed an agreement on
the federal budget for 2014 and 2015 and in February 2014, the debt ceiling was raised until March 2015. As a result, the country
should not face in the short term a budget impasse similar to the one that it faced at the start of October 2013, that caused the U.S.
government to partially shut down for over two weeks. Many economists believe that this calming of fears related to the fiscal policy
should have an overall positive impact on U.S. economic growth in the coming quarters, and at the same time allow the Fed to continue,
in the coming months, to gradually taper off the quantitative easing program that it began in January 2014. Note that in November 2013,
the Fed bought $85 billion in Treasury Bonds and mortgage-backed securities, while in February 2014 this amount was brought down to
$65 billion, and then lowered to $45 billion in May 2014.
Canada and Québec
Economic growth in Canada over the last 12 months has been relatively good, especially when compared against other G7 countries.
This growth largely stems from consumer spending, with retail sales growing at a sustained pace, which particularly offset weakness in
foreign trade, restrictions in government spending and a cooling real estate market. Despite this good news, many economists question
whether the Canadian economy has the capacity necessary to maintain this pace of growth over the coming quarters. While it is true
that the current situation characterized by a weaker Canadian dollar, a forecasted U.S. economic recovery and improving economic
conditions in the Eurozone could at first appear to be very positive for Canada’s foreign trade, Canadian exporters seem to be
struggling with gaining market share abroad because of very fierce competition, which not surprisingly gives rise to a fair amount of
uncertainty as to what the real improvement in foreign trade will be in the coming quarters. In addition, household debt continues to be
worrisome, and improvements in household balance sheets will always be welcomed in the coming quarters. However, household
balance sheets cannot improve without some downward pressure on consumer spending and a likely even more pronounced slowdown
in the real estate market. The combination of these two elements and the budgetary restrictions of public administrations could very
likely have a negative impact on domestic demand. In terms of inflation, the annual variation in the Canadian CPI has averaged 1.3%
since May 2013. Inflation should only rise very slowly in Canada in 2014 and 2015, which should encourage the Bank of Canada to hold
the discount rate (which has been at 1% since September 2010) at a low level for longer still. The unemployment rate decreased slightly
from 7.1% in May 2013 to 7.0% in May 2014. Many economists agree that it should fall even further in the coming quarters if the
Canadian economy keeps growing.
During the last 12 months, short-term (2 years) Canadian government bond interest rates remained relatively stable. During the same
period, long-term (10 years) interest rates and provincial and investment-grade corporation credit spreads followed an upward trend
from May to December 2013, then a downward trend from December 2013 to May 2014; however, as at May 31, 2014, compared to
May 31, 2013, long-term (10 year) interest rates had increased 18 basis points and provincial and investment-grade corporation credit
spreads were narrower. The Canadian dollar traded at $US0.92 on May 31, 2014, compared to $US0.97 on May 31, 2013. In light of
current conditions, we forecast that over the next few months the Canadian dollar should fluctuate between $US0.87 and $US0.95 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.
In Québec, economic growth continued to be relatively weak during the last 12 months, mainly due to the challenges faced by the
manufacturing sector, persistent lackluster foreign trade, decreases in residential investment, the weight of the tax burden and high debt
levels of households, which is making them cautious. Based on several economic indicators, particularly employment, it seems that the
Québec economy struggled a little bit more than most of the other Canadian provinces. The unemployment rate was 8.0% in May 2014,
which is higher than it was in May 2013 (7.7%), and higher than the rates for Ontario (7.3%) and Canada (7.0%). Despite the difficulties
the Québec economy is facing, several economists believe that it should improve in the coming quarters, mainly thanks to the end of
the recession in the Eurozone and the acceleration of the U.S. economy, which should stimulate exports in 2014 and 2015. As a result
of more sustained economic growth, the labour market should also improve somewhat. However, the fierce competition Québec’s
exporting businesses will face to gain foreign market share represents a sizable challenge. Under these conditions, the Fonds will
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 the desire to expand abroad while generating economic spinoffs for Québec.
Despite positive signs suggesting that an economic recovery built on stronger ground may be on the horizon in several countries,
economic and financial issues still abound, and the road to greater global stability is still littered with all kinds of obstacles. This situation
gives rise to many economic uncertainties that should continue to impact the performance of many financial institutions, including the
Fonds.
3
MANAGEMENT DISCUSSION OF FINANCIAL PERFORMANCE
RESULTS OF OPERATIONS
OVERALL RESULT
For the financial year ended May 31, 2014, the Fonds posted record net earnings of $774 million, compared to net earnings of
$458 million for the prior year. With this result for the year, the Fonds generated a return of 8.3%, up from the return of 5.3%
experienced for the previous year. The value of the Fonds’ shares therefore increased by $2.31 compared to the price reported in July
2013 and by $1.08 compared to January 2014 to stand at $30.29 as at July 4, 2014. The Fonds also reached a new high as at
May 31, 2014 as it increased its net assets to $10.1 billion. The number of shareholders stood at 613,958 as at May 31, 2014.
As a result of its mission, a significant portion of the Fonds’ portfolio is comprised of private securities and specialized funds.
Consequently, the Fonds did not benefit from the full effect of the increase in stock markets that occurred during the year. In fact, the
Fonds’ asset allocation tends to limit its return potential in a bull market such as we have experienced in the last financial year, while the
opposite occurs in a bear market.
FONDS RETURN
Years ended May 31
2014
Other investments**
Total operating expenses
Income tax
Fonds return (annual)
2013
Assets under
management at
end of year*
$M
Weight
%
5,000
5,162
10,162
Return
%
Assets under
management at
end of year*
$M
Weight
%
Return
%
49.2
9.8
4,910
52.7
7.4
50.8
100.0
9.8
9.8
(1.4)
(0.1)
8.3
4,411
9,321
47.3
100.0
6.6
6.9
(1.4)
(0.2)
5.3
Fonds return (1st six-month period)
4.4
2.3
Fonds return (2nd six-month period)
3.7
2.9
* Assets under management at end of year 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 Operations. 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, absolute return strategies, international infrastructure funds and high-income.
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 9.8% for the year, up from the gross return of 7.4% 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
$5.0 billion or 49.2% of assets under management as at May 31, 2014 (52.7% as at May 31, 2013).
4
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 9.8% of the Investments sector for the most recently ended year is largely explained by the following:
• the return of 7.2% generated by our private securities and specialized funds portfolio during the year (compared to 6.7% for the
previous year). This performance is essentially attributable to the general strength of the portfolio, which produced interest and
dividend revenues and, in addition, generated an increase in value during the year;
• the return of 21.7% generated by our portfolio of listed securities during the year. This return is essentially explained by the very
good performance of the stock markets during the last year, especially for small-cap companies. For the previous year, this portfolio
had recorded a return of 11.0%, when the stock market conditions were also favourable.
Other Investments sector
The Other Investments sector manages the Fonds’ assets that are not invested in partner companies. Other investments consist of the
following portfolios: cash and money market, bonds, shares, absolute return strategies, international infrastructure funds and highincome. 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 development capital investments and ensure that the Fonds has a liquidity level that is sufficient to meet all its
obligations.
For the year, the Other Investments sector earned a gross return of 9.8%, up from the gross return of 6.6% recorded for the prior year.
The assets of this sector represented $5.2 billion or 50.8% of the Fonds’ assets under management as at May 31, 2014 (47.3% as at
May 31, 2013).
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 9.8% of the Other Investments sector for the year is largely
explained by the following:
•
the increase in stock markets, which led to a return of 19.4% for the shares and other securities 1 portfolios. This performance
follows a return of 12.1% for the prior year, when economic conditions were also characterized by an increase in stock markets;
•
the return of 3.2% on our fixed-income portfolio for the year, compare to the return of 2.4% for the previous year. This return is
essentially attributable to the interest income generated by the portfolio.
RETURN BY ASSET CLASS
Years ended May 31
2014
Private securities and specialized funds
Listed securities
Other investments
Fixed-income securities
Shares and other securities
1
2013
Assets under
management at
end of year
$M
Weight
%
4,154
846
2,647
2,515
10,162
Return
%
Assets under
management at
end of year
$M
Weight
%
Return
%
40.9
8.3
7.2
21.7
4,042
868
43.4
9.3
6.7
11.0
26.0
24.8
100.0
3.2
19.4
9.8
2,427
1,984
9,321
26.0
21.3
100.0
2.4
12.1
6.9
Other securities are comprised of the following portfolios: absolute return strategies, international infrastructure funds and high-income.
5
TOTAL OPERATING EXPENSES
Total operating expenses consist mainly of expenses related to assets under management, shareholder services, subscription
activities, systems and controls and their improvement, the process of investing in partner companies, personnel and all other
resources the Fonds requires to achieve its mission and meet its objectives. Although it is essential that the Fonds has available
resources to achieve its mission, it is also fundamental that it controls its expenses. Year after year, the Fonds was able to maintain its
total operating expense ratio at a lower level than the average management expense ratio of Canadian balanced funds 2, which stands
at approximately 2.5% on an annual basis.
For the financial year ended May 31, 2014, the ratio of total operating expenses to net average assets for the year, calculated using
the method prescribed in the Regulation, was 1.4% (1.4% for the previous year). Expressed in dollars, total operating expenses
amounted to $137.5 million for the year ended May 31, 2014, compared to $129.9 million for the previous year. In addition to the
normal increase related to the impact of inflation and salaries, operating expenses were affected by the environment in which the
Fonds operated during the year.
ANALYSIS OF CASH FLOWS, BALANCE SHEET AND OFF-BALANCE SHEET ITEMS
Cash flows
Cash flows from operating activities of the Fonds totalled $122 million for the year, up from $112 million for the previous year.
Changes in these cash flows mainly resulted from our current operations.
Cash flows from financing activities of the Fonds totalled $91 million for the year, compared to $271 million for the prior year. These
cash flows for the two years resulted largely from issues of shares amounting to $787 million ($855 million for the previous year) less
redemptions of shares totalling $732 million 3 ($535 million for the previous year).
Cash flows from investment activities of the Fonds represented a net cash outflow of $207 million for the year, compared to
$388 million for the previous year. Cash needed to support net investments (acquisitions less proceeds from disposals) in partner
companies was provided by both the cash flows from operating activities and the cash flows from financing activities of the Fonds
discussed above.
The Fonds also has lines of credit available for its working capital requirements. As at May 31, 2014, these lines of credit were unused.
Balance sheet and off-balance sheet items
Balance sheet development capital investments increased from $5.3 billion as at May 31, 2013 to $5.4 billion as at May 31, 2014. This
$138 million growth mainly resulted from the increase in value of our development capital investments during the year, which more than
offset our negative net disbursed investments of $41 million (disbursed investments of $378 million less disinvestments of $419 million).
On a commitment basis, the Fonds made development capital investments of $548 million during the year, compared to $521 million for
the prior year. In addition, funds committed but not disbursed increased from $838 million as at May 31, 2013 to $963 million as at
May 31, 2014.
In addition, balance sheet other investments increased by $699 million during the year to $5.1 billion as at May 31, 2014 ($4.4 billion
as at May 31, 2013). This growth is mainly attributable to the increase in value of securities held in the portfolio as a result of the stock
market appreciation and, to a lesser extent, revenues generated by these securities as well as cash flows from investment and
financing activities.
The Fonds uses derivative financial instruments in particular to increase its revenues or reduce its financial risks, to safeguard the value
of its assets, to facilitate the management of its portfolios, to modify its asset allocation and to enhance its returns within allocated risk
limits.
2
3
Canadian neutral balanced funds as compiled by globefund.com.
This amount is presented on a cash basis and therefore includes the change in amounts payable between May 31, 2013 and May 31, 2014.
6
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 Quebecers 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 a 15% tax
credit at both the Québec and federal tax levels, for a total of 30% 4. The maximum tax credit is $1,500 per year, which corresponds to a
purchase of $5,000 of shares.
However, in the federal budget tabled on March 21, 2013, the Government of Canada announced its intention to phase out through
2017 the 15% tax credit it grants to labour-sponsored fund shareholders. Despite the representations and proposals made by the two
Québec-based labour-sponsored funds (the Fonds and Fondaction CSN), 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
income 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 will continue to be 30%. Despite this decision by the Government
of Canada, the Fonds will continue to make representations and proposals as part of the federal government’s various consultation
processes to convince it 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 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 its model in balance. 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 represent a significant tax increase for Québec workers who save
(annual increase of $418 for the average Fonds shareholder who invests $2,785 per year), could reduce subscriptions and,
consequently, job-creating investments in the Québec economy.
4
Please see the prospectus for more information.
7
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 60% rule 5. 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.
STRATEGIES
To implement its mission and to reach its objectives, the Fonds deployed various strategies, both from a global management
perspective and by sector. Therefore, in an overall perspective, the Fonds implemented an Integrated Financial Assets Management
Policy applicable 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.
5
For more on this, please see the “60% rule” section of this MD&A.
8
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 49% as at May 31, 2014,
should gradually increase. During the financial year, a detailed review of the Integrated Financial Assets Management Policy was
undertaken to revise it in order to maintain the balance sought between the various components of the Fonds’ balance sheet, maintain
the desired return/risk ratio and continue to meet the expectations of stakeholders. The recommendations arising from the revision work
approved at the meeting of the Board of Directors held on February 27, 2014 involve adding integrated management guidelines for all
the Fonds’ financial assets and revising the Other Investments Portfolio Policy. The integrated management guidelines ensure
complementarity between the assets managed by the Investments and the Other Investments sectors as well as sound diversification
and exposure to each major asset class given the expected changes in the Fonds’ financial assets. The work related to revising the
Other Investments Portfolio Policy resulted in changes to the asset mix and the management structure of the Other Investments sector,
which are being progressively implemented.
The Shareholder Services sector
The Shareholder Services sector had its third strongest subscription performance ever with its results for the 2013-2014 financial year.
During the financial year, the Fonds collected subscriptions allowing it to issue shares totalling $787 million. The number of new
shareholders totalled 23,855, bringing the Fonds’ total number of shareholders to 613,958 as at May 31, 2014. These results are
important to highlight given the difficult context in which they were achieved, especially thanks to the sustained effort of employees and
the local representative (LR) network.
The annual volume of subscriptions through systematic savings was $435 million and continues to represent the largest proportion of
the Fonds’ subscriptions, thanks to the support of our LRs. Their commitment, personalized approach and proximity to shareholders
resulted in 18,813 shareholders starting payroll deduction in 2013-2014. The number of recruitment and loyalty-building activities they
executed in the workplace increased from 2,068 last year to 2,195 this year. To support the LRs in their day-to-day activities, the Fonds,
in collaboration with the Fondation de la formation économique, provides them with training and information on an ongoing basis. In
2013-2014, 136 training activities were offered.
Online transactions are gaining popularity with our shareholders and the general public. In fact, $163 million was collected through
various virtual channels in 2013-2014 and, for the first time this year, the mobile versions of the Fonds’ online platforms were available.
It is worth pointing out that 18% of the traffic to the Fonds’ website originates from tablets and smartphones.
As expected, redemptions increased to $729 million for the financial year ended May 31, 2014, compared to $542 million for the
financial year ended May 31, 2013. Retirement, accounting for $634 million, is the main reason for the redemption requests.
The activities of SÉCURIFONDS, Financial Services Firm Inc. are increasing as anticipated when it was created in 2010. Its mission
involves supporting our shareholders as they prepare for retirement. As at May 31, 2014, over 2,400 savers held products offered by
SÉCURIFONDS, for assets under management totalling over $60 million.
The Shareholder Services sector is proud of its results for the year and now plans to stay the course with the three same axes for its
future activities: developing systematic savings, mobilizing the LR network and building shareholder loyalty.
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 60% rule which the Fonds must follow
pursuant to its Incorporation Act (for more on this, see the "60% Rule" section).
To enable risk diversification, the Fonds allocates its investment portfolio among various economic sectors. Generally, the Fonds holds
a minority interest in the companies it 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.
9
Multidisciplinary teams support our investment specialists with their expertise: legal, tax, business valuation, market study, due
diligence, labour relations and public market departments. A due diligence committee reviews all files submitted to governing bodies to
identify the associated risks taking into consideration the Fonds’ mission. In addition, to deal with more difficult situations, the Senior
Vice-President, Turnaround Management and Special Projects, together with the Vice-President, Legal Affairs, very closely monitor
investments that entail greater credit 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 2005 to 2014, i.e. a 10-year period, the Fonds has committed $5.7 billion of
unsecured risk capital (development capital) to partner companies. Of this amount, $2.1 billion has been invested in venture capital 6
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.
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 $2.0 billion as at May 31, 2014, or 40% of the total amount of other investments
(47% as at May 31, 2013). 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.
6
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.
10
For portfolios managed externally, the Fonds retains the services of specialized managers which allows optimizing the management of
those portfolios. One of the benefits of this kind of management is the implementation of specialized management strategies, such as
active management of the duration of the bond portfolio, which targets generating added value for the portfolios in question through the
expertise the selected specialists have in the area.
Using derivative financial instruments provides active management of market risks to which the Fonds is exposed. When appropriate,
the Other Investments sector develops a risk management strategy, which must be authorized by the appropriate governing bodies, to
reduce the Fonds’ exposure to market risks.
During the last financial year, some changes affecting the Other Investments sector were phased in. On the one hand, the equity
benchmark index was switched from an in-house index composed of five sectors to the S&P/TSX and MSCI Global 10 sector indexes,
and on the other hand, the currency hedge on the global equities portfolio was gradually removed. The Fonds is also phasing out the
high-income portfolio, the absolute return strategies class and the international infrastructure funds. Other changes were made as part
of the revision of the other investments portfolio, including a reduction in the bond target allocation in favour of increasing stocks,
adopting an active management approach for Canadian equities and adding low-volatility, high-dividend equities in order to optimize the
Fonds’ return/risk ratio. The implementation of these other changes started during the financial year and is expected to be completed by
June 30, 2014.
The activities of the Other Investments sector fall under the responsibility of two separate Vice-Presidents: the Vice-President,
Marketable Securities Portfolio Management and the Vice-President, Financial Management and Strategy. This structure helps the
Fonds continue prioritizing the optimization of its return/risk ratio despite the increasing complexity of financial markets.
60% RULE
The 60% rule set out in the Fonds’ Incorporation Act stipulates that the Fonds’ average unsecured investments in qualified business
enterprises must represent at least 60% of its 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 this 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.
As at May 31, 2014, the value of average qualified investments 7 amounted to $5.8 billion or 65.1% of the average net assets of the
previous financial year (compared to 66.0% as at May 31, 2013). Since the minimum percentage prescribed was reached as at
May 31, 2014, the amount of share issues for the 2014-2015 financial year will not be limited by the 60% rule. However, as mentioned
later in the “Recent developments” section, 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. This limit for the Fonds amounts
to $650 million in shares giving rise to a tax benefit.
As at May 31, 2014, in addition to the 60% 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.
7
These investments include funds committed but not disbursed as well as guarantees and suretyships.
11
RECENT DEVELOPMENTS
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 will amount to $650 million in shares giving rise to a tax
benefit and will have no impact on its share return or its ability to redeem its shares. However, it will reduce both the ability of the Fonds
to invest in Québec SMEs and, the ability of Quebec workers to save for retirement.
ACCOUNTING POLICIES – INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
In 2008, the Accounting Standards Board of Canada (AcSB) announced that publicly accountable enterprises would have to replace
Canadian generally accepted accounting principles (GAAP) by IFRS in their financial statements for the years beginning on or after
January 1, 2011. Then, in December 2011, the AcSB confirmed that investment companies, as defined in the Accounting Guideline on
investment companies of the CPA Canada Handbook – Accounting, will have to apply IFRS for the first time to their interim and annual
financial statements for the years beginning on or after January 1, 2014, at the latest. The Fonds intends to meet this first-time adoption
date and will therefore apply IFRS for the first time to prepare its financial statements for the six-month period ending November 30,
2014.
IFRS conversion plan
The Fonds adopted an IFRS conversion plan comprising three phases: a diagnostic phase; a standards assessment, detailed analysis
issue resolution and model financial statements preparation phase; and a change integration phase.
The first phase was completed before the end of the financial year ended May 31, 2009. This phase included identifying the IFRS
having an impact on the Fonds as well as the main issues and priorities to assess in the context of the Fonds.
The part of the second phase dealing with standards assessment, detailed analysis and issue resolution was completed in May 2010. It
included a more detailed analysis of the IFRS and the differences with current Canadian standards and their interpretations in order to
identify the impact the conversion will have on processes, systems and the financial statements. The Fonds is currently finalizing its
financial statements prepared in accordance with the new standards.
During the change integration phase, we will keep accounting records both under GAAP and IFRS to be able to present comparative
information upon transition. In addition, the Fonds deployed its training plans, which are intended to upgrade the knowledge of its
accounting staff and other stakeholders of the organization who are affected by the IFRS conversion.
The Fonds continuously monitors the development of IFRS to assess its impact.
Main expected changes
The following table presents only the significant differences between GAAP currently applied by the Fonds and IFRS. While noteworthy,
these differences do not necessarily have a significant impact on the Fonds’ financial statements. This table was prepared based on
current standards that would be effective as at the date of transition; however, certain standards could be amended and the Fonds
could reassess its position as needed. The impact assessment reflects the results of the analysis based on the current situation.
12
Accounting policy
Main differences between GAAP and IFRS
Impact on financial statements
Consolidation
Under GAAP, investment companies meeting
certain criteria recognize their investments at
fair value, in accordance with Accounting
Guideline AcG-18, Investment Companies. This
rule applies to all investments, including those
in entities in which the investment company
holds more than 50% of voting shares and
those in entities over which it exercises control.
The Fonds does not currently
prepare consolidated financial
statements and recognizes all its
development capital investments
and other investments at fair value.
On October 31, 2012, the International
Accounting Standards Board (IASB), the
international standard-setting organization,
issued a document entitled Investment Entities
(amendments to IFRS 10, IFRS 12 and IAS 27),
which defines investment entities and provides
for an exception to the consolidation principle
for such entities. Under this exception,
investment entities measure their investments
in controlled entities at fair value—instead of
consolidating them—and recognize changes in
fair value in profit or loss. In addition, the
document specifies certain disclosure
requirements regarding these investments in
controlled entities.
Financial instruments
Under GAAP, the Fonds recognizes all its
development capital investments and other
investments at fair value, in accordance with
accounting principles applicable to investment
companies.
IFRS now provide for an
accounting treatment for controlled
entities that is similar to the
treatment currently applied by the
Fonds. The Fonds meets the
definition of an investment entity
set out in the recent amendments
to the standards.
The Fonds is currently finalizing its
assessment of the disclosure
requirements under IFRS.
The Fonds will recognize all its
financial instruments at fair value,
as it currently does.
Other than for financial instruments subject to
consolidation, as described above, IFRS that
apply to financial instruments are similar to
GAAP.
Financial instruments –
fair value
Under GAAP, listed financial instruments are
measured at the closing bid price at the balance
sheet date.
The Fonds will use the most
relevant fair value within the bid
price and ask price range.
Under IFRS, if an asset measured at fair value
has a bid price and an ask price, the price
within the bid-ask spread that is most
representative of fair value in the circumstances
must be used to measure fair value.
13
Accounting policy
Property and
equipment (Capital
assets)
IFRS require that each component of an item of
property, plant and equipment be depreciated
separately when such item of property, plant
and equipment is comprised of components to
which different depreciation rates apply. One
impact of this requirement is that more
components are recognized under IFRS than
under GAAP.
The list of the specific components of
the Fonds’ buildings has been
prepared.
Under IFRS, an item of property, plant and
equipment may be measured using the cost
model or the revaluation model. GAAP preclude
the remeasurement of property, plant and
equipment at fair value.
The Fonds expects to use the fair
value of its buildings as their deemed
cost as at the date of transition.
After the transition, the Fonds expects
to continue using the cost model to
measure its property and equipment.
Upon transition to IFRS, IFRS 1 First-Time
Adoption of International Financial Reporting
Standards allows an entity to use the fair value
of an item of property, plant and equipment as
its deemed cost as at the date of transition.
Investment property
Under IFRS, an investment property is defined
as a property held to earn rentals or for capital
appreciation, or both. An investment property
may be measured using the cost model or the
fair value model.
However, investment entities are required to
apply the fair value model, thereby eliminating
the above-mentioned choice.
The Fonds will reclassify in its balance
sheet the portion of the buildings that it
leases out.
The Fonds will measure this portion of
the buildings that it leases out at fair
value.
GAAP do not include a specific definition of
investment property.
Employee benefits
Under IFRS, past service cost of defined benefit
pension plans for which benefits are already
vested is immediately expensed. Under GAAP,
it is usually amortized over the average
remaining service period of active employees.
Under GAAP, the actuarial gains or losses of
defined benefit pension plans that exceed the
“corridor” are amortized over the average
remaining service period of active employees.
This option to defer the recognition of gains and
losses, which was previously allowed by IFRS,
has been eliminated with the issuance of an
amendment to IAS 19 Employee Benefits.
The vested portion of past service cost
will have to be immediately recognized
in net assets.
The Fonds will recognize all net
actuarial losses of pension plans in net
assets.
14
Accounting policy
Income taxes
Under GAAP, the portion of income taxes paid
that will be refundable in the future upon the
payment of dividends or a transfer from
retained earnings to share capital must be
recognized as an asset. In addition, income tax
rates used in the calculation of future income
taxes already include the favourable effect of
refundable taxes.
The accounting treatment for
income taxes under IFRS will be
comparable to the accounting
treatment currently used by the
Fonds.
The interpretations of the accounting treatment
of income taxes required under IFRS were
subject to discussions, which led to the
following conclusion: the Fonds considers itself,
in substance, exempted from accounting for
income taxes related to capital gains and,
accordingly, does not recognize any deferred
tax liabilities for unrealized net gains on
investments nor any corresponding deferred tax
assets for unrealized recoveries resulting from
the tax mechanisms related to refundable
capital gains tax on hand.
Based on work performed to date, the impact on net assets and net assets per share at the date of transition is not expected to be
material.
The Fonds believes that the IFRS conversion will not require major changes to its information systems, its data processing procedures
and its various activities. The Fonds also believes that its current internal control over financial reporting and disclosure controls and
procedures will be sufficient and adequate for adopting IFRS and meeting their related disclosure requirements.
15
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 performance and illustrates how the Fonds’ performance has changed from year to year
for the last ten financial years.
The annual performance of the Fonds is calculated by dividing net earnings (net loss) per share for the financial year by the value per
share at the beginning of the financial year. Such performance sometimes differs from the annual compound return to the shareholder
because the annual performance of the Fonds is calculated taking into account share issues and redemptions made during the year,
which have a dilutive or accretive effect on net earnings (net loss) per share, as the case may be.
ANNUAL COMPOUND RETURNS TO THE SHAREHOLDER
At the current value of $30.29 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 price per share over the
periods indicated. This return sometimes differs from the annual performance of the Fonds since, as explained above, it 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 3.8%.
ANNUAL COMPOUND RETURNS TO THE SHAREHOLDERS (INCLUDING TAX CREDITS)
Let’s take, for example, a shareholder who has invested an equal amount each year through payroll deduction. Including the Québec
and federal labour-sponsored fund tax credits (each amounting to 15%) that this shareholder has received, at the current value of
$30.29 per share, this shareholder earned an annual compound return of 15.5% and 11.2% 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.
16
SUMMARY OF INVESTMENT PORFTOLIO
As at May 31, 2014, 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
29.9
11.1
8.4
49.4
Other investments
Cash and money market
Bonds
Shares
Hedge funds 8
High-dividend shares 9
International infrastructure funds
2.3
23.8
23.3
0.3
0.8
0.5
51.0
As at May 31, 2014, the issuers of the top 25 positions held by the Fonds, of which 16 are part of the development capital investments
portfolio and 9 are part of the other investments portfolio, were as follows:
Issuers
% of net assets
(16 issuers)*
Other investments
(9 issuers)**
* The 16 issuers representing, as a group, 29.0% of the Fonds’ net
assets are:
Camoplast Solideal inc.
Cogeco Câble inc.
Corporation Financière L'Excellence ltée
Entreprises québécoises publiques 10
Fonds immobilier de solidarité FTQ inc.10
Fonds immobilier de solidarité FTQ I, s.e.c.10
Fonds immobilier de solidarité FTQ II, s.e.c.10
Gestion TFI inc.
Metro inc.
Société de gestion d'actifs forestiers Solifor, société en commandite10
Société en commandite Groupe CH
SSQ Financial Group 11
TMX Group Limited
Transcontinental inc.
Trencap s.e.c.
VC, société en commandite
29.0
16.5
45.5
**
The 9 issuers representing, as a group, 16.5% of the Fonds’ net assets
are:
Province of Ontario
Province of Québec
Financement-Québec
Government of Canada
Canada Housing Trust No 1
Royal Bank of Canada
Hydro-Québec
Laurentian Bank of Canada
The Bank of Nova Scotia
4.3%
2.8%
2.5%
2.1%
1.3%
1.1%
0.8%
0.8%
0.8%
This summary of investment portfolio may change due to ongoing portfolio transactions of the Fonds.
8
9
10
11
Hedge funds are included in the absolute return strategies portfolio.
High-dividend shares are included in the high-income 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 of the Fonds’ investments in SSQ, Life Insurance Company Inc. and its subsidiaries, SSQ Insurance Company Inc. and SSQ General Insurance
Company Inc. Includes also the Fonds’ investment in SSQ, Mutual Holding Inc.
17
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 $548 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.
To support the Québec aerospace sector and the growth of a leader, the Fonds invested $1.4 million in AV&R Vision & Robotics. This
investment helped AV&R Vision & Robotics merge with IMAC Automatisation, making AV&R the world’s largest robotics company in
aerospace, and one of the largest engineering firms specialized in automation.
In the services industry, the Fonds contributed, with a $15 million investment in Coalision Inc. (Lolë), to the orderly transfer of ownership
of the company by management, and therefore ensured that the company remained in Québec. Colabor Group Inc., a wholesaler and
distributor of food products serving the retail and foodservice markets, received a $30 million reinvestment from the Fonds. Through this
reinvestment, the Fonds wanted to continue to support this partner, a very important player in its market in Québec. In addition, the
Fonds provided financing of $15 million to Lunetterie New Look for its acquisition of the assets of Vogue Optical, a company that
operates a network of 64 optometry clinics in the Maritimes. This transaction makes Lunetterie New Look the third largest integrated
optical products retailer in Canada, and the eighth largest in North America.
The Fonds also collaborated directly in the development of its long standing partner, Atrium Innovations, with an investment totalling
$81.1 million ($58.9 million through Acquisition Glacier and $22.2 million in Atrium Innovations), allowing it to stay in Québec. The
transfer of ownership to Permira, a European venture capital firm, will help turn Atrium Innovations into a recognized global leader and
support its expansion into emerging markets. In addition, the Fonds helped capitalize Versant Venture Capital V, L.P., a private venture
capital fund, with a $16.4 million investment. This fund is looking to bring its “Build to Buy” investment model to Québec by opening a
drug discovery unit in Montréal, which should eventually employ more than 20 people.
The Fonds Valorisation Bois invested $10 million in Groupe Lebel, which allowed the company to proceed with the acquisition of The
Cambium Group and thereby continue its expansion and consolidation. It should be remembered that the Fonds made a $75 million
commitment to the Fonds Valorisation Bois; this investment fund for high value-added wood transformation will help businesses in the
forestry industry move into new niches such as green construction, green energy and green chemicals, which are all supported by the
forestry industry.
POLICY FOR INVESTMENT OUTISDE QUÉBEC 12
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 $20.1 million ($53.9 million in the previous year) in two companies in
accordance with this policy.
The Fonds made an investment in a private fund outside of Québec of $16.4 million during the financial year ($29.7 million in the previous
year). As mentioned previously, this $16.4 million investment was made in Versant Venture Capital V, L.P., a U.S. fund.
During the financial year, the Fonds invested $3.7 million in Adetel Group, a company meeting the company impacting the Québec
economy criteria ($5.2 million in the previous year). The Fonds did not make any investment in the category of companies undertaking
large-scale projects in Québec ($19.0 million in the previous year).
12
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).
18
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 de solidarité FTQ generally offers $2 million and up for large companies.
•
The fonds régionaux de solidarité FTQ generally offer capital ranging from $100,000 to $2 million to meet the needs of businesses
in their region.
•
The local solidarity funds, created by the Fonds and the Québec Federation of Municipalities, generally offer $5,000 to $100,000 to
small businesses.
•
The fonds immobiliers de solidarité FTQ are specialized in real estate investment and development. Their 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 2013-2014, 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 funds.
The following graph shows the breakdown of the Fonds’ investments based on its various network components:
DISTRIBUTION OF INVESTMENTS BY NETWORK COMPONENTS (AT COST)
As at May 31, 2014
19
TRENDS AND OUTLOOK
TRENDS IN THE VENTURE CAPITAL INDUSTRY 13
The Québec market, which was down sharply in 2012, posted the strongest growth in Canada in 2013, with amounts invested increasing by
46% to total $588 million. Transactions in Québec represented 30% of all dollars invested in the Canadian market in 2013, allowing Québec
to recover market share lost in 2012. Investments in Québec in 2013 were at their highest level since 2007, a record year in the pre-20082009 financial crisis cycle.
It should be noted that Québec succeeded in attracting significant investments from abroad: U.S. and other foreign funds represented a
third of the amounts invested in Québec in 2013, injecting $195 million in Québec businesses, up 84% from the previous year. For the
same period, local venture capital investors increased their transactions by 33%, with total investments of $393 million, mainly due to the
involvement of government, institutional, and tax-advantaged funds.
With regards to the allocation of investment by sector, the big winners in 2013 were the non-technology and clean technology sectors, with
$208 million and $200 million respectively, or 36% and 34% of the total venture capital invested in Québec. The information technology and
life sciences sectors, totalling $114 million and $67 million respectively in 2013, were less popular with investors.
On a broader level, venture capital investments were up in 2013 compared to the previous year across the North American market. The
Canadian market grew 31%, with $2 billion in investments (up from $1.5 billion in 2012), while investments in the United States grew a
more modest 7%, to total $29.4 billion.
TRENDS IN THE SAVINGS MARKET AND RRSP
Like the population in the rest of Canada, the population of Québec is aware of the importance of saving in order to accumulate financial
capital for retirement or other goals. But despite everything, the personal savings rate in Canada, as calculated by Statistics Canada, was
close to a historic low at 3.9% in 2013. By comparison, this rate was over 6% during the hardest times of the last recession (2008-2009)
and was 20% at the beginning of the 1980s. In Québec, the savings rate is even lower. In fact, according to the Institut de la statistique du
Québec, it was 2.5% in 2013. One factor that explains this situation both in Québec and the rest of Canada is the level of household debt,
which has held fairly steady for over a year at a historic high: for the country as a whole, the household debt to disposable income ratio was
164% in the fourth quarter of 2013. Soaring mortgage credit in response to a hot real estate market in recent years is a major factor
explaining household debt, and consequently, the decline in discretionary income available for saving.
According to an Ipsos Reid poll, the rate of Canadians holding RRSPs would be 59% for 2013, a sharply higher proportion than for Québec
(49%) based on a SOM poll. This data suggests that a proportionally less significant number of savers in Québec chose this type of plan to
save for retirement. There could be many reasons for this: higher tax rates in Québec compared to the rest of Canada leave less money in
the taxpayer pockets, high household debt rate, a higher unemployment rate, increased job instability following an increase in part-time jobs
to the detriment of full-time jobs, and so on.
In this context, it is clear that making Quebecers aware of saving and encouraging them to save, which is an integral part of the Fonds’
mission, remains a core priority, especially with regards to young people. On this point, we believe that the communication strategy that we
designed specifically for them, as well as the involvement of our network of 2,039 LRs, our return, and the tax credits our shares give rise to
are all features that should continue to allow, once again in 2014-2015, the Fonds’ shares to keep their advantageous position among all
the retirement savings products available on the market.
13
The information presented in this section only concerns the venture capital category and is therefore not representative of the Fonds’ overall development capital
investments. In addition, most of the information presented in this section covers the 2013 calendar year, which is different than the Fonds’ financial year.
20
FONDS OUTLOOK 14
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 or 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 2014-2015 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 or lower than the ratio achieved for the financial year ended May 31, 2014.
In 2014-2015, with issues of shares giving rise to a tax benefit limited to $650 million and anticipated share redemptions greater than
share issues, the growth of the Fonds’ net assets will depend on its return. In addition, considering the current 60% rule level and the
$650 million limit on issues of shares giving rise to a tax benefit in 2014-2015, the volume of investments made by the Fonds should be
similar to the 2013-2014 financial year.
The phase-out of the federal income 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.
14
The outlook presented in this MD&A reflects the Fonds’ expectations with respect to future events, based on information available to the Fonds as at June 26, 2014,
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.
21
RISK MANAGEMENT
Sound risk management practices are vital to the success of the Fonds. We manage our risk within a framework taking into account
the nature of our activities and the risks we can reasonably assume considering the desired return/risk ratio and stakeholder
expectations. To that end, we capitalize on a structured process to determine, measure and control the significant risks with which
we must contend.
Notice to readers: The following paragraphs and the sections on market risk, credit and counterparty risk and liquidity risk form an
integral part of the financial statements on which an unmodified opinion was expressed in an independent auditors’ report dated
June 26, 2014.
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. The Fonds
uses derivative financial instruments in particular to increase its revenues or reduce its financial risks, to safeguard the value of its assets,
to facilitate the management of its portfolios, to modify its asset allocation and to enhance its returns within allocated risk limits.
During the year ended May 31, 2014, the risk management approach continued to evolve, after the Fonds undertook, a few years ago,
a process to implement an integrated risk management framework. The objective of this process was essentially to provide 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, a new policy that 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 and continued to be implemented throughout the 2013-2014 financial year.
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 has been completed in the Other Investments and Investments
sectors and has started in two other sectors of the Fonds (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 arising 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 Statement of Operations. Difficult economic or financial conditions may thus
have a negative impact on the value of the Fonds’ shares.
The Fonds manages market risk by allocating its financial assets across several classes. In addition, it invests in various industries
(government and government agencies, financial institutions, technology, manufacturing and primary, services and tourism, regional or
local funds and real estate) and geographic areas, within the limits allowed by its Incorporation Act.
The Fonds’ financial assets are especially sensitive to listed share prices and fluctuations in bond interest rates (Canada bond rates and
credit spreads). The Fonds’ financial assets are also sensitive to exchange rate fluctuations, but since most of its transactions are in
Canadian dollars, the Fonds’ direct exposure to currency risk is relatively low. Furthermore, hedging mechanisms such as foreign
currency forward contracts may be used.
22
As part of the revision of the Integrated Financial Assets Management Policy, the foreign currency hedge on the global equities held in
the other investments portfolio, which stood at 50% as at May 31, 2013, was phased out during the year.
The Fonds performs sensitivity analyses and simulations to inform senior management of material levels of market risk exposure. It
uses derivative financial instruments to reduce its market risk exposure and safeguard the value of its assets. 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. These analyses reflect the changes made to hedging levels for the
Fonds’ exposure to interest rate risk and currency risk.
SENSITIVITY OF THE FONDS’ RESULTS TO MARKET RISK
(in millions of dollars)
May 31, 2014
May 31, 2013
Change in bond interest rates*
1% increase in bond interest rates
1% decrease in bond interest rates
(180)
180
(179)
179
Change in listed share prices**
10% increase in listed share prices
10% decrease in listed share prices
332
(332)
253
(253)
Change in exchange rates***
10% appreciation of the Canadian dollar
10% depreciation of the Canadian dollar
(216)
216
(94)
94
*
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 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 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 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 Development capital
investments), issuer or counterparty in a transaction (financial instruments presented under Other investments) to honour its contractual
obligations or due to a degradation of its financial position. The Fonds manages this risk 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. 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.).
23
EXPOSURE TO CREDIT AND COUNTERPARTY RISK
May 31, 2014
(fair value as a percentage of net assets)
17.1*
13.0**
Weight of the five largest investments (Development capital investments)
Weight of the five largest issuers or counterparties (Other investments)
May 31, 2013
19.5*
14.1**
*
The portion attributable to investments that do not constitute a significant concentration risk given the large number of investees represented 8.9% as at
May 31, 2014 (9.6% as at May 31, 2013).
**
All of these securities are issued or guaranteed by the governments of Québec, Ontario and Canada.
The summary of investment portfolio presented previously also discloses relevant information on the credit and counterparty risk
concentration level.
For the development capital investments portfolio, the Fonds approves on an annual basis targets by industries, in keeping with its
internal structure. These targets are set using a risk allocation mechanism. It should be noted that the actual results may however differ
from the industry targets determined based on the investment opportunities on the market. Based on an optimal risk level defined by the
Fonds for this portfolio as a whole by taking into account its mission, the risk allocation mechanism facilitates a more effective
monitoring and control of the portfolio profile and sector allocation by risk level. The return/risk balance of this portfolio is achieved
through a sector-based risk allocation mechanism that takes into account the higher risk of our investments in certain sectors.
The 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)
May 31, 2014
May 31, 2013
5,136
284
17
5,437
4,982
293
24
5,299
Compliant with internal criteria
Under watch
In turnaround
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, 2014, the weighted average credit rating of bonds was AA-, as it was as at May 31, 2013.
CLASSIFICATION OF BONDS INCLUDED IN THE OTHER INVESTMENTS PORTFOLIO*
(fair value in millions of dollars)
AAA
AA
A
BBB
*
May 31, 2014
May 31, 2013
459
775
965
308
2,507
444
705
973
264
2,386
Presented using the Standard and Poor’s rating scale.
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.
24
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, 2014, the ratio of liquid assets 15 as a percentage of assets under management was 59.2% (53.8% as at May 31, 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.
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 monitored
and periodically revised with a view to continuous improvement. The Fonds’ operational risk management and the effectiveness of its
management framework are underpinned by the following guiding principles:
•
•
•
•
•
•
•
•
•
•
•
•
•
•
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 Special Boards whose majority of members are external to the Fonds and the FTQ;
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;
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.
Training on the code of ethics and conduct has been provided to all Fonds employees during the year. An ethics hotline managed by
KPMG LLP has been implemented and now allows employees to anonymously report cases of non-compliance 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 have been gradually implemented by the
Fonds over the past few years.
Finally, the Fonds has created a new internal audit function during the year. A Vice-President, Internal Audit will be appointed soon.
15
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.
25
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.
With respect to strategic risk, the phase-out of the tax credit announced by the federal government in its March 2103 budget and
implemented through the adoption of Bill C-4 in December 2013 will force the Fonds to adapt and review its 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 model (ability to redeem shares, to keep sufficient liquidities, to seek a reasonable
return, to comply with the 60% 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.
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. We have also adopted a voting
rights policy with regards to public partner 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 was considerably increased in the last few months by the media coverage of some files raised before the Charbonneau
Commission. In such context, the testimony of the Fonds before the National Assembly’s Committee on Public Finance on November 5,
2013, allowed the Chairman of the Board of Directors of the Fonds to announce that the Executive Committee of the Fonds would
recommend the formation of a special committee on governance at the next meeting of the Board of Directors of the Fonds. The Board
unanimously adopted the resolution to form this committee at its November 21, 2013 meeting. On February 6, 2014, the Fonds announced
that its Board of Directors had approved the recommendations of its special committee on governance. This special committee, comprised of
a majority of independent directors, consulted with two governance experts. Also on February 6, 2014, the Fonds announced the arrival of
Robert Parizeau as Director, who became Chairman of the Board on May 14, 2014, and the departure of its President and CEO (in the
interim, the office was collegially held by the five members of the Management Committee until the appointment of Gaétan Morin as President
and CEO on June 26, 2014).
See the box on governance on page 27 for more details on the governance changes announced on February 6, 2014.
The Fonds implemented 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 Management Committee.
Given the growing use of social media by the Fonds and its employees, the Fonds implemented a Social Media Policy a few years ago. 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.
26
GOVERNANCE
On February 6, 2014, the Fonds announced an important governance reform project that includes the following main proposals:
1.
The Chairs of the Board of Directors AND of all the Board’s committees (including those authorizing regional and real estate fund investments)
will be a member independent from both the Fonds and the FTQ16.
2.
Reconfiguration of the Board of Directors in particular in order to increase from 17 to 19 the number of directors, a majority of which must now be
elected each year by the shareholders.
3.
Enshrinement of the rule adopted in 2009 requiring any investment to be approved by an investment committee made up of a majority of
members independent from the Fonds and the FTQ16; since 2009, this rule has granted the independent members that authorize investments,
including at the real estate funds, a veto. Furthermore, in order to increase the power of these Boards, the amount at which an investment must
be submitted to the Board of Directors will be increased.
4.
Creation of three new committees composed of a majority of members independent from the Fonds and the FTQ16, namely (i) Governance and
Ethics, (ii) Human Resources, and (iii) Risk Management.
5.
The duration of Board member mandates will be limited to 12 years.
Since the announcement of this reform, several actions have been taken by the Fonds to implement these changes. Robert Parizeau, who joined the
Board of Directors in February 2014, became its first independent Chairman on May 14, 2014. In addition, two of the proposed new committees, the
Governance and Ethics Committee and the Human Resource Committee, have already been formed. Through its budget tabled on June 4, 2014, the
Government of Québec announced that, in light of the principles presented by the Fonds, it will propose amendments to the Fonds’ Incorporation Act.
RISK GOVERNANCE
The Management Committee, comprised of the President and CEO and executives, is responsible for the global management of the
Fonds’ operations. Because risk governance is an essential part of integrated financial assets management, 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. An Integrated Risk Management Advisory Committee has also been set up. The
governance structure that supports the Fonds, in particular with respect to risk management, was as follows as at May 31, 2014:
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.
16
Including FTQ-affiliated unions.
27
The implementation process of the integrated risk management framework that was launched a few years ago and led to the adoption
by the Board of Directors of the Integrated Risk Management Policy 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 Executive Committee 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. The
Vice-President responsible for the integrated risk management framework reports directly to the President and CEO in carrying out his
duties, and he is supported by the Integrated Risk Management Advisory Committee.
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, DELEGATE BOARDS AND COMMITTEES
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.
Delegate Boards and Committees are responsible for decisions related to development capital investments and, in accordance with
Section 8 of its Incorporation Act, decisions related to the purchase by agreement of shares of the Fonds. These Delegate Boards and
Committees include the Executive Committee, the four Special Boards created for the Traditional, New Economy, Mining Portfolio and
Turnaround and Majority Interests sectors as well as the Purchase-by-Agreement Decision-Making Committee, which is responsible for
approving the purchase by agreement requests made by our shareholders. Each development capital investment of $5 million or more
must be authorized by the Board of Directors, or the Executive Committee if the Board of Directors is unable to meet in a timely fashion;
in addition, each of these investments must be recommended by the Special Board overseeing the corresponding activities. All
investments of less than $5 million are under the authority of the corresponding Special Board, except for the Mining Portfolio, whose
limit is $1 million. The four Special Boards are composed of a majority of members who are external to the Fonds and the FTQ, while
the Purchase-by-Agreement Decision-Making Committee is comprised of Fonds employees. The Executive Committee examines, at
least once every six-month period, management’s reports on integrated risk management. Using these reports, the Committee reports
to the Board of Directors, the Audit Committee and the Financial Assets Management Committee, as required. It also recommends
policies for integrated risk management that are proposed by management, as needed.
28
AUDIT COMMITTEE
The Audit Committee is comprised entirely of members who are external to the Fonds in accordance with Regulation 52-110
respecting Audit Committees, and its mandate includes: recommending the audited financial statements and MD&A for approval by
the Board of Directors; approving the principles for valuing development capital investments and receiving the Valuation
Committee’s report; enquiring about the effectiveness of internal controls implemented by management and the fact that they are not
overridden; enquiring about the compliance and risk management process for preparing the Fonds’ financial statements and
providing feedback; and overseeing the application of the code of ethics for employees and directors. The 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 reports its activities twice a year to the Board of Directors and makes recommendations to it when
necessary.
HUMAN RESOURCES COMMITTEE
Composed of a majority of independent (from the Fonds, the FTQ and its affiliated unions) directors, this new committee set up in
April 2014 had the priority duty to propose, in the context of the search for a new President and CEO, his employment conditions
and compensation. More broadly, the Committee will have to examine issues related to 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.
GOVERNANCE AND ETHICS COMMITTEE
Composed of a majority of independent (from the Fonds, the FTQ and its affiliated unions) directors, this new committee set up in
February 2014 was first mandated in the short-term to steer the implementation of the Fonds’ governance reform announced on
February 6, 2014. This committee will also be responsible for supporting the Board of Directors in the implementation of a continuing
education and self-assessment program, in addition to the overall aspects of the Fonds’ general governance, in particular with
respect to appointments to the governing bodies of the Fonds. It will also ensure, with the Fonds’ management, that directors,
governing body members and all employees of the Fonds maintain on an ongoing basis ethical culture and practices.
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 linked. In this capacity, it recommends the main investment orientations to the Board of
Directors. This committee also monitors performance and changes in the return/risk ratio, ensures that the Fonds’ activities are in
compliance with all its policies and approves the guidelines required to manage its financial assets. The Financial Assets
Management Committee reports to the Board of Directors twice yearly on its activities and makes recommendations to it when
necessary.
VALUATION COMMITTEE
Composed of a majority of qualified valuators independent from the Fonds, 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 17. 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.
17
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.
29
The management framework that governs the procedure for valuing development capital investments is set out in the Regulation
Respecting Development Investment Fund Continuous Disclosure. In particular, the Regulation specifies the minimum qualifications
required for qualified valuators employed by the Fonds as well as the governing body responsible for approving the valuation principles
used. The Regulation also requires that all relevant information about the valuations (excluding publicly traded issuers valued using
market prices) should be provided to an independent valuation committee. In addition, regulations require that the Chief Executive
Officer and the Chief Financial Officer 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, 2014, the certification was signed by the new President and CEO 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 Canadian generally
accepted accounting principles.
Management is responsible for designing and maintaining adequate internal control over financial reporting and disclosure controls and
procedures. It must also periodically evaluate their design and effectiveness.
During the year, the Fonds undertook the necessary work to evaluate the design and effectiveness of internal control over financial
reporting and disclosure controls and procedures using the COSO framework (issued in 1992 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.
Regulations require that the President and CEO and the Chief Financial Officer confirm their responsibility for controls by signing a
certification to this end. Accordingly, for the year ended May 31, 2014, the Fonds’ new President and CEO and Executive VicePresident, 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 Canadian generally accepted accounting
principles. Management, under the supervision of the new President and CEO and the Executive Vice-President, Finance, evaluated
the design and effectiveness of internal control over financial reporting. Based on this evaluation, management concluded that, as at
May 31, 2014, internal control over financial reporting was adequately designed and effective and did not contain any material
weaknesses. However, because of its inherent limitations, internal control over financial reporting may not prevent or detect certain
misstatements on a timely basis. During the year ended May 31, 2014, 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 new President and CEO 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, 2014,
disclosure controls and procedures were adequately designed and effective.
30
STATEMENT OF
DEVELOPMENT CAPITAL
INVESTMENTS AT COST
AS AT MAY 31, 2014
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, 2014 ("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, 2014 is prepared, in all material respects, in accordance with the dispositions of article 18 of the
Regulation respecting development capital investment fund continuous disclosure.
_______________
1
Montréal, June 26, 2014
1
Statement of Development Capital
Investments, at Cost
AS AT MAY 31, 2014
(In thousands $)
Unsecured
Year of
Initial Investment
1988
1989
1990
1991
1994
1995
Loans,
Bonds
and Advances
F
9,955
9,955
TI/M/P/S
271,443
271,443
Entreprises québécoises publiques (Appendix A)
1,338
Guarantees
and
Suretyships
Loans
and Advances
S
Bestar inc.
M
1,499
Transat A.T. inc.
S
38,274
B.M.B. (Îles-de-la-Madeleine) inc.
Polycor inc.
● Fonds immobilier de solidarité FTQ II, s.e.c.
1,338
335
1,834
38,274
S
750
750
R
28,975
28,975
F
38,000
P
38,000
9,738
R
25,000
Groupe Robert inc.
S
21,940
Le Devoir inc.
S
1,315
SSQ, Société d'assurance-vie inc.
S
29,413
Corporation Financière Brome inc.
S
2,991
Château M.T. inc.
9,738
25,000
17,750
39,690
66,100
95,513
1,315
2,991
V01400
V04179
V15264
V02252
V02243
V02102
V02273
V02497
V01554
V02828
V01945
V02780
V02606
V03189
S
2,610
2,610
● Fonds régional de solidarité AbitibiTémiscamingue, société en commandite
F
16,105
16,105
V03133
V03592
● Fonds régional de solidarité Côte-Nord, société en
commandite
F
21,985
21,985
V03593
● Fonds régional de solidarité Estrie, société en
commandite
F
20,114
20,114
V03589
● Fonds régional de solidarité Lanaudière, société en
commandite
F
12,587
12,587
V03598
● Fonds régional de solidarité Laurentides, société
en commandite
F
21,532
21,532
V03599
● Fonds régional de solidarité Laval, société en
commandite
F
21,524
21,524
V03597
● Fonds régional de solidarité Mauricie, société en
commandite
F
12,708
12,708
V03588
1,712
● Fonds d'investissement de la culture et des
communications, société en commandite
S
26,700
26,700
V12100
V03748
● Fonds régional de solidarité Bas Saint-Laurent,
société en commandite
F
16,160
16,160
V03585
● Fonds régional de solidarité ChaudièreAppalaches, société en commandite
F
18,574
18,574
V03596
● Fonds régional de solidarité Gaspésie-Îles-de-laMadeleine, société en commandite
F
12,573
12,573
V03595
● Fonds régional de solidarité Montérégie, société
en commandite
F
24,478
24,478
V03600
● Fonds régional de solidarité Outaouais, société en
commandite
F
30,478
30,478
V03591
Mines Virginia inc.
1996
Unlisted
Shares
and Units
Fonds de développement emploi-Montréal inc.
● Fonds locaux de solidarité FTQ, s.e.c.
1993
Listed
Shares
Total
TransForce inc.
● Fonds immobilier de solidarité FTQ I, s.e.c.
1992
Industry
Segment
Secured
P
1,712
2
AS AT MAY 31, 2014
(In thousands $)
Unsecured
Year of
Initial Investment
1996
1997
1998
2000
2001
2002
Unlisted
Shares
and Units
Loans,
Bonds
and Advances
Guarantees
and
Suretyships
Loans
and Advances
F
24,976
24,976
V03587
● Fonds régional de solidarité Saguenay-Lac-SaintJean, société en commandite
F
24,971
24,971
V03586
11,509
V03615
V02088
V03594
Groupe Solmax inc.
M
Mines Richmont inc.
P
● Fonds régional de solidarité Nord-du-Québec,
1,618
9,891
9,219
9,219
F
12,000
9274-0547 Québec inc. (Manoir Richelieu)
S
45,579
Cap sur mer inc.
M
1,807
Exploration Azimut inc.
P
12,000
45,579
102
650
650
9,616
F
1,909
9,616
V16026
V04308
V04288
V04352
Niocan inc.
P
Société en commandite Manoir Richelieu
S
TSO3 inc.
TI
5,853
Corporation minière Osisko
P
4,523
La Financière des entreprises culturelles (FIDEC),
S
804
804
V04287
V03184
V03827
V04656
V04472
ARGO II : The Wireless-Internet Fund - Limited
Partnership
TI
11,364
11,364
V04893
Atrium Innovations inc.
TI
22,180
Genopole 1er Jour S.A.
TI
V04820
V05387
V04958
V04396
V04460
V04982
V05076
V04956
284
284
1,254
1,254
5,853
4,583
22,180
136
9,106
136
Groupe HNZ inc.
S
GTI V, société en commandite
TI
8,043
8,043
Marketing Léger inc.
S
1,000
1,000
Société en commandite GeneChem Thérapeutique
TI
9,775
9,775
● Fonds Bio-Innovation, société en commandite
TI
28,617
28,617
Investissement Premières Nations du Québec,
F
2,000
2,000
Kruger Wayagamack inc.
M
Novacap II, société en commandite
S
24,633
24,633
12,137
7,504
12,137
7,504
Partenaires MidCap
S
447
447
SIDEX, société en commandite
P
15,000
15,000
S
13,800
51,200
65,000
R
1
258,182
258,183
FinTaxi, s.e.c.
● Fonds immobilier de solidarité FTQ inc.
2003
Listed
Shares
Total
● Fonds régional de solidarité Québec, société en
commandite
● Fonds régional de solidarité Centre-du-Québec,
1999
Industry
Segment
Secured
Junex inc.
P
Lumira Capital I Québec société en commandite
TI
304
3,999
304
3,250
3,999
Produits Intégrés Avior inc.
M
Thermetco inc.
M
3,250
Vimac Early Stage Fund L.P.
TI
8,992
8,992
Fonds Vimac Milestone Medica Nord s.e.c.
TI
5,550
5,550
187
3
187
V03772
V04981
V05454
V05339
V05683
V05025
V05601
V05720
V05148
V05577
V05543
V05951
AS AT MAY 31, 2014
(In thousands $)
Unsecured
Year of
Initial Investment
2003
2004
2005
Le Fonds Entrepia Nord, s.e.c.
TI
Mines de la Vallée de l'or ltée
P
Listed
Shares
Unlisted
Shares
and Units
Loans,
Bonds
and Advances
7,612
Total
Guarantees
and
Suretyships
Loans
and Advances
7,612
437
437
Stella-Jones inc.
M
4262280 Canada inc. (Transat A.T.)
S
Corporation Aurifère QMX
P
Fonds d'investissement MSBI, société en
commandite
TI
8,937
Octasic inc.
TI
1,741
Trencap s.e.c.
S
198,516
198,516
Vimac ESF Annex Fund L.P.
TI
801
801
9053-2698 Québec inc.
M
1
1
A.M. Pappas Life Science Ventures III, LP
TI
7,868
7,868
35,938
71,406
4,647
Addenda Capital inc.
S
71,406
M
39,551
Château Bonne Entente inc.
S
1,138
F
25,165
35,938
4,647
300
Camoplast Solideal inc.
● FIER Partenaires, société en commandite
2006
Industry
Segment
Secured
300
8,937
6,264
8,005
39,551
106
1,244
25,165
Fonds Brightspark II, s.e.c.
TI
1,553
1,553
Fonds d'opportunités canadiennes HRS, s.e.c.
S
20,484
20,484
2,000
Média Groupe inc.
S
Metro inc.
S
2,042
4,042
73,948
73,948
ProQuest Investments III, L.P.
TI
3,553
3,553
RHO Fund Investors 2005, L.P.
TI
4,319
4,319
SAIL Plein Air inc.
S
6,000
6569293 Canada inc. (Maison des Futailles)
M
21,861
Boutique Linen Chest (Phase II) inc.
S
Capital Financière Agricole inc.
S
2,366
2,366
Capital St-Laurent, s.e.c.
TI
11,320
11,320
5,482
11,482
21,861
1,217
1,217
Corporation développement Knowlton inc.
M
9,249
9,249
Coveo Solutions inc.
TI
5,954
5,954
Emerald Cleantech Fund II L.P.
TI
6,687
6,687
Entreprises SMD ltée
S
3,500
3,500
Exploration Dios inc.
P
FCPR Aerofund
S
7,576
7,576
184
184
Fiducie du Chantier de l'économie sociale
S
Fonds CTI sciences de la vie, s.e.c.
TI
1,888
12,000
1,888
Fonds ID s.e.c.
TI
10,000
10,000
Fonds Propulsion III s.e.c.
TI
5,306
Gestion Rivière du Diable inc.
S
2,841
Groupe CVTech inc.
S
Les alcools de spécialités Greenfield inc.
M
19,985
4
12,000
5,306
658
3,499
2,134
22,119
30,000
30,000
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
V11515
V11976
V11792
V06285
V11965
V11741
V06283
V11457
V12130
V12378
AS AT MAY 31, 2014
(In thousands $)
Unsecured
Year of
Initial Investment
2006
2007
Relay Ventures Fund L.P.
TI
Ressources Cartier inc.
P
Listed
Shares
Unlisted
Shares
and Units
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
and Advances
3,513
3,513
918
918
Rho Canada Capital de Risque, s.e.c.
TI
19,680
Société en commandite Agechem
TI
15,756
Sonaca S.A.
M
VantagePoint Venture Partners 2006 (Q), L.P.
TI
19,680
15,756
1,950
1,950
17,563
17,563
6705341 Canada inc. (North Country Slate)
P
Envivio, inc.
TI
5,751
Exploration Midland inc.
P
636
Fonds d'investissement iNovia II, société en
commandite
TI
3,827
GO capital s.e.c.
TI
1,459
Groupe Bikini Village inc.
S
90
378
468
5,751
636
3,827
1,459
1,275
1,275
Investissement (12348) s.e.n.c. (Cellfish Media)
TI
12,029
Les Industries Spectra Premium inc.
M
10,000
MMV Financial inc.
S
1
1
M
24,798
24,798
Novacap Technologies III, s.e.c.
TI
6,417
6,417
Partenaires Médias Remstar, s.e.c.
S
2,000
2,000
ProQuest Investments IV, L.P.
TI
6,600
Soccrent 2006, société en commandite
F
11,380
● Société de gestion d'actifs forestiers Solifor,
P
150,000
150,000
Vertex III (C.I.) Fund, L.P.
TI
2,869
2,869
Administration LVER inc.
S
● Novacap Industries III, s.e.c.
2008
Industry
Segment
Secured
Alimentation Coop Port-Cartier
12,029
4,703
6,600
7,400
2,500
S
14,703
155
18,780
2,500
155
● BDR Capital s.e.c.
TI
Cogeco Câble inc.
TI
100,000
100,000
Corporation Financière L'Excellence ltée
S
100,000
100,000
Dalkotech inc.
M
420
5,820
Exploration NQ inc.
P
Fonds soutien Montréal parallèle, s.e.c.
TI
73,413
5,400
73,413
124
124
2,000
2,000
G.D.G. Environnement ltée
S
2,500
Gestion ACCEO inc.
TI
22,870
2,500
6,750
29,620
Gestion BMR inc.
S
8,300
8,300
Gestion TFI inc.
S
125,000
125,000
GLV inc.
M
25,000
57,061
Groupe AGF inc.
M
5,700
25,700
Groupe Gecko Alliance inc.
TI
3,426
3,426
HR Stratégies inc.
S
100
100
Ontario Venture Capital Fund LP
TI
4,293
4,293
32,061
20,000
5
V12024
V12031
V11984
V06248
V12257
V11545
V12564
V12402
V12531
V12317
V12016
V12655
V12348
V06225
V12373
V12234
V12095
V11979
V12276
V11929
V11584
V12046
V13113
V12496
V13558
V12924
V13127
V13252
V13232
V13118
V11560
V13530
V13242
V14754
V13155
V12541
V12870
V11531
V13245
AS AT MAY 31, 2014
(In thousands $)
Unsecured
Year of
Initial Investment
2008
2009
2010
2011
Industry
Segment
Listed
Shares
Unlisted
Shares
and Units
Secured
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
and Advances
Placements Montrusco Bolton inc.
S
20,055
20,055
Rho Ventures VI, L.P.
TI
19,638
19,638
Sonaca Montréal inc.
M
VantagePoint Cleantech Partners II, L.P.
TI
5,000
5,000
19,027
19,027
5N Plus inc.
M
A.M. Pappas Life Science Ventures IV, LP
TI
14,166
7,237
14,166
7,237
ADS inc.
M
3,600
3,600
Champlain Capital Partners, L.P.
S
3,791
3,791
Corporation Nuvolt inc.
M
1
FCPR Aerofund II
S
12,201
Fonds Cycle Capital I, s.e.c.
S
18,116
Gestion hôtelière REVPAR inc.
S
124
Gestion Juste pour Rire inc.
S
792
792
Holding Smardt inc.
M
5,000
17,121
Les Viandes Laroche inc.
M
2,000
MECA DEV S.A.S.
M
21,502
11,809
33,311
12,121
196
197
12,201
18,116
124
2,000
Média Cineflix inc.
S
10,925
10,925
Premier Tech ltée
P
41,750
41,750
Shermag inc.
M
1,733
Société en commandite Groupe CH
S
40,000
Teraxion inc.
S
6,167
M
● VC, société en commandite
R
Dalkotech International inc.
M
Focus Graphite inc.
P
Foliot Management inc.
M
Fortress Paper Ltd
M
1
1
11
7,000
7,000
S
2,430
15,000
Nemaska Lithium inc.
P
Radialpoint Safecare inc.
TI
Ressources Géoméga inc.
P
325
Royal Nickel Corp.
P
300
Saladexpress inc.
M
Scierie Dion & Fils inc.
M
Serdy Média inc.
S
Société de Diamant Stornoway
P
SSQ, Société d'assurances générales inc.
S
S
121,037
11
M
P
100,000
121,037
Groupe Technosub inc.
Abitibi Royalties inc.
6,167
100,000
IPL inc.
Twist, société en commandite
1,733
40,000
7,000
25,000
32,000
45,000
60,000
2,430
260
260
1
16,441
325
300
8,318
8,318
1,250
2,500
11,164
6,000
8
6
16,442
1,250
500
3,000
14,700
25,864
15,000
15,000
6,000
8
V13132
V12930
V11595
V13031
V12431
V12898
V13601
V13625
V14081
V13661
V13823
V14033
V12916
V15321
V01417
V14354
V13243
V01387
V12932
8,209
V14109
V05734
V13756
V13847
V14868
V14393
V14270
V14403
V06405
V01975
V14826
V14302
V14798
V14827
V03768
V14350
V13802
V14396
V14428
V14444 18
V15313
AS AT MAY 31, 2014
(In thousands $)
Unsecured
Year of
Initial Investment
2011
2012
Industry
Segment
Listed
Shares
Unlisted
Shares
and Units
Secured
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
and Advances
Acquisio inc.
TI
4,429
4,429
AmorChem, société en commandite
TI
3,812
3,812
Bombardier inc.
M
Cogeco inc.
TI
Corporation Aurifère Aurvista
P
Divertissement 7G inc.
TI
49,779
49,779
40,000
40,000
400
400
6,006
9,317
15,323
Fonds Alpha+ Montrusco Bolton
S
20,095
20,095
Fonds Capital Culture Québec, société en
commandite
S
10,000
10,000
Fonds d'amorçage Cycle-C3E, s.e.c.
TI
3,412
3,412
Fonds d'investissement pour la relève agricole
(FIRA), s.e.c.
S
3,067
3,067
Fonds d'investissement Réal, s.e.c.
TI
7,173
7,173
Fonds Relève Québec, s.e.c.
S
2,465
2,465
Fonds stratégique à rendement absolu HRS, s.e.c.
S
50,000
Groupe Crête division St-Faustin inc.
M
Groupe Meloche inc.
M
Groupe TMX Limitée
S
V12982
V14317
V13647
V15279
V14828
V15022
V13562
V14949
V14929
V14455
● Fonds de solidarité FTQ investissements
croissance I, s.e.c.
S
6,597
6,597
V14927
V14948
V14730
V14867
V14936
V15039
V01736
V14834
V14814
V14769
V03002
V14985
V15314
V15054
V15367
V14839
V14933
V15284
V15425
V15495
V15783
V15297
V15348
V16027
V15817
● Fonds de solidarité FTQ Investissements
technologiques I, s.e.c.
TI
3,600
3,600
V15320
1,275
V14464
V15483
50,000
1,333
3,000
1,333
3,000
97,600
97,600
Groupe Tolgeco inc.
S
2,340
2,340
JV Driver Corporation inc.
S
16,000
16,000
Les Chantiers de Chibougamau ltée
M
2,750
2,750
Les Investissements Nolinor inc.
S
1,375
1,375
Magnus Poirier inc.
S
243
Milestone Pharmaceutiques inc.
TI
Nunavik Nickel Mines Ltd
P
14
14
Ressources Monarques inc.
P
305
305
39,985
4,208
243
4,208
Rona inc.
S
Scandinave Spa in Whistler inc.
S
39,985
9187-8850 Québec inc. (Forage Boréal)
P
9262-2059 Québec inc. (Casavant Frères)
M
2,000
Abipa Canada inc.
M
9,600
Agritibi R.H. inc.
S
508
508
Athos services commémoratifs inc.
S
15,000
15,000
1,950
1,950
2,150
2,150
2,000
9,600
Erfa Canada 2012 inc.
S
Fempro I inc.
M
3,725
3,725
Financement YPG inc.
S
8,540
8,540
Germain Larivière inc.
S
Gestion SMS inc.
M
3,125
3,125
1,275
1
7
1
AS AT MAY 31, 2014
(In thousands $)
Unsecured
Year of
Initial Investment
2012
2013
Industry
Segment
GLyPharma Thérapeutique inc.
TI
Groupe Colabor inc.
S
Groupe MBI inc.
M
Groupe PCM inc.
M
Groupe QuébéComm inc.
S
Listed
Shares
Unlisted
Shares
and Units
Secured
Loans,
Bonds
and Advances
Guarantees
and
Suretyships
Loans
and Advances
2,227
18,565
Total
2,227
30,000
30,000
520
19,085
437
437
3,000
3,000
Innovation Thrasos inc.
TI
4,224
La Coop fédérée
M
75,000
75,000
2,000
Les Bois de plancher P.G. inc.
M
2,000
Les entreprises de divertissements Muse inc.
S
4,500
Les Industries Touch inc.
S
819
5,043
4,500
587
587
Lumira Capital II, société en commandite
TI
5,335
Maetta Sciences inc.
M
2,438
5,335
Maibec inc.
M
6,634
Mine Barlow inc.
P
200
Produits alimentaires Viau inc.
M
Société en commandite Free 2 Play
S
Sojag inc.
S
SSQ, Société d'assurance inc.
S
191,950
191,950
700
3,138
2,448
9,082
5,000
5,000
200
5,000
5,000
4,750
4,750
SSQ, Société de participation mutualiste inc.
S
78,050
78,050
Supermétal Structures inc.
M
3,618
3,618
Technologies Interactives Mediagrif inc.
TI
4,725
Yellow Média Limitée
S
1,747
8239223 Canada inc. (Groupe DCM)
S
Accedian Networks Corporation
TI
4,725
1,747
8,000
8,000
1,252
1,252
Adetel Group
S
3,691
3,691
AJW Technique inc.
S
12,000
12,000
Asmacure inc.
TI
1
1
Attraction Média inc.
S
4,000
4,000
Auberge & Spa le Nordik inc.
S
Cellfish Media inc.
TI
586
586
5,168
5,168
13,000
13,000
Corporation d'Or Intégra
P
Distech Contrôles inc.
M
104
104
Entreprises Minières du Nouveau-Monde inc.
P
150
Falco Pacific Resource Group inc.
P
106
FCPR Aerofund III
S
3,258
3,258
Fonds d'investissements Sanderling VII (Canada),
s.e.c.
S
1,942
1,942
150
106
Humania Assurance inc.
S
Les Brasseurs du Nord inc.
M
15,750
10,000
15,750
Les Réseaux Accedian inc.
TI
7,764
7,764
Les Serres du St-Laurent inc.
P
1,000
1,000
8
10,000
V15331
V06111
V15261
V15362
V14747
V14257
V15256
V13578
V14680
V11932
V13774
V12032
V02502
V15436
V14878
V14906
V15446
V15298
V15372
V05411
V03963
V16028
V15945
V13081
V15890
V15836
V06167
V11876
V16361
V16328
V17283
V06350
V15867
V16292
V15929
V15642
V15294
V15958
V11761
V03758
AS AT MAY 31, 2014
(In thousands $)
Unsecured
Year of
Initial Investment
2013
2014
Industry
Segment
Lunetterie New Look inc.
S
Macadamian Technologies inc.
TI
Listed
Shares
Unlisted
Shares
and Units
Secured
Loans,
Bonds
and Advances
Guarantees
and
Suretyships
Loans
and Advances
15,000
15,000
500
500
Propair inc.
S
840
840
Vision 7 International ULC
S
14,000
14,000
Acquisition Glacier II inc.
TI
58,895
AV & R Vision & Robotiques inc.
S
1,373
Coalision inc.
M
15,000
15,000
Densi Corporation
S
1,500
1,500
3,000
3,000
58,895
1,373
Double A Corp inc.
M
Fonds Valorisation Bois, s.e.c
M
Groupe Acier Pointe-Claire / Green Valley inc.
M
Lumenpulse inc.
M
Maison des Futailles, s.e.c.
M
Métal 7 inc.
M
4,750
4,750
Mines Coulon inc.
P
1,800
1,800
PRCL Research inc.
TI
969
Super Aqua Club inc.
S
5,000
5,000
2,807
800
2,000
S
670
S
2
1
2,583,215
1,522,159
657,394
2,000
969
3,000
Versant Venture Capital V, L.P.
Total
2,807
800
18 general partners of limited partnerships
●
Total
3,000
670
3
30,988
V17373
V17250
V16025
V15893
V17590
V15961
V06297
V17520
V17235
V15486
V18053
V15264
V17474
V17257
V17399
V17211
V17395
V16155
V18028
4,793,756
8,227
The list of investments made by these specialty 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 $4,793,756,000 itemizes by company the amounts invested by the Fonds de
solidarité des travailleurs du Québec (F.T.Q.). This amount appears in Note 4 to the financial statements as at May 31, 2014. In addition, this statement
presents a list of the guarantees and suretyships granted by the Fonds.
Industry segment legend
F:
R:
M:
P:
S:
TI:
Regional or local funds
Real estate
Manufacturing
Primary
Services/tourism
Technology investments
9
APPENDIX A
Entreprises québécoises publiques, at cost
AS AT MAY 31, 2014
(In thousands $)
Description
Industry
Segment
Listed
Shares
5N Plus inc.
M
7,706
P
15
Adventure Gold inc.
P
25
Aimia inc.
S
20,687
3,497
Alimentation Couche-Tard inc.
S
Amex Exploration inc.
P
25
Aptilon Corp.
TI
2,538
33,221
Bombardier inc.
M
Bowmore Exploration Ltd
P
79
Cogeco Câble inc.
TI
27,453
Cogitore Resources inc.
P
93
Corporation Groupe Mercator Transport
S
750
P
75
Corporation Océanique Iron Ore
P
77
Ergorecherche ltée
TI
5,410
P
3,155
P
70
P
108
Focus Graphite inc.
P
12
Forage Orbit Garant inc.
P
8,856
15,543
Genivar inc.
S
GLV inc.
M
5,201
Groupe CGI inc.
TI
20,765
Hecla Mining Company
P
26
Héroux-Devtek inc.
M
11,924
Industries Lassonde inc.
S
2,490
Innergex Renewable Energy inc.
S
4,369
Junex inc.
P
1,551
Le Groupe Jean Coutu (PJC) inc.
S
840
Lumenpulse inc.
M
4,332
Manac inc.
M
7,468
Metro inc.
S
6,829
P
24
Mines Richmont inc.
P
148
Mines Virginia inc.
P
12,685
MTY Food Group inc.
S
9,403
P
15
Nunavik Nickel Mines Ltd
P
3
Opsens inc.
TI
1,935
1
V12431
V15313
R14323
399453
01626P
30214Q
APTILON
V13647
10303
V12924
R11419
GMT
V04656
67524Q
29482C
V04288
V11976
V12531
V14393
68556N
37230Q
V13155
39945C
422704
42774L
417907
45790B
V05601
47215Q
V15264
V06118
V11740
V06004
V02088
V12100
55378N
V14826
V15314
683823
APPENDIX A
Entreprises québécoises publiques, at cost
AS AT MAY 31, 2014
(In thousands $)
Description
Industry
Segment
Listed
Shares
Quincaillerie Richelieu ltée
S
7,380
P
48
Rogers Sugars inc.
M
4,680
Royal Nickel Corp.
P
75
SEMAFO inc.
P
28
Stella-Jones inc.
M
5,701
Technologies D-Box inc.
M
5,533
Technologies Interactives Mediagrif inc.
TI
12,153
Technologies Sensio inc.
TI
1,283
TransForce inc.
S
12,785
Xebec Adsorption inc.
M
2,374
271,443
Total
Industry segment legend
F:
R:
M:
P:
S:
TI:
Regional or local funds
Real estate
Manufacturing
Primary
Services/tourism
Technology investments
2
76329W
V12031
77519R
V14827
816922
V02986
DBOX
V03963
81725Y
V04179
983891
RELEVÉ
DES AUTRES
INVESTISSEMENTS
(NON AUDITÉ) IN FRENCH ONLY
AS AT MAY 31, 2014
Relevé des autres investissements ( non audité )
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
3M Co.
88579Y101
A.P. Moeller - Maersk AS, classe B
425304003
ABB
Ltd
710889908
Abbott
Laboratories
002824100
AbbVie inc.
00287Y109
ABC-Mart inc.
JP3152740001
Accenture plc
G1151C101
ACE Ltd
H0023R105
Actavis plc
00507K103
Activision Blizzard inc.
00507V109
Adidas AG
403197908
Adobe Systems inc.
00724F101
Advance Auto Parts inc.
00751Y106
Advantage Oil & Gas Ltd
00765F101
Advantest Corp.
JP3122400009
Aegon NV
NL0010675013
Aeon Co. Ltd
648004000
Aéroports de Paris
FR0010340141
AES Corp.
00130H105
Aetna inc.
00817Y108
Aflac inc.
001055102
Aggreko plc
GB00BK1PTB77
Agilent Technologies inc.
00846U101
AGL Energy Ltd
B0ZNPN904
Agnico Eagle Mines Ltd
008474108
Agrium inc.
008916108
AIA Group Ltd
B4TX8S909
Aimia inc.
00900Q103
Air Canada, classe B
008911802
Air
Liquide SA
B1YXBJ905
Air
Products & Chemicals inc.
009158106
Airgas
inc.
009363102
Ajinomoto
601090004 Co. inc.
Akamai Technologies inc.
00971T101
Aker
Solutions ASA
B1VLVW903
Akzo
Nobel NV
545831901
Alamos Gold inc.
011527108
Albemarle Corp.
012653101
Alcatel-Lucent
FR0000130007
Alcoa inc.
013817101
Alexion Pharmaceuticals inc.
015351109
Alfa Laval AB
SE0000695876
Alfresa Holdings Corp.
JP3126340003
Algonquin Power & Utilities Corp.
015857105
Alimentation
01626P403 Couche-Tard, classe B
Alleghany Corp.
017175100
Allergan inc.
018490102
Alliance Data Systems Corp.
018581108
Alliant Energy Corp.
018802108
Allianz
SE
523148906
Allied
Properties
Real Estate Investment Trust
019456102
Allstate
Corp.
020002101
1
50 600
6 657
7 837
495
743
1 386
129 734
3 056
3 350
120 800
4 830
5 236
43 100
1 914
2 538
11 100
528
615
25 500
2 172
2 252
18 000
1 692
2 026
5 100
683
1 171
7 000
158
158
11 646
1 320
1 356
14 600
652
1 021
1 900
248
256
57 300
236
374
14 900
178
183
64 177
454
605
24 700
341
323
6 849
971
969
64 300
967
982
11 600
723
977
13 600
786
902
12 794
376
388
18 300
967
1 129
62 302
939
968
109 970
4 144
3 602
43 490
3 510
4 233
839 200
4 095
4 566
48 520
733
939
90 700
403
799
13 647
1 524
2 159
5 700
460
742
2 700
165
312
79 000
1 154
1 339
4 700
303
277
6 560
92
125
12 995
853
1 058
32 760
440
293
3 500
220
263
88 289
419
391
32 600
499
481
5 400
531
975
10 080
300
287
9 000
629
590
48 600
366
393
130 640
2 593
3 844
4 900
2 102
2 240
8 600
873
1 555
600
167
167
4 400
170
277
11 885
1 898
2 189
20 890
693
732
14 000
698
884
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
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 plc
002826006
Ameren Corp.
023608102
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 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
Antero Resources Corp.
03674X106
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 Materials inc.
038222105
ARC Resources Ltd
00208D408
ArcelorMittal
B03XPL901
Arch Capital Group Ltd
BMG0450A1053
Archer-Daniels-Midland Co.
039483102
Argonaut Gold inc.
04016A101
ARM
Holdings plc
005958905
Artis
Real
04315L105 Estate Investment Trust
Aryzta AG
B39VJC900
Asahi Glass Co. Ltd
JP3112000009
Asahi Group Holdings Ltd
605440007
Asahi Kasei Corp.
605460005
Ashland inc.
044209104
ASM Pacific Technology Ltd
KYG0535Q1331
2
12 362
434
531
36 930
1 176
1 779
27 000
942
970
3 996
315
315
255 975
376
367
14 111
666
665
9 900
2 727
3 357
33 603
215
360
17 891
301
394
7 300
246
312
3 800
166
166
18 100
478
466
33 400
1 538
1 932
26 800
2 110
2 663
37 400
1 732
2 194
45 300
3 900
4 409
16 100
718
849
7 400
626
905
49 300
3 404
3 913
11 600
519
668
3 248
25 800
2 702
104 635
545
558
13 200
1 105
1 373
13 500
858
1 508
16 400
780
931
2 808
191
181
108 430
3 663
2 878
55 273
4 529
6 592
40 300
568
515
5 800
491
462
9 381
626
626
36 225
544
520
8 900
588
869
186 000
588
615
139
377
367
32 834
173
231
10 800
1 027
1 093
48 700
24 306
33 457
104 900
1 880
2 294
95 950
2 214
2 997
58 262
1 129
967
47 400
3 016
2 930
19 800
650
964
39 900
340
147
99 597
1 654
1 668
42 450
677
667
3 442
142
347
47 000
301
283
15 600
304
477
132 000
910
1 068
3 200
291
358
17 400
183
212
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
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
Athabasca Oil Corp.
04682R107
Atlas Copco AB
SE0000122467
Atlas
Copco AB, classe A
B1QGR4907
Auckland
International Airport
NZAIAE0002S6
AuRico
Gold
05155C105 inc.
Aurizon Holdings Ltd
AU000000AZJ1
Australia
606558005and New Zealand Banking Group Ltd
Autoliv inc.
052800109
Automatic
053015103 Data Processing inc.
Autozone inc.
053332102
Avago Technologies Ltd
SG9999006241
AvalonBay Communities inc.
053484101
Avery Dennison Corp.
053611109
Aviva plc
021623004
Avon Products inc.
054303102
Axa SA
708842901
B2Gold Corp.
11777Q209
Babcock International Group plc
GB0009697037
BAE Systems plc
026349902
Baker Hughes inc.
057224107
Ball
Corp.
058498106
Banco
Bilbao Vizcaya Argentaria SA
550190904
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
Bankers Petroleum Ltd
066286303
Bankia SA
011330702
Banque Canadienne Impériale de Commerce
136069101
Banque de Montréal
063671101
Banque Laurentienne du Canada
51925D106
Banque Nationale du Canada
633067103
Banque Royale du Canada
780087102
Banque Toronto-Dominion
891160509
Barclays plc
313486904
Barrick Gold Corp.
067901108
Barry Callebaut AG
547692905
BASF SE
ACI0054Q2
3
31 076
2 934
11 464
482
2 899
630
45 593
881
1 122
11 583
221
637
146 200
1 704
2 032
35 014
1 874
2 732
31 562
1 168
1 148
277 000
9 413
10 666
20 400
949
1 052
85 310
1 062
641
28 105
841
842
43 333
1 200
1 382
150 895
597
537
63 420
518
238
173 305
908
862
76 508
2 146
2 588
2 700
299
311
83 400
6 908
7 216
7 600
4 090
4 394
17 800
1 188
1 366
10 700
1 526
1 647
5 200
289
286
89 638
472
855
47 100
973
731
53 304
1 122
1 430
168 160
564
442
41 779
910
923
107 080
686
825
12 000
642
918
2 400
70
157
435 366
4 900
6 025
126 171
328
452
10 777
247
225
46 077
385
352
876 278
7 818
9 738
128 414
813
813
138 563
597
594
281 600
3 973
4 623
68 800
297
304
696 940
325
288
140 720
506
916
142 484
141
312
143 830
11 558
13 758
216 910
13 652
16 524
1 551 327
52 478
73 641
135 520
5 487
6 160
417 810
25 871
31 177
575 540
24 592
30 924
422 810
1 977
1 901
532 720
16 124
9 291
923
1 314
1 323
22 883
1 498
2 862
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
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
Bell Aliant inc.
07786R204
Benesse Holdings inc.
JP3835620000
Berkshire
084670702 Hathaway inc., classe B
Best Buy Co. inc.
086516101
Bezeq Israeli Telecommunication Corp. Ltd
609803903
BG
Group plc
087628905
BHP
Billiton Ltd
614469005
BHP
Billiton plc
005665906
Biogen
Idec inc.
09062X103
BioMarin Pharmaceutical inc.
09061G101
Birchcliff Energy Ltd
090697103
Blackberry Ltd
09228F103
BlackPearl Resources inc.
09251U100
BlackRock inc.
09247X101
BNP Paribas
730968906
Boardwalk Real Estate Investment Trust
096631106
BOC
Hong Kong Holdings Ltd
653611905
Boliden
AB
B1XCBX901
Bombardier
097751200 inc., classe B
Bonavista Energy Corp.
09784Y108
Bonterra Energy Corp.
098546104
Boral Ltd
621867902
BorgWarner inc.
099724106
Boston Properties inc.
101121101
Boston Scientific Corp.
101137107
Bouygues SA
400212908
BP plc
079805909
Brambles Ltd
B1FJ0C904
Bridgestone Corp.
613210004
Bristol-Myers Squibb Co.
110122108
British Land Co. plc
013670005
British Sky Broadcasting Group plc
014119903
Broadcom Corp., classe A
111320107
Brookfield Asset Management inc., classe A
112585104
Brookfield Properties Corp.
G16249107
Brookfield Renewable Energy Partners LP
G16258108
Brown-Forman
Corp., classe B
115637209
BT
Group
plc
309135903
Bunge Ltd
G16962105
Bunzl plc
GB00B0744B38
Burberry Group plc
317430908
4
24 500
1 783
1 976
45 001
5 480
7 073
19 416
2 033
2 646
2 888
301
302
37 560
1 507
1 701
21 200
724
871
297 170
13 927
14 793
37 400
4 461
4 779
16 000
1 139
1 055
8 171
778
890
40 494
1 434
1 458
69 360
1 936
1 979
22 700
954
1 032
60 600
7 562
8 433
9 500
265
285
111 445
205
217
202 848
4 249
4 511
230 829
8 145
8 631
166 878
5 277
5 677
6 400
1 534
2 219
352
5 600
413
31 400
223
421
173 810
2 230
1 432
92 100
180
210
3 800
1 099
1 258
28 744
1 744
2 187
11 950
725
767
595 000
1 944
1 937
10 765
141
163
480 220
2 281
1 762
47 830
935
772
6 330
335
363
30 744
142
164
9 600
404
651
7 200
802
943
44 100
426
614
3 286
166
166
589 654
5 118
5 401
70 280
646
682
21 800
757
850
79 600
3 984
4 278
60 011
579
782
142 203
2 180
2 283
40 400
1 483
1 395
167 240
6 114
7 790
67 430
1 414
1 463
25 000
801
778
18 100
1 222
1 821
217 952
781
1 576
18 700
1 534
1 578
37 607
1 113
1 143
17 889
411
499
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Bureau Veritas SA
B28DTJ907
C.R. Bard inc.
067383109
Cabot Oil & Gas Corp.
127097103
CAE inc.
124765108
CALBEE inc.
B3TBRZ902
Calfrac Well Services Ltd
129584108
Calloway Real Estate Investment Trust
131253205
Calpine Corp.
131347304
Caltex Australia Ltd
616150009
Camden Property Trust
133131102
Cameco Corp.
13321L108
Cameron International Corp.
13342B105
Campbell
134429109 Soup Co.
Canadian Apartment Properties Real Estate Investment Trust
134921105
Canadian
136375102 National Railway Co.
Canadian Natural Resources Ltd
136385101
Canadian Oil Sands Ltd
13643E105
Canadian Pacific Railway Ltd
13645T100
Canadian Real Estate Investment Trust
13650J104
Canadian
136681202 Tire Corp., classe A
Canadian Utilities Ltd, classe A
136717832
Canadian Western Bank
13677F101
Canexus Corp.
13751W103
Canfor Corp.
137576104
Canon inc.
617232004
Capita plc
B23K0M900
Capital One Financial Corp.
14040H105
Capital Power Corp.
14042M102
CapitaLand Ltd
630930907
CapitaMall Trust
SG1M51904654
CapitaMalls Asia Ltd
SG1Z05950543
Capstone Mining Corp.
14068G104
Cardinal Health inc.
14149Y108
Carlsberg AS, classe B
416921005
CarMax inc.
143130102
Carnival Corp.
143658300
Carrefour SA
FR0011844141
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
B033F2900plc
CenturyLink inc.
156700106
Cerner Corp.
156782104
5
22 473
670
735
12 200
1 973
1 959
23 300
692
915
85 540
953
1 257
31 500
917
962
10 340
269
384
29 230
810
785
14 400
211
364
9 937
171
223
8 200
608
623
117 820
2 506
2 553
12 500
669
868
38 900
1 827
1 935
28 730
706
640
257 220
13 542
16 886
318 590
10 104
14 040
145 440
3 540
3 304
47 840
6 618
8 682
18 890
822
858
22 700
1 938
2 366
32 040
1 216
1 256
26 500
764
990
34 870
276
172
22 110
291
529
69 100
2 484
2 458
35 190
538
709
17 400
1 106
1 491
24 290
546
629
207 000
590
570
107 000
192
191
95 000
150
193
112 270
329
292
18 200
922
1 396
8 842
883
992
8 700
417
418
15 900
539
689
23 544
949
930
8 276
854
1 153
63 420
3 255
3 006
38 000
3 586
4 193
75 000
155
148
18 200
932
1 175
21 510
1 037
2 255
11 100
538
756
51 610
509
663
11 600
1 457
1 927
222 850
7 026
7 191
15 900
273
416
5 300
601
760
277 157
1 483
1 694
44 500
1 644
1 817
10 000
508
586
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
CF Industries Holdings inc.
125269100
CFS Retail Property Trust Group
AU000000CFX0
CGI Group inc., classe A
39945C109
CH Robinson Worldwide inc.
12541W209
Chartwell Retirement Residences
16141A103
Cheniere Energy inc.
16411R208
Chesapeake Energy Corp.
165167107
Cheung Kong Holdings Ltd
619027006
Cheung Kong Infrastructure Holdings Ltd
621255900
Chevron Corp.
166764100
China Gold International Resources Corp. Ltd
16890P103
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
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
20030N200Corp.
Commerzbank AG
ACI05RX61
Commonwealth
Bank of Australia
621503002
Compagnie
de
St-Gobain
738048909
Compagnie Financière Richemont SA
B3DCZF902
Compagnie Générale des établissements Michelin SCA
458836004
6
1 800
248
476
710 198
1 389
1 471
84 160
2 775
3 097
9 400
540
610
54 020
578
570
6 500
195
478
16 000
430
498
79 000
1 232
1 533
237 000
1 615
1 760
70 500
6 452
9 387
206 460
831
609
1 000
373
594
9 000
128
115
3 678
705
834
45 500
4 355
4 578
26 900
627
350
32 900
927
955
12 400
257
179
54 100
3 766
4 067
59 740
1 915
2 071
8 200
571
798
2 800
149
393
10 300
500
548
18 480
643
740
152 300
3 861
4 071
182 200
9 740
9 396
12 700
105
106
6 500
431
437
57 000
491
511
15 600
1 349
1 518
473 500
3 931
4 201
9 400
664
734
10 600
258
342
66 046
794
785
9 000
543
397
25 900
609
518
32 889
351
314
218 600
7 558
9 692
10 500
265
519
17 929
504
447
5 028
294
303
7 520
349
471
19 200
641
1 013
107 600
6 662
7 978
29 710
2 654
2 719
15 951
933
971
70 900
2 833
3 982
29 318
315
504
61 703
4 457
5 086
14 859
642
920
33 142
3 188
3 762
6 983
638
935
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Compass Group plc
053315909
ConAgra Foods inc.
205887102
Concho Resources inc.
20605P101
ConocoPhillips
20825C104
Consolidated Edison inc.
209115104
Constellation Brands inc., classe A
21036P108
Constellation Software inc.
21037X100
Continental AG
459858908
Continental Resources inc.
212015101
Core Laboratories NV
N22717107
Corning inc.
219350105
688278100
Corus Entertainment inc., classe B
220874101
Costco
Wholesale Corp.
22160K105
Covidien
G2554F113plc
Crédit Agricole SA
FR0011872084
Credit
Suisse Group AG
717158901
Cree
inc.
225447101
Crescent Point Energy Corp.
22576C101
Crew Energy inc.
226533107
CRH plc
418224002
Croda International plc
023352008
Crown Castle International Corp.
228227104
Crown Holdings inc.
228368106
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
235851102Corp.
Danone
FR0011872134
Danske Bank AS
458882909
Dassault Systèmes SA
FR0000130650
DaVita HealthCare Partners inc.
23918K108
DBS Group Holdings Ltd
617520903
Deere & Co.
244199105
Delek Group Ltd
621964907
Delhaize Group SA
426211009
Delphi Automotive plc
G27823106
Delta Air Lines inc.
247361702
Denbury Resources inc.
247916208
Denso Corp.
664038007
Detour Gold Corp.
250669108
Deutsche
575035902 Bank AG
Deutsche Boerse AG
702196908
Deutsche Post AG
461785909
7
123 336
1 695
2 234
16 600
406
575
3 400
299
486
62 800
3 769
5 442
72 400
4 183
4 317
5 300
149
484
5 860
1 032
1 434
3 368
457
865
1 900
122
290
1 800
238
312
105 300
1 938
2 431
121 070
1 038
975
23 500
575
588
23 700
2 055
2 984
15 522
1 046
1 232
37 018
631
627
42 267
1 255
1 363
9 500
590
495
133 500
5 080
5 916
38 500
222
400
19 459
454
580
5 487
196
263
21 200
1 280
1 766
3 900
136
207
28 236
1 780
2 012
30 900
804
985
5 600
694
927
41 200
2 037
3 501
12 000
78
118
53 500
946
985
14 600
688
944
53 602
4 110
5 525
7 000
718
823
57 000
1 110
1 159
67 000
561
586
17 900
1 150
1 522
18 463
1 185
1 494
25 849
530
784
4 615
637
636
18 500
1 342
1 418
154 517
2 176
2 258
11 200
1 014
1 107
484
137
222
4 065
301
314
15 519
922
1 163
3 800
165
165
15 100
277
276
15 500
676
771
40 150
752
416
28 288
1 361
1 243
6 569
439
544
28 830
753
1 158
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Deutsche Telekom AG
DE000A11Q182
Devon Energy Corp.
25179M103
DEXUS Property Group
AU000000DXS1
DH Corp.
23290R101
Diageo plc
023740905
Diamond Offshore Drilling inc.
25271C102
DIRECTV
25490A309
Discover Financial Services
254709108
Discovery Communications inc., classe A
25470F104
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
25746U109Resources inc.
Dorel Industries inc., classe B
25822C205
Dover Corp.
260003108
Dow
Chemical Co.
260543103
Dr Pepper Snapple Group inc.
26138E109
Dream Office Real Estate Investment Trust
26153P104
DTE Energy Co.
233331107
Duke Energy Corp.
26441C204
Dundee Bancorp inc.
264901109
E.I. du Pont de Nemours and Co.
263534109
E.ON SE
494290901
East Japan Railway Co.
629854902
Eastman Chemical Co.
277432100
Eaton Corp. plc
G29183103
eBay
inc.
278642103
Ecolab
inc.
278865100
Edenred
FR0011870906
Edison International
281020107
EDP - Energias de Portugal SA
410359905
Eisai
Co. Ltd
630720001
Eldorado Gold Corp.
284902103
Electric Power Development Co. Ltd
B02Q32903
Électricité de France SA
B0NJJ1901
Electrolux AB
SE0000103814
Electronic Arts inc.
285512109
Element Financial Corp.
286181201
Eli Lilly & Co.
532457108
Elisa OYJ
570151902
EMC
Corp
268648102
Emera
inc.
290876101
Emerson
291011104Electric Co.
Empire Co. Ltd, classe A
291843407
Ems-Chemie Holding AG
763561909
Enagas SA
738307909
Enbridge
29250N105inc.
Enbridge Income Fund Holdings inc.
29251R105
8
74 679
1 091
1 358
10 600
773
851
662 896
747
747
25 270
635
820
206 625
5 919
7 222
8 500
572
471
15 700
991
1 400
16 700
825
1 060
8 200
666
684
6 600
402
419
51 496
428
513
29 070
488
593
41 500
2 455
2 415
22 200
1 188
1 275
25 540
1 970
2 334
67 340
984
957
70 200
4 735
5 200
8 730
350
360
7 400
602
700
66 600
2 491
3 762
27 800
1 248
1 742
31 320
1 054
911
5 000
249
413
96 000
6 970
7 410
15 980
376
258
54 300
2 959
4 078
45 835
1 631
965
22 900
1 808
1 893
5 000
194
479
13 900
956
1 110
40 600
2 245
2 231
44 100
4 550
5 229
21 748
733
740
8 300
348
497
75 436
288
388
65 200
2 723
2 893
323 840
2 968
2 011
4 800
166
154
6 020
370
230
11 873
284
324
11 100
255
422
61 460
767
838
66 300
3 910
4 301
29 370
881
950
61 500
1 573
1 770
36 870
1 288
1 254
38 100
2 363
2 761
18 780
1 348
1 226
2 928
1 159
1 182
7 595
186
242
319 510
12 504
16 442
11 450
271
314
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Encana Corp.
292505104
Enel Green Power SPA
B4TWTW909
Enel
SPA
714456902
Enerflex
29269R105Ltd
Energen Corp.
29265N108
Energizer Holdings inc.
29266R108
Enerplus Corp.
292766102
ENI SPA
714505906
Ensco plc, classe A
G3157S106
Ensign Energy Services inc.
293570107
Entergy Corp.
29364G103
EOG Resources inc.
26875P101
EQT
Corp.
26884L109
Equinix
inc.
29444U502
Equity
Residential
29476L107
Ericsson LM, classe B
595937905
Erste Group Bank AG
AT0000652011
Essilor
International
721247906
European
401225909 Aeronautic Defence and Space Co. NV
Eutelsat Communications SA
FR0010221234
Everest Re Group Ltd
BMG3223R1088
Exelon Corp.
30161N101
Expedia inc.
30212P303
Expeditors International of Washington inc.
302130109
Experian plc
B19NLV907
Express Scripts Holdging Co.
30219G108
Exxon Mobil Corp.
30231G102
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
Fiat SPA
IT0001976403
Fidelity National Information Services inc.
31620M106
Fifth Third Bancorp
316773100
Financière Sun Life inc.
866796105
Finning International inc.
318071404
First Capital Realty inc.
31943B100
First Majestic Silver Corp.
32076V103
First Pacific Co. Ltd
BMG348041077
First
Quantum Minerals Ltd
335934105
FirstEnergy
337932107 Corp.
Fiserv inc.
337738108
Fletcher Building Ltd
634160907
Flextronics International Ltd
SG9999000020
Flowserve Corp.
34354P105
Fluor Corp.
343412102
FMC Corp.
302491303
9
221 270
5 244
68 845
152
5 585
210
192 760
1 130
1 186
43 120
555
704
3 000
155
278
2 500
187
315
66 310
1 506
1 630
135 363
3 599
3 749
19 800
1 141
1 130
32 360
485
524
5 200
431
425
14 600
703
1 677
13 900
1 315
1 613
3 000
627
647
25 700
1 547
1 725
186 780
2 406
2 544
8 062
300
304
19 203
2 189
2 193
36 076
2 372
2 812
3 014
104
115
7 500
1 251
1 303
22 400
1 129
892
3 200
213
254
6 700
292
331
39 654
760
748
26 225
1 738
2 035
167 800
13 269
18 302
50 000
1 410
3 436
6 970
2 996
3 380
28 800
1 982
1 833
22 700
1 073
1 057
12 700
2 074
2 346
1 700
602
608
10 000
537
528
12 100
1 526
1 570
9 500
951
1 483
33 413
437
379
22 500
1 074
1 321
33 500
626
751
184 240
5 697
6 762
60 770
1 474
1 772
60 710
1 101
1 131
30 050
569
273
262 000
286
321
216 880
4 092
4 948
12 100
612
443
29 400
1 584
1 915
28 205
173
233
28 000
286
308
4 200
360
336
5 500
468
448
10 300
598
856
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
FMC Technologies inc.
30249U101
Foncière des Régions
FR0000064578
Fonds de placement immobilier Cominar
199910100
Ford
Motor Co.
345370860
Forest Laboratories inc.
345838106
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
Copper & Gold inc.
35671D857
Fresenius
Medical
Care
AG & Co. KGaA
512907908
Fresenius
SE
&
Co.
KGaA
435209903
Fresnillo plc
B2QPKJ909
Frontier Communications Corp.
35906A108
Fuchs Petrolub SE
435435003
Fugro NV
NL0010730438
Fuji Heavy Industries Ltd
635640006
FUJIFILM Holgings Corp.
635652001
Fujitsu Ltd
635694003
Galaxy Entertainment Group Ltd
HK0027032686
Galp Energia SGPS, SA
B1FW75903
Gas Natural SDG, SA
565042900
GDF Suez
B0C2CQ902
GEA Group AG
DE0006602006
Geberit AG
B1WGG9901
Gemalto NV
019223973
General Dynamics Corp.
369550108
General
369604103Electric Co.
General Growth Properties inc.
370023103
General
370334104Mills inc.
General Motors Co.
37045V100
Genuine Parts Co.
372460105
Genworth MI Canada inc.
37252B102
George
961148509Weston Ltd
Gibson Energy inc.
374825206
Gilead Sciences inc.
375558103
Givaudan SA
598061901
Glaxosmithkline plc
092528900
Global Logistic Properties Ltd
SG2C26962630
Goldcorp inc.
380956409
Golden Agri-Resources Ltd
616447900
Goldman
38141G104Sachs Group inc.
Google inc., classe A
38259P508
Google inc., classe C
38259P706
GPT Group
AU000000GPT8
Gran Tierra Energy inc.
38500T101
Granite Real Estate Investment Trust
387437114
Great-West
39138C106 Lifeco inc.
Groupe TMX Limitée
87262K105
GungHo Online Entertainment inc.
JP3235900002
10
14 000
568
883
4 375
393
475
38 150
844
718
104 200
1 724
1 859
689
6 700
514
166 871
840
742
63 900
2 098
2 078
9 210
261
244
97 390
4 642
4 899
13 300
704
796
12 460
229
326
28 900
1 095
1 066
39 363
2 899
2 829
5 433
727
877
100 086
1 618
1 467
40 400
318
253
4 588
398
469
7 655
472
480
25 500
594
732
18 900
416
530
60 000
259
441
234 000
2 033
2 031
55 789
972
1 075
16 461
340
509
37 045
1 291
1 124
5 863
299
274
1 808
465
648
2 302
297
272
9 700
778
1 244
265 200
6 542
7 709
24 700
524
638
138 100
7 352
8 224
36 000
1 359
1 349
16 700
1 461
1 563
14 750
403
566
19 110
1 609
1 505
32 250
762
1 010
41 400
2 338
3 644
3 289
5 323
5 829
261 069
7 247
7 613
127 000
295
306
446 820
14 743
11 314
872 000
470
434
11 500
1 922
1 986
9 300
4 392
5 750
8 000
3 578
4 857
455 526
1 718
1 791
80 800
597
625
15 360
579
609
77 740
2 275
2 255
7 630
370
435
17 800
158
127
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
H&R Real Estate Investment Trust
404428203
Hamamatsu Photonics KK
JP3771800004
Hang Lung Properties Ltd
603050006
Hang
Seng Bank Ltd
640837001
Hankyu Hanshin Holdings inc.
377420000
Hargreaves Lansdown plc
030166469
Harley-Davidson inc.
412822108
HCA Holdings inc.
40412C101
HCP inc.
40414L109
Health Care REIT inc.
42217K106
HeidelbergCement AG
512067901
Heineken Holding NV
B0CCH4904
Heineken
779255900 NV
Helmerich & Payne inc.
423452101
Henkel
AG & Co. KGaA
500246905
Hennes
568743900& Mauritz AB, classe B
Henry Schein inc.
806407102
Herbalife Ltd
G4412G101
Hertz Global Holdings inc.
42805T105
Hess Corp.
42809H107
Hewlett-Packard Co.
428236103
Hikari Tsushin inc.
6416322
Hirose Electric Co. Ltd
JP3799000009
Hisamitsu Pharmaceuticals Co. inc.
JP3784600003
Hitachi Chemical Co. Ltd
642912000
Hitachi Construction Machinery
JP3787000003
Hitachi High-Technologies Corp.
JP3678800008
Hitachi
Ltd
642910004
Hitachi
Metals Ltd
642920003
HKT
Trust
B4TXDZ907and HKT Ltd
Holcim Ltd
711075903
HollyFrontier Corp.
436106108
Home Capital Group inc.
436913107
Home
Depot inc.
437076102
Honda
Motor Co. Ltd
643514003
Honeywell
438516106 International inc.
Hong Kong & China Gas Co. Ltd
643655004
Hong Kong Exchanges & Clearing Ltd
626735906
Hormel Foods Corp.
440452100
Host Hotels & Resorts inc.
44107P104
Hoya Corp.
644150005
HRS Holding Ltd
3397334
HSBC Holdings plc
054052907
HudBay Minerals inc.
443628102
Humana inc.
444859102
Husky
Energy inc.
448055103
Hutchison
Post Holdings Trust
SG2D00968206
Hutchison
644806002 Whampoa Ltd
I.L.F. Ltd, série 01 2008, classe B
ILF200801
IAMGOLD Corp.
450913108
Iberdrola SA
B288C9908
Ibiden Co. Ltd
JP3148800000
11
74 340
1 698
1 729
10 600
526
555
206 000
730
708
294 900
5 139
5 274
104 000
625
626
8 278
211
184
10 100
574
778
10 800
436
620
16 600
821
751
11 300
795
776
7 309
484
684
8 441
511
605
18 062
1 152
1 384
4 300
220
509
18 721
1 409
2 206
27 272
987
1 254
15 700
2 047
2 036
7 000
419
493
12 700
332
406
8 800
556
872
107 500
2 987
3 904
2 600
225
225
1 900
287
295
9 400
467
413
13 200
196
222
14 100
300
283
6 300
161
154
146 000
1 031
1 066
138
9 000
108
465 000
538
542
12 673
946
1 203
5 900
196
312
21 780
630
1 062
50 300
4 084
4 379
49 500
1 971
1 876
20 800
1 692
2 100
576 400
1 274
1 512
42 849
748
868
51 900
2 637
2 768
35 800
656
856
46 200
1 147
1 552
3 213
758
769
1 089 636
12 490
12 485
48 720
451
466
5 000
416
676
85 790
2 321
3 138
410 000
300
332
67 000
735
974
739
741
390
98 590
994
324
112 753
831
878
9 300
202
184
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
IGM Financial inc.
449586106
Iliad SA
775943905
Illinois Tool Works inc.
452308109
Illumina inc.
452327109
Iluka Resources Ltd
695757005
Imerys SA
B011GL903
IMMOFINANZ AG
AT0000809058
Imperial Oil Ltd
453038408
Incitec Pivot Ltd
667304901
Inditex SA
711131904
Industrielle Alliance, Assurance et services financiers inc.
455871103
Industrivarden AB
SE0000107203
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
45822P105Energy Group inc.
Intel Corp.
458140100
Inter Pipeline Ltd
45833V109
InterContinental Hotels Group plc
B85KYF903
IntercontinentalExchange Group inc.
45866F104
International Business Machines Corp.
459200101
International Flavors & Fragrances inc.
459506101
International Paper Co.
460146103
Intertek
316383900Group plc
Intesa Sanpaolo
407683002
Intuit
inc.
461202103
Intuitive
Surgical inc.
46120E602
Invesco
Ltd
G491BT108
Investec
plc
GB00B17BBQ50
Investment
AB Kinnevik, classe B
SE0000164626
Investor
AB,
567959903 classe B
Israel Chemicals Ltd
645553900
Isuzu Motors Ltd
JP3137200006
Itochu Corp.
646780007
Itochu Techno-Solutions Corp.
JP3143900003
ITV plc
GB0033986497
J Sainsbury plc
B019KW907
James Hardie Industries plc
641297908
Japan Exchange Group inc.
018949717
Japan Prime Realty Investment Corp.
JP3040890000
Japan
Real Estate Investment Corp.
JP3027680002
Japan
Retail Fund Investment Corp.
JP3039710003
Jardine
Cycle & Carriage Ltd
SG1B51001017
JB
Hunt
445658107Transport Services inc.
Jeronimo Martins SGPS, SA
B1Y1SQ901
JFE Holdings inc.
654379908
JGC Corp.
JP3667600005
Johnson
478160104& Johnson
12
26 320
1 281
1 350
5 321
1 501
1 849
13 200
960
1 241
3 800
499
652
46 405
566
407
1 352
84
123
57 304
238
220
73 530
3 035
3 925
63 353
235
176
6 752
881
1 061
27 220
1 075
1 132
13 616
291
297
23 053
303
310
108 308
1 047
1 649
10 800
646
702
18 124
192
241
30 500
443
477
103 138
590
619
79 770
5 202
5 711
6 100
382
383
429 200
11 871
12 732
154 690
3 799
4 896
21 105
638
904
3 359
622
716
38 300
8 279
7 667
6 100
457
658
7 600
217
392
32 195
1 726
1 710
372 992
724
1 358
30 800
2 215
2 652
1 200
618
482
15 400
538
613
34 090
304
321
3 794
164
164
17 158
514
732
47 350
491
452
46 000
290
304
62 500
840
801
9 500
437
424
48 793
163
162
64 766
416
408
17 527
126
254
10 600
304
272
255
940
993
233
1 334
1 449
662
1 581
1 570
8 000
318
302
7 800
612
658
58 227
1 012
1 081
15 700
448
323
8 000
308
249
146 000
13 743
15 988
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Johnson Controls inc.
478366107
Johnson Matthey plc
B70FPS903
JPMorgan
46625H100 Chase & Co.
JSR Corp.
647098003
Juniper Networks inc.
48203R104
Just Energy Group inc.
48213W101
JX Holdings inc.
B627LW906
K+S AG
ACI00RQT4
Kabel Deutschland Holding AG
DE000KD88880
Kakaku.com inc.
JP3206000006
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
KBR
inc.
48242W106
KDDI
Corp.
624899902
Keikyu
Corp.
JP3280200001
Keio
Corp.
JP3277800003
Kellogg Co.
487836108
Keppel Corp. Ltd
B1VQ5C905
Keppel Land Ltd
SG1R31002210
Kering
550507909
Kerry Group plc, classe A
451957906
Kerry Properties Ltd
BMG524401079
Keuring Green Mountain inc.
49271M100
Keyence
649099009Corp.
Keyera Corp.
493271100
Kikkoman
649080009 Corp.
Kimberly-Clark Corp.
494368103
Kinder Morgan inc.
49456B101
Kinder Morgan Management LLC
49455U100
Kingfisher plc
331952903
Kinross
496902404Gold Corp.
Kirin Holdings Co. Ltd
649374006
KLA-Tencor Corp.
482480100
Kobe Steel Ltd
649602000
Kohl's Corp.
500255104
Komatsu Ltd
649658002
Kone OYJ, classe B
B09M9D905
Koninklijke Ahold NV
525260907
Koninklijke Boskalis Westminster NV
NL0000852580
Koninklijke DSM NV
025328825
Koninklijke KPN NV
595607904
Koninklijke
Philips NV
NL0010730446
Kraft
Foods
50076Q106 Group inc.
Kroger Co.
501044101
Kubota Corp.
649750007
Kuehne
+ Nagel International AG
B142S6906
Kuraray
649766003Co. Ltd
Kyocera Corp.
649926003
13
20 000
776
8 169
242
1 048
478
98 000
5 552
5 907
7 500
155
137
10 000
273
265
56 380
401
342
74 000
456
418
13 957
668
526
559
86
86
10 000
201
190
74 000
786
723
22 200
485
222
25 000
324
425
5 000
563
583
41 100
1 414
1 764
12 401
836
801
9 600
286
253
30 300
1 264
1 948
68 000
631
591
79 000
609
621
53 900
3 567
4 033
98 000
856
902
105 000
311
316
4 377
988
1 051
13 462
912
1 106
59 000
215
211
3 500
252
428
3 700
1 408
1 559
23 200
781
1 701
7 000
83
151
46 200
4 831
5 615
72 709
2 525
2 633
43 927
3 348
3 432
99 238
550
708
598 360
5 216
2 435
35 000
507
538
6 100
468
434
184 000
386
275
9 100
487
538
49 900
1 335
1 180
17 227
783
770
37 277
528
736
4 955
300
307
8 779
475
687
106 426
517
427
53 656
1 627
1 841
18 300
806
1 179
17 200
441
892
37 000
581
547
12 190
1 606
1 784
14 400
179
187
25 900
1 341
1 251
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Kyowa Hakko Kirin Co. Ltd
JP3256000005
Kyushu Electric Power Co. inc.
649980000
L Brands inc.
501797104
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 inc.
626691901
Le Groupe Jean Coutu (PJC) inc., classe A
47215Q104
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
527288104 National Corp.
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
Lightstream Resources Ltd
53227K101
Linamar Corp.
53278L107
Linde AG
574081907
Lindt
& Spruengli AG-PC
596228908
Lindt
& Spruengli AG-REG
596230904
Linear
Technology Corp.
535678106
LinkedIn
53578A108Corp., classe A
LKQ Corp.
501889208
Lloyds
Banking Group plc
087061008
Loblaw
Companies Ltd
539481101
Lockheed
539830109 Martin Corp.
Loews Corp.
540424108
Lonza Group AG
733337901
L'Oreal SA
405780909
Lowe's Cos inc.
548661107
Lundin Mining Corp.
550372106
Lundin Petroleum AB
718762909
Luxottica Group SPA
IT0001479374
LVMH Moet Hennessy Louis Vuitton SA
406141903
LyondellBasell Industries NV, classe A
N53745100
M&T Bank Corp.
55261F104
M3 inc.
019947980
Mabuchi Motor Co. Ltd
JP3870000001
MacDonald Dettwiler & Associates Ltd
554282103
Macquarie Group Ltd
B28YTC906
Macy's inc.
55616P104
Magna
International inc.
559222401
MAN
SE
DE0005937007
14
56 000
655
737
18 000
374
215
10 200
530
630
403 320
24 016
28 059
19 000
2 024
2 117
16 680
509
468
13 671
1 063
1 283
6 900
419
464
39 910
587
776
6 854
522
527
34 300
2 452
2 849
26 300
1 975
2 046
25 020
434
588
41 910
269
356
186 692
530
783
4 700
153
247
10 298
525
709
31 640
1 377
1 867
16 100
517
448
5 900
131
279
144 000
244
226
16 117
1 232
788
6 573
51
305
3 700
478
511
54 450
731
418
14 260
417
857
4 572
622
1 036
639
3 360
3 416
13
663
821
6 000
321
301
3 300
555
572
4 800
154
144
1 491 911
1 682
2 115
75 859
3 654
3 465
8 300
903
1 475
11 900
560
556
4 348
483
508
6 590
844
1 249
30 000
1 311
1 533
130 970
589
745
8 971
220
191
7 079
440
439
15 687
2 946
3 391
12 100
471
1 308
4 900
536
645
25 600
461
432
1 700
123
136
11 040
797
978
10 353
472
628
12 300
617
798
65 900
4 756
7 308
9 463
1 295
1 282
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Manitoba Telecom Services inc.
563486109
Manulife Financial Corp.
56501R106
Mapfre SA
ES0124244E34
Marathon Oil Corp.
565849106
Marathon Petroleum Corp.
56585A102
Marks & Spencer Group plc
312748908
Marriott International inc., classe A
571903202
Marsh & McLennan Cos inc.
571748102
Martin Marietta Materials inc.
573284106
Marubeni Corp.
656946001
Marvell Technology Group Ltd
BMG5876H1051
MasterCard
57636Q104 inc., classe A
Mattel inc.
577081102
Maxim Integrated Products inc.
57772K101
Mazda Motor Corp.
690030002
McCormick
579780206 & Co. inc.
McDonald's Corp.
580135101
McDonald's Holdings Co. Japan Ltd
JP3750500005
McGraw Hill Financial inc.
580645109
McKesson
58155Q103 Corp.
MDU Resources Group inc.
552690109
Mead Johnson Nutrition Co.
582839106
MeadWestvaco Corp.
583334107
Medtronic inc.
585055106
MEG Energy Corp.
552704108
MEIJI Holdings Co. Ltd
B60DQV902
Merck & Co. inc.
58933Y105
Merck KGaA
DE0006599905
Metcash Ltd
B0744W900
Methanex
59151K108 Corp.
MetLife inc.
59156R108
Metro AG
504141904
Metro
inc.
59162N109
Metso
OYJ
FI0009007835
Mettler-Toledo
International inc.
592688105
MGM
China
Holdings
Ltd
KYG607441022
MGM Resorts International
552953101
Michael Kors Holdings Ltd
VGG607541015
Microchip Technology inc.
595017104
Micron Technology inc.
595112103
Microsoft Corp.
594918104
Millicom International Cellular SA
B00L2M903
Miraca Holdings inc.
JP3822000000
Mitsubishi Chemical Holdings Corp.
B0JQTJ900
Mitsubishi
659678007 Corp.
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
15
20 280
727
654
548 270
9 063
10 883
64 919
306
287
20 100
543
798
823
8 500
320
67 936
506
556
16 600
727
1 109
46 300
2 134
2 524
1 800
167
240
94 000
693
696
26 000
448
439
34 900
2 067
2 892
15 100
703
636
15 800
570
587
118 000
503
553
44 100
3 181
3 462
92 500
9 713
10 188
21 000
619
645
8 700
492
772
12 100
1 596
2 492
6 700
193
246
20 800
1 582
2 021
4 600
115
202
58 200
3 311
3 849
45 880
1 847
1 734
6 700
407
458
156 900
8 446
9 839
298
1 602
299
36 630
140
106
29 720
1 123
1 839
26 400
1 216
1 457
5 287
339
240
32 120
2 227
2 151
5 602
200
237
1 100
285
293
68 400
268
258
12 100
339
339
5 800
521
594
8 300
437
428
86 900
1 532
2 696
241 800
8 764
10 749
6 139
641
616
18 300
894
934
56 000
317
250
55 000
1 019
1 178
65 000
650
819
38 000
977
1 000
37 000
247
234
104 000
674
657
74 000
267
245
25 500
295
282
54 500
841
859
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Mitsubishi UFJ Financial Group
633517909
Mitsui & Co. Ltd
659730006
Mitsui Fudosan Co. Ltd
659760003
Mizrahi Tefahot Bank Ltd
IL0006954379
Mizuho Financial Group inc.
659101901
Molson Coors Brewing Co., classe B
60871R209
Mondelez International inc., classe A
609207105
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
529412900 Rueckver AG
Mullen Group Ltd
625284104
Murata
Manufacturing Co. Ltd
661040006
Murphy
626717102Oil Corp.
Mylan inc.
628530107
Nabors Industries Ltd
G6359F103
Nagoya Railroad Co. Ltd
JP3649800004
National Australia Bank Ltd
662460005
National Grid plc
B08SNH908
National Oilwell Varco inc.
637071101
Nec Corp.
JP3733000008
Neste Oil OYJ
B06YV4907
Nestlé SA
712387901
NetApp inc.
64110D104
Netflix inc.
64110L106
Nevsun Resources Ltd
64156L101
New
Gold inc.
644535106
New
World Development Co. Ltd
HK0017000149
Newcrest
663710002 Mining Ltd
Newmont Mining Corp.
651639106
News Corp., classe A
65249B109
Nexon Co. Ltd
070973251
Next plc
320898901
NextEra Energy inc.
65339F101
NGK SPARK PLUG Co. Ltd
JP3738600000
NICE Sytems Ltd
IL0002730112
Nidec Corp.
JP3734800000
Nielsen Holdings 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
16
359 200
2 211
2 193
58 900
789
968
27 000
787
928
20 143
296
295
673 900
1 348
1 417
6 100
293
435
186 927
6 708
7 613
5 600
287
422
7 300
498
678
40 500
1 096
1 354
41 000
2 816
3 001
20 300
535
521
476 000
1 944
1 950
1 203
4 996
965
25 510
513
742
14 600
1 219
1 342
10 300
680
681
12 100
493
654
8 200
210
233
199 000
762
760
64 739
1 922
2 183
238 081
2 934
3 857
11 200
628
994
101 000
341
336
6 262
180
139
298 993
21 083
25 496
13 200
514
530
1 600
372
726
70 560
321
255
269 430
1 854
1 544
252 000
279
312
21 669
651
213
162 400
4 775
4 031
1 275
21
24
7 900
72
75
9 879
829
1 194
40 600
3 501
4 292
1 000
30
30
19 494
935
823
11 000
614
695
12 900
454
676
40 900
2 850
3 415
16 300
291
280
3 600
376
452
264
1 602
1 677
31 000
176
168
15 000
258
316
423
948
1 000
221 000
673
675
52 300
2 877
3 365
9 000
192
365
83 200
939
814
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Nisshin Seifun Group inc.
664096005
Nissin Foods Holdings Co. Ltd
664176005
Nitori Co. Ltd
JP3756100008
Nitto Denko Corp.
664180007
NKSJ Holdings inc.
B62G7K908
Noble Corp.
H5833N103
Noble Energy inc.
655044105
NOK Corp.
JP3164800009
Nokia OYJ
590294906
Nokian Renkaat OYJ
FI0009005318
Nomura Holdings inc.
664310000
Nomura Research Institute Ltd
JP3762800005
Nordea Bank AB
538003906
Norfolk Southern Corp.
655844108
Norsk Hydro ASA
B11HK3901
Northeast Utilities
664397106
Northern Property Real Estate Investment Trust
665624110
Northern Trust Corp.
665859104
Northland Power inc.
666511100
Northrop Grumman Corp.
666807102
Novagold Resources inc.
66987E206
Novartis AG
710306903
Novo Nordisk AS, classe B
707752903
Novozymes AS, classe B
B798FW902
NRG Energy inc.
629377508
NTT DOCOMO inc.
612927905
Nucor Corp.
670346105
NuVista Energy Ltd
67072Q104
NVIDIA Corp.
67066G104
Occidental
674599105 Petroleum Corp.
OceanaGold Corp.
675222103
Oceaneering International inc.
675232102
OCI NV
NL0010558797
Odakyu
665610002Electric Railway Co. Ltd
OGE Energy Corp.
670837103
Oji Holdings Corp.
665770004
Olam International Ltd
B05Q3L908
Old Mutual plc
B77J08909
Omnicom Group inc.
681919106
OMV AG
465145001
Oneok inc.
682680103
Onex Corp.
68272K103
Ono Pharmaceutical Co. Ltd
JP3197600004
Open
Text Corp.
683715106
Oracle
Corp.
68389X105
Oracle
Corp. Japan
JP3689500001
Orange
517617908SA
O'Reilly Automotive inc.
67103H107
Orica Ltd
645800004
Oriental
664889904Land Co. Ltd
Origin Energy Ltd
621486901
Orix Corp.
666114004
17
8 800
92
111
30 400
1 486
1 604
19 700
938
1 049
10 700
499
536
15 200
364
458
19 200
724
654
20 400
1 017
1 585
8 400
151
168
277 095
1 481
2 430
252
5 482
247
134 200
1 040
955
30 500
1 075
1 110
85 907
1 105
1 378
9 100
725
996
36 835
245
217
11 900
431
586
13 540
396
369
8 800
531
577
25 900
460
461
7 900
672
1 043
214 400
1 092
693
138 523
11 472
13 494
96 281
3 455
4 415
64 193
2 876
3 387
10 100
272
390
279 900
4 808
5 039
9 400
423
516
42 000
290
466
27 100
537
559
42 300
3 608
4 570
248 470
661
636
5 500
319
430
5 802
291
240
118 000
1 199
1 149
13 600
514
541
33 000
167
151
86 000
174
174
509 642
1 770
1 875
9 500
608
734
11 996
606
535
6 700
197
469
24 710
1 230
1 666
5 300
500
440
36 140
1 356
1 826
99 400
3 493
4 523
13 800
685
676
53 896
1 244
979
13 000
1 810
2 088
11 242
243
222
20 900
3 337
3 779
37 606
488
573
42 800
605
736
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
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
Owens-Illinois inc.
690768403
PACCAR inc.
693718108
Pacific Rubiales Energy Corp.
69480U206
Pall Corp.
696429307
Pan American Silver Corp.
697900108
Panasonic Corp.
657270005
Pandora AS
DK0060252690
Paramount Resources Ltd, classe A
699320206
Park24 Co. Ltd
007429126
Parker Hannifin Corp.
701094104
Parkland Fuel Corp.
70137T105
PartnerRe Ltd
BMG6852T1053
Partners
Group Holding AG
CH0024608827
Pason
Systems
inc.
702925108
Patterson Cos inc.
703395103
Paychex inc.
704326107
PCCW Ltd
657407904
Peabody Energy Corp.
704549104
Pearson plc
067760009
Pembina Pipeline Corp.
706327103
Pengrowth Energy Corp.
70706P104
Penn West Petroleum Ltd
707887105
Pentair Ltd
H6169Q108
People's
712704105United Financial inc.
Pepco Holdings inc.
713291102
Pepsico
713448108inc.
Pernod Ricard SA
468232004
Perrigo Co.
714290103
Petrofac Ltd
B0H2K5904
PetSmart inc.
716768106
Peugeot SA
FR0000121501
Peyto Exploration & Development Corp.
717046106
Pfizer inc.
717081103
PG&E Corp.
69331C108
Pharmacyclics inc.
716933106
Phillips 66
718546104
Pinnacle West Capital Corp.
723484101
Pioneer Natural Resources Co.
723787107
Pirelli & C. SPA
IT0004623051
PNC
Financial Services Group
693475105
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
18
31 026
262
298
333 000
1 371
1 440
6 159
300
339
5 100
732
758
90 800
3 016
2 780
485 000
4 073
4 071
3 500
95
126
11 700
648
804
108 470
2 316
2 295
3 000
296
276
39 100
801
522
63 700
512
741
1 953
156
154
13 640
442
778
29 500
621
605
5 200
536
707
21 190
325
453
6 000
682
699
4 274
1 321
1 211
22 180
382
654
15 200
646
646
102 800
4 602
4 582
794 000
439
470
10 800
458
189
29 467
570
627
132 880
4 130
5 688
183 170
1 658
1 255
151 480
2 545
1 525
7 900
475
639
84 600
1 385
1 319
9 100
178
272
114 700
9 076
10 984
16 788
1 875
2 237
7 896
1 081
1 185
27 044
612
621
10 900
828
680
11 356
175
175
45 480
1 003
1 746
271 000
7 736
8 695
62 300
2 862
3 098
2 100
301
202
15 300
502
1 409
4 300
188
255
3 800
265
867
17 243
302
316
15 300
1 135
1 417
6 592
558
764
2
51 406
51 051
251 540
10 250
9 896
270 000
2 411
2 549
93 400
2 721
2 725
63 500
1 994
2 071
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
PPG Industries inc.
693506107
PPL Corp.
69351T106
Praxair inc.
74005P104
Precision Castparts Corp.
740189105
Precision Drilling Corp.
74022D308
Priceline.com inc.
741503403
Principal Financial Group inc.
74251V102
Progressive Waste Solutions Ltd
74339G101
Prologis inc.
74340W103
Prudential Financial inc.
744320102
Prudential plc
070995006
Prysmian SPA
IT0004176001
Public Service Enterprise Group inc.
744573106
Public
Storage
74460D109
Publicis
438042905Groupe SA
QBE Insurance Group Ltd
671574002
Q-BLK
QBLK16 Strategic Partners, inc., série 1, classe I 2014
Q-BLK Strategic Partners, inc., série 3, classe I 2013
QBLK15
QBLK10
QBLK12
QBLK11
QEP Resources inc.
74733V100
QUALCOMM inc.
747525103
Quebecor inc., classe B
748193208
Quest Diagnostics inc.
74834L100
Rackspace Hosting inc.
750086100
Raiffeisen Bank International
AT0000606306
Rakuten inc.
39672000
Ralph Lauren Corp.
751212101
Ramsay Health Care Ltd
AU000000RHC8
Randgold
B01C3S908Resources Ltd
Range Resources Corp.
75281A109
Raytheon Co.
755111507
Reckitt
Benckiser Group plc
B24CGK904
Red
Electrica
572377901 Corp. SA
Red Hat inc.
756577102
Reed Elsevier plc
B2B0DG904
Regeneron Pharmaceuticals inc.
75886F107
Regions Financial Corp.
7591EP100
Rémy Cointreau SA
474171006
RenaissanceRe Holdings Ltd
BMG7496G1033
Renault SA
471279901
Repsol SA
566935904
Republic Services inc.
760759100
Resona Holdings inc.
642155907
Rexam plc
GB00BMHTPY25
Rio
Tinto Ltd
622010007
Rio
Tinto plc
071887004
RioCan
766910103Real Estate Investment Trust
Roche Holding AG
711038901
Rock Tenn Co., classe A
772739207
Rockwell Automation inc.
773903109
19
3 800
309
832
54 600
1 853
2 077
39 500
5 069
5 672
4 600
1 016
1 264
83 010
770
1 166
1 600
1 325
2 221
13 600
534
690
37 850
904
1 062
19 800
827
892
12 900
926
1 148
73 530
1 300
1 855
10 838
299
273
27 300
991
1 153
16 200
2 894
3 025
8 575
628
804
36 222
575
415
19 974
22 058
22 222
96
98
116
1 097
1 043
1 470
164
171
213
305
229
227
7 200
232
249
205 800
16 539
17 967
25 400
592
666
21 000
1 342
1 365
4 700
178
186
7 073
257
256
22 800
315
320
2 800
501
467
9 383
449
447
40 541
3 395
3 217
20 600
1 829
2 080
10 100
693
1 070
64 774
4 960
6 017
4 362
234
399
6 700
410
364
65 921
776
1 142
2 400
590
799
56 700
536
626
4 246
393
428
15 400
1 654
1 742
6 558
522
671
25 628
625
785
15 600
551
599
97 100
457
550
63 162
531
612
31 471
2 013
1 885
93 476
5 367
5 204
105 740
2 866
2 890
29 139
7 912
9 326
1 700
125
186
5 600
509
736
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Rockwell Collins inc.
774341101
Rogers Communications inc., classe B
775109200
Rohm Co. Ltd
JP3982800009
Rolls-Royce
B63H84900 Holdings plc
Rolls-Royce Holdings plc - PFR C
GB00BJFL1R44
RONA inc.
776249104
Roper Industries inc.
776696106
Ross Stores inc.
778296103
Royal Bank of Scotland Group
B7T772907
Royal Dutch Shell plc, classe B
B03MM4906
RSA Insurance Group plc
GB00BKKMKR23
Russel Metals inc.
781903604
RWE AG
476896907
Ryman Healtcare Ltd
NZRYME0001S4
SABMiller
048354906 plc
Safeway inc.
786514208
Safran SA
B058TZ909
Saipem SPA
476876008
Salesforce.com inc.
79466L302
Sampo OYJ, classe A
522603901
SanDisk Corp.
80004C101
Sands China Ltd
B5B23W909
Sandvik AB
B1VQ25903
Sankyo Co. Ltd
JP3326410002
Sanofi
567173901
Santen Pharmaceutical Co. Ltd
JP3336000009
Santos Ltd
677670002
SAP
AG
484628904
Saputo
inc.
802912105
SBA
Communications
Corp., classe A
78388J106
SCANA
Corp.
80589M102
Schindler Holding AG
CH0024638212
Schindler Holding AG - part. cert.
B11TCY906
Schlumberger
Ltd
806857108
Schneider
Electric
SA
483410007
Seadrill
Ltd
B09RMQ900
Seagate Technology plc
G7945M107
Sealed Air Corp.
81211K100
Secom Co. Ltd
679159004
Secure Energy Services inc.
81373C102
Securitas AB, classe B
SE0000163594
Seek Ltd
AU000000SEK6
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
20
2 600
212
223
124 180
5 824
5 441
4 600
226
284
104 524
2 083
1 980
14 006 216
24
25
39 460
410
432
3 900
501
600
16 100
1 096
1 194
67 923
363
429
475 828
17 176
20 545
23 000
202
201
20 670
551
677
12 997
920
564
77 539
642
595
94 528
4 387
5 700
9 900
307
365
10 848
596
800
22 825
725
647
17 500
754
999
12 567
531
689
19 400
1 298
2 032
264 400
1 824
2 092
69 687
1 024
1 079
18 000
831
726
33 042
3 635
3 836
18 100
878
1 057
38 413
483
563
27 467
2 136
2 284
44 360
2 255
2 601
11 700
904
1 287
19 100
986
1 075
6 654
1 081
1 059
2 646
396
437
78 500
6 466
8 867
31 692
2 747
3 240
30 725
1 015
1 259
10 700
480
623
4 600
102
164
43 700
2 570
2 887
48 140
237
938
500
6
6
9 717
166
164
14 900
1 152
1 615
5 300
294
300
56 071
2 040
2 209
24 200
717
1 050
112 300
486
452
9 301
234
333
1 187
3 088
3 230
168 000
297
289
121 000
431
371
127 880
3 069
3 445
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
ShawCor Ltd
820439107
Sherritt International Corp.
823901103
Shikoku Electric Power Co. inc.
680434008
Shimadzu Corp.
JP3357200009
Shimamura Co. Ltd
JP3358200008
Shimano inc.
JP3358000002
Shin-Etsu Chemical Co. Ltd
680458007
Shire plc
B2QKY0906
Shiseido Co. Ltd
680526001
Showa Shell Sekiyu KK
680554003
Siemens AG
572797900
Sigma-Aldrich Corp.
826552101
Sika AG
480808906
Silver
Wheaton Corp.
828336107
Silvercorp
82835P103 Metals inc.
Simon Property Group inc.
828806109
Singapore Airlines Ltd
SG1V61937297
Singapore
Press Holdings Ltd
SG1P66918738
Singapore
Technologies Engineering Ltd
SG1F60858221
Singapore
Telecommunications
Ltd
B02PY2901
SJM Holdings Ltd
HK0880043028
Skandinaviska Enskilda Banken AB, classe A
481334902
SKF AB, classe B
B1Q3J3907
SMC Corp.
676396005
Smith & Nephew plc
092232909
Smiths Group plc
B1WY23900
Snam SPA
725147904
SNC-Lavalin
78460T105 Group inc.
Société BIC SA
FR0000120966
Société
de Diamant Stornoway
86222Q178C
Société
596651901Générale
Sodexo
706271905
Softbank Corp.
677062903
Solvay SA
482110004
Sonic
Healthcare Ltd
AU000000SHL7
Sonova
Holding AG
CH0012549785
Sony Corp.
682150008
Southwestern Energy Co.
845467109
Spectra Energy Corp.
847560109
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
Stantec inc.
85472N109
Staples inc.
855030102
Starbucks
855244109 Corp.
StarHub Ltd
B1CNDB906
Starwood Hotels & Resorts Worldwide inc.
85590A401
State Street Corp.
857477103
21
16 370
492
893
76 290
449
352
7 600
220
106
24 000
223
223
7 400
701
775
2 900
319
325
12 100
669
781
17 585
601
1 093
14 800
289
270
12 400
146
145
41 698
4 934
6 024
18 800
1 823
2 008
148
372
633
240 610
6 134
5 354
40 710
137
71
12 700
2 053
2 296
32 000
294
288
541 000
1 995
1 921
271 000
909
904
1 487 000
4 526
4 997
120 000
373
372
49 422
536
729
26 049
663
726
3 000
613
851
107 022
1 721
2 038
25 427
557
612
57 055
282
364
42 450
1 736
2 212
4 278
621
606
3 571 428
2 500
2 536
21 763
898
1 363
8 621
760
1 007
25 800
750
2 018
4 074
561
715
58 513
1 042
1 035
3 455
562
571
35 000
728
608
20 600
859
1 015
88 300
3 189
3 885
28 108
184
290
86 337
2 190
2 445
10 100
451
712
180 062
4 302
4 403
94 209
583
686
4 800
393
455
7 400
180
191
16 810
801
1 128
12 400
151
151
35 800
2 338
2 841
266 000
922
965
10 000
711
867
12 900
890
902
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Statoil ASA
713360907
Stericycle inc.
858912108
Stockland
AU000000SGP0
Stora Enso OYJ, classe R
507267904
Stryker Corp.
863667101
Subsea 7 SA
525824900
Suez Environnement Co.
B3B8D0900
Sulzer AG
CH0038388911
Sumitomo Chemical Co. Ltd
685856007
Sumitomo Corp.
685894008
Sumitomo Electric Industries Ltd
685870008
Sumitomo Metal Mining Co. Ltd
685884009
Sumitomo
656302908 Mitsui Financial Group inc.
Sumitomo Mitsui Trust Holdings inc.
643189905
Sumitomo Realty & Development Co. Ltd
685890006
Sun
Hung Kai Properties Ltd
HK0000195898
Suncor
Energy inc.
867224107
Suncorp
658508007Group Ltd
Suntory Beverage & Food Ltd
JP3336560002
SunTrust Banks inc.
867914103
Superior Energy Services inc.
868157108
Superior Plus Corp.
86828P103
Suruga Bank Ltd
JP3411000007
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
B083BH906
Swiss
Re AG
ACI00MQT5
Swisscom
553397902 AG
Sydney Airport
AU000000SYD9
Symantec Corp.
871503108
Syngenta
435664909 AG
Synopsys inc.
871607107
Sysco Corp.
871829107
Sysmex Corp.
JP3351100007
T. Rowe Price Group inc.
74144T108
Tahoe Resources inc.
873868103
Taiheiyo Cement Corp.
666020003
Taisei Corp.
JP3443600006
Takeda Pharmaceutical Co. Ltd
687044008
Talisman Energy inc.
87425E103
Target Corp.
87612E106
Tate & Lyle plc
087541009
TDC AS
569879901
TDK Corp.
JP3538800008
TE Connectivity Ltd
H84989104
Technip SA
487416901
Teck
Resources Ltd, classe B
878742204
Tele2
AB, classe B
B97C73904
22
134 776
3 947
4 488
21 900
2 632
2 717
378 245
1 457
1 487
12 969
137
144
10 100
697
927
8 955
208
194
11 008
215
240
2 004
303
324
63 000
321
252
59 500
796
845
33 400
425
487
40 000
560
656
36 800
1 531
1 608
122 000
534
535
14 000
560
652
107 364
1 534
1 594
435 960
13 703
18 193
59 846
755
807
42 922
1 732
1 777
18 400
613
766
6 600
202
237
35 840
430
481
31 000
602
578
16 900
709
647
29 400
756
950
18 267
292
553
16 704
750
923
27 853
695
805
48 500
620
626
21 000
1 674
1 836
10 435
702
1 009
8 542
5 517
5 531
58 149
258
258
22 500
521
536
14 319
5 484
5 990
49 600
2 105
2 073
47 700
1 789
1 941
10 300
364
391
8 900
698
786
21 510
387
484
48 000
101
197
73 000
352
407
84 400
4 166
4 139
304 460
3 987
3 398
53 200
3 684
3 273
19 077
210
241
91 523
869
945
6 200
287
287
13 600
627
876
6 378
576
744
160 480
4 937
3 878
34 127
513
439
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Telecom Corp. of New Zealand Ltd
688143007
Telecom Italia SPA
763439908
Telefonica Deutschland Holding
DE000A1J5RX9
Telefonica
573252905 SA
Telekom Austria AG
463508903
Telenor ASA
473249902
TeliaSonera AB
597838903
Telstra Corp. Ltd
608728903
Telus Corp.
87971M103
Tenaris SA
753851906
Terna - Rete Elettrica Nazionale SPA
B01BN5908
Tesco
plc
088470000
Tesla
Motors
88160T101 inc.
Tesoro Corp.
881609101
Teva
Pharmaceutical Industries Ltd
688217900
Texas
Instruments inc.
882508104
Textron
883203101inc.
The ADT Corp.
00101J106
The
Bank of New York Mellon Corp.
064058100
The
Bank of Yokohama Ltd
JP3955400001
The Boeing Co.
097023105
The Charles Schwab Corp.
808513105
The Chiba Bank Ltd
JP3511800009
The Chugoku Bank Ltd
JP3521000004
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
Mosaic Co.
61945C103
The
North West Co. inc.
663278109
The
Procter
742718109 & Gamble Co.
The Progressive Corp.
743315103
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
Tim
Hortons inc.
88706M103
Time
Warner Cable inc.
88732J207
Time
Warner
887317303 inc.
TJX Cos. inc.
872540109
T-Mobile US inc.
872590104
Tobu
Railway Co. Ltd
689516003
23
76 997
154
191
520 950
817
623
70 126
618
588
287 510
5 644
5 219
15 030
162
159
110 314
2 506
2 841
59 968
437
483
1 116 739
5 553
6 026
217 710
8 070
8 913
35 000
712
851
58 963
231
340
248 686
1 636
1 375
2 400
459
541
4 900
314
299
50 747
2 285
2 763
108 900
4 995
5 551
9 700
374
412
8 300
347
290
33 300
1 045
1 247
211 000
1 166
1 275
39 000
4 386
5 717
33 700
694
920
139 000
944
978
44 000
648
675
32 000
461
515
21 000
1 164
1 747
402
9 000
374
16 600
527
623
33 400
3 308
3 531
17 700
1 693
1 972
538 500
2 920
3 111
21 028
1 196
1 139
15 260
385
363
213 500
16 518
18 695
20 900
546
568
9 700
1 682
2 155
127 200
5 852
6 034
2 356
302
281
2 001
1 192
1 284
26 800
2 393
2 720
45 000
2 937
4 104
7 461
352
356
16 000
290
281
12 300
1 126
1 561
98 940
3 431
3 718
15 146
479
494
41 050
2 279
2 410
7 900
781
1 211
26 300
1 581
1 990
76 500
4 642
4 515
5 600
134
209
262 000
1 408
1 409
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
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
Torex Gold Resources inc.
891054108
Toromont Industries Ltd
891102105
Toshiba Corp.
689721009
Tourmaline
89156V106 Oil Corp.
Toyo Seikan Group Holdings Ltd
690026000
Toyo Suisan Kaisha Ltd
689996007
Toyota
Motor Corp.
690064001
TransAlta
89346D107Corp.
TransCanada Corp.
89353D107
TransForce inc.
89366H103
Transocean
B5W3ND904Ltd
Transurban Group
620088906
Treasury Wine Estates Ltd
B61JC6908
Trican Well Service Ltd
895945103
Trilogy Energy Corp.
89620H105
Trimble Navigation Ltd
896239100
Trinidad Drilling Ltd
896356102
TripAdvisor inc.
896945201
Tryg AS
DK0060013274
Tullow
Oil plc
015008907
Turquoise
900435108 Hill Ressources Ltd
Twenty-First Century Fox inc., classe B
90130A200
Tyco International Ltd.
H89128104
Tyson Foods inc., classe A
902494103
UBI Banca - Unione di Banche Italiane Scpa
IT0003487029
UBS
AG
B18YFJ908
Ulta
Salon,
90384S303 Cosmetics & Fragrance, inc.
Umicore SA
400500005
Under Armour inc., classe A
904311107
Unibail-Rodamco SE
707624904
Unicharm Corp.
691148001
UniCredit SPA
IT0005021701
Unilever NV
NL0010730529
Unilever plc
B10RZP905
Union Pacific Corp.
907818108
United Overseas Bank Ltd
691678007
United Parcel Service inc., classe B
911312106
United Technologies Corp.
913017109
United Urban Investment Corp.
JP3045540006
United Utilities Group plc
B39J2M903
UnitedHealth
91324P102 Group inc.
UPM-Kymmene OYJ
505125906
US
Bancorp
902973304
USS
Co. Ltd
JP3944130008
24
27 900
618
650
18 900
391
218
22 700
704
778
38 000
858
167
12 000
623
783
170 000
867
1 043
117 000
1 161
1 217
99 000
690
683
183 600
248
224
25 200
590
667
142 000
703
630
50 517
1 766
2 718
105
6 600
109
25 000
816
825
144 800
8 946
8 855
72 640
1 071
944
298 630
13 383
15 073
23 500
476
556
18 048
1 076
824
576 377
4 159
4 322
26 447
137
138
38 590
549
639
16 770
450
480
2 500
107
98
43 100
440
496
3 300
251
348
7 807
850
790
92 221
1 439
1 416
265 184
1 689
1 023
57 700
1 916
2 154
19 500
683
922
9 300
158
429
17 834
179
178
97 862
1 760
2 128
2 400
241
221
4 590
183
240
3 100
171
171
3 926
987
1 193
17 300
915
1 136
133 873
785
1 268
118 958
4 553
5 598
151 372
6 417
7 383
20 300
3 711
4 392
68 000
1 182
1 330
48 800
4 678
5 503
23 300
2 296
2 932
791
1 325
1 367
26 792
328
423
53 500
3 888
4 594
12 461
204
238
92 700
3 584
4 238
69 800
1 077
1 239
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Valeant Pharmaceuticals International inc.
91911K102
Valeo SA
FR0000130338
Valero Energy Corp.
91913Y100
Vallourec SA
FR0000120354
Ventas inc.
92276F100
Veolia Environnement
FR0011870872
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
Vienna Insurance Group
AT0000908504
Vinci SA
B1XH02900
Visa
inc., classe A
92826C839
Vivendi
SA
483477907
Vodafone
Group plc
B16GWD903
Voestalpine
494340904 AG
Volkswagen AG
549716900
Volvo AB, classe B
B1QH83908
Vornado Realty Trust
929042109
Vulcan Materials Co.
929160109
Walgreen Co.
931422109
Wartsila OYJ Abp
452518905
Washington Prime Group inc.
939647103
Waste
Management inc.
94106L109
Waters
Corp.
941848103
Weatherford
H27013103 International Ltd
WellPoint inc.
94973V107
Wells Fargo & Co.
949746101
Wesfarmers Ltd
694883000
West Fraser Timber Co. Ltd
952845105
West
Japan Railway Co.
JP3659000008
Western
958102105Digital Corp.
Westfield Group
B01BTX901
Westfield Retail Trust
AU000000WRT1
Westjet Airlines Ltd
960410207
Westpac Banking Corp.
607614005
Westport Innovations inc.
960908309
Westshore Terminals Investment Corp.
96145A200
Weyerhaeuser Co.
962166104
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
25
92 630
8 789
13 172
3 100
471
452
15 400
587
936
5 164
310
305
20 200
1 478
1 463
15 969
333
332
57 160
746
971
20 000
1 279
1 283
236 395
10 645
12 804
40 230
1 933
2 932
7 900
636
618
5 044
292
290
10 200
484
698
13 200
900
1 221
3 587
195
210
18 119
968
1 458
26 300
5 177
6 123
36 405
822
1 038
1 779 660
7 219
6 789
4 334
161
217
5 122
1 149
1 480
89 092
1 415
1 409
8 400
699
968
3 800
206
252
24 500
930
1 913
11 244
557
659
6 350
135
137
32 100
1 420
1 554
2 400
287
261
45 500
914
1 070
12 000
1 057
1 412
129 000
5 427
7 111
38 794
1 272
1 697
16 480
554
821
40 400
1 823
1 864
15 700
1 154
1 495
212 074
2 350
2 291
229 780
709
741
34 160
787
829
85 403
2 455
2 962
16 950
491
279
18 180
539
607
22 600
701
769
106 000
925
813
69 000
294
302
4 900
790
764
2 129
163
162
57 170
544
850
4 700
305
367
11 000
353
457
5 621
532
541
94 866
454
348
au 31 mai 2014
Description
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Williams Cos. inc.
969457100
Willis Group Holdings plc
G96666105
Wilmar International Ltd
B17KC6900
Windstream Holdings inc.
97382A101
Wisconsin Energy Corp.
976657106
Wolseley plc
098834435
Woodside Petroleum Ltd
697972008
Woolworths Ltd
698123908
Workday inc.
98138H101
WorleyParsons Ltd
656247905
WPP plc
B8KF9B904
WR
Berkley Corp.
084423102
WW
Grainger inc.
384802104
Wynn
Macau Ltd
KYG981491007
Wynn
Resort
983134107 Ltd
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 Gold inc.
98462Y100
Yamato Kogyo Co. Ltd
698544004
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
Ziggo
NV
B7QNZW908
Zimmer
98956P102Holding inc.
Zoetis inc.
98978V103
Zurich
Insurance Group AG
598381903
Total - actions et parts
26
18 600
451
946
21 200
885
963
285 000
941
793
24 000
273
249
52 600
2 490
2 595
12 659
701
766
88 329
3 522
3 751
105 284
3 303
3 990
2 900
296
246
7 921
193
128
48 307
860
1 131
36 600
1 677
1 771
2 400
631
673
96 400
443
435
7 600
1 387
1 773
87 500
2 741
2 916
41 500
378
554
6 300
379
321
53 000
315
265
50 000
1 441
1 873
206
3 800
122
17 300
305
295
531 190
6 068
4 228
11 900
420
365
89 200
2 111
2 062
50 000
649
640
312 000
297
273
11 372
477
565
9 000
159
117
48 500
176
163
36 600
2 759
3 072
6 789
211
348
7 000
568
793
18 100
564
603
4 085
1 039
1 325
2 193 708
2 500 965
au 31 mai 2014
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
Financement-Québec
31739ZAM7A
Veresen inc.
92340RAB2
Citigroup Finance Canada inc.
17310ZEZ0A
Emera inc.
29087ZAB3A
La Banque de Nouvelle-Écosse
064149ZZ3A
13591Z4H0A
Banque Manuvie du Canada
565018CL0
CI Financial Corp.
125491AB6
BMO Capital Trust
05560HAD5
7800855Q5A
13595ZEF9
Merrill Lynch Financial Asset inc. (2005-CA15, A2)
59022BGB5
13509PCB7
Banque de Montréal
06367VAP0
Gouvernement du Canada
135087A95
Caterpillar Financial Services Ltd
14911ZAM3
VW Credit Canada inc.
918423AE4
GE Capital Canada Funding Co.
36158ZBP0
Alliance Pipeline L.P.
01877PAA0
Gouvernement
du Canada
135087A38
Daimler Canada Finance inc.
23384NAG2
Banque de Montréal
0636792P8
Metro inc.
59162ZAA0
Caisse Centrale Desjardins
12801ZCH9A
Capital Power L.P.
14043ZAB8
633067WR0
Cadillac Fairview Finance Trust
12741RAA7
918423AC8
Ford Auto Securitization Trust
345213BR2
Hydro-Québec
44881ZLF9 (sans coupon)
Banque Royale du Canada (NHA MBS)
62927ZKG6
AltaGas Ltd
02138ZAB9
884903BE4
23384NAH0
Choice Properties L.P.
17039BAA2
064149T23
Enbridge inc.
29251ZAT4
Shoppers Drug Mart Corp.
82509ZAE6
Rogers Communications inc.
775109AM3
13595ZLX2
Banque Toronto-Dominion (NHA MBS)
62927ZY55
Canadian Tire Corp. Ltd
13668ZAQ1
Municipal Finance Authority of British Columbia
626209JJ0
Powell River Energy inc.
739135AB7
7800853L8
Banque de Montréal
063679SP0
891145QS6
Enbridge inc.
29251ZAS6
918423AF1
Georges Weston Ltd
96115ZAW2
13595ZDS2
064149Z59
3,25 % 2014-06-01
18 003
18 102
18 016
5,60 % 2014-07-28
7 000
7 039
7 041
6,75 % 2014-09-22
1 500
1 499
1 523
4,10 % 2014-10-20
3 500
3 499
3 533
3,35 % 2014-11-18
6 000
6 115
6 056
3,30 % 2014-11-19
10 000
10 167
10 090
5 011
1,79 % 2014-12-03 Taux variable
5 000
5 018
4,19 % 2014-12-16
1 500
1 500
1 521
5,47 % 2014-12-31
10 000
10 163
10 217
2,05 % 2015-01-13
20 000
20 133
20 091
2,19 % 2015-01-16 Taux variable
20 000
20 179
20 071
4,82 % 2015-02-12
1 431
1 426
1 469
1,43 % 2015-03-15
11 765
11 799
11 800
1,64 % 2015-03-23 Taux variable
15 000
15 000
15 012
1,00 % 2015-05-01
32 200
32 202
32 206
2,20 % 2015-06-01
14 000
14 001
14 109
2,50 % 2015-06-01
3 750
3 750
3 790
4,24 % 2015-06-08
775
794
797
7,23 % 2015-06-30
488
495
496
1,50 % 2015-08-01
53 600
53 917
53 911
2,33 % 2015-09-14
5 400
5 401
5 451
1,89 % 2015-10-05
12 000
12 039
12 065
4,98 % 2015-10-15
1,63 % 2015-10-16 Taux variable
7 000
7 290
7 308
35 000
35 000
34 968
4,60 % 2015-12-01
250
250
260
2,05 % 2016-01-11
5 000
5 000
5 040
3,24 % 2016-01-25
6 000
6 001
6 188
3,60 % 2016-02-01
2 000
1 999
2 065
3,02 % 2016-02-15
288
288
290
0,00 % 2016-02-15
5 470
5 347
5 329
2,35 % 2016-03-01
7 482
7 591
7 592
4,10 % 2016-03-24
4 300
4 452
4 475
6,00 % 2016-03-31
2 250
2 248
2 410
2,23 % 2016-04-18
9 000
9 000
9 090
3,00 % 2016-04-20 Rachetable à compter du 2016-01-20
3 000
3 055
3 060
1,80 % 2016-05-09
10 000
9 993
10 039
5,17 % 2016-05-19
1 185
1 230
1 263
2,01 % 2016-05-24
1 800
1 800
1 809
5,80 % 2016-05-26
2 500
2 498
2 692
1,75 % 2016-06-01
1 125
1 128
1 128
2,30 % 2016-06-01
6 546
6 643
6 644
5,65 % 2016-06-01
5 000
5 348
5 382
3,00 % 2016-06-01
10 000
10 162
10 335
6,45 % 2016-07-25
1 500
1 500
1 559
3,03 % 2016-07-26
5 000
5 000
5 144
2,96 % 2016-08-02
5 000
5 000
5 137
2,95 % 2016-08-02
4 450
4 450
4 579
5,00 % 2016-08-09
10 000
10 621
10 686
2,20 % 2016-10-11
2 000
1 999
2 021
3,78 % 2016-10-25
7 000
7 165
7 306
2,65 % 2016-11-08
14 450
14 701
14 771
2,10 % 2016-11-08
1 025
1 025
1 035
27
au 31 mai 2014
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
Ford Credit Canada
34527ABE9
Financement-Québec
31739ZAN5
064149G76
Emera inc.
29087ZAD9
CI Investments inc.
125521AA2
Bell Canada
07813ZAU8
23384NAK3
Province de l'Ontario
683234YX0
Veresen inc.
92343ZAC9
Reliance L.P.
759480AE6
Altagas Income Trust
02137ZAE4
17039BAB0
Brookfield Asset Management inc.
112585AC8
135087YF5
918423AD6
891145A95
633067VX8
780086BU7
13595ZHZ2
Hydro One inc.
44810ZAT7
Lower Mattagami Energy
548243AD6
918423AJ3
Financement-Québec
31739ZAQ8
First National Bank (NHA MBS)
62932ZC52
OMERS Realty Corp.
68214WAF5
Enbridge Income Fund
29254ZAJ3
John Deere Canada Funding inc.
47787ZAF9
Banque
Canadienne Impériale de Commerce
13595ZLB0
Banque
Laurentienne du Canada
51925ZDT1
American
Express Canada Credit Corp.
02580ZAM8
BMW
Canada
05590HAH0 inc.
Shoppers Drug Mart Corp.
82509ZAF3
GE Capital Canada Funding Co.
36158ZCA2
Caterpillar
14911ZAP6Financial Services Ltd
OMERS Realty Corp.
68214WAG3
NBC Asset Trust
62874WAA0
Inter Pipeline Fund
45834ZAB5
bcIMC Realty Corp.
07329VAL4
Hydro-Québec
44889ZDU7
Banque de Montréal
06367VHF5
Groupe TMX Limitée
87262KAA3
51925DAZ9
Brookfield Power Corp.
05573YAA9
Financement-Québec
31739ZAS4
Municipal Finance Authority of British Columbia
626209JM3
780086GH1
TD Capital Trust III
87239BAA3
Enbridge Income Fund
29254ZAF1
Loblaw Cos. Ltd
539481AH4
0641493J4
Tim Hortons inc.
88706MAD5
891145N42
2,63 % 2016-11-21
350
350
355
3,50 % 2016-12-01
51 500
53 810
54 220
2,74 % 2016-12-01
2 950
3 003
3 023
2,96 % 2016-12-13
3 000
2 999
3 073
3,94 % 2016-12-14 Variable et rachetable à compter du 2015-12-14
1 075
1 075
1 111
5,00 % 2017-02-15
7 000
7 195
7 549
2,28 % 2017-02-17
3 490
3 494
3 528
4,30 % 2017-03-08
66 580
71 369
71 820
3,95 % 2017-03-14
2 400
2 399
2 509
4,57 % 2017-03-15
525
525
553
5,49 % 2017-03-27
2 850
2 850
3 117
1 500
1 532
1 537
5,29 % 2017-04-25
5 000
5 314
5 416
4,00 % 2017-06-01
10 600
11 488
11 491
2,90 % 2017-06-01
3 750
3 750
3 864
2,43 % 2017-08-15
7 060
7 078
7 186
2,69 % 2017-08-21
3 500
3 500
3 581
2,36 % 2017-09-21
4 200
4 191
4 259
2,35 % 2017-10-18
5 000
5 013
5 072
5,18 % 2017-10-18
960
1 047
1 064
2,23 % 2017-10-23
1 000
1 000
1 009
2,45 % 2017-11-14
745
744
757
3,50 % 2017-12-01
47 600
48 696
50 653
2,00 % 2017-12-01
9 124
9 233
9 233
3,04 % 2017-12-05
367
367
380
2,92 % 2017-12-14
2 500
2 500
2 546
2,30 % 2018-01-17
565
564
571
2,22 % 2018-03-07
7 000
6 939
7 057
2,56 % 2018-03-26
3 000
3 000
3 016
2,31 % 2018-03-29
5 000
4 999
5 040
2,33 % 2018-05-23
1 900
1 904
1 918
2,36 % 2018-05-24
3 500
3 500
3 519
2,42 % 2018-05-31
400
400
405
2,29 % 2018-06-01
2 500
2 500
2 518
2,50 % 2018-06-05
6 000
6 000
6 100
7,24 % 2018-06-30
575
666
677
3,84 % 2018-07-30
2 500
2 500
2 645
2,79 % 2018-08-02
300
306
308
5,50 % 2018-08-15
26 965
27 522
30 885
3,21 % 2018-09-13
1 565
1 581
1 633
3,25 % 2018-10-03
10 685
10 702
11 094
3,28 % 2018-10-15
3 000
3 000
3 084
5,25 % 2018-11-05
1 790
1 790
1 981
2,40 % 2018-12-01
42 900
42 912
43 784
2,35 % 2018-12-03
10 000
9 985
10 175
2,77 % 2018-12-11
14 000
14 125
14 315
7,24 % 2018-12-31
2 185
2 185
2 630
4,10 % 2019-02-22
1 500
1 498
1 592
3,75 % 2019-03-12
10 665
10 711
11 205
2,46 % 2019-03-14
10 000
10 000
10 080
2,85 % 2019-04-01
3 750
3 750
3 776
2,45 % 2019-04-02
4 610
4 610
4 646
28
au 31 mai 2014
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
11257ZAB5
Metropolitan Life Global Funding I
592179JQ9
739239AB7
893578AA2
884903BR5
683234B80
Scotia Plaza
78468GAA3
17039BAC8
Greater Toronto Airports Authority
39191ZAV1
Province de la Nouvelle-Écosse
669827FV4
Financement-Québec
31739ZAT2
TELUS Corp.
87971MAK9
63306ZBZ3
13509PCA9
Banque de Montréal
063671DQ1
AltaGas Ltd
02138ZAD5
6832348J0
Province du Manitoba
563469TK1
Metropolitan Life Global Funding I
592179JP1
Banque
Royale du Canada
780085M86
Bell Canada
07813ZBD5
NBC Asset Trust
62874WAB8
CDP Financial inc.
125094AF9
Inter Pipeline Ltd
45834ZAD1
TELUS Corp.
87971MAM5
Province de la Saskatchewan
803854JS8
Canadian Natural Resources
13638ZCE3
884903BJ3
PSP Capital inc.
69363TAF9
780085R57
Capital Desjardins inc.
14006ZAE7
TransAlta Corp.
89347ZAL1
Mississagi Power Trust
605204AA4
Province de Québec
74814ZEG4
0641492L0
Cadillac
Fairview Finance Trust
12741RAB5
TELUS Corp.
87971MAT0
Wells Fargo Financial Canada Corp.
94975ZBU9
Leisureworld Senior Care L.P.
52541RAC1
Goldman Sachs Group inc.
38141GVL5
31943BBN9
780086GV0
775109AS0
OMERS Realty Corp.
68214WAK4
Banque de Montréal
06367VJN6
68323AAD6
13509PCS0
TELUS Communications inc.
110727BJ2
17039BAE4
AltaGas Ltd
02138ZAE3
Province de Québec
74814ZEH2
Algonquin Power Co.
01585PAE5
3,95 % 2019-04-09
4 850
4 955
5 097
2,68 % 2019-04-16
1 740
1 740
1 761
7,57 % 2019-04-22
3 000
3 000
3 650
3,90 % 2019-05-13
10 000
10 003
10 036
3,37 % 2019-05-23
5 000
5 000
5 150
4,40 % 2019-06-02
21 630
23 738
24 048
3,21 % 2019-06-15
1 415
1 415
1 443
5 810
5 806
5 833
5,96 % 2019-11-20
345
377
409
4,15 % 2019-11-25
10 000
9 970
11 047
2,45 % 2019-12-01
67 200
66 841
68 040
5,05 % 2019-12-04
5 000
5 333
5 600
1 365
1 368
1 389
3,75 % 2020-03-15
4 500
4 824
4 928
3 685
3 738
3 792
4,07 % 2020-06-01
2 800
2 801
2 990
4,20 % 2020-06-02
17 400
18 531
19 243
4,15 % 2020-06-03
12 000
11 949
13 287
3,03 % 2020-06-11
900
900
917
6 350
6 517
6 527
3,25 % 2020-06-17
11 000
10 842
11 264
7,45 % 2020-06-30
795
795
976
4,60 % 2020-07-15
12 150
12 775
13 641
3,45 % 2020-07-20
9 550
9 546
9 885
5,05 % 2020-07-23
5 000
5 483
5 606
3,90 % 2020-07-28
11 000
10 979
12 042
2,89 % 2020-08-14
7 650
7 652
7 710
4,35 % 2020-09-30
3 000
3 166
3 233
3,03 % 2020-10-22
3 710
3 721
3 859
5 270
5 288
5 378
11 300
11 666
11 633
5,00 % 2020-11-25
5 000
4 977
5 221
6,92 % 2020-11-27
1 545
1 545
1 724
4,50 % 2020-12-01
10 000
11 086
11 232
3,27 % 2021-01-11
680
680
704
4,31 % 2021-01-25
3 000
3 001
3 334
259
3,60 % 2021-01-26
250
249
3,04 % 2021-01-29
95
95
96
3,47 % 2021-02-03
900
900
904
3,55 % 2021-02-12
1 570
1 571
1 595
4,50 % 2021-03-01
185
187
198
2,86 % 2021-03-04
6 560
6 552
6 610
5,34 % 2021-03-22
5 670
5 767
6 419
2,97 % 2021-04-05
3 000
3 000
3 041
3,40 % 2021-04-23
3 315
3 370
3 452
4,00 % 2021-06-02
7 465
8 120
8 157
3,80 % 2021-06-15
35 000
38 502
38 557
10,65 % 2021-06-19
993
1 154
1 436
3,60 % 2021-09-20
5 000
5 013
5 054
3,72 % 2021-09-28
2 500
2 499
2 601
4,25 % 2021-12-01
45 400
49 473
50 231
4,65 % 2022-02-15
5 000
5 021
5 289
29
au 31 mai 2014
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
TELUS Communications inc.
110727BL7
63306ZDM0
Citigroup inc.
172967EB3
Municipal
626209JK7 Finance Authority of British Columbia
68323AAW4
064149M38
17039BAF1
BMO Subordinated Notes Trust
055972AA1
Fairfax Financial Holdings Ltd
303901AV4
51925ZEF0
70632ZAB7
Cameco Corp.
13321LAH1
Province de Québec
74814ZEL3
Enbridge inc.
29251ZBC0
31943BBR0
Canada
Housing Trust No 1
13509PDL4
TELUS
Corp.
87971MAQ6
Banque de Montréal
06369ZAY0
Toronto Hydro Corp.
89119ZAE3
Empire Life Insurance
291839AC2
68323ABN3
563469UA1
AltaGas Ltd
02138ZAG8
Province de Québec
74814ZEP4
Ville de Montréal
614853CV9
Bell Canada
07813ZBF0
Loblaw Cos. Ltd
539481AJ0
Canada
Housing Trust No 1
13509PDV2
First
Capital
31943BBU3 Realty inc.
AltaLink L.P.
02135ZAL0
Bankers Hall L.P.
066164AA2
Manufacturers Life Insurance Co.
564835AF3
Tim
Hortons inc.
88706MAC7
Shaw
Communications inc.
82028KAT8
West
Edmonton
Mall Property inc.
952637AC0
IPL
Energy
inc.
46065DAA4
Manufacturers Life Insurance Co.
564835AG1
11257ZAD1
775109BA8
AltaGas Ltd
02138ZAH6
Genworth MI Canada inc.
37252BAC6
PSP Capital inc.
69363TAH5
Industrielle Alliance
455870AB1
135087B45
68323ACG7
Canadian Natural Resources
13638ZCR4
Province
642869AJ0du Nouveau-Brunswick
13509PEF6
13509PEJ8
31943BBV1
Province de Québec
74814ZES8
064149P27
9,65 % 2022-04-08
362
450
507
1 025
1 025
1 060
5,16 % 2022-05-24
555
551
592
3,35 % 2022-06-01
9 000
8 997
9 318
3,15 % 2022-06-02
69 000
69 621
70 959
2 990
3 025
3 069
1 400
1 376
1 390
2 000
2 000
2 234
5,84 % 2022-10-14
3 000
3 103
3 280
4 000
4 000
4 082
3,77 % 2022-10-24
2 850
2 851
2 938
3,75 % 2022-11-14
5 000
5 000
5 057
3,50 % 2022-12-01
55 500
56 124
58 084
3,19 % 2022-12-05
900
900
898
3,95 % 2022-12-05
160
159
163
2,40 % 2022-12-15
32 500
31 080
32 318
225
225
224
7 325
8 421
8 388
2,91 % 2023-04-10
2 350
2 336
2 317
300
300
304
2,85 % 2023-06-02
19 800
19 047
19 671
2,55 % 2023-06-02
5 000
4 985
4 873
3,57 % 2023-06-12
245
245
246
3,00 % 2023-09-01
3 000
3 031
2 998
3,50 % 2023-09-01
14 245
13 962
14 333
4,70 % 2023-09-11
2 715
2 764
2 951
4,86 % 2023-09-12
650
677
709
2,35 % 2023-09-15
12 000
11 707
11 772
3,90 % 2023-10-30
1 940
1 866
1 936
3,67 % 2023-11-06
1 420
1 428
1 477
4,38 % 2023-11-20
645
645
658
615
620
626
4,52 % 2023-12-01
5 000
5 016
5 263
4,35 % 2024-01-31
800
800
830
4,06 % 2024-02-13
990
990
1 012
8,20 % 2024-02-15
856
1 157
1 193
365
365
369
4 000
4 000
4 294
4,00 % 2024-03-13
3 420
3 413
3 475
4,40 % 2024-03-15
900
900
951
4,24 % 2024-04-01
750
750
774
3,29 % 2024-04-04
6 055
6 052
6 186
1 500
1 499
1 508
2,50 % 2024-06-01
53 000
53 753
54 238
3,50 % 2024-06-02
41 545
42 536
43 131
500
498
498
16 000
15 980
16 718
3,65 % 2024-06-03
2,90 % 2024-06-15
7 210
7 196
7 351
2,90 % 2024-06-15
20 400
20 677
20 800
4,79 % 2024-08-30
3 000
3 028
3 174
3,75 % 2024-09-01
12 700
13 143
13 363
6 200
6 200
6 354
30
au 31 mai 2014
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
780086CW2
891160EW9
Nova Gas Transmission Ltd
66975ZAE4
Westcoast Energy inc.
95751DAK8
AGT Ltd
00126TAB1
Lievre Power Financing Corp.
531739AA8
Alliance Pipeline L.P.
01877ZAC4
11257ZAE9
NAV Canada
628957AE2
Bell Canada
078149DW8
Loblaw Companies Ltd
53947ZAD9
53947ZAF4
683234LJ5
Bell Canada
07813ZAC8
Province de la Colombie-Britannique
110709EK4
Province de Québec
748148QJ5
Ontario School Boards Financing Corp.
683244AM9
Hydro One inc.
448810AC5
39191ZAA7
Enbridge inc.
29251ZAD9
683244AP2
Gaz Métro inc.
368271AU6
TransCanada PipeLines Ltd
89353ZBK3
Bell Canada
07813ZAL8
683244AR8
683234NM6
39191ZAC3
Hydro-Québec
448814GY3
Aéroport de Montréal
007863AB9
Hydro One inc.
44810ZAB6
Province de Québec
748148QT3
Ville de Montréal
614853CP2
North Battleford Power L.P.
65746TAA6
Province
683234SL3de l'Ontario
55 Ontario School Board Trust
31680PAA4
SEC L.P. and Arci Ltd
784103AA1
Aéroport de Montréal
007863AC7
Gaz Métro inc.
368271AV4
Province du Nouveau-Brunswick
642866FR3
39191ZAJ8
Financement-Québec
31739ZAG0
53947ZAU1
University of Ontario Institute of Technology
914764AA3
Hydro-Québec
44889ZCM6
683234VR6
10549PAJ0
EPCOR Utilities inc.
29410ZAF2
Sun
Life Financial inc.
866796AA3
407
International
inc.
35085ZAM8
Gaz
Métro
inc.
368271AX0
Province de Québec
748148RL9
Enbridge inc.
29250ZAG3
2,99 % 2024-12-06
13 800
13 800
14 097
9,15 % 2025-05-26
2 658
3 072
3 991
8,90 % 2025-05-27
2 000
2 375
2 867
8,85 % 2025-07-21
2 086
2 332
2 984
8,80 % 2025-09-22
560
632
802
5,56 % 2025-10-06
1 500
1 500
1 626
6,77 % 2025-12-31
387
387
458
4,82 % 2026-01-28
875
875
907
7,56 % 2027-03-01
873
957
1 116
7,00 % 2027-09-24
445
423
569
6,45 % 2028-02-09
3 240
3 340
3 887
6,50 % 2029-01-22
1 172
1 133
1 414
6,50 % 2029-03-08
30 000
39 087
40 504
6,55 % 2029-05-01
2 143
1 919
2 658
5,70 % 2029-06-18
7 000
8 314
8 930
6,00 % 2029-10-01
24 950
32 230
32 157
5,48 % 2029-11-26
1 761
1 761
1 992
7,35 % 2030-06-03
1 902
2 139
2 676
7,05 % 2030-06-12
3 437
3 529
4 720
7,22 % 2030-07-24
3 050
3 702
4 083
4,79 % 2030-08-08
2 344
2 344
2 506
7,05 % 2030-10-30
1 000
999
1 354
6,50 % 2030-12-09
1 115
1 028
1 410
7,85 % 2031-04-02
567
657
783
5,07 % 2031-04-18
1 445
1 445
1 560
6,20 % 2031-06-02
30 600
40 046
40 792
7,10 % 2031-06-04
1 585
1 719
2 204
6,00 % 2031-08-15
16 000
20 919
20 780
6,95 % 2032-04-16
1 874
1 941
2 412
6,93 % 2032-06-01
3 575
4 333
4 930
6,25 % 2032-06-01
13 990
18 184
18 706
4,25 % 2032-12-01
725
701
747
4,96 % 2032-12-31
621
622
681
5,85 % 2033-03-08
10 095
13 409
13 124
5,90 % 2033-06-02
5 815
5 812
7 180
5,19 % 2033-08-29
465
465
488
6,55 % 2033-10-11
2 600
2 998
3 456
6,30 % 2033-10-31
500
498
647
5,50 % 2034-01-27
3 900
3 924
4 855
6,47 % 2034-02-02
500
500
666
5,25 % 2034-06-01
17 614
18 913
21 066
6,05 % 2034-06-09
365
362
422
6,35 % 2034-10-15
9 010
9 010
10 179
6,50 % 2035-02-15
20 040
25 180
27 816
5,60 % 2035-06-02
13 500
17 814
17 300
5,95 % 2035-06-14
1 310
1 303
1 416
5,65 % 2035-11-16
940
965
1 134
1 135
1 152
1 184
5,75 % 2036-02-14
1 400
1 477
1 685
5,70 % 2036-07-10
550
567
677
5,75 % 2036-12-01
5 260
6 770
6 817
5,08 % 2036-12-19
500
565
573
31
au 31 mai 2014
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
Province de Terre-Neuve-et-Labrador
651333FQ4
Toronto Community Housing Corp.
87228VAA2
Ontario Infrastructure Projects Corp.
683086AA0
683234YD4
110709FL1
Province de Québec
74814ZDK6
89353ZBU1
739239AC5
Nova Scotia Power inc.
66988ZAY5
775109AP6
Shaw Communications inc.
82028KAQ4
Canada
Post Corp.
13521JAB7
Hydro
One
44810ZAY6inc.
350863AU0
Winnipeg Airport Authority inc.
975014AA9
39191ZAX7
563469TM7
Arrow Lakes Power
042767AB9
Gouvernement
135087YQ1 du Canada
Province du Nouveau-Brunswick
642869AA9
Teranet Holdings L.P.
880789AN2
35085ZBE5
89353ZBV9
Province de Québec
74814ZEF6
EPCOR Utilities inc.
29410ZAK1
35085ZBF2
AltaLink L.P.
02135ZAF3
OPB
Finance Trust
67103MAA4
Aéroport
de Montréal
007863AH6
Province
du Manitoba
563469TW5
Province
642869AE1du Nouveau-Brunswick
Simon Fraser University
82878RAA5
Nova Scotia Power inc.
66988ZBC2
CU inc.
12657ZBB8
AltaLink L.P.
02135ZAK2
Hydro
One inc.
44810ZBK5
TELUS Corp.
87971MAU7
Province de l'Alberta
013051DK0
Ville de Toronto
891288DH2
Enbridge inc.
29251ZBG1
70632ZAD3
TELUS Corp.
87971MAW3
Inter Pipeline Ltd
45834ZAE9
Union Gas Ltd
90664ZAD2
110709GC0
135087ZH0
68323ACC6
Province de la Saskatchewan
803854JU3
563469UB9
135087ZS6
Province de Québec
74814ZER0
Lower Mattagami Energy
548243AE4
4,50 % 2037-04-17
2 000
1 991
2 235
4,88 % 2037-05-11
1 200
1 200
1 322
4,70 % 2037-06-01
6 000
6 011
6 530
4,70 % 2037-06-02
37 400
41 949
43 138
4,70 % 2037-06-18
22 000
25 856
25 943
5,00 % 2038-12-01
23 250
25 974
27 626
8,05 % 2039-02-17
795
1 052
1 247
8,57 % 2039-04-22
980
1 117
1 508
5,95 % 2039-07-27
800
797
1 015
6,68 % 2039-11-04
1 145
1 193
1 422
6,75 % 2039-11-09
835
821
1 008
4,36 % 2040-07-16
3 000
3 000
3 513
5,49 % 2040-07-16
240
285
293
7,13 % 2040-07-26
1 690
1 809
2 405
5,21 % 2040-09-28
1 175
1 175
1 291
5,30 % 2041-02-25
2 500
2 501
2 995
4,10 % 2041-03-05
2 900
2 736
3 118
5,52 % 2041-04-05
275
275
307
4,00 % 2041-06-01
17 400
20 855
21 374
4,80 % 2041-06-03
8 000
7 964
9 299
6,10 % 2041-06-17
155
171
179
4,45 % 2041-11-15
250
261
263
4,55 % 2041-11-15
4 500
4 479
4 779
5,00 % 2041-12-01
15 300
17 433
18 391
4,55 % 2042-02-28
3 500
3 492
3 713
3 000
2 996
3 026
3,99 % 2042-06-30
140
136
137
3,89 % 2042-07-04
2 320
2 318
2 252
3,92 % 2042-09-26
1 000
1 000
964
3,35 % 2043-03-05
7 000
6 966
6 623
3,55 % 2043-06-03
11 000
9 832
10 458
5,61 % 2043-06-10
1 000
1 000
1 239
4,50 % 2043-07-20
4 000
3 977
4 210
1 300
1 300
1 437
4,92 % 2043-09-17
280
280
317
4,59 % 2043-10-09
5 450
5 523
5 891
5,15 % 2043-11-26
2 835
2 821
3 056
3,45 % 2043-12-01
12 000
11 330
11 736
4,15 % 2044-03-10
5 000
4 968
5 081
4,57 % 2044-03-11
4 425
4 420
4 556
2 400
2 399
2 482
1 000
999
1 030
2 475
2 475
2 512
2 000
1 999
2 026
3,20 % 2044-06-18
6 800
5 911
6 352
1,50 % 2044-12-01
4 395
6 007
5 638
3,45 % 2045-06-02
18 400
16 853
17 471
3,90 % 2045-06-02
5 000
4 865
5 302
4,05 % 2045-09-05
16 000
16 572
17 233
3,50 % 2045-12-01
4 500
5 083
5 184
3,50 % 2045-12-01
28 000
25 965
26 396
4,18 % 2046-02-23
380
380
382
32
au 31 mai 2014
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
135087B94
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
89116ZAC0
CIBC Capital Trust
12544UAA9
80928FAA5
TD Capital Trust IV
87239GAC8
Manulife Financial Capital Trust II
56501XAA1
Sun Life Capital Trust II
86680BAA9
1,25 % 2047-12-01
2 429
2 552
2 735
1 390
1 517
1 736
0,00 % 2056-07-15
2 969
2 984
2 806
0,00 % 2056-07-15
9 141
9 184
8 455
3 870
3 921
4 272
1 600
1 600
1 712
5 000
6 618
6 567
5 200
5 200
6 373
2 500
2 526
3 031
3 670
3 670
4 500
365
365
421
2 328 768
2 431 186
2 507 384
Total - obligations
33
au 31 mai 2014
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Instruments du marché monétaire
Province de la Colombie-Britannique, billet à escompte
ST37010
La Banque de Nouvelle-Écosse, acceptation bancaire
ST37026
Gouvernement du Canada, bon du trésor
ST36870
Gouvernement
du Canada, bon du trésor
ST37094
ST37082
ST37077
Province de Québec, bon du trésor
ST36991
ST37046
Province de la Saskatchewan, note promissoire
ST37055
ST36906
Province de l`Ontario, bon du trésor
ST36781
ST36974
ST36789
ST36949
Province de l'Ontario, bon du trésor
ST36971
ST36980
0,96 % 2014-06-02
1 300
1 298
1 299
1,15 % 2014-06-03
7 000
6 995
6 999
0,90 % 2014-06-05
175
175
175
0,96 % 2014-06-05
55
55
55
0,91 % 2014-06-05
5 685
5 684
5 684
0,94 % 2014-06-05
5 085
5 083
5 084
0,98 % 2014-06-06
1 035
1 034
1 035
1,00 % 2014-06-06
5 000
4 997
4 999
1,00 % 2014-06-09
5 000
4 997
4 997
0,98 % 2014-06-13
1 850
1 847
1 849
0,98 % 2014-06-18
10 700
10 674
10 695
0,90 % 2014-06-19
10 700
10 687
10 695
0,97 % 2014-06-20
4 000
3 990
3 998
0,98 % 2014-06-20
2 000
1 997
1 999
0,99 % 2014-07-30
155
155
155
0,99 % 2014-08-01
135
135
135
59 875
59 803
59 853
Total - instruments du marché monétaire
34
au 31 mai 2014
Élément sous-jacent
Prix de
contrat ou
d'exercice
Nombre
d'unités
Échéance /
livraison
Valeur
notionnelle
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Contrats à terme - position acheteur
Dollar américain
FUSD090614A
Euro StoXX 50
VGM4F04NEW
Indice
devise australienne
ADM4F14MER
Indice
E-Mini Technologie
IXTM4F04NEW
Indice
Euro StoXX 50 dividend
DEDZ6F04NEW
Indice
Nikkei 225
NHM4F04NEW
Indice
S&P/TSX 60
PTM4F05NW
Taux
d'intérêt
BAU5F14MER3 mois acceptations bancaires canadiennes
Taux d'intérêt 3 mois eurodollar
EDZ6F14MER
EDU6F14MER
EDM7F14MER
Taux d'intérêt 3 mois indice Euribor
ERM5F14MER
ERU5F14MER
ERH7F14MER
ERZ7F14MER
Taux d'intérêt 3 mois livre sterling
L Z5F14MER
L H6F14MER
L U6F14MER
US Treasuries, 2,50 %, 2023-08-15
F9128VS61206
US Treasuries, 2,75 %, 2024-02-15
F912B661206
1,09 CAD
1 361 000
2014-06-09
1 481
-
(4)
2 938,00 EUR
62
2014-06-20
2 976
-
-
89,58 USD
13
2014-06-16
1 312
-
-
356,00 USD
90
2014-06-20
3 691
-
-
113,43 EUR
400
2016-12-16
6 745
-
-
14 627,50 JPY
26
2014-06-12
2 041
-
-
813,34 CAD
282
2014-06-19
47 122
-
-
98,47 CAD
200
2015-09-14
49 300
-
-
98,07 USD
400
2016-12-19
106 506
-
-
98,19 USD
600
2016-09-19
160 174
-
-
97,23 USD
200
2017-06-19
53 025
-
-
99,76 EUR
150
2015-06-15
55 447
-
-
99,73 EUR
150
2015-09-14
55 430
-
-
99,05 EUR
150
2017-03-13
55 208
-
-
98,64 EUR
150
2017-12-18
55 030
-
-
98,40 GBP
250
2015-12-16
56 035
-
-
98,15 GBP
250
2016-03-16
55 924
-
-
97,76 GBP
250
2016-09-21
55 722
-
-
100,22 USD
12 000 000
2014-06-12
13 058
-
85
101,05 USD
15 000 000
2014-06-12
16 459
-
255
Total - contrats à terme - position acheteur
852 686
336
Contrats à terme - position vendeur
Dollar américain
FUSD060614
Dollar américain
FUSD090614
Dollar américain
FUSD100614
Dollar américain
FUSD110614
Dollar australien
FAUD060614
Euro
FEUR060614
Gouvernement du Canada, 1,75 %, 2019-09-01
F135C851206
Indice devise Nouvelle-Zélande
NVM4F14MER
Indice Euro-Bund
RXU4F01NEW
Indice Mini MSCI EAFE
MFSM4F05NW
Indice S&P 500 E-Mini
ESM4F05NW
Livre sterling
FGBP060614
Taux d'intérêt 10 ans obligations du trésor américain
TYM4F04NEW
Taux
d'intérêt 10 ans obligations du trésor américain
TYU4F04NEW
Taux
d'intérêt 3 mois acceptations bancaires canadiennes
BAH6F14MER
Taux
d'intérêt 3 mois eurodollar
EDZ5F14MER
Taux
EDZ7F14MER
Taux
EDU5F14MER
Taux
EDH6F14MER
Taux
EDM6F14MER
EDH7F14MER
ERM6F14MER
ERU6F14MER
ERM7F14MER
L M5F14MER
L U5F14MER
L H7F14MER
1,09 CAD
4 300 000
2014-06-06
4 685
-
1,09 CAD
2 060 000
2014-06-09
2 246
-
19
9
1,08 CAD
22 640 000
2014-06-10
24 524
-
(65)
1,09 CAD
24 492 000
2014-06-11
26 727
-
126
1,02 CAD
6 962 000
2014-06-06
7 071
-
37
1,52 CAD
1 940 000
2014-06-06
2 954
-
80
99,87 CAD
27 500 000
2014-06-12
27 464
-
(196)
84,04 USD
13
2014-06-16
1 197
-
-
144,73 EUR
60
2014-09-08
12 949
-
-
1 898,32 USD
20
2014-06-20
2 127
-
-
1 851,15 USD
82
2014-06-20
8 555
-
-
1,85 CAD
7 175 000
2014-06-06
13 276
-
207
125,91 USD
100
2014-06-19
13 717
-
-
125,12 USD
480
2014-09-19
65 420
-
-
98,21 CAD
200
2016-03-14
49 180
-
-
98,94 USD
200
2015-12-14
53 817
-
-
96,86 USD
200
2017-12-18
52 832
-
-
99,24 USD
180
2015-09-14
48 543
-
-
98,52 USD
20
2016-03-14
5 368
-
-
98,60 USD
200
2016-06-13
53 538
-
-
97,86 USD
400
2017-03-13
106 278
-
-
99,14 EUR
150
2016-06-13
55 344
-
-
99,26 EUR
300
2016-09-19
110 605
-
-
98,89 EUR
150
2017-06-19
55 150
-
-
98,85 GBP
250
2015-06-17
56 280
-
-
98,62 GBP
250
2015-09-16
56 157
-
-
97,48 GBP
250
2017-03-15
55 565
-
-
35
au 31 mai 2014
Élément sous-jacent
Prix de
contrat ou
d'exercice
Nombre
d'unités
Total - contrats à terme - position vendeur
Échéance /
livraison
Valeur
notionnelle
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
971 569
217
Total - instruments financiers dérivés
553 *
Total des autres investissements
*
4 684 697
5 068 755 *
De ces totaux, un montant de 0,3 M$, représentant la juste valeur négative des instruments financiers dérivés est présenté sous Créditeurs et autres passifs aux états financiers
du Fonds de solidarité des travailleurs du Québec (F.T.Q.) au 31 mai 2014.
Titres achetés en vertu de conventions de revente
Au 31 mai 2014, la juste valeur des titres en portefeuille achetés en vertu de conventions de revente est de 255,0 M$ . Ces titres sont des obligations. Ces transactions ont été
exécutées entre le 20 mai 2014 et le 30 mai 2014, tandis que leurs échéances se situent dans l'intervalle compris entre le 2 juin 2014 et le 27 juin 2014 . Le montant payé est de 255,1
M$ et il correspond à la juste valeur des titres reçus.
Titres vendus en vertu de conventions de rachat
Au 31 mai 2014, la juste valeur des titres en portefeuille vendus en vertu de conventions de rachat est de 355,0 M$. Ces titres sont des obligations. Ces transactions ont été
exécutées entre le 6 mai 2014 et le 30 mai 2014, tandis que leurs échéances se situent dans l'intervalle compris entre le 2 juin 2014 et le 25 juin 2014 . Le collatéral reçu est de 362,1
M$. Le prix de rachat à payer est de 356,2 M$.
36
INDEX OF
THE SHARE OF THE FONDS
IN INVESTMENTS MADE BY
THE SPECIALIZED FUNDS,
AT COST (UNAUDITED)
AS AT MAY 31, 2014
Index of the Share of the Fonds in Investments Made by the Specialized Funds, at Cost
(unaudited)
As at May 31, 2014
(In thousands $)
Information from
Annual Financial
Report dated
12-31-13
BDR Capital s.e.c.
Securities of fourteen companies
12-31-13
FIER Partenaires, société en commandite
Capital St-Laurent, s.e.c.
Fonds Brightspark II, s.e.c.
Fonds CTI sciences de la vie, s.e.c.
Fonds d'investissement iNovia II, société en commandite
Fonds Propulsion III s.e.c.
GO capital s.e.c.
Novacap Industries III, s.e.c.
Novacap Technologies III, s.e.c.
Rho Canada Capital de Risque, s.e.c.
Société en commandite AgeChem
Securities of four other companies
Unsecured
Shares
Loans and
and Units
advances
26,398
Total
3,907
30,305
33,701
Funds committed but not disbursed
03-31-14
Fonds Bio-Innovation, société en commandite
Securities of ten companies
05-31-13
Fonds de solidarité FTQ Investissements croissance I, s.e.c.
Distech Contrôles inc.
iBwave Solutions inc.
Lumenpulse inc.
05-31-13
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.
Réflex Photonique inc.
12-31-13
Secured
Loans and
advances
6,821
2,051
966
9,838
2,075
11,913
1,333
1,000
3,334
5,667
1,333
1,000
3,334
5,667
667
31
667
31
333
334
333
10
500
2,208
334
333
10
500
1,875
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.
Groupe Star Suites 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.
Modus FX inc.
Studios Budge inc.
Via Éditorial, société en commandite
Vivavision inc.
Wilson & Lafleur, limitée
Securities of seven other companies
1,796
1
33,701
18,275
51,976
333
333
6,123
4,132
12,051
2,173
14,224
(unaudited)
As at May 31, 2014
(In thousands $)
Information from
Annual Financial
Report dated
12-31-13
Unsecured
Shares
Loans and
and Units
advances
Fonds immobilier de solidarité FTQ inc.
1030-1040 de Bleury 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.
Centre de développement des Biotechnologies de Laval s.e.c.
Condominiums Le George V s.e.c.
Condominiums Renaissance Blainville s.e.c.
Condos Wanklyn-Milot s.e.c.
CPA Fontainebleau, 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.
Espaces Lebourgneuf Phase III s.e.c.
Fonds d'acquisition de Montréal, société en commandite
Fonds d'acquisition québécois, société en commandite
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
Gérer son Quartier
Graham-Mont-Royal s.e.c.
Montée des Pionniers Phase 1 s.e.c.
Montée des Pionniers Phase II 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 Clairevue
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 Griffintown II, Phase III (Bloc I)
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
Société en commandite Viau Ontario
Souvenir-Corbusier s.e.c.
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
15,681
1,654
880
2,010
30,103
2,217
10
5,100
10
653
4,597
753
250
7,956
1
1
2,700
2,800
5,080
5,073
1,607
979
1,957
7,194
500
500
901
1,209
10
1
150
1,521
2,500
2,682
1,166
2,468
2,777
2,348
964
1,042
378
3,768
581
1
5,050
8,266
28,500
10
2,000
1
1
3,928
1,383
1
3,566
1
161,759
Secured
Loans and
advances
1,917
2,083
3,000
500
52
3,562
1,177
71
9,603
162
176
189
100
3,750
3,115
4,974
1,600
2,200
1,300
15,686
2,305
42,797
30,406
Total
15,681
1,917
2,083
1,654
3,880
2,010
30,103
2,217
10
5,100
10
653
4,597
753
250
7,956
1
1
3,200
2,800
5,080
5,073
1,607
979
2,009
3,562
7,194
500
1,677
972
1,209
9,613
1
312
1,621
6,250
5,973
6,329
2,468
2,777
3,948
3,164
2,342
378
3,768
581
1
5,050
23,952
28,500
10
4,305
1
1
3,928
1,383
1
3,566
1
234,962
2,596
11,377
248,935
2
(unaudited)
As at May 31, 2014
(In thousands $)
Information from
Annual Financial
Report dated
12-31-13
Unsecured
Shares
Loans and
and Units
advances
Fonds immobilier de solidarité FTQ I, s.e.c.
1061 St-Alexandre s.e.c.
C.C.L. II, société en commandite
Complexe d'affaires 440, s.e.c.
Condos Miscéo s.e.c.
Immobilière St-Hippolyte, 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 Claude Baillif
Société en commandite Inspecteur-William
Société en commandite Les Berges Brossard
Société en commandite Milton
Société en commandite Place Dunant
Société en commandite Square Mont-Royal
Société en commandite Ste-Hélène
Village de la Gare s.e.c.
1
559
2,825
225
1,483
6
1,725
1,502
1,045
20
11
17
150
27
500
1
10,097
Direct holding :
Terrain ave. du Lac-Clermoutier, Chertsey
12-31-13
Secured
Loans and
advances
647
317
2,193
3,314
14
8
2,192
9
5
20
5,880
375
3,214
Total
1
647
559
2,825
225
317
1,483
2,199
3,314
14
1,725
3,694
8
1,045
20
20
17
150
5
47
875
1
19,191
1,295
20,486
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.
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.
SEC St-Bruno-sur-le-Lac Phase 2
SEC St-Bruno-sur-le-Lac Phase 3
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
2,932
1,842
3,471
1,201
6
3,400
806
410
1
10
4,326
100
133
10
2,075
239
850
1
25,913
Direct holdings :
Condominium 410 des Récollets, Montréal
Terrain ave. du Lac-Clermoutier, Chertsey
647
3,827
2,710
107
2,192
375
6,644
3,214
4,100
2,932
647
1,842
3,471
1,201
3,833
3,400
806
3,120
1
10
2,192
4,433
100
133
10
2,075
239
850
375
1
35,771
615
1,295
37,681
3
(unaudited)
As at May 31, 2014
(In thousands $)
Information from
Annual Financial
Report dated
08-31-13
Unsecured
Shares
Loans and
and Units
advances
Fonds locaux de solidarité FTQ, s.e.c.
CDEC Rosemont-Petite Patrie, corporation de développement économique
communautaire
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 RocherPercé
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
d'Autray
Centre local de développement de la Municipalité régionale de comté de
Bellechasse inc.
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.)
Centre-Nord
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
114
80
Secured
Loans and
advances
Total
352
133
405
10
10
150
15
352
133
405
48
10
150
15
10
10
10
414
10
10
10
187
10
10
280
10
205
60
230
229
525
10
470
162
10
10
10
414
10
10
10
187
10
70
280
73
205
203
230
261
525
10
470
162
70
70
70
10
50
110
100
10
240
30
10
30
4
80
65
10
10
220
10
10
76
444
10
10
10
125
70
10
50
110
100
10
240
30
10
30
81
80
65
27
10
220
10
10
190
444
10
10
90
125
285
285
120
120
10
10
10
10
710
445
710
445
(unaudited)
As at May 31, 2014
(In thousands $)
Information from
Annual Financial
Report dated
08-31-13
Unsecured
Shares
Loans and
and Units
advances
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 (FLS) MRC de Montmagny
Fonds local de solidarité Laval
Fonds local de solidarité MRC de Coaticook
Fonds local de solidarité MRC de Drummond
Fonds local de solidarité MRC de Joliette
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 Caniapiscau
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
SOLIDE de Shawinigan inc.
03-31-14
Fonds régional de solidarité Abitibi-Témiscamingue, société en commandite
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.
Centre de peinture L.B.G. inc.
Corporation Aurifère QMX
Corporation d'Or Intégra
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.
Les Ressources Yorbeau inc.
LVL Global inc.
Machineries Horticoles d'Abitibi inc.
Machines Roger lnternational inc.
Matamec Explorations inc.
Mines Richmont inc.
Modulabec inc.
Propair inc.
Service Sani Tri inc.
Transport Clément Bégin inc.
VCC-Massénor inc.
5
102
726
1,300
3
95
150
246
11
219
1,642
1,021
1
100
350
141
214
142
247
5,882
Secured
Loans and
advances
Total
10
155
250
10
10
10
248
250
407
400
285
10
115
10
155
250
10
10
10
248
250
407
400
285
112
115
110
170
10
205
173
10
10
10
37
10,226
110
170
10
205
173
10
10
10
37
10,952
43,868
54,820
667
270
172
125
65
1,148
180
198
667
270
172
125
65
2,448
180
198
3
95
1,660
500
222
141
200
150
246
11
219
235
200
1,642
1,021
240
264
164
384
455
100
1,118
108
1,133
141
214
142
750
1,350
247
201
587
320
18,588
562
19,150
1,660
500
222
141
200
235
200
240
264
164
383
455
93
108
1,133
675
750
1,350
201
587
320
12,031
675
(unaudited)
As at May 31, 2014
(In thousands $)
Information from
Annual Financial
Report dated
03-31-14
Unsecured
Shares
Loans and
and Units
advances
Fonds régional de solidarité Bas-Saint-Laurent, société en commandite
2959-8505 Québec inc. (Copeaux de la vallée)
6318703 Canada inc. (Méridien Maritime Réparation) et 3326403 Canada
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 Technologies 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.
Gestion du Fonds Soutien Bas-Saint-Laurent inc.
Les Constructions H.L. Thériault inc.
Les Distributions Arnaud inc.
Les Électriciens Pierre Roy 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
03-31-14
Fonds régional de solidarité Centre-du-Québec, société en commandite
Écofib inc.
Huppé Meubles inc.
IPM Canada inc.
Misa Tours Canada inc.
Nitek Laser inc.
Paul Rocheleau inc.
Rénovation Expo inc.
Vibrotech inc.
03-31-14
Fonds régional de solidarité Chaudière-Appalaches, société en commandite
9050-7641 Québec inc. (Ramp-Art)
9069-4654 Québec inc. (Supervac 2000)
9217-2840 Québec inc. et L'Usine Tac Tic inc.
Bercomac Limitée
Canada moteurs importations inc.
Cométal inc.
Équipements Demers inc.
Équipements Plannord ltée
Équipements récréatifs Jambette 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.
Menuiserox inc.
Multi-Brosses inc.
Portes Veilleux 2000 inc.
Quartz Industrie inc.
Usine Sartigan inc.
6
125
150
125
417
1,000
1
1,818
700
725
1,425
Secured
Loans and
advances
Total
130
130
333
333
125
447
223
258
695
125
212
259
125
1,000
823
71
1,000
196
1
320
294
500
65
150
135
259
106
458
8,310
140
8,450
297
223
133
278
125
212
259
125
1,000
823
71
196
320
294
500
65
150
135
259
106
458
6,492
260
133
500
226
167
245
667
500
2,698
260
133
500
226
167
245
667
500
2,698
796
56
536
796
56
536
1,000
417
300
161
700
500
500
197
437
1,007
725
102
300
30
44
480
37
920
9,245
500
9,745
417
300
161
1,000
500
500
197
437
1,007
102
300
30
44
480
37
920
6,820
1,000
(unaudited)
As at May 31, 2014
(In thousands $)
Information from
Annual Financial
Report dated
03-31-14
03-31-14
Unsecured
Shares
Loans and
and Units
advances
Fonds régional de solidarité Côte-Nord, société en commandite
7583168 Canada inc. (Les Entreprises Electro Select)
9011-1501 Québec inc. (Pompage Pelletier)
9196-7109 Québec inc. (Parmon Construction)
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.
Nord Industrie inc.
Pec-Nord inc.
Synergica Alliance inc.
Fonds régional de solidarité Estrie, société en commandite
9100-2790 Québec inc. (Multi distribution Sherbrooke inc.)
9159-7500 Québec inc. (Armoires NAC)
Acier Fastech inc.
Amecci inc.
Ani-Mat inc.
Boréal - Informations stratégiques inc.
Domaines Pinnacle inc.
Innotex inc.
Kemestrie inc.
LeProhon inc.
Les Cartons Northrich 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.
Scholer Industriel inc.
Signalisation de l'Estrie inc.
Soudure Brault inc.
Sport Powertek inc.
300
1,301
630
630
03-31-14
1,000
1
Fonds régional de solidarité Gaspésie - Îles-de-la-Madeleine, société en commandite
B.M.B. (Îles-de-la-Madeleine) inc.
524
Cap sur mer inc.
632
Duclos & Michaud Télécom inc.
125
Fabrication Delta inc.
Fonds Soutien Gaspésie-Îles-de-la-Madeleine, société en commandite
1,000
Gaspésie Diésel inc.
Gestion du Fonds Soutien Gaspésie-Îles-de-la-Madeleine inc.
1
Junex inc.
46
Les entreprises Léo Leblanc & fils inc.
Les Pêcheries Marinard ltée
Les Reboiseurs de la Péninsule inc.
Pêcheries Vilo inc.
Serres Jardins-Nature inc.
97
2,425
7
176
799
716
248
393
1,050
687
1,842
600
88
456
400
180
109
240
7,984
187
337
296
217
1,154
1,018
506
722
739
175
472
1,158
587
407
342
896
150
107
500
130
227
10,327
30
217
219
218
282
700
48
281
269
2,264
Secured
Loans and
advances
Total
176
799
716
248
393
1,050
687
1,000
1
1,842
600
88
456
400
180
109
300
240
9,285
187
337
296
217
1,154
1,018
506
722
630
739
175
472
1,158
587
407
342
896
150
107
500
130
227
10,957
1,150
12,107
524
662
342
219
1,000
218
1
46
282
700
48
281
366
4,689
(unaudited)
As at May 31, 2014
(In thousands $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
advances
03-31-14
Fonds régional de solidarité Lanaudière, société en commandite
ABC Environnement inc.
ABC Environnement inc. et 9216-4615 Québec inc.
Agro-100 ltée
Gestion EDB Mondor inc.
Groupe Manucam inc.
Laboratoires Bi-Op inc.
Multi-modèles Martin Gaudet inc.
Pneus Lanoraie inc.
Sécurité GMR inc.
Triotech Amusement inc.
Verre Select inc.
03-31-14
Fonds régional de solidarité Laurentides, société en commandite
4486021 Canada inc. (Aliments Urbains)
7661665 Canada inc. (Profab mécanique 2010) et 9151-0768 Québec inc.
9018-4995 Québec inc. (Lacelle & Frères)
Autobus Lion inc.
BMI Canada inc.
Canrep inc.
Complexe Hôtelier St-Jovite/ Mont-Tremblant inc.
Distributions Denis Fontaine 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.
Lev-Fab inc.
Montour ltée
Myre, Pageau & Associés Consultant immobilier inc.
Palmex International inc.
Service Alimentaire Desco inc.
Vision Villégiature inc.
03-31-14
Fonds régional de solidarité Laval, société en commandite
9160-5188 Québec inc. (Hulix Construction)
9210-9107 Québec inc. (Jungle Aventure)
Ciel Aventure Québec inc.
Forages M.S.E. inc. et ICANDA Corporation
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.
300
1,050
126
126
03-31-14
750
Fonds régional de solidarité Mauricie, société en commandite
9145-5980 Québec inc. (Transport Jacques Labbé)
Climatisation Trois-Rivières inc.
Concept Éco-Plein-Air Le Baluchon inc.
Portes & fenêtres Nouvel Horizon inc.
Simaudio Ltée
8
751
751
Secured
Loans and
advances
Total
168
400
500
300
749
1,250
80
164
30
751
108
4,500
168
400
500
300
749
1,250
80
164
30
751
108
4,500
147
500
102
350
1,596
200
147
500
102
350
1,596
200
750
210
596
694
133
1,117
7
1,010
1,092
217
300
350
150
108
347
300
10,276
200
10,476
210
596
694
133
1,117
7
1,010
1,092
217
300
350
150
108
347
9,226
491
242
1,000
750
867
480
275
250
917
167
5,439
491
242
1,000
750
867
480
401
250
917
167
5,565
1,000
6,565
400
100
601
500
500
2,101
400
100
1,352
500
500
2,852
(unaudited)
As at May 31, 2014
(In thousands $)
Information from
Annual Financial
Report dated
03-31-14
03-31-14
Unsecured
Shares
Loans and
and Units
advances
Fonds régional de solidarité Montérégie, société en commandite
7774672 Canada inc., 3897338 Canada inc. et 3897320 Canada inc.
Agro-Bio contrôle inc.
Agrocentre Belcan inc.
Alimentation L'Épicier inc.
Aliments Horizon Nature inc.
Allard & Ricard inc.
Andy transport inc.
Atelier d'usinage Quenneville inc.
Bousquet Frères Limitée
Contrôle Industriel C.T.H. ltée
Corporation Norme Internationale inc.
Corporation Smartsilk inc.
DCL Nutrition & santé animale inc.
Emballages Cré-O-Pack International inc.
FDC Composites inc.
Galerie au chocolat inc.
Groupe Carreaux Céragrès inc.
Groupe Exel International inc.
Groupe Lincora inc.
Investissements Brasco inc.
Laboratoires Natrum inc. et Dermolab Pharma ltée
Le Groupe Conseil Integrim inc.
Les industries Cendrex inc.
Les Investissements Sylnic inc.
Les Laboratoires de recherche de Lan Wirewerks inc.
Les Productions Diamant ltée
Les Produits de Ventilation Lambro inc.
Les sols Sportica inc.
Location Jean Légaré ltée
M.G.B. Électrique inc.
Magnus Poirier inc.
Matériaux paysagers Savaria ltée
Perfecta Plywood ltée
Perlite Canada inc.
Plombco inc.
Portes et fenêtres Cordy inc.
Quincaillerie architecturale Capsol inc.
Ray-Mont Logistiques inc.
RB&C Maintenance de voies inc.
Secco International inc.
Service sérigraphique professionnel S.S.P. inc.
Soya Excel inc.
SPB Psychologie organisationnelle inc.
Stylo Bankers (1991) inc.
Tornatech inc.
Vulcan Compagnie de Palans ltée
Fonds régional de solidarité Nord-du-Québec, société en commandite
9129-3852 Québec inc. (Entretien industriel D.L.B.)
9181-4228 Québec inc. (Nord Décoration inc.)
9189-3081 Québec inc. (Relais du Lac Caché)
Cogitore Resources inc.
Corporation Éléments Critiques
Donner Metals Ltd
Équipement de bureau Ungava inc.
Exploration Khalkos inc.
Exploration NQ inc.
Focus Graphite 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.
M.A.S. Chibougamau inc.
Mines Coulon inc.
Mines Virginia inc.
9
295
185
117
733
528
400
160
107
420
300
300
444
300
434
196
300
2,000
91
122
631
292
423
308
217
487
90
95
150
346
814
777
434
555
433
287
275
128
423
147
570
167
138
387
187
56
6
113
71
10
500
1
200
71
77
200
700
600
583
729
743
17,729
Secured
Loans and
advances
1,090
1,090
133
100
400
200
247
190
59
600
66
Total
295
185
117
733
528
400
160
107
420
300
300
444
300
434
196
300
2,000
91
122
631
292
423
308
217
487
90
95
150
346
814
777
434
555
433
287
275
128
1,090
200
700
423
147
600
583
729
743
19,389
133
100
400
167
138
587
247
187
56
6
113
71
10
500
1
256
59
600
200
71
77
(unaudited)
As at May 31, 2014
(In thousands $)
Information from
Annual Financial
Report dated
03-31-14
Unsecured
Shares
Loans and
and Units
advances
Fonds régional de solidarité Nord-du-Québec, société en commandite (continued)
Ressources Géoméga inc.
Ressources Monarques inc.
Services Pétroliers Chibougamau inc.
Société d'Exploration Minière Vior inc.
Société de Diamant Stornoway
St-Félicien Diesel (1988) inc.
03-31-14
Fonds régional de solidarité Outaouais, société en commandite
140689 Canada ltée (Taxi Loyal)
2786630 Canada inc. (Vitrerie Vision 2000 enr.)
3911781 Canada Ltd (Storeimage)
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)
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.
Macadamian Technologies inc.
Norgau inc.
PCI Géomatiques Entreprises inc.
Philouze Boulanger-pâtissier inc.
ProVance Technologies inc.
Restaurations Sélect inc.
Service de Pneus Lavoie Outaouais inc.
SolaCom Technologies inc.
Systèmes de test Simbol inc.
Terrapro Construction inc.
WMD Moulin de Wakefield développements inc.
Zeligsoft inc.
03-31-14
Fonds régional de solidarité Québec, société en commandite
9099-7768 Québec inc. (E.B.M. Laser)
Agora Communication inc.
Armeco inc.
Ascenseurs Maxi inc.
Auvents W. Lecours inc.
Chemco inc.
Corporation Eatsleepmusic.com
Distribution Sports Loisirs G.P. inc.
DK-SPEC inc.
Engrenage Provincial inc.
Filtrum inc.
Fleurigros 1995 inc.
Groupe Enode inc.
Groupe Incursion inc.
Groupe Qualinet inc.
Groupe Renaud et Ass. inc.
Imprimerie Nicober inc.
J.A. Roby inc.
Laboratoire Hygiènex inc.
Les Aliments 2000 inc.
Les Chaussures Henri-Pierre inc.
Les Distributions Marc Boivin inc.
Les Entreprises P.E.C. inc.
Les Industries Rouillard inc.
Les Vêtements Perlimpinpin inc.
10
150
118
104
247
107
2,710
1,500
546
1
1
2,048
200
460
750
Secured
Loans and
advances
419
300
246
2,894
69
1,000
500
7
130
150
247
197
298
1,330
367
294
125
500
66
94
250
312
200
740
135
952
400
1,437
179
9,819
139
74
388
393
296
100
147
1,736
979
128
190
666
986
226
369
215
200
804
187
476
167
712
93
94
Total
150
118
104
419
247
407
246
5,670
150
5,820
69
1,000
500
101
130
150
247
197
298
1,330
367
294
125
500
1,500
250
312
200
1,286
135
952
1
400
1,437
179
1
11,961
1,850
13,811
339
74
388
393
296
100
460
147
750
1,736
979
128
190
666
986
226
369
215
200
804
187
476
167
712
93
(unaudited)
As at May 31, 2014
(In thousands $)
Information from
Annual Financial
Report dated
03-31-14
Unsecured
Shares
Loans and
and Units
advances
Fonds régional de solidarité Québec, société en commandite (continued)
Machitech inc.
Maçonnerie Dynamique ltée
Métafab (1996) inc.
Métal Potvin inc.
Miro Cuisines Tendances inc.
Mode Avalanche inc.
Panavidéo inc.
Radio-Onde inc.
SGPP (Québec) inc. (Simon Giguère Produits Pétroliers)
TBC Constructions inc.
Vohl inc. et Gestion A.V.F. inc.
03-31-14
Fonds régional de solidarité Saguenay - Lac-Saint-Jean, société en commandite
2861-0467 Québec inc. (Notre Hôtel)
2956-3475 Québec inc. (Interbus)
6482066 Canada inc. (Société P.C.P.)
8439117 Canada inc. (Récupère Sol)
9055-3876 Québec inc. (Les Chocolats Lulu)
9099-3593 Québec inc. (Inter-Projet)
9107-6513 Québec inc. (Menuiserie St-Henri)
9115-3023 Québec inc., 9244-7770 Québec inc. et 9261-9238 Québec inc.
A.S. Nettoyage inc.
Cycles Devinci inc.
Dynamitage Express inc.
Garage Marcel Simard inc.
Gestion du Fonds AP 60 inc.
Gestion LJ inc.
Groupe Giroux Maçonnex inc.
Industrie Bois Lamontagne inc.
Industries Bofab inc.
Isumi Précision ltée
Laval Fortin ltée
Les Équipements pétroliers Claude Pedneault inc.
Les Fenêtres AGM inc.
Les Lignes du Fjord inc.
Les Pétroles R.L. inc.
Les Placements G.M.R. Maltais inc.
Nolicam Location de camions inc.
Novabrik International inc.
Oxygène Dolbeau inc.
Pétrolex St-Félicien inc.
Précicast ltée
Prowatt inc.
Reboitech inc. et Plani-forêt S.G.F. inc.
Remac innovateurs industriels inc.
SCP 89 inc.
Société de gestion Trois-Trois-Trois inc.
Transports J.M. Bernier inc.
12-31-13
Novacap Industries III, s.e.c.
Corporation de Développement Enviro-Viridis inc.
Corporation de Développement Nautilus inc.
IPL inc.
La Corporation de développement cuirs Bentley inc.
Securities of six other companies
11
1,000
475
81
1,491
169
839
1
58
158
40
300
1,405
559
297
350
374
596
194
861
532
750
300
14,753
Secured
Loans and
advances
500
500
205
86
871
1,000
380
800
146
743
120
1
968
400
73
560
430
259
1,000
464
300
26
142
352
117
100
404
13
230
179
4,176
380
10,749
10,536
8,370
200
88
288
Total
1,000
475
500
374
596
81
194
861
532
750
300
16,744
800
17,544
374
86
871
1,000
380
800
146
743
839
120
1
968
400
1
73
560
430
259
58
1,000
464
658
26
142
40
652
1,522
100
404
647
13
230
179
297
350
380
15,213
400
15,613
18,906
(unaudited)
As at May 31, 2014
(In thousands $)
Information from
Annual Financial
Report dated
04-30-13
12-31-13
Unsecured
Shares
Loans and
and Units
advances
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
VC, société en commandite
Securities of two companies
Direct holdings of real estate
Secured
Loans and
advances
Total
135,817
135,817
32
32
122,948
122,980
This unaudited index details the investments made by the specialized funds as required by the Regulation Respecting Development Capital Investment
Fund Continuous Disclosure.
12

1-Complete financial report as at May 31, 2014

Transcription

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