The ELCIC Pension Plan has two investment funds. Please refer to the Statement of Investment Policies & Procedures for detailed investment portfolio construction.

Fixed Income Fund

The Fixed Income Fund investments are managed by Phillips Hager & North (PH&N).

On March 31, 2018 the investments included the following:

Investment               $
Money market      315,342
High Yield Mortgage  3,660,397
Mortgage Fund 7,630,569
RBC Vision Bonds 27,061,982
Total Fixed Income Fund 38,668,290

Top 10 Holdings in the RBC Vision Bond Fund

Government of Canada 0.750% 01.Sep.20CanadaFederal
Canada Housing Trust No. 1 1.750% 15.Jun.22CanadaFederal
Province of Ontario 3.500% 02.Jun.24
Government of Canada 1.000% 01.Jun.27CanadaFederal
Province of Ontario 3.500% 02.Jun.43CanadaProvincial
Government of Canada 0.500% 01.Mar.22CanadaFederal
Province of Ontario 4.600% 02.Jun.39CanadaProvincial
Government of Canada 1.500% 01.Mar.20CanadaFederal
Government of Canada 2.750% 01.Dec.48CanadaFederal
Royal Bank of Canada 1.400% 26.Apr.19

Growth Fund

The Growth Fund Investments are managed by two Canadian equity managers, Jarislowsky Fraser (JF) and Manulife Asset Management (MAM), and one global equity manager, AllianzGI.

On December 31, 2017 the holdings for each manager are as follows:



Canadian Equities
JF Segregated equity holdings


JF Special Equity Fund


MAM Canadian Large Cap Growth Pooled



Global Equities
 AllianzGI Global Sustainability Fund


Total Equities


Top 10 stocks held by JF

The Toronto Dominion BankCanadaFinancials
Royal Bank of CanadaCanadaFinancials
Bank of Nova ScotiaCanadaFinancials
Enbridge Inc.CanadaPipelines
Canadian National Railway CompanyCanadaTransportation
Canadian Natural Resources LimitedCanadaEnergy
Manulife Financial CorporationCanadaFinancials
Potash Corporation of Sask IncCanadaMaterials
Open Text CorporationCanadaTechnology
Alimentation Couche-Tard Inc BCanadaConsumer Staples

Top 10 stocks held in Manulife Canadian Large Cap Growth Pooled Fund

The Toronto Dominion BankCanadaFinancials
Royal Bank of CanadaCanadaFinancials
Bank of Nova ScotiaCanadaFinancials
Canadian Natural ResourcesCanadaEnergy
Suncor Energy Inc.CanadaEnergy
Canadian National Railway CompanyCanadaIndustrials
Enbridge IncCanadaEnergy
Canadian Imperial Bank of CommerceCanadaFinancials
Brookfield Asset Manage-CL ACanadaFinancials
Canadian Pacific Railway Ltd.CanadaIndustrials

Top 10 stocks held in AllianzGI Global Sustainability Fund

Visa IncUnited States
Alphabet Inc Cl AUnited States
PrudentialUnited Kingdom
Microsoft CorpUnited States
Amadeus IT Group Spain
American Express CoUnited States
Citigroup Inc.United States
Estee Lauder Companies CL AUnited States
Accenture PLC CL AIreland
Daikin Industries LtdJapan