Investment Results

Individual Results

The return indicated on each member statement is a combination of the funds, based on that member’s balance in each, and the respective monthly earnings, less approximately 0.8% to 0.9% for plan expenses. Remember that assets in individual member accounts are allocated between these two funds based on the member’s age, so everyone will experience a slightly different combined return based on the allocation.

The investment returns posted here have been calculated and provided by Mercer. The returns reflect the investment results before netting against management, custodial and administrative fees.

2019 Performance Results

The following tables shows investment results from January 1 to December 31, 2019

ELCIC Pension Plan

2019 January to December	ELCIC Pension Plan Return	Index Benchmark Returns	Excess Return
All Funds Combined	14.88%	15.25%	-0.37%

Fixed Income Fund

2019 January to December	ELCIC Portfolio Return	Index Benchmark Return	Fund Objective CPI + 1%	Excess Return
PH&N Core Plus Bond Fund	6.86%	6.87%		-0.1%
Mortgage Pension Trust Fund	3.23%	3.10%		0.13%
High Yield Mortgage	5.90%	3.10%		2.80%
Total Fixed Income Fund	6.01%		3.27%	2.74%

Growth Fund

2019 January to December	ELCIC Portfolio Return	Index Benchmark Return	Fund Objective CPI + 5%	Excess Return
PH&N Canadian Equity	20.33%	22.88%		-2.55%
RBC Global Equity Focus	26.20%	21.91%		4.29%
Baillie Gifford Equity	26.78%	21.91%		4.87%
Total Growth Fund	23.82%		7.36%	16.46%

Four-Year Returns

The following tables show the rolling four-year results ending December 31, 2019.

Fixed Income Fund

Fixed Income Fund Investments	Four Year Rolling ELCIC Portfolio Return	Four Year Rolling Index Returns	Four Year Fund Objective CPI + 1%	Excess Return
PH&N Core Plus Bonds	4.09%	3.09%		1.00%
Mortgage Pension Trust	2.95%	1.52%		1.43%
High Yield Mortgage Fund	n/a	1.52%		n/a
Total Fixed Income Fund	3.34%		2.92%	0.42%

Growth Fund

Growth Fund Investments	Four Year Rolling ELCIC Potfolio Return	Four Year Rolling Index Return	Four Year Fund Objective CPI + 5%	Excess Return
PH&N Canadian Equity Value	10.41%	10.28%		-0.13%
RBC Global Focus	13.35%	10.01%		3.34%
Ballie Gifford Global Equity	10.75%	10.01%		0.74%
Total Growth Fund	10.23%		6.99%	3.24%

Note: The various investments in the Growth fund have not been held for the entire four-year period. The results shown are the historical for those funds, but not the ELCIC Pension Plan. However, the total Growth Fund result indicates the actual results for the ELCIC Pension Plan.

Notes

Benchmark

The benchmark is based on a model portfolio intended to achieve the investment objective with the appropriate risk and is used to measure the performance of the investment managaers.

Pooled Survey Median

This survey tabulates the results of all eligible investment managers.

Investment Results

Individual Results