November 2021 | Caldwell Canadian Value Momentum Fund Commentary

November Recap: The Caldwell Canadian Value Momentum Fund (“CVM”) declined 2.3% in November versus a loss of 1.6% for the S&P/TSX Composite Total Return Index (“Index”)1. Sector returns within the Index continued to have a wide range of outcomes. Health Care (-7.8%), Energy (-5.3%) and REITs (-3.6%) were the worst performing sectors while 5/11 sectors posted positive returns, led by Technology (+1.4%) and Materials (+1.1%).

Top CVM performers in November were AirBoss ("BOS" +24.9%) and ATS Automation ("ATA" +13.2%)2.

BOS moved higher on news that it was shortlisted for a sizable U.S. Department of Health and Human Services contract. On its earnings call, BOS noted continued momentum in its $1 billion plus bid pipeline, which is expected to drive continued growth through 2023.

ATA responded positively to a strong earnings result which saw 20%+ organic growth. The company saw good bookings and backlog, consistent with positive commentary from industry peers. Subsequent to the earnings release, the company announced a sizable acquisition in its Life Sciences segment and provided additional detail on recent nuclear awards, which illustrates ATA's expertise in this highly regulated market.

One stock was added to the portfolio in November: Colliers Group ("CIGI"). CIGI provides commercial real estate services including property & project management, sales, leasing & advisory, engineering & design, and asset management. The company released its 2025 growth strategy which sees EBITDA and EPS more than doubling from 2020 levels and recurring revenue growing to 65%+ of EBITDA (from approximately 50% today). Growth will come from both organic and inorganic opportunities. The company has a superior track record of capital allocation, with management and the Board owning greater than 20% of the company.

The Fund held a 20.4% cash weighting at month-end. The CVM has generated substantial value to investors over its long-term history driven by the combination of strong company-specific catalysts and a concentrated portfolio. We continue to look forward to strong results as we
progress through the upcoming year.

1See Performance Comparison table (or page 2 of the PDF) for standard performance data.

2Actual Investments, first purchased: ATA 02/16/2018, BOS 10/14/2020.

3Return since August 15, 2011 (Perf. Start Date): CVM (Series A) 11.2%, Index 8.1%. | Returns are annualized for periods greater than one year.

4Categories defined by Canadian Investment Funds Standards Committee (“CIFSC”).

The CVM was not a reporting issuer offering its securities privately from August 8, 2011 until July 20, 2017, at which time it became a reporting issuer and subject to additional regulatory requirements and expenses associated therewith.

Unless otherwise specified, market and issuer data sourced from Capital IQ & Morningstar Direct.

As the constituents in the CIFSC Canadian Equity category largely focus on securities of a larger capitalization and CVM considers, and is invested, in all categories, including smaller and micro-cap securities, we have also shown how CVM ranks against constituents focused in the smaller cap category. The above list represents 6 of a total of 396 constituents in the CIFSC Canadian Equity category.

The information contained herein provides general information about the Fund at a point in time. Investors are strongly encouraged to consult with a financial advisor and review the Simplified Prospectus and Fund Facts documents carefully prior to making investment decisions about the Fund. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Rates of returns, unless otherwise indicated, are the historical annual compounded returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed; their values change frequently and past performance may not be repeated.

FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.

Publication date: December 17, 2021.

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