CC&L Group Equity
Income & Growth

Investment objective

  • Construct a portfolio of primarily income-oriented equity instruments focused on maximizing the long-term total return while generating a portfolio yield in excess of that of the S&P/TSX Composite Index.
  • Maintain total risk below that of the S&P/TSX Composite Index over long-term periods.


  • Core approach. Diversified and carefully risk managed.
  • Fundamental, bottom-up security selection.
  • Proprietary company database.
  • Integrates US securities to increase diversification.
  • ESG considerations integrated into the strategy.

Investment Philosophy

  • Macroeconomic themes influence markets over longer term.
  • Opportunities exist when fundamentals vary from consensus expectations.
  • Price attractiveness and valuation are key.
  • Risk management is an integral component of process.

Investment Process

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

Portfolio Conustruction & Risk Management

  • The portfolio generally holds dividend paying equities, REITs, income trusts and preferred shares with positive total relative return prospects and the team’s highest target returns.
  • Fundamental analysis assesses business risk, liquidity and valuation risk.
  • Portfolio construction strikes a balance between securities with dividend growth and high and sustainable yield.
  • Risk management is part of the investment process, not an afterthought.
  • There are strict position limits on individual security weights.

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Investment Objectives Disclosure


The Strategy’s investment objectives are targets only. Actual performance may differ materially,
including due to market or economic factors, portfolio management decisions, modelling error,
or other reasons. In determining the added value targets, CC&L may consider the Strategy’s performance
during historical periods, the level of estimated risk over a market cycle as well as the parameters used in
the Strategy’s portfolio construction process.

For more information about services available to you as a
CC&L Investment Management client, please contact:

Phil Cotterill.

Phil Cotterill

Director & Portfolio Manager,
Head of Client Solutions

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Brent Wilkins.

Brent Wilkins

Senior Vice President,
Head of Institutional Sales, Canada

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CC&L Investment Management Ltd.
September 21st, 2022