Legal Information
Contact
News & Publications
Press articles

Just type and press 'enter'

About us
Investment Philosophy
Sustainable Way
Products Offering
> Private access

Anti-Benchmark^® strategies
Anti-Benchmark^® funds
MAXDIV^® range of indices

MAXDIV^® Range of Indices

Based on original research from TOBAM, the MAXDIV^® range of indices helps investors to avoid portfolio concentration. Constituents are weighted so that each effective risk factor contributes in a balanced manner to the risk of the portfolio, as opposed to a market capitalization weighted basis.

Indices are based on the Maximum Diversification^® approach, constrained to fit the requirements of replication.

Important Information: Capital at Risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. The fund invests in financial instruments which are denominated in other currencies; as such changes in the relevant exchange rate will affect the value of the investment. Investors should understand that capital growth is not a priority for the Fund and that income levels will vary and are not guaranteed.

TOBAM Maximum Diversification
All World Developed ex North America Index
TOBAM Maximum Diversification
All World Developed Index
TOBAM Maximum Diversification
All World Index
TOBAM Maximum Diversification
Canada Index
TOBAM Maximum Diversification
Developed Asia Pacific ex Japan Index
TOBAM Maximum Diversification
Developed Europe Index
TOBAM Maximum Diversification
Developed Eurozone Index
TOBAM Maximum Diversification
Emerging Index
TOBAM Maximum Diversification
Japan Index
TOBAM Maximum Diversification
North America Index
TOBAM Maximum Diversification
UK Index
TOBAM Maximum Diversification
USA Index

CHARACTERISTICS

As of 2018-11-15

Ticker : MDWXNATU Index

Calculating Agent : Solactive

Base Date : 2001-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 5395.98

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	0.42%	-5.14%	-11.43%	-9.47%	-4.57%	15.72%	21.63%	429.07%
Volatility	12.86%	10.94%	10.34%	10.69%	10.31%	10.96%	10.62%	12.74%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 783

Max. Market Cap : 259.193 Billion USD

Min. Market Cap : 1.262 Billion USD

Avg. Market Cap : 28.343 Billion USD

Median Market Cap : 15.809 Billion USD

Top Constituents

	Name
1.	LINK REIT
2.	ONO PHARMACEUTICAL CO LTD
3.	ROCHE HOLDING AG-GENUSSCHEIN
4.	NEWCREST MINING LTD
5.	SES
6.	NESTLE SA-REG
7.	NOVO NORDISK A/S-B
8.	KERRY GROUP PLC-A
9.	NESTE OIL OYJ
10.	FAMILYMART CO LTD

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Goods

19.68%

Consumer Services

19.18%

Health Care

14.25%

Financials

14.04%

Industrials

11.21%

Basic Materials

6.36%

Technology

5.63%

Oil & Gas

3.91%

Telecommunications

2.92%

Utilities

2.82%

Breakdown by Country

Japan

27.00%

Great Britain

17.76%

Hong Kong

9.73%

Australia

7.83%

Switzerland

6.12%

France

6.04%

Germany

4.51%

Denmark

3.96%

Ireland

2.80%

Sweden

2.23%

Finland

2.00%

Italy

1.90%

New Zealand

1.89%

Netherlands

1.87%

Belgium

1.20%

Spain

1.13%

Singapore

1.12%

Norway

0.64%

Austria

0.27%

Portugal

0.03%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

Our research indicates that the systematic returns available from equity markets are higher than using market cap-weighted benchmarks, and are also far more stable over time. Using a biased benchmark as a reference carries heavy, costly, implicit bets which evolve dynamically. On the contrary, TOBAM’s Maximum Diversification® approach is designed to access the full risk premium evenly from all the independent risk factors available in the investment universe.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDWXNAPU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 3651.13

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	0.38%	-5.65%	-12.40%	-11.51%	-6.86%	7.80%	8.50%	265.11%
Volatility	12.89%	10.94%	10.33%	10.69%	10.30%	10.94%	10.61%	12.84%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 783

Max. Market Cap : 259.193 Billion USD

Min. Market Cap : 1.262 Billion USD

Avg. Market Cap : 28.343 Billion USD

Median Market Cap : 15.809 Billion USD

Top Constituents

	Name
1.	LINK REIT
2.	ONO PHARMACEUTICAL CO LTD
3.	ROCHE HOLDING AG-GENUSSCHEIN
4.	NEWCREST MINING LTD
5.	SES
6.	NESTLE SA-REG
7.	NOVO NORDISK A/S-B
8.	KERRY GROUP PLC-A
9.	NESTE OIL OYJ
10.	FAMILYMART CO LTD

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Goods

19.68%

Consumer Services

19.18%

Health Care

14.25%

Financials

14.04%

Industrials

11.21%

Basic Materials

6.36%

Technology

5.63%

Oil & Gas

3.91%

Telecommunications

2.92%

Utilities

2.82%

Breakdown by Country

Japan

27.00%

Great Britain

17.76%

Hong Kong

9.73%

Australia

7.83%

Switzerland

6.12%

France

6.04%

Germany

4.51%

Denmark

3.96%

Ireland

2.80%

Sweden

2.23%

Finland

2.00%

Italy

1.90%

New Zealand

1.89%

Netherlands

1.87%

Belgium

1.20%

Spain

1.13%

Singapore

1.12%

Norway

0.64%

Austria

0.27%

Portugal

0.03%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

Source: TOBAM The information provided relates to past performance. Past performance is not a reliable indicator of future results and should not be the sole factor of consideration when selecting a product or strategy. Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested where applicable. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. TOBAM is a French investment adviser registered with the French Autorité des Marchés Financiers (AMF) and the U.S. Securities and Exchange Commission (SEC) under the U.S. Investment Advisers Act of 1940 and having its registered office located at 49-53 avenue des Champs Elysées, 75008 Paris, France. TOBAM’s Form ADV is available free of charge upon request. In Canada, TOBAM is acting under the assumed name “Tobam SAS Inc.” in Alberta and “TOBAM Société par Actions Simplifiée” in Québec. All rights in the TOBAM Maximum Diversification Index Series vest in TOBAM. The use of TOBAM Maximum Diversification Index Series to create financial products requires a license granted by TOBAM. The information shall not be used to verify or correct other data, to create indices, risk models, or analytics, or in connection with issuing, offering, sponsoring, managing or marketing any securities, portfolios, financial products or other investment vehicles without TOBAM’s prior consent. Past performance and simulations based on back tests are not indicative of future results nor are they reliable indicators of future performance, forecast or prediction. TOBAM does not represent, and indices should not be construed, as a guarantee, promise or assurance of a specific return. Back tested data may reflect the application of the index methodology with the benefit of hindsight, and the historic calculation of an index may change from time to time based on revisions of the underlying data used in the calculation of the index. TOBAM has continued and will continue its research efforts amending the investment process from time to time accordingly. TOBAM reserves the right of revision or change without notice, of the universe, data, models, strategy and opinions. Back tests performance is not actual performance and do not guaranty the results of an actual index. The TOBAM Maximum Diversification Index Series are calculated by Solactive or its agent. Solactive is the third-party calculation agent of the TOBAM Maximum Diversification Index Series and receives compensation in that capacity. The financial instrument is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index Price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards the Issuer, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. Neither publication of the Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the financial instrument constitutes a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this financial instrument. TOBAM does not make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as the results to be obtained from the use of the TOBAM Maximum Diversification Index Series or the suitability of the Index for any particular purpose. Nothing in this communication should be taken as constituting an offer to buy or sell or a recommendation of financial instrument or investment advice. Indices cannot be invested in directly. The information contained herein are provided “as is” and the user of the information assumes the entire risk of any use for itself or any third party. TOBAM and its affiliates do not accept any direct or indirect liability for any errors or omissions in the TOBAM Maximum Diversification Index Series, underlying data or information contained in this publication. All information is provided for information purposes only. The information contained herein, whether globally or partially, shall not be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of TOBAM or its affiliates. Copyrights: All text, graphics, interfaces, logos and artwork, including but not limited to design, structure, selection, coordination, expression, "look and feel" and arrangement contained in this presentation, are owned by TOBAM and are protected by copyright and various other intellectual property rights and competition laws. Trademarks: "TOBAM," "MaxDiv," "Maximum Diversification," "Diversification Ratio,” “Most Diversified Portfolio,” “Most Diversified Portfolios,” “MDP” and "Anti-Benchmark" are registered trademarks. This list is indicative and the absence of a product or service name from this list does not constitute a waiver of TOBAM trademark or other intellectual property rights concerning that name. Patents: The Anti-Benchmark, MaxDiv and Maximum Diversification strategies, methods and systems for selecting and managing a portfolio of securities, processes and products are patented or patent pending. Knowledge, processes and strategies: The Anti-Benchmark, MaxDiv and Maximum Diversification strategies, methods and systems for selecting and managing a portfolio of securities, processes and products are protected under competition, passing-off and misappropriation laws. Terms of use: TOBAM owns all rights to, title to and interest in TOBAM products and services, marketing and promotional materials, trademarks and patents, including without limitation all associated intellectual property rights. Any use of the intellectual property, knowledge, processes and strategies of TOBAM for any purpose and under any form (known and/or unknown) in direct or indirect relation with financial products including but not limited to certificates, indices, notes, bonds, OTC options, warrants, mutual funds, ETFs and insurance policies (i) is strictly prohibited without TOBAM’s prior written consent and (ii) requires a license.

CHARACTERISTICS

As of 2018-11-15

Ticker : MDAWDTU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 5428.57

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	0.13%	-4.39%	-3.67%	-1.20%	4.45%	28.81%	43.37%	442.86%
Volatility	13.74%	11.26%	9.43%	10.76%	10.30%	9.50%	9.64%	11.49%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 1017

Max. Market Cap : 1,057.078 Billion USD

Min. Market Cap : 1.469 Billion USD

Avg. Market Cap : 72.955 Billion USD

Median Market Cap : 27.927 Billion USD

Top Constituents

	Name
1.	HUMANA INC
2.	APPLE INC
3.	AMAZON.COM INC
4.	KROGER CO
5.	TWITTER INC
6.	DOLLAR GENERAL CORP
7.	NETFLIX INC
8.	TYSON FOODS INC-CL A
9.	LULULEMON ATHLETICA INC
10.	FACEBOOK INC-A

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Services

23.27%

Consumer Goods

15.99%

Health Care

14.77%

Financials

13.63%

Technology

9.15%

Industrials

7.66%

Utilities

4.70%

Basic Materials

4.39%

Oil & Gas

3.97%

Telecommunications

2.48%

Breakdown by Country

USA

58.35%

Japan

12.35%

Great Britain

6.80%

Canada

5.25%

Hong Kong

2.96%

France

2.27%

Denmark

2.18%

Australia

1.99%

Switzerland

1.64%

Germany

1.13%

Italy

0.83%

Finland

0.68%

New Zealand

0.64%

Ireland

0.64%

Spain

0.63%

Netherlands

0.49%

Sweden

0.47%

Belgium

0.24%

Norway

0.21%

Singapore

0.18%

Austria

0.07%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDAWDPU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 3970.64

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	0.06%	-4.84%	-4.57%	-2.89%	2.47%	21.58%	30.49%	297.06%
Volatility	13.76%	11.27%	9.43%	10.75%	10.30%	9.49%	9.64%	11.49%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 1017

Max. Market Cap : 1,057.078 Billion USD

Min. Market Cap : 1.469 Billion USD

Avg. Market Cap : 72.955 Billion USD

Median Market Cap : 27.927 Billion USD

Top Constituents

	Name
1.	HUMANA INC
2.	APPLE INC
3.	AMAZON.COM INC
4.	KROGER CO
5.	TWITTER INC
6.	DOLLAR GENERAL CORP
7.	NETFLIX INC
8.	TYSON FOODS INC-CL A
9.	LULULEMON ATHLETICA INC
10.	FACEBOOK INC-A

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Services

23.27%

Consumer Goods

15.99%

Health Care

14.77%

Financials

13.63%

Technology

9.15%

Industrials

7.66%

Utilities

4.70%

Basic Materials

4.39%

Oil & Gas

3.97%

Telecommunications

2.48%

Breakdown by Country

USA

58.35%

Japan

12.35%

Great Britain

6.80%

Canada

5.25%

Hong Kong

2.96%

France

2.27%

Denmark

2.18%

Australia

1.99%

Switzerland

1.64%

Germany

1.13%

Italy

0.83%

Finland

0.68%

New Zealand

0.64%

Ireland

0.64%

Spain

0.63%

Netherlands

0.49%

Sweden

0.47%

Belgium

0.24%

Norway

0.21%

Singapore

0.18%

Austria

0.07%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDAWTU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2017-03-17

Base Currency : USD

Calculation Frequency : Daily

Level : 1149.09

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	0.84%	-4.03%	-4.71%	-2.52%	2.67%	29.95%	38.65%	397.31%
Volatility	13.09%	11.60%	9.80%	10.74%	10.28%	9.55%	9.80%	12.19%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 1288

Max. Market Cap : 1,057.078 Billion USD

Min. Market Cap : 610.899 Million USD

Avg. Market Cap : 92.642 Billion USD

Median Market Cap : 24.842 Billion USD

Top Constituents

	Name
1.	APPLE INC
2.	HUMANA INC
3.	MICROSOFT CORP
4.	AMAZON.COM INC
5.	NETFLIX INC
6.	TWITTER INC
7.	DOLLAR GENERAL CORP
8.	JOHNSON & JOHNSON
9.	KROGER CO
10.	GENERAL MILLS INC

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Services

21.98%

Health Care

16.35%

Consumer Goods

16.28%

Financials

11.98%

Technology

11.09%

Industrials

7.85%

Basic Materials

3.85%

Utilities

3.84%

Oil & Gas

3.79%

Telecommunications

2.99%

Breakdown by Country

USA

51.09%

Japan

12.19%

Great Britain

4.32%

India

4.27%

China

3.87%

Korea, Republic of

3.12%

Canada

3.01%

Hong Kong

2.10%

Australia

1.98%

Brazil

1.56%

Switzerland

1.56%

France

1.50%

Denmark

1.30%

Taiwan, Province of China

1.12%

Thailand

0.98%

Indonesia

0.90%

Philippines

0.58%

Germany

0.50%

Italy

0.50%

New Zealand

0.48%

Malaysia

0.44%

Ireland

0.30%

Mexico

0.30%

Spain

0.29%

Turkey

0.28%

Netherlands

0.26%

Finland

0.24%

South Africa

0.17%

Sweden

0.16%

Belgium

0.13%

Russian Federation

0.13%

Norway

0.08%

Singapore

0.08%

Greece

0.06%

Poland

0.06%

Austria

0.03%

Chile

0.03%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

Composition:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDAWPU Index

Calculating Agent : Solactive

Base Date : 2017-03-17

Launch Date : 2017-03-17

Base Currency : USD

Calculation Frequency : Daily

Level : 1114.12

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	0.78%	-4.46%	-5.63%	-4.13%	0.82%	-	-	11.41%
Volatility	13.10%	11.59%	9.79%	10.74%	10.28%	-	-	8.66%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 1288

Max. Market Cap : 1,057.078 Billion USD

Min. Market Cap : 610.899 Million USD

Avg. Market Cap : 92.642 Billion USD

Median Market Cap : 24.842 Billion USD

Top Constituents

	Name
1.	APPLE INC
2.	HUMANA INC
3.	MICROSOFT CORP
4.	AMAZON.COM INC
5.	NETFLIX INC
6.	TWITTER INC
7.	DOLLAR GENERAL CORP
8.	JOHNSON & JOHNSON
9.	KROGER CO
10.	GENERAL MILLS INC

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Services

21.98%

Health Care

16.35%

Consumer Goods

16.28%

Financials

11.98%

Technology

11.09%

Industrials

7.85%

Basic Materials

3.85%

Utilities

3.84%

Oil & Gas

3.79%

Telecommunications

2.99%

Breakdown by Country

USA

51.09%

Japan

12.19%

Great Britain

4.32%

India

4.27%

China

3.87%

Korea, Republic of

3.12%

Canada

3.01%

Hong Kong

2.10%

Australia

1.98%

Brazil

1.56%

Switzerland

1.56%

France

1.50%

Denmark

1.30%

Taiwan, Province of China

1.12%

Thailand

0.98%

Indonesia

0.90%

Philippines

0.58%

Germany

0.50%

Italy

0.50%

New Zealand

0.48%

Malaysia

0.44%

Ireland

0.30%

Mexico

0.30%

Spain

0.29%

Turkey

0.28%

Netherlands

0.26%

Finland

0.24%

South Africa

0.17%

Sweden

0.16%

Belgium

0.13%

Russian Federation

0.13%

Norway

0.08%

Singapore

0.08%

Greece

0.06%

Poland

0.06%

Austria

0.03%

Chile

0.03%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

Composition:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDCAPC Index

Calculating Agent : Solactive

Base Date : 2005-12-30

Launch Date : 2015-09-18

Base Currency : CAD

Calculation Frequency : Daily

Level : 2860.75

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	0.57%	-6.40%	-6.59%	-7.32%	-6.64%	14.78%	14.00%	50.84%
Volatility	7.72%	9.46%	8.74%	8.79%	8.38%	9.21%	9.94%	14.09%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 52

Max. Market Cap : 138.219 Billion CAD

Min. Market Cap : 6.534 Billion CAD

Avg. Market Cap : 24.585 Billion CAD

Median Market Cap : 27.498 Billion CAD

Top Constituents

	Name
1.	THOMSON REUTERS CORP
2.	GILDAN ACTIVEWEAR INC
3.	AGNICO-EAGLE MINES
4.	FRANCO-NEVADA CORP
5.	INTACT FINANCIAL CORP
6.	SHAW COMMUNICATIONS INC-B
7.	ONEX CORPORATION
8.	GREAT-WEST LIFECO INC
9.	ALIMENTATION COUCHE-TARD -B
10.	RIOCAN REAL ESTATE INVST TR

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Financials

28.85%

Consumer Services

19.96%

Basic Materials

10.72%

Industrials

9.26%

Consumer Goods

9.19%

Telecommunications

6.65%

Technology

6.04%

Oil & Gas

4.67%

Utilities

2.86%

Health Care

1.79%

Breakdown by Country

Canada

100.00%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDCATC Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2015-09-18

Base Currency : CAD

Calculation Frequency : Daily

Level : 4164.59

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	0.63%	-5.84%	-5.52%	-5.50%	-4.42%	23.24%	29.01%	316.46%
Volatility	7.69%	9.46%	8.74%	8.78%	8.37%	9.20%	9.94%	13.38%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 52

Max. Market Cap : 138.219 Billion CAD

Min. Market Cap : 6.534 Billion CAD

Avg. Market Cap : 24.585 Billion CAD

Median Market Cap : 27.498 Billion CAD

Top Constituents

	Name
1.	THOMSON REUTERS CORP
2.	GILDAN ACTIVEWEAR INC
3.	AGNICO-EAGLE MINES
4.	FRANCO-NEVADA CORP
5.	INTACT FINANCIAL CORP
6.	SHAW COMMUNICATIONS INC-B
7.	ONEX CORPORATION
8.	GREAT-WEST LIFECO INC
9.	ALIMENTATION COUCHE-TARD -B
10.	RIOCAN REAL ESTATE INVST TR

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Financials

28.85%

Consumer Services

19.96%

Basic Materials

10.72%

Industrials

9.26%

Consumer Goods

9.19%

Telecommunications

6.65%

Technology

6.04%

Oil & Gas

4.67%

Utilities

2.86%

Health Care

1.79%

Breakdown by Country

Canada

100.00%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDPXJDTU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 7074.49

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	3.21%	-5.80%	-12.18%	-11.29%	-6.88%	22.53%	25.42%	607.45%
Volatility	19.86%	14.17%	12.08%	12.07%	11.54%	11.54%	11.36%	15.08%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 161

Max. Market Cap : 91.432 Billion USD

Min. Market Cap : 1.262 Billion USD

Avg. Market Cap : 13.318 Billion USD

Median Market Cap : 11.297 Billion USD

Top Constituents

	Name
1.	NORTHERN STAR RESOURCES LTD
2.	PCCW LTD
3.	AVON RESOURCES LTD
4.	SPARK NEW ZEALAND LTD
5.	YUE YUEN INDUSTRIAL HLDG
6.	HUTCHISON PORT HOLDINGS TR-U
7.	COMFORTDELGRO CORP LTD
8.	SATS LTD
9.	DOMINO'S PIZZA ENTERPRISES L
10.	TELSTRA CORP LTD

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Financials

23.19%

Industrials

20.64%

Consumer Services

17.07%

Consumer Goods

11.16%

Basic Materials

7.22%

Telecommunications

6.01%

Health Care

5.32%

Utilities

3.82%

Oil & Gas

2.83%

Technology

2.75%

Breakdown by Country

Hong Kong

41.88%

Australia

35.55%

Singapore

15.08%

New Zealand

7.49%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDPXJDPU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 4343.51

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	3.15%	-6.65%	-13.76%	-13.93%	-9.86%	11.32%	8.11%	334.35%
Volatility	19.83%	14.16%	12.07%	12.06%	11.53%	11.52%	11.35%	15.09%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 161

Max. Market Cap : 91.432 Billion USD

Min. Market Cap : 1.542 Billion USD

Avg. Market Cap : 13.318 Billion USD

Median Market Cap : 11.297 Billion USD

Top Constituents

	Name
1.	NORTHERN STAR RESOURCES LTD
2.	PCCW LTD
3.	AVON RESOURCES LTD
4.	SPARK NEW ZEALAND LTD
5.	YUE YUEN INDUSTRIAL HLDG
6.	HUTCHISON PORT HOLDINGS TR-U
7.	COMFORTDELGRO CORP LTD
8.	SATS LTD
9.	DOMINO'S PIZZA ENTERPRISES L
10.	TELSTRA CORP LTD

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Financials

23.19%

Industrials

20.64%

Consumer Services

17.07%

Consumer Goods

11.16%

Basic Materials

7.22%

Telecommunications

6.01%

Health Care

5.32%

Utilities

3.82%

Oil & Gas

2.83%

Technology

2.75%

Breakdown by Country

Hong Kong

41.88%

Australia

35.55%

Singapore

15.08%

New Zealand

7.49%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDEUDTE Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : EUR

Calculation Frequency : Daily

Level : 4389.52

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	-0.69%	-4.93%	-6.09%	-3.42%	0.06%	9.93%	33.42%	338.95%
Volatility	12.70%	11.07%	10.47%	11.17%	10.77%	13.45%	14.10%	13.61%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 394

Max. Market Cap : 228.757 Billion EUR

Min. Market Cap : 1.547 Billion EUR

Avg. Market Cap : 30.227 Billion EUR

Median Market Cap : 17.346 Billion EUR

Top Constituents

	Name
1.	SES
2.	RANDGOLD RESOURCES LTD
3.	NESTLE SA-REG
4.	NESTE OIL OYJ
5.	ROCHE HOLDING AG-GENUSSCHEIN
6.	PANDORA A/S
7.	PEARSON PLC
8.	KERRY GROUP PLC-A
9.	NOVARTIS AG-REG
10.	NOVO NORDISK A/S-B

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Services

18.58%

Consumer Goods

18.58%

Health Care

17.59%

Financials

14.87%

Industrials

9.05%

Basic Materials

5.63%

Technology

5.16%

Oil & Gas

5.01%

Utilities

3.65%

Telecommunications

1.88%

Breakdown by Country

Great Britain

31.99%

France

13.94%

Switzerland

10.14%

Denmark

8.35%

Germany

7.51%

Finland

4.79%

Ireland

3.60%

Netherlands

3.34%

Sweden

3.32%

Italy

3.12%

Spain

2.99%

Belgium

2.97%

Norway

2.59%

Austria

1.02%

Portugal

0.35%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDEUDPE Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : EUR

Calculation Frequency : Daily

Level : 2897.2

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	-0.77%	-5.36%	-7.14%	-5.95%	-2.70%	1.79%	18.01%	189.72%
Volatility	12.78%	11.09%	10.48%	11.14%	10.74%	13.44%	14.09%	13.60%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 394

Max. Market Cap : 228.757 Billion EUR

Min. Market Cap : 1.547 Billion EUR

Avg. Market Cap : 30.227 Billion EUR

Median Market Cap : 17.346 Billion EUR

Top Constituents

	Name
1.	SES
2.	RANDGOLD RESOURCES LTD
3.	NESTLE SA-REG
4.	NESTE OIL OYJ
5.	ROCHE HOLDING AG-GENUSSCHEIN
6.	PANDORA A/S
7.	PEARSON PLC
8.	KERRY GROUP PLC-A
9.	NOVARTIS AG-REG
10.	NOVO NORDISK A/S-B

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Services

18.58%

Consumer Goods

18.58%

Health Care

17.59%

Financials

14.87%

Industrials

9.05%

Basic Materials

5.63%

Technology

5.16%

Oil & Gas

5.01%

Utilities

3.65%

Telecommunications

1.88%

Breakdown by Country

Great Britain

31.99%

France

13.94%

Switzerland

10.14%

Denmark

8.35%

Germany

7.51%

Finland

4.79%

Ireland

3.60%

Netherlands

3.34%

Sweden

3.32%

Italy

3.12%

Spain

2.99%

Belgium

2.97%

Norway

2.59%

Austria

1.02%

Portugal

0.35%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDEMUDPE Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : EUR

Calculation Frequency : Daily

Level : 2798.53

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	0.35%	-4.57%	-5.40%	-3.59%	-1.35%	8.00%	23.12%	179.85%
Volatility	10.44%	11.23%	10.58%	11.41%	11.03%	13.78%	14.64%	14.62%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 219

Max. Market Cap : 139.414 Billion EUR

Min. Market Cap : 2.014 Billion EUR

Avg. Market Cap : 20.16 Billion EUR

Median Market Cap : 17.207 Billion EUR

Top Constituents

	Name
1.	AMER SPORTS OYJ-A SHS
2.	SES
3.	KESKO OYJ-B SHS
4.	SANOFI-AVENTIS
5.	GLANBIA PLC
6.	INGENICO
7.	NESTE OIL OYJ
8.	METRO AG
9.	KONINKLIJKE AHOLD NV
10.	ORION OYJ-CLASS B

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Services

18.35%

Consumer Goods

17.53%

Financials

17.24%

Industrials

10.37%

Health Care

9.83%

Technology

8.14%

Oil & Gas

7.98%

Utilities

4.81%

Basic Materials

3.66%

Telecommunications

2.09%

Breakdown by Country

France

30.39%

Germany

20.89%

Finland

10.79%

Netherlands

10.04%

Ireland

6.42%

Spain

6.05%

Italy

5.88%

Belgium

5.75%

Austria

2.48%

Portugal

1.29%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDEMUDTE Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : EUR

Calculation Frequency : Daily

Level : 4179.75

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	0.37%	-4.41%	-4.37%	-1.15%	1.31%	16.40%	37.75%	317.98%
Volatility	10.44%	11.24%	10.57%	11.42%	11.04%	13.80%	14.66%	14.63%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 219

Max. Market Cap : 139.414 Billion EUR

Min. Market Cap : 2.014 Billion EUR

Avg. Market Cap : 20.16 Billion EUR

Median Market Cap : 17.207 Billion EUR

Top Constituents

	Name
1.	AMER SPORTS OYJ-A SHS
2.	SES
3.	KESKO OYJ-B SHS
4.	SANOFI-AVENTIS
5.	GLANBIA PLC
6.	INGENICO
7.	NESTE OIL OYJ
8.	METRO AG
9.	KONINKLIJKE AHOLD NV
10.	ORION OYJ-CLASS B

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Services

18.35%

Consumer Goods

17.53%

Financials

17.24%

Industrials

10.37%

Health Care

9.83%

Technology

8.14%

Oil & Gas

7.98%

Utilities

4.81%

Basic Materials

3.66%

Telecommunications

2.09%

Breakdown by Country

France

30.39%

Germany

20.89%

Finland

10.79%

Netherlands

10.04%

Ireland

6.42%

Spain

6.05%

Italy

5.88%

Belgium

5.75%

Austria

2.48%

Portugal

1.29%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDEMTU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2015-12-18

Base Currency : USD

Calculation Frequency : Daily

Level : 1245.69

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	2.39%	-5.95%	-13.16%	-13.71%	-9.40%	21.01%	12.28%	641.30%
Volatility	16.38%	15.68%	14.22%	13.21%	12.83%	11.82%	12.15%	15.56%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 740

Max. Market Cap : 196.093 Billion USD

Min. Market Cap : 610.899 Million USD

Avg. Market Cap : 16.881 Billion USD

Median Market Cap : 7.812 Billion USD

Top Constituents

	Name
1.	HINDUSTAN UNILEVER LTD
2.	INFOSYS TECHNOLOGIES LTD
3.	TAIWAN SEMICONDUCTOR MANUFAC
4.	CP ALL PCL
5.	CHINA MOBILE LTD
6.	SHENZHOU INTERNATIONAL GROUP
7.	SUN PHARMACEUTICAL INDUSTRIES LTD
8.	SUZANO PAPEL E CELULOSE SA
9.	RELIANCE INDUSTRIES LTD
10.	TELEKOMUNIKASI INDONESIA TBK

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Goods

16.64%

Financials

15.24%

Industrials

12.47%

Technology

11.14%

Health Care

10.82%

Consumer Services

9.50%

Telecommunications

8.05%

Basic Materials

7.60%

Oil & Gas

4.62%

Utilities

3.93%

Breakdown by Country

India

20.35%

China

18.85%

Korea, Republic of

12.51%

Taiwan, Province of China

11.91%

Thailand

10.80%

Brazil

5.56%

Indonesia

3.72%

Malaysia

3.07%

Mexico

2.67%

Philippines

2.45%

South Africa

1.77%

Turkey

1.56%

Russian Federation

1.34%

Greece

1.03%

Chile

1.01%

Poland

0.66%

Hungary

0.29%

Colombia

0.28%

Czech Republic

0.09%

Peru

0.06%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDEMPU Index

Calculating Agent : Solactive

Base Date : 2015-12-18

Launch Date : 2015-12-18

Base Currency : USD

Calculation Frequency : Daily

Level : 1168.13

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	2.35%	-6.31%	-14.32%	-15.27%	-11.09%	-	-	16.81%
Volatility	16.38%	15.67%	14.22%	13.21%	12.84%	-	-	11.75%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 740

Max. Market Cap : 196.093 Billion USD

Min. Market Cap : 610.899 Million USD

Avg. Market Cap : 16.881 Billion USD

Median Market Cap : 7.812 Billion USD

Top Constituents

	Name
1.	HINDUSTAN UNILEVER LTD
2.	INFOSYS TECHNOLOGIES LTD
3.	TAIWAN SEMICONDUCTOR MANUFAC
4.	CP ALL PCL
5.	CHINA MOBILE LTD
6.	SHENZHOU INTERNATIONAL GROUP
7.	SUN PHARMACEUTICAL INDUSTRIES LTD
8.	SUZANO PAPEL E CELULOSE SA
9.	RELIANCE INDUSTRIES LTD
10.	TELEKOMUNIKASI INDONESIA TBK

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Goods

16.64%

Financials

15.24%

Industrials

12.47%

Technology

11.14%

Health Care

10.82%

Consumer Services

9.50%

Telecommunications

8.05%

Basic Materials

7.60%

Oil & Gas

4.62%

Utilities

3.93%

Breakdown by Country

India

20.35%

China

18.85%

Korea, Republic of

12.51%

Taiwan, Province of China

11.91%

Thailand

10.80%

Brazil

5.56%

Indonesia

3.72%

Malaysia

3.07%

Mexico

2.67%

Philippines

2.45%

South Africa

1.77%

Turkey

1.56%

Russian Federation

1.34%

Greece

1.03%

Chile

1.01%

Poland

0.66%

Hungary

0.29%

Colombia

0.28%

Czech Republic

0.09%

Peru

0.06%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDJNPJ Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : JPY

Calculation Frequency : Daily

Level : 2861.69

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	0.24%	-4.21%	-10.86%	-9.69%	-5.58%	16.70%	58.23%	186.17%
Volatility	21.01%	18.00%	15.58%	15.71%	15.06%	17.13%	17.22%	17.29%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 277

Max. Market Cap : 10,758.75 Billion JPY

Min. Market Cap : 157.739 Billion JPY

Avg. Market Cap : 1,790.068 Billion JPY

Median Market Cap : 1,228.817 Billion JPY

Top Constituents

	Name
1.	FAMILYMART CO LTD
2.	ASAHI INTECC CO LTD
3.	PARK24 CO LTD
4.	NINTENDO CO LTD
5.	EZAKI GLICO CO LTD
6.	NITORI CO LTD
7.	ONO PHARMACEUTICAL CO LTD
8.	NIPPON TELEGRAPH & TELEPHONE
9.	MITSUBISHI MOTORS CORP
10.	NIHON KOHDEN CORP

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Goods

24.50%

Consumer Services

22.04%

Industrials

13.44%

Health Care

13.01%

Technology

7.95%

Basic Materials

5.49%

Financials

5.41%

Telecommunications

4.73%

Oil & Gas

2.18%

Utilities

1.26%

Breakdown by Country

Japan

100.00%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDJNTJ Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : JPY

Calculation Frequency : Daily

Level : 3707.44

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	0.24%	-3.63%	-10.23%	-8.39%	-4.09%	22.30%	70.98%	270.74%
Volatility	21.01%	18.08%	15.63%	15.71%	15.06%	17.14%	17.23%	17.30%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 277

Max. Market Cap : 10,758.75 Billion JPY

Min. Market Cap : 157.739 Billion JPY

Avg. Market Cap : 1,790.068 Billion JPY

Median Market Cap : 1,228.817 Billion JPY

Top Constituents

	Name
1.	FAMILYMART CO LTD
2.	ASAHI INTECC CO LTD
3.	PARK24 CO LTD
4.	NINTENDO CO LTD
5.	EZAKI GLICO CO LTD
6.	NITORI CO LTD
7.	ONO PHARMACEUTICAL CO LTD
8.	NIPPON TELEGRAPH & TELEPHONE
9.	MITSUBISHI MOTORS CORP
10.	NIHON KOHDEN CORP

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Goods

24.50%

Consumer Services

22.04%

Industrials

13.44%

Health Care

13.01%

Technology

7.95%

Basic Materials

5.49%

Financials

5.41%

Telecommunications

4.73%

Oil & Gas

2.18%

Utilities

1.26%

Breakdown by Country

Japan

100.00%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDNATU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2013-05-13

Base Currency : USD

Calculation Frequency : Daily

Level : 5359.7

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	-0.24%	-4.42%	0.39%	2.14%	8.07%	37.69%	55.48%	526.62%
Volatility	15.66%	13.23%	11.13%	13.03%	12.41%	11.27%	11.60%	14.74%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 515

Max. Market Cap : 1,057.078 Billion USD

Min. Market Cap : 2.877 Billion USD

Avg. Market Cap : 78.045 Billion USD

Median Market Cap : 34.406 Billion USD

Top Constituents

	Name
1.	APPLE INC
2.	TWITTER INC
3.	HUMANA INC
4.	KROGER CO
5.	AMAZON.COM INC
6.	NEWMONT MINING CORP
7.	P G & E CORP
8.	LULULEMON ATHLETICA INC
9.	FACEBOOK INC-A
10.	FAIRFAX FINANCIAL HLDGS LTD

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Services

22.83%

Health Care

16.42%

Financials

14.83%

Consumer Goods

14.06%

Technology

10.00%

Utilities

5.88%

Industrials

5.62%

Basic Materials

4.35%

Oil & Gas

3.54%

Telecommunications

2.46%

Breakdown by Country

USA

87.51%

Canada

12.49%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDNAPU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2013-05-13

Base Currency : USD

Calculation Frequency : Daily

Level : 3932.92

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	-0.32%	-4.85%	-0.51%	0.60%	6.16%	30.42%	42.05%	361.98%
Volatility	15.71%	13.23%	11.12%	13.03%	12.40%	11.26%	11.60%	14.74%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 515

Max. Market Cap : 1,057.078 Billion USD

Min. Market Cap : 2.877 Billion USD

Avg. Market Cap : 78.045 Billion USD

Median Market Cap : 34.406 Billion USD

Top Constituents

	Name
1.	APPLE INC
2.	TWITTER INC
3.	HUMANA INC
4.	KROGER CO
5.	AMAZON.COM INC
6.	NEWMONT MINING CORP
7.	P G & E CORP
8.	LULULEMON ATHLETICA INC
9.	FACEBOOK INC-A
10.	FAIRFAX FINANCIAL HLDGS LTD

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Services

22.83%

Health Care

16.42%

Financials

14.83%

Consumer Goods

14.06%

Technology

10.00%

Utilities

5.88%

Industrials

5.62%

Basic Materials

4.35%

Oil & Gas

3.54%

Telecommunications

2.46%

Breakdown by Country

USA

87.51%

Canada

12.49%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDUKPG Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : GBP

Calculation Frequency : Daily

Level : 2913.29

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	-0.98%	-8.12%	-12.28%	-12.60%	-8.38%	4.63%	2.97%	191.33%
Volatility	14.26%	11.35%	11.65%	11.53%	11.11%	12.54%	12.57%	15.17%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 108

Max. Market Cap : 128.515 Billion GBP

Min. Market Cap : 1.372 Billion GBP

Avg. Market Cap : 20.859 Billion GBP

Median Market Cap : 12.908 Billion GBP

Top Constituents

	Name
1.	RANDGOLD RESOURCES LTD
2.	ASTRAZENECA PLC
3.	PEARSON PLC
4.	TATE & LYLE PLC
5.	UNILEVER PLC
6.	GLAXOSMITHKLINE PLC
7.	RECKITT BENCKISER GROUP PLC
8.	TULLOW OIL PLC
9.	SHIRE PLC
10.	PADDY POWER BETFAIR PLC GBP

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Services

23.98%

Financials

15.73%

Health Care

14.21%

Industrials

14.11%

Consumer Goods

13.15%

Basic Materials

7.32%

Utilities

4.21%

Telecommunications

3.03%

Oil & Gas

2.92%

Technology

1.33%

Breakdown by Country

Great Britain

100.00%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDUKTG Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : GBP

Calculation Frequency : Daily

Level : 4962.6

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	-0.91%	-7.45%	-10.92%	-10.04%	-5.47%	14.72%	20.37%	396.26%
Volatility	14.21%	11.32%	11.63%	11.56%	11.13%	12.54%	12.57%	15.17%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 108

Max. Market Cap : 128.515 Billion GBP

Min. Market Cap : 1.372 Billion GBP

Avg. Market Cap : 20.859 Billion GBP

Median Market Cap : 12.908 Billion GBP

Top Constituents

	Name
1.	RANDGOLD RESOURCES LTD
2.	ASTRAZENECA PLC
3.	PEARSON PLC
4.	TATE & LYLE PLC
5.	UNILEVER PLC
6.	GLAXOSMITHKLINE PLC
7.	RECKITT BENCKISER GROUP PLC
8.	TULLOW OIL PLC
9.	SHIRE PLC
10.	PADDY POWER BETFAIR PLC GBP

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Services

23.98%

Financials

15.73%

Health Care

14.21%

Industrials

14.11%

Consumer Goods

13.15%

Basic Materials

7.32%

Utilities

4.21%

Telecommunications

3.03%

Oil & Gas

2.92%

Technology

1.33%

Breakdown by Country

Great Britain

100.00%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDUSATU Index

Calculating Agent : Solactive

Base Date : 2000-06-05

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 6766.25

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	-0.12%	-4.06%	1.49%	4.13%	10.20%	40.24%	67.65%	477.21%
Volatility	16.62%	14.00%	11.77%	13.81%	13.16%	11.80%	12.19%	15.79%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 480

Max. Market Cap : 1,057.078 Billion USD

Min. Market Cap : 2.877 Billion USD

Avg. Market Cap : 81.671 Billion USD

Median Market Cap : 37.242 Billion USD

Top Constituents

	Name
1.	APPLE INC
2.	TWITTER INC
3.	HUMANA INC
4.	KROGER CO
5.	P G & E CORP
6.	AMAZON.COM INC
7.	NEWMONT MINING CORP
8.	LULULEMON ATHLETICA INC
9.	CONSOLIDATED EDISON INC
10.	FACEBOOK INC-A

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Services

22.76%

Health Care

18.53%

Consumer Goods

14.24%

Financials

13.16%

Technology

10.80%

Utilities

7.06%

Industrials

5.04%

Oil & Gas

3.84%

Basic Materials

2.43%

Telecommunications

2.13%

Breakdown by Country

USA

100.00%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

CHARACTERISTICS

As of 2018-11-15

Ticker : MDUSAPU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 5217.14

Review Dates : Quarterly in March, June, September, December

Return & Volatility

	MTD	3 Months	6 Months	YTD	1 Year	3 Years	5 Years	Since Inception
Return	-0.22%	-4.50%	0.56%	2.54%	8.24%	32.55%	52.78%	421.71%
Volatility	16.68%	14.00%	11.75%	13.81%	13.15%	11.79%	12.19%	15.62%

*The volatility in the table is annualized volatility, which is calculated with the standard deviation of index’s historical daily returns, multiplying by the square root of trading days in a year.

Chart

Constituents

As of 2018-10-31

Number of Constituents : 480

Max. Market Cap : 1,057.078 Billion USD

Min. Market Cap : 2.877 Billion USD

Avg. Market Cap : 81.671 Billion USD

Median Market Cap : 37.242 Billion USD

Top Constituents

	Name
1.	APPLE INC
2.	TWITTER INC
3.	HUMANA INC
4.	KROGER CO
5.	P G & E CORP
6.	AMAZON.COM INC
7.	NEWMONT MINING CORP
8.	LULULEMON ATHLETICA INC
9.	CONSOLIDATED EDISON INC
10.	FACEBOOK INC-A

Allocations

As of 2018-10-31

Breakdown by Economic Sector

Consumer Services

22.76%

Health Care

18.53%

Consumer Goods

14.24%

Financials

13.16%

Technology

10.80%

Utilities

7.06%

Industrials

5.04%

Oil & Gas

3.84%

Basic Materials

2.43%

Telecommunications

2.13%

Breakdown by Country

USA

100.00%

INVESTMENT PHILOSOPHY

TOBAM’s core investment philosophy is to maximize diversification in order to capture the full risk premium of an asset class.

The Maximum Diversification® process is designed to create portfolios which lie closer to the ex-post efficient frontier than the market cap portfolio over a market cycle.

DOWNLOADS

Ground Rules:

Factsheet:

MAXDIV® Range of Indices

MAXDIV^® Range of Indices