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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 2019-06-18

Ticker : MDWXNATU Index

Calculating Agent : Solactive

Base Date : 2001-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 5643.58

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	2.74%	-1.01%	8.17%	9.20%	-5.47%	20.22%	16.82%	453.35%
Volatility	7.63%	7.71%	8.86%	8.37%	10.41%	10.13%	10.76%	12.65%

*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 2019-05-31

Number of Constituents : 714

Max. Market Cap : 303.148 Billion USD

Min. Market Cap : 1.794 Billion USD

Avg. Market Cap : 33.324 Billion USD

Median Market Cap : 16.99 Billion USD

Top Constituents

	Name
1.	NEWCREST MINING LTD
2.	LINK REIT
3.	NESTLE SA-REG
4.	NESTE OIL OYJ
5.	ROCHE HOLDING AG-GENUSSCHEIN
6.	KERRY GROUP PLC-A
7.	WH GROUP LTD
8.	NOVO NORDISK A/S-B
9.	A2 MILK CO LTD NZ
10.	ONO PHARMACEUTICAL CO LTD

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Goods

22.00%

Consumer Services

18.88%

Financials

15.04%

Health Care

13.98%

Industrials

9.21%

Basic Materials

5.04%

Technology

4.20%

Telecommunications

4.12%

Utilities

3.90%

Oil & Gas

3.63%

Breakdown by Country

Japan

25.49%

Great Britain

15.74%

Hong Kong

10.94%

Australia

9.23%

France

5.96%

Switzerland

5.55%

Germany

4.68%

Denmark

4.17%

Ireland

3.62%

Sweden

2.33%

Finland

2.29%

Netherlands

1.72%

New Zealand

1.70%

Italy

1.67%

Spain

1.61%

Belgium

1.04%

Singapore

0.90%

Israel

0.61%

Norway

0.45%

Austria

0.20%

Portugal

0.08%

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:

Composition:

CHARACTERISTICS

As of 2019-06-18

Ticker : MDWXNAPU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 3745.49

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	2.65%	-2.30%	6.21%	7.29%	-8.00%	11.75%	3.78%	274.55%
Volatility	7.65%	7.76%	8.90%	8.42%	10.43%	10.12%	10.75%	12.75%

*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 2019-05-31

Number of Constituents : 714

Max. Market Cap : 303.148 Billion USD

Min. Market Cap : 1.794 Billion USD

Avg. Market Cap : 33.324 Billion USD

Median Market Cap : 16.99 Billion USD

Top Constituents

	Name
1.	NEWCREST MINING LTD
2.	LINK REIT
3.	NESTLE SA-REG
4.	NESTE OIL OYJ
5.	ROCHE HOLDING AG-GENUSSCHEIN
6.	KERRY GROUP PLC-A
7.	WH GROUP LTD
8.	NOVO NORDISK A/S-B
9.	A2 MILK CO LTD NZ
10.	ONO PHARMACEUTICAL CO LTD

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Goods

22.00%

Consumer Services

18.88%

Financials

15.04%

Health Care

13.98%

Industrials

9.21%

Basic Materials

5.04%

Technology

4.20%

Telecommunications

4.12%

Utilities

3.90%

Oil & Gas

3.63%

Breakdown by Country

Japan

25.49%

Great Britain

15.74%

Hong Kong

10.94%

Australia

9.23%

France

5.96%

Switzerland

5.55%

Germany

4.68%

Denmark

4.17%

Ireland

3.62%

Sweden

2.33%

Finland

2.29%

Netherlands

1.72%

New Zealand

1.70%

Italy

1.67%

Spain

1.61%

Belgium

1.04%

Singapore

0.90%

Israel

0.61%

Norway

0.45%

Austria

0.20%

Portugal

0.08%

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 2019-06-18

Ticker : MDWXNACC Index

Calculating Agent : Solactive

Base Date : 2018-07-12

Launch Date : 2018-07-12

Base Currency : CAD

Calculation Frequency : Daily

Level : 1487.49

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	1.85%	-0.70%	7.64%	6.98%	-	-	-	-1.91%
Volatility	5.57%	6.28%	7.36%	6.90%	-	-	-	8.56%

*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 2019-05-31

Number of Constituents : 714

Max. Market Cap : 409.826 Billion CAD

Min. Market Cap : 2.425 Billion CAD

Avg. Market Cap : 45.051 Billion CAD

Median Market Cap : 22.969 Billion CAD

Top Constituents

	Name
1.	NEWCREST MINING LTD
2.	LINK REIT
3.	NESTLE SA-REG
4.	NESTE OIL OYJ
5.	ROCHE HOLDING AG-GENUSSCHEIN
6.	KERRY GROUP PLC-A
7.	WH GROUP LTD
8.	NOVO NORDISK A/S-B
9.	A2 MILK CO LTD NZ
10.	ONO PHARMACEUTICAL CO LTD

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Goods

22.00%

Consumer Services

18.88%

Financials

15.04%

Health Care

13.98%

Industrials

9.21%

Basic Materials

5.04%

Technology

4.20%

Telecommunications

4.12%

Utilities

3.90%

Oil & Gas

3.63%

Breakdown by Country

Japan

25.49%

Great Britain

15.74%

Hong Kong

10.94%

Australia

9.23%

France

5.96%

Switzerland

5.55%

Germany

4.68%

Denmark

4.17%

Ireland

3.62%

Sweden

2.33%

Finland

2.29%

Netherlands

1.72%

New Zealand

1.70%

Italy

1.67%

Spain

1.61%

Belgium

1.04%

Singapore

0.90%

Israel

0.61%

Norway

0.45%

Austria

0.20%

Portugal

0.08%

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:

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 2019-06-18

Ticker : MDAWDTU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 5726.82

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	4.59%	1.97%	10.92%	13.03%	-0.76%	29.89%	38.16%	472.68%
Volatility	6.34%	7.82%	9.93%	8.43%	10.58%	9.34%	10.00%	11.47%

*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 2019-05-31

Number of Constituents : 986

Max. Market Cap : 873.923 Billion USD

Min. Market Cap : 1.66 Billion USD

Avg. Market Cap : 68.485 Billion USD

Median Market Cap : 28.075 Billion USD

Top Constituents

	Name
1.	AMAZON.COM INC
2.	APPLE INC
3.	TWITTER INC
4.	HUMANA INC
5.	DOLLAR GENERAL CORP
6.	KROGER CO
7.	CHIPOTLE MEXICAN GRILL INC
8.	NEWMONT GOLDCORP CORP
9.	FACEBOOK INC-A
10.	AUTOZONE INC

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Services

21.73%

Consumer Goods

17.56%

Financials

16.38%

Health Care

12.67%

Utilities

6.92%

Technology

6.90%

Industrials

6.26%

Basic Materials

4.78%

Telecommunications

3.70%

Oil & Gas

3.08%

Breakdown by Country

USA

52.98%

Japan

11.29%

Great Britain

8.09%

Canada

5.69%

Hong Kong

3.50%

France

2.69%

Australia

2.58%

Denmark

2.57%

Germany

1.86%

Switzerland

1.81%

Finland

1.07%

Italy

0.97%

Ireland

0.96%

Sweden

0.82%

Spain

0.71%

Netherlands

0.57%

New Zealand

0.46%

Norway

0.39%

Belgium

0.37%

Singapore

0.24%

Israel

0.22%

Portugal

0.09%

Austria

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:

Composition:

CHARACTERISTICS

As of 2019-06-18

Ticker : MDAWDPU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 4121.86

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	4.45%	1.03%	9.35%	11.51%	-3.02%	22.33%	25.22%	312.19%
Volatility	6.36%	7.84%	9.93%	8.47%	10.58%	9.33%	10.00%	11.47%

*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 2019-05-31

Number of Constituents : 986

Max. Market Cap : 873.923 Billion USD

Min. Market Cap : 1.66 Billion USD

Avg. Market Cap : 68.485 Billion USD

Median Market Cap : 28.075 Billion USD

Top Constituents

	Name
1.	AMAZON.COM INC
2.	APPLE INC
3.	TWITTER INC
4.	HUMANA INC
5.	DOLLAR GENERAL CORP
6.	KROGER CO
7.	CHIPOTLE MEXICAN GRILL INC
8.	NEWMONT GOLDCORP CORP
9.	FACEBOOK INC-A
10.	AUTOZONE INC

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Services

21.73%

Consumer Goods

17.56%

Financials

16.38%

Health Care

12.67%

Utilities

6.92%

Technology

6.90%

Industrials

6.26%

Basic Materials

4.78%

Telecommunications

3.70%

Oil & Gas

3.08%

Breakdown by Country

USA

52.98%

Japan

11.29%

Great Britain

8.09%

Canada

5.69%

Hong Kong

3.50%

France

2.69%

Australia

2.58%

Denmark

2.57%

Germany

1.86%

Switzerland

1.81%

Finland

1.07%

Italy

0.97%

Ireland

0.96%

Sweden

0.82%

Spain

0.71%

Netherlands

0.57%

New Zealand

0.46%

Norway

0.39%

Belgium

0.37%

Singapore

0.24%

Israel

0.22%

Portugal

0.09%

Austria

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:

Composition:

CHARACTERISTICS

As of 2019-06-18

Ticker : MDAWDCC Index

Calculating Agent : Solactive

Base Date : 2018-07-12

Launch Date : 2018-07-12

Base Currency : CAD

Calculation Frequency : Daily

Level : 1608.07

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	3.68%	2.32%	10.40%	10.75%	-	-	-	0.91%
Volatility	3.99%	6.88%	8.63%	7.05%	-	-	-	10.15%

*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 2019-05-31

Number of Constituents : 986

Max. Market Cap : 1,181.457 Billion CAD

Min. Market Cap : 2.244 Billion CAD

Avg. Market Cap : 92.586 Billion CAD

Median Market Cap : 37.954 Billion CAD

Top Constituents

	Name
1.	AMAZON.COM INC
2.	APPLE INC
3.	TWITTER INC
4.	HUMANA INC
5.	DOLLAR GENERAL CORP
6.	KROGER CO
7.	CHIPOTLE MEXICAN GRILL INC
8.	NEWMONT GOLDCORP CORP
9.	FACEBOOK INC-A
10.	AUTOZONE INC

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Services

21.73%

Consumer Goods

17.56%

Financials

16.38%

Health Care

12.67%

Utilities

6.92%

Technology

6.90%

Industrials

6.26%

Basic Materials

4.78%

Telecommunications

3.70%

Oil & Gas

3.08%

Breakdown by Country

USA

52.98%

Japan

11.29%

Great Britain

8.09%

Canada

5.69%

Hong Kong

3.50%

France

2.69%

Australia

2.58%

Denmark

2.57%

Germany

1.86%

Switzerland

1.81%

Finland

1.07%

Italy

0.97%

Ireland

0.96%

Sweden

0.82%

Spain

0.71%

Netherlands

0.57%

New Zealand

0.46%

Norway

0.39%

Belgium

0.37%

Singapore

0.24%

Israel

0.22%

Portugal

0.09%

Austria

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:

CHARACTERISTICS

As of 2019-06-18

Ticker : MDAWTU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2017-03-17

Base Currency : USD

Calculation Frequency : Daily

Level : 1212.13

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	4.11%	1.08%	9.81%	11.33%	-1.44%	31.00%	34.78%	424.60%
Volatility	5.84%	7.33%	9.21%	7.93%	10.34%	9.16%	10.06%	12.13%

*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 2019-05-31

Number of Constituents : 1305

Max. Market Cap : 947.737 Billion USD

Min. Market Cap : 766.663 Million USD

Avg. Market Cap : 84.976 Billion USD

Median Market Cap : 25.519 Billion USD

Top Constituents

	Name
1.	MICROSOFT CORP
2.	AMAZON.COM INC
3.	APPLE INC
4.	HUMANA INC
5.	AUTOZONE INC
6.	DOLLAR GENERAL CORP
7.	TWITTER INC
8.	GENERAL MILLS INC
9.	CHIPOTLE MEXICAN GRILL INC
10.	JOHNSON & JOHNSON

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Services

20.95%

Consumer Goods

17.19%

Financials

15.89%

Health Care

13.11%

Technology

8.52%

Industrials

6.48%

Utilities

6.12%

Basic Materials

4.49%

Telecommunications

4.00%

Oil & Gas

3.24%

Breakdown by Country

USA

44.64%

Japan

11.09%

India

6.38%

Great Britain

4.95%

Brazil

3.66%

Canada

3.57%

China

3.50%

Korea, Republic of

2.64%

Australia

2.58%

Hong Kong

2.24%

France

1.77%

Switzerland

1.76%

Denmark

1.42%

Germany

1.14%

Thailand

0.91%

Mexico

0.75%

Ireland

0.71%

Taiwan, Province of China

0.67%

Philippines

0.62%

Italy

0.55%

Indonesia

0.55%

Spain

0.48%

Malaysia

0.43%

Sweden

0.40%

Netherlands

0.35%

Finland

0.31%

New Zealand

0.31%

Turkey

0.29%

South Africa

0.25%

Russian Federation

0.21%

Greece

0.18%

Singapore

0.12%

Israel

0.12%

Norway

0.11%

Belgium

0.11%

Poland

0.10%

Peru

0.04%

Austria

0.03%

Chile

0.03%

Portugal

0.02%

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 2019-06-18

Ticker : MDAWPU Index

Calculating Agent : Solactive

Base Date : 2017-03-17

Launch Date : 2017-03-17

Base Currency : USD

Calculation Frequency : Daily

Level : 1158.91

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	3.96%	0.28%	8.44%	10.01%	-3.52%	-	-	15.89%
Volatility	5.84%	7.35%	9.22%	7.95%	10.34%	-	-	9.09%

*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 2019-05-31

Number of Constituents : 1305

Max. Market Cap : 947.737 Billion USD

Min. Market Cap : 766.663 Million USD

Avg. Market Cap : 84.976 Billion USD

Median Market Cap : 25.519 Billion USD

Top Constituents

	Name
1.	MICROSOFT CORP
2.	AMAZON.COM INC
3.	APPLE INC
4.	HUMANA INC
5.	AUTOZONE INC
6.	DOLLAR GENERAL CORP
7.	TWITTER INC
8.	GENERAL MILLS INC
9.	CHIPOTLE MEXICAN GRILL INC
10.	JOHNSON & JOHNSON

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Services

20.95%

Consumer Goods

17.19%

Financials

15.89%

Health Care

13.11%

Technology

8.52%

Industrials

6.48%

Utilities

6.12%

Basic Materials

4.49%

Telecommunications

4.00%

Oil & Gas

3.24%

Breakdown by Country

USA

44.64%

Japan

11.09%

India

6.38%

Great Britain

4.95%

Brazil

3.66%

Canada

3.57%

China

3.50%

Korea, Republic of

2.64%

Australia

2.58%

Hong Kong

2.24%

France

1.77%

Switzerland

1.76%

Denmark

1.42%

Germany

1.14%

Thailand

0.91%

Mexico

0.75%

Ireland

0.71%

Taiwan, Province of China

0.67%

Philippines

0.62%

Italy

0.55%

Indonesia

0.55%

Spain

0.48%

Malaysia

0.43%

Sweden

0.40%

Netherlands

0.35%

Finland

0.31%

New Zealand

0.31%

Turkey

0.29%

South Africa

0.25%

Russian Federation

0.21%

Greece

0.18%

Singapore

0.12%

Israel

0.12%

Norway

0.11%

Belgium

0.11%

Poland

0.10%

Peru

0.04%

Austria

0.03%

Chile

0.03%

Portugal

0.02%

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 2019-06-18

Ticker : MDCAPC Index

Calculating Agent : Solactive

Base Date : 2005-12-30

Launch Date : 2015-09-18

Base Currency : CAD

Calculation Frequency : Daily

Level : 3249.16

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	2.88%	4.54%	15.74%	16.77%	3.02%	19.56%	18.72%	71.32%
Volatility	5.46%	5.50%	7.58%	6.37%	8.97%	8.08%	10.01%	13.89%

*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 2019-05-31

Number of Constituents : 52

Max. Market Cap : 145.857 Billion CAD

Min. Market Cap : 6.784 Billion CAD

Avg. Market Cap : 27.329 Billion CAD

Median Market Cap : 30.985 Billion CAD

Top Constituents

	Name
1.	THOMSON REUTERS CORP
2.	ALIMENTATION COUCHE-TARD -B
3.	FORTIS INC
4.	DOLLARAMA INC
5.	INTACT FINANCIAL CORP
6.	FRANCO-NEVADA CORP
7.	WHEATON PRECIOUS METALS CORP
8.	AGNICO-EAGLE MINES
9.	RIOCAN REAL ESTATE INVST TR
10.	PROGRESSIVE WASTE SOLUTIONS

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Financials

28.26%

Consumer Services

23.69%

Basic Materials

13.04%

Telecommunications

7.69%

Consumer Goods

6.99%

Industrials

6.27%

Oil & Gas

5.67%

Technology

3.95%

Utilities

3.17%

Health Care

1.30%

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 2019-06-18

Ticker : MDCATC Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2015-09-18

Base Currency : CAD

Calculation Frequency : Daily

Level : 4810.68

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	3.10%	5.24%	17.27%	18.20%	5.62%	28.38%	34.39%	381.07%
Volatility	5.28%	5.47%	7.59%	6.34%	8.96%	8.08%	10.02%	13.24%

*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 2019-05-31

Number of Constituents : 52

Max. Market Cap : 145.857 Billion CAD

Min. Market Cap : 6.784 Billion CAD

Avg. Market Cap : 27.329 Billion CAD

Median Market Cap : 30.985 Billion CAD

Top Constituents

	Name
1.	THOMSON REUTERS CORP
2.	ALIMENTATION COUCHE-TARD -B
3.	FORTIS INC
4.	DOLLARAMA INC
5.	INTACT FINANCIAL CORP
6.	FRANCO-NEVADA CORP
7.	WHEATON PRECIOUS METALS CORP
8.	AGNICO-EAGLE MINES
9.	RIOCAN REAL ESTATE INVST TR
10.	PROGRESSIVE WASTE SOLUTIONS

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Financials

28.26%

Consumer Services

23.69%

Basic Materials

13.04%

Telecommunications

7.69%

Consumer Goods

6.99%

Industrials

6.27%

Oil & Gas

5.67%

Technology

3.95%

Utilities

3.17%

Health Care

1.30%

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:

Composition:

CHARACTERISTICS

As of 2019-06-18

Ticker : MDCACC Index

Calculating Agent : Solactive

Base Date : 2018-07-12

Launch Date : 2018-07-12

Base Currency : CAD

Calculation Frequency : Daily

Level : 1148.1

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	3.10%	5.24%	17.27%	18.20%	-	-	-	4.93%
Volatility	5.28%	5.47%	7.59%	6.34%	-	-	-	8.92%

*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 2019-05-31

Number of Constituents : 52

Max. Market Cap : 145.857 Billion CAD

Min. Market Cap : 6.784 Billion CAD

Avg. Market Cap : 27.329 Billion CAD

Median Market Cap : 30.985 Billion CAD

Top Constituents

	Name
1.	THOMSON REUTERS CORP
2.	ALIMENTATION COUCHE-TARD -B
3.	FORTIS INC
4.	DOLLARAMA INC
5.	INTACT FINANCIAL CORP
6.	FRANCO-NEVADA CORP
7.	WHEATON PRECIOUS METALS CORP
8.	AGNICO-EAGLE MINES
9.	RIOCAN REAL ESTATE INVST TR
10.	PROGRESSIVE WASTE SOLUTIONS

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Financials

28.26%

Consumer Services

23.69%

Basic Materials

13.04%

Telecommunications

7.69%

Consumer Goods

6.99%

Industrials

6.27%

Oil & Gas

5.67%

Technology

3.95%

Utilities

3.17%

Health Care

1.30%

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:

CHARACTERISTICS

As of 2019-06-18

Ticker : MDPXJDTU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 7781.06

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	2.17%	0.32%	12.43%	12.29%	-0.84%	30.10%	25.11%	678.11%
Volatility	8.89%	8.53%	9.16%	9.15%	11.59%	10.69%	11.53%	14.95%

*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 2019-05-31

Number of Constituents : 144

Max. Market Cap : 113.54 Billion USD

Min. Market Cap : 1.858 Billion USD

Avg. Market Cap : 14.555 Billion USD

Median Market Cap : 13.245 Billion USD

Top Constituents

	Name
1.	TELSTRA CORP LTD
2.	METCASH LTD
3.	NEWCREST MINING LTD
4.	AUCKLAND INTL AIRPORT LTD
5.	A2 MILK CO LTD NZ
6.	AVON RESOURCES LTD
7.	LINK REIT
8.	NORTHERN STAR RESOURCES LTD
9.	HONG KONG & CHINA GAS
10.	SWIRE PROPERTIES LTD

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Financials

26.49%

Industrials

20.11%

Consumer Services

15.71%

Consumer Goods

10.14%

Basic Materials

7.30%

Telecommunications

5.99%

Utilities

4.90%

Health Care

4.50%

Oil & Gas

3.34%

Technology

1.51%

Breakdown by Country

Australia

43.28%

Hong Kong

37.76%

Singapore

12.88%

New Zealand

6.08%

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 2019-06-18

Ticker : MDPXJDPU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 4681.05

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	2.01%	-0.69%	10.34%	10.34%	-4.20%	18.06%	7.66%	368.11%
Volatility	8.83%	8.61%	9.22%	9.23%	11.61%	10.70%	11.53%	14.95%

*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 2019-05-31

Number of Constituents : 144

Max. Market Cap : 113.54 Billion USD

Min. Market Cap : 1.858 Billion USD

Avg. Market Cap : 14.555 Billion USD

Median Market Cap : 13.245 Billion USD

Top Constituents

	Name
1.	TELSTRA CORP LTD
2.	METCASH LTD
3.	NEWCREST MINING LTD
4.	AUCKLAND INTL AIRPORT LTD
5.	A2 MILK CO LTD NZ
6.	AVON RESOURCES LTD
7.	LINK REIT
8.	NORTHERN STAR RESOURCES LTD
9.	HONG KONG & CHINA GAS
10.	SWIRE PROPERTIES LTD

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Financials

26.49%

Industrials

20.11%

Consumer Services

15.71%

Consumer Goods

10.14%

Basic Materials

7.30%

Telecommunications

5.99%

Utilities

4.90%

Health Care

4.50%

Oil & Gas

3.34%

Technology

1.51%

Breakdown by Country

Australia

43.28%

Hong Kong

37.76%

Singapore

12.88%

New Zealand

6.08%

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 2019-06-18

Ticker : MDEUDTE Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : EUR

Calculation Frequency : Daily

Level : 4697.17

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	3.42%	-0.23%	11.98%	13.39%	0.64%	24.94%	28.32%	369.72%
Volatility	7.77%	9.57%	10.51%	9.92%	11.28%	11.43%	14.25%	13.54%

*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 2019-05-31

Number of Constituents : 358

Max. Market Cap : 272.04 Billion EUR

Min. Market Cap : 1.942 Billion EUR

Avg. Market Cap : 33.425 Billion EUR

Median Market Cap : 18.353 Billion EUR

Top Constituents

	Name
1.	NESTLE SA-REG
2.	KERRY GROUP PLC-A
3.	NESTE OIL OYJ
4.	ROCHE HOLDING AG-GENUSSCHEIN
5.	GENMAB A/S
6.	NOVARTIS AG-REG
7.	MOWI ASA
8.	AMARIN CORP PLC -ADR
9.	NOVO NORDISK A/S-B
10.	COLRUYT SA

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Goods

20.05%

Consumer Services

19.41%

Health Care

19.36%

Financials

14.43%

Industrials

8.75%

Utilities

5.20%

Oil & Gas

4.27%

Technology

3.66%

Telecommunications

2.50%

Basic Materials

2.36%

Breakdown by Country

Great Britain

28.52%

France

13.68%

Denmark

9.00%

Switzerland

8.87%

Germany

8.18%

Ireland

5.10%

Spain

4.15%

Finland

4.04%

Italy

3.76%

Sweden

3.60%

Netherlands

3.38%

Belgium

3.35%

Norway

2.53%

Austria

1.11%

Portugal

0.72%

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 2019-06-18

Ticker : MDEUDPE Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : EUR

Calculation Frequency : Daily

Level : 3026.67

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	3.29%	-1.99%	9.49%	10.89%	-2.42%	15.19%	12.72%	202.67%
Volatility	7.86%	9.66%	10.58%	10.00%	11.32%	11.43%	14.25%	13.53%

*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 2019-05-31

Number of Constituents : 358

Max. Market Cap : 272.04 Billion EUR

Min. Market Cap : 1.942 Billion EUR

Avg. Market Cap : 33.425 Billion EUR

Median Market Cap : 18.353 Billion EUR

Top Constituents

	Name
1.	NESTLE SA-REG
2.	KERRY GROUP PLC-A
3.	NESTE OIL OYJ
4.	ROCHE HOLDING AG-GENUSSCHEIN
5.	GENMAB A/S
6.	NOVARTIS AG-REG
7.	MOWI ASA
8.	AMARIN CORP PLC -ADR
9.	NOVO NORDISK A/S-B
10.	COLRUYT SA

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Goods

20.05%

Consumer Services

19.41%

Health Care

19.36%

Financials

14.43%

Industrials

8.75%

Utilities

5.20%

Oil & Gas

4.27%

Technology

3.66%

Telecommunications

2.50%

Basic Materials

2.36%

Breakdown by Country

Great Britain

28.52%

France

13.68%

Denmark

9.00%

Switzerland

8.87%

Germany

8.18%

Ireland

5.10%

Spain

4.15%

Finland

4.04%

Italy

3.76%

Sweden

3.60%

Netherlands

3.38%

Belgium

3.35%

Norway

2.53%

Austria

1.11%

Portugal

0.72%

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 2019-06-18

Ticker : MDEUDCC Index

Calculating Agent : Solactive

Base Date : 2018-07-12

Launch Date : 2018-07-12

Base Currency : CAD

Calculation Frequency : Daily

Level : 1611.35

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	2.90%	-1.34%	9.61%	8.60%	-	-	-	-2.09%
Volatility	6.87%	8.69%	9.84%	9.26%	-	-	-	10.98%

*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 2019-05-31

Number of Constituents : 358

Max. Market Cap : 409.826 Billion CAD

Min. Market Cap : 2.926 Billion CAD

Avg. Market Cap : 50.354 Billion CAD

Median Market Cap : 27.648 Billion CAD

Top Constituents

	Name
1.	NESTLE SA-REG
2.	KERRY GROUP PLC-A
3.	NESTE OIL OYJ
4.	ROCHE HOLDING AG-GENUSSCHEIN
5.	GENMAB A/S
6.	NOVARTIS AG-REG
7.	MOWI ASA
8.	AMARIN CORP PLC -ADR
9.	NOVO NORDISK A/S-B
10.	COLRUYT SA

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Goods

20.05%

Consumer Services

19.41%

Health Care

19.36%

Financials

14.43%

Industrials

8.75%

Utilities

5.20%

Oil & Gas

4.27%

Technology

3.66%

Telecommunications

2.50%

Basic Materials

2.36%

Breakdown by Country

Great Britain

28.52%

France

13.68%

Denmark

9.00%

Switzerland

8.87%

Germany

8.18%

Ireland

5.10%

Spain

4.15%

Finland

4.04%

Italy

3.76%

Sweden

3.60%

Netherlands

3.38%

Belgium

3.35%

Norway

2.53%

Austria

1.11%

Portugal

0.72%

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:

CHARACTERISTICS

As of 2019-06-18

Ticker : MDEMUDPE Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : EUR

Calculation Frequency : Daily

Level : 2927.47

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	3.92%	-0.67%	10.51%	11.75%	-0.44%	24.95%	19.64%	192.75%
Volatility	9.92%	11.05%	11.60%	11.19%	11.91%	11.86%	14.77%	14.55%

*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 2019-05-31

Number of Constituents : 201

Max. Market Cap : 146.617 Billion EUR

Min. Market Cap : 2.224 Billion EUR

Avg. Market Cap : 22.167 Billion EUR

Median Market Cap : 18.024 Billion EUR

Top Constituents

	Name
1.	INGENICO
2.	KERRY GROUP PLC-A
3.	COLRUYT SA
4.	GROUPE EUROTUNNEL SA - REGR
5.	SIEMENS GAMESA RENEWABLE ENE
6.	VONOVIA SE
7.	DEUTSCHE WOHNEN AG-BR
8.	NESTE OIL OYJ
9.	ANHEUSER-BUSCH INBEV SA/NV
10.	SANOFI-AVENTIS

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Services

18.55%

Financials

18.03%

Consumer Goods

17.37%

Industrials

11.15%

Health Care

10.82%

Oil & Gas

6.97%

Utilities

6.43%

Technology

5.27%

Telecommunications

3.67%

Basic Materials

1.74%

Breakdown by Country

France

30.18%

Germany

21.42%

Netherlands

8.50%

Spain

8.46%

Finland

8.40%

Italy

7.15%

Ireland

6.42%

Belgium

5.82%

Austria

2.15%

Portugal

1.50%

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 2019-06-18

Ticker : MDEMUDTE Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : EUR

Calculation Frequency : Daily

Level : 4484.02

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	4.06%	1.45%	13.11%	14.37%	2.44%	35.36%	35.19%	348.40%
Volatility	9.89%	10.93%	11.53%	11.10%	11.87%	11.87%	14.77%	14.56%

*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 2019-05-31

Number of Constituents : 201

Max. Market Cap : 146.617 Billion EUR

Min. Market Cap : 2.224 Billion EUR

Avg. Market Cap : 22.167 Billion EUR

Median Market Cap : 18.024 Billion EUR

Top Constituents

	Name
1.	INGENICO
2.	KERRY GROUP PLC-A
3.	COLRUYT SA
4.	GROUPE EUROTUNNEL SA - REGR
5.	SIEMENS GAMESA RENEWABLE ENE
6.	VONOVIA SE
7.	DEUTSCHE WOHNEN AG-BR
8.	NESTE OIL OYJ
9.	ANHEUSER-BUSCH INBEV SA/NV
10.	SANOFI-AVENTIS

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Services

18.55%

Financials

18.03%

Consumer Goods

17.37%

Industrials

11.15%

Health Care

10.82%

Oil & Gas

6.97%

Utilities

6.43%

Technology

5.27%

Telecommunications

3.67%

Basic Materials

1.74%

Breakdown by Country

France

30.18%

Germany

21.42%

Netherlands

8.50%

Spain

8.46%

Finland

8.40%

Italy

7.15%

Ireland

6.42%

Belgium

5.82%

Austria

2.15%

Portugal

1.50%

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 2019-06-18

Ticker : MDEMTU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2015-12-18

Base Currency : USD

Calculation Frequency : Daily

Level : 1316.69

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	1.64%	-2.63%	5.58%	4.98%	-7.24%	27.33%	12.17%	683.55%
Volatility	8.80%	9.24%	9.09%	9.04%	12.38%	10.82%	12.22%	15.39%

*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 2019-05-31

Number of Constituents : 676

Max. Market Cap : 193.171 Billion USD

Min. Market Cap : 766.663 Million USD

Avg. Market Cap : 18.177 Billion USD

Median Market Cap : 9.355 Billion USD

Top Constituents

	Name
1.	INFOSYS TECHNOLOGIES LTD
2.	HINDUSTAN UNILEVER LTD
3.	CP ALL PCL
4.	TAIWAN SEMICONDUCTOR MANUFAC
5.	ANGLOGOLD ASHANTI LTD
6.	RELIANCE INDUSTRIES LTD
7.	CHINA MOBILE LTD
8.	SUN PHARMACEUTICAL INDUSTRIES LTD
9.	TATA CONSULTANCY SVCS LTD
10.	SHENZHOU INTERNATIONAL GROUP

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Financials

18.78%

Consumer Goods

16.43%

Consumer Services

10.49%

Industrials

10.05%

Technology

9.96%

Health Care

8.64%

Telecommunications

8.38%

Basic Materials

6.11%

Oil & Gas

5.80%

Utilities

5.36%

Breakdown by Country

India

23.30%

China

15.56%

Taiwan, Province of China

11.77%

Korea, Republic of

11.10%

Brazil

9.69%

Thailand

8.29%

Malaysia

3.17%

Mexico

3.02%

Indonesia

2.70%

Philippines

2.55%

South Africa

2.37%

Turkey

1.65%

Greece

1.56%

Russian Federation

1.16%

Chile

0.84%

Poland

0.61%

Hungary

0.26%

Colombia

0.23%

Peru

0.09%

Czech Republic

0.08%

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 2019-06-18

Ticker : MDEMPU Index

Calculating Agent : Solactive

Base Date : 2015-12-18

Launch Date : 2015-12-18

Base Currency : USD

Calculation Frequency : Daily

Level : 1221.97

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	1.46%	-3.29%	4.61%	4.07%	-9.19%	19.43%	-	22.20%
Volatility	8.82%	9.24%	9.10%	9.05%	12.39%	10.80%	-	11.46%

*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 2019-05-31

Number of Constituents : 676

Max. Market Cap : 193.171 Billion USD

Min. Market Cap : 766.663 Million USD

Avg. Market Cap : 18.177 Billion USD

Median Market Cap : 9.355 Billion USD

Top Constituents

	Name
1.	INFOSYS TECHNOLOGIES LTD
2.	HINDUSTAN UNILEVER LTD
3.	CP ALL PCL
4.	TAIWAN SEMICONDUCTOR MANUFAC
5.	ANGLOGOLD ASHANTI LTD
6.	RELIANCE INDUSTRIES LTD
7.	CHINA MOBILE LTD
8.	SUN PHARMACEUTICAL INDUSTRIES LTD
9.	TATA CONSULTANCY SVCS LTD
10.	SHENZHOU INTERNATIONAL GROUP

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Financials

18.78%

Consumer Goods

16.43%

Consumer Services

10.49%

Industrials

10.05%

Technology

9.96%

Health Care

8.64%

Telecommunications

8.38%

Basic Materials

6.11%

Oil & Gas

5.80%

Utilities

5.36%

Breakdown by Country

India

23.30%

China

15.56%

Taiwan, Province of China

11.77%

Korea, Republic of

11.10%

Brazil

9.69%

Thailand

8.29%

Malaysia

3.17%

Mexico

3.02%

Indonesia

2.70%

Philippines

2.55%

South Africa

2.37%

Turkey

1.65%

Greece

1.56%

Russian Federation

1.16%

Chile

0.84%

Poland

0.61%

Hungary

0.26%

Colombia

0.23%

Peru

0.09%

Czech Republic

0.08%

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 2019-06-18

Ticker : MDEMCC Index

Calculating Agent : Solactive

Base Date : 2018-07-12

Launch Date : 2018-07-12

Base Currency : CAD

Calculation Frequency : Daily

Level : 1489.35

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	0.75%	-2.24%	5.18%	2.95%	-	-	-	-2.87%
Volatility	8.37%	8.24%	8.30%	8.30%	-	-	-	11.00%

*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 2019-05-31

Number of Constituents : 676

Max. Market Cap : 261.147 Billion CAD

Min. Market Cap : 1.036 Billion CAD

Avg. Market Cap : 24.574 Billion CAD

Median Market Cap : 12.647 Billion CAD

Top Constituents

	Name
1.	INFOSYS TECHNOLOGIES LTD
2.	HINDUSTAN UNILEVER LTD
3.	CP ALL PCL
4.	TAIWAN SEMICONDUCTOR MANUFAC
5.	ANGLOGOLD ASHANTI LTD
6.	RELIANCE INDUSTRIES LTD
7.	CHINA MOBILE LTD
8.	SUN PHARMACEUTICAL INDUSTRIES LTD
9.	TATA CONSULTANCY SVCS LTD
10.	SHENZHOU INTERNATIONAL GROUP

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Financials

18.78%

Consumer Goods

16.43%

Consumer Services

10.49%

Industrials

10.05%

Technology

9.96%

Health Care

8.64%

Telecommunications

8.38%

Basic Materials

6.11%

Oil & Gas

5.80%

Utilities

5.36%

Breakdown by Country

India

23.30%

China

15.56%

Taiwan, Province of China

11.77%

Korea, Republic of

11.10%

Brazil

9.69%

Thailand

8.29%

Malaysia

3.17%

Mexico

3.02%

Indonesia

2.70%

Philippines

2.55%

South Africa

2.37%

Turkey

1.65%

Greece

1.56%

Russian Federation

1.16%

Chile

0.84%

Poland

0.61%

Hungary

0.26%

Colombia

0.23%

Peru

0.09%

Czech Republic

0.08%

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 2019-06-18

Ticker : MDJNPJ Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : JPY

Calculation Frequency : Daily

Level : 2608.93

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%	-6.14%	-4.97%	0.02%	-18.11%	23.69%	41.40%	160.89%
Volatility	12.71%	11.97%	16.92%	13.09%	17.00%	14.95%	17.24%	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 2019-05-31

Number of Constituents : 258

Max. Market Cap : 11,281.769 Billion JPY

Min. Market Cap : 181.239 Billion JPY

Avg. Market Cap : 1,841.186 Billion JPY

Median Market Cap : 1,280.645 Billion JPY

Top Constituents

	Name
1.	SKYLARK CO LTD
2.	NINTENDO CO LTD
3.	NIPPON TELEGRAPH & TELEPHONE
4.	SOFTBANK GROUP CORP
5.	ASAHI INTECC CO LTD
6.	YAMADA DENKI CO LTD
7.	YAHOO JAPAN CORP
8.	KDDI CORP
9.	DAITO TRUST CONSTRUCT CO LTD
10.	NITORI CO LTD

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Goods

25.31%

Consumer Services

24.05%

Health Care

12.52%

Industrials

10.77%

Technology

7.11%

Financials

7.08%

Telecommunications

5.58%

Basic Materials

4.31%

Utilities

1.67%

Oil & Gas

1.61%

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:

Composition:

CHARACTERISTICS

As of 2019-06-18

Ticker : MDJNTJ Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : JPY

Calculation Frequency : Daily

Level : 3418.35

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%	-5.32%	-3.90%	0.97%	-16.60%	29.82%	53.14%	241.83%
Volatility	12.71%	11.98%	16.94%	13.09%	17.04%	14.95%	17.24%	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 2019-05-31

Number of Constituents : 258

Max. Market Cap : 11,281.769 Billion JPY

Min. Market Cap : 181.239 Billion JPY

Avg. Market Cap : 1,841.186 Billion JPY

Median Market Cap : 1,280.645 Billion JPY

Top Constituents

	Name
1.	SKYLARK CO LTD
2.	NINTENDO CO LTD
3.	NIPPON TELEGRAPH & TELEPHONE
4.	SOFTBANK GROUP CORP
5.	ASAHI INTECC CO LTD
6.	YAMADA DENKI CO LTD
7.	YAHOO JAPAN CORP
8.	KDDI CORP
9.	DAITO TRUST CONSTRUCT CO LTD
10.	NITORI CO LTD

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Goods

25.31%

Consumer Services

24.05%

Health Care

12.52%

Industrials

10.77%

Technology

7.11%

Financials

7.08%

Telecommunications

5.58%

Basic Materials

4.31%

Utilities

1.67%

Oil & Gas

1.61%

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:

Composition:

CHARACTERISTICS

As of 2019-06-18

Ticker : MDNATU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2013-05-13

Base Currency : USD

Calculation Frequency : Daily

Level : 5790.24

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	5.86%	4.62%	14.08%	16.87%	3.60%	36.29%	51.05%	576.96%
Volatility	7.83%	9.63%	12.40%	10.05%	12.81%	11.02%	12.01%	14.69%

*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 2019-05-31

Number of Constituents : 529

Max. Market Cap : 873.923 Billion USD

Min. Market Cap : 1.66 Billion USD

Avg. Market Cap : 71.377 Billion USD

Median Market Cap : 32.928 Billion USD

Top Constituents

	Name
1.	FACEBOOK INC-A
2.	CHIPOTLE MEXICAN GRILL INC
3.	NEWMONT GOLDCORP CORP
4.	AUTOZONE INC
5.	CONSOLIDATED EDISON INC
6.	TWITTER INC
7.	KROGER CO
8.	FRANCO-NEVADA CORP
9.	JOHNSON & JOHNSON
10.	EXTRA SPACE STORAGE INC

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Services

21.66%

Financials

18.76%

Consumer Goods

15.16%

Health Care

13.10%

Technology

8.72%

Utilities

7.59%

Basic Materials

5.32%

Industrials

4.93%

Telecommunications

2.38%

Oil & Gas

2.38%

Breakdown by Country

USA

86.64%

Canada

13.36%

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 2019-06-18

Ticker : MDNAPU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2013-05-13

Base Currency : USD

Calculation Frequency : Daily

Level : 4193.17

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	5.71%	4.06%	12.86%	15.72%	1.54%	28.93%	37.73%	392.55%
Volatility	7.83%	9.60%	12.39%	10.05%	12.80%	11.02%	12.01%	14.70%

*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 2019-05-31

Number of Constituents : 529

Max. Market Cap : 873.923 Billion USD

Min. Market Cap : 1.66 Billion USD

Avg. Market Cap : 71.377 Billion USD

Median Market Cap : 32.928 Billion USD

Top Constituents

	Name
1.	FACEBOOK INC-A
2.	CHIPOTLE MEXICAN GRILL INC
3.	NEWMONT GOLDCORP CORP
4.	AUTOZONE INC
5.	CONSOLIDATED EDISON INC
6.	TWITTER INC
7.	KROGER CO
8.	FRANCO-NEVADA CORP
9.	JOHNSON & JOHNSON
10.	EXTRA SPACE STORAGE INC

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Services

21.66%

Financials

18.76%

Consumer Goods

15.16%

Health Care

13.10%

Technology

8.72%

Utilities

7.59%

Basic Materials

5.32%

Industrials

4.93%

Telecommunications

2.38%

Oil & Gas

2.38%

Breakdown by Country

USA

86.64%

Canada

13.36%

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 2019-06-18

Ticker : MDUKPG Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : GBP

Calculation Frequency : Daily

Level : 2992.92

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	3.46%	-1.56%	8.58%	8.86%	-9.45%	4.99%	2.95%	199.29%
Volatility	6.87%	9.93%	10.96%	10.42%	11.72%	11.50%	12.84%	15.07%

*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 2019-05-31

Number of Constituents : 97

Max. Market Cap : 138.368 Billion GBP

Min. Market Cap : 1.717 Billion GBP

Avg. Market Cap : 23.188 Billion GBP

Median Market Cap : 13.82 Billion GBP

Top Constituents

	Name
1.	DIAGEO PLC
2.	TATE & LYLE PLC
3.	UNILEVER PLC
4.	GLAXOSMITHKLINE PLC
5.	DECHRA PHARMACEUTICALS PLC
6.	ASTRAZENECA PLC
7.	RECKITT BENCKISER GROUP PLC
8.	NEXT PLC
9.	MICRO FOCUS INTERNATIONAL
10.	PEARSON PLC

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Services

28.18%

Consumer Goods

16.53%

Financials

16.40%

Industrials

11.24%

Health Care

10.94%

Utilities

5.67%

Technology

3.10%

Basic Materials

3.01%

Telecommunications

2.80%

Oil & Gas

2.14%

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:

Composition:

CHARACTERISTICS

As of 2019-06-18

Ticker : MDUKTG Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : GBP

Calculation Frequency : Daily

Level : 5209.89

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	3.71%	-0.29%	10.72%	10.93%	-6.30%	15.48%	20.39%	420.99%
Volatility	6.62%	9.84%	10.86%	10.32%	11.65%	11.49%	12.84%	15.06%

*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 2019-05-31

Number of Constituents : 97

Max. Market Cap : 138.368 Billion GBP

Min. Market Cap : 1.717 Billion GBP

Avg. Market Cap : 23.188 Billion GBP

Median Market Cap : 13.82 Billion GBP

Top Constituents

	Name
1.	DIAGEO PLC
2.	TATE & LYLE PLC
3.	UNILEVER PLC
4.	GLAXOSMITHKLINE PLC
5.	DECHRA PHARMACEUTICALS PLC
6.	ASTRAZENECA PLC
7.	RECKITT BENCKISER GROUP PLC
8.	NEXT PLC
9.	MICRO FOCUS INTERNATIONAL
10.	PEARSON PLC

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Services

28.18%

Consumer Goods

16.53%

Financials

16.40%

Industrials

11.24%

Health Care

10.94%

Utilities

5.67%

Technology

3.10%

Basic Materials

3.01%

Telecommunications

2.80%

Oil & Gas

2.14%

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 2019-06-18

Ticker : MDUSATU Index

Calculating Agent : Solactive

Base Date : 2000-06-05

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 7253.33

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	6.00%	4.19%	13.68%	16.40%	3.60%	40.32%	59.90%	518.76%
Volatility	8.50%	10.57%	13.61%	10.93%	13.86%	11.75%	12.65%	15.76%

*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 2019-05-31

Number of Constituents : 494

Max. Market Cap : 873.923 Billion USD

Min. Market Cap : 1.66 Billion USD

Avg. Market Cap : 74.565 Billion USD

Median Market Cap : 33.839 Billion USD

Top Constituents

	Name
1.	CONSOLIDATED EDISON INC
2.	FACEBOOK INC-A
3.	CHIPOTLE MEXICAN GRILL INC
4.	NEWMONT GOLDCORP CORP
5.	TWITTER INC
6.	AUTOZONE INC
7.	KROGER CO
8.	PUBLIC STORAGE INC
9.	PROCTER & GAMBLE CO/THE
10.	EDISON INTERNATIONAL

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Services

21.02%

Financials

17.61%

Consumer Goods

16.17%

Health Care

15.47%

Technology

9.51%

Utilities

8.61%

Industrials

4.96%

Oil & Gas

2.38%

Basic Materials

2.29%

Telecommunications

1.99%

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:

Composition:

CHARACTERISTICS

As of 2019-06-18

Ticker : MDUSAPU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 5519.44

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	5.86%	3.62%	12.46%	15.26%	1.51%	32.52%	45.36%	451.94%
Volatility	8.48%	10.54%	13.60%	10.93%	13.86%	11.75%	12.65%	15.59%

*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 2019-05-31

Number of Constituents : 494

Max. Market Cap : 873.923 Billion USD

Min. Market Cap : 1.66 Billion USD

Avg. Market Cap : 74.565 Billion USD

Median Market Cap : 33.839 Billion USD

Top Constituents

	Name
1.	CONSOLIDATED EDISON INC
2.	FACEBOOK INC-A
3.	CHIPOTLE MEXICAN GRILL INC
4.	NEWMONT GOLDCORP CORP
5.	TWITTER INC
6.	AUTOZONE INC
7.	KROGER CO
8.	PUBLIC STORAGE INC
9.	PROCTER & GAMBLE CO/THE
10.	EDISON INTERNATIONAL

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Services

21.02%

Financials

17.61%

Consumer Goods

16.17%

Health Care

15.47%

Technology

9.51%

Utilities

8.61%

Industrials

4.96%

Oil & Gas

2.38%

Basic Materials

2.29%

Telecommunications

1.99%

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 2019-06-18

Ticker : MDUSACC Index

Calculating Agent : Solactive

Base Date : 2018-07-12

Launch Date : 2018-07-12

Base Currency : CAD

Calculation Frequency : Daily

Level : 1684.25

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	5.07%	4.57%	13.16%	14.06%	-	-	-	3.81%
Volatility	7.10%	10.11%	12.67%	9.92%	-	-	-	14.25%

*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 2019-05-31

Number of Constituents : 494

Max. Market Cap : 1,181.457 Billion CAD

Min. Market Cap : 2.244 Billion CAD

Avg. Market Cap : 100.804 Billion CAD

Median Market Cap : 45.747 Billion CAD

Top Constituents

	Name
1.	CONSOLIDATED EDISON INC
2.	FACEBOOK INC-A
3.	CHIPOTLE MEXICAN GRILL INC
4.	NEWMONT GOLDCORP CORP
5.	TWITTER INC
6.	AUTOZONE INC
7.	KROGER CO
8.	PUBLIC STORAGE INC
9.	PROCTER & GAMBLE CO/THE
10.	EDISON INTERNATIONAL

Allocations

As of 2019-05-31

Breakdown by Economic Sector

Consumer Services

21.02%

Financials

17.61%

Consumer Goods

16.17%

Health Care

15.47%

Technology

9.51%

Utilities

8.61%

Industrials

4.96%

Oil & Gas

2.38%

Basic Materials

2.29%

Telecommunications

1.99%

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:

MAXDIV® Range of Indices

MAXDIV^® Range of Indices