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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 2020-01-23

Ticker : MDWXNATU Index

Calculating Agent : Solactive

Base Date : 2001-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 6170.54

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	0.68%	5.93%	6.99%	0.68%	13.83%	28.82%	33.16%	505.01%
Volatility	5.37%	5.66%	7.69%	5.37%	7.81%	8.90%	10.72%	12.52%

*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 2019-12-31

Number of Constituents : 696

Max. Market Cap : 322.017 Billion USD

Min. Market Cap : 1.643 Billion USD

Avg. Market Cap : 37.39 Billion USD

Median Market Cap : 18.05 Billion USD

Top Constituents

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

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Consumer Goods

20.46%

Consumer Services

19.72%

Health Care

15.43%

Financials

14.23%

Industrials

7.46%

Telecommunications

5.61%

Utilities

5.05%

Technology

4.54%

Basic Materials

4.52%

Oil & Gas

2.96%

Breakdown by Country

Japan

27.55%

Great Britain

14.58%

Hong Kong

8.37%

Australia

8.17%

Switzerland

6.01%

France

5.72%

Germany

5.17%

Denmark

4.81%

Ireland

2.80%

Sweden

2.78%

Finland

2.61%

Netherlands

2.45%

Italy

1.93%

New Zealand

1.90%

Spain

1.12%

Singapore

1.11%

Belgium

0.99%

Israel

0.77%

Norway

0.67%

Austria

0.32%

Portugal

0.15%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDWXNAPU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 4047.76

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	0.65%	5.63%	5.91%	0.65%	10.56%	19.39%	18.05%	304.78%
Volatility	5.37%	5.67%	7.68%	5.37%	7.82%	8.90%	10.71%	12.61%

*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 2019-12-31

Number of Constituents : 696

Max. Market Cap : 322.017 Billion USD

Min. Market Cap : 1.643 Billion USD

Avg. Market Cap : 37.39 Billion USD

Median Market Cap : 18.05 Billion USD

Top Constituents

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

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Consumer Goods

20.46%

Consumer Services

19.72%

Health Care

15.43%

Financials

14.23%

Industrials

7.46%

Telecommunications

5.61%

Utilities

5.05%

Technology

4.54%

Basic Materials

4.52%

Oil & Gas

2.96%

Breakdown by Country

Japan

27.55%

Great Britain

14.58%

Hong Kong

8.37%

Australia

8.17%

Switzerland

6.01%

France

5.72%

Germany

5.17%

Denmark

4.81%

Ireland

2.80%

Sweden

2.78%

Finland

2.61%

Netherlands

2.45%

Italy

1.93%

New Zealand

1.90%

Spain

1.12%

Singapore

1.11%

Belgium

0.99%

Israel

0.77%

Norway

0.67%

Austria

0.32%

Portugal

0.15%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDWXNACC Index

Calculating Agent : Solactive

Base Date : 2018-07-12

Launch Date : 2018-07-12

Base Currency : CAD

Calculation Frequency : Daily

Level : 1593.89

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	2.06%	6.31%	6.95%	2.06%	11.75%	-	-	5.10%
Volatility	6.49%	6.63%	7.58%	6.49%	7.17%	-	-	8.14%

*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 2019-12-31

Number of Constituents : 696

Max. Market Cap : 417.576 Billion CAD

Min. Market Cap : 2.13 Billion CAD

Avg. Market Cap : 48.485 Billion CAD

Median Market Cap : 23.406 Billion CAD

Top Constituents

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

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Consumer Goods

20.46%

Consumer Services

19.72%

Health Care

15.43%

Financials

14.23%

Industrials

7.46%

Telecommunications

5.61%

Utilities

5.05%

Technology

4.54%

Basic Materials

4.52%

Oil & Gas

2.96%

Breakdown by Country

Japan

27.55%

Great Britain

14.58%

Hong Kong

8.37%

Australia

8.17%

Switzerland

6.01%

France

5.72%

Germany

5.17%

Denmark

4.81%

Ireland

2.80%

Sweden

2.78%

Finland

2.61%

Netherlands

2.45%

Italy

1.93%

New Zealand

1.90%

Spain

1.12%

Singapore

1.11%

Belgium

0.99%

Israel

0.77%

Norway

0.67%

Austria

0.32%

Portugal

0.15%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

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 2020-01-23

Ticker : MDAWDTU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 6353.51

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	1.53%	7.74%	8.46%	1.53%	19.08%	39.22%	46.59%	535.35%
Volatility	3.35%	4.22%	7.51%	3.35%	7.50%	8.79%	9.92%	11.35%

*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 2019-12-31

Number of Constituents : 934

Max. Market Cap : 1,304.765 Billion USD

Min. Market Cap : 2.259 Billion USD

Avg. Market Cap : 83.034 Billion USD

Median Market Cap : 32.43 Billion USD

Top Constituents

	Name
1.	NEWMONT GOLDCORP CORP
2.	APPLE INC
3.	HUMANA INC
4.	KROGER CO
5.	CHIPOTLE MEXICAN GRILL INC
6.	FACEBOOK INC-A
7.	AUTOZONE INC
8.	FRANCO-NEVADA CORP
9.	VESTAS WIND SYSTEMS A/S
10.	TYSON FOODS INC-CL A

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Consumer Services

19.00%

Consumer Goods

17.64%

Financials

16.91%

Health Care

13.02%

Utilities

7.48%

Technology

6.43%

Basic Materials

6.25%

Industrials

5.41%

Telecommunications

4.75%

Oil & Gas

3.12%

Breakdown by Country

USA

50.35%

Japan

12.07%

Great Britain

8.17%

Canada

5.99%

Germany

2.87%

Denmark

2.83%

France

2.73%

Australia

2.48%

Hong Kong

2.40%

Switzerland

2.32%

Finland

1.29%

Italy

0.89%

Netherlands

0.88%

Norway

0.83%

Spain

0.81%

Sweden

0.78%

Ireland

0.62%

Belgium

0.56%

New Zealand

0.47%

Israel

0.25%

Singapore

0.21%

Portugal

0.13%

Austria

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDAWDPU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 4519.88

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%	7.30%	7.37%	1.46%	16.21%	30.79%	32.54%	351.99%
Volatility	3.32%	4.22%	7.50%	3.32%	7.51%	8.79%	9.92%	11.35%

*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 2019-12-31

Number of Constituents : 934

Max. Market Cap : 1,304.765 Billion USD

Min. Market Cap : 2.259 Billion USD

Avg. Market Cap : 83.034 Billion USD

Median Market Cap : 32.43 Billion USD

Top Constituents

	Name
1.	NEWMONT GOLDCORP CORP
2.	APPLE INC
3.	HUMANA INC
4.	KROGER CO
5.	CHIPOTLE MEXICAN GRILL INC
6.	FACEBOOK INC-A
7.	AUTOZONE INC
8.	FRANCO-NEVADA CORP
9.	VESTAS WIND SYSTEMS A/S
10.	TYSON FOODS INC-CL A

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Consumer Services

19.00%

Consumer Goods

17.64%

Financials

16.91%

Health Care

13.02%

Utilities

7.48%

Technology

6.43%

Basic Materials

6.25%

Industrials

5.41%

Telecommunications

4.75%

Oil & Gas

3.12%

Breakdown by Country

USA

50.35%

Japan

12.07%

Great Britain

8.17%

Canada

5.99%

Germany

2.87%

Denmark

2.83%

France

2.73%

Australia

2.48%

Hong Kong

2.40%

Switzerland

2.32%

Finland

1.29%

Italy

0.89%

Netherlands

0.88%

Norway

0.83%

Spain

0.81%

Sweden

0.78%

Ireland

0.62%

Belgium

0.56%

New Zealand

0.47%

Israel

0.25%

Singapore

0.21%

Portugal

0.13%

Austria

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDAWDCC Index

Calculating Agent : Solactive

Base Date : 2018-07-12

Launch Date : 2018-07-12

Base Currency : CAD

Calculation Frequency : Daily

Level : 1747.74

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	2.92%	8.10%	8.39%	2.92%	16.90%	-	-	9.68%
Volatility	4.33%	5.51%	7.66%	4.33%	7.11%	-	-	9.18%

*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 2019-12-31

Number of Constituents : 934

Max. Market Cap : 1,691.954 Billion CAD

Min. Market Cap : 2.93 Billion CAD

Avg. Market Cap : 107.674 Billion CAD

Median Market Cap : 42.053 Billion CAD

Top Constituents

	Name
1.	NEWMONT GOLDCORP CORP
2.	APPLE INC
3.	HUMANA INC
4.	KROGER CO
5.	CHIPOTLE MEXICAN GRILL INC
6.	FACEBOOK INC-A
7.	AUTOZONE INC
8.	FRANCO-NEVADA CORP
9.	VESTAS WIND SYSTEMS A/S
10.	TYSON FOODS INC-CL A

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Consumer Services

19.00%

Consumer Goods

17.64%

Financials

16.91%

Health Care

13.02%

Utilities

7.48%

Technology

6.43%

Basic Materials

6.25%

Industrials

5.41%

Telecommunications

4.75%

Oil & Gas

3.12%

Breakdown by Country

USA

50.35%

Japan

12.07%

Great Britain

8.17%

Canada

5.99%

Germany

2.87%

Denmark

2.83%

France

2.73%

Australia

2.48%

Hong Kong

2.40%

Switzerland

2.32%

Finland

1.29%

Italy

0.89%

Netherlands

0.88%

Norway

0.83%

Spain

0.81%

Sweden

0.78%

Ireland

0.62%

Belgium

0.56%

New Zealand

0.47%

Israel

0.25%

Singapore

0.21%

Portugal

0.13%

Austria

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDAWTU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2017-03-17

Base Currency : USD

Calculation Frequency : Daily

Level : 1343.38

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	1.61%	7.47%	8.36%	1.61%	18.00%	39.72%	46.38%	481.40%
Volatility	4.24%	4.15%	7.20%	4.24%	7.16%	8.54%	9.91%	11.98%

*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 2019-12-31

Number of Constituents : 1234

Max. Market Cap : 1,304.765 Billion USD

Min. Market Cap : 747.092 Million USD

Avg. Market Cap : 103.275 Billion USD

Median Market Cap : 29.243 Billion USD

Top Constituents

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

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Consumer Services

18.79%

Financials

16.79%

Consumer Goods

16.64%

Health Care

12.63%

Technology

8.33%

Utilities

6.54%

Basic Materials

5.98%

Industrials

5.84%

Telecommunications

5.11%

Oil & Gas

3.35%

Breakdown by Country

USA

42.64%

Japan

11.54%

India

6.50%

Great Britain

5.36%

Canada

4.26%

Brazil

3.62%

China

2.88%

Australia

2.49%

Switzerland

2.08%

Korea, Republic of

1.80%

France

1.68%

Hong Kong

1.65%

Denmark

1.56%

Germany

1.54%

Thailand

1.36%

Taiwan, Province of China

0.99%

Mexico

0.85%

Sweden

0.61%

Italy

0.59%

Netherlands

0.58%

South Africa

0.54%

Finland

0.50%

Ireland

0.50%

Indonesia

0.50%

Philippines

0.49%

Malaysia

0.45%

Spain

0.41%

New Zealand

0.37%

Turkey

0.31%

Norway

0.29%

Belgium

0.23%

Russian Federation

0.23%

Singapore

0.16%

Poland

0.14%

Israel

0.13%

Austria

0.08%

Greece

0.05%

Peru

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDAWPU Index

Calculating Agent : Solactive

Base Date : 2017-03-17

Launch Date : 2017-03-17

Base Currency : USD

Calculation Frequency : Daily

Level : 1270.31

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	1.54%	7.08%	7.36%	1.54%	15.41%	-	-	27.03%
Volatility	4.19%	4.14%	7.19%	4.19%	7.17%	-	-	8.70%

*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 2019-12-31

Number of Constituents : 1234

Max. Market Cap : 1,304.765 Billion USD

Min. Market Cap : 747.092 Million USD

Avg. Market Cap : 103.275 Billion USD

Median Market Cap : 29.243 Billion USD

Top Constituents

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

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Consumer Services

18.79%

Financials

16.79%

Consumer Goods

16.64%

Health Care

12.63%

Technology

8.33%

Utilities

6.54%

Basic Materials

5.98%

Industrials

5.84%

Telecommunications

5.11%

Oil & Gas

3.35%

Breakdown by Country

USA

42.64%

Japan

11.54%

India

6.50%

Great Britain

5.36%

Canada

4.26%

Brazil

3.62%

China

2.88%

Australia

2.49%

Switzerland

2.08%

Korea, Republic of

1.80%

France

1.68%

Hong Kong

1.65%

Denmark

1.56%

Germany

1.54%

Thailand

1.36%

Taiwan, Province of China

0.99%

Mexico

0.85%

Sweden

0.61%

Italy

0.59%

Netherlands

0.58%

South Africa

0.54%

Finland

0.50%

Ireland

0.50%

Indonesia

0.50%

Philippines

0.49%

Malaysia

0.45%

Spain

0.41%

New Zealand

0.37%

Turkey

0.31%

Norway

0.29%

Belgium

0.23%

Russian Federation

0.23%

Singapore

0.16%

Poland

0.14%

Israel

0.13%

Austria

0.08%

Greece

0.05%

Peru

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDCAPC Index

Calculating Agent : Solactive

Base Date : 2005-12-30

Launch Date : 2015-09-18

Base Currency : CAD

Calculation Frequency : Daily

Level : 3468.77

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	2.18%	8.18%	5.30%	2.18%	17.70%	18.46%	18.03%	82.90%
Volatility	4.85%	4.78%	6.93%	4.85%	6.32%	7.61%	9.59%	13.65%

*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 2019-12-31

Number of Constituents : 98

Max. Market Cap : 132.539 Billion CAD

Min. Market Cap : 2.551 Billion CAD

Avg. Market Cap : 22.587 Billion CAD

Median Market Cap : 16.861 Billion CAD

Top Constituents

	Name
1.	ROGERS COMMUNICATIONS -CL B
2.	AGNICO-EAGLE MINES
3.	WHEATON PRECIOUS METALS CORP
4.	FORTIS INC
5.	KIRKLAND LAKE GOLD LTD
6.	ALTAGAS LTD
7.	BCE INC
8.	FAIRFAX FINANCIAL HLDGS LTD
9.	THOMSON REUTERS CORP
10.	PRETIUM RESOURCES INC

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Financials

23.58%

Basic Materials

19.64%

Consumer Services

17.41%

Industrials

10.74%

Oil & Gas

7.59%

Utilities

7.40%

Telecommunications

6.32%

Consumer Goods

4.41%

Technology

2.38%

Health Care

0.52%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDCATC Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2015-09-18

Base Currency : CAD

Calculation Frequency : Daily

Level : 5206.51

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	2.27%	8.87%	6.59%	2.27%	20.66%	27.32%	33.53%	420.65%
Volatility	4.84%	4.79%	6.91%	4.84%	6.29%	7.60%	9.58%	13.06%

*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 2019-12-31

Number of Constituents : 98

Max. Market Cap : 132.539 Billion CAD

Min. Market Cap : 2.551 Billion CAD

Avg. Market Cap : 22.587 Billion CAD

Median Market Cap : 16.861 Billion CAD

Top Constituents

	Name
1.	ROGERS COMMUNICATIONS -CL B
2.	AGNICO-EAGLE MINES
3.	WHEATON PRECIOUS METALS CORP
4.	FORTIS INC
5.	KIRKLAND LAKE GOLD LTD
6.	ALTAGAS LTD
7.	BCE INC
8.	FAIRFAX FINANCIAL HLDGS LTD
9.	THOMSON REUTERS CORP
10.	PRETIUM RESOURCES INC

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Financials

23.58%

Basic Materials

19.64%

Consumer Services

17.41%

Industrials

10.74%

Oil & Gas

7.59%

Utilities

7.40%

Telecommunications

6.32%

Consumer Goods

4.41%

Technology

2.38%

Health Care

0.52%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDCACC Index

Calculating Agent : Solactive

Base Date : 2018-07-12

Launch Date : 2018-07-12

Base Currency : CAD

Calculation Frequency : Daily

Level : 1242.57

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	2.27%	8.87%	6.59%	2.27%	20.66%	-	-	13.57%
Volatility	4.84%	4.79%	6.91%	4.84%	6.29%	-	-	8.11%

*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 2019-12-31

Number of Constituents : 98

Max. Market Cap : 132.539 Billion CAD

Min. Market Cap : 2.551 Billion CAD

Avg. Market Cap : 22.587 Billion CAD

Median Market Cap : 16.861 Billion CAD

Top Constituents

	Name
1.	ROGERS COMMUNICATIONS -CL B
2.	AGNICO-EAGLE MINES
3.	WHEATON PRECIOUS METALS CORP
4.	FORTIS INC
5.	KIRKLAND LAKE GOLD LTD
6.	ALTAGAS LTD
7.	BCE INC
8.	FAIRFAX FINANCIAL HLDGS LTD
9.	THOMSON REUTERS CORP
10.	PRETIUM RESOURCES INC

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Financials

23.58%

Basic Materials

19.64%

Consumer Services

17.41%

Industrials

10.74%

Oil & Gas

7.59%

Utilities

7.40%

Telecommunications

6.32%

Consumer Goods

4.41%

Technology

2.38%

Health Care

0.52%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDPXJDTU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 8334.46

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%	7.78%	1.82%	1.64%	14.43%	30.72%	36.07%	733.45%
Volatility	9.47%	9.70%	10.73%	9.47%	9.90%	10.27%	11.78%	14.82%

*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 2019-12-31

Number of Constituents : 151

Max. Market Cap : 100.899 Billion USD

Min. Market Cap : 1.643 Billion USD

Avg. Market Cap : 13.885 Billion USD

Median Market Cap : 12.522 Billion USD

Top Constituents

	Name
1.	NORTHERN STAR RESOURCES LTD
2.	SARACEN MINERAL HOLDINGS LTD
3.	FISHER & PAYKEL HEALTHCARE C
4.	SAMSONITE INTERNATIONAL SA
5.	SEA LTD-ADR
6.	DOMINO'S PIZZA ENTERPRISES L
7.	RELIANCE WORLDWIDE CORP LTD
8.	NEWCREST MINING LTD
9.	SUN ART RETAIL GROUP LTD
10.	YANGZIJIANG SHIPBUILDING

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Financials

23.36%

Industrials

20.48%

Consumer Services

15.47%

Consumer Goods

9.01%

Basic Materials

8.60%

Utilities

5.70%

Telecommunications

5.57%

Health Care

4.96%

Technology

4.04%

Oil & Gas

2.81%

Breakdown by Country

Australia

45.89%

Hong Kong

31.64%

Singapore

14.11%

New Zealand

8.35%

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:

Composition:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDPXJDPU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 4931.07

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	1.64%	7.35%	0.34%	1.64%	10.59%	18.13%	16.72%	393.11%
Volatility	9.47%	9.71%	10.76%	9.47%	9.94%	10.28%	11.78%	14.82%

*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 2019-12-31

Number of Constituents : 151

Max. Market Cap : 100.899 Billion USD

Min. Market Cap : 1.643 Billion USD

Avg. Market Cap : 13.885 Billion USD

Median Market Cap : 12.522 Billion USD

Top Constituents

	Name
1.	NORTHERN STAR RESOURCES LTD
2.	SARACEN MINERAL HOLDINGS LTD
3.	FISHER & PAYKEL HEALTHCARE C
4.	SAMSONITE INTERNATIONAL SA
5.	SEA LTD-ADR
6.	DOMINO'S PIZZA ENTERPRISES L
7.	RELIANCE WORLDWIDE CORP LTD
8.	NEWCREST MINING LTD
9.	SUN ART RETAIL GROUP LTD
10.	YANGZIJIANG SHIPBUILDING

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Financials

23.36%

Industrials

20.48%

Consumer Services

15.47%

Consumer Goods

9.01%

Basic Materials

8.60%

Utilities

5.70%

Telecommunications

5.57%

Health Care

4.96%

Technology

4.04%

Oil & Gas

2.81%

Breakdown by Country

Australia

45.89%

Hong Kong

31.64%

Singapore

14.11%

New Zealand

8.35%

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:

Composition:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDEUDTE Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : EUR

Calculation Frequency : Daily

Level : 5219.85

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	2.00%	7.22%	9.96%	2.00%	18.74%	27.51%	33.76%	421.99%
Volatility	5.43%	7.57%	10.74%	5.43%	9.91%	10.21%	13.79%	13.44%

*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 2019-12-31

Number of Constituents : 356

Max. Market Cap : 286.875 Billion EUR

Min. Market Cap : 2.541 Billion EUR

Avg. Market Cap : 36.426 Billion EUR

Median Market Cap : 20.694 Billion EUR

Top Constituents

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

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Health Care

21.04%

Consumer Services

18.44%

Consumer Goods

17.40%

Financials

16.00%

Industrials

8.22%

Utilities

6.54%

Telecommunications

4.35%

Technology

3.59%

Oil & Gas

2.91%

Basic Materials

1.51%

Breakdown by Country

Great Britain

25.39%

France

12.34%

Denmark

9.78%

Switzerland

9.71%

Germany

9.31%

Finland

4.73%

Italy

4.71%

Netherlands

4.59%

Ireland

4.41%

Sweden

3.93%

Spain

3.75%

Belgium

2.80%

Norway

2.37%

Austria

1.30%

Portugal

0.89%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDEUDPE Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : EUR

Calculation Frequency : Daily

Level : 3326.84

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	1.95%	6.84%	8.98%	1.95%	14.89%	17.14%	17.28%	232.68%
Volatility	5.46%	7.62%	10.72%	5.46%	9.93%	10.22%	13.78%	13.43%

*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 2019-12-31

Number of Constituents : 356

Max. Market Cap : 286.875 Billion EUR

Min. Market Cap : 2.541 Billion EUR

Avg. Market Cap : 36.426 Billion EUR

Median Market Cap : 20.694 Billion EUR

Top Constituents

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

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Health Care

21.04%

Consumer Services

18.44%

Consumer Goods

17.40%

Financials

16.00%

Industrials

8.22%

Utilities

6.54%

Telecommunications

4.35%

Technology

3.59%

Oil & Gas

2.91%

Basic Materials

1.51%

Breakdown by Country

Great Britain

25.39%

France

12.34%

Denmark

9.78%

Switzerland

9.71%

Germany

9.31%

Finland

4.73%

Italy

4.71%

Netherlands

4.59%

Ireland

4.41%

Sweden

3.93%

Spain

3.75%

Belgium

2.80%

Norway

2.37%

Austria

1.30%

Portugal

0.89%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDEUDCC Index

Calculating Agent : Solactive

Base Date : 2018-07-12

Launch Date : 2018-07-12

Base Currency : CAD

Calculation Frequency : Daily

Level : 1733.01

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	1.74%	6.91%	8.91%	1.74%	13.07%	-	-	5.30%
Volatility	6.08%	7.80%	10.03%	6.08%	9.26%	-	-	10.45%

*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 2019-12-31

Number of Constituents : 356

Max. Market Cap : 417.576 Billion CAD

Min. Market Cap : 3.699 Billion CAD

Avg. Market Cap : 53.022 Billion CAD

Median Market Cap : 30.122 Billion CAD

Top Constituents

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

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Health Care

21.04%

Consumer Services

18.44%

Consumer Goods

17.40%

Financials

16.00%

Industrials

8.22%

Utilities

6.54%

Telecommunications

4.35%

Technology

3.59%

Oil & Gas

2.91%

Basic Materials

1.51%

Breakdown by Country

Great Britain

25.39%

France

12.34%

Denmark

9.78%

Switzerland

9.71%

Germany

9.31%

Finland

4.73%

Italy

4.71%

Netherlands

4.59%

Ireland

4.41%

Sweden

3.93%

Spain

3.75%

Belgium

2.80%

Norway

2.37%

Austria

1.30%

Portugal

0.89%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDEMUDPE Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : EUR

Calculation Frequency : Daily

Level : 3114.16

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	1.71%	4.99%	5.34%	1.71%	12.27%	18.61%	23.36%	211.42%
Volatility	5.92%	6.62%	10.58%	5.92%	10.40%	10.64%	14.23%	14.42%

*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 2019-12-31

Number of Constituents : 209

Max. Market Cap : 147.405 Billion EUR

Min. Market Cap : 2.541 Billion EUR

Avg. Market Cap : 25.821 Billion EUR

Median Market Cap : 20.74 Billion EUR

Top Constituents

	Name
1.	SANOFI-AVENTIS
2.	SES
3.	ORION OYJ-CLASS B
4.	VONOVIA SE
5.	DEUTSCHE WOHNEN AG-BR
6.	NESTE OIL OYJ
7.	GETLINK SE
8.	KESKO OYJ-B SHS
9.	INGENICO
10.	L'OREAL

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Financials

19.55%

Consumer Services

17.07%

Consumer Goods

14.67%

Health Care

13.26%

Industrials

9.86%

Utilities

7.13%

Telecommunications

6.78%

Oil & Gas

5.38%

Technology

5.04%

Basic Materials

1.26%

Breakdown by Country

France

27.50%

Germany

21.09%

Netherlands

10.59%

Italy

9.10%

Finland

9.10%

Spain

8.61%

Belgium

6.43%

Ireland

3.48%

Austria

2.47%

Portugal

1.64%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDEMUDTE Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : EUR

Calculation Frequency : Daily

Level : 4808.01

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	1.77%	5.31%	5.89%	1.77%	15.76%	28.54%	39.93%	380.80%
Volatility	5.90%	6.56%	10.57%	5.90%	10.35%	10.64%	14.23%	14.42%

*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 2019-12-31

Number of Constituents : 209

Max. Market Cap : 147.405 Billion EUR

Min. Market Cap : 2.541 Billion EUR

Avg. Market Cap : 25.821 Billion EUR

Median Market Cap : 20.74 Billion EUR

Top Constituents

	Name
1.	SANOFI-AVENTIS
2.	SES
3.	ORION OYJ-CLASS B
4.	VONOVIA SE
5.	DEUTSCHE WOHNEN AG-BR
6.	NESTE OIL OYJ
7.	GETLINK SE
8.	KESKO OYJ-B SHS
9.	INGENICO
10.	L'OREAL

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Financials

19.55%

Consumer Services

17.07%

Consumer Goods

14.67%

Health Care

13.26%

Industrials

9.86%

Utilities

7.13%

Telecommunications

6.78%

Oil & Gas

5.38%

Technology

5.04%

Basic Materials

1.26%

Breakdown by Country

France

27.50%

Germany

21.09%

Netherlands

10.59%

Italy

9.10%

Finland

9.10%

Spain

8.61%

Belgium

6.43%

Ireland

3.48%

Austria

2.47%

Portugal

1.64%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDEMTU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2015-12-18

Base Currency : USD

Calculation Frequency : Daily

Level : 1439.41

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	1.16%	5.89%	6.58%	1.16%	11.93%	31.67%	20.10%	756.58%
Volatility	9.81%	8.06%	9.34%	9.81%	9.11%	10.31%	12.17%	15.22%

*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 2019-12-31

Number of Constituents : 727

Max. Market Cap : 286.318 Billion USD

Min. Market Cap : 747.092 Million USD

Avg. Market Cap : 20.295 Billion USD

Median Market Cap : 9.657 Billion USD

Top Constituents

	Name
1.	ANGLOGOLD ASHANTI LTD
2.	TAIWAN SEMICONDUCTOR MANUFAC
3.	SUZANO SA
4.	INFOSYS TECHNOLOGIES LTD
5.	HINDUSTAN UNILEVER LTD
6.	RELIANCE INDUSTRIES LTD
7.	LI NING CO LTD
8.	SUN PHARMACEUTICAL INDUSTRIES LTD
9.	GOLD FIELDS LTD
10.	CP ALL PCL

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Financials

18.88%

Consumer Goods

17.02%

Consumer Services

10.88%

Technology

10.39%

Industrials

9.40%

Telecommunications

7.90%

Basic Materials

7.59%

Health Care

7.18%

Oil & Gas

5.61%

Utilities

5.15%

No value

0.01%

Breakdown by Country

India

22.43%

China

14.49%

Taiwan, Province of China

13.62%

Brazil

11.19%

Korea, Republic of

9.04%

Thailand

8.16%

South Africa

3.87%

Mexico

3.68%

Malaysia

3.10%

Philippines

1.91%

Indonesia

1.77%

Turkey

1.73%

Greece

1.39%

Russian Federation

1.37%

Poland

0.94%

Chile

0.61%

Colombia

0.29%

Hungary

0.25%

Czech Republic

0.08%

Peru

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:

Composition:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDEMPU Index

Calculating Agent : Solactive

Base Date : 2015-12-18

Launch Date : 2015-12-18

Base Currency : USD

Calculation Frequency : Daily

Level : 1319.81

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	1.14%	5.69%	5.79%	1.14%	9.65%	24.05%	-	31.98%
Volatility	9.80%	8.06%	9.35%	9.80%	9.11%	10.30%	-	11.16%

*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 2019-12-31

Number of Constituents : 727

Max. Market Cap : 286.318 Billion USD

Min. Market Cap : 747.092 Million USD

Avg. Market Cap : 20.295 Billion USD

Median Market Cap : 9.657 Billion USD

Top Constituents

	Name
1.	ANGLOGOLD ASHANTI LTD
2.	TAIWAN SEMICONDUCTOR MANUFAC
3.	SUZANO SA
4.	INFOSYS TECHNOLOGIES LTD
5.	HINDUSTAN UNILEVER LTD
6.	RELIANCE INDUSTRIES LTD
7.	LI NING CO LTD
8.	SUN PHARMACEUTICAL INDUSTRIES LTD
9.	GOLD FIELDS LTD
10.	CP ALL PCL

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Financials

18.88%

Consumer Goods

17.02%

Consumer Services

10.88%

Technology

10.39%

Industrials

9.40%

Telecommunications

7.90%

Basic Materials

7.59%

Health Care

7.18%

Oil & Gas

5.61%

Utilities

5.15%

No value

0.01%

Breakdown by Country

India

22.43%

China

14.49%

Taiwan, Province of China

13.62%

Brazil

11.19%

Korea, Republic of

9.04%

Thailand

8.16%

South Africa

3.87%

Mexico

3.68%

Malaysia

3.10%

Philippines

1.91%

Indonesia

1.77%

Turkey

1.73%

Greece

1.39%

Russian Federation

1.37%

Poland

0.94%

Chile

0.61%

Colombia

0.29%

Hungary

0.25%

Czech Republic

0.08%

Peru

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:

Composition:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDEMCC Index

Calculating Agent : Solactive

Base Date : 2018-07-12

Launch Date : 2018-07-12

Base Currency : CAD

Calculation Frequency : Daily

Level : 1595.31

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	2.55%	6.28%	6.56%	2.55%	9.98%	-	-	4.04%
Volatility	11.64%	9.17%	9.58%	11.64%	8.83%	-	-	10.34%

*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 2019-12-31

Number of Constituents : 727

Max. Market Cap : 371.283 Billion CAD

Min. Market Cap : 968.792 Million CAD

Avg. Market Cap : 26.317 Billion CAD

Median Market Cap : 12.522 Billion CAD

Top Constituents

	Name
1.	ANGLOGOLD ASHANTI LTD
2.	TAIWAN SEMICONDUCTOR MANUFAC
3.	SUZANO SA
4.	INFOSYS TECHNOLOGIES LTD
5.	HINDUSTAN UNILEVER LTD
6.	RELIANCE INDUSTRIES LTD
7.	LI NING CO LTD
8.	SUN PHARMACEUTICAL INDUSTRIES LTD
9.	GOLD FIELDS LTD
10.	CP ALL PCL

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Financials

18.88%

Consumer Goods

17.02%

Consumer Services

10.88%

Technology

10.39%

Industrials

9.40%

Telecommunications

7.90%

Basic Materials

7.59%

Health Care

7.18%

Oil & Gas

5.61%

Utilities

5.15%

No value

0.01%

Breakdown by Country

India

22.43%

China

14.49%

Taiwan, Province of China

13.62%

Brazil

11.19%

Korea, Republic of

9.04%

Thailand

8.16%

South Africa

3.87%

Mexico

3.68%

Malaysia

3.10%

Philippines

1.91%

Indonesia

1.77%

Turkey

1.73%

Greece

1.39%

Russian Federation

1.37%

Poland

0.94%

Chile

0.61%

Colombia

0.29%

Hungary

0.25%

Czech Republic

0.08%

Peru

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDJNPJ Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : JPY

Calculation Frequency : Daily

Level : 2917.4

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	0.34%	4.88%	9.64%	0.34%	8.76%	17.07%	38.52%	191.74%
Volatility	12.64%	8.80%	10.18%	12.64%	11.64%	13.59%	16.89%	17.10%

*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 2019-12-30

Number of Constituents : 254

Max. Market Cap : 10,754.475 Billion JPY

Min. Market Cap : 202.708 Billion JPY

Avg. Market Cap : 2,144.884 Billion JPY

Median Market Cap : 1,450.677 Billion JPY

Top Constituents

	Name
1.	Z HOLDINGS CORP
2.	SOFTBANK GROUP CORP
3.	FAMILYMART CO LTD
4.	KDDI CORP
5.	YAMADA DENKI CO LTD
6.	HOSHIZAKI CORP
7.	PAN PACIFIC INTERNATIONAL HO
8.	NAMCO BANDAI HOLDINGS INC
9.	FAST RETAILING CO LTD
10.	TAKEDA PHARMACEUTICAL CO LTD

Allocations

As of 2019-12-30

Breakdown by Economic Sector

Consumer Services

25.82%

Consumer Goods

22.86%

Health Care

11.53%

Technology

10.33%

Industrials

8.58%

Financials

8.28%

Telecommunications

5.55%

Basic Materials

3.61%

Utilities

2.12%

Oil & Gas

1.32%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDJNTJ Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : JPY

Calculation Frequency : Daily

Level : 3862.26

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	0.34%	5.07%	10.64%	0.34%	10.93%	23.13%	50.53%	286.23%
Volatility	12.63%	8.80%	10.09%	12.63%	11.60%	13.59%	16.89%	17.11%

*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 2019-12-30

Number of Constituents : 254

Max. Market Cap : 10,754.475 Billion JPY

Min. Market Cap : 202.708 Billion JPY

Avg. Market Cap : 2,144.884 Billion JPY

Median Market Cap : 1,450.677 Billion JPY

Top Constituents

	Name
1.	Z HOLDINGS CORP
2.	SOFTBANK GROUP CORP
3.	FAMILYMART CO LTD
4.	KDDI CORP
5.	YAMADA DENKI CO LTD
6.	HOSHIZAKI CORP
7.	PAN PACIFIC INTERNATIONAL HO
8.	NAMCO BANDAI HOLDINGS INC
9.	FAST RETAILING CO LTD
10.	TAKEDA PHARMACEUTICAL CO LTD

Allocations

As of 2019-12-30

Breakdown by Economic Sector

Consumer Services

25.82%

Consumer Goods

22.86%

Health Care

11.53%

Technology

10.33%

Industrials

8.58%

Financials

8.28%

Telecommunications

5.55%

Basic Materials

3.61%

Utilities

2.12%

Oil & Gas

1.32%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDNATU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2013-05-13

Base Currency : USD

Calculation Frequency : Daily

Level : 6488.66

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	2.47%	9.37%	9.08%	2.47%	24.17%	45.11%	54.81%	658.61%
Volatility	3.36%	4.15%	9.04%	3.36%	8.91%	10.69%	11.79%	14.52%

*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 2019-12-31

Number of Constituents : 499

Max. Market Cap : 1,304.765 Billion USD

Min. Market Cap : 3.741 Billion USD

Avg. Market Cap : 81.837 Billion USD

Median Market Cap : 39.488 Billion USD

Top Constituents

	Name
1.	NEWMONT GOLDCORP CORP
2.	FACEBOOK INC-A
3.	EDISON INTERNATIONAL
4.	KROGER CO
5.	CHIPOTLE MEXICAN GRILL INC
6.	AUTOZONE INC
7.	TESLA MOTORS INC
8.	CONSOLIDATED EDISON INC
9.	DEXCOM INC
10.	FRANCO-NEVADA CORP

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Consumer Services

18.87%

Financials

17.56%

Consumer Goods

16.95%

Health Care

13.62%

Technology

8.07%

Utilities

7.95%

Basic Materials

7.15%

Industrials

4.43%

Telecommunications

2.74%

Oil & Gas

2.67%

Breakdown by Country

USA

87.15%

Canada

12.85%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDNAPU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2013-05-13

Base Currency : USD

Calculation Frequency : Daily

Level : 4642.68

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	2.38%	8.81%	7.96%	2.38%	21.61%	37.03%	40.88%	445.35%
Volatility	3.31%	4.16%	9.04%	3.31%	8.91%	10.68%	11.79%	14.53%

*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 2019-12-31

Number of Constituents : 499

Max. Market Cap : 1,304.765 Billion USD

Min. Market Cap : 3.741 Billion USD

Avg. Market Cap : 81.837 Billion USD

Median Market Cap : 39.488 Billion USD

Top Constituents

	Name
1.	NEWMONT GOLDCORP CORP
2.	FACEBOOK INC-A
3.	EDISON INTERNATIONAL
4.	KROGER CO
5.	CHIPOTLE MEXICAN GRILL INC
6.	AUTOZONE INC
7.	TESLA MOTORS INC
8.	CONSOLIDATED EDISON INC
9.	DEXCOM INC
10.	FRANCO-NEVADA CORP

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Consumer Services

18.87%

Financials

17.56%

Consumer Goods

16.95%

Health Care

13.62%

Technology

8.07%

Utilities

7.95%

Basic Materials

7.15%

Industrials

4.43%

Telecommunications

2.74%

Oil & Gas

2.67%

Breakdown by Country

USA

87.15%

Canada

12.85%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDUKPG Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : GBP

Calculation Frequency : Daily

Level : 3188.22

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	-0.55%	5.26%	4.81%	-0.55%	10.77%	3.27%	5.57%	218.82%
Volatility	9.19%	11.67%	13.20%	9.19%	11.53%	10.87%	12.85%	14.98%

*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 2019-12-31

Number of Constituents : 95

Max. Market Cap : 119.902 Billion GBP

Min. Market Cap : 2.322 Billion GBP

Avg. Market Cap : 22.988 Billion GBP

Median Market Cap : 16.621 Billion GBP

Top Constituents

	Name
1.	PADDY POWER BETFAIR PLC GBP
2.	JUST EAT PLC
3.	ASTRAZENECA PLC
4.	DECHRA PHARMACEUTICALS PLC
5.	DIAGEO PLC
6.	GLAXOSMITHKLINE PLC
7.	RECKITT BENCKISER GROUP PLC
8.	NEXT PLC
9.	MICRO FOCUS INTERNATIONAL
10.	TATE & LYLE PLC

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Consumer Services

33.36%

Health Care

14.62%

Consumer Goods

13.85%

Financials

12.57%

Utilities

8.65%

Industrials

6.05%

Technology

4.01%

Telecommunications

3.27%

Basic Materials

2.25%

Oil & Gas

1.39%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDUKTG Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : GBP

Calculation Frequency : Daily

Level : 5663

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	-0.48%	5.82%	6.72%	-0.48%	15.12%	14.11%	23.94%	466.30%
Volatility	9.11%	11.63%	13.23%	9.11%	11.51%	10.85%	12.85%	14.98%

*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 2019-12-31

Number of Constituents : 95

Max. Market Cap : 119.902 Billion GBP

Min. Market Cap : 2.322 Billion GBP

Avg. Market Cap : 22.988 Billion GBP

Median Market Cap : 16.621 Billion GBP

Top Constituents

	Name
1.	PADDY POWER BETFAIR PLC GBP
2.	JUST EAT PLC
3.	ASTRAZENECA PLC
4.	DECHRA PHARMACEUTICALS PLC
5.	DIAGEO PLC
6.	GLAXOSMITHKLINE PLC
7.	RECKITT BENCKISER GROUP PLC
8.	NEXT PLC
9.	MICRO FOCUS INTERNATIONAL
10.	TATE & LYLE PLC

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Consumer Services

33.36%

Health Care

14.62%

Consumer Goods

13.85%

Financials

12.57%

Utilities

8.65%

Industrials

6.05%

Technology

4.01%

Telecommunications

3.27%

Basic Materials

2.25%

Oil & Gas

1.39%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDUSATU Index

Calculating Agent : Solactive

Base Date : 2000-06-05

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 8126.69

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	2.62%	9.44%	9.26%	2.62%	23.93%	47.63%	60.21%	593.27%
Volatility	3.67%	4.87%	10.01%	3.67%	9.74%	11.49%	12.44%	15.60%

*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.

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Constituents

As of 2019-12-31

Number of Constituents : 465

Max. Market Cap : 1,304.765 Billion USD

Min. Market Cap : 3.741 Billion USD

Avg. Market Cap : 86.53 Billion USD

Median Market Cap : 41.642 Billion USD

Top Constituents

	Name
1.	TESLA MOTORS INC
2.	NEWMONT GOLDCORP CORP
3.	EDISON INTERNATIONAL
4.	KROGER CO
5.	FACEBOOK INC-A
6.	CHIPOTLE MEXICAN GRILL INC
7.	AUTOZONE INC
8.	CONSOLIDATED EDISON INC
9.	KRAFT HEINZ CO/THE
10.	DEXCOM INC

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Consumer Services

18.59%

Consumer Goods

18.58%

Financials

16.72%

Health Care

15.58%

Technology

8.99%

Utilities

8.63%

Industrials

4.51%

Basic Materials

3.27%

Oil & Gas

2.73%

Telecommunications

2.40%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDUSAPU Index

Calculating Agent : Solactive

Base Date : 2002-10-31

Launch Date : 2011-11-17

Base Currency : USD

Calculation Frequency : Daily

Level : 6108.84

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	2.54%	8.88%	8.13%	2.54%	21.33%	39.22%	45.32%	510.88%
Volatility	3.65%	4.88%	10.00%	3.65%	9.73%	11.49%	12.44%	15.42%

*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 2019-12-31

Number of Constituents : 465

Max. Market Cap : 1,304.765 Billion USD

Min. Market Cap : 3.741 Billion USD

Avg. Market Cap : 86.53 Billion USD

Median Market Cap : 41.642 Billion USD

Top Constituents

	Name
1.	TESLA MOTORS INC
2.	NEWMONT GOLDCORP CORP
3.	EDISON INTERNATIONAL
4.	KROGER CO
5.	FACEBOOK INC-A
6.	CHIPOTLE MEXICAN GRILL INC
7.	AUTOZONE INC
8.	CONSOLIDATED EDISON INC
9.	KRAFT HEINZ CO/THE
10.	DEXCOM INC

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Consumer Services

18.59%

Consumer Goods

18.58%

Financials

16.72%

Health Care

15.58%

Technology

8.99%

Utilities

8.63%

Industrials

4.51%

Basic Materials

3.27%

Oil & Gas

2.73%

Telecommunications

2.40%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

CHARACTERISTICS

As of 2020-01-23

Ticker : MDUSACC Index

Calculating Agent : Solactive

Base Date : 2018-07-12

Launch Date : 2018-07-12

Base Currency : CAD

Calculation Frequency : Daily

Level : 1847.7

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	4.02%	9.78%	9.14%	4.02%	21.61%	-	-	13.88%
Volatility	4.74%	6.40%	10.34%	4.74%	9.67%	-	-	12.76%

*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 2019-12-31

Number of Constituents : 465

Max. Market Cap : 1,691.954 Billion CAD

Min. Market Cap : 4.851 Billion CAD

Avg. Market Cap : 112.208 Billion CAD

Median Market Cap : 53.999 Billion CAD

Top Constituents

	Name
1.	TESLA MOTORS INC
2.	NEWMONT GOLDCORP CORP
3.	EDISON INTERNATIONAL
4.	KROGER CO
5.	FACEBOOK INC-A
6.	CHIPOTLE MEXICAN GRILL INC
7.	AUTOZONE INC
8.	CONSOLIDATED EDISON INC
9.	KRAFT HEINZ CO/THE
10.	DEXCOM INC

Allocations

As of 2019-12-31

Breakdown by Economic Sector

Consumer Services

18.59%

Consumer Goods

18.58%

Financials

16.72%

Health Care

15.58%

Technology

8.99%

Utilities

8.63%

Industrials

4.51%

Basic Materials

3.27%

Oil & Gas

2.73%

Telecommunications

2.40%

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:

TOBAM Benchmark Statement:

TOBAM Compliance Statement:

MAXDIV® Range of Indices

MAXDIV^® Range of Indices