Investors U.S. Opportunities Fund
Investors U.S. Opportunities Fund
Annual Financial Report
MARCH 31, 2019
? Copyright Investors Group Inc. 2019 TM Trademarks, including IG Wealth Management, are owned by
IGM Financial Inc. and licensed to its subsidiary corporations.
Investors U.S. Opportunities Fund
ANNUAL FINANCIAL STATEMENTS
STATEMENTS OF FINANCIAL POSITION at March 31 (in $ 000 except per security amounts)
MARCH 31, 2019
STATEMENTS OF COMPREHENSIVE INCOME for the periods ended March 31 (in $ 000 except per security amounts)
Assets Current assets: Non-derivative investments Cash and cash equivalents Accrued interest receivable Dividends receivable Accounts receivable for investments sold Accounts receivable for securities issued Accounts receivable from the Manager Margin on derivative contracts Derivative assets Other assets
Non-current assets: Taxes recoverable Other assets
Total assets Liabilities Current liabilities: Bank indebtedness Accounts payable for investments purchased Accounts payable for securities redeemed Distributions payable Accrued expenses and miscellaneous payables Dividends payable on investments sold short Derivative liabilities Taxes payable Other liabilities Total liabilities Net assets attributable to securityholders
2019
2018
546,242 3,907 1 378 3,783 6 3
554,320
573,637 7,143 1 344 11,321 -
592,446
554,320
592,446
2,076
328 -
53 -
2,457 551,863
10,701
132 -
61 8
10,902 581,544
Income: Gains (losses) on derivative and non-derivative investments: Dividends Interest income Net realized gain (loss) Net unrealized gain (loss) Income (loss) from derivatives Income (loss) from short selling Other Net gain (loss) on derivative and non-derivative investments Securities lending income Other Total income Expenses: Management fees Management fee rebates Service fees Service fee rebates Administration fees Trustee fees Commissions and other portfolio transaction costs Independent Review Committee costs Other Expenses before amounts absorbed by Manager Expenses absorbed by Manager Net expenses Increase (decrease) in net assets attributable to securityholders
from operations before tax Foreign withholding taxes paid (recovered) Foreign income taxes paid (recovered) Income tax paid (recovered) Increase (decrease) in net assets attributable to securityholders
from operations
2019
2018
8,291 148
37,535 4,410
50,384 267 50,651
14,766 43
116,464 (109,122)
22,151 213 22,364
7,918 (31)
1,225 (351) 900 250 731
2 12 10,656
10,656
8,969 (42)
1,448 (363) 977 271 1,067
2 38 12,367
12,367
39,995 1,112
-
9,997 1,991
-
38,883
8,006
Series A Series B Series C Series J DSC Series J NL Series P Series U
Net assets attributable to securityholders
per security
per series
2019
2018
2019
2018
26.30
30.43
119,579 141,122
25.94
30.01
39,213
35,825
25.71
29.71
70,879
79,113
15.99
18.51
91,383 115,949
15.93
18.44
14,686
15,350
23.12
26.94
108,134 109,913
11.66
13.55
107,989
84,272
551,863 581,544
Series A Series B Series C Series J DSC Series J NL Series P Series U
Increase (decrease) in net assets attributable to securityholders from operations
per security
per series
a2019
b2018
a2019
b2018
0.91
0.37
7,818
1,049
0.89
0.35
2,369
433
0.95
0.37
4,602
634
0.59
0.28
6,305
1,170
0.59
0.28
879
179
1.37
1.06
9,330
2,185
0.57
0.38
7,580
2,356
38,883
8,006
See accompanying notes.
Investors U.S. Opportunities Fund
ANNUAL FINANCIAL STATEMENTS
STATEMENTS OF CHANGES IN FINANCIAL POSITION for the periods ended March 31 (in $ 000 except when stated)
Net assets attributable to securityholders, beginning of period Increase (decrease) in net assets attributable to securityholders resulting from: Operations Distributions: Income Capital gains Return of capital Management fee rebates Service fee rebates Total distributions Security transactions: Proceeds from sale of securities Proceeds from securities issued on merger Reinvested from distributions Payment on redemption of securities Total security transactions Increase (decrease) in assets attributable to securityholders Net assets attributable to securityholders, end of period
Increase (decrease) in securities outstanding (in thousands): Securities outstanding, beginning of period Add (deduct): Securities sold Securities issued on merger Reinvested from distributions Securities redeemed Securities outstanding, end of period
Net assets attributable to securityholders, beginning of period Increase (decrease) in net assets attributable to securityholders resulting from: Operations Distributions: Income Capital gains Return of capital Management fee rebates Service fee rebates Total distributions Security transactions: Proceeds from sale of securities Proceeds from securities issued on merger Reinvested from distributions Payment on redemption of securities Total security transactions Increase (decrease) in assets attributable to securityholders Net assets attributable to securityholders, end of period
Increase (decrease) in securities outstanding (in thousands): Securities outstanding, beginning of period Add (deduct): Securities sold Securities issued on merger Reinvested from distributions Securities redeemed Securities outstanding, end of period
See accompanying notes.
MARCH 31, 2019
TOTAL
a2019
b2018
581,544 731,428
38,883
8,006
(161) (91,821)
(31) (351) (92,364)
(2,588) (20,821)
(42) (363) (23,814)
73,553 -
91,951 (141,704)
23,800 (29,681) 551,863
146,482 -
23,748 (304,306) (134,076) (149,884) 581,544
SERIES A
a2019
b2018
141,122 179,182
7,818
1,049
(35) (20,055)
(20,090)
(469) (3,774)
(4,243)
6,236 -
20,083 (35,590) (9,271) (21,543) 119,579
10,732 -
4,243 (49,841) (34,866) (38,060) 141,122
SERIES B
a2019
b2018
35,825
28,490
2,369
433
(10)
(105)
(5,864)
(845)
-
-
-
-
-
-
(5,874)
(950)
13,339 -
5,863 (12,309)
6,893 3,388 39,213
20,904 -
949 (14,001)
7,852 7,335 35,825
SERIES C
a2019
b2018
79,113
96,606
4,602
634
(20) (11,378)
(1) (351) (11,750)
(225) (1,812)
(1) (363) (2,401)
2,154 -
11,714 (14,954) (1,086) (8,234) 70,879
2,771 -
2,387 (20,884) (15,726) (17,493) 79,113
4,638
216 -
919 (1,227) 4,546
5,791
353 -
136 (1,642) 4,638
1,194
476 -
272 (431) 1,511
934
697 -
31 (468) 1,194
2,663
78 -
544 (528) 2,757
3,198
94 -
78 (707) 2,663
SERIES J DSC
a2019
b2018
115,949 153,245
6,305
1,170
(28) (15,845)
(24)
(15,897)
(428) (3,446)
(34)
(3,908)
7,583 -
15,722 (38,279) (14,974) (24,566) 91,383
20,165 -
3,891 (58,614) (34,558) (37,296) 115,949
SERIES J NL
a2019
b2018
15,350
13,942
879
179
(4)
(50)
(2,319)
(404)
-
-
(6)
(7)
-
-
(2,329)
(461)
4,928 -
2,287 (6,429)
786 (664) 14,686
8,891 -
453 (7,654) 1,690 1,408 15,350
SERIES P
a2019
b2018
109,913 213,102
9,330
2,185
(35) (19,719)
(19,754)
(941) (7,572)
(8,513)
4,010 -
19,754 (15,119)
8,645 (1,779) 108,134
34,039 -
8,513 (139,413) (96,861) (103,189) 109,913
SERIES U
a2019
b2018
84,272
46,861
7,580
2,356
(29) (16,641)
(16,670)
(370) (2,968)
(3,338)
35,303 -
16,528 (19,024) 32,807 23,717 107,989
48,980 -
3,312 (13,899) 38,393 37,411 84,272
6,266
421 -
1,185 (2,155) 5,717
8,142
1,095 -
205 (3,176) 6,266
833
744
282
483
-
-
173
24
(366)
(418)
922
833
4,080
158 -
1,036 (597) 4,677
7,772
1,268 -
310 (5,270) 4,080
6,220
2,823 -
1,714 (1,498) 9,259
3,399
3,605 -
239 (1,023) 6,220
Investors U.S. Opportunities Fund
ANNUAL FINANCIAL STATEMENTS
STATEMENTS OF CASH FLOWS for the periods ended March 31 (in $ 000 except when stated)
Cash flows from operating activities Increase (decrease) in net assets attributable to securityholders
from operations Less non-cash impact of: Net realized (gain) loss Change in net unrealized (gain) loss Adjustments for: Proceeds from sale and maturity of investments Purchases of investments (Increase) decrease in accounts receivable and other assets Increase (decrease) in accounts payable and other liabilities Net cash provided by (used in) operating activities Cash flows from financing activities: Proceeds from securities issued Proceeds from securities issued on merger Payments on redemption of securities Distributions paid net of reinvestments Net cash provided by (used in) financing activities Increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Effect of exchange rate fluctuations on cash and cash equivalents Cash and cash equivalents, end of period Cash Cash equivalents Bank indebtedness
Supplementary disclosures on cash flow from operating activities: Dividends received net of withholding taxes Interest received net of withholding taxes Interest paid
a2019
b2018
38,883
8,006
(37,535) (116,464) (4,410) 109,122
812,986 (744,733)
(43) (16) 65,132
696,534 (537,979)
366 69 159,654
49,904 -
(117,859) (413)
(68,368) (3,236) 7,143
3,907
507 3,400
3,907
91,680 -
(249,372) (66)
(157,758) 1,896 5,247 7,143 510 6,633 7,143
7,145 148 -
13,139 42 -
MARCH 31, 2019
See accompanying notes.
Investors U.S. Opportunities Fund
ANNUAL FINANCIAL STATEMENTS
SCHEDULE OF INVESTMENTS as at March 31, 2019
Country Sector
EQUITIES Bright Horizons Family Solutions Inc. Brown & Brown Inc. Cambrex Corp. Cantel Medical Corp. Carter's Inc. Cerner Corp. Cognex Corp. CommVault Systems Inc. CoreLogic Inc. CoStar Group Inc. Dave & Buster's Entertainment Inc. Dentsply Sirona Inc. DexCom Inc. Dolby Laboratories Inc. Class A Endologix Inc. Equifax Inc. ExlService Holdings Inc. First Republic Bank Gartner Inc. Glanbia PLC Globant SA Healthcare Services Group Inc. Hudson Ltd. Instructure Inc. Kennedy-Wilson Holdings Inc. Markel Corp. MAXIMUS Inc. Middleby Corp. Nielsen Holdings PLC Polo Ralph Lauren Corp. Class A Premier Inc. Class A The Progressive Corp. Signature Bank Silicon Laboratories Inc. Spirit Airlines Inc. Syneos Health Inc. Teradyne Inc. Tyler Technologies Inc. Varonis Systems Inc. Verisk Analytics Inc. Wabtec Corp. Waters Corp. Worldpay Inc.
COMMISSIONS AND OTHER PORTFOLIO TRANSACTION COSTS
TOTAL NON-DERIVATIVE INVESTMENTS
United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States
Ireland United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States
Consumer Discretionary Financials
Health Care Health Care Consumer Discretionary Health Care Information Technology Information Technology Information Technology Industrials Consumer Discretionary Health Care Health Care Information Technology Health Care Industrials Information Technology
Financials Information Technology
Consumer Staples Information Technology
Industrials Consumer Discretionary Information Technology
Real Estate Financials Information Technology Industrials Industrials Consumer Discretionary Health Care Financials Financials Information Technology Industrials Health Care Information Technology Information Technology Information Technology Industrials Industrials Health Care Information Technology
Net Assets (see asset composition): Total non-derivative investments Cash and cash equivalents Other net assets (liabilities)
MARCH 31, 2019
No. of Units,
Shares, or
Cost
Par Value (CAD$ 000)
Fair Value (CAD$ 000)
29,783 63,400 216,599 145,968 177,704 248,740 54,200 194,500 149,700 48,129 293,200 434,457 125,257 131,443 26,990 119,288 239,100 16,800 68,000 493,400 57,101 134,120 234,475 224,000 496,700 9,700 241,504 46,400 361,600 80,100 87,229 255,900 64,700 25,300 217,500 355,900 28,200 4,968 62,900 134,700 109,900 21,130 142,392
4,380 2,385 13,145 15,322 22,539 18,375 3,388 15,376 8,818 23,782 21,982 20,727 21,544 11,592
543 17,991 19,351 1,923 13,053 10,942 3,523 5,695 6,300 9,646 12,338 13,833 20,834 6,889 12,676 13,360 4,010 23,423 9,106 2,662 14,300 20,958 1,578 1,215 4,425 20,307 13,663 5,085 17,279
510,263
(371)
509,892
5,058 2,500 11,244 13,046 23,931 19,014 3,683 16,825 7,453 29,995 19,537 28,788 19,933 11,059
238 18,887 19,175 2,255 13,781 12,900 5,447 5,912 4,308 14,103 14,196 12,912 22,904 8,062 11,436 13,879 4,020 24,649 11,071 2,733 15,362 24,614 1,501 1,357 5,012 23,937 10,825 7,106 21,594
546,242
-
546,242
546,242 3,907 1,714
551,863
................
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