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Quarterly Update Volume 25, Number 3 Third Quarter, September 30, 2020

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Quarterly Update Volume 25, Number 3 Third Quarter, September 30, 2020 GROUP SAVINGS AND RETIREMENT Quarterly Update Volume 25, Number 3 Third Quarter, September 30, 2020 Quarterly Update Group Savings Contents and Retirement Economic and Financial Environment .................... 3 Canadian Equity (Fiera Capital) ............................ 67 Market indicators..................................... 10 Canadian Equity (Jarislowsky).............................. 68 Canadian Equity (MFS)................................... 69 Investment Options ................................... 13 Fidelity True North® ..................................... 70 Our Investment Advisors............................... 15 Responsible Canadian Research Equity (MFS) .................. 71 ATTITUDE Portfolios................................... 21 Canadian Equity Smalll Cap . 72 Asset Allocation Funds Canadian Equity Small Cap (QV) ........................... 73 Asset Allocation - Conservative ............................ 26 Foreign Equity Funds Asset Allocation - Moderate............................... 27 Global Equity Index ACWI (BlackRock) . 74 Asset Allocation - Balanced ............................... 28 Global Equity .......................................... 75 Asset Allocation - Growth ................................ 29 Global Equity Low Volatility ACWI (TD) ...................... 76 Asset Allocation - Aggressive Growth........................ 30 Global Equity (Hexavest) ................................. 77 Portfolio Series Income (CI) ............................... 31 Global Equity (C$-Hedged) (Hexavest) ....................... 78 Portfolio Series Conservative (CI) ........................... 32 Global Equity (QV) ...................................... 79 Portfolio Series Balanced (CI) .............................. 33 Global Equity (Sprucegrove) . 80 Portfolio Series Balanced Growth (CI) ........................ 34 Global Research Equity (MFS).............................. 81 Portfolio Series Growth (CI) ............................... 35 Fidelity Global Select Equity ............................... 82 Income Funds Global Equity (Mawer) ................................... 83 Money Market ......................................... 36 Global Equity (PH&N).................................... 84 Short Term Bond ....................................... 37 Global Equity (Baillie Gifford) .............................. 85 Canadian Bond Index (BlackRock) .......................... 38 Global Equity Small Cap (Fisher)............................ 86 Bond ................................................ 39 Global Equity Small Cap (Lazard) ........................... 87 Bond (Fiera Capital) ..................................... 40 International Equity Index (BlackRock) ....................... 88 Bond (PH&N) .......................................... 41 International Equity ..................................... 89 Core Plus Bond (PH&N) .................................. 42 International Equity (Hexavest)............................. 90 Core Plus Bond (PIMCO) ................................. 43 International Equity (Aberdeen) ............................ 91 ReturnPlus (AlphaFixe) .................................. 44 International Equity (Jarislowsky) ........................... 92 Canadian Corporate Bond ................................ 45 International Equity (Mawer) .............................. 93 Long Term Bond ....................................... 46 International Equity (MFS) ................................ 94 Core Plus Long Term Bond (PIMCO) ......................... 47 U.S. Equity Index (BlackRock).............................. 95 Global Fixed Income (PIMCO).............................. 48 U.S. Equity Index Non-Registered (BlackRock).................. 66 Floating Rate Bank Loan (AlphaFixe) ........................ 49 U.S. Equity Index (C$-Hedged) (BlackRock).................... 97 U.S. Dividend Growth.................................... 98 Diversified Funds U.S. Equity ............................................ 99 Diversified Security...................................... 50 U.S. Equity (Jarislowsky).................................. 100 Balanced Moderate Index (BlackRock) ....................... 51 U.S. Equity (Mawer) ..................................... 101 Diversified ............................................ 52 U.S. Equity Core (MFS)................................... 102 Balanced (Beutel Goodman)............................... 53 Thematic Innovation..................................... 103 Balanced (Jarislowsky) ................................... 54 Emerging Markets Equity Index (BlackRock) ................... 104 Balanced Growth (MFS) .................................. 55 Emerging Markets (Aberdeen) ............................. 105 Balanced (PH&N) ....................................... 56 Emerging Markets (Templeton)............................. 106 Diversified Opportunity................................... 57 Emerging Markets (Baillie Gifford) .......................... 107 Fidelity Canadian Asset Allocation .......................... 58 Alternative/Specialty Funds Canadian Equity Funds Balanced-Risk Allocation (Invesco) .......................... 108 Canadian Equity Index (BlackRock).......................... 59 Global Targeted Returns (Invesco)........................... 109 Dividend ............................................. 60 Global Developed Real Estate Index (BlackRock)................ 110 Canadian Dividend (Beutel Goodman) ....................... 61 Fidelity Global Real Estate ................................ 111 Canadian Equity Value (PH&N)............................. 62 Global Infrastructure Equity Index (BlackRock) ................. 112 Canadian Equity (QV).................................... 63 Global Infrastructure (Lazard) .............................. 113 Fidelity Canadian Focused Equity ........................... 64 Commercial Mortgage (Addenda)........................... 114 Canadian Equity Growth ................................. 65 Private Debt (TD) ....................................... 115 Canadian Equity Q Growth (CC&L).......................... 66 Diversified Fixed Income Alternatives ........................ 116 Quarterly Update | Group Investment Funds Third quarter, ending September 30, 2020 - 1 - Industrial Alliance Quarterly Update Group Savings Contents (continued) and Retirement Global Direct Real Estate - Portfolios (UBS).................... 117 Global Direct Real Estate - 100% (UBS) ...................... 118 Global Direct Infrastructure - 100% (IFM) .................... 119 Diversified Alternatives .................................. 120 Funds closed to new clients Canadian Equity Low Volatility (TD) ......................... 121 Fidelity Canadian Systematic Equity ......................... 122 Canadian Equity (Beutel Goodman) ......................... 123 Global Equity (Fiera Capital) .............................. 124 Global Equity Small Cap (Mawer)........................... 125 U.S. Equity (Fiera Capital)................................. 126 Gross returns ........................................ 127 Legal Notices ........................................ 131 Quarterly Update | Group Investment Funds Third quarter, ending September 30, 2020 - 2 - Industrial Alliance Economic and Financial Environment Group Savings As at September 30, 2020 and Retirement Looking ahead to the U.S. presidential Graph 1 election in November World : Economic surprise index By Sébastien Mc Mahon, M.E.Sc., PRM, CFA Citigroup index 150 Senior Portfolio Manager, Diversified Funds and Economist Industrial Alliance Insurance and Financial Services Inc. 100 The third quarter of 2020 followed the prevailing mood as the world economy continues to rebound from the worst quarter in modern times. 50 Buoyed by massive liquidity injections from the central banks and a brighter 0 economic outlook for the year ahead, major stock exchanges have added to their accumulated gains since the slump in March. This optimism on the part of -50 investors is reflected in the discourse of governments around the world, which seem to have settled on a consensus whereby a return to lockdown conditions -100 would be unwelcome. The notorious second wave, which we’ve all been expecting and dreading, is -150 2003 2005 2007 2009 2011 2013 2015 2017 2019 emerging forcefully, particularly in Europe and right here in Canada. For the time being, confinement measures and economic-sector shutdowns are limited to target regions and industries. In Spain, for instance, where the second wave is hitting very hard, the authorities were still reluctant to impose strict measures in If history repeats itself, the behaviour of the markets in the years ahead may and around Madrid as the third quarter came to a close. Consequently, we must mimic what we witnessed in the third quarter, that is to say, an uptrend with expect the spread of the virus to continue until the much talked-about vaccine is periods of sharp spikes driven by liquidity and followed by quick corrections, finally found – and hope that the global economic recovery continues. thereby creating new purchase points for disciplined and opportunistic investors. On the financial markets, the months of August and September were hectic and The world: The global economy outpacing expectations are very likely reliable indicators for what awaits us in future quarters. The global recovery is proceeding much better than expected, and the economic To begin with, the price of gold soared to more than $2,000 an ounce, following surprise index has attained record levels across
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