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CIBC Asia Pacific Fund Interim Management Report of Fund

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CIBC Asia Pacific Fund Interim Management Report of Fund CIBC Asia Pacific Fund Interim Management Report of Fund Performance for the period ended June 30, 2016 All figures are reported in Canadian dollars unless otherwise noted. This interim management report of fund performance contains financial highlights but does not contain either the complete interim or annual financial statements of the investment fund. If you have not received a copy of the interim financial reports with this interim management report of fund performance, you can get a copy of the interim or annual financial statements at your request, and at no cost, by calling us toll-free at 1-800-465-3863, by writing to us at CIBC, 18 York Street, Suite 1300, Toronto, Ontario, M5J 2T8, or by visiting www.cibc.com/mutualfunds or the SEDAR website at www.sedar.com. Unitholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure. Management Discussion of Fund Performance . Results of Operations from increased sales of private-label products and logistics savings. The portfolio advisor of CIBC Asia Pacific Fund (the Fund) is CIBC SUNDRUG reported solid year-end results, increased its dividend per Asset Management Inc. (CAMI or the Portfolio Advisor). The share and share buyback amount, and maintained consistent growth. commentary that follows provides a summary of the results of Domino’s Pizza Enterprises, the largest pizza chain in Australia, as operations for the six-month period ended June 30, 2016. All dollar well as the largest Domino’s Pizza brand franchisee in the world, figures are expressed in thousands, unless otherwise indicated. offered many popular new products over the period. New store The Fund's net asset value decreased by 1% during the period, from openings across its markets in Australia, Europe and Japan have been $112,882 as at December 31, 2015 to $111,298 as at June 30, 2016. significant. Net redemptions of $2,480 and negative investment performance Moderate detractors from the Fund’s performance included JD.com resulted in an overall decrease in net asset value. Inc., IMAX China Holdings Inc. and China Biologic Products Inc. Class A units of the Fund posted a return of -0.3% for the period. The JD.com is China’s second-largest e-commerce operator. Although Fund’s benchmark, the MSCI All Country Asia Pacific Index (the operating margins for its core e-commerce business remain positive, benchmark), returned -7.3% for the same period. The Fund’s return is and gross merchandise value is growing, overall margins are coming after the deduction of fees and expenses, unlike the benchmark. See under pressure as a result of major investments in Internet finance Past Performance for the returns of other classes of units offered by and online local services that are outside the company’s core the Fund. business. Japanese equity markets struggled over the period with a lack of IMAX China Holdings, spun-off from IMAX, operates IMAX locations economic growth in Japan, low inflation and uncertainty about and screens in China. Weakness during the period resulted from a government monetary stimulus. The yen rose by approximately 15% slowdown in China’s economy. China Biologic Products’ share price against the U.S. dollar. Global market volatility increased as a result of declined after a secondary offer from a private equity holder, China’s economic slowdown, renminbi currency fluctuations and representing about 15% of outstanding shares, hit the market at a uncertainty regarding the banking sector’s increasing debt position. discount. However, growth in sales and income remains solid. Security selection contributed to the Fund’s performance. The Fund The Portfolio Advisor added Park24 Co. Ltd., the largest operator of trimmed and exited a number of Chinese equity holdings early in the parking lots and garages in Japan, to the Fund. The company also period, when the Portfolio Advisor believed the market was overly offers car rental and car sharing services. The Portfolio Advisor optimistic about China’s economic growth. The Fund therefore increased the Fund’s holding in Ryman Healthcare Ltd., a New avoided a significant decline in value in these holdings over the Zealand retirement village and rest home operator, in response to period. share price weakness. The Fund’s holdings in Japanese pharmacies and drugstores, The Portfolio Advisor eliminated HDFC Bank Ltd. after the company’s including Tsuruha Holdings Inc. and SUNDRUG CO. LTD., equity valuation increased. The Portfolio Advisor believes that contributed to performance. Another significant contributor to earnings for the bank will decline along with India’s economy. A performance was Australian company Domino’s Pizza Enterprises Ltd. holding in Japanese health care company Sysmex Corp. was trimmed on share price strength, and to mitigate the risk from volatility in Tsuruha Holdings reported stronger than expected full year financial Japan’s equity markets. results as a result of sales growth, acquisitions, margin improvements . CIBC Asia Pacific Fund Recent Developments transactions. Brokerage business may be allocated by the Portfolio Effective September 6, 2016, the maximum annual management fee Advisor to CIBC WM and CIBC World Markets Corp., each a will be reduced from 2.50% to 2.25% and the maximum annual trailing subsidiary of CIBC. CIBC WM and CIBC World Markets Corp. may commission will be reduced from 1.25% to 1.00% for Class A units of also earn spreads on the sale of fixed income securities and other the Fund. securities and certain derivative products (including futures and forwards) to the Fund. A spread is the difference between the bid and Effective April 27, 2016, the composition of the Independent Review ask prices for a security in the applicable marketplace, with respect to Committee (IRC) changed. John Crow resigned his position as the execution of portfolio transactions. The spread will differ based member and Chair. Marcia Lewis Brown was appointed as member upon various factors such as the type and liquidity of the security. and Don Hunter was appointed as Chair. Dealers, including CIBC WM and CIBC World Markets Corp., may Related Party Transactions furnish goods and services, other than order execution, to the Portfolio Canadian Imperial Bank of Commerce (CIBC) and its affiliates have Advisor in partial exchange for processing trades through them the following roles and responsibilities with respect to the Fund, and (referred to in the industry as “soft dollar” arrangements). These goods receive the fees described below in connection with their roles and and services are paid for with a portion of the brokerage commissions responsibilities. and assist the Portfolio Advisor with investment decision-making services for the Fund or relate directly to the execution of portfolio Manager transactions on behalf of the Fund. CIBC is the Manager of the Fund. CIBC receives management fees In addition, CIBC may enter into commission recapture arrangements with respect to the day-to-day business and operations of the Fund, with certain dealers with respect to the Fund. Any commission calculated based on the net asset value of each respective class of recaptured will be paid to the Fund. units of the Fund as described in the section entitled Management Fees. The Manager also compensates its wholesalers in connection During the period, the Fund paid brokerage commissions and other with their marketing activities regarding the Fund. From time to time, fees of $34,762 to CIBC WM; the Fund did not pay any brokerage CIBC may provide seed capital to the Fund. commissions or other fees to CIBC World Markets Corp. Spreads associated with fixed income and other securities are not Trustee ascertainable and, for that reason, cannot be included when CIBC Trust Corporation, a wholly-owned subsidiary of CIBC, is the determining these amounts. trustee (the Trustee) of the Fund. The Trustee holds title to the Fund Transactions property (cash and securities) of the Fund on behalf of its unitholders. The Fund may enter into one or more of the following transactions (the Portfolio Advisor Related Party Transactions) in reliance on the standing instructions The portfolio advisor provides, or arranges to provide, investment issued by the IRC: advice and portfolio management services to the Fund. CAMI, a l invest in or hold equity securities of CIBC or issuers related to a wholly-owned subsidiary of CIBC, is the portfolio advisor of the Fund. portfolio sub-advisor; Distributor l invest in or hold non-exchange-traded debt securities of CIBC or an Dealers and other firms sell the units of the Fund to investors. These issuer related to CIBC in a primary offering and in the secondary dealers and other firms include CIBC’s related dealers such as the market; principal distributor, CIBC Securities Inc. (CIBC SI), the CIBC l make an investment in the securities of an issuer for which CIBC Investor’s Edge discount brokerage division of CIBC Investor Services WM, CIBC World Markets Corp., or any affiliate of CIBC (a Related Inc. (CIBC ISI), the CIBC Imperial Service division of CIBC ISI, and Dealer) acts as an underwriter during the offering of the securities the CIBC Wood Gundy division of CIBC World Markets Inc. (CIBC at any time during the 60-day period following the completion of the WM). CIBC SI, CIBC ISI, and CIBC WM are wholly-owned offering of such securities (in the case of a “private placement” subsidiaries of CIBC. offering, in accordance with the exemptive relief order granted by CIBC may pay trailing commissions to these dealers and firms in the Canadian securities regulatory authorities and in accordance connection with the sale of units of the Fund. These dealers and other with the policies and procedures relating to such investment); firms may pay a portion of these trailing commissions to their advisors l purchase equity or debt securities from or sell them to a Related who sell units of the Fund to investors.
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