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Middlefieldcanadian Income January 2016 Middlefield Canadian Income PCC Monthly Factsheet Middlefield Canadian Income PCC (the “Company”) is a Jersey incorporated, protected cell company. The Company’s initial cell is Middlefield Canadian Income – GBP PC (the “Fund”) whose shares are traded on the London Stock Exchange’s main market. The Fund has been designed to invest in a broadly diversified, actively managed portfolio of Canadian and U.S. listed equity income securities. PORTFOLIO ANALYSIS FUND DETAILS Top 10 Holdings (as at 31 January 2016) Investment Objective Sector % of NAV To provide shareholders with a high level of dividends as well as capital growth over the long term. Brookfield Property Partners L.P. Real Estate 4.5% Enbridge Inc. Energy 4.2% Portfolio Managers Dean Orrico Microsoft Corporation Technology 3.9% Andy Nasr JP Morgan Chase & Co. Financials 3.7% Board of Directors Nicholas Villiers Enercare Inc. Consumer Discretionary 3.5% Raymond Apsey Philip Bisson Pembina Pipeline Corporation Power and Pipeline 3.5% Thomas Grose Gildan Activewear Inc. Consumer Discretionary 3.5% Dean Orrico Manulife Financial Corporation Financials 3.4% Year End 31 December Reynolds American Inc. Consumer Staples 3.3% Inception 6 July 2006 Bank of America Corporation Financials 3.3% LSE Symbol MCT Top 10 Cumulative Weighting 36.8% ISIN GB00B15PV034 Benchmark S&P/TSX Composite Relative Performance (For the Five-Year Period Ending 31 January 2016) High Dividend Index Dividend Payable Quarterly (Jan, Apr, July, Oct) £14,000 Sponsor / Corporate Broker Canaccord Genuity Ltd. Company Statistics (as at 31 January 2016) £12,000 Net Assets £90,633,540 Voting Shares in Issue 108,162,250 Share Price 70.00p £10,000 Net Asset Value 83.79p Premium / (Discount) -16.5% Dividend per Annum 5.0p £8,000 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Current Yield 7.1% Gearing 10.1% 3 3 MCI NAV Return S&P/TSX Composite Index S&P/TSX Composite High Dividend Index Gearing Range 0% - 25% FUND PERFORMANCE Performance1 (Period Ending 31 January 2016) 3 year 3 year 5 year 5 year Since Inception 1 month 3 month 1 year (annualized) (cumulative) (annualized) (cumulative) (cumulative) Share Price -5.6% -8.1% -21.7% -8.5% -23.5% -0.6% -2.9% 31.8% NAV -1.8% -3.1% -9.9% -2.5% -7.2% 0.3% 1.8% 54.0% Benchmark2,3 3.6% -3.5% -18.2% -6.7% -18.9% -1.2% -5.9% 24.7% S&P/TSX Composite Index3 0.9% -3.3% -13.7% -4.2% -12.2% -2.4% -11.4% 17.7% Rolling 12-Month Performance1 (Period Ending 31 January 2016) 2016/2015 2015/2014 2014/2013 2013/2012 2012/2011 Share Price -21.7% 4.4% -6.4% 8.0% 17.5% NAV -9.9% 1.1% 1.9% 9.1% 0.5% Benchmark2,3 -18.2% 3.2% -3.9% 9.7% 5.7% S&P/TSX Composite Index3 -13.7% 5.5% -3.6% 4.9% -3.8% Past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. All price information is indicative only. 1 Total returns including the reinvestment of dividends for all returns. Fund returns are net of fees. 2 Composite of monthly total returns for the S&P/TSX Income Trust Index from inception to 31 December 2010 and the S&P/TSX Composite High Dividend Index (formerly named the S&P/TSX Equity Income Index) thereafter. 3 Currency adjusted to reflect CAD$ returns from inception of MCI to Oct 2011 and GBP returns thereafter since MCI was CAD$ hedged from inception to Oct. 2011. January 2016 Middlefield Canadian Income PCC Monthly Factsheet SECTOR ALLOCATION ASSET MIX1 7.1% (as at 31 January 2016) Sector Fund Benchmark Over/Under Weight Financials 25.2% 19.7% 5.5% Energy 11.0% 26.9% -15.9% 30.9% Real Estate 9.9% 12.3% -2.4% Consumer Discretionary 8.8% 9.1% -0.3% 30.9% Bonds and Convertible Debentures 7.1% 0.0% 7.1% Utilities 6.8% 7.1% -0.3% 62.0% Materials 6.0% 4.9% 1.1% Consumer Staples 5.8% 0.5% 5.3% 62.0% Health Care 5.1% 0.0% 5.1% Industrials 4.9% 6.4% -1.5% Power and Pipeline 4.8% 5.6% -0.8% Technology 3.5% 0.0% 3.5% Other 1.1% 0.0% 1.1% Telecommunications 0.0% 7.5% -7.5% Canadian EquityCanadian EquityUS EquityUS Equity Fixed Income Other 100.0% 100.0% Fixed Income COMMENTARY AND OUTLOOK After a very challenging year for North American equity markets in 2015, volatility remained elevated in January. Geopolitical issues have returned to the forefront along with concerns about slowing growth in China and a delayed recovery in commodity prices. In British Pounds, the S&P/TSX Composite High Dividend Index was down nearly 10% by mid-month, only to rally sharply and finish January in positive territory. The Fund’s NAV finished the month down 1.8%. Despite the reduction in commodity prices, low interest rates, a resilient housing market and a weaker Canadian dollar have supported Canadian economic activity over the last few months. After a sharp decline in oil-related investment in 2015, economic growth in Canada is projected to recover in 2016 and accelerate in 2017. The U.S. is in the midst of a prolonged business cycle, which should create greater demand for Canadian exports and improve domestic corporate profitability. With this backdrop, valuations in Canada have become increasingly compelling with forward earnings multiples below their 10-year average. In the United States, recent economic data showed consumer prices rising by the most in four years, suggesting early signs of inflation are starting to appear. Unemployment remains at the lowest level in eight years and wages are slowly picking up, increasing disposable income. As such, we expect an increase in consumer spending to drive economic growth in the U.S. in 2016. Furthermore, with the Federal Reserve becoming increasingly concerned about tighter global economic conditions, the probability of a further interest rate hike in March has fallen from approximately 50% at the beginning of the year to almost zero today. We continue to believe the pace of additional rate increases by the FOMC in 2016 will be gradual at best. The Fund’s largest exposure continues to be in financials. While the sector performed well leading into the interest rate increase in December, it has subsequently traded off as the U.S. yield curve flattened since the start of the year. We believe the correction in U.S. banks and credit card issuers is overdone as the risk of a U.S. recession in 2016 is very low. Royal Bank of Canada was added to the portfolio given its attractive yield and compelling valuation. We also increased our consumer discretionary exposure with the purchase of Starbucks Corp. The consumer staples exposure was reduced modestly, as were the weightings in healthcare, industrials and technology. The Fund remains underweight the energy sector but did add to its position in Enbridge Inc., Canada’s largest pipeline company which possesses a robust multi-year growth program and an attractive yield of approximately 5% per annum. Oil prices have now declined to approximately US$30 a barrel. However, we remain encouraged that a bottom is forming in light of the continued reduction in North American drilling activity, the decrease in capital expenditure budgets of major U.S. energy producers and recent reports of a production freeze by Russia, Saudi Arabia and other key OPEC nations. Year to date, the British Pound has returned some of the gains made against the Canadian dollar over the past few years. While the uncertainty regarding Britain’s potential exit from the European Union has put downward pressure on the Pound over the past several weeks, it still remains near its highest levels since 2008. 1 The percentage of portfolio assets which may be invested in securities listed on a recognized stock exchange outside of Canada is limited to 40%. Investment outside Canada and the United States is limited to 10%. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. This fact sheet is based in part on information obtained from sources believed to be reliable but not guaranteed as accurate. The Fund may utilize gearing, which will exaggerate market movements both down and up. If markets fall, gearing can magnify the negative impact of performance. Exchange rate changes may cause the value of underlying investments to go down as well as up. Where investments are made in smaller companies and non-investment grade bonds, their potential volatility may increase the risk to the value of, and the income from, the investment. The Fund’s share price may either be below (at a discount to) or above (at a premium to) the NAV. This fact sheet is issued and approved by Middlefield International Limited. Authorised and regulated in the UK by the Financial Conduct Authority. Registered office: 288 Bishopsgate, London EC2M 4QP. Registered in England and Wales No. 02585440..
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