Growth Model Portfolio

As of December 31, 2022

Trade Updates
Investment Strategy CTS: Added a 1.7% position as of Dec 13
The 5i Research Growth portfolio is intended to be a high risk portfolio composed of small DOO: Sold a 1.0% position as of Dec 13
-capitalization securities that we feel offer strong return potential. The portfolio attempts to MMX: Sold entire position as of Dec 13
target absolute returns with little concern over volatility. Due to this, investors should expect a TSU: Added a 1.4% position as of Dec 13
high degree of volatility in this portfolio and it is only for those with a low risk aversion. We are CS: Bought a 1.5% position as of Dec 13
targeting a 12% annualized return over the long-term. The portfolio does attempt to diversify STN: Bought a 3.0% position as of Dec 13
into larger capitalization stocks as well as US holdings in an attempt to recognize that not all FSV: Bought a 2.0% position as of Dec 13
investment styles will work all of the time. ATS: Sold a 1.0% position as of Dec 20
DOL: Sold a 1.0% position as of Dec 20
NVEI: Added a 1.3% position as of Dec 20
TIXT: Added a 1.1% position as of Dec 20
Investment Suitability TCS: Bought a 1.5% position as of Dec 20
This is a high risk portfolio and not suitable for everyone. This portfolio is not intended to be a EQB: Bought a 2% position as of Dec 20
large portion of your investment portfolio. Please understand the risks involved with investing in Best Performers
smaller-capitalization stocks before considering this portfolio and perform your own due diligence This Month: DND 20.75%
before purchasing any of these securities. If you are not willing/comfortable to see a stock fall Overall: KXS 473.25%
10% on little news, this portfolio is likely not for you.
Inception Date
Portfolio Holdings: March 31, 2015
Current Monthly Current
YTD Since Inception
Name Sector Symbol Rating Start Price Month Return Yield Month
Return Return
Price (excl. divs) Allocation
AcuityAds Holdings Comm. AT B 11.81 2.09 -12.92% -56.09% -82.30% 0.00% 1.00%
ATS Industrials ATS B 21.88 42.09 -6.09% -16.22% 92.37% 0.00% 5.67%
Capstone Copper Materials CS NR 4.62 4.94 6.93% 6.93% 6.93% 0.00% 1.64%
Converge Technology Tech CTS NR 10.87 4.59 -6.90% -57.77% -57.77% 0.00% 3.92%
Dollarama C. Cyc. DOL NR 51.46 79.19 -3.81% 25.08% 53.89% 0.28% 5.85%
Dye and Durham Tech DND B+ 43.72 16.41 20.75% -63.44% -62.47% 0.46% 1.56%
BRP Subordinate Voting C. Cyc. DOO B 37.60 103.23 2.55% -6.83% 174.55% 0.62% 5.90%
ECN Capital Financials ECN NR 3.30 2.78 -9.15% -47.94% -15.76% 1.44% 3.35%
Enthusiast Gaming Holdings Comm. EGLX B 7.14 0.74 -10.84% -80.11% -89.64% 0.00% 0.50%
EQB Financials EQB B+ 56.60 56.73 0.23% 0.23% 0.23% 2.33% 1.97%
FirstService Real Estate FSV B+ 170.90 165.81 -2.98% -2.98% -2.98% 0.66% 1.92%
GDI Integrated Facility Industrials GDI B+ 18.02 45.50 -4.03% -15.44% 152.50% 0.00% 5.04%
Canada Goose Holdings C. Dis. GOOS NR 46.50 24.08 -4.44% -48.63% -48.22% 0.00% 3.78%
goeasy Financials GSY B+ 25.47 106.45 -11.08% -40.62% 317.94% 3.42% 4.93%
iShares Russell 2000 Financials IWO.US NR 178.96 290.66 -6.57% -21.48% 62.42% 0.95% 11.99%
Kelt Exploration Energy KEL NR 5.51 5.01 -7.90% -9.07% -9.07% 0.00% 1.20%
Kinaxis Tech KXS B+ 26.50 151.91 -0.19% -14.33% 473.25% 0.00% 5.17%
Neighbourly Pharmacy C. Non-Cyc NBLY NR 34.07 23.39 -6.14% -41.44% -31.35% 0.77% 2.37%
Nuvei Tech NVEI NR 94.00 34.41 -17.00% -63.39% -63.39% 0.00% 2.44%
Sangoma Technologies Tech STC NR 16.45 6.35 6.90% -70.90% -61.40% 0.00% 1.56%
Stantec Industrials STN B+ 67.80 64.88 -4.31% -4.31% -4.31% 1.11% 2.96%
Tecsys Tech TCS B+ 26.00 26.53 2.04% 2.04% 2.04% 1.13% 1.54%
Telus International Tech TIXT A- 39.77 26.73 -5.38% -36.05% -32.79% 0.00% 3.95%
Thomson Reuters Industrials TRI NR 112.12 154.46 -2.48% 2.11% 37.76% 1.56% 5.81%
Trisura Group Financials TSU B 46.74 45.29 5.57% -5.03% -3.10% 0.00% 4.88%
Tamarack Valley Energy Energy TVE NR 4.78 4.46 -13.90% -6.69% -6.69% 3.36% 1.69%
WELL Health Technologies Healthcare WELL B+ 2.83 2.84 -5.96% -42.16% 0.35% 0.00% 2.35%
Cash 5.06%
Total Yield = 0.67% -3.61%
Portfolio Returns

Annualized Calendar Portfolio Total Return with Benchmark as Base (%) 5-Yr

1-year -29.47% Month -3.61%

2-year -12.13% YTD -29.47%
3-year 3.65% 2021 10.16%
5-year 4.30% 2020 43.09%
Inception 4.28% 2019 33.25%
2018 -16.86%
2017 14.80%
2016 2.65%
2015 -4.82%
2014 N/A
Total 38.15%

Asset Allocation & Other Statistics Growth Portfolio iShares CDN Smallcap Index Fund

Asset Class Portfolio Benchmark Active Portfolio Benchmark Active

Equity 94.94% 0.00% 94.94% Benchmark Holdings 27.87% 100.00% 72.13%
Fixed Income 0.00% 0.00% 0.00% Top 15 Holdings 78.26% 20.24% 58.03%
Cash 5.06% 0.00% 5.06% Top 25 Holdings 97.31% 30.25% 67.05%
Other N/A N/A N/A Maximum Drawdown -6.30% -4.77% -1.53%
Profitable Periods 40.00% 60.00% -20.00%
Losing Periods 60.00% 40.00% 20.00%
Upside Capture 0.23 1.00 -0.77
Downside Capture 0.90 1.00 -0.10
Up Semi-Std Dev 3.07% 1.78% 1.29%
Down Semi-Std Dev. 2.16% 3.80% -1.64%
Upside Semi-Var 9.42 3.17 6.25
Downside Semi-Var 4.65 14.43 -9.77
The analyst(s) responsible for this report do not have a financial or other
interest in securities mentioned.
For use by 5i Research subscribers only. Not for redistribution. Past performance is not an indicator of future performance.