Global Innovators Fund Q3 2015 Webcast

November 2015

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The MSCI World is a stock market index of 1,631 ‘world’ stocks. It is maintained by MSCI Inc., formerly Morgan Stanley Capital International, and is used as a common benchmark for ‘world’ or ‘global’ stock funds.

The MSCI World Index represents large and mid-cap equity performance across 23 developed markets countries, covering approximately 85% of the free float-adjusted market capitalization in each.

Return on Capital is a return from an investment that is not considered income.

Cash flow is the total amount of money being transferred into and out of a business, especially as affecting liquidity.

Margin of safety is a principle of investing in which an investor only purchases securities when the market price is significantly below its intrinsic value. In other words, when market price is significantly below your estimation of the intrinsic value, the difference is the margin of safety.

Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole.

Price to Earnings ratio (PE)  is an equity valuation multiple. It is defined as market price per share divided by annual earnings per share.

MSCI Wold Value Index is an index that captures large and mid cap securities exhibiting overall value style characteristics across 23 developed Markets countries.
MSCI World Growth Index  is an index that captures large and mid cap securities exhibiting overall growth style characteristics across 23 developed Markets countries.
PIN is personal identification number
EMV stands for Europay, MasterCard, and Visa, the three companies that originally created the standard.
Capital expenditure, or CapEx, are funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment

Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and it is not exhaustive. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Funds nor any of its representatives may give legal or tax advice

Earnings growth is not representative of the Fund’s future performance

Media Inquiries

Contact Victoria Odinotska