Credential Securities Portfolio holdings

AUM $440M

1-Year Est. Return 9.8%

2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1

This Quarter Est. Return

1 Year Est. Return

+9.8%

3 Year Est. Return

5 Year Est. Return

10 Year Est. Return

AUM

$419M

AUM Growth

+$5.53M (+1.3%)

Cap. Flow

Cap. Flow % of AUM

Top 10 Holdings % Top 10 Hldgs %

Holding

291

New

Increased

Reduced

Closed

Top Buys

1		+$4.68M
2		+$2.64M
3		+$2.18M
4	Scotiabank BNS	+$2.16M
5	Manulife Financial MFC	+$1.78M

Top Sells

1		+$3.41M
2		+$1.72M
3		+$959K
4	MetLife MET	+$880K
5	Dollar Tree DLTR	+$846K

Sector Composition

1	Financials	32.42%
2	Energy	12.43%
3	Industrials	11.73%
4	Healthcare	10.73%
5	Technology	9.15%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal
1	1 Toronto Dominion Bank TD $135B	$28.9M	6.91%	510,657 +38,439
2	2 Scotiabank BNS $79.2B	$26.4M	6.3%	428,710 +35,192
3	3 Canadian Natural Resources CNQ $62.7B	$23.8M	5.69%	1,549,551 +171,781
4	4 Manulife Financial MFC $53.5B	$15.9M	3.79%	855,530 +95,899
5	5 Canadian National Railway CNI $59.7B	$14.8M	3.53%	202,495 +19,653
6	6 Visa V $664B	$13.9M	3.31%	115,821 +14,730
7	7 Thermo Fisher Scientific TMO $204B	$11.5M	2.76%	55,881 +6,892
8	8 Diageo DEO $54.3B	$10M	2.39%	73,953 +9,622
9	9 SAP SAP $318B	$9.55M	2.28%	90,876 +14,542
10	10 Royal Bank of Canada RY $206B	$9.34M	2.23%	121,144 +1,872
11	11 Prudential PUK $34.1B	$9M	2.15%	181,460 +26,818
12	12 Brookfield BN $99.8B	$8.99M	2.15%	432,523 +59,958
13	13 TC Energy TRP $53.5B	$8.52M	2.04%	207,188 +18,541
14	14 UnitedHealth UNH $323B	$8.34M	1.99%	37,943 +7,269
15	15 RTX Corp RTX $211B	$7.98M	1.91%	100,800 +14,347
16	16 Rogers Communications RCI $20.1B	$7.93M	1.89%	178,117 +16,195
17	PX 17 DELISTED Praxair Inc PX	$7.82M	1.87%	54,228 +8,371
18	18 Walt Disney DIS $199B	$7.18M	1.71%	71,476 +10,837
19	19 Ecolab ECL $78.5B	$6.97M	1.66%	50,844 +7,652
20	SHPG 20 DELISTED Shire pic SHPG	$6.46M	1.54%	43,254 +6,555
21	21 PepsiCo PEP $210B	$6.27M	1.5%	57,446 +1,834
22	NLSN 22 DELISTED Nielsen Holdings plc NLSN	$6.22M	1.49%	195,807 +31,778
23	23 Franco-Nevada FNV $39.3B	$6.12M	1.46%	89,808 +12,926
24	24 Microsoft MSFT $3.82T	$5.92M	1.41%	64,914 +669
25	25 Nutrien NTR $27.9B	$4.68M	1.12%	+99,141