Trapeze's growth accounts typically are all-cap oriented and may be comprised of securities issued by small, medium and large capitalization companies. The Long/Short Larger Cap Composite and the Long-Only Larger Cap Composite are comprised of accounts with investment mandates for a higher weighting in large cap securities compared to accounts that comprise the Long/Short Composite, Long-Only Composite and RSP Composite, respectively. Since April 1, 2009, all growth accounts for Trapeze’s new clients have been invested in the "Larger Cap" account mandates.

Trapeze composite returns are net of fees and commissions. Composites include all accounts with like objectives which are managed based on model portfolios at Trapeze Asset Management Inc. and its affiliate, Trapeze Capital Corp. (together “Trapeze”), excluding certain accounts based on relatively small size and exceptional mandates (including "balanced" accounts).  Accounts are managed on the same basis at both companies. Composites include accounts which are subject to different fee and commission schedules (primarily "legacy" accounts) than new accounts. Performance of individual accounts may differ from composites. 

We have cited common industry equity index returns and a blended benchmark’s return for general comparison to our growth composites’ performance. The DEX Mid Term Bond Index (formerly known as the Scotia Capital Mid Term Bond Index) is cited for general comparison to our income composite’s performance. The blended benchmark consists of a blend of the following indexes so as to reflect the all-cap nature of Trapeze’s portfolio management style and our long-term neutral position: Canadian Large Cap (S&P/TSX) = 20%; Canadian Small Cap (S&P/TSX Venture from Jan. 1, 2002 and BMO Nesbitt Burns Canadian Small Cap Index for periods up to Dec. 31, 2001) = 30%; U.S. Large Cap (S&P 500 in CAD) = 40%; U.S. Small Cap (Russell 2000 in CAD) = 10%. However, our portfolios may not necessarily be representative of these indexes or the blended benchmark and the volatility of our managed accounts may vary substantially compared to these benchmarks for reasons which include, but are not limited to: (i) Trapeze uses an active investment style to construct portfolios based on attractiveness to Trapeze of investments, sectors, and markets, from time to time; (ii) growth accounts may hold or have held a larger percentage of small cap securities and a higher concentration in specific securities and industries; (iii) certain growth accounts use leverage, short selling and options for clients who approve such strategies; and (iv) income accounts hold and have held a higher concentration of non-rated income investments, including corporate securities, and a lower concentration of government-issued securities compared to the index shown. 

Our strategies include investment in new issues, such as private placements. Results reflect the reinvestment of dividend and other earnings. Returns are in Canadian Dollars. Inception dates for Long/Short Larger Cap Composite and Long-Only Larger Cap Composite are April 1, 2009 and June 1, 2009, respectively. Inception date for all other composites is October 1, 1998.  Past performance is no guarantee of future returns.