Reflecting on the lessons the Investment Team has learned at the 18th annual Cymbria Day
About this presentation
This document/video is not intended to provide legal, accounting, tax or specific investment advice. Information contained in this document was obtained from sources believed to be reliable; however, EdgePoint Investment Group Inc. does not assume any responsibility for losses, whether direct, special or consequential, that arise out of the use of this information.
Information on any companies mentioned in this video is solely to illustrate the application of the EdgePoint investment approach and not intended as investment advice. These securities are not representative of the entire portfolio, nor is it a guarantee of future performance. EdgePoint Investment Group Inc. may be buying or selling positions in the companies' securities.
Annualized returns for Cymbria
Annualized returns for EdgePoint Wealth Management Prospectus Funds
Annualized returns for EdgePoint Opportunistic Credit Portfolio
aNAV (adjusted net asset value) represents the fair value of net assets of Cymbria, which differs from IFRS shareholders’ equity in that it excludes deferred taxes.
Forward-looking statements
This presentation may contain forward-looking statements including strategy, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates” or negative versions thereof and similar expressions.
In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about economic factors.
Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made by EdgePoint. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events.
We stress that the above-mentioned list of important factors is not exhaustive. We encourage you to consider these and other factors carefully before making any investment decisions and we urge you to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that we have no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Cymbria Annual Report.
Endnotes
Source: CIBC Mellon. Morningstar Direct. Annualized total returns as at March 31, 2026. In C$. Cymbria is a taxable Canadian corporation, so the aNAV shown is net of current income taxes. The aNAV doesn’t include potential future taxes associated with unrealized capital gains.
Source, Cymbria returns: Fundata Canada Inc. Source, MSCI World index returns: Morningstar Direct. As at March 31, 2026. Returns in C$. Since inception date Nov 3, 2008. Returns from investment selection calculated on time-weighted basis and excludes the value of Cymbria’s stake in EdgePoint and dividends received from EdgePoint and including normal-course issue bid (NCIB) and Liquidity Realization Opportunity (LRO) proceeds. An NCIB is when a company repurchases its own stock from the public in order to cancel it. An LRO is an agreement to buy shares from a willing seller at an agreed upon price when Cymbria shares trade at a discount to net asset value.
As at March 31, 2026. The 10-year Partner Program is a fee reduction applies to those partners who have been invested in an EdgePoint Portfolio for 10 or more consecutive years and are currently invested in a qualifying series. The fee reduction is offered at least annually as a rebate in the form of a management fee distribution (“rebate”) reinvested in additional units of the Portfolio(s) held in qualifying accounts. The reduction is applied to the management fees applicable to Series A, Series A(N), Series F or Series F(N), along with their respective T4/T6 versions, net of trailer fees paid to your Dealer (if applicable), operating expenses and taxes, net of trailer fees that we pay to the account's Dealer (if applicable), operating expenses and taxes. The reduction is 10% for EdgePoint Global and Canadian Portfolios; 5% for EdgePoint Global and Canadian Growth & Income Portfolios; and 3% for EdgePoint Monthly Income Portfolio. The rebate is applied to all eligible current and future portfolio series held at the investor account level. Other accounts that may be associated with an eligible investor (e.g., spouse’s account, holding company account, etc.) will not be eligible for the rebate unless those accounts separately meet the tenure requirement. The rebate is not negotiable and is paid at EdgePoint’s discretion. The program may be revised or terminated at any time.
Source: FactSet Research Systems Inc. As at March 31, 2026. Price-to-earnings (P/E) ratio is a commonly used valuation metric that compares a company’s share price to earnings per share. Forward earnings over the next twelve months were used in price-to-earnings ratio calculations. As at March 31, 2026, Siemens Healthineers AG securities are held in Cymbria. Information on the above company's securities is not intended as investment advice. Insights are based on the proprietary research performed by the EdgePoint Investment Team. They are not representative of the entire portfolio, nor is it a guarantee of future performance. EdgePoint Investment Group Inc. may be buying or selling positions in the company's securities. Past performance is no guarantee of future results.
Source: James White and Victor Haghani, The Missing Billionaires: A Guide to Better Financial Decisions (Wiley, 2023).
Source: Bloomberg LP. Each calendar year's top-50 stocks are ranked based on total returns in local currency. The three securities held in Cymbria were: Ryanair Holdings plc (2015) with a 58.4% return; Shiseido Co., Ltd. (2017) with an 85.2% return; and Air Canada (2019) with an 86.9% return.
As at March 31, 2026. Cymbria notable mistakes are holdings that detracted at least 0.20% and are no longer owned in Cymbria. As at March 31, 2026, equities from the shown securities are no longer held in Cymbria. Information on the above companies securities is not intended as investment advice. Insights are based on the proprietary research performed by the EdgePoint Investment Team. They are not representative of the entire portfolio, nor is it a guarantee of future performance. EdgePoint Investment Group Inc. may be buying or selling positions in the shown companies’ securities. Past performance is no guarantee of future results.
As at March 31, 2026. Returns shown for illustrative purposes only and aren’t indicative of future performance. A holding’s Cymbria contribution represents the portion of total Cymbria performance attributable to a specific security and is calculated using the security’s Cymbria weight and its time-weighted return over the holding period. For securities that were held over multiple holding periods during Cymbria’s history, contribution statistics were calculated individually for each distinct holding period. This analysis does not incorporate the effects of contribution compounding. Cymbria material contributors or detractors are holdings that contributed or detracted at least 1%.
Returns shown for illustrative purposes only and aren’t indicative of future performance. A holding’s Portfolio contribution represents the portion of total Portfolio performance attributable to a specific security and is calculated using the security’s Portfolio weight and its time-weighted return over the holding period. For securities that were held over multiple holding periods during EdgePoint Global Portfolio’s history, contribution statistics were calculated individually for each distinct holding period. This analysis does not incorporate the effects of contribution compounding. The contribution effect for securities purchased since inception has been calculated through the end of 2025. Securities acquired in 2025 that contributed or detracted more than 100 basis points from total Portfolio performance have been excluded from this visual due to the limited evaluation period following their purchase. As at March 31, 2026, the above companies’ equities are no longer held in Cymbria. They were held in Cymbria. Information on the above companies’ securities is not intended as investment advice. Insights are based on the proprietary research performed by the EdgePoint Investment Team. They are not representative of the entire portfolio, nor is it a guarantee of future performance. EdgePoint Investment Group Inc. may be buying or selling positions in the above companies’ securities. Past performance is no guarantee of future results.
Source, Bloomberg LP. As at March 31, 2026. Total annualized returns in US$.U.S. 30-year Treasury, 1.25%, due 5/15/2050 was issued on May 15, 2020.
Source: Bloomberg LP. As at December 31, 2025. Total returns in US$. Price-to-earnings (P/E) ratio is a commonly used valuation metric that compares a company’s share price to earnings per share. Forward earnings over the next twelve months were used in price-to-earnings ratio calculations. Historical returns are not indicative of future returns. The S&P 500 Index is a broad-based market-capitalization-weighted index of 500 of the largest and most widely held U.S. stocks. The index is not investible.
As at March 31, 2026, securities from the shown companies are held in Cymbria. Information on the above companies securities is not intended as investment advice. Insights are based on the proprietary research performed by the EdgePoint Investment Team. They are not representative of the entire portfolio, nor is it a guarantee of future performance. EdgePoint Investment Group Inc. may be buying or selling positions in the shown companies’ securities. Past performance is no guarantee of future results.
Source: FactSet Research Systems Inc. As at March 31, 2026. The S&P 500 Index is a broad-based market-capitalization-weighted index of 500 of the largest and most widely held U.S. stocks. The index is not investible.
Source: Bob Thompson, Stock Market Superstars (Insomniac Press, 2008).
Disclaimers - Q&A
Disclaimer for Question 5 (Have there been any changes to the investment approach based on 10-year returns?)
Source, Taurus: Bolton Tremblay Funds Inc. 1982 Annual Report. Source, MSCI and Trimark returns: Morningstar Direct. The growth of $100,000 was calculated between the Taurus Fund, Series FE and the MSCI World Index between December 31, 1971 (the fund's launch) and April 30, 1981 (when Robert Krembil stopped managing the fund). The end values were $728,020 for the Taurus Fund and $229,582 for the MSCI World Index. The growth of $100,000 was calculated between the Trimark Fund, Series SC and the MSCI World Index between September 1, 1981 (the fund's launch) and December 31, 2007 (the last calendar year before several investment team members stopped helping to manage the fund). The end values were $2,807,535 for the Trimark Fund and $1,347,173 for the MSCI World Index. The MSCI World Index is a broad-based, market-capitalization-weighted index comprising equity securities available in developed markets globally and was used for comparison purposes as it represents a broad global equity universe similar to the mandates of the funds. The index is not investible. The two Funds were managed independently of the index used for comparison purposes. Differences for all Funds including security holdings, geographic/sector allocations and market cap size may impact comparability. The Taurus Fund is no longer in existence and the Trimark Fund changed its name to Invesco Global Companies Fund in July 27, 2018.
Nifty Fifty (1970s): The Nifty Fifty referred to a group of roughly 50 large-cap, blue-chip U.S. stocks on the New York Stock Exchange known for their strong growth, stability, and reliable dividends during the 1960s and 1970s. Investors piled into a group of “one-decision” blue-chip stocks, pushing valuations to extreme levels before collapsing in the 1973–74 bear market.
Japan (1985 to 1991): A period where real estate and stock prices in Japan surged to unprecedented valuations before crashing in the early 1990s, leading to the “Lost Decade.”
Benchmark information
Cymbria: The MSCI World Index was chosen as Cymbria’s benchmark because it’s a widely used benchmark of the global equity market. We manage Cymbria’s portfolio independently of the index we use as long-term performance comparison. Differences including security holdings and geographic/sector allocations may impact comparability and could result in periods when our performance differs materially from the index.
Note: The index is not investible.
Important information - Quartile/percentile definitions
Note: Use of the term “percentile” includes quartile information.
Morningstar Inc. percentile information:
Source: Morningstar Research Inc. Morningstar percentiles divide return data on a monthly basis into one hundred equal sections by fund peer group and return period. The percentile are ranked, with the top 1% being in the first percentile, the next 1% being the second percentile, etc. The quartiles are ranked, with the top 25% being in the first quartile, next 25% in the second, etc. Percentile and quartile rankings are subject to change every month. The entire category is used to calculate percentile and quartile rankings
Global Equity (EdgePoint Global Portfolio) – funds that invest in securities domiciled anywhere around the world with an average market capitalization greater than the small/mid-cap level. These funds must invest between 10% and 90% of equity holdings in Canadian or U.S. companies. Funds without strict investment restrictions and don’t qualify for other geographic categories are assigned to this category
Global Equity Balanced (EdgePoint Global Growth & Income Portfolio) – funds that invest a maximum of 70% of total assets in a combination of securities domiciled in Canada and Canadian dollar-denominated fixed-income securities. These funds must invest at least 60% but no more than 90% of total assets in equities.
Canadian Equity (EdgePoint Canadian Portfolio) – funds that predominantly invest in securities domiciled in Canada with an average market capitalization greater than the Canadian small/mid-cap level. These funds must invest at least 90% of equity holdings in Canadian.
Canadian Equity Balanced (EdgePoint Canadian Growth & Income Portfolio) – funds that must invest a minimum of 70% of total assets in a combination of securities domiciled in Canada and Canadian dollar-denominated fixed-income securities. These funds must invest at least 60% but no more than 90% of total assets in equities.
Important information - EdgePoint Portfolio quartiles (Prospectus funds)
As at April 30, 2026
Total returns, net of fees (excluding advisory fees), in C$
| Portfolio | 15-year return* | 10-year return* | 5-year return* | 3-year return* | 1-year return | YTD |
|---|
Important information
EdgePoint Portfolio 10-year return quartiles (Monthly fund counts)
| 10-year period | Global Equity | Canadian Equity | Global Equity Balanced | Canadian Equity Balanced |
|---|