CIBC Canadian Equity Fund Interim Management Report of Fund

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					                                                                                                 CIBC Canadian Equity Fund

         Interim Management Report of Fund Performance
M 13 E

         for the period ended June 30, 2010
         All figures are reported in Canadian dollars unless otherwise noted.
         This interim management report of fund performance contains financial highlights but does not contain either the complete interim or annual
         financial statements of the investment fund. If you have not received a copy of the interim financial statements with this interim management
         report of fund performance, you can get a copy of the interim or annual financial statements at your request, and at no cost, by calling us
         toll-free at 1-800-465-3863, by writing to us at CIBC, 5650 Yonge Street, 20th Floor, Toronto, Ontario, M2M 4G3, or by visiting or the SEDAR website at
         Unitholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures,
         proxy voting disclosure record, annual management report of fund performance, or quarterly portfolio disclosure.

         Management Discussion of Fund Performance

         Results of Operations                                                          Power Corporation of Canada, due to its low growth outlook and
         The portfolio sub-advisor of CIBC Canadian Equity Fund (the Fund)              exposure to Europe.
         is CIBC Global Asset Management Inc. (the sub-advisor). The
         commentary that follows reflects the views of the sub-advisor and            Recent Developments
         provides a summary of the results of operations of the Fund for the          Harmonized Sales Tax (HST )
         period ended June 30, 2010. All dollar figures are expressed in              The introduction of HST in Ontario and British Columbia will have an
         thousands, unless otherwise indicated.                                       impact on the management expense ratio (MER ) of the Fund. Prior
         • The Fund’s net asset value decreased by 10% during the period,             to July 1, 2010 the Funds paid federal goods and services tax (GST )
            from $409,455 as at December 31, 2009 to $368,102 as at                   at a rate of 5% on management fees and other operating expenses.
            June 30, 2010. Net redemptions of $23,609 and negative                    Beginning on July 1, 2010, HST will apply to these fees and
            investment performance of $17,744 contributed to this decrease.           expenses at a higher tax rate than the current GST.
         • The Fund underperformed its benchmark, the S&P/TSX Composite
            Index, for the period. The Fund’s underweight position in gold            The federal rules will likely allow the tax rate of the Funds to be
            stocks and a large position in the energy sector contributed to this      calculated as a weighted average based on the value of units held by
            underperformance. Select base metal and fertilizer stocks, as well        unitholders residing in each province and territory of Canada. The
            as its holding in Research In Motion Ltd., detracted from                 provincial sales taxes from the HST participating provinces will be
            performance. However, the Fund did benefit from its exposure to           combined with the federal GST in calculating a “blended rate” that
            industrial stocks and an underweight position in the consumer             will vary based on the above weighted average.
            staples sector.
         • Investor risk appetite declined steadily during the second quarter.        International Financial Reporting Standards
            Concerns increased regarding the European sovereign debt                  At June 30, 2010, the Manager has developed a changeover plan to
            situation, initiatives taken by Chinese authorities to decelerate their   meet the timetable published by the Canadian Institute of Chartered
            economy, and sluggish progress in the U.S. employment situation.          Accountants for changeover to International Financial Reporting
            As a result, the probability of a further global economic slowdown        Standards (IFRS ). The key elements of the plan include continuing
            has increased. Interest rates are expected to remain                      the diagnostic assessment that began in 2008, solutions development
            accommodative in most developed economies for an extended                 throughout 2009 and 2010, implementation by the end of 2010, and
            period.                                                                   the preparation of the 2011 financial statements in accordance with
         • Major transactions over the period included the purchase of Magna          IFRS.
            International Inc., based on the expectation that the company’s           In June 2010, the Canadian Accounting Standards Board (AcSB )
            rating will improve following the proposed elimination of its dual-       published for comments an exposure draft proposing that investment
            class equity structure; Arc Energy, because of its focused growth         companies, which include investment funds, can defer adoption of
            strategy; and Open Text and Canadian Tire, due to their attractive        IFRS by one year. Investments companies may continue to apply
            long-term valuations.                                                     existing Canadian generally accepted accounting principles standards
         • The sub-advisor trimmed positions in Encana Corporation, because           and must adopt IFRS for fiscal years beginning on or after
            of its challenging growth profile given its size, and also trimmed        January 1, 2012. The AcSB expects to finalize the proposed
                                                                                      amendments in September 2010.
CIBC Canadian Equity Fund

Related Party Transactions                                                  may also earn spreads on the sale of fixed income, other securities
Canadian Imperial Bank of Commerce (CIBC ) and its affiliates have          and certain derivative products (including forwards) to the Fund. A
the following roles and responsibilities with respect to the Fund, and      spread is the difference between the bid and ask prices for a security
receive the fees described below in connection with their roles and         in the applicable marketplace, with respect to the execution of portfolio
responsibilities:                                                           transactions. The spread will differ based upon various factors such as
                                                                            the nature and liquidity of the security.
CIBC is the manager (the Manager) of the Fund. CIBC will receive            Dealers, including CIBC WM and CIBC World Markets Corp., may
management fees with respect to the day-to-day business and                 furnish goods and services other than order execution to portfolio
operations of the Fund, calculated based on the net asset value of the      sub-advisors, including CIBC Global, that process trades through
units of the Fund, as described in the section entitled Management          them (referred to in the industry as “soft dollar” arrangements).
Fees. The Manager will also compensate its wholesalers in connection        These goods and services assist portfolio sub-advisors, including
with their marketing activities regarding the Fund. From time to time,      CIBC Global, with investment decision-making services to the Fund
CIBC may provide seed capital to the Fund.                                  or related directly to executing portfolio transactions on behalf of the
                                                                            Fund. As per the terms of the sub-advisory agreements, such dollar
Trustee                                                                     arrangements are in compliance with applicable laws.
CIBC Trust Corporation, a wholly-owned subsidiary of CIBC, is the           The Portfolio Advisor has entered into an expense reimbursement
trustee (the Trustee) of the Fund. The Trustee holds title to the           agreement with CIBC Global. The agreement provides custodial fees
property (cash and securities) of the Fund on behalf of its unitholders.    directly related to portfolio transactions incurred by the Fund shall be
                                                                            paid by CIBC Global and/or dealer(s) directed by CIBC Global, up to
Portfolio Advisor                                                           the amount of the credits generated under soft dollar arrangements
CIBC Asset Management Inc. (CAMI), a wholly-owned subsidiary of             from trading on behalf of the Fund during that month.
CIBC, is the portfolio advisor (the Portfolio Advisor) of the Fund. The
Portfolio Advisor provides, or arranges to provide, investment advice       In addition, the Manager may enter into commission recapture
and portfolio management services to the Fund. A portion of the             arrangements with certain dealers with respect to the Fund. Any
management fees CIBC receives from the Fund will be paid to CAMI.           commission recaptured will be paid to the Fund.

Portfolio Sub-Advisor                                                       During the period, brokerage commissions and other fees of $5,683
CAMI has retained CIBC Global Asset Management Inc.                         were paid by the Fund to CIBC WM. Spreads associated with fixed
(CIBC Global), a wholly-owned subsidiary of CIBC, as the portfolio          income securities, other securities and certain derivative products are
sub-advisor of the Fund, to provide investment advice and portfolio         not ascertainable and, for that reason, are not included in the dollar
management services to the Fund. CAMI pays a fee to CIBC Global.            values. No brokerage commissions or other fees were paid by the
                                                                            Fund to CIBC World Markets Corp.
Dealers and other firms will sell the units of the Fund to investors.       Fund Transactions
These dealers and other firms will include CIBC’s related dealers           The Fund may purchase and sell securities of CIBC. The Fund may
such as the principal distributor, CIBC Securities Inc. (CIBC SI ), the     also, from time to time, purchase securities underwritten by a related
CIBC Investor’s Edge discount brokerage division of CIBC Investor           dealer, such as CIBC WM or CIBC World Markets Corp., each an
Services Inc. (CIBC ISI ), the CIBC Imperial Service division of            affiliate of the Manager. Such transactions are currently made
CIBC ISI, and the CIBC Wood Gundy division of CIBC World                    pursuant to standing instructions rendered by the Independent
Markets Inc. (CIBC WM ). CIBC SI, CIBC ISI, and CIBC WM are                 Review Committee.
wholly-owned subsidiaries of CIBC.
CIBC may pay trailing commissions to these dealers and firms in             CIBC Mellon Trust Company is the custodian (the Custodian) that
connection with the sale of units of the Fund. These dealers and            holds all cash and securities for the Fund and ensures that those
other firms may pay a portion of these trailing commissions to their        assets are kept separate from any other cash or securities that it may
advisors who sell units of the Fund to investors.                           be holding. The Custodian may hire sub-custodians for the Fund. The
                                                                            fees for services of the Custodian directly related to the execution of
Brokerage Arrangements and Soft Dollars                                     portfolio transactions by the Fund are paid by CIBC Global and/or
Portfolio sub-advisors make decisions, including the selection of           dealer(s) directed by CIBC Global up to the amount of the credits
markets and dealers and the negotiation of commissions, with respect        generated under soft dollar arrangements from trading on behalf of the
to the purchase and sale of portfolio securities, certain derivative        Fund during that month. All other fees for the services of the
products (including futures) and the execution of portfolio transactions.   Custodian are paid by the Manager, and charged to the Fund on a
Brokerage business may be allocated by portfolio sub-advisors,              recoverable basis. CIBC owns a fifty percent interest in the Custodian.
including CIBC Global, to CIBC WM and CIBC World Markets Corp.,
each a subsidiary of CIBC. CIBC WM and CIBC World Markets Corp.
                                                                                                             CIBC Canadian Equity Fund

Service Provider                                                         fees are paid by the Manager, and charged to the Fund on a
CIBC Mellon Global Securities Services Company (CIBC GSS )               recoverable basis. CIBC indirectly owns a fifty percent interest in
provides certain services to the Fund, including fund accounting and     CIBC GSS.
reporting, securities lending, and portfolio valuation. Such servicing

CIBC Canadian Equity Fund

Financial Highlights

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financial
performance for the period ended June 30, 2010, and for any other periods ended December 31, as indicated.

The Fund’s Net Assets per Unit1 – Class A Units
                                                                                               2010             2009            2008             2007             2006            2005
Net Assets, beginning of period                                                            $21.23           $16.59          $ 26.91          $25.29           $21.72          $18.52
Increase (decrease) from operations:
  Total revenue                                                                            $ 0.28           $ 0.58          $ 0.62           $ 0.57           $ 0.47          $ 0.37
  Total expenses                                                                             (0.24)           (0.43)           (0.53)          (0.60)           (0.53)          (0.45)
  Realized gains (losses) for the period                                                      0.39            (0.51)            1.66            2.06             1.66            1.94
  Unrealized gains (losses) for the period                                                   (1.34)            4.99          (11.58)           (0.30)            1.98            1.29
Total increase (decrease) from operations2                                                 $ (0.91)         $ 4.63          $ (9.83)         $ 1.73           $ 3.58          $ 3.15
  From income (excluding dividends)                                                        $     –          $     –         $      –         $      –         $      –        $      –
  From dividends                                                                                 –                –                –                –                –               –
  From capital gains                                                                             –                –             0.10                –                –               –
  Return of capital                                                                              –                –                –                –                –               –
Total Distributions3                                                                       $     –          $     –         $ 0.10           $      –         $      –        $      –
Net Assets, end of period                                                                  $20.29           $21.23          $ 16.59          $26.91           $25.31          $21.72
  This information is derived from the Fund’s unaudited interim and audited annual financial statements. The net assets per unit presented in the financial statements may differ
  from the net asset value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to the financial statements.
  Net assets and distributions are based on the actual number of units outstanding at the relevant time. The total increase (decrease) from operations is based on the weighted
  average number of units outstanding during the period.
  Distributions were paid in cash, reinvested in additional units of the Fund, or both.

Ratios and Supplemental Data – Class A Units
                                                                                               2010             2009            2008             2007             2006            2005
Total Net Asset Value (000s)4                                                            $368,102        $409,455         $356,851         $596,290        $644,539         $658,746
Number of Units Outstanding4                                                           18,141,489       19,243,440      21,452,724       22,134,352       25,461,006       30,331,669
Management Expense Ratio                                                                       2.28%*           2.29%           2.21%            2.22%            2.29%           2.28%
Management Expense Ratio before waivers or absorptions6                                        2.28%*           2.30%           2.23%            2.24%            2.29%           2.29%
Trading Expense Ratio                                                                          0.04%*           0.08%           0.08%            0.03%            0.04%           0.16%
Portfolio Turnover Rate                                                                        7.37%         27.20%             30.53%           10.00%           10.96%          48.21%
Net Asset Value per Unit                                                                 $ 20.29         $ 21.28          $ 16.63          $ 26.94         $ 25.31          $ 21.72
*Ratio has been annualized.
  This information is presented as at June 30, 2010 and December 31 of any other periods shown.
  Management expense ratio is based on the total expenses of the Fund (excluding commissions and other portfolio transaction costs) for the period shown and is expressed as
  an annualized percentage of the daily average net asset value during the period.
  The decision to waive and/or absorb management fees and operating expenses is at the discretion of the Manager. The practice of waiving and/or absorbing management fees
  and operating expenses may continue indefinitely or may be terminated at any time without notice to unitholders.
  The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of the daily average net asset value during
  the period. Spreads associated with fixed income securities trading are not ascertainable and, for that reason, are not included in the trading expense ratio calculation.
  The portfolio turnover rate indicates how actively the portfolio sub-advisor manages the portfolio investments. A portfolio turnover rate of 100% is equivalent to a fund buying
  and selling all of the securities in its portfolio once in the course of the period. The higher a portfolio turnover rate in a period, the greater the trading costs payable by a fund
  in the period, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the
  performance of a fund.

                                                                                                              CIBC Canadian Equity Fund

Management Fees
The Fund, either directly or indirectly, pays an annual management fee to the Manager in consideration for the provision of, or arranging for the
provision of, management, distribution, and portfolio advisory services. This fee is calculated as a percentage of the Fund’s net asset value and
is calculated and credited daily, and paid monthly. The Fund is required to pay all applicable taxes on the management fees.

The following table shows a breakdown of the services received in consideration of the management fees, as a percentage of the management
fees collected from the Fund for the period ended June 30, 2010. These amounts do not include waived fees or absorbed expenses.
                                                                     Class A Units
Sales and trailing commissions paid to dealers (%)                           17.62
General administration, investment advice, and profit (%)                    82.38

Past Performance

The performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution, or
other optional charges payable by any unitholder that would have reduced returns. Past performance does not necessarily indicate how a fund
will perform in the future.

The Fund’s returns are after the deduction of fees and expenses. See the section entitled Financial Highlights for the management expense

Year-by-Year Returns
The bar chart shows the annual performance of the Fund for each of the periods shown and illustrates how the performance has changed from
period to period. The bar chart shows, in percentage terms, how an investment made on January 1 would have increased or decreased by
December 31, unless otherwise indicated.

Class A Units
   30.0%                                                                                      27.9%
                                         21.1%            17.3%
   20.0%                                                          16.6%
   10.0%                                          7.9%                     6.4%
  -10.0%                -5.6%                                                                         -4.6%
                 00       01      02       03      04       05      06       07       08       09      10a
               2010 return is for period from January 1, 2010 to June 30, 2010.

CIBC Canadian Equity Fund

Summary of Investment Portfolio (as at June 30, 2010)

The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. A quarterly update is available
by visiting The Top Positions table includes a fund’s 25 largest positions. For funds with fewer than 25 positions in
total, all positions are shown. Cash and cash equivalents are shown in total as one position.
                                                                           % of
Portfolio Breakdown                                             Net Asset Value
Financials                                                                32.56
Energy                                                                    24.89
Materials                                                                 16.84
Industrials                                                                8.29
Telecommunication Services                                                 5.16
Consumer Discretionary                                                     4.96
Information Technology                                                     3.55
Consumer Staples                                                           1.93
Other Assets, Less Liabilities                                             1.02
Cash & Cash Equivalents                                                    0.45
Health Care                                                                0.35

                                                                           % of
Top Positions                                                   Net Asset Value
Royal Bank of Canada                                                       6.57
Toronto-Dominion Bank (The)                                                5.85
Suncor Energy Inc.                                                         5.51
Bank of Nova Scotia                                                        5.26
Canadian Natural Resources Ltd.                                            4.98
Canadian National Railway Co.                                              4.56
Goldcorp Inc.                                                              4.51
BCE Inc.                                                                   3.21
Bank of Montreal                                                           2.81
Barrick Gold Corp.                                                         2.81
Canadian Imperial Bank of Commerce                                         2.79
Manulife Financial Corp.                                                   2.62
Research In Motion Ltd.                                                    2.62
Teck Resources Ltd., Class ‘B’                                             2.53
TransCanada Corp.                                                          2.29
Talisman Energy Inc.                                                       2.10
Cenovus Energy Inc.                                                        2.00
Potash Corp. of Saskatchewan Inc.                                          1.82
Enbridge Inc.                                                              1.59
Agnico-Eagle Mines Ltd.                                                    1.56
Canadian Oil Sands Trust                                                   1.54
Rogers Communications Inc., Class ‘B’                                      1.54
Sun Life Financial Inc.                                                    1.52
Agrium Inc.                                                                1.46
EnCana Corp.                                                               1.35

This document may contain forward-looking statements. 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 other similar wording. In
addition, any statements that may be made concerning future performance, strategies, or prospects, and possible future actions taken by the Fund, are also
forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results and
achievements of the Fund to differ materially from those expressed or implied by such statements. Such factors include, but are not limited to: general
economic; market and business conditions; fluctuations in securities prices, interest rates, and foreign currency exchange rates; changes in government
regulations; and catastrophic events. We do not undertake, and specifically disclaim, any obligation to update or revise any forward-looking statements, whether
as a result of new information, future developments, or otherwise, prior to the release of the next Management Report of Fund Performance.
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