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SIO Conference 2013

SIO Conference 2013. MARTIN GROSSKOPF VICE-PRESIDENT AND PORTFOLIO MANAGER DIRECTOR, SUSTAINABILITY RESEARCH ACUITY INVESTMENT MANAGEMENT INC. June 2013. Income Inequality and the Market. Is there a cause for concern? . The land of “unequal opportunity?”.

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SIO Conference 2013

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  1. SIO Conference 2013 MARTIN GROSSKOPF VICE-PRESIDENT AND PORTFOLIO MANAGER DIRECTOR, SUSTAINABILITY RESEARCHACUITY INVESTMENT MANAGEMENT INC. June 2013

  2. Income Inequality and the Market Is there a cause for concern?

  3. The land of “unequal opportunity?” Source: BCA Research, as of May 31, 2013

  4. Considerable global variation Gini coefficient of household disposable income and gap between richest and poorest 10%, 2010 Notes: See notes to Figure 1. Information on data for Israel: http://dx.doi.org/10.1787/888932315602 Source: OECD Income Distribution Database (www.oecd.org/social/income-distribution-database.htm)

  5. More Context Source: Martin H. Barnes, Chief Economist, BCA Research, Key Issues in the Economic and Financial Outlook, May 2012

  6. Negative impact of the financial crisis Percentage point change in the Gini coefficient of household market and disposable incomes between 2007 and 2010 Source: OECD Income Distribution Database (www.oecd.org/social/income-distribution-database.htm)

  7. Positive effects of redistribution Source: Barry Bannister, Economic Outlook, 2013

  8. Negative impact of the financial crisis

  9. Positive aspects of recovery Source: Ned Davies, US Economic Outlook, June 13, 2013

  10. Negative: wage growth at a 25yr low Source: FactSet, Bureau of Labour Statistics, Macquarie Research, June 2013

  11. Positive: Corporate Profit Margins & Unit Labour Costs (ULC) Source: Ned Davis Research, 2012

  12. Positive: S&P Stock Index & Non-farm Unit Labour Cost (ULC) Source: Ned Davis Research, 2012

  13. Going forward: factors of production respond differently • In 3 deepest recession since 1970 one factor always lagged Source: Barry Bannister, Economic Outlook, 2013

  14. Going forward: offshore unit labour benefit is dissipating Source: BCA Research, as of December 31, 2012

  15. Disclaimer The commentaries contained herein are provided as a general source of information based on information available as of June 13, 2013 and should not be considered as personal investment advice or an offer or solicitation to buy and / or sell securities. Every effort has been made to ensure accuracy in these commentaries at the time of publication, however accuracy cannot be guaranteed. Market conditions may change and the manager accepts no responsibility for individual investment decisions arising from the use or reliance on the information contained herein. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share and/or unit value and reinvestment of all dividends and/or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed; their values change frequently and past performance may not be repeated The information contained in this commentary is designed to provide you with general information related to investment alternatives and strategies and is not intended to be comprehensive investment advice applicable to the circumstances of the individual. We strongly recommend you to consult with a financial advisor prior to making any investment decisions.

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