Cardinal Capital Management, Inc. claims compliance with the Global Investment Performance Standards (GIPS®). Cardinal Capital Management, Inc. has been independently verified for the periods January 1, 1994 through December 31,2021. To receive a complete list and description of our composites and/or a GIPS Composite Report, please call 1-800-310-4664 or email us at enquiries@cardinal.ca.GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. 

Cardinal Capital Management, Inc., an independent portfolio manager registered under the Manitoba Securities Act,S50. The Firm is based in Winnipeg, Manitoba, Canada and there are no other subsidiaries, units or offices that retain discretion over assets undermanagement. This information is provided for general informational purposes only and is subject to change without notice. Cardinal does not assume any liability for any loss that may result from the reliance by any person upon this information. Performance results are reported in Canadian dollars unless otherwise noted. Returns are total returns, including realized and unrealized gains and losses, plus income, and represent past performance. Past performance does not guarantee future results.

Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies implemented by Cardinal Capital Management, Inc.) will be profitable or equal the corresponding indicated performance level(s). Cardinal does not assume any liability for any loss that may result from the reliance by any person on this information.

Canadian Equity Composite - includes all taxable and non-taxable portfolios invested in Canadian equity securities and may include some fixed income to a weighting of less than 10%. The benchmark is the S&P/TSX Total Return Composite Index.

Canada Plus Composite - includes all taxable and non-taxable portfolios invested in a mix of Canadian equities and non-Canadian equities. The firm exercises discretion over the asset mix between Canadian equities and non-Canadian equities but generally these portfolios have a heavy Canadian equity weighting. The weighted benchmark is comprised of taking the approximate blend for each month between the market value of Canadian equities and the market value of non-Canadian equities. The weighted benchmark uses the S&P/TSX Total Return Composite Index, the S&P 500 Total Return CAD Index, and the MSCI EAFE CAD Total Return Index.

U.S. Equity Composite - includes all predominantly taxable portfolios invested in U.S. equity securities and may include some international equities to a weighting of less than 10%. The benchmark is the S&P 500 Total Return Index.

Foreign Equity Composite - includes all taxable and non-taxable portfolios invested in foreign (i.e., non-Canadian) equity. The benchmark is the Morgan Stanley Capital International, Inc.

Canadian Income Composite - includes all taxable and non-taxable portfolios invested in higher-yielding Canadian equity securities. The benchmark is the S&P/TSX Total Return Composite Index.

Canadian Balanced #1 Composite - Composite includes all taxable and non-taxable portfolios with a balanced mandate. The firm exercises discretion over the asset mix between Canadian equities and bonds but generally these portfolios have a heavy equity weighting. The weighted benchmark is comprised of taking the approximate blend for each month between the market value of Canadian equities and the market value of bonds. The weighted benchmark uses the S&P/TSX Total Return Composite Index and the FTSE TMX Canada Universe Bond Index.

Canadian Balanced #2 Composite - includes all taxable and non-taxable portfolios with a balanced mandate. The firm exercises discretion over the asset mix between Canadian equities and bonds but generally these portfolios have a light equity weighting. The weighted benchmark is comprised of taking the approximate blend for each month between the market value of Canadian equities and the market value of bonds. The weighted benchmark uses the S&P/TSX Total Return Composite Index and the FTSE TMX Canada Universe Bond Index.

Canada Plus Balanced Composite - includes all taxable and non-taxable portfolios invested in a mix of Canadian equities, non-Canadian equities and Canadian bonds. The firm exercises discretion over the asset mix between Canadian equities and non-Canadian equities but generally these portfolios have a heavy Canadian equity weighting. The weighted benchmark is comprised of taking the approximate blend for each month between the market value of Canadian equities, the market value of non-Canadian equities and the market value of Canadian Bonds. The weighted benchmark uses the S&P/TSX Total Return Composite Index, the S&P 500 Total Return CAD Index, the MSCI EAFE CAD Total Return Index, and the FTSE TMX Canada Universe Bond Index.

Benchmarks chosen for each of Cardinal’s equity composites are widely known and followed broad market indexes. They are not style specific benchmarks, and include stocks that do not meet Cardinal’s investing criteria. Cardinal does not match sector weightings of its composites to that of the benchmarks, nor does it match bond durations to that of the benchmark. Performance of all benchmarks is reported on a total return basis.

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