Fund Codes

Portfolio Advisors

Amundi Asset Management

Excel Funds has retained Amundi Asset Management (Amundi) to act as sub-advisor of the Excel High Income Fund. Amundi was formed by combining the asset management expertise of two major banking groups: Credit Agricole & Societe Generale. Amundi is the ninth largest asset manager in the world and ranks second in Europe. It has a corporate presence in more than 30 countries with assets under management of approximately cdn $890 billion.

Investment Process

Amundi’s investment process includes top-down research to identify promising global themes and to evaluate the relative attractiveness of different regions and countries.

Though Amundi will generally take a two-to three-year horizon, it will also engage in short-term trading to take advantage of mispricing situations. Complementing its in-house research, Amundi retains the services of independent consultants that specialize in evaluating country risk in emerging markets.

Portfolio Manager

Sergeï Strigo has been Head of the Emerging Market Debt & Currency at Amundi London Branch since April 2010. He joined Amundi London Branch (formerly Credit Agricole Asset Management) in 2004 as a Global Fixed Income Trader and was appointed Emerging Market Bond Portfolio Manager in January 2006.

He joined from Caboto Intesa BCI in London, where he was an emerging markets fixed income trader for three years. His career began in Canada in corporate finance/accounting.

Investment Strategy

The Fund invests primarily in debt securities issued by governmental and corporate issuers located in emerging markets throughout Latin America, Africa, Central and Eastern Europe (including Russia) Asia and the Middle East. Such debt securities could include all manner of bond issues (fixed-rate bonds, variable-rate bonds, indexed-bonds, convertible bonds, perpetual bonds and bonds with share subscription warrants), money market instruments (negotiable debt securities, treasury bills, euro commercial paper) and other interest-bearing securities.

The Fund’s investments in emerging market debt securities may be of any duration and of any grade, including speculative-grade or securities that have not been rated by any internationally-recognized rating agency.

The Fund will also use foreign exchange spots and derivatives for hedging purposes in order to protect against losses or reduce volatility resulting from changes in foreign exchange rates, interest rates, market indices or to reduce the Fund’s currency risk exposure. Such derivatives could include foreign exchange forwards, non-deliverable forwards and total return swaps. The Fund may also use derivatives for non hedging purposes in order to gain exposure to individual securities or to seek to enhance returns.

The Fund may also invest in asset-backed securities (resulting from the securitization of non-mortgage loan portfolios such as consumer credits, automobile loans and bank cards) and mortgage-backed securities (resulting from the securitization of mortgage loan portfolios). The Fund may hold up to 10% of its net assets in securities of certain UCITS (Undertakings for Collective Investment in Transferable Securities) subject to receiving prior Canadian regulatory approval.

Under adverse market, economic or political conditions or for other considerations, Excel High Income Fund may invest its assets in cash, cash equivalents (in any currency) or short-term fixed income securities for defensive or other purposes.