The Pool returns discussed in this report are a blend of all fees and expenses applied to the Pool and are net of fees unless otherwise indicated. Where the performance of a particular class of a pool is displayed, other classes may be available, and fees and performance may differ in those other classes.  Investment returns are not guaranteed, values change frequently, and past performance may not be repeated.

Certain statements made may contain forward-looking statements, which involve known and unknown risk, uncertainties, and other factors. This may cause the actual results, performance or achievements of companies mentioned in this commentary, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

BCVWA is a related or connected issuer of the NFC Tactical Asset Allocation Pool.  This means that the Pool was established by BCVWA for the benefit of BCVWA clients.  BCVWA is paid a management fee for the day to day portfolio management responsibilities of the Pool.  The Pool is not distributed through other advisors or institutions.  This means that if you were to transfer your account away from BCVWA, your shares of the NFC Tactical Asset Allocation Pool would need to be sold at that time.  If the Pool is held within a Non-Registered portfolio, some capital gains taxes may apply.

No endorsement by BCVWA of any third party product or services is expressed or implied by any information, material or content referred to, included in or linked from or to this report.

The NFC Tactical Asset Allocation Pool and the BCV’s investment strategies are not managed to track to any particular benchmark or index. Any benchmark or index information provided is for reference only. BCV’s investment strategies result in portfolio construction which will differ from the respective benchmark or index referenced.

Your assets are held in Canada in a fully disclosed, segregated account at National Bank Financial (“NBF”) acting through its National Bank Independent Network division (“NBIN”), which is an indirect, wholly owned subsidiary of National Bank of Canada (“NBC”). NBIN’s offices are located at Suite 3000, 130 King Street West, Toronto, Ontario. NBC is a federally regulated Schedule A bank and a public company listed on the TSX. NBF is a member of and regulated by the Investment Industry Regulatory Organization of Canada (“IIROC”). NBF is a qualified Canadian Custodian under applicable securities laws. NBF is independent of NPMC. The assets in your NBIN account are never co‐mingled with other clients’ assets. NBF is a member Canadian Investor Protection Fund (“CIPF”). CIPF, subject to condition and limits, safeguards your assets from the insolvency or bankruptcy of an IIROC member firm. You can find more information regarding CIPF at https://www.cipf.ca.  Your assets are subject to a risk of loss: (i) if NBF becomes bankrupt or insolvent and CIPF coverage is insufficient to safeguard all your assets held by NBF; (ii) if there is a prolonged and/or unrecoverable breakdown in NBF’s information technology systems; and, (iii) due to the fraud, willful or reckless misconduct, negligence or error of NBF. NPMC has reviewed NBF’s reputation, financial stability, relevant internal controls and ability to deliver custodial services and has concluded that NBF’s system of controls and supervision is sufficient to manage risks of loss to your assets in accordance with prudent business practice.