The Investment Committee of Synod is responsible, under Canon 39, for managing the Consolidated Trust Fund (CTF) and the Cemetery Fund. It meets four times a year to review the results of the funds and to set policy directions. The Investment Policy Statement can be found in the Parish Finance Manual.
The CTF provides a convenient investment vehicle for the investment, endowment and trust funds of the Diocese, its parishes and organizations. The investment policy for the fund is governed by the Ontario Trustee Act.
As of July 15, 2012, the Investment Committee has given the management of the funds to three managers: Foyston, Gordon and Payne; Letko Brosseau and Associates Inc.; and Scotia Asset Management. RBC Dexia is the custodian for the funds.
Scotia Asset Management is the investment manager for the Cemetery Fund, and Scotiatrust is the trustee. The fund managers’ performance is measured against a moving five-year benchmark. For bonds, the benchmark is the Dex Universe Bond; for stocks, the benchmark is the S&P/TSX Composite.
Dividend Distribution Rates
The CTF Dividend Distribution rate for 2019 is 4.25% or $9.75/unit.
The Cemetery Fund Dividend Distribution rate for 2019 is 2.8% or $4.28/unit. We have confirmed with the Bereavement Authority of Ontario (BAO) that the fund can only distribute income in the form of interest and dividends. Realized and unrealized capital gains are not permitted to be distributed. For 2019, based on yield from interest and dividends for the fund in 2018, the dividend rate is at 2.8%, unit rate of $4.28, subject to adjustment at the end of the year for market value adjustment. For following years, as recommended by the Investment committee, the dividend rate will be in a range of 0-3%.
Gifts of Marketable Securities
To make a gift of marketable securities, please download a “letter of direction”.