#1: US indices in US dollars; all others in Canadian dollars. Developed markets value and growth data provided by Fama/French. The S&P data are provided by Standard & Poor’s Index Services Group. US Small is the CRSP 6-10 Index, provided by the Center for Research in Security Prices, University of Chicago. Non-US Small data compiled by Dimensional from Bloomberg, Style Research, London Business School, and Nomura Securities data. MSCI EAFE Index (net dividends) copyright MSCI 2009, all rights reserved. S&P/TSX data provided by S&P/TSX. Emerging Markets data simulated by Fama/French from countries in the IFC Investable Universe; simulations are free-float weighted both within each country and across all countries. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results.
#2: In Canadian dollars. Charts are for illustrative purposes only. Canadian Fixed Income is Canadian One-Month Treasury Bills. Canadian Large Cap is the S&P/TSX Composite Index. Canadian Value is the MSCI Canada Value Index (net dividends), and Canadian Small Cap is the MSCI Canada Small Cap Index (price only). US Large Cap is the S&P 500 Index. US Value is Russell 3000 Value Index. US Small Cap is CRSP 6-10 Index. US Real Estate is the Dow Jones Wilshire REIT Index. International Large Cap is the MSCI EAFE Index (net dividends), and International Value is the MSCI EAFE Value Index (net dividends). International Small Cap is compiled by Dimensional from Style Research securities data; includes securities of MSCI EAFE countries in the 10%-1% of ME range; market-capitalization weighted; each country capped at 50%; value defined as the top 30% of book-to-market; rebalanced semiannually. Canadian T- Bills provided by Scotia Capital Inc. S&P/TSX data provided by S&P/TSX. MSCI data copyright MSCI 2009, all rights reserved. The S&P data provided by Standard & Poor’s Index Services Group. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results.
#3: Survivorship bias correction: Many funds might be liquidated or merged during a period of study. However, for someone making an investment decision at the beginning of the period, these funds are part of the opportunity set. Unlike commonly available comparison reports, SPIVA removes this survivorship bias.
