Yorkville Asset Management

Yorkville Perspective - December 5, 2011

Our fixed income portfolios continue to be underweight credit and overweight duration with a US and Canadian dollar bias relative to the global benchmark. Our equity portfolios are positioned in a similar defensive fashion with material underweighted toward cyclical sectors such as industrials, energy, and materials, and material overweights in cash and consumer discretionary and staples, with a US bias relative to Canada.