Index Versus Active Funds Scorecard for Canadian Funds Standard & Poor's Indices Versus Active Funds Scorecard, Year-End 2009

The Standard & Poor's Indices Versus Active Funds (SPIVA) Scorecard reports performance of actively managed Canadian mutual funds corrected for survivorship bias and shows equal and asset weighted peer averages.Domestic Equities: For 2009, only 30.4% of Canadian Equity active funds were able to outperform the S&P/TSX Composite Index. In contrast, in the Canadian Small/Mid Cap Equity category 52% of active funds beating the S&P/TSX Completion Index. For the Canadian Focused Equity category 61% of active funds outpaced the blended index (comprised of 50% S&P/TSX Composite 25% S&P 500 25% S&P EPAC LargeMidCap).In 2009, active funds in the Canadian Equity weren't able to add value over the S&P/TSX Composite Index when examining both equal and asset-weighted returns. However, active funds fared better across some of the other fund categories. On both an equal and asset-weighted basis active funds outperformed their benchmarks in the categories Canadian Small/Mid Cap Equity, U.S. Equity, Global Equity and Canadian Focused Equity.Over longer periods, we continue to observe indices outperforming the majority of domestic funds. In three-year and five-year periods, only 12.5% and 7.4%, respectively, of actively managed Canadian Equity funds have outperformed the S&P/TSX Composite Index.Foreign Equities: Over the last five years, only 10% of active funds in the International Equity category, 13.9% in the Global Equity category, and 9.2% in the U.S. Equity category have outpaced S&P EPAC LargeMidCap, S&P Developed LargeMidCap and S&P 500 indices respectively