Rates of Return and Management Expense Ratios


Rates of Return

Actual Rates of Return as of September 30, 2017

Return

Tradex Equity Fund Limited

Tradex Bond Fund

Tradex Global Equity Fund

Latest 3 months*

3.52%

-0.31%

0.91%

Latest 6 months*

3.65%

-0.32%

7.26%

1 year*

10.83%

2.61%

19.46%

2 years**

11.41%

5.12%

14.23%

3 years**

6.41%

3.67%

12.78%

4 years**

9.80%

4.43%

14.61%

5 years**

10.46%

3.64%

16.78%

10 years**

3.52%

4.69%

6.75%

Since Inception**

(April 1960) 9.33%

(September 1989) 5.99%

(May 1999) 6.41%

From Financial Crisis market bottom on March 9, 2009 Tradex Equity Fund is up 194%, Tradex Bond Fund is up 45% and Tradex Global Equity Fund is up 271%

*Total return

** Average annual compound return

Management fees and expenses may be associated with mutual fund investments. The rates of return include reinvestment of all distributions and do not take into account income taxes payable by the investor that could have reduced returns. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.

Management Expense Ratios

Since Tradex operates at an “at cost” basis, any excess revenue earned goes back to the Tradex Funds to reduce their management expense ratio. In 2016, we were able to reduce management expenses for the three Tradex Funds by a total of $401,150 (versus $322,050 in 2015, $458,780 in 2014) through rebating a portion of our operating revenue.

Fund

2016
MER

2015
MER

2014
MER

2013
MER

2012
MER

Median MER for Fund Category*
Dec 2016

Tradex Equity Fund

1.11%

1.17%

1.09%

1.22%

1.21%

2.70%

   Before Rebates

1.36%

1.39%

1.42%

1.45%

1.39%

Tradex Bond Fund

0.99%

1.04%

1.00%

1.08%

1.07%

1.93%/2.27%

   Before Rebates

1.29%

1.30%

1.36%

1.35%

1.30%

Tradex Global Equity Fund

2.92%#

3.05%#

3.12%#

2.26%

2.26%

2.82%

   Before Rebates

3.32%

3.36%

3.53%

2.67%

2.71%

   Underlying Funds

0.97%

0.99%

1.04%

   After Movement in Discounts

1.51%

2.27%

2.02%

*Source: Globefund

^ Canadian fixed income/Canadian fixed income balanced
# Amendments to Canadian security regulations now require the MER calculation to include the underlying expenses charges against the net assets of foreign listed closed-end fund companies.
1)Management expense ratio is based on total expenses (excluding broker commission and other portfolio transaction costs) of the fund and the underlying funds where applicable, for the year and is ex- pressed as an annualized percentage of daily average net asset value during the year.
2) The fund invests in closed-end fund companies listed on global stock exchanges whose investments are principally in a diversified portfolio of equity securities. Each closed-end fund will have expenses charged against the underlying Net Assets of the fund. Purchasing at a significant discount to these NAVs is a key component of this fund.
3)The movements in the discounts applicable to the underlying fund prices frequently offsets the potential impact of the underlying incremental expenses.
Discount movement attribution of 1.41% more than fully offset the 0.97% of underlying expenses in 2016 and as such, expenses against the net asset value of Tradex Global were 1.51% (direct expense 1.95%). The rolling 5-year attribution from discount movement to September 30, 2015 was 13.95% or an average of 2.79% per year.