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Top Holdings

The holdings as at December 31, 2019 are listed below.

Note: In certain cases, TRAF does not directly hold title to the individual securities noted but, rather, owns interests in one or more pooled investment vehicles which in turn hold title to such securities. In these situations, the information in this summary shows TRAF's indirect holdings and equivalent economic interests in the underlying securities.


Cash & Short-Term

Type %
Treasury Bills 58
Bankers' Acceptances 42
Floating Rate Notes 0
  100


Universe Bonds

Type %
Federal 32
Provincial 26
Corporate 42
Municipal 0
  100


Long-Term Bonds

Type %
Federal 18
Provincial 55
Corporate 24
Municipal 3
  100


Real Estate Debt

Sector %
Industrial 13
Office 36
Residential 32
Retail 18
Other 1
  100
Property Location %
Ontario 39
Alberta 14
British Columbia 24
Quebec 10
Atlantic Canada 3
Saskatchewan 2
Manitoba 2
US 5
UK 1
  100


High Yield Debt

Sector %
Banking 3
Brokerage 1
Finance & Investment 5
Insurance 1
Basic Industry 13
Capital Goods 10
Consumer Cyclical 8
Energy 11
Media 11
Real Estate 1
Services Cyclical 16
Services Non-Cyclical 1
Technology & Electronics 9
Telecommunications 8
Utilities 2
  100


Private Debt

Holdings by Manager

Market Value1
($ thousands)
%2
Northleaf Capital Partners 152,103.2 54.9
New Mountain Capital 107,292.6 38.7
Other 17,880.7 6.4
  277,276.5 100.0

1 Includes co-investments as applicable.
2 Of total Private Debt holdings.

Canadian Equity


Top 10 Holdings
Market Value
($ thousands)

%1
Toronto-Dominion Bank 52,388.0 6.2
Royal Bank of Canada 42,023.9 5.0
Canadian National Railway Company 23,202.3 2.7
Bank of Nova Scotia 22,229.1 2.6
Industrial Alliance 22,155.9 2.6
Canadian Pacific Railway Ltd. 18,729.6 2.2
Bank of Montreal 18,381.4 2.2
Suncor Energy Inc. 17,629.7 2.1
Enbridge Inc. 16,482.7 2.0
CGI Inc. 16,080.8 1.9
  249,303.4 29.5

1 Of total Canadian Equity holdings.


US Equity


Top 10 Holdings
Market Value
($ thousands)

%1
Microsoft Corporation 22,195.0 2.7
Apple Inc.  15,920.2 1.9
Merck & Company Inc. 15,191.0 1.8
Intel Corporation 14,835.8 1.8
Visa Inc. 12,644.9  1.5
Alphabet Inc. 12,034.5 1.5
Johnson & Johnson 11,729.2 1.4
The Procter & Gamble Company 11,203.0 1.4
Starbucks Corporation 9,730.8 1.2
Amazon.com Inc. 9,331.9 1.1
  134,816.3 16.3

1 Of total US Equity holdings.


International Equity


Top Ten Holdings
Market Value
($ thousands)

%1
Roche Holding AG 26,036.7 2.3
Novartis International AG 21,145.0 1.9
Samsung Electronics Company Ltd. 16,070.2 1.4
Nestle SA 12,030.5  1.1
Unilever 10,377.2 0.9
Nippon Telegraph and Telephone Corporation 8,947.7 0.8
BHP Group 8,309.5 0.7
AstraZeneca PLC 8,255.3 0.7
GlaxoSmithKline PLC 7,791.3 0.7
Taiwan Semiconductor Limited 7,024.9 0.6
  125,988.3 11.1

 1 Of total International Equity holdings.

Private Equity Holdings

Holdings by Manager

Market Value1
($ thousands)
%2
Adams Street Partners
224,829.4 45.7
Northleaf Capital Partners 131,483.1 26.7
Brookfield Asset Management 39,408.1 8.0
Advent International 31,319.2 6.4
TorQuest Partners 25,560.7 5.2
New Mountain Capital 13,855.1 2.8
Pantheon Ventures 11,552.5 2.3
Clayton Dubilier & Rice 5,367.5 1.1
Other 8,750.1 1.8
  492,125.7 100.0

1 Includes co-investments as applicable.
2
Of total Private Equity holdings.


Real Estate

Top Ten Holdings Market Value1
($ thousands)
%2
Glenwood Industrial Estates (Burnaby) 30,700.1 2.9
TELUS Garden (Vancouver) 28,518.2 2.7
Lougheed Town Centre (Burnaby) 27,652.2 2.6
Crossroads Shopping Centre (Winnipeg) 27,295.0 2.5
Gateway Business Park (Edmonton) 23,118.4 2.2
Uptown (Victoria) 21,432.2 2.0
Constitution Square (Ottawa) 21,119.8 2.0
Sugar Wharf (Toronto) 20,459.2 1.9
King George Hub (Surrey) 19,746.3 1.8
Bramalea City Centre (Brampton) 17,270.5 1.6
  237,311.9 22.2

1 Appraised value of TRAF's interest, adjusted for proportionate share of working capital and mortgage debt.
2
Of total Real Estate holdings.

Sector %
Office 29
Industrial 26
Retail 21
Residential 23
Other 1
  100
Property Location %
Ontario 46
Alberta 14
British Columbia 20
Manitoba 4
Saskatchewan 3
Atlantic Canada 2
Quebec 4
Global (except Canada) 7
  100


Infrastructure Holdings

Holdings by Manager

Market Value1
($ thousands)
%2
Kindle Capital Management 94,930.9 22.8
Brookfield Asset Management 87,454.9 21.0
Macquarie Infrastructure and Real Assets 81,842.8 19.6
Global Infrastructure Partners 50,103.8 12.0
Fiera Infrastructure 47,473.3 11.4
IFM Investors 34,805.6 8.4
Stonepeak Infrastructure Partners 19,930.5 4.8
  416,541.8 100.0

1 Includes co-investments as applicable.
2 Of total Infrastructure holdings.