Aurion Capital Management Inc.
1st Quarter 2015
Highlights & Updates
The Aurion II Equity Fund (Gross of Fees) returned 8.4% over the quarter versus a 2.6% return for the S&P/TSX Composite Index. Since the
Fund was launched (February 2006), the Fund has produced a cumulative return of 181.0% compared to 62.0% for the S&P/TSX Composite
Index.
The Aurion Income Opportunities Fund (Gross of Fees) returned 3.6% over the quarter, while the FTSE TMX Universe bond index returned
4.2% for the same period. Since inception (March 2009), the Fund has produced a cumulative return of 93.7% compared to 41.9% for the FTSE
TMX Universe index.
The Aurion Capital Canadian Bond Fund returned 4.6% over the quarter, while the FTSE TMX Universe bond index returned 4.2% for the same
period. Since Inception (January 2010), the Fund has gained 37.1% since inception compared to 35.8% for the FTSE TMX Universe index.
The Aurion Capital Canadian Equity Fund returned 4.9% over the quarter versus a 2.6% return for the S&P/TSX Composite Index. Since Inception (February 2011) the Fund returned 22.4% compared to 25.4% for the S&P/TSX Composite Index.
PRODUCTS/SERVICES OFFERED
ABOUT US
Range of specialized investment products:
Founded in 1996, our business has grown steadily:
 Equities
(Core & Core Plus)
AUM & AUA CLIENTS / MANDATES: 15 clients / 24 mandates
 Fixed Income
(Core, Core Plus &
Inflation Linked Bonds)
 Real Estate
As at March 31, 2015
AUM: $6.8 billion
AUA: $5.2 billion
CURRENT OWNERSHIP:
Aurion Capital is a wholly owned subsidiary of Scotiabank.
 Currency management
 Institutional Investment Advisory
 Pension Fund Investment Management
 Multi-Manager Investment Funds

Sub-Advisor to: Dynamic Aurion Mutual Funds
& Scotia Wrap Programs
OUR PEOPLE
We have a team of 25 individuals in investment management, operations and
business development. Our team of investment professionals is experienced
and highly qualified.
INVESTMENT MANAGEMENT TEAM:
16 professionals with average investment management experience of 20 years.
2nd Quarter 2015 Outlook
 Given the magnitude of the move in the US dollar, and the corresponding weakness in oil, copper and the Canadian dollar, we are
on watch for a potential relief rally in these markets. We believe the fundamentals of oil supply and demand point to continued low
prices, but monetary stimulus and geopolitical concerns may put a speculative premium back into the oil price. Current expectations are for negative earnings growth in both Canada and the US for Q1 and Q2 of 2015. Given this backdrop, we expect the
overall stock market will continue to struggle to find direction, and believe active stock selection will continue to add alpha. The
Canadian economy will likely continue to be relatively weak as it adjusts to the reality of lower commodity prices. As a result, we
continue to position an underweight exposure to the Canadian banks and focus the portfolio on areas of the Canadian market
which will benefit from the strong US dollar and a gradually improving global economy. These companies keep us focused in
Healthcare, Information Technology, Consumer Discretionary, and Industrials. This positioning is consistent with what we have
expected for the last three quarters. Craig MacAdam, VP Equities
 The cumulative policy easing now in place in advanced economies, improving prospects for Europe to participate in the growth
upswing, stabilization in energy prices, and the growing reluctance by the Fed to guide markets on the timing of its next moves
are among the factors expected to create near term volatility in interest rates. Uncertainty over monetary policy affects the
volatility of short-term rates, while uncertainty over the inflation outlook plays a larger role at the long end of the US yield curve.
These shifting dynamics highlight the benefit of maintaining a well diversified fixed income portfolio with a broad mandate to
pursue global investment themes, multiple strategies to add value, and an active approach in order to reposition the portfolio in
response to changing market conditions. Christine Horoyski , SVP Fixed Income
 The five-year annualized Aurion Real Estate Composite return for the period ending March 31, 2015 was 11.5%. Going forward,
we believe that the income component of return from direct real estate will be generally maintained but the capital growth exhibited during the past several years will not be repeated. Retail real estate has shown some signs of concern with the closing of the
Target stores and the consolidation of Future Shop stores into Best Buy stores. Eric Lerner, SVP Real Estate
Our primary focus is our clients.
We remain committed to providing excellence in portfolio performance and client service
while continuing to design and deliver products that meet the needs of our clients.