CI Global Income & Growth Fund: Celebrating $10B in AUM

Thank you for helping us achieve a big milestone

CI Global Income & Growth Fund (GIG) has crossed an extraordinary milestone: $10 billion in assets under management. This reflects the trust placed in us by investors and advisors, and the strength of an investment philosophy that has remained consistent even as it has evolved to meet a changing world.

GIG was designed as a globally diversified multi-asset strategy built to adapt to shifting market conditions. Its continued success rests on a foundation of flexibility, deep expertise and a shared understanding of the interconnectedness of global markets—led by Marc-André Lewis (President and Chief Investment Officer), Geof Marshall (Senior Vice-President, Head of Fixed Income & Lead—Private Markets), John Shaw (Senior Vice-President, Portfolio Manager—Fixed Income) and Matthew Strauss (Senior Vice-President, Portfolio Manager & Lead—Global Equities). Above all, GIG has been guided by one enduring principle: our commitment to investors.

GIG overview and evolution

Launched nearly two decades ago, GIG was built on two key insights: that the Canadian market was narrowing in opportunity, and that CI Global Asset Management’s breadth of expertise across geographies, equities, rates, credit, commodities, foreign exchange and asset allocation could support a truly global multi-asset solution.

From inception, GIG moved beyond the traditional 60/40 model as it embraced a more dynamic, style-agnostic approach, incorporating high yield, currency management and tactical positioning. As markets evolved, so did the fund, by adding select asset classes such as Private Markets and refining its risk tools. Today, GIG draws on the insights of more than 100 investment professionals across Canada, the U.S. and Hong Kong. It blends macro views with delegated security selection, using long-term capital market assumptions while remaining nimble to respond to a dynamic investment landscape.

At its core, GIG has always been a collaborative effort. Portfolio managers are supported by an Asset Allocation Committee to guide top-down decisions, while security selection is grounded in global research. Every choice is made with one goal in mind: managing risk while helping investors grow their wealth over time.

The result is a strategy with a stellar long-term track record. The fund holds a 5-star Morningstar rating and has consistently ranked in the top decile of its peer group over 5-,10- and 15-year periods. It has also earned multiple industry awards, further validating its ability to deliver across market cycles and its role as a long-term core solution.

Success stories

GIG’s success isn’t just measured by its long-term track record; it’s also reflected in the decisions made during key market moments. Here are a few examples of times when our philosophy, process and team-driven approach came to life.

Success story 1: Conviction in volatility and the financials rebound

Sometimes, the best decision is to stay the course. In late 2018, equity markets experienced a sharp selloff, particularly in cyclical sectors, as concerns over U.S. Federal Reserve overtightening and a potential global slowdown rattled investors. Financials—GIG’s largest equity sector at the time and an overweight position—saw double-digits losses. Despite the volatility, the team made a conscious decision not to derisk the portfolio by cutting exposure to financials or most other cyclical sectors. After an intense internal debate, we believed the market reaction was overdone and not reflective of a structural downturn. That conviction paid off. Within two months, financials rebounded by 20% to 30%. By April 2019, the S&P 500 Index had fully recovered, validating our disciplined, long-term approach.

Success story 2: Recovery with precision

After the 2008 global financial crisis, GIG’s financials teams across both equity and fixed income recognized that not all U.S. banks were created equal. By early 2009, it became clear that the surviving institutions were on the path to recovery. However, instead of rushing into common equity, the team saw a better opportunity: preferred shares and Troubled Asset Relief Program (TARP)-related warrants. Many of these securities were trading at deep discounts (between 40 and 60 cents on the dollar), while offering high single-digit yields. With capital rebuilding underway and dividends suspended, we saw more compelling opportunities in preferred shares than in common equity. So, the team moved quickly to acquire long-dated, inexpensive warrants in major banks such as JPMorgan, leveraging government recapitalization efforts. As regulatory frameworks strengthened and U.S. banks consolidated and expanded nationally, GIG gradually reintroduced common equity, participating in the full recovery. This layered, forward-looking approach allowed the fund to generate strong returns while managing risk—hallmarks of GIG’s philosophy in action.

Success story 3: Anticipate, act and adapt, making tactical moves in tumultuous times

Another example of GIG’s discipline, flexibility and forward-looking approach came during one of the most turbulent periods in recent market history: the onset of COVID-19. As early signs of the outbreak emerged in Asia, our Hong Kong team flagged the risks well before markets reacted. Acting quickly, but with conviction, the team began reducing equity exposure and raising cash in February and early March. When the market panic accelerated, GIG took a contrarian path. Rather than pulling back further, we leaned in by redeploying capital from cash into equities in anticipation of central bank intervention. By the second half of March, equities were overweight and bonds remained underweight. It was a bold yet calculated shift rooted in our philosophy of staying nimble and risk-aware.

Success story 4: Turning fallen angels into winners through wise security selection

Outperformance in fixed income doesn’t always come from chasing yield; it often comes from discipline, deep research and understanding incentives. GIG’s structure allows it to benefit from both the Investment Grade team’s post-event credit improvement strategy and the High Yield team’s high-quality, default-avoidance approach. Heading into 2020, the fund had virtually no exposure to sectors such as cruise lines and airlines, an early win from the Investment Grade team, which had actively avoided vulnerable issuers at risk of downgrade. When these “fallen angels” moved into high yield territory, the High Yield team seized the opportunity, recognizing issuance from market leaders with attractive yields. By the end of 2021, GIG held a meaningful position in these sectors. The exposure proved highly accretive to returns through 2024, as many of the high-coupon bonds were redeemed above par, turning smart credit work into sustained performance.

Conclusion and gratitude

As we celebrate this important milestone, we would like to thank advisors and investors who were part of the journey. Your belief in our approach and your commitment to long-term investing have been essential to this success. We couldn’t have achieved it without you.

Ultimately, GIG is the result of strong collaboration, shared conviction and a clear philosophy that continues to guide us forward. While $10 billion is a moment worth celebrating, it’s not the destination. We’re just getting started.