The portfolio is exposed to the following secular themes - China internet, cloud computing, emerging market consumer, and industrial automation. As a direct consequence of our favorable view of the emerging market consumer, Indian financial services, and Chinese internet sectors, the strategy has meaningful exposure to the Chinese and Indian markets within the overall emerging market bucket. In the UK and Ireland we are finding good stable growth franchises within the consumer staples, healthcare and the financial services sectors, and as such, we substantially reduced our UK underweight over the course of the quarter. Outlook Various economic indicators suggest a deceleration in the global economic growth, with some geographies such as China experiencing a sharp slowdown. This remains the biggest risk to equity markets. A policy misstep on the tariff front or an escalation in trade tensions could further elevate the risk of a prolonged slow-down. The US economic expansion is showing some signs of cooling down. This could lead to the Fed’s slowing down its pace of rate increases and the unwinding of its balance sheet. Recent comments from Chairman Powell seem supportive of this view, and represent a reversal of his comments from just a few months ago. We have become more cautious on the global economy and this is reflected in our defensive positioning relative to Q3. If economic conditions were to worsen, we would likely further reduce our exposure to cyclicals. On the flip side, multiples have compressed since the end of Q3. Given that our conviction levels on portfolio companies remain high, we have used this period of volatility to add to positions in companies in which we have conviction. Though portfolio-risk cannot be fully divorced from broader market risks, we believe that our continued emphasis on balance between stability and growth within the portfolio will help us safely navigate our way through this uncertain environment. Past performance is not indicative of future results. Inherent in any investment is the potential for loss. All information is as of December 31, 2018 unless otherwise noted. Please see Important Disclosures on page 4. th Fiera Capital Inc. | 4 Quarter Commentary 2