Sun Life Financial Inc T.SLF.PR.H

TD Large Cap Model Portfolio

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Canadian Large Cap Model Portfolio Materials

Adding First Quantum Minerals Ltd. (FM-T) at 2.0% Reducing Barrick Gold Corp. (ABX-T) to 4.0% from 6.7%

Yesterday, we described the positive cyclical reversal in many macro market-based indicators we follow. As a result, we tactically raised cyclical value exposure in financials through positions in Manulife Financial Corp. (MFC-T, portfolio weight 4.0%) and Sun Life Financial Corp. (SLF-T, portfolio weight 3.0%), while reducing consumer staples with the removal of Loblaw Companies Ltd. (L-T). Today, we are making another tactical portfolio change in raising base metal exposure with the addition of First Quantum, while reducing some gold exposure through Barrick.

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Raising Value — Financials Raising Manulife Financial Corp. (MFC-T) to 4.0% from 1.8% and Sun Life Financial Corp. (SLF-T) to 3.0% from 1.8% We believe that the steeper U.S. yield curve is a strong signal to add to lifecos and to start raising the relative sector weight in lifecos over banks. Quantitatively, both Manulife and Sun Life compare favourably with the banks. Manulife'