One Investment Program
Frequently Asked Questions


ABOUT THE PROGRAM

What is a ‘co-mingled’ or ‘pooled’ Investment Portfolio?

A co-mingled portfolio involves the grouping of investments from many organizations that share the same investment goals. All monies are managed by professional investment firms in a well-diversified portfolio of securities according to specific goals and investment parameters. Each investor owns a share of the total portfolio assets (represented by units) and investment earnings are generated when the securities held in the portfolio pay dividends, interest income or increase in market value.

How long has had The One Investment Program been in operation?

In 1994, ‘One - The Public Sector Group of Funds’ was created by LAS and CHUMS, and after a rebranding in 2010, the program is now named ‘The One Investment Program’.

What products are available through The One Program?

The One Program includes the following portfolios:
  • High Interest Savings Account (recommended investment for 1+ months)  
  • Money Market Portfolio (recommended investment for 1 - 18 months)
  • Bond Portfolio (recommended investment for 18 months - 3 years)
  • Universe Corporate Bond Portfolio (recommended investment for 4+ years)
  • Equity Portfolio (recommended investment for 5+ years)

Is there a minimum time that we must enroll for?

There is no minimum time for any investment in the One Program. There are no fees or penalties for investment or redemption at any time. Each Portfolio is operated with a specific investment horizon in mind so attention must be paid to these suggested periods to ensure the predictability of investment returns.

Does the program guarantee regulatory compliance?

The One Investment Program guarantees compliance with the Municipal Act Eligible Investment regulation.

Is my principle investment guaranteed?

An investment in the One Investment Program – similar to most other investments permitted under the Municipal Act Eligible Investments regulation – is not guaranteed or insured. However, the One Investment program was designed specifically to address safety of principal and liquidity via strict investment guidelines aimed at minimizing credit and market risk.

What makes The One Investment Program different than my bank?

The One Investment Program portfolios allow your organization to realize competitive returns than in many cases are more competitive than those available through a bank. In addition, certain investment types, such as longer term corporate bonds and Canadian equities, are not available to Ontario municipalities outside of the One Investment Program. (As per the Municipal Act Eligible Investment regulation)

Is my municipality too small / large to participate?

Participation in any of the One Program portfolios includes municipalities of all sizes. Smaller municipalities investing in The One Investment Program benefit from professional investment management as well as being included in large, cost-effective market purchases. Larger municipalities benefit from competitive investment returns, investment liquidity, and lower overall investment management/transaction costs because of the larger total investment balances.

Who are the One Program portfolio managers?

  • The Money Market, Bond, and Universe Corporate Bond Portfolios are managed by MFS Investment Management Canada
  • The Equity Portfolio is managed by Guardian Capital LP
  • The High Interest Savings Account is offered through a schedule 1 Canadian bank.

Who can utilize The One Investment Program?

  • Ontario municipalities
  • Organizations from the broader Ontario public sector
    • Local Boards of municipalities
    • Conservation Authorities
    • DSSABs

What is the minimum investment?

The minimum investment in any portfolio is $5,000. The same limit also applies to redemptions.

How liquid are investments in The One Investment Program?

Your investments are always available. For the Money Market, Bond, Corporate Bond, and Equity Portfolios, if withdrawal instructions are provided to the One Program custodian by 4:00 p.m. eastern time, on any business day, the money will be placed in your bank account the morning of the following working day. For HISA, the instructions must be received before 12 noon eastern time to processed for the next day.

How do we make investments, withdrawals, or fund transfers?

Investment transactions for the Money Market, Bond, Corporate Bond, and Equity Portfolios must be sent by fax or email instruction to CIBC – Mellon, the One Program custodian. For the HISA account the instructions will be emailed to LAS.

TECHNICAL

How do we obtain current One Program account information – i.e. signing officer, website password, or existing investment accounts, etc.?
Please contact LAS. If you wish to change account information or signing officers, or open new accounts, the required forms can be downloaded from this site.

Who do we contact with technical/performance-related questions about the Program?

These questions are best answered by Tom Bradbury.

How does an investor get their investment balances?

Balances for each investor account are posted daily, net of program management fees, on the One Investment Program secure Investor website. Access to investor accounts is password protected.

Does the Program offer monthly investor statements?

Monthly statements are posted via The One Investment Program Secure Investor website for every account.

Can an investor have multiple investment accounts in any One Program portfolio?

Yes, One allows any investor to have any number of accounts in any one or more of the portfolios. The exception to this is for HISA, whereby an investor can only have one investment account.

Where can I get performance information on the One Investment Program?

Monthly portfolio level performance data is available from The One Investment Program website.

How are the One Program portfolios valued?

Each portfolio is valued on a daily basis. Based on the current day’s market value of the securities held in each portfolio, the One Program custodian, CIBC – Mellon, values each portfolio and each investor’s balance is posted to the One Program secure website.

What strategy is employed in the management of each One Program portfolio?

Each Portfolio is managed in accordance with stringent investment guidelines developed by LAS, CHUMS, our investment manager, and our third party CFA consultant. These guidelines must be followed by the investment managers and are periodically reviewed by One Program staff, our CFA consultant, and advisory committees.

What investor reports does the One Investment Program offer?

Program investors have on-demand access to their investment balances via the Program’s secure investor website. In addition, investors also receive monthly reports showing the total investment value including income distributed for the period, and quarterly program level performance reports.

What is the One Program (Peer) Advisory Committee?

The committee is an advisory body comprised of municipal investment professionals, current One Program investors, and a representative from both LAS and CHUMS. The purpose of the committee is to provide peer oversight of the One Program, to receive updates from the investment managers, and to advise on appropriate direction and marketing for the program.

What is the Investment Advisory Committee?

The committee is an advisory body comprised of investment sector and legal experts, and a representative from both LAS and CHUMS. The purpose of the committee is to receive updates from the investment managers, and provide recommendations to staff as to how to improve the Program for all investors.

Why does the One Program retain a third-party investment consultant?

The third-party investment consultant provides annual performance reviews of our professional investment managers. The consultant also provides objective and independent advice to One Program staff and the controlling Boards on the management of The One Investment Program.

 

Contact

LAS

T 416.971.9856
TF 1.877.426.6527
F 416.971.6191

 
Calvin Barrett
Manager of Accounting and Corporate Services, MFOA/CHUMS

T 416.362.9001 ext. 229