Our Goal. Your Vision. Luft Financial Model Portfolios 2017 Review. February 15, 2018 FOR PRIVATE CLIENTS ONLY
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1 FOR PRIVATE CLIENTS ONLY Luft Financial Model Portfolios February 15, 2018 Your Vision Robert Luft, CIM, CFP Luft Financial Portfolio Manager Director, Private Client Group Elvis Picardo, CFA, CIM Portfolio Manager Aaron Arnold, CIM, BA Investment Advisor Our Goal 1
2 Market Review 2017 may well be remembered as the year of the proverbial calm before the storm, as a number of equity indices reached new highs amid record low market volatility in the U.S. The TSX Composite index lagged its U.S. counterparts significantly in the first half of the year, but turned in a much improved performance in the second half, posting gains for five successive months from August onward. As a result, the TSX Composite gained 6.0% for the year, after surging 17.5% in of the index s 11 sectors advanced in 2017, led by the Health Care (+32.7%), Consumer Discretionary (+20.4%) and Industrials (+17.9%) groups (Figure 1). The Energy group was the only laggard in 2017, down 10% despite a 12.5% gain in crude oil (WTI) that took it to over US$60 per barrel by year-end. Note that the Health Care sector s outsized returns were driven largely by exceptional gains in the two marijuana stocks included in the index, both of which more than tripled over the year. (All data sourced from FactSet). The TSX Composite s 2017 performance paled in comparison with many overseas indices. Propelled by robust earnings growth and the passage of the tax reform bill, U.S. indices surged last year, led by the Nasdaq Composite (+28.2%), while the Dow Jones Industrial Average gained 25.1% and the S&P 500 advanced 19.4%. European indices also registered healthy gains, with some posting double-digit returns. The BRIC emerging giants had a mixed year, with India s Sensex and Brazil s Bovespa index up 27.9% and 26.9% respectively, while China s Shanghai Composite gained 6.6% and Russia s RTS index was barely positive with a 0.2% gain. Overall, global market capitalization rose from $70.0 trillion at end-2016 to $85.3 trillion by end-2017, an increase of 21.8% (Source: World Federation of Exchanges). Figure 1: TSX Composite Sector Returns 2017 vs Source: FactSet 2
3 Portfolio Constituents Major Movers In 2017, the top three performers among our portfolio constituents (based on total returns in Canadian dollar terms) were: Visa Inc. (NYSE: V, +37.6%), Magna International (TSX: MG, +25.1%) and Restaurant Brands International (TSX: QSR, +22.4%). Note that we sold two of our best performers, Micron Technology (NASDAQ: MU) and Lundin Mining (TSX: LUN) in Q4 of 2017 after they had gained 66.6% and 35.2% respectively by the end of Q3. The three worst performers among our portfolio constituents in 2017 were: General Electric (NYSE: GE, -46.5%), High Liner Foods (TSX: HLF, -23.0%) and Barrick Gold (TSX: ABX, -14.8%). It should be noted that individual stocks have a smaller impact on our portfolio returns than constituents with larger weights such as funds and ETFs. In terms of contribution to portfolio return, which also takes into account the portfolio weight of each constituent, the five biggest positive contributors to our large model portfolios in 2017 were: BMO MSCI EAFE (hedged to CAD) ETF (TSX: ZDM), Dynamic Alternative Investment Private Pool (DYN3915), Purpose International Dividend ETF (TSX: PID), First Asset Morningstar Canada Value Index ETF (TSX: FXM), and Visa Inc. (Source: SIACharts.com). Portfolio Changes and Rationale We made some substantial changes to our portfolios in At the beginning of the year, we had increased the equity allocation in our balanced Pension portfolio by 1.5 percentage points, primarily to EAFE (Europe, Australasia and Far East) and Canada. In late November, we scaled back equity exposure by 1.75 percentage points as we moved to a more defensive portfolio orientation. In January 2017, we had added stocks and ETFs such as Visa Inc., Hydro One (TSX: H), BMO MSCI EAFE ETF (TSX: ZDM) and SPDR S&P Pharmaceuticals ETF (NYSE: XPH), to gain exposure to targeted sectors and regions. In June, we trimmed positions in Antrim Balanced Mortgage Fund (ABM 103) to reduce exposure to Canadian residential mortgage securities, and added the ia Clarington Floating Rate Fund to position portfolios for higher interest rates in future. In October, we reinvested proceeds from the Micron sale into Verizon Communications (NYSE: VZ). Wecompleted a major rebalancing of client portfolios in November, making the following changes: On the equity side, we exited our full position in a First Asset U.S. ETF (TSX: RWU.B) and onethird of our position in a First Asset Canada Value ETF (TSX: FXM). We invested proceeds in the FA MSCI Europe Low Risk Weighted ETF (TSX: RWE.B), Pembina Pipeline (TSX: PPL) and SNC-Lavalin (TSX: SNC). We also switched from XPH into AstraZeneca (NYSE: AZN). In the preferred equity space, we switched out of a BMO preferred share fund into the Redwood Canadian Preferred Share ETF (NEO: RPS). In fixed income, we replaced the Russell Canadian Fixed Income Pool with ETFs such as the First Asset Enhanced Short Duration Bond ETF (TSX: FSB), the Vanguard Canadian Short- Term Corporate Bond ETF (TSX: VSC) and the BMO Emerging Market Bond ETF (TSX: ZEF). We also added an actively-managed fund, the NEI Global Total Return Bond Fund. 3
4 Looking Ahead The synchronized global growth that commenced in 2017 for the first time in a decade looks set to continue through this year and next. Last month, the International Monetary Fund (IMF) raised its forecast for global economic growth by 0.2 percentage point to 3.9% for 2018 and 2019, from 3.7% in Robust economic growth is translating into solid corporate earnings for most major economies. That said, rising bond yields and more aggressive Federal Reserve rate hikes precipitated by higher inflation could endanger the second-longest bull market in history, as indicated by the correction earlier this month that was the biggest decline in two years. Our view that market volatility will return to more normalized levels after being depressed through most of 2017 justifies a more defensive tilt for investment portfolios, in our opinion. Our balanced approach to asset allocation (Figure 2) should also enable our portfolios to hold up during market turbulence, as equity declines should be cushioned by our fixed income investments, US dollar exposure and alternative investment holdings. Figure 2: Model Portfolios Asset Allocation as of December 31, 2017 Asset Class Asset Category Pursuit Pension Protection CAD Top Stocks Equity Fixed Income Source: Luft Financial CAD Broad Mkt. ETFs CAD Energy US Top Stocks US Sector ETFs US Broad Mkt. ETFs US Sm-Mid Cap International Equity Emerging Markets CAD Utilities International Infrastructure International Real Estate Fixed Mortgage Preferred Alternative Alternative Cash Cash Total
5 DISCLAIMER This information has been prepared by Robert Luft and Elvis Picardo, who are Portfolio Managers, and Aaron Arnold, who is an Investment Advisor, for HollisWealth and does not necessarily reflect the opinion of HollisWealth. HollisWealth is a division of Industrial Alliance Securities Inc., a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. The information contained in this newsletter comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors. Robert Luft, Elvis Picardo and Aaron Arnold can open accounts only in the provinces in which they are registered. For more information about HollisWealth, please consult the official website at Luft Financial is a personal trade name of Robert Luft. 5
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