Picton Mahoney Asset Management Synergy Funds
|
|
- Diane Mills
- 5 years ago
- Views:
Transcription
1 Picton Mahoney Asset Management Synergy Funds Investors emotions remain fickle. In late April, the market seemed convinced that the global economy would be on a high-growth recovery. By the end of June, the mood had changed and uncertainty seemed to prevail. It was only five or six quarters ago that global governments and central banks were throwing everything but the kitchen sink at their economies to break the spiral of falling asset prices and imploding economic activity that characterized the great recession. Given the damage, re-building confidence and re-establishing a strong foundation for the economy was bound to take time. Inevitably, there were going to be set-backs along the way and this happened in the second quarter. The MSCI World Index fell 9.6%, while the S&P500 Index was down 11.4%. The S&P/TSX Composite Index fell 5.5%, driven by the weak performance in technology, financial and industrial sectors. This volatile market behavior is to be expected in the new era of debt de-leveraging, falling asset prices and unprecedented policy stimulus. It will take years to work through the ill effects of large fiscal imbalances, growing public sector debt and continued private sector de-leveraging. Over the past decade, central bankers have solved financial crises by injecting enough stimuli into the system to persuade the private sector to spend. But as financial institutions hoard capital and consumers continue to rebuild their savings, it is unlikely that a typical re-leveraging binge will occur. The medicine required to change our debt driven recovery will likely mean a period of below-trend wealth accumulation, economic and earnings growth. We believe that the negative drag on capital markets from global indebtedness will be influenced by what stage of recovery the economy is in. When the economic cycle is bottoming and/or accelerating, markets should be able to rally. But, when the economy is growing and growth is tepid, cyclical forces and secular issues battle for attention with investors leading to volatile equity trading. We believe that we entered this phase this past quarter. We believe the sustainability of economic growth will now become the key focus for investors in the near term. This may explain the recent interest in leading indicator data. Chart 1 shows that according to ECRI Leading Indicators, the economy has transitioned and is now decelerating, but growth is still positive. Historical analysis has shown that the best equity returns are often found when leading indexes are accelerating, especially off a trough. Once they peak, average annual returns are typically in the single digits. If leading indicators turn negative, we believe that a defensive positioning would be warranted, especially given sovereign debt concerns. 2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I Head Office / Toronto Calgary Montreal Vancouver Client Services English: French:
2 Chart 1: Many leading indicators, including this one from Economic Cycle Research Institute in New York, show that the economy is still growing, but that it s starting to decelerate. This is not a good sign for equity markets, since historical analysis indicates that the best equity returns occur when leading indicators are accelerating. While sovereign debt issues in Greece and other European countries were contributors to the recent turbulence, the performance of the U.S. and Chinese economies will be critical drivers of market performance for the balance of this year. The U.S. appears to have hit a soft patch recently. These types of growth scares have occurred in past recoveries, but the fear of a double dip recession has increased as the stimulus package comes to a close and bank lending remains stagnant. China has been aggressive in tightening policy to rein in inflation and dampen a possible real estate bubble. We believe that growth will slow and a recession will be averted. The U.S. Federal Reserve has made it clear that its zero interest rate policy will last longer in order to sustain economic growth. We are hopeful that there is enough momentum in the economy to allow it to transition from being stimulus driven to becoming more self-sustaining. A real key to this transition will be whether corporations have enough confidence to boost capital spending and start hiring. There is pent-up demand, since corporate investment has lagged for a number of years, while free cash flow has jumped significantly. Chart 2 shows that the ratio of corporate cash flow to non-residential fixed investment is at the highest levels since the late 1940 s.
3 Chart 2: This chart shows that the ratio of corporate cash flow to non-residential fixed investment is at its highest level since the late 1940 s. U.S. companies have the capacity to invest and hire, but the recent turmoil could depress business and consumer confidence at a critical stage in the return to economic growth. Currently, we expect softness and volatility in equity prices until the fall. From there we are hopeful of a rally that takes prices back to their highs from earlier this year. Stability in U.S. and Chinese economic trends should reinforce the idea that the economy is becoming more self-sustaining and this will boost the prospects for a re-acceleration in economic growth. We don t expect a market collapse, since sentiment has deteriorated considerably and a wall of worry is beginning to be priced into markets. Valuations are quite reasonable and very attractive, relative to bond and cash yields. Chart 3 shows that free cash flow yields of the largest 1,500 U.S. stocks relative to corporate bond yields are approaching 50-year highs. Chart 3: Free cash flow yields of the largest 1,500 U.S. stocks relative to corporate bond yields are approaching 50-year highs. Even if the total return prospects from stocks are modest, it won t take much to beat the returns on low-risk assets, such as bonds. This should provide some support for the markets.
4 Our equity portfolios are positioned for a deceleration in economic growth, but with the expectation of upside potential in equities over the next year. We are underweight most cyclicals, materials and energy. The soft patch in developed economies and the Chinese slowdown took their toll on commodity pricing and metal stocks during the quarter. We continue to own Labrador Iron Ore Income Fund, as well as Teck Resources Ltd. We believe that long-term supply constraints in copper will propel the metal to higher levels, but have reduced our positions. We continue to favour Equinox Minerals Ltd. which has achieved full production in recent months and we are modestly constructive on fertilizers because inventories are low and the eventual restocking could lead to a dramatic boost in demand. Agrium remains our preferred holding, because of its diversified portfolio. While we have reduced exposure to industrial metals, we have increased our exposure to gold stocks. It seems likely that global central banks will remain in easing mode for much longer than originally thought. Loose monetary policy has generally been supportive for gold prices. Our large-cap gold exposures include Barrick Gold Corp., Red Back Mining Inc. and recent addition Yamana Gold Inc. Among the exploration and development companies we prefer Premier Gold Mines Ltd., as well as Osisko Mining Corp. Within energy, we continue to believe that crude oil will be range bound throughout Preliminary figures indicate OECD stocks at 61 days are approaching the same levels as in the spring 2009 during the height of the global recession. Top holdings include Canadian Natural Resources, Suncor Energy Inc. and Baytex Energy Trust Units. We believe that the fundamentals of the natural gas market remain troubled in the short-term due to the emergence of low-cost plays and the frenzy of drilling being done to grow production. Delphi Energy Corp. and Trilogy Energy Corp. have exceeded expectations. We still want cyclical exposure to economic growth, but with a focus on companies that can grow earnings without needing a strong an economic tailwind. Sectors that we are most overweight are technology, consumer discretionary and industrials. Many stocks within these groups provided good relative earnings in the tougher economic environment that existed, yet still delivered cyclical leverage to the economic recovery of the past year. Technology sector has benefitted from the recent recovery in consumer spending and remains poised to take advantage of a potential refresh cycle in the next few years. In Canada, we believe that Celestica Inc. and CGI Group Inc. will continue to build on the strong results they have generated over the past year. Although Research In Motion has delivered solid results, its share performance has been a disappointment. We have reduced our holdings, but expect RIM to benefit from a boost in spending, as well as the release of its new product line-up later this year. Within the industrial and consumer sectors, we remain focused on companies that have delivered solid results and can continue to grow in a less buoyant environment. Canadian National Railway Co. remains a top pick, as well as Magna International Inc.
5 We continue to underweight financials. A cyclical improvement in loan loss provisions is occurring and U.S. operations of some banks offer continued cyclical recovery prospects. We were pleased with the recent earnings results of Toronto-Dominion Bank and Bank of Montreal, which are our largest financial positions. We own Sun Life Financial Inc. and Industrial Alliance Insurance, which have shown strong execution in a turbulent life insurance environment. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. This commentary is provided as a general source of information and should not be considered personal investment advice or an offer or solicitation to buy or sell securities.
Select 20i80e Managed Portfolio Corporate Class. Portfolio Review Third Quarter 2018
Portfolio Review Third Quarter 2018 Q3 Portfolio Performance (Class F) 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Since Inception (November 2006) -0.8% 1.2% 2.8% 4.5% 6.9% 7.6% 7.5% 4.6%
More informationSelect 50i50e Managed Portfolio Corporate Class. Portfolio Review Third Quarter 2018
Portfolio Review Third Quarter 2018 Q3 Portfolio Review Third Quarter 2018 as at September 30, 2018 Portfolio Performance (Class F) 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Since Inception
More informationSelect 30i70e Managed Portfolio. Portfolio Review First Quarter 2013
Portfolio Review First Quarter 2013 Q1 Portfolio Managers Economic Overview Income investors in the first quarter of 2013 favoured high-yield corporate bonds, where yields declined amid robust issuance
More informationMarket Commentary Third Quarter 2018
CI Canadian Small/Mid Cap Fund The portfolio of the fund is divided among three sub-advisors: Picton Mahoney Asset Management, Manulife Asset Management, and QV Investors Inc. The comments below pertain
More informationPortfolio Series Balanced Fund. Portfolio Review Fourth Quarter 2017
Portfolio Review Fourth Quarter 2017 Q4 Portfolio Performance (Class F) 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Since Inception (November 1988) -0.6% 2.8% 3.3% 7.5% 6.2% 9.2% 6.0% 5.9%
More informationPortfolio Series Conservative Balanced Fund. Portfolio Review Fourth Quarter 2017
Portfolio Review Fourth Quarter 2017 Q4 Portfolio Review Fourth Quarter 2017 as at December 31, 2017 Portfolio Performance (Class F) 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Since Inception
More informationFixed Income in a Flat Yield Curve Environment
By Kamyar Hazaveh, May 22, 2018 The difference between short-term and long-term yield in the U.S. and Canada is the narrowest in a decade. The flatness of the yield curve has been the subject of financial
More informationSelect Income Advantage Managed Portfolio. Portfolio Review First Quarter 2013
Portfolio Review First Quarter 2013 Q1 Portfolio Review First Quarter 2013 as at March 31, 2013 Portfolio Managers Economic Overview Income investors in the first quarter of 2013 favoured high-yield corporate
More informationSelect 60i40e Managed Portfolio. Portfolio Review Fourth Quarter 2017
Select 60i40e Managed Portfolio Portfolio Review Fourth Quarter 2017 Q4 Portfolio Review Fourth Quarter 2017 as at December 31, 2017 Portfolio Performance (Class F) 1 Month 3 Months 6 Months 1 Year 3 Years
More informationPortfolio Series Maximum Growth Fund. Portfolio Review Second Quarter 2015
Portfolio Review Second Quarter 2015 Q2 Portfolio Performance (Class A) 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Since Inception (December 2001) -2.0% -1.2% 6.2% 8.8% 16.1% 11.9% 5.2%
More informationTransamerica CI Canadian Balanced Portfolio. Portfolio Review First Quarter 2013
Transamerica CI Canadian Balanced Portfolio Portfolio Review First Quarter 2013 Transamerica CI Canadian Balanced Portfolio Portfolio Managers Economic Overview Income investors in the first quarter of
More informationSelect 30i70e Managed Portfolio. Portfolio Review Third Quarter 2013
Portfolio Review Third Quarter 2013 Q3 Portfolio Managers Economic Overview After sending signals earlier this year that it would be scaling back its economic stimulus efforts, the U.S. Federal Reserve
More informationSelect 70i30e Managed Portfolio. Portfolio Review Fourth Quarter 2012
Portfolio Review Fourth Quarter 2012 Q4 Portfolio Managers Economic Overview In the income sector, investors continued to favour higher-yielding securities in the fourth quarter of 2012, spurred by low
More informationTransamerica CI Balanced Portfolio. Portfolio Review Third Quarter 2013
Transamerica CI Balanced Portfolio Portfolio Review Third Quarter 2013 Transamerica CI Balanced Portfolio Portfolio Managers Economic Overview After sending signals earlier this year that it would be scaling
More informationPortfolio Series Conservative Balanced Fund. Portfolio Review Second Quarter 2015
Portfolio Review Second Quarter 2015 Q2 Portfolio Performance (Class A) 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Since Inception (December 2001) -1.5% -1.9% 4.0% 7.0% 10.3% 8.8% 5.1% 5.2%
More informationSelect Income Advantage Managed Portfolio. Portfolio Review Second Quarter 2013
Select Income Advantage Managed Portfolio Portfolio Review Second Quarter 2013 Q2 Select Income Managed Portfolio Portfolio Review Second Quarter 2013 as at June 30, 2013 Portfolio Managers Economic Overview
More informationPortfolio Series Conservative Fund. Portfolio Review Second Quarter 2015
Portfolio Review Second Quarter 2015 Q2 Portfolio Performance (Class A) 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Since Inception (December 1997) -1.4% -2.0% 3.7% 6.8% 8.9% 8.0% 5.0% 5.4%
More informationPortfolio Select Series. Portfolio Review Second Quarter 2012
Portfolio Select Series Portfolio Review Second Quarter 2012 Q2 Q2 3 Select Income Advantage Managed Portfolio 6 Select 80i20e Managed Portfolio 10 Select 70i30e Managed Portfolio 14 Select 60i40e Managed
More informationGeneral Comments Timing the financial markets has become more important since secular bull markets secular bear markets
General Comments Timing the financial markets has become more important since 1998. Viewing a chart of the S&P 500 Index for the last 130 years (a good average of how US stocks have performed) looks like
More informationSelect Income Managed Portfolio Corporate Class. Portfolio Review Third Quarter 2018
Portfolio Review Third Quarter 2018 Q3 Portfolio Review Third Quarter 2018 as at September 30, 2018 Portfolio Performance (Class F) 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Since Inception
More informationPortfolio Series Balanced Fund. Portfolio Review Second Quarter 2015
Portfolio Review Second Quarter 2015 Q2 Portfolio Performance (Class A) 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Since Inception (November 1988) -1.6% -1.8% 4.5% 7.9% 11.4% 9.3% 5.3% 7.1%
More informationPrudential International Investments Advisers, LLC. Global Investment Strategy May 2008
Prudential International Investments Advisers, LLC. Global Investment Strategy May 2008 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com
More informationFinancials Sector 2019 Outlook
Financials Sector By John Hadwen, CFA Vice-President, Portfolio Management and Portfolio Manager January 23, 2019 With the global financials sector struggling over the last 12 months, what s in store for
More informationSUN LIFE GLOBAL INVESTMENTS (CANADA) INC.
SUN LIFE GLOBAL INVESTMENTS (CANADA) INC. ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE for the financial year ended December 31, 2016 Sun Life MFS Canadian Equity Class This annual management report of
More informationTransamerica CI Balanced Portfolio. Portfolio Review Second Quarter 2013
Transamerica CI Balanced Portfolio Portfolio Review Second Quarter 2013 Transamerica CI Balanced Portfolio Portfolio Managers Economic Overview U.S. economic data remained mixed during the second quarter,
More informationLarbi Moumni, CFA November 30, 2018
Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Weekly Trends Larbi Moumni, CFA November 30, 2018 Chart Pack This week we look at a series of charts to help us take
More informationAnnual Management Report of Fund Performance
Annual Management Report of Fund Performance (formerly, BMO Private Canadian Conservative Equity Portfolio) For the period ended December 31, 2017 This annual management report of fund performance contains
More informationImplications of the Chinese currency moves
August 15, 2015 INVESTMENT STRATEGY NOTES Nick Majendie, CA Director, Wealth Management ScotiaMcLeod Senior Portfolio Manager, with responsibility for advising the Anchor Implications of the Chinese currency
More informationImperial Canadian Dividend Pool
Imperial Canadian Dividend Pool (Effective February 1, 2011, the name will change to Imperial Canadian Diversified Income Pool) Annual Management Report of Fund Performance for the financial year ended
More informationMarket Commentary Fourth Quarter 2017
Portfolio Series and Portfolio Select Series Alfred Lam, SVP and Chief Investment Officer Yoonjai Shin, VP and Portfolio Manager CI Multi-Asset Management Happy New Year! We wish all of our investors and
More informationSelect 40i60e Managed Portfolio. Portfolio Review First Quarter 2018
Select 40i60e Managed Portfolio Portfolio Review First Quarter 2018 Q1 Portfolio Review First Quarter 2018 as at March 31, 2018 Portfolio Performance (Class F) 1 Month 3 Months 6 Months 1 Year 3 Years
More informationPortfolio Series Income Fund. Portfolio Review Second Quarter 2015
Portfolio Review Second Quarter 2015 Q2 Portfolio Review Second Quarter 2015 as at June 30, 2015 Portfolio Performance (Class A) 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Since Inception
More informationPrudential International Investments Advisers, LLC. Global Investment Strategy & Outlook For 2009
Prudential International Investments Advisers, LLC. Global Investment Strategy & Outlook For 2009 December 17, 2009 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact:
More informationImperial Pools. Annual Management Report of Fund Performance. December 31, Imperial Canadian Dividend Income Pool
Imperial Pools Annual Management Report of Fund Performance December 31, 2006 Imperial Canadian Dividend Income Pool This annual management report of fund performance contains financial highlights but
More informationPortfolio Review Third Quarter 2018
Portfolio Review Third Quarter 2018 Q3 The Gherkin, London, United kingdom 3 Portfolio Series Income Fund 7 Portfolio Series Conservative Fund 11 Portfolio Series Conservative Balanced Fund 15 Portfolio
More informationTransamerica CI Conservative Portfolio. Portfolio Review Third Quarter 2013
Transamerica CI Conservative Portfolio Portfolio Review Third Quarter 2013 Transamerica CI Conservative Portfolio Portfolio Managers Economic Overview After sending signals earlier this year that it would
More informationLarbi Moumni, CFA October 19, 2018
Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Weekly Trends Larbi Moumni, CFA October 19, 2018 Chart Pack This week we look at a series of charts to help us take the
More informationSUN LIFE GLOBAL INVESTMENTS (CANADA) INC.
SUN LIFE GLOBAL INVESTMENTS (CANADA) INC. SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE for the period ended June 30, 2016 This semi-annual management report of fund performance contains financial
More informationIs it time to cue the raven? Nevermore?
Is it time to cue the raven? Nevermore? By Sandy McIntyre Capital Markets Strategist, CI Investments December 10, 2018 The time has come for the annual rite of forecasting. What will 2019 bring? If you
More informationFinancial Market Outlook & Strategy: Stocks Bottoming On Track to Recovery. Near-term Risks
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: Stocks Bottoming On Track to Recovery. Near-term Risks John Praveen
More informationMarket volatility to continue
How much more? Renewed speculation that financial institutions may report increased US subprime-related losses has sent equity markets tumbling. How much more bad news can investors expect going forward?
More informationASSET INFLATION ECONOMIC DEFLATION
ASSET INFLATION ECONOMIC DEFLATION On a relative basis, the first quarter was hard on global balanced managers as all assets underperformed the safe haven U.S. stock market. Investment grade bonds were
More informationAsset Allocation Model March Update
The month of February was marked by a sell-off in global equity markets and a sudden increase in market volatility with the CBOE Volatility Index reaching its highest level since August 2015. The rout
More informationScotia Canadian Index Fund
Scotia Canadian Index Fund Annual Management Report of Fund Performance For the period ended December 31, 2016 This annual management report of fund performance contains financial highlights but does not
More informationAlberta s Economic Outlook Chief Economist Katherine White Presented April 2012 Exclusively to the Members of REIN
Alberta s Economic Outlook Alberta s Economic Outlook Katherine White Chief Economist Government of Alberta April 3, 2012 1) Global Economy 2) Canadian Economy 3) Alberta Economy 4) Alberta s Housing Market
More informationHSBC World Selection Portfolio Quarterly Report Q4 2018
HSBC World Selection Portfolio Quarterly Report Q4 2018 Date: January 2019 This commentary provides a high-level overview of the recent economic environment and is for information purposes only. It is
More informationThe Signature Position: Latest Equity Market Sell-off
By Jean-Philippe Bry, October 12, 2018 To quote the market s most stable genius in chief, Donald Trump, a stock market correction was overdue. A correction was something we have been anticipating, and
More informationPrudential International Investments Advisers, LLC. Global Investment Strategy February 2010
Prudential International Investments Advisers, LLC. Global Investment Strategy February 2010 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com
More informationBMO Monthly High Income Fund II (the Fund )
(the Fund ) For the period ended June 30, 2014 Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio Manager: Guardian Capital LP (the portfolio manager ) 2014 Semi-Annual Management Report of
More informationAnnual Management Report of Fund Performance
(the Fund ) For the period ended September 30, 2012 Manager: BMO Investments Inc. Portfolio manager: BMO Asset Management Inc., Toronto, Ontario Annual Management Report of Fund Performance This annual
More informationAlpha investing the quest for exceptional performance
Alpha investing the quest for exceptional performance The focus on absolute returns, management expertise unleashed United Financial focuses on partnering with investment managers who add value beyond
More informationMarch PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy March 2016 Stocks likely to Recover Further with Improving Growth & Recession Fears Easing, Fresh Stimulus from
More information2014 Annual Management Report of Fund Performance
(the Fund ) For the 12-month period ended September 30, 2014 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More information2013 Annual Management Report of Fund Performance
(the Fund ) For the period ended September 30, 2013 Manager: BMO Investments Inc. (the Manager ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio manager ) 2013 Annual Management
More informationLeith Wheeler Investment Funds Quarterly Review December 31, 2016
Leith Wheeler Investment Funds Quarterly Review December 31, 2016 MER 3 Mo. 1 Yr 3 Yrs 5 Yrs 10 Yrs % % % % % % LW Canadian Equity Fund 1.49 8.3 28.9 6.3 10.9 5.4 LW Canadian Dividend Fund 1.49 9.4 29.6
More informationSecond Quarter Review 2010
Harbour Fund Harbour Growth & Income Fund Period Ended June 30, 3 Months YTD Harbour Fund - 7.3 % - 6.4 % Harbour Growth & Income Fund - 6.3 % - 5.3 % S&P/TSX Composite Canada (Total Return) - 5.5 % -
More informationWhy we are still not owners of Canadian banks
Why we are still not owners of Canadian banks Stephen Groff, June 14, 2018 Early last year we published Why we are not owners of Canadian Banks today, which summarized our rationale for avoiding investing
More informationRaymond James. Steele Wealth Management Group. First Quarter 2009 The Eye of the Storm? Or the first in a series?
Raymond James Steele Wealth Management Group First Quarter 2009 The Eye of the Storm? Or the first in a series? The Team: Brian Steele Laura Prust Jeannine Campbell Kelly Townsend Matthew Bell Quarter
More informationPlease note that in the following document any reference to HRS Capital should be treated as a mention of Fiera Capital _E (11/16)
Client Guide Effective November 1, 2016, Fiera Capital assumed responsibility for the funds risk management overlay strategy. CI has appointed Fiera Capital to replace HRS Capital ( HRS ) following a change
More informationAnnual Management Report of Fund Performance
BMO NESBITT BURNS Annual Management Report (the Fund ) DECEMBER 31, 2012 Portfolio Manager: BMO Asset Management Inc., Toronto, Ontario This annual management report of fund performance contains financial
More informationFinancial Market Outlook: Stock Rally Continues with Faster & Stronger GDP Rebound, Earnings Recovery & Liquidity
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: Further Stock Gains with Macro Sweet Spot & Earnings Recovery.
More informationSemi-Annual Management Report of Fund Performance
Semi-Annual Management Report of Fund Performance BMO Private Canadian Conservative Equity Portfolio (formerly, BMO Harris Canadian Conservative Equity Portfolio) For the period ended June 30, 2015 This
More informationPortfolio Series Balanced Fund
This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual financial
More informationNovember PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy November 2015 John Praveen, PhD Chief Investment Strategist FOR MORE INFORMATION CONTACT: Theresa Miller Phone:
More informationFinancial Market Outlook: Further Stock Gain on Faster GDP Rebound and Earnings Recovery. Year-end Target Raised
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: FurtherStock Gains Likely, Year-end Target Raised. Bond Under Pressure
More informationFickel s Focus. First quarter investment commentary. Economic Overview. Global Markets Surge in Q1, 2017
Fickel s Focus First quarter investment commentary David Fickel, CFA Vice-President & Portfolio Manager 416-966-0612 david.fickel@rbc.com Miro Czyzewski Associate Advisor 416-960-7881 miro.czyzewski@rbc.com
More informationFinancial Market Outlook: Stocks Rebounding from July Correction, Further Gains Likely. Bond Yields Range Bound
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: Stocks Rebounding from July Correction, Further Gains Likely. Bond
More informationPortfolio Review xxx Quarter 20xx. Evolution 50i50e Model Portfolio Portfolio Review Third Quarter 2018
Portfolio Review xxx Quarter 20xx Evolution 50i50e Model Portfolio Portfolio Review Third Quarter 2018 Q3 Overview Diversified portfolios capture gains from asset classes and security types that are performing
More information2017 Annual Management Report of Fund Performance
(the Fund ) For the 12-month period ended September 30, (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More information2015 Semi-Annual Management Report of Fund Performance
(the Fund ) For the period from November 13, 2014 to March 31, 2015 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the
More informationPortfolio Review xxx Quarter 20xx. Evolution 70i30e Model Portfolio Portfolio Review Third Quarter 2018
Portfolio Review xxx Quarter 20xx Evolution 70i30e Model Portfolio Portfolio Review Third Quarter 2018 Q3 Evolution 70i30e Model Portfolio Standard geographic asset allocation and blend of investment styles
More informationCambridge Asset Allocation Fund
This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual financial
More informationSUN LIFE GLOBAL INVESTMENTS (CANADA) INC.
SUN LIFE GLOBAL INVESTMENTS (CANADA) INC. ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE for the financial year ended December 31, Sun Life MFS Canadian Equity Fund This page is intentionally left blank
More informationMassive Uncertainty and Portfolio Management
THE JAGGED PERCH The decline in global equity markets from their April highs was swift, brutal and ugly. The S&P 500 was down almost 20% over this period (13.8% in the 3rd quarter). Other indices fared
More information2014 Annual Management Report of Fund Performance
(the Fund ) For the 12-month period ended December 31, (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio Manager: Guardian Capital LP (the portfolio manager ) Annual Management
More informationPrudential International Investments Advisers, LLC. Global Investment Strategy October 2009
Prudential International Investments Advisers, LLC. Global Investment Strategy October 2009 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com
More informationMarket Maps. Bob Dickey, Technical Strategist, Portfolio Advisory Group. December RBC Capital Markets, LLC / Portfolio Advisory Group
Market Maps Bob Dickey, Technical Strategist, Portfolio Advisory Group RBC Capital Markets, LLC / Portfolio Advisory Group All values in U.S. dollars and priced as of market close, December 1, 2017, unless
More information2014 Annual Management Report of Fund Performance
(the Fund ) For the 12-month period ended September 30, 2014 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationViews expressed at the July Face to Face with Fidelity in Boston
Daniel Dupont and Hugo Lavallée s Perspectives on Canadian Equities Dan Dupont manages a number of Fidelity Funds, including Fidelity Concentrated Value Private Pool. The Pool typically has between 20
More informationPortfolio Select Series. Portfolio Review First Quarter 2017
Portfolio Select Series Portfolio Review First Quarter 2017 Q1 Q4 3 Select Income Managed Portfolio 6 Select 80i20e Managed Portfolio 10 Select 70i30e Managed Portfolio 14 Select 60i40e Managed Portfolio
More informationMarket Insight: It s Nasty Out There Is This a Bear Market?
December 16, 2018 Market Insight: It s Nasty Out There Is This a Bear Market? Year-end commentaries are supposed to be filled with reflection, thankfulness, and inspiration for the New Year. In the grand
More informationBalanced Opportunities. CI Investment Solutions
Balanced Opportunities CI Investment Solutions Portfolio Management Expertise Balanced Opportunities Given the volatility of recent years, many of your clients may be hesitant about investing in equity
More informationPrudential International Investments Advisers, LLC. Global Investment Strategy June 2009
Prudential International Investments Advisers, LLC. Global Investment Strategy June 2009 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com
More informationThe Peterborough Census Metropolitan Area (CMA) spans the city of Peterborough and six other jurisdictions. The area is
PETERBOROUGH CENSUS METROPOLITAN AREA Presented by the Credit Unions of Ontario and the Ontario Chamber of Commerce 1 Peterborough s housing market saw a banner year in 2015. The Peterborough Census Metropolitan
More informationQ Market Update
Page 1 of 6 Q3 2018 Market Update Sadiq S. Adatia, Chief Investment Officer Opinions as of October 1, 2018 HIGHLIGHTS Canada signs revamped NAFTA with the U.S. and Mexico Crude rises on new trade pact
More informationEconomic and Portfolio Outlook 4th Quarter 2014 (Released October 2014)
Economic and Portfolio Outlook 4th Quarter 2014 (Released October 2014) Our economic outlook for the fourth quarter of 2014 for the U.S. is continued slow growth. We stated in our 3 rd quarter Economic
More informationMarket Cycles and the Retirement Risk Zone
Market Cycles and the Retirement Risk Zone managed by CI Investments Inc. issued by Sun Life Assurance Company of Canada Retirement risk zone Your clients, can have a good plan in place, make regular contributions
More informationCAN EQUITIES RECOVER?
TD Economics Special Report November, 28 www.td.com/economics CAN EQUITIES RECOVER? Global equity markets have suffered a severe correction, with losses over a 2-week period ending on November 2 th of
More informationJason Castelli, CFA May 11, 2018
Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Weekly Trends Jason Castelli, CFA May 11, 2018 Spring Showers Bring Energy Flowers Beaten Down, But Not Out was our March 23
More informationFourth Quarter Market Outlook. Jason Bulinski, CFA Donald A. Powell, CFA Joseph Styrna, CFA
Fourth Quarter 2018 Market Outlook Jason Bulinski, CFA Donald A. Powell, CFA Joseph Styrna, CFA Economic Outlook Growth: Strong 2018, But Expecting Slowdown in 2019 Growth & Jobs 2018 2017 2016 2015 2014
More informationEmerging markets: Issuance frenzy and complacency about growing risks
By Naman Agarwal November 3, 2017 Low interest rates have propelled a search for yield and rotation into higher-yielding emerging market (EM) debt, resulting in record inflows into the asset class. As
More information2016 Semi-Annual Management Report of Fund Performance
2016 Semi-Annual Management Report of Fund Performance for the period ended June 30, 2016 Trident Performance Corp. II This semi-annual management report of fund performance contains financial highlights
More informationGlobal Economic Outlook Brittle Strength
Global Economic Outlook Brittle Strength RISI North American Conference October 2017 Lasse Sinikallas Director Macroeconomics Agenda 1. Global Snapshot Steady 2. North America Performing 3. China In Transition
More informationBusiness Outlook Survey
Results of the Spring 217 Survey Vol. 14.1 3 April 217 The results of the spring reflect signs of a further strengthening of domestic demand following overall subdued activity over the past two years.
More informationBMO S&P/TSX Capped Composite Index ETF (ZCN) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO S&P/TSX Capped Composite Index ETF (ZCN) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO Asset Management Inc. (the
More informationExcerpts from Seven Canadian Banks Third Quarter Financial Report to Shareholders re. Alberta, energy and oil and gas 1
Excerpts from Seven Canadian Banks Third Quarter Financial Report to Shareholders re. Alberta, energy and oil and gas 1 CWB Our outlook for the remainder of 2016 reflects expectations for ongoing credit
More informationHSBC Canadian Bond Pooled Fund. Annual Management Report of Fund Performance for the year ended December 31, 2016
HSBC Canadian Bond Pooled Fund Annual Management Report of Fund Performance for the year ended December 31, 2016 HSBC Canadian Bond Pooled Fund Management Discussion of Fund Performance In this document,
More informationSunWise Essential CI Harbour Bundles
SunWise Essential CI Harbour Bundles managed by CI Investments Inc. issued by Sun Life Assurance Company of Canada s Here s how they work All equity funds hold a certain amount of cash. With s, we consider
More information2018 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE For the period ended June 30, 2018
2018 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE For the period ended June 30, 2018 Offered by Educators Financial Group Portfolio Manager: BMO Asset Management Inc., Toronto, Ontario Educators Growth
More informationRegional Economic Outlook
2015 Regional Economic Outlook Muskoka-Kawarthas Presented by the Credit Unions of Ontario and the Ontario Chamber of Commerce 1 The region s unemployment rate is expected to fall steadily over the next
More information