Market Monitor Audiocasts
January 2018 Market Monitor
Steve Locke, Senior Vice President, Portfolio Manager and Fixed Income Team Lead at Mackenzie Investments, explains how his portfolio is positioned for this environment of gradually increasing interest rates. He also discusses the possibility of rates going back down, and what he plans to do within the portfolio if that occurs. The Mackenzie Fixed Income Team manages the Canadian Core Fixed Income component of the Counsel Fixed Income mandate.
Tom Marsico, Founder, CEO and CIO at Marsico Capital Management describes his growth philosophy for investing in this environment of increasing interest rates and U.S. tax cuts. He also weighs in on the likelihood of an economic downturn in 2018. Marsico Capital Management manages the Counsel U.S. Growth mandate.
October 2017 Market Monitor
Donie O’Brien, Senior Quantitative Fund Manager at Irish Life Investment Managers discusses what he believes to be the current drivers of risk in the marketplace and Irish Life’s approach to managing risk. He also talks about increasing interest rates and the value of fixed income as a shock absorber in diversified portfolios. Irish Life manages the Defensive global equity, Global low volatility equity, Global government bonds, and Emerging market debt and equities components of the Counsel Retirement Portfolios.
Brandon Geisler, Portfolio Manager at Marsico Capital Management gives Marsico’s perspective on investing in this environment of high U.S. valuations and low volatility. He also shares his thoughts on the current U.S. administration and potential changes to the Fed. Marsico manages the Counsel U.S. Growth mandate.
Stu Kedwell, Co-Head of Canadian Equities, Senior Vice-President, and Senior Portfolio Manager of North American Equities at RBC Global Asset Management weighs in on recent difficulties in the Canadian market. Stu also shares the factors considered when assessing the likelihood of a recession, including the general direction of the stock market or market breadth. RBC manages the Canadian Dividend component of Counsel Regular Pay and Counsel Income Managed Portfolios.
July 2017 Market Monitor
Mel Mariampillai, Portfolio Manager at Sionna Investment Managers discusses the challenges we're seeing in Canada, whether things are likely to improve, the impact of interest rates, and overvaluation. Sionna is responsible for managing the North American Value equities mandate.
Steve Locke, Senior Vice President, Portfolio Manager and Head of Team at Mackenzie Investments offers his views on the Bank of Canada's rate decisions, the impact these will on us and the real estate market, as well as the importance of being selective and well diversified in fixed income. Mackenzie is responsible for managing the Canadian core fixed income and fixed income mandates.
Virginia Au, Vice President, and Portfolio Manager at Invesco Capital talks about concerns around a correction in the market, which sectors they are finding opportunities in, and how small caps are doing against bigger names. Invesco is responsible for managing the U.S. Small Cap mandate.
April 2017 Market Monitor
The Fed raising rates has been a hot topic. Tim notes that this is a good thing, because it indicates the economy is improving. Growth is no longer as stagnant as it once was. The energy market is in a state of equilibrium and pricing has moved from ‘Cartel-based to competitive’. In terms of valuations, Tim’s views are that while it is not a ‘roaring bull market’, valuations are fair, especially given that things are up 25% from a year ago when people thought they were reasonable. Listen to our interview with Tim.
International small caps are doing well in Asia and developed Europe, Roger says. There is a cyclical pick-up especially in sectors such as Financials and Information Technology; emerging markets are doing better on their fundamentals and currencies are strengthening. Chances of a crash are low in a climate of synchronized global recovery. And while there has been a lot of talk around Trump and his potential impact on global interests, especially trade, Roger’s view is that this impact is overstated. He argues that focusing too much on Trump may well cause investors to miss the opportunities afforded by the recovery we’re seeing now.
Momentum in the energy sector has been good over the shorter term; and, David sees this continuing, albeit at a slower pace. With Trump’s policies in the U.S., and as China unwinds some of its stimulus plans, there will be a move towards greater stability. An acceleration of growth in the U.S. is theoretically good for Canada, David says. However, if border taxation comes into play, it could be a trade barrier for everyone globally, Canada included. David also expresses some if his concerns in the short term around a slow down of data coming out of China, an economy that drives some of the more cyclical areas of the market.