6 November, 2018
Just like going to the doctor to assess your health, tracking your net worth on a regular basis is an essential aspect of your financial well-being. What would a che Read More
4 October, 2018
Selling a business or passing it on to the next generation can be the most important financial event in an entrepreneur’s lifetime. But Canadian small business owner Read More
24 September, 2018
Expert Estate Planning: Leaving a Lasting Legacy is an eBook that will walk you through estate planning. Starting with what is estate planning and why it’s important Read More
19 June, 2018
The truth is, more Canadians are retiring, and with changes in pension structures and uncertain market conditions, the landscape you need to navigate to have the ret Read More
4 April, 2018
Wealth Transfer 101: The biggest inter-generational wealth transfer in Canadian history is taking place right now. Read the e-book to learn more. Read More
3 April, 2018
The stage of life you are in now affects your financial planning strategies. This infographic provides a good roadmap, outlining the costs at each stage of life. Read More
Disclaimer: This commentary is provided as a general source of information and is intended for Canadian residents only. The views and opinions expressed in this commentary may not necessarily reflect those of IPC Investment Corporation.
Third Quarter 2018
Return of the Market Bears! ...click here to listen!
Second Quarter 2018
North America Rules ...click here to listen!
First Quarter 2018
Time of Turbulence or Jubilance ...click here to listen!
Fourth Quarter 2017
Up, Up and What's Next? ...click here to listen!
Third Quarter 2017
Markets are Focused… Are You?...click here to listen!
October 2018 PW Manager Insights
Our Director of Product Management, Paul Davidson, explains the rationale behind the introduction of our new Multi-Strategy Alternatives Mandate, while George Fox and Corrado Russo, managers of the hedge fund and global real estate components, discuss how their mandates fit into the new offering.
May 2018 PW Manager Insights
Boris Kovtunenko from Acadian Asset Management and James Lampard from Lincluden Investment Management share their perspectives on the market, while Wayne Gillespie, Director and Senior Portfolio Strategist weighs in and highlights the value of portfolio construction.
January 2018 PW Manager Insights
Sometimes quantitative modeling can feel like a black box. Tim provides some clarity by sharing an example of when a trend-following model recognized a potential downturn ahead of the herd. He also highlights how this approach can complement a portfolio and help mitigate risk. Mount Lucas Management is responsible for managing the North American Sector Rotation and Global Trend Strategy mandates.
This quarter, Kim shares what worked well following a recovery in the Energy sector. She also discusses e-commerce hype and how unique consumer experiences are revealing pockets of value within the retail sector. Sionna is responsible for managing the North American Value equities mandate.
October 2017 PW Manager Insights
Despite geo-political events such as the issues between North Korea and the United States, Tim notes that investor behaviour and market performance have surprisingly remained complacent. He also shares that forecasts of a recession are far from happening, as typical signs of a recession such as high oil prices or an inverted yield curve have not come to fruition. Tim also speaks to the value investors can gain from the sector rotation mandate during periods of downturn. Mount Lucas Management is responsible for managing the North American Sector Rotation and Global Trend Strategy mandates.
This quarter, Peter discusses how growth has outperformed value and how that affected the North American dividend fund. He also notes that despite interest rate hikes, stocks that normally would be affected by these are still performing, suggesting that there is more at play in the market. Peter also gives insight into why Lincluden’s approach and process remains focused on value and quality. Lincluden is responsible for managing the Canadian Dividend and North American Dividend mandates for IPC Private Wealth.
In seeking the best ideas for a concentrated portfolio, Mel mentions how they look to include companies with a strong competitive advantage and management process. He also talks about the shift that is occurring in the traditional Energy sector, and how the long term impacts of renewable energy, electric cars and energy efficiency may influence this sector. Mel ends with benefits that Sionna sees in looking beyond Canada for a broader sector selection in managing risk. Sionna is responsible for managing the North American Value equities mandate
July 2017 Market Monitor
Despite the slow-growing economy and a flattening yield curve, Tim notes that a potential North American recession is not coming. The Fed is concerned about inflation levels, he adds, and their gradual and cautious pace of interest rate increases may lead to some “bubbly” areas within the market. In this quarter’s interview, Tim also reiterates the power of a sector rotation strategy and discusses the rationale behind Mount Lucas’ decision to move out of Energy, thereby dodging a correction. Mount Lucas Management is responsible for managing the North American Sector Rotation and Global Trend Strategy mandates.
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.
In recent months there has been a shift from value investing to growth investing due to an artificially low interest rate environment. Mel cautions that while we cannot predict the future, value tends to outperform in the long term. He also discusses the volume of information that investors have access to through traditional and new media and explains Sionna’s approach to reducing the noise. And while it can be tempting for investors to place large, short term bets in the market, Mel advises the true and tried approach of diversification. Sionna is responsible for managing the North American Value equities mandate.
Fixed income is a key part of any balanced portfolio aiming to reduce volatility in the overall portfolio while still contributing to total return. Listen to Geoff speak about what could pose a challenge to investors in the upcoming year. In this interview, he explains the mechanics of the core plus fixed income component and how it provides downside protection during rising yields.
April 2017 PW Manager Insights
Since the election of Donald Trump as President of the U.S., the performance of the market has surprised observers. This is primarily because investors appear to be ignoring the risks and rewarding the potential positives. It is one reason why Lincluden remains cautious in their outlook. In our interview with Peter this quarter, he explains their strategy and shares why interest rate increases are expected to remain moderate. Rate increases, he adds, will be contingent on the strength of the economy. Peter also highlights some of the sectors that they are keeping a watchful eye on. Lincluden is responsible for managing the Canadian Dividend and North American Dividend mandates for IPC Private Wealth.
Investor optimism has shifted market performance such that the strength we saw in value stocks last year has since subsided. The markets are generally more expensive today and it is harder to find attractive names, explains Mel. Despite this, however, Sionna is uncovering pockets of value, while remaining cautious to factors such as interest rates, trade and geopolitical factors that influence risk. He also discusses the resilient approach that Sionna takes in their portfolios. Sionna is responsible for managing the North American Value equities mandate.
Confidence around the world has improved a lot, notes Tim. If this optimism turns into actual growth, he adds, the markets may likely see further growth. In this quarter’s interview, Tim discusses the positioning strategy for the mandates and explains why Mount Lucas is investing in the international and emerging markets and what this means for their portfolios. Mount Lucas Management is responsible for managing the North American Sector Rotation and Global Trend Strategy mandates.
January 2017 PW Manager Insights
Value, as an investment style, has struggled for several years. Mel Mariampillai discusses why this has been the case and how the mandate may react to the trend for pro-growth policies in the U.S. Mel explains why making bets on the future based on what one thinks might happen or on potential policy changes can be challenging. That’s why Sionna focuses on the fundamentals of a company to find those that offer true value. Looking ahead, he shares his outlook on global oil production, consumer debt in Canada, and potential regulatory changes as well as protectionist policies around the world that may impact share prices. Sionna is responsible for managing the Canadian and North American Value equities mandates.
In this audiocast, Tim Rudderow discusses the market’s surprising response to the recent U.S. election, and its potential effects on the Global Trend strategy. He also discusses the possible effects of protectionist policies in the U.S. and the potential consequences on international trade deals. He also touches on the consequences of upward pressure on inflation and its effect on commodities. Finally, Tim gives his perspective on the recent sell-off on bonds. Mount Lucas Management is responsible for managing the North American Sector Rotation and Global Trend Strategy mandates. As Mount Lucas is a quantitative manager, geopolitical events will not have a direct effect on how they manage their mandates. However, if market reactions become market trends, Mount Lucas’ quantitative models will react accordingly.
Until recently, yield has been a major factor driving investor sentiment. Peter explains how periods of changing sentiment can be viewed as periods of opportunity. Peter also discusses how increasing interest rates might affect our North American Dividend mandate. Finally, he highlights some sectors that might surprise us in 2017. Lincluden is responsible for managing the Canadian Dividend and North American Dividend mandates for IPC Private Wealth.
October 2018 Market Monitor
We caught up with four of our investment specialists at our recent Fall Summit in Whistler, B.C., and we asked them for their perspective on the markets and the positioning of their portfolios. Managers from Marsico, Timbercreek, Mackenzie and Wasatch provide insight on the value they add to their portfolios, and how they are positioning their mandates in the current market environment and in the event of a potential economic downturn. Corrado Tiralongo, Counsel’s Chief Investment Officer, concludes by explaining how it all fits together.
May 2018 Market Monitor
Five of our investment specialists with diverse investment styles and strategies share their unique points of view. Managers from Marsico, Franklin Templeton, Picton Mahoney, Wasatch and Acadian provide their views on where are we now, and where we might go from here, and Corrado Tiralongo, Counsel’s Chief Investment Officer, puts it all into perspective.
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.
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.
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.
January 2017 Market Monitor
Peter Chin, Vice President at Lincluden Investment Management talks about potential effects of a Trump presidency on Canadian dividends. He also shares his thoughts on oil, and his outlook for the Canadian market in 2017.
In this segment Steve Locke, Senior Vice President, Investment Management, and lead of the Fixed Income Team at Mackenzie Investments gives his perspective on the recent U.S. Fed rate increase, and its potential effects on Canadian fixed income. He also shares his outlook for fixed income in 2017.
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