Outlook 2020-2027
Recap 2019, Outlook 2020
The Canadian Small and Micro Cap Universe
Impact Investing
Central Banks Update
Diversifying Your Fixed Income
Factor Investing
Central Bank September Roundup
Quantitative Investing
August, a Month of Extremes
Negative Rates in Europe
Portfolio Optimization Using Risk Factor Investing
Trading and Market Structure
Responsible Investment Solutions
Asia Deserves Some Credit
Fed’s Impact on Financial Markets
Infrastructure Investments
Canadian Small Caps
High Yield Bonds YTD
Risk Management Techniques
Three Stocks to Watch for Long-term Investors
Trade War Impacts
Responsible Investing
Q1 Market Review
Why Inflation Expectations Matter
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The tail wagging the panda
Since the beginning of the trade war between the United States and China, we’ve seen a rising correlation between U.S. Treasury yields and the Chinese Yuan.…
Market Update - January 2020
FROM THE GLOBAL CIO OFFICE - By Candice Bangsund, Vice President and Portfolio Manager, Global Asset Allocation
Rethinking Risk Management
The Ups and Downs of Three Popular Defensive Strategies in Equity Portfolios.
MuniciPolitics
It might be surprising to some bond investors that Quebec municipalities cannot run deficits, and generally issue debt under only two scenarios:
To refinance…
Global Investment Outlook 2020
2020 Outlook: Receding Risks Revitalize the Global Economy. From the Global CIO Office by Candice Bangsund.
Market Update - December 2019
FROM THE GLOBAL CIO OFFICE - By Candice Bangsund, Vice President and Portfolio Manager, Global Asset Allocation
Fixed Income Year-in-Review
Five themes you may (or may not) have noticed in 2019’s fixed income markets.
When doves cry
Bank of Canada Governor Stephen Poloz has been notably hawkish this year, refusing to lower rates despite that being the trend among major central bank. That…
Market Update - November 2019
Risk appetite prevailed once again in November as investors embraced some favourable developments on the trade, political, and global growth fronts
I, trading bot.
It’s no secret that the vast majority of equity trading takes place electronically these days, and some investors might assume that it’s the same case in the…
Albertan debt: the good, the bad and the opportunity
The Good: In 2004, Alberta was a debt-free province, but in the ensuing years, governments saw an opportunity to get elected by promising to spend more and…
Rumours, facts, and fads
Since mid-August, Canadian bond market participants have dramatically reduced their expectations for interest rate cuts, and along with that, we’ve witnessed a…
Corporations’ dead pledge
The great deleveraging that was supposed to sweep over corporate America is dead. Normally, we’d expect corporations to reduce leverage at the tail end of…
Market Update - October 2019
FROM THE GLOBAL CIO OFFICE - By Candice Bangsund, Vice President and Portfolio Manager, Global Asset Allocation
The divine tailwinds
Last Monday, the Bank of Japan (BoJ) announced that it would cut its bond buying program, an initiative which has been the hallmark of BoJ policy since…
Central Bank Roundup
September has been an interesting month to say the least: The U.S. and China traded more blows in their trade war; Boris Johnson’s prorogation of British…
Quebec’s budget success story
The Quebec government has the largest provincial debt load in Canada. In 2013, it reached a peak of 54% of the province’s GDP, compared to 45% in Ontario and…
The repo market gets a tune-Up
For the past two days, a usually under-the-radar part of the financial system has dominated headlines. The funding rate on collateral repurchase agreements –…
Powell's got a friend...
Last week, the Bank of Canada announced – unsurprisingly – that it was keeping its policy rate unchanged.
Market Update - September 2019
FROM THE GLOBAL CIO OFFICE - By Candice Bangsund, Vice President and Portfolio Manager, Global Asset Allocation
August extremes
August was a month of extremes: range-bound equity markets; high intraday volatility; U.S.
To BBB or not to BBB
Looking at BBB-rated corporate bonds in Canada, one might think they could be closely tied with the direction of rates. Traditionally, lower rates precede an…
Take me out to the Bund game
Last week, we had a first in bond history; the Germany Finance Agency swung for the fences, auctioning off €2 billion of a 30-year Bund with a zero coupon and…
Bonds, gold, and cake
Recently, we’ve noticed an odd pattern in the bond market wherein bond prices rise sharply on bad days for risk assets (equities), but on equally good days…
Ontario debt woes
In its 2019-20 budget released on April 11th, the Province of Ontario announced an expected budget deficit of $10.3 billion and a change to certain transfers…