Blog: Cutting Through the Noise
Fund Manager's Corner
Video: Global Equity Fund Update
Excerpt from Scott Ronalds's blog on May 16, 2013
We met with Edinburgh Partners Limited’s Craig Armour recently for a thorough review of our Global Equity Fund. Craig is an investment partner at EPL and manages the fund. EPL’s investment strategy has been out-of-favour with global markets, and as such...Read More
25 in Action
Excerpt from Scott Ronalds's blog on March 21, 2013
Quick background: CGOV Asset Management is the manager of our Equity Fund. The firm has a distinct investment process, one facet of which is that they won’t own more than 25 stocks. We love this discipline as it ensures they focus on their best ideas and...Read More
Don't Read Too Much Into an Address
Excerpt from Scott Ronalds's blog on February 12, 2013
The Asia Pacific is the fastest growing economic region in the world. Not surprisingly, many multinational companies are increasingly focusing on selling their goods and services in countries such as China, Indonesia, Singapore, Vietnam, and the...Read More
Uh-Oh Canada
Excerpt from Scott Ronalds's blog on November 28, 2012
Connor, Clark & Lunn, the manager of our Savings Fund and Income Fund, produces an outlook every month on the economy and capital markets. Their recent commentary on Canada is particularly clear, candid, and sobering. CC&L’s views on the US and...Read More
Undexing, Diversification and the Global Equity Fund
Excerpt from Tom Bradley's blog on October 23, 2012
Our Global Equity Fund has had a rough three years. Nonetheless, it’s our view that foreign stocks will be an important contributor to client returns and portfolio diversification in the coming years. In this post, I’ll provide some background on the fund...Read More
Bonds: We Don't Dislike Them All
Excerpt from Scott Ronalds's blog on July 25, 2012
We’ve been vocal about our aversion towards federal government bonds. We noted in our Q2 Report that the Government of Canada 10-year benchmark bond yield dropped below 1.6% in June, and 10-year U.S. Treasury yields sit below 1.5%. Both Canadian and U.S...Read More
Clear and Present Danger
Excerpt from Scott Ronalds's blog on June 19, 2012
There are many headline-grabbing risks in today’s investment climate: Greece and the teetering European financial system; slowing growth in China; debt issues and the pending fiscal cliff in the U.S. Investors can’t be blamed for feeling concerned...Read More
Video: Small-Cap Equity Fund Update
Excerpt from Scott Ronalds's blog on June 5, 2012
There’s a heightened level of anxiety among investors these days. With key political decisions on the horizon in Europe, resource prices spiraling downwards and investment banks behaving badly yet again, people are understandably concerned. We spoke with...Read More
Equity Fund Update
Excerpt from Scott Ronalds's blog on May 31, 2012
Don Cranston and Sheila Norman, both partners at CGOV (the manager of our Equity Fund), stopped by our office this week to give us a review of the fund. We’ll report on the portfolio in detail in our Q2 Report (early July), but in the interim we felt it would be...Read More
Video: Global Equity Fund Update
Excerpt from Scott Ronalds's blog on May 22, 2012
Edinburgh Partners’ Craig Armour was in Toronto recently where Tom caught up with him to talk about the Global Fund. Topics of discussion include Europe, the U.S., the emerging markets and Japan. While the cinematography and sound are admittedly poor...Read More
Natural Gas
Excerpt from Scott Ronalds's blog on May 14, 2012
We’re in one of the greatest bear markets of all time. In natural gas, that is. The commodity’s price has fallen from over $10 per thousand cubic feet (Mcf) in July 2008 to about $2.50 today. Last month, it touched $1.90, representing a decline of roughly 85% from peak to trough. Natural gas is used to heat and cool homes and...
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Are Bonds the Safe Haven They Appear?
Excerpt from Tom Bradley's blog on March 27, 2012
This was the heading on a slide that Connor, Clark & Lunn showed us this morning during our quarterly review of the Income Fund. The chart (below) shows the path of a Government of Canada 10-year bond yield compared to the commonly-used indicator of inflation in Canada, the Consumer Price Index. After 31 years of declining...
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