Emerging Markets – always a good addition to a portfolio, but maybe a great one now?
Regardless of one’s view about Emerging Markets’ prospects, there can be no denying that Emerging Markets are on sale, with the low absolute P/E and P/B metrics. Taking a longer term view, this valuation is not something to fret about, but rather, something which may be worth taking advantage of.
U.S. Banks Poised to Outperform Canadian Counterparts
by Richard Phillips, Chief Investment Officer and Kevin Muir, CFA, Market Strategist Executive Summary Over the past two decades, Canadian banks have outperformed their American counterparts. Lower taxes, less competition, and a robust consumer credit cycle have fuelled the Canadian rise. However, there are signs these tailwinds are ebbing, even reversing. South of the border, the U.S. […]
Value vs. Growth: Decade Long Pause Provides Great Entry
by Richard Phillips, Chief Investment Officer and Kevin Muir, CFA, Market Strategist Executive Summary Over the past century, value stocks have outperformed both growth stocks and the market as a whole. During the past decade, the value strategy has experienced uncharacteristically low returns causing a significant amount of pain for hedge fund managers and other investors […]
Time for a Reassessment of a Popular Hedge Fund Strategy
by Richard Phillips, Chief Investment Officer and Kevin Muir, CFA, Market Strategist Executive Summary Central bank financial repression has forced investors to come up with innovative ways to earn yield. Into this hunt for safe yield was born the modern credit fund. The modern credit fund attempts to generate alpha by exploiting a chronic mispricing […]
Too Late to Stop Now – The Case Against Bonds
The 35-year bull market in bonds has created an environment where investors will most likely face either low future real returns or even sizeable losses. An optimally constructed portfolio does not completely abandon yield-generating assets. Given this backdrop, investors would be wise to consider substituting bonds with “alternative yield” funds.
