Research

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. […]

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 […]

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 […]