Jun 16, 2017

The Rationale for Europe

Good day, Last week I mentioned that we’ve increased our European positions in our core holdings. As a reminder, our security selection process incorporates both fundamental and technical analysis. From a fundamental standpoint, we like European equities as they are trading at a discount when compared to North American companies. In addition, many mid to.

Jun 9, 2017

WIP May Results

Good day, Our firm’s largest holding, the Willoughby Investment Pool was flat overall in May as it outperformed the TSX which lost 1.5%. The S&P500 was also flat with a -0.18% return for the month. Year to date, the portfolio is up 5.17% (as at May 31, 2017) while the TSX is up just 0.41%.

May 19, 2017

Oil’s Impact on Portfolio Returns

Good day, We’ve had a good start to the year in our second most widely used client portfolio (the Hudson Total Mandate Portfolio) with the majority of our holdings, most notably our largest global holding sub-managed by Mawer Investments showing a 13.39% return YTD. We continue to play the value game and feel that we.

May 12, 2017

Willoughby Investment Pool – April Commentary

Good day, President Trump’s inability to repeal and replace Obamacare at the end of March, led investors to question whether his other pro-growth initiatives could also fail. Many of the stocks that had previously risen as part of the “Trump Rally” (financials, industrials and energy) retreated once Trump’s healthcare plans didn’t materialize. The growing threats.

Apr 21, 2017

OPEC Targeting $60/barrel

Good day, While many sectors have seen decent gains year to date, falling oil stocks have shaved off some of the market’s results. Oil stocks continued to fall this week, despite almost perfect compliance from OPEC on production cuts, a record decrease in spending by oil & gas companies, and an increased demand for the.

Apr 7, 2017

Strong 12 Months, Strong Quarter

Good day, Our most widely used investment portfolio program has been running for exactly 1 year as of this Thursday. While the portfolio approach has been employed by our firm for a number of years, last April we built a portfolio pool specifically for this strategy. The Willoughby Investment Pool shows a 9.9% rate of.

Mar 24, 2017

2017 Federal Budget

Good day, There was a lot of anticipation and anxiety leading up to March 22nd – the publish date of the Federal Budget. Rumours were circling about the possibilities of taxing on disposed principal residences, increasing taxes for small businesses, reducing income splitting opportunities, a potential increase in the capital gains inclusion rate from 50%.

Mar 3, 2017

A Good 60 Days

Happy March, As I type this, Yellen is giving her speech reiterating the strong job growth in the US and confirming that a March rate hike is possible. In the current environment, Yellen and Trump seem to hold the key to investors’ hearts as they hang on to every word in search for clues to.

Feb 27, 2017

Oil Soft But When it Runs it Runs

Good day, After a great rally in oil prices and energy stocks last year, both the commodity and oil and gas companies have been somewhat disappointing this year to date. While many are still feeling the pain from the 2014/2015 oil crash, the sector’s volatility and cyclical nature has been witnessed over many decades. We’ve.

Feb 17, 2017

US Banks Could Win Big

TGIF, Ever since the Trump win, we’ve been bullish on US banks given Trump’s pledge to reduce corporate taxes and relax regulatory oversight. This week, Bloomberg released data which attempts to quantify the impact of the tax reduction plan on the six largest US banks. Trump has stated that he plans to cut general corporate.

Feb 10, 2017

Guess Who Has Better Style?

Good Day, Last week we explored the concept of value based investing – selecting securities trading lower than their intrinsic value. An equally popular investment style is growth based investing. Investors searching for growth aka capital appreciation, would look for companies which are likely to grow their earnings at above average rates. A growing business.

Feb 3, 2017

Dig For Value

Good day, The most common investment styles used today are value based investing and growth style investing. While most investors are generally familiar with these terms, having a deeper understanding of the mechanics will contribute to investment success. I’ll chat about value investing today and perhaps we can cover growth in a future piece. When.

Jan 20, 2017

The New Age of Portfolio Investing

Good day, Last week we discussed the security selection process of one of our firm’s widely used discretionary portfolio pools. We reviewed the screening process used to identify quality securities and the requirement for those securities to be positively trending. Today, we’ll discuss another discretionary portfolio used by a number of our firm’s clients. Generally.

Jan 13, 2017

Return Attribution (Part 1)

Good day, Over the next two commentaries, I will provide info on the top two discretionary portfolio programs our team most commonly uses for client accounts, and their responses to the recent market activity. Next week I will discuss the Hudson Total Mandate Portfolio which is generally only available to accredited investors or those meeting.

Jan 6, 2017

2017 Market Outlook

Happy New Year! Many of the global events of 2016 will be published in the next round of history books, and after such an eventful year, we’re all wondering what’s in store for 2017. US equities as a whole are no longer cheap, and to see double digit returns out of the S&P 500 in.

Dec 9, 2016

December Update

Good day, Here are some fresh comments compiled by our Portfolio Management crew this week: “Markets have been interesting as of late. The previously strong sectors and asset classes such as Info Tech and Low Volatility names have turned weak, while previous laggers in the Industrial, Financial and Energy space are now leading the way..

Nov 25, 2016

Be Selective

Good day, US markets have reached all time highs this week with the TSX not far behind. The charts for US markets show similar levels about 18 months back and much longer for the TSX so despite the hype, markets haven’t made much progress during this time. A couple of years ago I wrote that.

Nov 18, 2016

Take A Breather

Good day, Markets have cooled somewhat this week but have maintained last week’s post election highs. Investors continue to show economic growth optimism given Trump’s infrastructure spending and tax cut promises. Janet Yellen of the US Fed spoke publicly this week and pretty much confirmed our belief that the Fed will raise interest rates in.

Nov 9, 2016

What A Ride!

Good day, The outcome of last night’s US presidential election came as a surprise to many around the world. It seems there were a lot of closet Trump supporters given his strong win. The surprise results sparked a global market selloff last night to the point where US Dow Jones futures were down some 800.

Sep 30, 2016

An Eventful Week

Good day, Lots of news this week… OPEC has agreed to begin tapering production as of November. Oil markets loved the news and created a rally for both energy companies and the commodity itself, with Brent Crude closing above $49 and WTI over $48. We took advantage of the positive sentiment and hit the buy.

Sep 16, 2016

Probability of September Rate Hike

Good day, With the debate over a potential Fed rate hike, we’re closely watching the bond market and global yield activity. One of our fixed income portfolio managers is Christine Horoyski of 1832 Asset Management, who manages a portion of our fixed income mandate in both of our model portfolios. Christine has held some of.

Sep 9, 2016

Hudson Portfolio Update

Good day, The Hudson Total Mandate Portfolio is one of our two portfolio models with Hudson generally available only to accredited investors, or those who qualify for certain exemptions. I’ve attached below comments from one of our Portfolio Managers, Matt Levy. Have a great weekend! Danny Hudson ended last week with a Net Asset Value.

Aug 26, 2016

Cliff Jumping

Happy Friday, On lake Okanagan in BC there’s a spot half way down the lake where many go to jump off the rock formations into the lake. The cliff is about 25 feet high and ropes have been affixed on the opposite side to help swimmers climb to the jump spot. While it’s not overly.

Aug 5, 2016

Stocks Are The New Bonds

Good day, Many of us remember the high interest rate environment of the 1980’s where mortgage rates topped 18% and government bonds paid as high as 10-12%. Although this was a period of exceptionally high interest rates, prior to the late 1990’s bonds were purchased to generate income and keep volatility low, while stocks were.

Jul 15, 2016

Fear Turns to Greed

Good day, On June 24th, the day after the Brexit outcome, we stated that the market selloff would be short lived as investors would shrug off the news as soon as the media would focus on other stories. The knee jerk reaction affected markets for a couple of days but fear was shortly replaced by.

Jul 8, 2016

2017 Tax Strategy Grandfathering

Good day, For a number of years the Income Tax Act has allowed policy holders of certain insurance contracts to realize a number of tax benefits. Many Canadians dislike insurance or simply don’t have a need for the protection component, but nonetheless invest in such contracts due to significant tax advantages currently available to both.

Jun 24, 2016

Impacts of Brexit

Good day, A surprise “leave” vote by the British sent markets in both directions. While it’s no 2008, most equity markets are showing declines this morning with those in Europe most pronounced. The British Pound has taken a hit while the US dollar has climbed against all currencies except for the Japanese Yen. Safe haven.

Jun 17, 2016

Brexit Woes

Good day, A rocky week for global markets as investors wait to see the result of next week’s referendum in the UK. If the British vote to leave the European Union next Thursday we could see volatility in financial markets and currencies. On the other hand we will likely see a rally in equities and.

Jun 3, 2016

Be Flexible

Good day, Along with a number of Canadian portfolio managers and consultants, a group of the PMs at Harbourfront are also responsible for providing advisory services to a national asset management institution known as Willoughby Asset Management Inc. Most recently Willoughby launched another portfolio pool, this time available to both accredited and non-accredited retail investors..

May 13, 2016

Technology Falters

Good day, Technology shares have had a good run over the last few years but the trend has changed as of late. We have sold our tech positions in the Willoughby Investment Pool as corporate earnings in the sector have declined overall. The anomaly here is Facebook which has grown its earnings per share by.

OLDER OLDER 1 2 4 5