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In our opinion, these were the most important stories in Q3… |
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Equity markets were slightly positive overall in the third quarter, albeit with plenty of volatility along the way. During this period, the S&P 500, TSX and MSCI World indexes were up 1.7%, 2.5%, and 0.5% respectively, while the MSCI Emerging Markets Index fell 4.3%. A strengthening U.S. dollar alongside rising recessionary concerns weighed more heavily on emerging market equities than on developed market equities. After being driven by the strong outperformance of U.S. large-cap growth stocks for many years, the S&P 500 finally saw some underperformance of growth/momentum stocks as value stocks outperformed in the third quarter of 2019. Despite this recent outperformance of value stocks, the relative valuations remain at extremes not seen since the dot-com bust in the early 2000s. |
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Click here to read the full report |
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As we enter Q4, the points below have our Investment Team's attention... |
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Investing is usually associated with making money. Whether through short selling, private equity, arbitrage or simply compounding dividends, the focus for investors is often on generating a profit that covers inflation. However, over the past year, this ideal has turned topsy-turvy, with investors stampeding into investments that, over time, are generating a loss. At the time of writing, over $15 trillion had been invested into bonds that have a negative yield. Yes, that is $15 trillion with a guaranteed loss. This piece examines why investors might prefer the sure loss over taking on any type of risk. |
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Click here to read the full report |
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Cidel Fixed Income Strategies |
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Q&A: Ron Patton, SVP and Head of Canadian Investment Mandates discusses Cidel's approach to managing bonds
and preferred shares.
Click here to read |
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Beyond Third-Party ESG Ratings |
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Sustainability has become an important consideration for investors and ESG ratings will become more influential in determining how capital is allocated.
Click here to read |
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Charitable Giving |
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For many families, charitable giving is a significant aspect of their overall wealth management objectives. In fact, in Canada, charitable giving to private foundations, where 50% or more of funding comes from one person or group, reached $2.5 billion in 2017, accounting for nearly 40% of all foundation giving.
Historically, private foundations have been viewed as entities only the ultra-wealthy could set up. However, today, a variety of alternatives exist for families who wish to create a charitable legacy without the high cost of setting up and administering their own foundation.
Click here to read
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Cidel in the News
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Cidel hosts investment events in Edmonton and Calgary where Charles Lannon discusses Japanification and how to position portfolios for low interest rates and slower growth.
Cidel partakes in the Road Hockey to Conquer Cancer tournament and raises $19,759.86 for The Princess Margaret Cancer Foundation.
Click here to learn more. |
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Let's Talk
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At Cidel, we pride ourselves on our deep understanding of our clients' goals. Only with that understanding can we provide you with the customized solutions that will achieve your objectives. We would love to sit down with you to see if we can help.
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www.cidel.com
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