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February 2024

Michael Brown, CPA, CA, CFA, Lead Portfolio Manager explains how avoiding drama in investments led to a 20.9% return in 2023.

Click Here to read more.

October 2023

Can high quality businesses create their own luck? Click here to discover with Michael Brown the role of luck in business and how investors can better position themselves for success.

August 2023

Michael Brown, Lead Portfolio Manager CPA, CA, CFA, share a captivating tale that follows investors quest for certainty in an uncertain world.

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May 2023

Michael Brown, Lead Portfolio Manager CPA, CA, CFA, examines the flywheel effect of compounding intellectual capital with the Canadian Equity Team at Cidel.

Click here to read more.

March 2023

Arthur Heinmaa, CFA, Chief Investment Officer, examines the rapid failure of the Silicon Valley Bank.

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January 2023

Charles Lannon, CFA, discusses Cidel’s Global Equity Strategy and new investments made in the last quarter of 2022. He elaborates on equity performance for 2022 and shares his views on the outlook for 2023.

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November 2022

We are pleased to present our Q3 insights and commentaries.

Click here to read it in full.

October 2022

Autumn reminds us of heading back to school. Therefore, with the back-to-school feeling in mind we are going back-to-basics about how we invest at Cidel.

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August 2022

Please enjoy our teams insights, commentaries and Cidel In The News.

Click here to read it in full.

July 2022

The dominant narrative in the market this quarter was, unsurprisingly, a debate surrounding whether or not the global economy would fall into recession, when that might be, and how severe? 

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June 2022

If you are feeling uneasy or anxious about the current state of the markets, you’re not alone. Our latest post is a reminder that, in the long-run, things almost always work out for the better.

Read More.

 

May 2022

This report covers topics including Cidel’s performance summary, our estate planning overview, a breakdown of stock rivalries and more. Enjoy!

Click here to read it in full.

April 2022

Equities had a memorable first quarter of 2022, but entirely for awful reasons.

Early in the quarter markets exhibited weakness as they continued to digest the reality that persistent inflation was helping to bring the era of extreme central bank and fiscal liquidity to a close. 

Click here to read more.

February 2022

Click here to read Arthur Heinmaa’s, Chief Investment Officer, views on the Russian invasion of Ukraine.

January 2022

Our Charles Lannon, Senior Vice President and Head of Equities,  provides his commentary on our Global Equity Strategy. He begins:

“2021 was another year of double digit returns in global equities, with the MSCI World Index returning 22.3% in U.S. dollar terms (or 21.2% in Canadian dollar terms). This strong annual return is consistent with a sharp rebound in both economic growth and earnings. It is projected that global GDP growth in 2021 will come in around 5.9% the best result in well over a decade.”

READ MORE.

 

October 2021

Our Q3 2021 Quarterly Report is out!

This report covers topics including Cidel’s performance summary, our partnership with TwinRiver Capital Group, a podcast recording from our Latin American team and more. Enjoy!

Click here to read it in full.

August 2021

Our Q2 2021 Quarterly Report is out!

This report covers topics including Cidel’s performance summary, our acquisition of Lorica, a recording on timing the market and more. Enjoy!

Click here to read.

April 2021

Our Q1 2021 Quarterly Report is out!

This report covers topics including Cidel’s performance summary, investment team research, a recording of our ESG strategy and more. Enjoy!

Click here to read.

March 2021

Our Q4 2020 Quarterly Report is out!

This report covers topics including Cidel’s performance summary, vaccines on investing, a recording of our investment conference and more. Enjoy!

Click here to read.

December 2020

Our Barbados office partnered with Lions International​ for ‘Operation Christmas’ to supply household goods and food for 200 families.

They worked together to fill these hampers with food, toiletries and other essential household goods.

Watch our Barbados team in action!

 

November 2020

Our Q3 2020 Quarterly Report is out!

This report covers topics including Cidel’s performance summary, a podcast on ESG, award nomination outcomes and more. Enjoy!

Click here to read.

October 2020

During October, Cidel was joined by leaders in the Not-for-Profit (NFP) community for a virtual session on governance.

Our guest speaker, Don McCreesh, a Not-for-Profit (NFP) governance expert, was hosted by Cidel’s Christy DeCosimo and Catherine Jackman.

Many NFP organizations have faced increased stakeholder concern with governance policies and fundraising during the pandemic. Governance is more key than ever.

For Cidel it was a wonderful opportunity to celebrate the great work that these organizations do across Canada and elsewhere. It is a privilege for us to be involved with those who work so hard to build stronger communities which is near and dear to our firm culture.

Cidel is proud to contribute to worthy causes and even more proud of our staff who use their own time to volunteer.   Whether it is coaching hockey, serving meals at shelters or working on boards – we should all celebrate the great accomplishments and critical role NFPs play.

A big thank you to Don, to our attendees and to all the volunteers and staff at NFPs who are so dedicated to their missions.

Click here for the presentation.

August 2020

Our Q2 2020 Quarterly Report is out!

This report covers topics including Cidel’s performance summary, non-profit organizations, award nominations and more. Enjoy!

Click here to read.

April 2020

Our Q1 2020 Quarterly Report is out! This report covers topics including Cidel’s equity strategy, pension plans, non-profit organizations and more. Enjoy!

Click here to read.

March 2020

Click Here to read a message from our Chief Investment Officer.

Click Here to read a message from our Chief Investment Officer.

February 2020

Cidel’s Q4 2019 Quarterly Report is out! This report covers topics including impeachment, Japanification, non-profit organizations and more.

Enjoy!

Click here to read

July 2019

Our Q2 2019 Quarterly Report is out and highlights Cidel Executor Services and Multi-Asset Class Strategies.

Click Here to Read

May 2019

Q1 Quarterly Report is out. Hope you enjoy!

Click Here to Read 

February 2019

Our Q4 Quarterly Report is out. Hope you enjoy!

Click Here to Read 

January 2019

Great exposure for Cidel!

We are one of the sponsors of the Foundations & Endowment Investment conference taking place in Toronto on January 30th – 31st 2019.

Environmental, Social, and Governance (ESG) information has received increased attention from investors in recent years. As of 2017, 75% of major companies around the world produced some form of Corporate Social Responsibility (CSR) report, up from 19% in 2002.

In these articles Cidel Asset Management explores the Rise of ESG disclosures and takes a closer look at why Corporate Governance matters.

To read more  Click Here

December 2018

Click Here to read a message from the Chief Investment Officer to our clients.

 

Cidel’s investment research and portfolio management team travels the world to learn more about firms and industries and to interview senior management.

Philip Young is presently travelling in Asia and has sent along some insights.

To read more about Philip’s travels Click Here

November 2018

Cidel discusses market implications of potential presidential impeachment!

At Cidel, analyzing the risks to … While we view the potential impeachment of President Trump as unlikely at this time, the odds may have marginally increased and we are monitoring factors that could change our view….The likelihood of the President being impeached remains low. but the odds of it becoming a political discussion point are higher with the results of the recent mid-term election. The Republicans did retain their majority in the Senate, but no longer hold the largest number of seats in Congress.

Click Here to Read 

Our Q3 Quarterly Report is out. Hope you enjoy!

Click Here to Read 

August 2018

Our Quarterly Report is out – Looking back at Q2 and moving forward into Q3, with the impact of tariffs, yield curves and forward earnings. Hope you enjoy!

Click Here to Read 

March 2018

February 2018

Cidel’s Quarterly Report is out – a look back at 2017 and our investment team’s key themes for 2018.

Click Here to Read 

November 2017

Our Q3 Investment Report is out – Looking Back on Q3, Looking Forward at Q4, and spotlights on active vs. passive and global infrastructure.

Click Here to View 

October 2017

An inspiring piece on the Invictus Games plus spotlights on distressed investing, cancer research and why you should question widely held investment maxims.

Click Here: http://cidel.com/newsletters/august-2017/ 

September 2017

Cidel’s August Newsletter – A Coda to Summer: Jimmy Buffet, your kid’s sports, and kale salads.

Click Here: http://cidel.com/newsletters/august-2017/ 

July 2017

Our Quarterly Report is out – looking back on Q2, what’s on our radar for Q3 and spotlights on our trust services and the Fed’s balance sheet.

http://cidel.com/downloads/QuarterlyInvestment/QuarterlyInvestment.html

Cidel’s June Newsletter – Steves Schwarzman and Jobs, Lefty’s insider trading issues and the myths of working philanthropically.

Click Here: http://cidel.com/newsletters/june-newsletter/ 

June 2017

Cidel’s May Newsletter – an interesting range of perspectives on pricing

Click Here: http://cidel.com/newsletters/may-2017/ 

April 2017

Our March newsletter looks at Toronto’s rise as a VC hub, Henry VIII’s role in Brexit, and why you see so many puffer jackets.

Click Here: http://cidel.com/newsletters/march-2017-newsletter/

March 2017

In our February newsletter we feature an interview with a uniquely modest private equity manager, Howard Marks of Oaktree Capital, and a remarkable Canadian medical device that lets blind people see.

Click here: http://cidel.com/newsletters/february-2017/

February 2017

Our Q4 Quarterly Report is out – our investment team’s quick take on the important stories of the prior quarter and what could impact portfolios looking forward, plus more in-depth analysis of important themes or presentations we think might interest you.

http://cidel.com/downloads/QuarterlyInvestment/Index.html

January 2017

The first Cidel Newsletter of 2017: a look at Uber and AirBnB’s beginnings; an intimate account of mental illness; the magic of thinking long-term when investing; and a timely list of ways to keep your productivity going strong through the new year.

Click Here: http://cidel.com/newsletters/january-newsletter/

December 2016

Our last newsletter of the year: Dalio on Trump, Tiffany’s troubles, and the best books of 2016. See you in 2017!

Click Here: http://cidel.com/newsletters/december-2016/

November 2016

We never really expected to write the words “President Trump” in any commentary but that is where we are today.  It has been an emotional rollercoaster that has left many clients, friends and family concerned, disheartened and perhaps afraid. It is at moments like this that we have to distance ourselves from the passion of the moment and reframe the issue.  Emotional considerations aside, where is the real risk? The bottom line is this: in the aftermath of the Trump victory we have greater uncertainty which will entail lower economic growth rates and higher premiums for risky assets.

During the past few years we have witnessed a continued movement in market prices towards safety, resulting in a considerable sacrifice of potential upside. Corporations have continued to amass record amounts of cash as a cushion against another downturn. Investors have withdrawn money from equities and sought the perceived safety of fixed income.  In Switzerland, where I write this commentary, the entire yield curve is negative, meaning investors buying Swiss government bonds in fact pay for the privilege instead of earning from it. Even investing your money for 50 years in Swiss bonds yields nothing. With the election of Trump it is unlikely that any of these situations will change soon.

In general, things never turn out as badly as you fear they might. Even if President Trump wants to enact some of his election promises, he will have to work through Congress to get the bills passed. In the past we have certainly seen many governments and presidents come and go without a dramatic impact on businesses.  The problem today is that we can easily envision a number of bleak outcomes. Initially, as with Brexit, we suspect that the markets will stabilize because very little will change in the short run. But leaving aside social and moral judgements, we believe that in this economic environment, the investment risks are somewhat greater – not so much from a legislative perspective but from an economic policy perspective.

For us, the real concern is what will occur in the event that slower US growth slips into a recession?  Let’s look at how this could play out over the next few years. First, we expect that at some point during the next year Trump will announce a replacement for Janet Yellen, the current Chair of the Federal Reserve, whose term expires in February 2018. Unless we are pleasantly surprised, her replacement could be someone without the experience or credentials that all Federal Reserve Presidents in recent memory possess. Moreover, Trump has indicated that he would like to reform the Fed, which may well compromise its traditional independence. It is likely that the replacement will be much more beholden to the President and even the Republican Party, which implies a greater focus on inflation and less on the goal of full employment.

Second, if the economy moves into recession, what will be the likely policy response from President Trump? The average decline in interest rates during previous recessions has been about 5%. The Federal Reserve does not have the ability to drop rates further. Previously we would have expected the government to step in and increase spending to stimulate the economy.  However, it is more likely that a businessman and Republican will try to restore confidence by cutting spending in a recession, when government revenues are declining. The result would be a more pronounced recession. The result could be a long and particularly nasty economic slowdown. We are not forecasting this outcome; however, the possibility of such a scenario is higher now.

For investors, managing risk though judicious equity selection and geographic exposure will be even more important as uncertainty rises. Investors can not blithely assume that the US economy will be the engine of growth that it once was because the possibility of policy mistakes is higher. Our expectation is that economic growth will continue to disappoint and be revised lower and interest rates as a consequence will remain low. At Cidel, we will re-examine our allocations and individual investments in light of this event, as we continually do, to determine appropriate changes in this new environment.