Cidel - Q1 | Quarterly Report


Looking Back
In our opinion, these were the most important stories in Q1…
The rally in equity markets that we witnessed for over a decade came to a screeching halt during the first quarter of 2020. After a fairly uneventful grind higher in the first 7 weeks of the quarter, the S&P 500 peaked in mid-February. The answer to the question ‘What could bring the long bull market to an end?’ soon became clear – a global pandemic.

The last week in February and first three weeks of March were characterized by a massive jump in volatility, back to the levels seen during the great financial crisis, huge daily moves (largely to the downside), and a desire for liquidity as the severity of COVID-19 became clear. The extent to which governments around the world would curtail business activity, implement quarantine and social distancing measures, and provide a massive monetary and fiscal response would have seemed unbelievable a few months ago, but soon became the reality we find ourselves in today.
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Looking Forward
As we enter Q2, the points below have our Investment Team's attention...
The first quarter of 2020 was remarkable in many ways. We witnessed large moves in equity markets and saw bonds and commodity prices impacted by central banks scrambling to provide liquidity to financial markets. The root cause was individuals and institutions seeking the safety of cash or raising cash to meet lending obligations. As March drew to a close, the financial system held some of the largest cash deposits since the global financial crisis of 2008.

While everyone has been encouraged to stay home, all eyes and ears have been glued to the news for updates on the COVID-19 pandemic with emotions swaying from relief to pessimism, depending on the headline. What is abundantly clear is the current global focus is resolutely on the short-term.
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Chat with Arthur Heinmaa 

We appreciate your interest in the presentation during this time and hope it provided helpful insight on the future of investing.

Below you will find a recording of the presentation, call notes and responses to the more popular questions we received following the call.

Cidel Global Equity Strategy

Charles Lannon, SVP and Head of Equities, provides an update on Cidel’s Global Equity strategy and why long-term investors should not ignore the current equity market.

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Q&A With Tiziana Mazzilli 

Q&A with Tiziana Mazzilli, SVP and Corporate Secretary: How Cidel has adapted to the current COVID-19 environment. Cidel has adapted its daily operations in light of these unprecedented times. Read about how we are striving to meet our clients’ needs and how our daily operations have adapted.

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Themes Day

We held our 9th annual Investment Themes Day where a number of topics were presented.

See why we looked into factory farming and the alternative meat space. If the studies are correct, how fast could this disruption happen?

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Cidel was recognised by HM Revenue & Customs (HMRC) as a provider of a Qualified Recognised Overseas Pension Scheme (QROPS). This allows individuals over the age of 55 who intend to reside in Canada to transfer their eligible UK pension assets on a tax-free basis to a registered retirement savings vehicle in Canada, namely CARP.

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Cidel in the News

We were proud to sponsor Alpine Ski Club Ladies Day. It was wonderful meeting the adventurous ladies who braved the drifting snow and had a fantastic day on the Collingwood slopes!

Click here to see our branded snow accessories.

Four of our finest competed in the 16th Annual Scrabble For Literacy competition.
The event raised $143 900 for Frontier College. 

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We sponsored the 17th Annual Foundation, Endowment & Not-for-Profit Investment (FENI) Summit. The event was co-chaired by our Catherine Jackman and Christy DeCosimo.

See these ladies in action.

Our Annual Wine Tasting Event was kicked off with a discussion on how we assess environmental, social and governance factors (ESG) in our investment process.

The discussion was followed by tasting of wines from Spain and Portugal. We are grateful for those that attended.

Watch event highlights here.

Let's Talk

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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This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The information contained in this document has been compiled by Cidel Asset Management Inc. from sources believed to be reliable, but no representations or warranty, express or implied, are made by Cidel Asset Management Inc. as to its accuracy, completeness or correctness. The opinions expressed are as of the date of this publication and may change without notice and are provided in good faith, but without legal responsibility. Cidel Asset Management Inc., carrying on business as Cidel (“Cidel” is a registered trademark) is registered as a portfolio manager, investment fund manager and exempt market dealer in Ontario. Cidel is also registered as a portfolio manager and exempt market dealer in the provinces of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island and Saskatchewan. In Quebec, Cidel is registered as a portfolio manager, investment fund manager and exempt market dealer. This document may not be reproduced, distributed or published by any recipient hereof for any purpose.