Cidel - Q1 | Quarterly Report


Looking Back
In our opinion, these were the most important stories in Q2…
While equity markets were positive in the second quarter of 2019, volatility returned to the markets. The S&P 500 Index had increased by 4.3%, TSX by 2.6%, MSCI World by 4.0% and MSCI Emerging Markets by 0.6%. Unlike the linear increase witnessed in the first quarter however, the path to gains was choppy as most equity markets experienced meaningful losses in May before generally gaining it all back (and more) in June to end the quarter strongly.
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Looking Forward
As we enter Q3, the points below have our Investment Team's attention...
The implementation of tariffs by the current U.S. administration will likely have significant long-term implications, not only in how countries negotiate with the United States, but also in how both domestic and international businesses realign their approach to international markets. By simply focusing on the near-term impact on profits and trade volumes, the attention thus far has been on next quarter’s earnings but fails to consider what is likely to be a significant long-term change in corporate behaviour. Similarly, framing trade in a bilateral context misses the multilateral aspects of trade and how those relationships will change in the future. It is likely that regardless of the resolution to the trade issue, the U.S. will be worse off for embarking on this strategy.
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Cidel Multi-Asset Class Strategies

Q&A: Bill McKay, SVP and Head of Multi-Asset Class Strategies at Cidel discusses how alternative investments
in client portfolios may be beneficial

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Cidel Spotlight: Executor Services

Learn how Cidel’s executor services
can help you through the process of selecting an executor for your estates and some important factors to consider.

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Beyond the Market

Over the last few years, mental health has become an increasingly prevalent topic. And, simultaneously, concerns about technology and its impact on general well-being have emerged.
This year, Cidel’s Annual Women’s Event sought to address both of these areas.

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Cidel in the News

Cidel was nominated for Investment Team of the Year for the 14th Annual STEP Private Client Awards
Cidel was proud to once again sponsor the McMichael Canadian Art Collection’s Midnight Gala
Cidel sponsored the United Jewish Appeal Professional Advisory Breakfast
Cidel hosted luncheons in Winnipeg and Vancouver, both featuring an informative talk led by one of our senior Portfolio Managers to provide some insights on our current thinking

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.