Cidel - Q1 | Quarterly Report


Looking Back
In our opinion, these were the most important stories in Q3…
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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Looking Forward
As we enter Q4, the points below have our Investment Team's attention...
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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Cidel Fixed Income Strategies

Q&A: Ron Patton, SVP and Head of Canadian Investment Mandates discusses Cidel's approach to managing bonds and preferred shares.

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Beyond Third-Party ESG Ratings

Sustainability has become an important consideration for investors and ESG ratings will become more influential in determining how capital is allocated.

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Charitable Giving

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.

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Cidel in the News

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.

In Seillans, France, Cidel holds its 19th Annual Provence Conference.

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For the 2nd consecutive year, Cidel is named "Recommended Private Banks-Canada" by Chambers & Partners.

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Cidel partakes in the Road Hockey to Conquer Cancer tournament and raises $19,759.86 for The Princess Margaret Cancer Foundation.

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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.