Cidel - Q2 | Quarterly Report


Looking Back
In our opinion, these were the most important stories of Q2...
Fed stays the course – The U.S. Federal Reserve followed through on its pledge to raise interest rates by increasing the key rate by 0.25% at its June meeting, setting the stage for the Bank of Canada to begin the third quarter with a similar move
May’s Folly – UK Prime Minister Theresa May’s snap election backfired as she lost her majority government, greatly diminishing her chances for a “hard” Brexit
Amazon to take over the world? Amazon announced that it would be purchasing Whole Foods, bringing the online behemoth into a new business – brick and mortar stores. The ripples were felt across the retail world
Brazil’s Rude Awakening – Brazil’s equity market was sent crashing in May after President Temer was implicated in a witness tampering scandal, muddying what has been a favourable environment for emerging market equities in general


Looking Forward
Cidel’s Head of Asset Allocation Bill McKay on what has our attention for Q3…
A return to lower volatility and what that means to investors – After ticking up during the first quarter on the back of increased political uncertainty, equity market volatility has fallen to multi-year lows – but investors should not become complacent...
Fund flows into equities continue to be strong – Europe and other non-US markets have been the beneficiary as US valuations remain high...
US tax reform seems far more distant – Struggle with health care bill portends big delay in meaningful tax reform, a key driver of stock market optimism...
Fed and Bank of Canada tightening – Impact of recent decision by both central banks to raise key rates will impact risk assets and personal balance sheets...
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Spotlight on Trustee Services

Our new Guide to Cidel’s Trust Services, highlighting some exciting developments in our Canadian trust offering.
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The Great Unwind

Cidel’s Chief Investment Officer Arthur Heinmaa on the Federal Reserve’s massive challenge ahead: unwinding a $4.5 trillion balance sheet
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Away From the Desk

Cidel in the News

Let's Talk

At Cidel, we pride ourselves on our deep understanding of our clients' goals. Only with that understanding can we provide you the customized solution that will achieve that objective. 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 Financial Group, Toron Asset Management International, (“Cidel”) 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, Quebec and Saskatchewan. This document may not be reproduced, distributed or published by any recipient hereof for any purpose.