Fund Library News Wire
| Friday, October 19, 2018
By Mike Keerma
With the exception of the
Nasdaq Composite Index, which lost 0.6% on the week, the main North American stock gauges gained
fractionally with no troubling datapoints or geopolitical inflammations to
overly upset traders. U.S. quarterly earnings continue to come in mostly
better than expected, which is usually a signal of underlying economic
strength. However, as stock markets are forward-looking, last quarter’s
earnings are already old news, as investors fret about weak housing data,
rising Treasury bond yields, more rate hikes from the Federal Reserve, and
bubbling trade tensions, that could be the ingredients for an economic
slowdown next year. The
S&P 500 Composite Index
remained flat on the week, while Toronto’ s
S&P/TSX Composite Index
gained a marginal 0.4%.
prices fell on the week as U.S. inventories increased. In the meantime, the
31st anniversary of the October 1987 market crash came and went
without incident, except among the usual coterie of October doomsayers who
assert markets are way overdue for another stomach-churning drop.
In Canada, headline inflation continued easing back, dropping to an annual
rate of 2.2% in September, down from 3.0% in July. Observers point to
falling gas prices and softening airline fares as the main culprits, as
core inflation measures used by the Bank of Canada remain hovering around
its target 2.0% rate. It’s unlikely, therefore, that the Bank will change
course on rate hikes for this year.
* Manulife launches thematic funds.
debuted its new Manulife Global Thematic Opportunities Fund and Manulife Global Thematic Opportunities Class. The funds
invest in companies that the managers believe will benefit from large,
social, economic, political, environmental or technological changes. The
Funds will be sub-advised by veteran managers Hans Peter Portner and
Gertjan Van Der Geer of Switzerland-based Pictet Asset Management
* Middlefield to convert closed-end funds to ETFs.
announced a platform of ETFs that will include thematic investment
strategies. Middlefield says the platform will be established initially by
converting two closed-end funds into ETFs:
Middlefield Healthcare & Life Sciences Dividend Fund (TSX:
REIT INDEXPLUS Income Fund (TSX: IDR.UN), which together represent approximately $150 million in assets. Pending
approvals, the conversions are expected to be finalized in early 2019.
* Mackenzie launches new environmental fund.
launched its new
Mackenzie Global Environmental Equity Fund
to be sub-advised by Greenchip Financial. The fund will exclusively invest
in companies around the world that seek to improve on environmental
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