Last updated: Nov-12-2018

    
 
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11/13/2018 5:25:33 PM
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By Fund Library News Wire | Monday, November 12, 2018

A SPECIAL REPORT FROM



By Nash Swamy, Junior Analyst, Analytics & Data, Fundata Canada Inc.

When analyzing the Canadian investment space, it is crucial to ask what are fund managers doing with the $1.85 trillion allocated to mutual funds, ETFs and other investment vehicles. Investment funds are often packaged and sold to investors on some criteria, such as targeting U.S. large caps, emerging markets, or specific sectors. But before a Canadian investment manager can invest millions in exchanges around the world, a simple exchange rate transaction must occur as a prerequisite to participate in global capital markets. By analyzing the deployable cash in investment funds, we can assess the street’s market sentiment and get a fix on the liquidity of investment funds on a cash and cash-equivalents basis.


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By Fund Library News Wire | Friday, November 09, 2018

By Mike Keerma

* Market week: Stocks slip on growth concerns.
* CI launches advisor-sold Alternative funds.
* Horizons debuts “Industry 4.0” ETF.


* Market week: Stocks slip on growth concerns. The major stock indices slipped on the week against a background of growing concern over a global economic slowdown, especially in China, as the price of crude oil slid into bear market territory (down 20% from its recent peak). The U.S. Federal Reserve Board held its trend-setting federal funds rate unchanged on Thursday, at between 2% and 2.25%, with a hike still widely expected next month. The S&P 500 Composite Index lost 1.0% on the week, led by heavy selling in General Electric Co. following disappointing quarterly earnings results. The Nasdaq Composite Index retreated 1.6% on the week. And Toronto’s S&P/TSX Composite Index edged back 0.5%.


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By Fund Library News Wire | Thursday, November 08, 2018



By Tim Huver, Head of Product, Vanguard Investments Canada

It can be tempting to try to beat the market. Some skilled investors, who can dedicate the time and effort and keep costs low, have had some success. But for most, it’s a difficult task.


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By Fund Library News Wire | Friday, November 02, 2018

Trade tension between China and the U.S. dominated the month in stock index performance, as all the major North American indices dropped more than 6% on the month overall in October. However, a surge in U.S. job creation in October, lifted the indices for the week.


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By Fund Library News Wire | Friday, October 26, 2018

By Mike Keerma

* Stocks sink to the red zone.
* BEST acquires Dynamic Venture Opportunities Fund.
* Canoe acquires nine Fiera mutual funds.

* Stocks sink to the red zone. It was red across the board for the big market gauges this past week, as stocks continued to slide. Traders ignored strong third-quarter U.S. GDP growth of 3.5% and fretted instead about rising interest rates, slowing economic growth in China, trade frictions, and the sustainability of the torrid pace of earnings growth over the past few quarters. Market sentiment was not helped by Amazon.com Inc.’s (NASDAQ: AMZN) lower sales forecast for the coming holidays, while Alphabet Inc. (NASDAQ: GOOGL) (parent of Google) exceeded earnings estimates but didn’t meet revenue targets. Those cracks in the wall helped push the Nasdaq Composite Index to a 3.8% loss for the week, but even more worryingly, to an 11% loss for October to date, which puts it in correction territory for the month. The S&P 500 Composite Index lost nearly 4% on the week. And Toronto’s S&P/TSX Composite Index dropped 3.8%, joining in the global selling party, as a 2.5% weekly loss in crude oil kept pressure on the energy sector.


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By Fund Library News Wire | Wednesday, October 24, 2018



By Kristina Hooper, Global Market Strategist, Invesco Ltd.

There was no rest for the weary last week, as geopolitical developments came fast and furious, and capital markets reacted. Below, I cover five important issues that have continued to contribute to stock market volatility – some of which flew under the radar during the week’s flood of news – and highlight five issues to watch this week.


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By 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%. Crude oil 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.


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By Fund Library News Wire | Monday, October 15, 2018



By Felix Narhi, CIO & Portfolio Manager, Penderfund Capital Management

In a previous commentary, we noted how the fundamental nature of capitalism is changing and why it is important to see the world as it really is. We further explored the phenomenon of technological disruption in our recent article “The four most dangerous words in investing.” We noted how technology-driven competitive advantage is becoming increasingly important in almost every sector. Today, investing in “technology” is far different from my father’s siloed technology investing in the 1970s and ’80s. MSCI, the world’s leading index and analytics provider, which manages the Global Industry Classification Standard (GICS®) that categorizes all companies into specific sectors, is belatedly making some changes to recognize this reality.


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By Fund Library News Wire | Friday, October 12, 2018

By Mike Keerma

Despite some upside strength on Friday, the major stock indices slumped badly on week as a whole, as swings between risk-off and risk-on sentiment had investors switching between stocks and bonds through the week. Concerns over whether another rate hike by the U.S. Federal Reserve Board would push the U.S. into a recession combined with uncertainties about a U.S./China trade war to unsettle markets, even as strong results from three big U.S. banks kicked off what is expected by many analysts to be a positive third-quarter earnings season. The S&P 500 Composite Index closed with a weekly loss for the third consecutive week, falling 4%, while the Nasdaq Composite Index lost 3.7% on week, despite posting its best single-day advance since late March. Toronto’s S&P/TSX Composite Index fell 3.3% on the week, as financials sold off in response to rising U.S. bond yields and energy stocks plunged as WTI crude oil dropped 3.8% on the week and the spread between Western Canada Select and WTI crude prices widened.


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By Fund Library News Wire | Friday, October 05, 2018

By Mike Keerma

The yield on the 10-year U.S. Treasury note rose to 3.22% on Friday, continuing a bond selloff, as investors reacted to an ultra-low 3.7% unemployment rate and an annual 2.8% hourly wage gain, both indicators signaling continuing strength in the underlying U.S. economy, solidifying expectations of another rate hike by the U.S. Federal Reserve Board before year-end. Lower-than-expected job creation of 134,000 new payrolls in September was attributed to temporary labour market distortions in the wake of Hurricane Florence. North of the border, Statistics Canada’s monthly Labour Force Survey showed a gain of 63,000 jobs in September, continuing a recent volatile trend in monthly jobs data. Average hourly wage growth edged down to 2.2% in the month from 2.6% in August, while the unemployment rate ticked down to 5.9% from 6.0%. With investors selling equities in lockstep with U.S. markets, Toronto’s S&P/TSX Composite Index consequently posted a 0.8% decline on the week, despite a 1.2% gain in the price of WTI crude oil and a 1.0% uptick in the price of gold. The big blue-chip S&P 500 Composite Index retreated 1.0%. The Nasdaq Composite Index lost the most ground on the week, dropping 3.2%, driven mainly by losses in high-growth technology and Internet issues.


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By Fund Library News Wire | Friday, October 05, 2018

By Mike Keerma

The yield on the 10-year U.S. Treasury note rose to 3.22% on Friday, continuing a bond selloff, as investors reacted to an ultra-low 3.7% unemployment rate and an annual 2.8% hourly wage gain, both indicators signaling continuing strength in the underlying U.S. economy, solidifying expectations of another rate hike by the U.S. Federal Reserve Board before year-end. Lower-than-expected job creation of 134,000 new payrolls in September was attributed to temporary labour market distortions in the wake of Hurricane Florence. North of the border, Statistics Canada’s monthly Labour Force Survey showed a gain of 63,000 jobs in September, continuing a recent volatile trend in monthly jobs data. Average hourly wage growth edged down to 2.2% in the month from 2.6% in August, while the unemployment rate ticked down to 5.9% from 6.0%. With investors selling equities in lockstep with U.S. markets, Toronto’s S&P/TSX Composite Index consequently posted a 0.8% decline on the week, despite a 1.2% gain in the price of WTI crude oil and a 1.0% uptick in the price of gold. The big blue-chip S&P 500 Composite Index retreated 1.0%. The Nasdaq Composite Index lost the most ground on the week, dropping 3.2%, driven mainly by losses in high-growth technology and Internet issues.


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By Fund Library News Wire | Thursday, October 04, 2018



By Felix Narhi, CIO & Portfolio Manager, Penderfund Capital Management

Legendary investor Sir John Templeton warned, “The four most dangerous words in investing are, 'It’s different this time,' ” and we wholeheartedly agree. We believe it is important to keep in mind that just about everything is cyclical. To wit, last year we wrote about cyclicality of the loonie and potential challenges to Canadian housing in the late innings of the cycle. Regrettably, some of these concerns are starting to bear fruit as interest rates have risen to multi-year highs over the past year.


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By Fund Library News Wire | Tuesday, October 02, 2018



By Aubrey Basdeo and Rachel Siu, BlackRock Canada

A little over a year ago, the Bank of Canada (the Bank) surprised markets with a rate hike in July 2017, kicking off its rate normalization path. Yields, particularly on the front-end of the curve, have moved higher: The 2-year Government of Canada yield has risen by nearly 100 basis points, to 2.06% (as at Aug. 31, 2018), leaving investors wondering what to do with their bond portfolios.


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By Fund Library News Wire | Monday, October 01, 2018



By Kristina Hooper, Global Market Strategist, Invesco Ltd.

The week of Sept. 17 brought bad news on trade and Brexit, yet stocks globally shrugged off the news and rose higher. In the U.S., the S&P 500 Index hit new highs (albeit on low breadth), while the yield on the 10-year Treasury bond surpassed the key 3% level.1 Because the 10-year U.S. Treasury yield tends to be a far more accurate fear gauge than any equity indicators (such as the VIX), I can’t help but be fixated on a few questions: Why did the 10-year yield rise? And where will it go from here?


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By Fund Library News Wire | Friday, September 28, 2018

By Mike Keerma

Against a backdrop of rising trade tensions and a 25 basis point increase by the U.S. Federal Reserve in its federal funds rate, to a target range of 2%-2.25%, the main North American stock indices posted minor losses on the week and produced uninspiring performance for the month. The S&P 500 Composite Index closed Friday with a weekly loss of 0.5% but managed to eke out a 0.4% gain for the month. For the quarter, the index gained a rather more robust 7.2%. The Nasdaq Composite Index likewise remained flaccid on the week, with only a 0.7% advance, but edged down 0.8% in September overall. Still, the tech-weighted index posted a healthy 7.1% gain in the third quarter. Toronto’s benchmark S&P/TSX Composite Index, however, showed red across all timeframes, posting a 1% loss on the week, the month, and the quarter, as a deal with the U.S. on the North American Free Trade Agreement remained elusive and the energy index lost 6.3% in the quarter. While WTI crude oil gained 3.7% on the week and 5.2% in September, it came up short in the quarter, with a loss of 1.2%, but remains ahead 21.6% year to date. Gold also remained in the red for all time frames, losing 4.7% overall in the quarter.


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By Fund Library News Wire | Thursday, September 27, 2018



By Felix Narhi, CIO & Portfolio Manager, Penderfund Capital Management

Never before in history have the largest global enterprises required so little tangible capital to generate enormous profits. These new digital business models are, in theory, infinitely scalable with very little incremental capital. For example, if Google, Facebook and Microsoft decided to return all their excess cash and non-core investments to shareholders via a special one-time distribution, the collective tangible capital left in their businesses would be modest. Yet the lack of tangible assets from a traditional accounting viewpoint would have virtually no impact on their earnings power. Free cash flow would still be enormous and growing.


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By Fund Library News Wire | Tuesday, September 25, 2018

 

By Jay Aizanman, Director, Desjardins Global Asset Management

Many people have become comfortable investing in basic index products as part of their investment regimen. And why not? Active managers often have difficulty beating their benchmarks, an issue which is only worsened by the fact that fees and operating costs compound the underperformance. By contrast, index investing is cheap, simple to understand given its transparency, and importantly, less prone to subjective human judgment by being rules based. No wonder investors have piled into passive investment products.1 Given increased familiarity and acceptance, investors have begun turning towards smart beta and factor indices to obtain better returns and manage risk more effectively. Why is that?


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By Fund Library News Wire | Friday, September 21, 2018

By Mike Keerma

The major North American stock indices shrugged off escalating trade tensions between the U.S. and China, and, well, just about everyone else, as the S&P 500 Composite Index posted a gain of 0.9% on the week, while the Dow Jones Industrial Average closed at a record high 26,743.50, for a gain of 2.2% on the week. Toronto’s S&P/TSX Composite Index rose 1.3%, buoyed by a 2.7% weekly advance in the price of crude oil and a decline in the rate of inflation in July, to 2.8% from 3% in June. Weakness among the U.S. tech giants, however, contributed to flat performance in Friday’s session and kept the broader indices in check, while the Nasdaq Composite Index ran a marginal loss of 0.3% on the week.


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By Fund Library News Wire | Friday, September 14, 2018

By Mike Keerma

The big U.S. stock indices advanced on the week, despite some volatility on Friday on news that President Donald Trump intends to follow through on an additional US$200 billion in tariffs on Chinese goods. While trade tensions caused some intraday volatility on Friday, investor sentiment remained buoyed by underlying U.S. economic strength reflected in strong corporate profits, the rising price of crude oil, which boosted energy issues, and an increase in Treasury yields, which boosted financials and firmed up the U.S. dollar. The S&P 500 Composite Index gained 1.2% on the week, while the Nasdaq Composite Index advanced 1.4% as most of mega-cap tech giants made gains on the week. Toronto’s S&P/TSX Composite Index edged back on the week, however, with a marginal 0.5% loss. Crude oil gained 1.6%, but gold continued its slide, down 0.2% week over week.


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By Fund Library News Wire | Tuesday, September 11, 2018

A SPECIAL REPORT FROM



By Nash Swamy, Junior Analyst, Analytics & Data, Fundata Canada Inc.

Hedge funds have long been the envy of the investment industry, with complex and precisely executed trading strategies. While access to this group of funds remains with a select few, often institutional mandates or high net worth individuals, their presence is always felt and known by the average investor. But how have hedge funds been performing? The average investor often hears about the success of these rarefied funds, in the hope of being able to achieve similar returns. This year’s Canadian Hedge Funds Awards night, produced by Alternative IQ and sponsored in part by Fundata, is coming up on Oct. 16. So in this article I’ll lift the veil of mystery just a bit, and take a look at what made some of last year’s award-winners tick.


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