Resources

Portfolio Construction

  • March 2019
    As part of their March commentary, Alfred Lam, Senior Vice-President and Chief Investment Officer and Marchello Holditch, Vice-President, CI Multi-Asset Management, explain that stock markets have rallied significantly and consistently since 2009 when central banks cut interest rates to zero and increased the money supply through quantitative easing (QE) programs. Ten years later, these measures are largely still in place. Economists have described this as the “new normal.”
  • Feb 2019
    As part of their February commentary, Alfred Lam, Senior Vice-President and Chief Investment Officer, Multi-Asset Management and Marchello Holditch, Vice-President, Multi-Asset Management, explain how the team tactically positions portfolios based on short-term elements in the markets. The recent changes in central banks’ policy have been an important catalyst.
  • October 2018
    As part of his October commentary, Alfred Lam, Senior Vice-President and Chief Investment Officer, Multi-Asset Management, discusses the current market environment and explains that while the portfolios are positioned to optimize returns, they are also built to weather volatility.
  • September 2018
    As part of his September commentary, Marchello Holditch, Vice-President and Portfolio Manager, Multi-Asset Management, discusses considering factor exposures when constructing portfolios. Marchello also explains that exchange-traded funds (ETFs) can be an effective tool to gain exposure to different factors. While they can increase risk if used improperly, factor-based ETFs can be highly useful investment tools for multi-asset portfolio managers when used within a robust asset allocation framework.
  • July 2018
    As part of his July commentary, Marchello Holditch, Vice-President, Multi-Asset Management, explains that since 2010, growth stocks have outperformed value stocks by a large margin. However, if cumulative returns are measured over the past 40 years, value stocks hold the advantage. While investment style fads come and go, disciplined, diversified investing will never go out of style.
  • June 2018
    In this month’s commentary, the Multi-Asset Management team explains that after nearly four decades of declining bond yields, there is a credible case to be made that government bonds, particularly U.S. treasuries, are due for a change of course.
  • March 2018
    As part of his March commentary, Alfred Lam, Senior Vice-President and Chief Investment Officer, Multi-Asset Management, discusses how market sentiments have changed. In February 2018, stock markets experienced more volatility in one month than in all of 2017. The team’s risk overlay strategy added value during the volatility.

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