IA Clarington Canadian Conservative Equity Fund
This is a fund I have struggled with for a few quarters now. I originally like it because of its conservative nature, decent returns, and lower than average levels of volatility. To do this, the managers focus on well-managed, high quality Canadian companies that pay an above average dividend that is not only sustainable, but also growing. One of the risks of this strategy was over time, it became fairly concentrated in energy. More specifically, it invested heavily in energy infrastructure such as pipelines – the types of names that historically exhibited much less commodity sensitivity. However, when the energy swoon hit last year, investors sold off anything related to energy, including many of the names held in this fund. The result was a significant increase in volatility and levels of downside participation that were uncharacteristic for this fund.
Read MoreFidelity Dividend Fund
As investors continue their hunt for yield, dividend funds remain a popular choice, and this Fidelity offering is one of the best in the category. Managed by the team of Geoff Stein and David Wolf, who run the fund much like a fund of funds, making allocations to underlying funds managed by asset class specialists. They try to keep a fairly static asset mix that is in line with the fund’s...
Read MoreMackenzie Ivy Canadian Fund
When long-time manager Jerry Javasky stepped down in 2009, the reins of the fund were handed over to Paul Musson. When Mr. Javasky ran the fund, its stellar capital protection was legendary. Unfortunately, it was also known for its lackluster performance in up markets. Today, with Mr. Musson running the show, the emphasis on downside protection remains firmly in focus, but now it does a much...
Read MoreTrimark Income Growth Fund
The last time I reviewed this fund was April 2013, shortly after Clayton Zacharias had taken over the management of the equity portion of the fund. At the time I said I was “…cautiously optimistic that with Mr. Zacharias managing the equity portion that we will see a sustained improvement in overall returns.” Turns out I was right. Performance has definitely improved, with the fund boasting an...
Read MoreCI Signature Corporate Bond Fund
Given the somewhat unique mandate of this fund, it’s a tough one to classify. It invests in a diversified portfolio of bonds, right across the credit spectrum, ranging from AAA rated government bonds to high yield. The investment process is a blend of top down macro analysis, which helps the team set the mix of investment grade and high yield, and fundamentally driven, bottom up credit analysis...
Read MoreDesjardins Chorus II Portfolios
Recently, a reader asked for more information on the Desjardins Chorus II Portfolios. The Chorus II portfolios are a series of dynamically managed portfolios that invest in mutual funds offered by Desjardins Investments. There are six portfolios available, ranging from Conservative to Maximum Growth, and everything in between. For the Conservative Portfolio, the target fixed income weight is...
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