To assist financial advisors, we have created a series of model portfolios that are designed to meet the investment objectives and risk tolerance of a number of different investor types. These portfolios are updated on a monthly basis. Alternatively, if you would prefer to have something more customized, contact us and we can work with you to help you build a fully optimized portfolio or series of portfolios based on your specific fund preferences and investment criteria.
May 2017 Portfolio Review
It was a tough month for the portfolios, with each ending in negative territory, and lagging their respective benchmarks. The strongest showing came from our Growth Portfolio, which was flat on the month, while our Moderate Balanced Portfolio was down 0.5%, trailing its benchmark by more than 100 basis points. For a detailed review of the portfolios’ performance and risk reward metrics, you can download our standard monthly portfolio report here. For those looking for more detail, I am also providing additional reports generated from...
read moreApril 2017 Portfolio Review
Each of the portfolios posted strong gains in April, led by the all equity Growth Portfolio, which gained 3.7%, outpacing its benchmark. Our Balanced Portfolio gained 2.2%, and our fixed income focused Conservative Portfolio rose by a more modest 1.1%, each lagging its benchmark.
read moreMarch 2017 Portfolio Review
It was another month where each of the portfolios posted positive returns, but lagged their respective benchmarks. The current market environment continues to reward more richly valued, expensive, higher beta names at the expense of more fairly valued, quality securities, which continues to create a headwind for the portfolios.
read moreFebruary 2017 Portfolio Review
Despite finishing in positive territory for the month, each of the portfolios trailed their respective benchmarks. Again, it was the conservative positioning, particularly of the global equity funds, which continues to act as a headwind in the portfolios. The recent bout of underperformance is certainly a test of one’s patience. It is particularly frustrating because I understand what each manager is doing, and why, but unfortunately the market is moving in a different direction. When I look at the fundamentals of the markets, particularly valuation, I can’t justify shifting the positioning of the portfolios for the sake of capturing stronger performance at the expense of capital protection. When markets correct, and they will, I firmly believe that each of the funds in these portfolios is positioned to better manage that downside.
read moreJanuary 2017 Portfolio Review
The year started off rather mixed, with Canadian equities higher, while bonds, and foreign equities finished in the red, in Canadian dollar terms. In this environment, it was another tough month for the portfolios with each finishing in negative territory and each lagging their respective benchmarks.
read moreDecember 2016 Portfolio Review
With most equity markets continuing to rally on the back of Trump’s surprising presidential victory, each of the portfolios finished the month in positive territory. Not surprisingly, the strongest showing came from our Balanced Growth and Growth Portfolios, which gained 0.4% on the month. The more conservative portfolios were still higher, with the Conservative Portfolio gaining 0.2%.
read moreNovember 2016 Portfolio Review
With Trump’s surprising election win, North American equity markets have been on a tear, with the U.S. markets hitting new highs, and the Dow Jones Industrial Average flirting with the 20,000 mark. European and emerging markets have not fared as well, with Europe losing ground on internal issues, and emerging markets selling off on fears that a new protectionist U.S. regime will hurt the region’s growth prospects.
While equity markets have celebrated, fixed income markets have not. With worries that Trump policies will spur inflation and economic growth, bonds, both in the U.S. and here at home have sold off, pushing yields higher.
read moreOctober 2016 Portfolio Review
October was a mixed month for the major asset classes, with bonds finishing down, Canadian equities slightly higher, and global equities mostly lower in local currency terms. A drop in the Canadian dollar helped to push many foreign equities into positive territory for the month. In this environment, the portfolios all finished in negative territory.
read moreSeptember 2016 Portfolio Review
The fall months have historically been the most volatile in the markets, but thankfully, September was reasonably tame. The portfolios held up relatively well, with each finishing in positive territory for the month. Unfortunately, the conservative positioning of a number of the equity funds resulted in underperformance when compared with their respective benchmarks.
read moreAugust 2016 Portfolio Review
It was another positive month for the portfolios, with each finishing in positive territory, and modestly outpacing their benchmarks. For a review of the portfolios’ performance, you can download our standard monthly portfolio report here. For those looking for even more detail, I am also providing additional reports generated from Morningstar which show even more detail regarding the portfolios. A summary report can be downloaded here, while the more detailed report can be downloaded here. It was the Growth Portfolio that had the...
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