After another year of bull markets, Adam Murl, Head of Research, takes a look at what did and didn’t work in 2017. Although investor sentiment is running hot, a strong case can still be made for risk assets moving higher early in 2018. Several critical questions will challenge investors as the year progresses, however, and the answers will determine the longevity of the global economic cycle and sustainability of the bull market.
Read MoreWill the Fed kill the party with higher interest rates as we enter the next phase of the cycle? Adam Murl, Head of Research, discusses why rising capital investment could provide the productivity growth we’ve been missing and leave room for the Fed to raise rates without causing a recession. Don't expect this transition to happen quietly, however; volatility is likely to pick up as the market adjusts to this new reality, creating clear winners and losers.
Read MoreCentral banks spent trillions of dollars in an attempt to create inflation but to the surprise of many, pricing pressures remained subdued. Adam Murl, Head of Research, discusses why we might finally be seeing signs of an uptick as commodity prices pop and manufacturing utilization around the world tightens. Accordingly, portfolios have shifted towards Materials and Energy and away from interest rate sensitive sectors.
Read MoreWe’ve been negative on oil... until now. Find out why Adam Murl, Head of Research, finally sees the price of black gold firming and what could drive it even higher. Solid economic data out of the U.K. has Brexit advocates claiming victory, but looking through the numbers has us increasingly concerned. We wrap with our quarterly review and favourable outlook for the final stretch of 2017.
Read MoreOur long-held positive view on global markets takes us to India this month, where the market has performed well year-to-date. As Adam Murl, Head of Research, explains, the country may just be in the early innings of unlocking its potential. We also discuss why tax reform sausage-making in Washington, DC is a process best left unwatched.
Read MoreAfter the sharp rally in the Canadian Dollar, Adam Murl, Head of Research, discusses why investors should temper expectations for further gains. Our bullish call on Europe continues after the significant run in the Euro; however, we are becoming more discerning with our allocations in the region and have started looking to Asia for compelling investment opportunities.
Read MoreEurope has had a strong start to the year but can it continue? Adam Murl, Head of Research, discusses why long-held pessimism on the European project might deserve a re-think. We also describe our rationale for overweighting the Health Care sector and specifically, why Biotech now looks interesting after a lengthy period of underperformance. As we close out the quarter we provide our outlook and positioning for the second half of the year.
Read MoreAfter years of Central Bank largesse the Federal Reserve started laying out plans to shrink its $4.5T balance sheet. Adam Murl, Head of Research, discusses why investors should be wary of the potential impact on liquidity and asset prices, in spite of market ambivalence. Additionally, there may be too much negativity on the Canadian dollar, opening the door for a short-term recovery.
Read MoreAs policy headlines create significant volatility, Adam Murl, Head of Research, discusses the divergent trends across Health Care sub-sectors and reasons why we like the Medical Equipment space. Additionally, Adam weighs in on the “passive vs active” investing debate, outlining why Equium Capital sees Exchange Trade Funds not as a threat, but rather an effective tool for innovative portfolio managers.
Read MoreAdam Murl, Head of Research, provides an overview of a choppy first quarter, our take on some of the key Asian markets and what we’re looking for to give us more confidence in the reflationary trade. Policy uncertainty has picked up and our technical work suggests some caution; however, key credit and economic data remain and strong keep us optimistic on the longer-term outlook for risk assets.
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