Brandon Snow's blog

Volatility and the Art of Doing Nothing

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We are often asked about our target turnover for the portfolios, and as in most cases in the investment world the answer is "it depends." Turnover is really market determined; depending on the opportunities we are seeing in the market our activity levels will go up and down. With that in mind I wanted to offer the following charts (from Credit Suisse):

Portfolio Update September 2013

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Here is a quick update on portfolio positioning as we head into the busy fall season:

We have made a tactical asset allocation call to raise cash in Cambridge Asset Allocation Corporate Class (20% to 30% cash, all from equities). At the same time, our cash positions in the Cambridge Canadian Growth Companies and Cambridge Canadian Equity funds have increased to the high teens. There are a few drivers for this move.

A great example of a free option: Loblaws

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Everyone is talking about the big news this week, Loblaws buying Shoppers, but the market is offering another opportunity to benefit from the deal.

Loblaws it currently trading at $48.50, up $1 from where it was prior to the announcement. There are only two possible outcomes: Either the deal goes through or it doesn't.

Mid-year review

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Markets: The first half of 2013 offered a much easier environment for equity investors than did the last few years. There was stable but not prolific growth in the U.S., the European credit situation calmed down and we had the added bonus of massive monetary stimulus out of Japan. The result was a less volatile, more widespread advance in the markets for most of the quarter, with all the excitement happening underneath the surface (defensive vs. offence and sector rotations).


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