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):
Brandon Snow's blog
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.
One of our traders at RBC, Charlie McElligot, shared this table last week:
The fall of Eike Batista
Eike Batista became the commodity baron of Brazil, amassing a significant fortune investing in gold, oil, oil services, iron ore, logistics, and power.
With the continued strong equity performance and volatility and losses in the bond markets in recent months, we are finally starting to see a significant divergence in fund flows between the two asset classes:
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.
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).
Volatility has picked up across asset classes with the Federal Reserve’s announcement that it will begin reducing stimulus as the economy gains a foothold. While this is GOOD NEWS, as it is dependent on real economic recovery, the result has been bad news for asset prices, with deleveraging across the board.