Come February 2020, I’ll be celebrating my nine-year anniversary at Cambridge Global Asset Management (“Cambridge”). During this time, I’ve exclusively covered Canadian and global small/mid-capitalization stocks, and I believe I’ve done my best to deliver on my promise of achieving investment excellence for our clients. A few weeks ago, I held a call with advisors across Canada, and we had a good conversation. I felt that a short recap of part of that discussion was worthwhile repeating here.
Greg Dean's blog
We’ve recently had several questions regarding Cambridge Growth Companies Corporate Class, and I believe it’s my duty to be transparent and candid about what we’re doing and why, especially when short-term performance is weak.
Please see the table below for the year-to-date performance (i.e., as at June 30, 2019) of our funds that invest in small-capitalization companies.
Well, so much for a quiet summer! Throughout the last few months we’ve remained highly focused on making the best long-term investment decisions for our clients amid ever-growing risk appetites and return expectations. In order to support that, we’ve also been extremely busy developing our hiring plans.
The purpose of this letter is to provide you with an update on first-half results across the Canadian and Global small-cap portfolios. But first, I’d like to start by discussing an important upcoming anniversary that serves to highlight two key things: the benefit of taking a long-term approach when investing; and the importance of well-reasoned decision-making.
I’ve been fortunate over the years to meet many of our clients – both advisor partners, and the families and individuals who own our funds directly. Collecting feedback and thanking those who trust us with their hard-earned savings is one of my favourite parts of the job. Often on these visits I’m asked, “So, which fund should I buy?” This is usually met with a blank stare by myself or a member of my team because the honest answer is, “it depends”. That’s rarely the answer people expect, so I want to provide some context and draw parallels to a different industry in order to illustrate why I believe the investment professionals at Cambridge are not always best positioned to answer that question.