Stephen Groff's blog

Update on areas of risk and Cambridge Canadian Dividend Fund positioning

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We see a number of areas of potential risk in the market today including elevated valuations in some sectors and uncertainty in China. We have been concerned about China for years now and recent policy moves do little to appease us. We have made sure our portfolios are positioned accordingly.

A new (pure USD) version of the Cambridge U.S. Dividend Fund: Cambridge U.S. Dividend US$ Fund

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Since taking over the Cambridge U.S. Dividend Fund at the end of 2013, we have been pleased by the level of acceptance from many Cambridge supporters. We did however receive feedback from some clients looking for pure USD exposure as the product had the ability to hedge currency. We listened and are pleased to offer Cambridge U.S. Dividend US$ Fund. This new option allows clients to purchase the mandate in U.S. dollars with no currency hedging (all holdings are held in USD).

You now have a choice of:

What we can learn from successful companies

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It’s been a busy start to the year with markets remaining volatile. We have also been out visiting a number of current and prospective investments across the U.S. Midwest, Switzerland, and Germany. It is always refreshing to get out of the office and meet the management teams on home soil. You can quickly get a sense of a company’s mindset by visiting its headquarters and hearing management talk about its business. 

Why active management matters in the dividend investing world

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The recent sharp correction in some large Canadian sectors has shone a spotlight on the concept of dividend sustainability and how it is far more important than simply the dividend yield.

There are a number of stocks in Canada which were seen as "stable dividend payers" often based on the ability to satisfy two criteria:

What we have been up to during all of this volatility...

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There has been no change to what we always do – seek out the best, absolute opportunities we can find for our portfolios, otherwise build cash.

Major market movements can be paralyzing. Volatility isn’t a fun for any of us, but it does create opportunity when you consistently implement an investment philosophy that is positioned to take advantage of it.

Trucking Along to Find Ideas – Part II

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A little over a year ago, we talked about the interesting industry dynamics that were shaping up in the trucking space – primarily in the form of a driver shortage which was getting increasingly serious at the time. When combined with an improving U.S. economy, we felt capacity could get tight and have real implications for pricing.

Why active share will matter even more going forward...

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Just before summer decided to finally arrive, I was able to get out and visit a number of Cambridge supporters from coast to coast. While it is always nice to talk about what we have been up to, it’s also nice to hear what is on their minds. One item that kept getting brought up was “CRM 2” and what it could mean for the industry.


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