On Sunday, April 20, 2014 I attended Press Day at the Beijing Auto Show. This was the last day of an intense week of meetings across China, talking to management of auto companies and doing channel checks with auto dealerships.
I visited the Shanghai Auto Show last year (Shanghai and Beijing alternate years for hosting) and my...read more
Investment philosophy plays a significant role at all levels of an investment organization. The philosophy drives product development, asset allocation, hiring decisions at the top to implementing individual trade ideas at the portfolio level. It shapes the path and characteristics of an organization as well as the pattern of investment returns...read more
A window into the views of the U.S. Federal Open Market Committee is offered by the minutes of its March 18-19 meeting. The minutes, released on April 9, tell me that the Federal Reserve has a balanced view of the U.S. economy. This is in contrast to the manic-depressive behaviour of the financial markets, which are driven by headlines and...read more
Signature Corporate Bond Fund (Class A) had a strong return of 3.4% for the first quarter of 2014.
Simply put, we scored four out of four in terms of success with the levers we can pull to add value in the fund. The investment-grade component of the fund significantly beat its benchmark in the quarter while the high-yield component...read more
With the recently announced acquisitions of Nordion by U.S.-based Sterigenics, Patheon by private equity firm JLL Partners and Paladin by Endo Pharmaceuticals, the unwinding of the Canadian health care industry, which began in earnest in the second half of the 2000s, seems to have largely come to its conclusion. This once promising growth...read more
We’re approaching the end of March, and with that come signs of spring and the hopeful end of a prolonged winter. For sports fans, it is also the start of the NCAA College Basketball tournament, aptly nicknamed “March Madness” due to its frenetic style of play and general unpredictability. It is so unpredictable that Warren Buffett has...read more
When I visited Russia and Ukraine late last year I did not include Crimea in my itinerary. A region that contributes less than 3% to the country’s already small economy was never going to grip the imagination of foreign investors. How quickly things have changed. Sevastopol (home of the Russian Black Sea Fleet) and Simferopol (capital of Crimea...read more
Recently I attended the JP Morgan High Yield Bond and Leveraged Loan Conference in Miami, Florida. This is a marquee event for our industry that brings together a multitude of issuers and investors, as well as traders, sales and debt capital market professionals to discuss company prospects and new investment opportunities.
At the time of writing this blog, we are still early in the unfolding political drama between Russia and the Ukraine. The markets have taken a bit of a knock as a result. Having read various articles and listened to several calls, let me share a few of the early views that are emerging.
We know that President Putin has sent troops into...read more
One of the big questions facing markets today involves the relationship between the weather and the economy. There is no doubt that this has been a brutal winter (-15°C as I'm writing and it is already March!) and that it has contributed to the string of weaker than expected economic data out of the U.S. The trouble is we have no idea how much...read more