Paul Moroz returns to share an update on our global equity strategy. We dig into what's changed since Paul resumed the lead portfolio manager role, how the team's collaboration has evolved, and why a more diversified and resilient portfolio is the result. Listen for Paul's take on why optionality and humility matter more than ever.

There’s renewed talk in the news about ending the requirement for public companies to report quarterly earnings. At first glance, the commentary makes it sound like a step toward solving our short-term obsessed investment culture. But the reality is more complicated. In this article, we explore why the frequency of financial reporting may be less important than how leaders are rewarded—and how well-designed compensation systems, meaningful ownership, and a focus on long-term value creation can foster true alignment between management and shareholders. Discover why the path to sustainable results isn’t about reporting less, but about incentivizing stewardship that endures well beyond the next quarter. 

In this episode, we sat down with our Director of Research, Vijay Viswanathan, and Institutional Portfolio Manager, Kevin Minas, to talk through their observations this past quarter. We talk macro, micro, and everything in between, touching on changing market dynamics, central bank policy, how the portfolios are doing in this environment, and, finally, how we're positioning ourselves as we move forward.

Credit markets appear calm, but beneath the surface, early warning signs are flashing—especially in the auto sector. This article explores how auto credit, often the first to show stress when consumer conditions deteriorate, is now signaling broader risks. With credit spreads near their lowest levels in decades and risk premiums shrinking, investors are being asked to accept more risk for less reward. The rise of private credit and declining transparency further mask growing vulnerabilities. The auto sector’s mounting strains may be the canary in the coal mine, warning of mispriced risk and potential instability across the broader credit market.

In this episode, Fixed Income Portfolio Manager Crista Caughlin breaks down the macro forces driving bond markets in 2025. From trade uncertainty to central bank policy shifts, Crista explains how these themes are shaping Canadian fixed income performance and where she sees opportunities ahead.

Equity analyst Ian Turnbull shares insights from his latest trip to Japan, highlighting the unique aspects of Japanese society and corporate culture. From surplus and stakeholder capitalism to why you might get more than you pay for at a 7-Eleven convenience store, Ian reflects on the value of on-the-ground research, the trade-offs involved in capital allocation decisions, and pockets of real opportunity within Japan's evolving business landscape.   

This article explores why financial markets and the economy often move out of sync, showing that markets typically anticipate future developments—such as policy shifts or recoveries—long before economic data catches up. Using historical examples, it highlights that market rallies can occur even during economic downturns, and emphasizes the importance of understanding index composition and maintaining diversification rather than relying solely on economic headlines. 

In this episode, U.S. Equity Portfolio Manager Grayson Witcher explores the evolving intersection of government policy, innovation, and capital expenditure (CapEx) in U.S. markets. The discussion unpacks how public spending and strategic government stakes—especially in sectors like semiconductors and defense—are reshaping the investment landscape. Grayson reflects on the unique blend of complacency and optimism in today’s markets, the uncertain returns on massive AI-driven CapEx, and the importance of management quality and adaptability in navigating this new era. 

The AI revolution is driving one of the most capital-intensive buildouts in modern history, with data centers at the epicenter of a potential $3 trillion global investment wave. For credit investors, this represents a significant opportunity, but selectivity is paramount—while many projects will succeed, others will stall or fail. Understanding the risks is critical for separating resilient credits from problematic ones.

Brian Carney, lead portfolio manager of the global credit opportunities strategy, explores the current credit market environment characterized by tight spreads and low defaults despite global uncertainties. He discusses the concept of "convergence and complacency"—where large pools of capital chase lower-quality borrowers while markets overlook serious warning signs including political pressure on central banks and hidden leverage. The conversation covers key crisis indicators, the weakening of credit covenants over the past decade, and the risks associated with private credit. He outlines the portfolio’s defensive positioning with high-quality, short-duration securities and highlights Saturn Oil and Gas as an example of selective opportunities that still favor lenders. He concludes with insights on how AI is enhancing the investment process while emphasizing that technology cannot replace the importance of human relationships in credit analysis. 

The economics of building custom technology are changing rapidly. In today’s environment, a company’s technology strategy is no longer just a back-office concern—it’s central to business value and long-term success.

In this episode equity analyst Dominic Drzazga discusses the current state of Canadian small caps, highlighting how geopolitical volatility creates both challenges and opportunities. The conversation covers recent portfolio additions including Sprott's precious metals trust and Kraken's underwater robotics technology, while reflecting on the bittersweet exit of long-time holding Andlauer. Dom also shares insights into how the research team is utilizing AI tools within their process.