Fourth Quarter | 2017
Markets continued their year-long upward trajectory in the final quarter of 2017. Synchronized growth in advanced economies, strong corporate earnings, and positive sentiment contributed to a quarter of stellar performance in most global asset markets.
Third Quarter | 2017
Monetary policy “normalization” returned as a major theme this quarter. As indicators for the global economy continued to show signs of strength, central bankers in many major economies—e.g., U.S., Canada, China and Europe—have signaled that the end of a very loose monetary era is nigh. Markets may be facing an important inflection point.
Second Quarter | 2017
Investment headlines in the second quarter of 2017 were once again full of politics, with developments in Europe, the U.K. and the U.S. dominating discussion. One might say the quarter was not so good for the populists: Trump found himself embroiled in scandal, British Prime Minister Theresa May managed to lose her conservative party’s majority by calling a snap election, and Marine Le Pen was soundly defeated in France’s Presidential contest by Emmanuel Macron. Political uncertainty notwithstanding, it was a solid quarter overall for investment performance: most major equity and bond markets posted positive returns.
First Quarter | 2017
The themes that emerged in the fourth quarter of 2016 carried through to the first quarter of 2017. Confidence in the outlook for global economic growth continued to take hold, moving equity markets broadly higher. European and Emerging Markets were the leaders while the U.S. market achieved new all-time highs. Bond yields rose for most of the last three months, with 10-year Treasuries rising to as much as 2.6%, before falling largely in line with the levels achieved by the end of 2016.
Fourth Quarter | 2016
After an extended period of highly correlated markets, (i.e., equities and bonds delivering positive returns in tandem) the fourth quarter was characterized by divergences. Bond markets moved in reaction to growing expectations that changes in the U.S. will lead to higher economic growth accompanied by rising inflation. Generally speaking, equity markets gained in local terms—although Canadian dollar strength negatively impacted most returns outside of North America.
Third Quarter | 2016
With increased political noise and unanswered questions carrying over from previous quarters, uncertainty and instability remain stubborn themes across financial markets. One of the biggest concerns over the summer was the Brexit vote and its potential consequences. The “leave” outcome caught many by surprise, contradicting the air of optimism that had preceded the referendum. Two days after the vote, the FTSE 250 Index had lost nearly 15%, the sterling had fallen by 10%, and the U.S. dollar gained broadly.
Second Quarter | 2016
The second quarter of 2016 was dominated by the buildup and final tally of the referendum vote heard across the world—Brexit. On June 23rd, the United Kingdom surprised many by voting to leave the European Union, with the ‘Leave’ camp securing 51.9% of the vote versus 48.1% for ‘Remain’.
First Quarter | 2016
Global economic weakness and deflationary forces were still at work in the first quarter of 2016. Volatility and uncertainty remained stubborn themes, with markets reacting to major central bank decisions and potential oil supply resolutions.
Fourth Quarter | 2015
2015 was another busy year at the firm as we continued to add depth to our investment, client and operating teams, while changing some of our core service providers to those with more global reach. We have grown to 122 employees across our Calgary, Toronto and Singapore offices, increased the number of owners from 37 to 44, and are now managing over $30 billion for a wide range of institutional and individual clients.
Third Quarter | 2015
Volatility increased across asset classes in the third quarter of 2015. China’s economy, weak global commodity prices, and anxiety around if, and when, the Federal Reserve will raise interest rates weighed on investors’ minds. This anxious sentiment was matched by weak, global investment returns across equity markets.