While an increasingly aging society will certainly affect the future of retirement savings and health care in Canada, this growing demographic shift may also offer an opportunity for institutional investors. “Within a decade or two, the largest single household cohort will be seniors,” says James McKellar, director of the Brookfield Centre in Real Estate and […]
Share price dispersion remains prevalent in equity markets, but today’s active managers are having difficulty extracting alpha. They may not be looking in the right places. “A lot of them, I think, have failed in their stewardship responsibilities,” argues Ben Yeoh, senior portfolio manager, global equities, RBC Global Asset Management (UK) Ltd. “I don’t think […]
Risk takes many forms and extends beyond investing. With 25 years in the CIA, David Bridges, now a research analyst at Fidelity Investments, thinks we may be missing some important ones. “Because we’re living in the middle of it ourselves, we’re not fully aware of the fact that we are living through the most revolutionary […]
At the first Risk Management Conference, 20 years ago, there were many things plan sponsors probably weren’t thinking about. Currency, for example, says Marlene Puffer, president and CEO, CN Investment Division. Before the elimination of the Foreign Property Rule, plans were mostly invested in Canadian bonds and equities. Instead, the chief concern would have been […]
Bond correlations are a “very dull topic,” admits Edouard Senechal, a senior research analyst on the dynamic allocation strategies team at William Blair. And yet, when the correlation between stocks and bonds changes — and the past 50 years has witnessed two shifts — bonds have very different portfolio-stabilizing characteristics. That these correlations would have […]
Volatility is the traditional measure of risk, but environmental, social, and governance principles can help identify risks that may not reveal themselves in the volatility numbers — and lead to a broader assessment of portfolio risk. With that, investors can ask, “Am I really happy to take on that risk, or do I need to […]
Former Chief Justice of Canada at the 2018 Risk Management Conference
Why bigger isn't always better when it comes to choosing companies
Why your factor beta comes with a lot of noise.
Using cash flow as the source of return in public markets