Portfolio Manager Change – Gluskin Sheff just poached some big names from BMO Private and 1832, see foot of email for details.
There will be no Canadian Week next week due to the holiday shortened week.
- The TSX lost 0.3% last week, coming off new all-time highs and underperforming the S&P500. Volumes were elevated due to the TSX rebalancing and quadruple witching on Friday. Small Caps outperformed.
- Losses were mostly driven by Energy, which fell ~4%, though underlying oil prices were near unchanged and continued to hold at +2 year highs. The bullish stance on crude continues to grow.
- The sector is close to being oversold and saw the largest number of names move into technically oversold territory as a result of the pullback.
- Telco and Financials also underperformed. Defensive Materials outperformed, with precious metals higher; Tech was also a strong performer on the week.
- C$ remained relatively flat, slight increase in long positioning.
- The Canadianeconomic calendar/strong> is relatively busy this week – retail trade, CPI and GDP will be highlighting at the end of the week. The U.S. will also see a relatively busy week, with GDP and consumer sentiment data being the most notable.
- ETFs – Energy saw its 2nd consecutive week of outflows, mostly benefiting Financials and Gold ETFs. TSX60 ETF saw a 3rd consec. weekly outflow, assets continuing to move mostly into bond ETFs .
Gluskin appointed Alkarim Jiwa as the PM for theGS+A Premium Income Portfolio and the dividend-oriented Canadian equity strategy. Jiwa was previously the lead PM for the BMO Private Canadian Income Equity Portfolio and was a member of BMO’s asset allocation committee. Leanne Caravaggio was also bought on as VP and PM of the GS+A Canadian Equity Portfolio. She comes from 1832 where she was the co-manager of two dividend and income funds with a total of ~$1bn in AUM . In addition, Leanne helped manage $8~ in North American dividend and value equity mandates for 1832.
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