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Review and Outlook – Third Quarter 2017

Synchronized global growth, low inflation and ample liquidity has helped propel equity markets.  Although PE ratios remain above historic averages they are not extreme while corporate earnings continue to beat expectations.   A push towards deregulation in France, lower valuations, and expansionary monetary policy continue to make the European markets more attractive.  We expect U.S. 10 …


Review and Outlook – Second Quarter 2017

Global equities continued their march higher in Canadian dollar terms for the second quarter, but the real action took place in bonds, foreign exchange and commodities. The end of the second quarter marked the beginning of the end for the low-interest rate environment as the rest of the world indicated it would follow the United …


Reflation Theme Remains on Track, Despite Taking Pause

First Quarter Commentary – 2017: Global equities racked up solid gains in the first quarter of 2017. Although investors remain concerned over the timeline and details of U.S. pro-growth policies, stocks significantly outperformed bonds. U.S. bond yields were range-bound, caught between rate hikes and rising uncertainty over the magnitude and timing of fiscal stimulus.


Review and Outlook – First Quarter 2017

As global markets digested the regime change in the United States, we continued to navigate the late stages of the economic cycle. Economically sensitive sectors prevailed during the quarter, including Financials, Industrials, Materials and Information Technology. The reflation trade temporarily paused, but remains a key theme going forward, fueled by President Trump’s pro-growth policies. While …


Review & Outlook – Fourth Quarter 2016

Recovery to Expansion Markets enjoyed a late-cycle rally as economically sensitive and financial stocks embraced Donald Trump’s unexpected victory and a back-up in U.S. policy rates. The questions ahead for 2017 include the fate of global currencies, divergence of central bank policies and the pros and cons of Trump’s themes of increased capital spending, protectionism …


Review & Outlook – Third Quarter 2016

Great Expectations Developed markets have responded positively in the wake of the U.S. election, with the Trump administration ushering in expectations of greater government spending, potential tariffs, and corporate tax reform. What does the future hold as the U.S. embraces increasing energy independence and a more protectionist stance? Genus CEO and Chief Investment Officer Wayne Wachell and Director …