October 2021 - Monthly Commentary

We hope everyone is settling into Fall and for those with children and grandchildren in their lives, we hope the transition to school has been smooth. In our household, Kate started preschool. So far she is loving it and bringing home an assortment of crafts and germs each week.

Markets experienced their own flu-like symptoms in September too. Accordingly, the start of this week’s Global Insight Weekly provides a good overview of the diagnosis and expected path for recovery: "Given the tear it’s been on since the pandemic lows, it shouldn’t come as a surprise that the stock market would take a much-needed rest, even more so as it’s navigating through some challenges. And while there could be more volatility ahead, we think the bull market can work through the headwinds and ultimately move higher.”

The support for a continued bull market at this point shows up in a couple other areas of this commentary. The last paragraph on page 2 says "Despite the unique COVID-related headwinds, leading economic indicators are still signaling that recession risks are nearly nonexistent, household fundamentals remain strong, and earnings growth should persist, at least at a moderate pace”. Under the Market Scorecard on page 5 under Fixed income (returns), it shows that U.S. High-Yield Corp bonds performed better than investment grade bonds for the month of September, which is a sign that the bond market is not worried about a significant slowdown in the economy.

When in doubt, trust the bond market doctors. We take great comfort in the signals we are seeing from the credit environment that the recent volatility is a common seasonal cold with an expected recovery to be relatively quick.

August 2021 - Monthly Commentary

Maybe it’s the hot weather and forest fires we are seeing in the West this summer, but there was a brief comment in the Global Insight Weekly that caught our eye. Specifically the third paragraph on Page 3 and the accompanying graph showing the rise in climate-related board proxies. Not only was the increase in the last three years interesting, but in 2021 thus far, some of these are actually being passed at the AGMs whereas none were voted favourably upon in 2019.

Our view is that this is not a blip and is likely sustainable...pun intended. Our fundamental belief is that for companies to succeed and excel in the future, they too need to be conscious of their broader impact on our community and humanity in general. It is a business risk and ultimately an investment risk not to. This is why we use ratings from Sustainalytics and other sources as part of our investment process to analyze management quality and environmental exposure as a further level of risk mitigation.

Enjoy the rest of the summer!

July 2021 - Monthly Commentary

We hope everyone is well underway to receiving their second vaccine dose and is enjoying some new freedom to get out more. Local small businesses are eagerly awaiting our return especially while borders remain closed. Any support and spending you can give is surely appreciated.

Within public markets, this month we have sent you a weightier document, however, we would like to draw your attention to the chart on page 3 titled “U.S. recession scorecard”. Note that all indicators are pointing towards Expansion, which is supportive of equities. We follow this scorecard regularly and there have been times when the trend started to weaken or when the indicators were mixed. This is clearly not the case now. So while this is of course no guarantee, there doesn’t appear to be a recession on the horizon.

June 2021 - Monthly Commentary

What a change a month has made to the vaccine rollout! Early May saw people in their 50s and 60s receiving their long awaited first dose, and by the end of the month, people in their 20s were being vaccinated as well. We hope you are staying safe and that you and your loved ones have had the opportunity to be vaccinated too. Meanwhile, markets have mostly continued to climb higher in anticipation of a successful vaccine rollout and economic recovery.

For this month, RBC’s Global Portfolio Advisory Committee featured an article on the positive European recovery (see graph on page 1). With much of the world seeing good economic recoveries, our minds turn to interest rates and whether we could see some lasting inflation and therefore more increases in bond yields. The European Central Bank seems aligned with North America in that “the consensus sees the ECB waiting until around mid-2023 to raise its deposit rate”. So clearly, central banks in developed countries will favour growth at the risk of inflation. We will continue to monitor signs that could indicate rising rates and inflation, however, this shouldn’t materially impact our positive equity expectations in the near term and we continue to be overweight equities in client portfolios.

March 2021 - Monthly Commentary

This edition of the Global Insight Weekly focuses on the rise in bond yields. On page 5 the table shows that the 10Y US Treasury yields (interest rates) have increased about 70% this year. This is a fairly big move and has put pressure recently on both bond and stock prices. The article goes through a number of reasons why they don’t expect this to continue, however, in our view it would be prudent to consider rising yields as a significant risk to our favourable market forecast. If inflation rises more than expected or governments have trouble finding investors for their expanding need for bonds, then rates will increase and challenge bond and stock prices. We are factoring this into our security selection and asset allocation decisions to avoid or manage the more interest sensitive areas.

February 2021 - Monthly Commentary

This edition of the Global Insight Weekly discusses concerns around a potential bubble in some markets. Certainly there have been some signs – for example Bitcoin and GameStop – but the broader market still has reasonable valuations and the backdrop is supportive of equities due to low interest rates and government spending. Page 2 of the article talks about a recommended strategy that is aligned with our thinking:

"How to position?

We maintain our Overweight stance in global equities, and we are willing to withstand possible volatility as we think equities will eventually move slowly higher over the course of the year. We expect the sector rotation into cyclicals that started in November 2020 to continue as the economy approaches a reopening. We would continue to look for exposure to more attractively valued cyclicals, without neglecting exposure to resilient defensive stocks."

As always, please reach out to us if you would like to discuss in more detail.

December 2020 - Monthly Commentary

Here is a comprehensive forecast that covers a number of questions clients have posed to us this year. Topics include capital market expectations, impact of rising government debt, higher inflation etc. This is worth a read for those that have the time to go through it.

For those that would like a quick summary we have highlighted a few items from page 2 of the document that were important to us:

  • “The pandemic has marked the start of a new economic era – one where old rules are swept away. World governments are racking up massive borrowing, money is being printed to buy government debt at an unprecedented pace, and governments’ role as capital allocator has grown markedly.”
  • “We expect worthwhile equity returns and strong earnings growth as COVID-19 economic headwinds diminish. The persistence of ultralow interest rates should support above average valuations and make equities the asset class of choice in 2021.”
  • “With high debt levels and low inflation enabling central banks to keep interest rates lower for much longer, what worked in the past for fixed income investors may not work in the future. Investors should look to split the roles of safety and income generation in portfolios.”

We are generally aligned with RBC’s analysis. In particular, the last quote from the forecast document is the most important as low interest rates have an impact on portfolio construction. Client portfolios have gradually been amended to find other ways to deal with the issues of income generation while still maintaining our core belief of managing portfolio volatility. We would be happy to discuss this with you at your convenience, but please know that we are focused on finding solutions to the low interest rate environment we are in.

Happy Holidays and best wishes for 2021!

November 2020 - Monthly Commentary

With US elections mostly over, markets have turned back to focusing on the COVID-19 implications for the economy. This article discusses the vaccines being developed and the timing of their availability. Markets tend to look forward 6-9 months when pricing stocks, so some of this good news is working its way into bond and stock prices this month. This helps support our strategy to maintain current equity allocations. Page 5 shows the month-to-date returns on various market benchmarks. Note that the S&P 500 is up an incredible 8.2% this month and the S&P TSX is up 6.4%.

As always, please reach out to us if you have any questions.

October 2020 - Monthly Commentary

The US election seems to be on everybody’s minds right now, so we wanted to share our thoughts on the topic. We have included three slides with key points about the election and have added some comments for each below:

  1. Who is likely to win? Slide 1 shows that incumbents are vulnerable if there is a recession. Given that we have had a recession this year, it would suggest a higher probability of a Biden victory.

  1. What sectors of the US market are most vulnerable to the likely outcome? Slide 2 discusses the likely reaction by each equity sector if Mr. Biden does become President. We are probably better positioned if Mr. Biden wins as we are underweight to energy and financials (two of the key areas with bearish/negative outlooks under a Biden victory).

  1. What if the election outcome is contested? Slide 3 shows what happened when there was a contested election in 2000 and the results were not good for the equity markets. However, if this were to happen in 2020, the reaction could be quite different as it wouldn’t be a surprise the way it was in 2000. The latest Weekly Market Insight analyzes the potential results in some detail on pages 1 and 2. The end result is that we would probably see some short-term volatility but nothing as dramatic as what we saw in 2000. Essentially, the market anticipates some controversy in the election results.


As always, please let us know if you have any questions.

September 2020 - Monthly Commentary

We hope you all had a happy and healthy summer. Please find attached the latest Market Insight for your interest. The timing of this commentary focuses on the selling pressure we have seen from growth/technology stocks in September. Page 1 writes “The Tech sector corrected 11.4 percent over just four trading days...” and page 2 shows a graph that highlights how strong the Technology sector has been relative to the rest of the market since COVID-19 became a major issue.

This recent sell-off supports our strategy of finding a balance between stocks with attractive dividends and growth stocks. Dividend stocks continue to provide stability both in income and valuation, which we know over the long term has served us incredibly well. On the other hand, we believe growth stocks will continue to be in demand as this secular bull market continues.

Please reach out to us if you would like to discuss our investment strategy in more detail.

July 2020 - Interview with Jim Allworth, Portfolio Strategist at RBC Dominion Securities

After receiving positive feedback from the previous audio commentary we shared featuring Jim Allworth, Portfolio Strategist at RBC Dominion Securities, we thought it would be of great value to speak with Jim ourselves. This week, Danielle and Jim recorded an audio interview appropriately titled “Where Do We Go From Here?” regarding Jim’s expectations for financial markets and our portfolio positioning.

Our bottom line takeaway is that while there are always risks in the short term, we feel comfortable with the equity exposure we have. Since the end of March, we have also been increasing exposure to growth stocks in client portfolios to complement our dividend-paying holdings. This “barbell” strategy has helped address the performance disparity we’ve seen so far this year between the two styles, with growth stocks outperforming more conventional blue chip, dividend payers.


As the audio file is 28 minutes long, we have provided time stamps for the themes discussed should you wish to click ahead to a specific topic:

  • Introduction and overview of the impact of COVID-19 on the economy and where are we now – Minute 0:00
  • Growth versus dividend stocks – Minute 15:32
  • Increased global debt as a result of COVID-19 stimulus – Minute 19:53
  • US Presidential election and final thoughts – Minute 25:30

June 2020 - Monthly Commentary

This month’s Market Insight has an interesting discussion on why the markets are doing well despite the underlying problems in the economy. The part that interests us is contained in the last paragraph of page 2, where RBC strategists are suggesting that the equity market is over-bought at this point. However, we think this is too simple an overview and comments further on in this article allude to this. Specifically, we are now seeing a rise in areas that were the most beat up (i.e. banks, real estate, etc.), whereas previously most of the rise came from growth stocks (see first paragraph on page 3). In addition, note on page 5 that the biggest winners month to date are the previous laggards – DJIA, Russell 2000, Emerging and International markets are all looking better than the technology heavy NASDAQ. In short, the “market” seems to be broadening out, which could allow it to continue its rise upwards.

April 2020 - Monthly Commentary

The Weekly Market Insight includes an outlook into the future to see what the possible economic outlook for the US could be for 2020 and importantly 2021. This was done by RBC’s Chief Economist and includes in his view the most likely scenario for both years – an economic growth of -3.2% in 2020 and 5.6% in 2021 (see matrix on page 2). The interesting part of the 2020 scenario is that they would see a GDP growth trough of -15% lasting 10 weeks. This seems reasonably credible to us and means that we are probably looking at May for economic activity to start picking up. In terms of the equity and bond markets, they will likely anticipate this at some point and start to stabilize ahead of this uptick.

We found a couple of other interesting points in this article. Firstly, equity market volatility is calming down (see page 3 first paragraph). Second, "China’s official manufacturing Purchasing Managers’ Index (PMI) for March increased to 52.0 from 35.7 in February. The non-manufacturing PMI also rebounded, to 52.3 from 29.6.” (see page 4 under Asia Pacific).

On a personal note, we are thinking of you and your family during this time. Please stay safe as your health is most important. As always, we remain committed to managing the portfolio in line with your personal long-term goals. Should the economy be impacting you in other ways that we should be aware of, please don't hesitate to let us know.

March 2020 - Monthly Commentary

Last month we said that the coronavirus could cause some volatility in the markets. However, this past week, in particular, showed how fast markets can move at times. Page 3 of the Market Insight has a section appropriately called “Gut check”. Some key notes: “The best case is that the coronavirus fears fade as quickly as they appeared. But as long as the underlying U.S. economic fundamentals remain intact, we still anticipate most equity markets will finish the year in positive territory.” While uncertainty surrounding this virus is still high, some support for the markets could come from central banks and governments as they take measures to support the economy.

This is a good time to remind clients that one of our Investment Beliefs is to manage volatility. While we can’t eliminate volatility, we can ensure that portfolios are well positioned to handle market weakness and therefore benefit when markets recover.

Please let us know if you would like to discuss your portfolio and the strategies we are using to protect investments.

February 2020 - Monthly Commentary

This issue of the Global Insight Weekly discusses the coronavirus and why equity markets haven’t been more impacted by this so far (pages 1 & 2). Our view is that despite a number of items supporting equities, the near term could see further volatility as the impact of coronavirus becomes better understood. At this point, we are not planning any major adjustments to investment strategies.

Please let us know if you wish to discuss further.

January 2020 - Monthly Commentary

At this time of year we typically like to look at expectations for the year ahead. On Page 2 under the heading "It's fundamental", there are some thoughts for next year. Here are the key excerpts:

  • "We think U.S. GDP and corporate profits will grow at least modestly..."
  • “The S&P 500…While the valuation is elevated and has less room to expand, it is not unreasonable considering the ultralow interest rate environment.”
  • "...moderate equity returns in 2020-albeit with periods of consolidation and volatility along the way."
  • "…RBC...has a year-end S&P 500 target of 3,460, which would represent a 7.1% annual gain" - note this would be on top of any dividends

P​​​​lease let us know if you would like to discuss further.

December 2019 - Monthly Commentary

This is the last Weekly Insight of the year that we will be sharing with you. This edition provides some expectations for investments in 2020. For those that are interested, we would recommend reading the first two pages of the publication.

A high level summary though indicates that equities should advance next year because of the monetary easing put in place by central banks.

Best wishes for 2020!

November 2019 - Monthly Commentary

We continue to monitor the strength of the domestic economy in North America given the weakness in business investment caused by trade tensions. October is often a period of seasonal equity weakness, but this year, October was more constructive than usual thanks to decent Q3 corporate earnings, trade tensions softening a little, and the yield curve steepening after another Federal Reserve rate cut. The graph on page 1 does a good job of comparing the inverted yield curve in July to the now upward sloping yield curve in October. As we mentioned in previous commentary, we were watching closely for 3 rate cuts from the Fed before year-end and we are there now. As a result, in certain client portfolios we used cash to add equities as we found some attractive entry points on a couple of stocks.

Please let us know if you would like to review any changes that took place in your portfolio.

October 2019 - Monthly Commentary

This month's Insight comments focus on the strength of the equity market and the impact of the impeachment process in the US. RBC is assigning very little weight to the impeachment process being a factor for investment decision making. However, the global economy continues to show signs of weakening. The biggest risk in our view remains with international trade as the employment picture remains strong in North America. As we said last month we will remain cautious at the margin until progress can be made on the trade front.

Please let us know if you would like to discuss further.

September 2019 - Monthly Commentary

Equity risk last year was focused on rising interest rates but this year the focus is on trade tensions between the US and China. Paragraph 5 on page 1 discusses a likely result to these tensions which seem quite probable. With an election in the US next year some sort of truce or light deal will likely be made that will satisfy things for now but a comprehensive deal would be too time-consuming and difficult to achieve. This would probably be enough to avoid serious economic problems and give companies more confidence to invest back into their businesses. In the meantime, both China and the US are trying to stimulate their economies to try and avoid too much disruption. Until tensions back off, there will likely be a headwind to equities which is causing us to be more conservative in our portfolio positioning at the margin.

Please let us know if you would like to discuss further.

August 2019 - Monthly Commentary

The Federal Reserve (Fed) lowered interest rates in July despite a very strong employment picture and rising wages. This seems curious at first but business is much more reserved right now due to concerns around the trade war with China and BREXIT. In addition, the 4th paragraph on page 2 discusses how the US Purchasing Managers’ Index continues to deteriorate and that this is correlated with economic growth. A similar global manufacturing index is indicating a contraction of economic activity. So in this light, you can see why the Fed felt compelled to reduce interest rates. Given that current irritants to trade don’t seem to be going away soon, the writer of this article believes the Fed could move interest rates down another 50 basis points this year (page 2, last paragraph).

We have not changed our asset allocation approach for clients. However, if the Fed doesn’t move aggressively enough this Fall, we would reconsider any non-North American positions we have remaining.

As always, please reach out if you would like to discuss further.

July 2019 - Monthly Commentary

Of note to us in this month's commentary is the analysis on page 3 under “United States” which discusses the attractiveness of small-sized companies. We have liked the relative valuations and more domestic revenue stream of these stocks for some time. This analysis supports why we continue to have a small/mid-cap position allocated in client portfolios.

As always, please reach out if you would like to discuss further.

June 2019 - Monthly Commentary

This month’s article features an update on the Brexit saga. With Theresa May stepping down and the recent EU election results, a way out of this Brexit predicament is not at all certain. On page 2 under “Probability Set” the article states: “Given our equal probabilities for these three scenarios, the visibility going forward is clearly murky”. As a result, our team remains underweight in European exposure.

We would welcome any calls with you to discuss further.

May 2019 - Brokerage Report Card

RBC Dominion Securities has once again been ranked the highest (9.4/10) among Canadian bank-owned wealth management firms in Investment Executive’s 2019 Brokerage Report Card. This is the 13th year in a row that the firm has earned the top ranking amongst competitors.

This year, we led in 32 out of the 34 categories, including: Firm's stability (9.8), Freedom to make objective product choices (9.8), Firm's reputation with clients and/or prospective clients (9.7), Firm's ethics (9.7), Products & support for high net-worth clients (9.6), Quality of product offering (9.6), and Firm's strategic focus (9.6). Check out the 2019 Brokerage Report Card: Summary chart for detailed results.

May 2019 - Monthly Commentary

This month's issue discusses the results of the US corporate earnings season. So far the news has been positive and better than analysts had expected. Also at the top of page 3 it is noted that US GDP recently came in above 3%, showing more confirmation about the strength of the US economy. This information continues to support our view that US equities are an important component for client portfolios.

April 2019 - Monthly Commentary

The latest RBC Global Insight Weekly discusses the strong growth for risk assets so far in 2019. While this is encouraging, we expect increased volatility to come back into play for equity markets. Page 1 (“Driving in neutral after a strong rally”) discusses the expected slowdown in global economic growth. In our view, this will support more price volatility than we saw in Q1.

We continue to operate with a balance of achieving returns at an acceptable level of risk and have increased the quality of things such as our fixed income holdings. As always, we welcome an opportunity to discuss more about this with you at your convenience.

March 2019 - Monthly Commentary

Two important negotiations are going on around the globe currently and both could have significant impacts on capital markets. This month’s Global Insight Weekly provides an analysis of the US/China trade discussions on the cover page and possible Brexit outcomes on page 4. In terms of a highlight, the US/China deal is expected to come to some sort of an initial agreement and the support of delaying the latest deadline on negotiations helps support this premise. In our view the Brexit vote seems more complicated but ultimately they believe a modified deal will be supported as it is better than a “no-deal” Brexit. For those interested in more details on the risks and options for either negotiation, it is worth reading this publication.

In any event we expect both items to be much clearer in a month’s time!

February 2019 - Monthly Commentary

Here are some comments from our fundamental and technical analysts this month. Bob Dickey is our RBC Capital Markets, LLC Technical Strategist and speaks in the last bullet point under the United States updates on Page 3. From a technical perspective, he warns that the equity market should still have some volatility after a strong month in January. Looking to 2019 year end, Lori Calvasina, LLC Chief US Equity Strategist of RBC Capital Markets, expects the S&P 500 to reach another 7% from these current levels.

We are pleased to talk more on this if you would like to discuss.

January 2019 - Monthly Commentary

Welcome to our first monthly commentary of the year. The enclosed Insight piece is a good recap of last year and it also provides some expectations for 2019. While we always summarize what we believe to be the most salient items, this issue is worth a full read for those who are interested.

While volatility is definitely back and there are lots of developments to analyze, the most crucial is that of the Fed’s policy strategy. Significantly they have struck a more dovish tone, meaning interest rates won’t be going up as fast (see page 2 paragraph 6). So long as this is the case, 2019 could be a constructive year for equities.

As always please contact us with any questions or items you wish to discuss.

Best wishes for 2019.

December 2018 - Monthly Commentary

The Global Insight Weekly we are sharing this month raises three areas of concern for investors despite generally supportive fundamentals. These concerns are worth paying attention to and so we have initiated the steps in our process of incrementally getting more defensive in portfolios.

A link to our investment process including the steps we take to protect portfolios (point #9) can be found here.

Please let us know if you would like to discuss our current thinking in more detail.

November 2018 - Interview with the Globe and Mail

It’s hard to believe that maternity leave for Investment Advisors is still newsworthy in 2018, yet this continues to be an issue for many women within our industry. The good news is that progress is being made and companies like RBC are finding new ways to better support women through the process.

Danielle was recently interviewed about her experience on maternity leave by the Globe and Mail. Please read it here.

October 2018 - Monthly Commentary

Given the weakness in equity markets this month, we felt this commentary was timely. The key for us is that the underlying economy is strong (the U.S. released good GDP numbers this week) and the bond market is not signaling big warning signs. Page 4 of the commentary states that the “…lack of fear in bond markets supports our view that patience with U.S. equities is the appropriate response to the recent selloff…”.

Please call us if you wish to discuss further.

September 2018 - Monthly Commentary

Instead of the Global Insight Weekly, this month we have decided to provide a quick summary of the new USMCA (NAFTA 2.0) given its recent announcement. We generally view this agreement as positive for equities as it reduces the uncertainty related to trade tensions between Canada and the US. Please click here to read the article.

August 2018 - Monthly Commentary

With 2nd quarter earnings season wrapping up, this featured Global Insight Weekly discusses the state of US companies and what to expect going forward. The document strikes a positive tone and here are some notable quotes from the first page:

- “…leading indicators signaling continued economic growth…”
- “Business capital spending has gained momentum. It surged at a 10% annual rate…”
- “ Consumer spending holds the key to future expansion, as it represents roughly 70% of total domestic economic activity….Strong job growth, ultralow unemployment, higher wages, and tax cuts are the primary reasons spending should stay elevated…”

Despite the longevity of this market and the headlines around trade, we tend to agree with the paper’s constructive tone.

July 2018 - Monthly Commentary

This issue of the Global Insight Weekly discusses trade problems between US and China. This has had some negative impact on stock prices. The last paragraph on page 3 states “…equities will remain under pressure, although we suspect that much of the damage has already been done…”.

Meanwhile Q2 US corporate earnings have been strong: “…revenue growth expectations have surpassed 9.0% and current EPS growth estimates of 23.3% are well ahead…” (page 4, 2nd paragraph).

Despite the concern around trade, we continue to believe it is prudent to stay invested given the underlying economic strength.

June 2018 - Monthly Commentary

This month the featured commentary provides a Q&A on the increasing trade tensions. The investment markets are paying attention to this now as these tensions have persisted and even escalated. There is likely no quick resolution and we will need to live with this uncertainty for a while, although we take some comfort in the following comment on page 3:

“All sides of the trade disputes have economic incentives to resolve their differences, and we think this will eventually occur”

As always, please reach out if you would like to discuss further.

May 2018 - Monthly Commentary

Two interesting graphs are presented in the June 7th Global Insight Weekly. The graph on page 1 indicates that the US has the flattest yield curve since 2007 (difference between the 10-year and 2-year Treasury Bond yields). We look at this as a way to gauge the state of the economy. Traditionally once the yield curve becomes inverted a recession is likely on the horizon. However, page 3 has a graph showing that there are more job openings in the US than there are people looking for work! This suggests that wage pressures could lead to more inflation, and is a sign of a robust economy.

We continue to watch signposts like this for clues on the future direction of the economy. For now we remain invested.

As always, please let us know if you would like to discuss further.

May 2018 - Brokerage Report Card

RBC Dominion Securities is ranked #1 again by Investment Executive magazine in their annual Brokerage Report Card. This is a survey-based ranking that covers a number of areas including firm ethics, stability and objectivity. Please click here to see the report card on page 4.

April 2018 - Monthly Commentary

We have said that US earnings growth would provide support for the equity market. This was the case in April as equity markets were widely positive and reported earnings were very strong (see graph on page 1). What was particularly impressive was that revenue growth was also strong. At times over the last 10 years revenue growth has been more muted. Last week there were some impressive earnings releases from big technology companies but the market didn't react as favourably as we had expected. We think this is for two reasons:

  1. Some of this earnings growth was priced in already

  2. Interest rates have generally been rising which can limit stock gains as people worry about higher borrowing costs for companies and valuations (see comments on Page 3)

We believe this “tug of war” between rising interest rates and rising earnings will continue throughout 2018. Please click here to see the full report.

As always, please let us know if you would like to discuss further.

March 2018 - Monthly Commentary

Most equity indices around the world were negative in the past couple of months (see graph on page 1). The good news, however, is that US corporate earnings are still expected to grow at a strong double digit rate (see graph on page 3), which should ultimately provide support for equity prices. Please click here to see the full report.

Please contact us should you have any questions or wish to discuss further.

January 7, 2018 - 42 km of Disney

​Anita ran her first marathon and race on January 7th at Walt Disney World. Her motivation, much to the confusion of many, was the 25th anniversary Mickey Mouse medal. ​The experience made her appreciate the mental discipline runners have​, and yes, the medal was worth the pain!

December 2017 - Brent achieves Top Tier Director's Council

As 2017 draws to an end, we are celebrating Brent’s successful qualification for the Top Tier Director’s Council this year. Qualifying advisors are ranked in the top 650 out of over 1700 across Canada. These advisors have a positive regulatory and compliance record and consistently deliver an unmatched experience to clients. This is the 4th year in a row that Brent has been included among RBC’s esteemed council recipients. A big thank you to all of our clients who made this possible!

August 2017 - Anita passed Level III of her CFA exams

After three years of studying, Anita has passed her CFA exams. Conquering all three levels is a rigorous test and takes a significant commitment on the part of the candidates. Congratulations Anita!! For more information on the CFA Institute, please visit: www.cfainstitute.org.

July 18, 2017 - Federal Government Targets Tax Planning Using Private Corporations

Federal Minister of Finance, Bill Morneau, announced the release of a consultation paper and draft legislation to address the following issues:

- Income splitting
- Multiplication of the capital gains exemption
- Holding a passive investment portfolio inside a private corporation
- Converting a private corporation’s regular income into capital gains

For more information on the above topics, please click here to read the full article.

June 13, 2017 - Golf for Good

Danielle participated as a fundraiser, player, and part-organizer in the Golf for Good Tournament on June 13th, 2017. The Golf for Good Tournament was started in 2006 and has raised over $1,500,000 for various community charities. Danielle would like to thank the various sponsors and donors who contributed to her raising over $16,000 this year!! Specifically to RBC Dominion Securities, RBC Private Banking, Mackenzie Investments, RBC Foundation, RBC Global Asset Management, and Fidelity Investments. The beneficiary charities included:

- Association Of Women In Finance
- Atira Women's Resource Society
- Vancouver Japanese Language School
- Covenant House Vancouver
- Big Sisters of BC Lower Mainland

May 19-22, 2017 - Ducks Unlimited Volunteer Convention

We are proud to have been sponsors of the Ducks Unlimited Volunteer Convention in Osoyoos this year.

April 2017 - 1% For the Planet

We are Founding Individual Members of 1% for the Planet! This is a commitment on our part to donate 1% of our annual revenue to environmental charities. For more information on 1% for the Planet, please visit: www.onepercentfortheplanet.org.