Natixis Canada Blog

Month: July 2015


Navigating Rising Global Debt Levels through Capital Growth at a Conservative Pace

Keith Graham Rondeau Capital
Keith Graham
Rondeau Capital

 

Debt is Issue #1
As you know, we have been focused on the levels of debt in the global economy for some time since we see this as one of the major macroeconomic risks out there. We are concerned about the levels of government debt, personal debt, corporate debt and “off balance sheet” debt such as pension and healthcare liabilities.

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NexGen Intrinsic Growth Fund – Q2 2015 Investment Review

Joseph Sirdevan & Scott Connell- Galibier Capital Management Ltd.

Joe SirdevanSCOTT CONNELL

 

 

 

 

 

 
As of June 30, 2015 the Fund contained 27 names in Canada and 23 names in the U.S. (both within our working range of 20-30 stocks per country). As always the Fund is concentrated in high conviction ideas that offer diversification across business sectors and market capitalization ranges. All of the 50 companies in the Fund demonstrate our five key criteria: an enduring competitive advantage, the potential for high free cash flow, strong management teams, above average growth and an appropriate level of financial leverage.

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A Bumpy Second Quarter

 

Jeff Young Photo
Jeff Young, MBA, CFA Co-CEO, CIO NexGen Financial LP

FUND & MARKET PERFORMANCE REVIEW

 
The second quarter of 2015 saw general weakness in North American capital markets (Exhibit 1). In particular, income-oriented Canadian equities and preferred shares saw a relatively large pullback. Fixed income securities also posted negative performance as both the Canadian and US yield curves steepened. While the Canadian Dividend Fund and Canadian Diversified Income Fund were down during the quarter, they both performed better than their respective benchmarks.

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June 2015 Preferred Share Commentary

Jeff Herold
Jeff Herold, J. Zechner Associates, Lead Fixed Income Manager

The preferred share market was weak in June, hitting multi-year lows on a price basis as a number of factors encouraged investors to sell. Rate reset issues were particularly weak, declining 3.84%. Floating rate issues fell 2.70%, and perpetuals dropped 1.55%. The overall S&P/TSX Preferred Share Total Return index declined 3.20%, dragged down by the preponderance of rate reset issues.

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