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February 7, 2019
Market. Multi asset funds have struggled over the last while. Last year was a whip saw year where we were up and down dramatically. He focuses on structural long term themes. In 1994 he learned not to get too aggressive on the sell side because the recovery comes so quickly. This is playing out again. He made a call to stay with his positions into year end and then they rallied back. Last December's exit from the markets dwarfed the worst 4 week period in 2008.
General Market Comment
February 7, 2019
Market. Multi asset funds have struggled over the last while. Last year was a whip saw year where we were up and down dramatically. He focuses on structural long term themes. In 1994 he learned not to get too aggressive on the sell side because the recovery comes so quickly. This is playing out again. He made a call to stay with his positions into year end and then they rallied back. Last December's exit from the markets dwarfed the worst 4 week period in 2008.
David Burrows
President & Chief Investment Strategist, Barometer Capital Management
COMMENT
COMMENT
February 7, 2019
Market Outlook - As macro managers they look at themes and asset allocation and big issues (China, Fed and Trump) is what is going to impact portfolios over the next 12 months. The Fixed Income market is artificial, you basically get 2%. It is in the state since the Financial Crisis. As long as Central Banks hold down rates, it is going to be good for Equities. The downside on Equities was seen in December. That was kind of the floor. It is trading in a channel in North America. International Developed and Emerging is where the value is. A typical client of his firm is between 35 and 40% in this space. International markets are very inexpensive. Single stock is a big risk. When you own an index the performance will track the earning growth. It is not an if, it is a when.
General Market Comment
February 7, 2019
Market Outlook - As macro managers they look at themes and asset allocation and big issues (China, Fed and Trump) is what is going to impact portfolios over the next 12 months. The Fixed Income market is artificial, you basically get 2%. It is in the state since the Financial Crisis. As long as Central Banks hold down rates, it is going to be good for Equities. The downside on Equities was seen in December. That was kind of the floor. It is trading in a channel in North America. International Developed and Emerging is where the value is. A typical client of his firm is between 35 and 40% in this space. International markets are very inexpensive. Single stock is a big risk. When you own an index the performance will track the earning growth. It is not an if, it is a when.
Terry Shaunessy
President & portfolio manager, Shaunessy Investment Counsel
COMMENT
COMMENT
February 7, 2019

Can you comment on Huawei? - Huawei is a private company. In his opinion this is more of a political issue. Do you want to be spied on by the Chinese or you want to be spied on by the Americans. For him this is no more than keeping them out of their market.

General Market Comment
February 7, 2019

Can you comment on Huawei? - Huawei is a private company. In his opinion this is more of a political issue. Do you want to be spied on by the Chinese or you want to be spied on by the Americans. For him this is no more than keeping them out of their market.

Terry Shaunessy
President & portfolio manager, Shaunessy Investment Counsel
COMMENT
COMMENT
February 7, 2019

Can you comment on use of ETF for dividend benefit and growth - What you want is a balanced portfolio. 60 / 40 is the classic balanced portfolio. Now they are offered XBAL from iShares or VBAL from Vangard. These things are fantastic. You don't even have to re-balance. He would use this for 2/3 of the portfolio and then layer on top of that. Stay away from the leverage ETFs.

General Market Comment
February 7, 2019

Can you comment on use of ETF for dividend benefit and growth - What you want is a balanced portfolio. 60 / 40 is the classic balanced portfolio. Now they are offered XBAL from iShares or VBAL from Vangard. These things are fantastic. You don't even have to re-balance. He would use this for 2/3 of the portfolio and then layer on top of that. Stay away from the leverage ETFs.

Terry Shaunessy
President & portfolio manager, Shaunessy Investment Counsel
COMMENT
COMMENT
February 7, 2019
Can you talk about one ETF that protects from volatility and produces good income - Volatility goes up when you move further from the S&P 500. Health Care is a good area in the US. There are many ETFs in the space.
General Market Comment
February 7, 2019
Can you talk about one ETF that protects from volatility and produces good income - Volatility goes up when you move further from the S&P 500. Health Care is a good area in the US. There are many ETFs in the space.
Terry Shaunessy
President & portfolio manager, Shaunessy Investment Counsel
COMMENT
COMMENT
February 7, 2019

Can you comment on an ETF that reflects just a straight S&P 500 eliminating the dividend tax problem? - He uses the Horizons ETF swap a lot. It eliminates the dividend and transforms that into capital gains. These are total return ETFs. National Bank is the counter party so there is no risk there. Tax efficient.

General Market Comment
February 7, 2019

Can you comment on an ETF that reflects just a straight S&P 500 eliminating the dividend tax problem? - He uses the Horizons ETF swap a lot. It eliminates the dividend and transforms that into capital gains. These are total return ETFs. National Bank is the counter party so there is no risk there. Tax efficient.

Terry Shaunessy
President & portfolio manager, Shaunessy Investment Counsel
COMMENT
COMMENT
February 7, 2019

Can you comment on BMO´s basket of ETFs? - BMO is one of his favorites. Next to iShares. Liquid. Very reasonably priced.

General Market Comment
February 7, 2019

Can you comment on BMO´s basket of ETFs? - BMO is one of his favorites. Next to iShares. Liquid. Very reasonably priced.

Terry Shaunessy
President & portfolio manager, Shaunessy Investment Counsel