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Signal Opinion Expert
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General Market Comment 

August 21, 2013

Markets. Expects 2013 will be the same as 2010, 2011 and 2012 where expectations will come down and markets will provide better opportunities. Going forward, he is shifting his focus from Canada to the US.

Markets. Expects 2013 will be the same as 2010, 2011 and 2012 where expectations will come down and markets will provide better opportunities. Going forward, he is shifting his focus from Canada to the US.

Unknown
Zachary Curry

Chief Operating Officer & Portfolio Manager, Davis-Rea Ltd....

PricePrice
$0.020
Owned Owned
_N/A

N/A
General Market Comment 

August 21, 2013

Loblaw’s (L-T), Sobey’s, Canadian Tire (CTC.A-T), and Hudson Bay (HBC-T) are thinking of spinning off their real estate into REITs, which one would you purchase? Would you suggest the company stocks or wait for the IPO? (Loblaw’s is the only one that is trading at this time under the name of Choice Properties (CHP.UN-T)) Everyone is doing it and who knows what is next. It really comes down to the interest-rate environment. When rates are going up, these types of investments go down. He found that Choice Properties was a little bit more favourable to the parent company. Would prefer to own the common shares of the underlying company.

Loblaw’s (L-T), Sobey’s, Canadian Tire (CTC.A-T), and Hudson Bay (HBC-T) are thinking of spinning off their real estate into REITs, which one would you purchase? Would you suggest the company stocks or wait for the IPO? (Loblaw’s is the only one that is trading at this time under the name of Choice Properties (CHP.UN-T)) Everyone is doing it and who knows what is next. It really comes down to the interest-rate environment. When rates are going up, these types of investments go down. He found that Choice Properties was a little bit more favourable to the parent company. Would prefer to own the common shares of the underlying company.

Unknown
Zachary Curry

Chief Operating Officer & Portfolio Manager, Davis-Rea Ltd....

PricePrice
$0.020
Owned Owned
_N/A

N/A
General Market Comment 

November 19, 2013

Markets. Feels this bull market is pretty long in the tooth. His models are telling him that it is about 30% overvalued from here. Has primarily been driven by low interest rates, central banks flooding the system with money and a forced movement into equities, based on where yields are and what bonds are paying. Until governments and banks stop doing this, you will see the market continue going forward. At a certain point people are going to say that there is a certain price that they will pay, but if valuations keep going this could impede them going forward. This bull market corrects a little, consolidates and then goes higher again. He takes advantage of these corrections.

Markets. Feels this bull market is pretty long in the tooth. His models are telling him that it is about 30% overvalued from here. Has primarily been driven by low interest rates, central banks flooding the system with money and a forced movement into equities, based on where yields are and what bonds are paying. Until governments and banks stop doing this, you will see the market continue going forward. At a certain point people are going to say that there is a certain price that they will pay, but if valuations keep going this could impede them going forward. This bull market corrects a little, consolidates and then goes higher again. He takes advantage of these corrections.

Unknown
Zachary Curry

Chief Operating Officer & Portfolio Manager, Davis-Rea Ltd....

PricePrice
$0.020
Owned Owned
_N/A

N/A
General Market Comment 

April 7, 2014

Markets.  In the Tech sector the valuations came off quite quickly.  It is profit taking.  It is a correction within a bull market.  The sector has strong balance sheets and good earnings.  Don’t jump in now, but the fundamentals are good there.  He likes value investments.  Anything with a yield. He likes value, defensive and yields.  He doesn’t get caught up a lot on daily ups and downs.  Holds a fair amount of cash (12%).  He may pick away during the summertime.  This could be a precursor to ‘Sell in May and Go Away’. 

Markets.  In the Tech sector the valuations came off quite quickly.  It is profit taking.  It is a correction within a bull market.  The sector has strong balance sheets and good earnings.  Don’t jump in now, but the fundamentals are good there.  He likes value investments.  Anything with a yield. He likes value, defensive and yields.  He doesn’t get caught up a lot on daily ups and downs.  Holds a fair amount of cash (12%).  He may pick away during the summertime.  This could be a precursor to ‘Sell in May and Go Away’. 

Unknown
Zachary Curry

Chief Operating Officer & Portfolio Manager, Davis-Rea Ltd....

PricePrice
$0.020
Owned Owned
_N/A

N/A
General Market Comment 

July 10, 2014

Markets. His view is that we are overvalued in North America. Global equities are less and emerging markets are fairly inexpensive. Generally speaking it is the small to mid-cap stocks that are overvalued. Large caps are fair value, if not a little expensive. North America is definitely priced to perfection. S&P is overvalued by 20%, and this could continue for a while. Rates have hit the bottom and could be going up, but it is just a question of when. Stocks are cheap in emerging markets such as China, India somewhat, Japan, but there are potential headwinds there as well. If he had to pick a region, it would be the US, but he is very sector focused. Technology and healthcare in particular and, in Canada, the energy side would be favourites.

Markets. His view is that we are overvalued in North America. Global equities are less and emerging markets are fairly inexpensive. Generally speaking it is the small to mid-cap stocks that are overvalued. Large caps are fair value, if not a little expensive. North America is definitely priced to perfection. S&P is overvalued by 20%, and this could continue for a while. Rates have hit the bottom and could be going up, but it is just a question of when. Stocks are cheap in emerging markets such as China, India somewhat, Japan, but there are potential headwinds there as well. If he had to pick a region, it would be the US, but he is very sector focused. Technology and healthcare in particular and, in Canada, the energy side would be favourites.

Unknown
Zachary Curry

Chief Operating Officer & Portfolio Manager, Davis-Rea Ltd....

PricePrice
$0.020
Owned Owned
_N/A

N/A
General Market Comment 

October 6, 2014

Markets. Increased volatility is going to increase. A large part of it is the talk and discussion around the federal reserve raising rates. The dollar is going up, so there is a bit of a flight to safety. With that scrambling, comes the volatility. He is forecasting volatility to remain for at least the remainder of the year. His equity fund is about 55% invested in the US although there is some cash position in this. This started about 1.5 years ago for him and has done quite well. This is where his research is focused right now. You get the benefit of the US currency plus the diversification.

Markets. Increased volatility is going to increase. A large part of it is the talk and discussion around the federal reserve raising rates. The dollar is going up, so there is a bit of a flight to safety. With that scrambling, comes the volatility. He is forecasting volatility to remain for at least the remainder of the year. His equity fund is about 55% invested in the US although there is some cash position in this. This started about 1.5 years ago for him and has done quite well. This is where his research is focused right now. You get the benefit of the US currency plus the diversification.

Unknown
Zachary Curry

Chief Operating Officer & Portfolio Manager, Davis-Rea Ltd....

PricePrice
$0.020
Owned Owned
_N/A

N/A
General Market Comment 

October 6, 2014

What US sector would you choose to put your money in other than pharmaceuticals and healthcare? He would select the Information Technology Sector. This is about 15% of his fund and is all US focused. This is basically where the future is going. Also, the balance sheets are usually in pretty good shape. He likes Apple (AAPL-Q) and their new products, which will be favourable along with the cash flow. Microsoft (MSFT-Q) is another one for the service side. Cisco (CSCO-Q) is a good one. There has been talk of a split. Pays a good dividend and has a super strong balance sheet. (See Top Picks.)

What US sector would you choose to put your money in other than pharmaceuticals and healthcare? He would select the Information Technology Sector. This is about 15% of his fund and is all US focused. This is basically where the future is going. Also, the balance sheets are usually in pretty good shape. He likes Apple (AAPL-Q) and their new products, which will be favourable along with the cash flow. Microsoft (MSFT-Q) is another one for the service side. Cisco (CSCO-Q) is a good one. There has been talk of a split. Pays a good dividend and has a super strong balance sheet. (See Top Picks.)

Unknown
Zachary Curry

Chief Operating Officer & Portfolio Manager, Davis-Rea Ltd....

PricePrice
$0.020
Owned Owned
_N/A

N/A
General Market Comment 

November 14, 2014

Markets. He would describe himself as mildly constructive on equities. Notwithstanding the correction that has occurred, valuations remain high. More so for the smaller and mid-caps, but nonetheless the S&P 500, trading where it is, causes him a bit of caution. Had been planning for some form of correction and had raised cash through the summer, but just hadn't thought it would come back as quickly. You are starting to see the debt issue spread around developing countries, such as China and India. Also, he doesn't think the European debt crisis is over, by any stretch. Also, doesn't think there will be a huge rise in rates in the near term.

Markets. He would describe himself as mildly constructive on equities. Notwithstanding the correction that has occurred, valuations remain high. More so for the smaller and mid-caps, but nonetheless the S&P 500, trading where it is, causes him a bit of caution. Had been planning for some form of correction and had raised cash through the summer, but just hadn't thought it would come back as quickly. You are starting to see the debt issue spread around developing countries, such as China and India. Also, he doesn't think the European debt crisis is over, by any stretch. Also, doesn't think there will be a huge rise in rates in the near term.

Unknown
Zachary Curry

Chief Operating Officer & Portfolio Manager, Davis-Rea Ltd....

PricePrice
$0.020
Owned Owned
_N/A

N/A
General Market Comment 

January 19, 2015

Markets. We are getting near a major cyclical top in the markets. This is based on valuations primarily. He was raising cash in the summer. Notwithstanding the brief October correction, the market remains expensive. Bargains are tough to find and there is an appreciating US$ along with a slide in commodity prices. There could be some emerging-market issues that haven’t jumped to the front of the queue as yet, and that can cause some uncertainty. Volatility will be a constant theme in 2015 and prudence will be important in maintaining cash for a play. A rising US$ generally is not good for emerging markets. This doesn’t necessarily come to the forefront right away. Oil could drift down a little further, but oil under $50 is not sustainable for the long-term. Depending on your investment horizon, you could be picking away now, and over the long term that would be a rewarding trade.

Markets. We are getting near a major cyclical top in the markets. This is based on valuations primarily. He was raising cash in the summer. Notwithstanding the brief October correction, the market remains expensive. Bargains are tough to find and there is an appreciating US$ along with a slide in commodity prices. There could be some emerging-market issues that haven’t jumped to the front of the queue as yet, and that can cause some uncertainty. Volatility will be a constant theme in 2015 and prudence will be important in maintaining cash for a play. A rising US$ generally is not good for emerging markets. This doesn’t necessarily come to the forefront right away. Oil could drift down a little further, but oil under $50 is not sustainable for the long-term. Depending on your investment horizon, you could be picking away now, and over the long term that would be a rewarding trade.

Unknown
Zachary Curry

Chief Operating Officer & Portfolio Manager, Davis-Rea Ltd....

PricePrice
$0.020
Owned Owned
_N/A

N/A
General Market Comment 

January 19, 2015

Telecoms? In Canada, this is a small universe. His view on the sector is constructive, but more company focused. There has been a threat of the 4th wireless player coming in, but he doesn’t think that threat is really all there. The biggest component is how and what people watch, so the shift from TV to online to mobile is one factor. (See Top Picks.)

Telecoms? In Canada, this is a small universe. His view on the sector is constructive, but more company focused. There has been a threat of the 4th wireless player coming in, but he doesn’t think that threat is really all there. The biggest component is how and what people watch, so the shift from TV to online to mobile is one factor. (See Top Picks.)

Unknown
Zachary Curry

Chief Operating Officer & Portfolio Manager, Davis-Rea Ltd....

PricePrice
$0.020
Owned Owned
_N/A

N/A
General Market Comment 

January 19, 2015

Cdn$ versus the US$ in 6 months out? Longer-term he is more constructive on the US$. The short term is very commodity centric, and he has been very surprised at how well the Cdn$ has held in with the decline in the price of oil. If interest rates go up, which he thinks they will, this will be further pressure on the Cdn$, but if there is a rise in the price of oil, you could see it rise to a little over $0.85.

Cdn$ versus the US$ in 6 months out? Longer-term he is more constructive on the US$. The short term is very commodity centric, and he has been very surprised at how well the Cdn$ has held in with the decline in the price of oil. If interest rates go up, which he thinks they will, this will be further pressure on the Cdn$, but if there is a rise in the price of oil, you could see it rise to a little over $0.85.

Unknown
Zachary Curry

Chief Operating Officer & Portfolio Manager, Davis-Rea Ltd....

PricePrice
$0.020
Owned Owned
_N/A

N/A
General Market Comment 

April 1, 2015

Markets. He has been holding a fair amount of cash for a while. Feels that for the rest of the year the market is going to dictate a ho-hum performance. Expecting global growth within the 3%-3.5% range, driven by the US. You could see some volatility with rate increases potentially coming, who knows when, in the US. This causes some uncertainty, so cash positions are warranted to take advantage and pick up some good names that might be available on the cheap. QE is just starting in Europe, and there are some good numbers coming out of there. The euro dropping in value has certainly helped the exports. In China, the same thing. Thinks Chinese growth is closer to 5%-5.5% and the central bank will do more to facilitate that, back up to their traditional 7% range. His primary focus for the past 2+ years has been moving from Canada to the US. There are a number of reasons including currency, diversification and multinationals that have exposure outside of the US. The US market is stretched and finding values is difficult.

Markets. He has been holding a fair amount of cash for a while. Feels that for the rest of the year the market is going to dictate a ho-hum performance. Expecting global growth within the 3%-3.5% range, driven by the US. You could see some volatility with rate increases potentially coming, who knows when, in the US. This causes some uncertainty, so cash positions are warranted to take advantage and pick up some good names that might be available on the cheap. QE is just starting in Europe, and there are some good numbers coming out of there. The euro dropping in value has certainly helped the exports. In China, the same thing. Thinks Chinese growth is closer to 5%-5.5% and the central bank will do more to facilitate that, back up to their traditional 7% range. His primary focus for the past 2+ years has been moving from Canada to the US. There are a number of reasons including currency, diversification and multinationals that have exposure outside of the US. The US market is stretched and finding values is difficult.

Unknown
Zachary Curry

Chief Operating Officer & Portfolio Manager, Davis-Rea Ltd....

PricePrice
$0.020
Owned Owned
_N/A

N/A
General Market Comment 

May 19, 2015

Economy. The recent US housing numbers were great. Very similar to what happened last year, specifically on the weather, but with GDP growth formulas basically biased on the back half of the year. It started out slow and moving better off into the tail end. Whether or not we see that continuing is everyone’s question. Perhaps some of the low oil price money, that everyone thought was being saved, is moving into bigger purchase items such as housing, which would help fuel housing starts and building permits. This is consistent with his view in that the 1st quarter will follow through into the latter half of the year in Canada and the US as well as emerging markets, starting off slow and continuing along.

Economy. The recent US housing numbers were great. Very similar to what happened last year, specifically on the weather, but with GDP growth formulas basically biased on the back half of the year. It started out slow and moving better off into the tail end. Whether or not we see that continuing is everyone’s question. Perhaps some of the low oil price money, that everyone thought was being saved, is moving into bigger purchase items such as housing, which would help fuel housing starts and building permits. This is consistent with his view in that the 1st quarter will follow through into the latter half of the year in Canada and the US as well as emerging markets, starting off slow and continuing along.

Unknown
Zachary Curry

Chief Operating Officer & Portfolio Manager, Davis-Rea Ltd....

PricePrice
$0.020
Owned Owned
_N/A

N/A
General Market Comment 

July 30, 2015

Market. It has been a rough go. Price of oil has come back from about $60 to just below $50. It seems to be a general “Sell Canada” trade. Commodities, obviously, are the most visible, but the Cdn$, Canadian financials, just seems to be generally against Canada. On the resource side, there has been a supply increase and demand not so much, but his overall view is that there are bargains to be had in the resource sector, specifically in oil and gas. It is just a question of when you want to be buying. From a global perspective it is segmented into North America, Europe and emerging markets. Global growth always seems to start off the year positive, and then as the year moves along, it comes back. His equity fund has about 50%-55% in US$ denominated assets of cash and investments. There is about 5% in foreign and the rest is in Canada.

Market. It has been a rough go. Price of oil has come back from about $60 to just below $50. It seems to be a general “Sell Canada” trade. Commodities, obviously, are the most visible, but the Cdn$, Canadian financials, just seems to be generally against Canada. On the resource side, there has been a supply increase and demand not so much, but his overall view is that there are bargains to be had in the resource sector, specifically in oil and gas. It is just a question of when you want to be buying. From a global perspective it is segmented into North America, Europe and emerging markets. Global growth always seems to start off the year positive, and then as the year moves along, it comes back. His equity fund has about 50%-55% in US$ denominated assets of cash and investments. There is about 5% in foreign and the rest is in Canada.

Unknown
Zachary Curry

Chief Operating Officer & Portfolio Manager, Davis-Rea Ltd....

PricePrice
$0.020
Owned Owned
_N/A

N/A
General Market Comment 

November 2, 2015

Markets. At the start of the year growth expectations are higher, and at the end of the year they taper off. The exact same pattern that we have seen over the past few years. Not negative growth, just below consensus, and he is a bit more cautious than most. The longer-term is positive for the US$. China has a bit of demand for commodities and that will continue. Even if it drops a half a percent, it is still quite high. Chinese equities are looking attractive and he invests in that through ETF iShares Xinhua China 25 (FXI-N). Thinks China is pretty constructive.

Markets. At the start of the year growth expectations are higher, and at the end of the year they taper off. The exact same pattern that we have seen over the past few years. Not negative growth, just below consensus, and he is a bit more cautious than most. The longer-term is positive for the US$. China has a bit of demand for commodities and that will continue. Even if it drops a half a percent, it is still quite high. Chinese equities are looking attractive and he invests in that through ETF iShares Xinhua China 25 (FXI-N). Thinks China is pretty constructive.

Unknown
Zachary Curry

Chief Operating Officer & Portfolio Manager, Davis-Rea Ltd....

PricePrice
$0.020
Owned Owned
_N/A

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