The Invested

Concentration Risk 2.0

In this episode, Laurent Boukobza, ETF Strategist at Mackenzie Investments, explains why diversification is more important than ever. He explores ETF strategies that can help manage concentration risk and strengthen portfolio resilience. He discusses the growing importance of international diversification, the rising interest in active ETFs in Canada, and the value of a disciplined, repeatable investment process in volatile markets. From factor-based strategies – like quality and low volatility – to the role of Mackenzie’s US Alpha Extension ETF, Laurent shares practical insights for building more resilient portfolios in a market driven by a narrow group of leaders.

This episode was recorded on October 1, 2025.

What the Fed and BoC Cuts Mean for Markets

In this episode, Dustin Reid, Chief Fixed Income Strategist, discusses the 25 basis point rate cuts from both the Fed and Bank of Canada – highlighting Fed Chair Jerome Powell’s “insurance cut” framing and labour market pressures. He also explores the BoC’s outlook amid persistent economic slack. Dustin shares how these developments are shaping the team’s positioning, including duration, spreads, and FX, and reflects on the key risks that could test market resilience and global carry strategies in the months ahead. 

This episode was recorded on September 17, 2025.

Inside Private Credit: Growth, Resilience, and Opportunity

In this episode, David Ross, Managing Director and Head of Private Credit at Northleaf Capital Partners, unpacks the structural shifts driving private credit's growth and why mid-market opportunities remain attractive. He explains the fundamentals of the asset class, how it complements traditional fixed income, and the risks advisors should keep in mind as the asset class continues to mature. David also shares his insights on the potential impact of a Fed easing cycle.

This episode was recorded on September 4, 2025.

From Rotation to Precision: Redefining Sector Strategies

In this episode, Michael Williamson, Portfolio Manager of the Multi-Asset Strategies Team, explores why traditional sector rotation may no longer fit today’s complex markets. He explains how blurred sector lines call for a new framework to assess economic sensitivity and introduces Mackenzie’s Cyclical Tilt and Defensive Tilt ETFs as innovative tools for smarter portfolio positioning. 

This episode was recorded on August 14, 2025.

September Rate Cut: Is the Fed Eyeing 50?

In this episode, Dustin Reid, Chief Fixed Income Strategist, shares his insights on two key macro developments that could reshape the Fed’s policy trajectory: July’s softer-than-expected US CPI print and significant downward revisions to recent job numbers. Dustin explains why these data points have prompted several Fed officials to warm to the idea of a September rate cut, and how tariff-related inflation, slowing private payrolls, and shifting rate expectations are influencing markets.

This episode was recorded on August 13, 2025.

Equity Market Resilience: How Long Can It Hold?

In this episode, Lesley Marks, Chief Investment Officer of Equities, discusses the equity market's surprising resilience, driven by strong corporate earnings, sustained buybacks, and market optimism around potential Fed rate cuts. She explores risks beneath the surface: stretched US valuations, a near-zero equity risk premium, and the concentration in mega-cap tech stocks. Lesley also touches on quality factors in corporate earnings, recent US and Canadian jobs data, and how evolving trade dynamics could shape the economic outlook ahead. 

This episode was recorded on August 11, 2025.

Fed and BOC Hold Rates: Parsing Policy and Market Signals

In this episode, Dustin Reid, Chief Fixed Income Strategist, discusses the Fed's decision to hold rates, emphasizing Chair Powell's unexpectedly hawkish tone and the rare dissent among governors. He also examines the Bank of Canada's shifting stance on core inflation, subdued Q2 growth expectations, and the added uncertainty posed by Canada-US trade negotiations. Dustin outlines the team's current portfolio strategy, including a structurally weaker US dollar view, tactical duration positioning across regions, and selective emerging market exposure – particularly in Mexico and Brazil. 

 

This episode was recorded on July 31, 2025. 

Building Resilient Liquidity Sleeves with ETFs

In this episode, Matt Goodwin, Head of Fixed Income Product Strategy, discusses how advisors can navigate persistent market volatility through strategic use of liquidity tools, short-term fixed income, and inflation-protected ETFs. He examines the shifting role of cash in portfolio construction and outlines the advantages of active management in short-duration credit. Matt also provides a framework for building resilient liquidity sleeves that can adapt to evolving market conditions. With heightened volatility, uneven rate expectations, and inflation that remains stubbornly elevated, today's environment demands a more deliberate and dynamic approach to liquidity. 

This episode was recorded on July 22, 2025.

All-Weather Alpha: The GQE Approach

In this episode, Arup Datta, Head of the Mackenzie Global Quantitative Equity Team, discusses the newly launched US Alpha Extension fund and Canada-focused strategies designed to bring institutional quantitative investing to retail investors. He explains why Canadian and international markets offer compelling alpha potential and outlines how the team’s all-weather investment process – grounded in value, growth, and quality factors – seeks to deliver consistent alpha across market cycles. Arup also shares how AI and machine learning is enhancing the team’s stock selection process, and he reflects on the strong performance and emerging value opportunities in US large caps. 

This episode was recorded on July 2, 2025.

Fixed Income Perspectives: Summer Outlook on Rates, Risk, and Policy

In this episode, Konstantin Boehmer, Portfolio Manager and Head of Fixed Income, shares his outlook on central bank policy heading into the summer. He discusses the Fed's cautious stance as it navigates persistent inflation and slowing growth, highlighting the critical role of labour market data in shaping future decisions. Konstantin also examines the evolving market perception of the “One Big Beautiful Bill,” explaining why fiscal concerns may be overstated and how bond markets are adjusting. Finally, he explores the potential for future rate cuts by the Bank of Canada and flags key risks on the horizon, from rising geopolitical tensions to renewed tariff pressures.

This episode was recorded on June 19, 2025.