The Invested

Inside Active ETFs: What’s Behind the Growth in Canada?

What are active ETFs and what is behind their growing popularity in Canada? On this episode, Prerna Mathews, VP of ETF Product Strategy, and Andres Rincon, Head of ETF Sales and Strategy at TD Securities, discuss the intricacies of active ETF structures, and the similarities and differences in trade experiences between active and index ETFs for advisors and investors. Prerna and Andres also examine the impact of trading global equity and fixed income ETFs in a T+1 trading environment.

Further Reading:

- The value of active fixed income ETFs

This episode was recorded on June 20, 2024.

Benoit Gervais – Inflation, Politics, and AI: What it Means for Commodities

What has been causing the surprising upward trend in gold prices despite rising real rates? On this episode, Benoit Gervais, Portfolio Manager and Head of Mackenzie Resource Team, explores how the demand for gold has been shifting from the Western world to Asia. Benoit also discusses the factors influencing commodity trends such as politics, the energy transition, and AI’s impact on today’s market.

This episode was recorded on June 14, 2024.

Dustin Reid – Market Reactions to CPI Report and Fed Decision

With CPI showing signs of easing, indications from the Fed reveal they aren’t in a rush to lower rates. On this episode, Dustin Reid, Chief Fixed Income Strategist at Mackenzie Investments, discusses how the markets have been reacting to the latest CPI report and Fed decision. Dustin also touches on the ECB’s decision to cut its benchmark rate by 25 basis points, increased volatility in emerging markets – specifically in Mexico – and recent portfolio trades.

This episode was recorded on June 13, 2024.

Special: Mid-Year Outlook with Lesley Marks and Steve Locke

The investment and economic water have smoothed over the last six months, yet market expectations of interest rate cuts were challenged by resilient growth and inflation. On this special episode, Lesley Marks, CIO of Equities, and Steve Locke, CIO of Fixed Income and Multi-Asset Strategies, discusses their market outlook for the rest of 2024. Topics discussed in their conversation include:

• Global growth and the US economy
• Inflation and interest rates
• Bond market volatility and opportunities
• Impacts of the energy transition on equity and fixed income markets
• Market implications of generative AI
• Geographic investment opportunities

For more insights and perspectives, download our 2024 mid-year market outlook.

This episode was recorded on May 31, 2024.

Dustin Reid – Analyzing the Bank of Canada’s Rate Cut

What’s the significance of the Bank of Canada’s decision to cut interest rates and what could it mean for investors? On this episode, Dustin Reid, Chief Fixed Income Strategist, breaks down the BoC’s decision to cut interest rates by 25 basis points. As the first G7 country to do so, what could this mean for the coming months? Dustin also discusses recent election results in South Africa, Mexico, and India and their potential impact on market volatility.

This episode was recorded on June 5, 2024.

Matt Moody – The Ivy Approach: Quality, Long-Term Sustainability, and Corporate Culture

For over 30 years, the Mackenzie Ivy Team has established itself as one of the most time-tested defensive strategies, focusing on quality, long-term sustainability, and corporate culture. On this episode, Matt Moody, Portfolio Manager and Head of Mackenzie Ivy team, discusses the team’s approach to stock selection and portfolio construction and how they seek companies with competitive advantages, good growth prospects, and high returns on capital. Matt also explains how Ivy’s approach aligns with the goal of providing clients with a stable and reliable investment experience, even during volatile market environments.

This episode was recorded on May 21, 2024.

Lesley Marks – Equity Market Performance and Policy Diversion

After a strong first quarter, equity markets experienced a pullback in April as odds of a forthcoming rate cut by the Fed seem unlikely. On this episode, Lesley Marks, Chief Investment Officer of Equities, discusses the negative performance of the equity markets in April. Lesley suggests it was a modest pullback rather than the start of a downward trend. Lesley also shares her insights on the latest earnings season and explores the potential impacts of diverging policies between the Fed and Bank of Canada.

This episode was recorded on May 6, 2024.

Dustin Reid – Will the BoC Be the First To Cut?

Is the Bank of Canada hinting at a rate cut in June, even as the Fed adopts a more hawkish stance? On this episode, Matthew Schnurr and Dustin Reid, Chief Fixed Income Strategist at Mackenzie Investments, discuss the implications of the Fed’s latest meeting and its unexpected adjustments to their quantitative tightening program. Given the unique economic pressures in contrast to the US, Dustin explores the possibility of the BoC to begin cutting rates in June.

This episode was recorded on May 2, 2024.

Special: Exploring the Opportunities in the Energy Transition

Generational investment opportunities rarely arise, but that’s exactly what’s happening in the push toward net zero. On this special Earth Day episode, John Cook, Portfolio Manager and Team Co-Lead of the Mackenzie Greenchip Team, and Konstantin Boehmer, Head of Fixed Income, discuss the latest developments in the energy transition and explore investment opportunities in both equity and fixed income markets.

Further reading:

• A $US4.5 trillion investment opportunity in the energy transition
• 2023 sustainable investing report

This episode was recorded on April 11, 2024

Lesley Marks – Evaluating Geopolitical Risks in the Middle East

How have markets reacted to recent escalations in the conflict in the Middle East? On this episode, Lesley Marks, Chief Investment Officer of Equities, discusses how commodities have been impacted by geopolitical risks in the Middle East and new US and UK sanctions banning deliveries of Russian supplies. Lesley also discusses the potential for a pullback in US equities market despite strong fundamentals and earnings growth.

This episode was recorded on April 15, 2024.