The Invested

The Case for Value: A Deep Dive into Mackenzie US Value Fund

In this episode, Caroline Edwards, Senior Client Portfolio Manager at Putnam Investments, offers a comprehensive overview of the newly launched Mackenzie US Value Fund. She explains the fund’s investment philosophy, which centers on a relative value approach to stock selection and details the team’s bottom-up idea generation process – an approach that combines fundamental and qualitative research to build a well-diversified and resilient opportunity set. Caroline also explains how the fund serves as a strong complement to the Mackenzie US All Cap Growth Fund, a strategy that Putnam has successfully managed for Mackenzie for over a decade.

This episode was recorded on May 16, 2025.

Investing in Quality: How the Ivy Team Finds Strength in Stability

In this episode, Matt Moody, Portfolio Manager and Head of the Mackenzie Ivy Team, shares how the team has been navigating today’s volatile markets with a disciplined, quality-first approach. He explains why Ivy’s long-term investment approach tends to shine during periods of market volatility, emphasizing the importance of focusing on the quality of the businesses the team invests in, rather than trying to predict short-term market movements. Matt also reflects on Warren Buffett’s decision to retire from Berkshire Hathaway and how his departure may impact the company’s future.

This episode was recorded on May 9, 2025.

FOMC, Tariffs, and Carney’s White House Visit

In this episode, Dustin Reid, Chief Fixed Income Strategist, provides his key takeaways from the latest FOMC meeting, offering insights into the Fed's stance on interest rates, inflation, and economic growth. He also examines ongoing trade discussions, specifically recent developments between the US and UK, and how tariffs have been impacting market sentiment and risk appetite. Finally, Dustin shares his perspectives on the significance of Prime Minister Carney's visit to the White House and what it may signal for Canadian-US relations going forward. 

This episode was recorded on May 8, 2025. 

The Resilience of Canadian Equities: Opportunities and Challenges

In this episode, Will Aldridge, Portfolio Manager and co-lead of the North American Equity and Income Team, and Tim Johal, lead portfolio manager of the Mackenzie Canadian Dividend Fund, discuss the post-election outlook and sentiment towards Canadian equities. Despite near-term volatility, Will explains why the outlook for Canadian equities remains positive, driven by strong fundamentals and opportunities in sectors such as gold and banking. Tim also highlights the potential of Canada's natural resources, particularly natural gas, and the regulatory challenges that need to be addressed. They also touch on the valuation and outlook for Canadian banks as a proxy for the Canadian economy.

This episode was recorded on May 2, 2025.

Searching for Value in Volatile Markets

In this episode, Richard Wong, Portfolio Manager and Lead of the Mackenzie Cundill Team, discusses how higher interest rates and persistent inflation could benefit value stocks over growth stocks. He explains how ongoing volatility has the potential to create a complex but rewarding environment for value investors, highlighting opportunities in sectors such as European cyclicals and technology. Richard explores the implications of Germany's substantial stimulus package and how it could benefit European industrials. Finally, Richard provides a detailed look at his investment philosophy, reiterating the importance of valuation and catalysts in stock selection. 

This episode was recorded on April 25, 2025.

Mixed Signals: Trade Wars & The Fed

In this episode, Lesley Marks, Chief Investment Officer of Equities, discusses the recent tensions between President Trump and Federal Reserve Chair Jerome Powell, focusing on Trump's fluctuating stance on interest rates and its economic implications. She provides insights into the ongoing trade war with China, explaining its impact on consumers and businesses, and emphasizes the importance of de-escalating tensions. Lesley also covers the upcoming Canadian federal election and how the outcome could influence trade relations with the US. 

This episode was recorded on April 24, 2025.

Active ETFs on the Rise: What's Driving the Momentum in Canada?

In this episode, Tiffany Zhang, Vice President of ETFs and Financial Products Research at National Bank Financial, explores key trends in the ETF markets in Canada and the US, cross-border ETF investment considerations, and the case for buying Canadian. She discusses the growing popularity of active ETFs and what's been driving this momentum in Canada. Tiffany also discusses the implications of investing in US-based ETFs, highlighting important tax and currency considerations. 

This episode was recorded on April 17, 2025. 

Trade Tension and Tariffs: Are We Headed Towards Stagflation?

In this episode, Dustin Reid, Chief Fixed Income Strategist, discusses the current market volatility driven by trade tensions, tariffs, and changing economic regimes. Dustin examines the Bank of Canada's decision to hold interest rates at 2.75% and how the upcoming Canadian election may influence fiscal policies and potential rate cuts in the future. He also examines recent changes in US trade policy surrounding tariffs, the escalating tensions between the US and China, and potential for stagflation. Additionally, Dustin shares recent updates to the team’s fixed income positioning. 

This episode was recorded on April 16, 2025. 

How Advisors Can Support with Tax Planning, Intergenerational Wealth Transfer, and Strategic Philanthropy

Tax season is upon us, and with it comes a slew of changes and challenges. In this episode, Tim Brisibe, Head of Mackenzie's Tax and Estate Team, covers a range of topics crucial for navigating tax season and beyond. He discusses the implications of recent policy changes, including the suspension of the consumer carbon tax and the deferral of the capital gains inclusion rate increase. Tim explains the importance of understanding the complexities that come with significant wealth and how advisors can play a pivotal role in managing these complexities, connecting this to the concept of "homeostasis" for financial harmony. Additionally, Tim provides practical strategies for advisors to help clients plan for the financial needs of loved ones with disabilities and how to incorporate strategic philanthropy. 

This episode was recorded on April 4, 2025.

The Dividend Dream Team: Resilient Portfolios in the Face of Tariffs

In this episode, Katherine Owen, Vice President and Portfolio Manager on the Mackenzie Global Equity & Income Team, discusses the team's portfolio construction process amidst President Trump's turbulent tariff policy. Katherine explains the importance of pricing power and diversification across sectors, regions, and styles in the companies the team invests in. She also discusses how these factors have influenced the team's portfolio positioning, including exposure to defensive sectors. Katherine also shares two examples from the "Dividend Dream Team" that illustrate the team's investment process. 

This episode was recorded on April 1, 2025.