The Invested

Special: 2024 Market Outlook with Lesley Marks and Steve Locke

The investment and economic environments have changed over the last 12 months. And elevated risks suggest that “safety first” is a good investment motto for the year ahead. In this special episode, host Matthew Schnurr is joined by Mackenzie Investments’ Lesley Marks, CIO of Equities, and Steve Locke, CIO of Fixed Income and Multi-Asset Strategies, to discuss their market outlook for 2024.

Topics discussed in their conversation include:

• Review of equity and fixed income markets this year
• Expectations from central banks next year
• Asset mix recommendations for equities and fixed income
• Three key themes 
• How geopolitical events can impact equities and fixed income

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

This episode was recorded on December 4, 2023

Konstantin Boehmer – Pockets of Value and Opportunities in Fixed Income Markets

In this episode, join host Matthew Schnurr and his guest Konstantin Boehmer, SVP, Portfolio Manager and Co-Lead of Mackenzie’s Fixed Income team, for a review of fixed income markets this year. Konstantin discusses his expectations for the year and explains that while overall performance in fixed income markets were not outstanding, there were pockets of value to be found. Konstantin also highlights his three most highly convicted fixed income ideas as we approach 2024.

This episode was recorded on November 23, 2023.

Benoit Gervais – Inflation and the Energy Transition: Implications for the Commodity Complex

In this episode, join host Matthew Schnurr as he welcomes Benoit Gervais, Portfolio Manager and Head of Mackenzie Resource team, to discuss the key factors driving long-term inflation expectations. Benoit explains the distinction between supply-led and demand-led inflation, highlighting the shift from temporary supply chain disruptions to sustained wage-driven inflation. Benoit also explores the implications of the energy transition on commodities, emphasizing the importance of environment and social standards in shaping consumer preferences.

This episode was recorded on November 21, 2023.

Lesley Marks – Is the Inflation Story Over?

Join host Matthew Schnurr and his guest Lesley Marks, CIO of Equities at Mackenzie Investments, as they explore the significant market drivers, from the complex geopolitical situation in the Middle East to the latest economic data. Lesley also discusses if Canada is in a technical recession and whether the inflation story is really over.

This episode was recorded on November 1, 2023.

Dustin Reid – Unravelling Central Bank Strategies: Market Pricing, Narratives, and Global Trends

In this episode, join host Matthew Schnurr as he welcomes Dustin Reid, VP and Chief Fixed Income Strategist at Mackenzie Investments, for an analysis of recent central bank actions in the US, Canada, and Japan. Dustin explores the Federal Reserve’s decision to hold interest rates, its approach to managing inflation, and the implications for the US economy. Moving to Canada, Dustin discusses the Bank of Canada’s concerns about sluggish economic growth and explores the possibility of cutting interests before hitting 2% inflation. Shifting to Japan, Dustin dissects the Bank of Japan’s yield curve control policy and the adjustments that have been made.

This episode was recorded on November 2, 2023.

Nelson Arruda & Jules Boudreau – Global Economic Trends: Oil, Currencies, and More

In this episode, host Matthew Schnurr and his guests Nelson Arruda, Portfolio Manager and Head of Mackenzie’s Multi-Asset Strategies Team, and Jules Boudreau, Senior Economist, take you on an around the world journey diving into key global economic trends. The team covers topics such as oil, currency markets, equities, and the Canadian economy.

This episode was recorded on October 27, 2023.

Shane Feeney – The Case for Private Equity Investments

In this episode, join host Matthew Schnurr as he welcomes Shane Feeney, Managing Director and Global Head of Secondaries at Northleaf Capital Partners, for a deep dive into the world of private equity investing. Shane shares his insights into various private equity strategies and how the Northleaf team leverages an integrated model, which includes primary, secondary, and direct co-investment strategies. Shane also discusses the team’s approach to assessing private equity managers, the importance of diversification, and the impacts of a higher interest rate environment on the asset class.

This episode was recorded on October 20, 2023.

Dustin Reid – What’s Been Driving Volatility in the Long End of the Curve?

In this episode, join host Matthew Schnurr and his guest, Dustin Reid, VP and Chief Fixed Income Strategist at Mackenzie Investments, as they explore the factors and events that have been driving the rise in yields and volatility in the long end of the yield curve. Dustin also provides his insights into the latest US CPI reading and offers fixed income trade opportunities to capture real yields.

This episode was recorded on October 12, 2023.

Lesley Marks – How Rising Yields Are Impacting Equities and Bonds

With rising yields taking over recent headlines, is risk-free bond investing more attractive right now? Join host Matthew Schnurr and his guest Lesley Marks, CIO of Equities at Mackenzie Investments, as they discuss how rising yields have been reshaping the investment landscape, central banks’ responses, and how recent political developments in the US have impacted market volatility.

This episode was recorded on October 4, 2023.

Dustin Reid – Higher for Longer: Market Reactions to the Fed

In this episode, join host Matthew Schnurr and his guest, Dustin Reid, VP and Chief Fixed Income Strategist at Mackenzie Investments, as they discuss the market’s response to the Fed’s decision to hold rates. Dustin explores the implications of interest rates staying “higher for longer”, concerns around inflation, and assess the impact of the Fed’s policies on both the U.S. and global economies.

This episode was recorded on September 21, 2023.