On December 8, Todd Mattina, Chief Economist and Strategist on the Mackenzie Asset Allocation Team, appeared on BNN to discuss the European Central Bank’s (ECB) decision to extend its bond-buying program to December 2017 and cut monthly bond purchases.
Trust Funds managed by Mackenzie Investments will make year-end distributions over the following dates: December 9, 23 and 30, 2016.
Mackenzie Chief Economist Todd Mattina analyzes issues and implications of the results of Italy’s constitutional referendum.
Mackenzie Financial Corporation (Mackenzie Investments) has announced changes to the management fees and dealer compensation on certain funds. In addition, the company announced a plan to automate the conversion of securities that are no longer subject to a redemption fee under the deferred sales charge and low load purchase options (Back-End) to the sales charge purchase option (Front-End).
It has been our view that value-oriented, cyclical stocks have been ripe for rotation throughout the first half of 2016. We encountered a speed bump in the rotation to value with a surprisingly low U.S. employment number in May and the unexpected results from the UK referendum vote in June.
The U.S. market was led by segments of the Technology space and the Materials sector, as concerns over valuations have abated in Technology and the direction of change in commodity markets turned positive. We had little exposure to either of these quarterly market tailwinds, and so the U.S. holdings underperformed.
US equities performed well. The Russell Mid Cap TR index returned 6.1% (CAD). The information technology and energy sectors were the biggest drivers of returns, with health care and industrials also contributing positively. Conversely, utilities, telecommunications and consumer staples sectors detracted from performance.