MMLP GP Inc. announces final distribution of partnership income for Mackenzie Master Limited Partnership
MMLP GP Inc. has announced that a distribution of partnership income has been finalized for Mackenzie Master Limited Partnership (TSX: MKZ-UN, CUSIP 554905109).
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Richard Wong, Portfolio Manager on the Mackenzie Cundill Team, discusses the trends in recent market events and the rotation back to value investing.
IGM Financial Inc. acquires additional 3.9% interest in market-leading China Asset Management Co., Ltd.
IGM Financial Inc. has announced that its subsidiary, Mackenzie Financial Corporation (“Mackenzie Investments”), has entered into an agreement to acquire an additional 3.9% interest in China Asset Management Co., Ltd. (“China AMC”) for RMB¥936 million (CAD$179 million) following the announcement of Mackenzie Investments’ acquisition of a 10% interest in China AMC on December 29, 2016.
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.