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Mackenzie Investments announces distributions for its Maximum Diversification Exchange Traded Funds (MKC, MUS, MEU, MWD, MXU, MEE)
Mackenzie Financial Corporation (Mackenzie Investments) today announced the quarterly and semi-annually cash distributions for its Exchange Traded Funds ("ETFs") listed below that trade on the Toronto Stock Exchange (TSX).
Mackenzie Financial Corporation has announced a reclassification of the Mackenzie Maximum Diversification US Index ETF risk rating from “Low to Medium” to “Medium”.
Watch Hussein Sunderji, Portfolio Manager on the Mackenzie Ivy Team, as he discusses the broader issues that are on his radar and how the Ivy funds are faring in recent global markets.
June 9, 2017
Over the first quarter of 2017, the global market finished strong, continuing the trend that started last fall. Far East markets outperformed the US and European markets; this is the opposite of what was observed in Q4, when Far East markets lagged their global counterparts. European markets also posted strong performance. US markets achieved new all-time highs. The U.S. Federal Reserve raised the federal funds rate again in March 2017, after the hike in December 2016, citing higher home prices, low unemployment rate and improving economic confidence.
During Q1 2017, Mackenzie Global Dividend Fund returned 7.4%. This compares with the MSCI World Total Return Index ($CDN) return of 5.3%.
During the quarter, oil prices pulled back over concerns of higher inventory levels. Oil prices dipped below US$50 briefly during March but ended the quarter marginally over $51. Our holdings in California Resources and Whiting Petroleum both pulled back materially with oil prices coming off. The two companies remain levered to higher energy prices. We believe the firms remain undervalued in an environment of $60 oil prices.