Mackenzie Investments publishes regular commentaries to help advisors and investors make sense of the markets, review the recent performances of funds and anticipate future outlooks. Read Mackenzie Investments’ quarterly, monthly and team commentaries for more information.
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Q3 2018 Commentary – Mackenzie Global Equity & Income Team
During Q3 2017, Mackenzie Global Dividend Fund (Series F) returned -0.9%, and has now returned 14.2%, annualized, since portfolio manager change. This compares with the MSCI World Net Return Index ($CDN) Q3 return of 0.9%, and 11.9%, annualized, since portfolio manager change. Stock selection in information technology and consumer staples detracted from performance in Q3 2017.
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Tags: Commentaries, Mackenzie Canadian Large Cap Dividend Class, Mackenzie Canadian Large Cap Dividend Fund, Mackenzie Global Dividend Fund, Mackenzie Global Strategic Income Fund, Mackenzie US Dividend Fund, Mackenzie US Dividend Registered Fund, Mackenzie USD Global Strategic Income Fund, Mackenzie Global Equity and Income Team
Q3 2018 Commentary – Mackenzie Bluewater Team
Global equity markets were highly volatile in the third quarter with a notable divergence. While the US markets continued to exhibit resiliency, the emerging markets fell sharply as global trade policies and rising rates continue to weigh in on global growth.
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Tags: Commentaries, Mackenzie Canadian Growth Balanced Fund, Mackenzie Canadian Growth Class, Mackenzie Canadian Growth Fund, Mackenzie Global Growth Class, Mackenzie US Growth Class, Mackenzie Bluewater Team
Q3 2018 Commentary – Mackenzie Cundill Team
This past quarter was headlined by a number of market concerns: eleventh hour NAFTA negotiations, the new Italian government’s budget, on-going Brexit negotiations, and more trade war tensions between China and the U.S. There has been increased volatility in stock prices.
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Tags: Commentaries, Mackenzie Cundill Canadian Balanced Fund, Mackenzie Cundill Canadian Security Class, Mackenzie Cundill Canadian Security Fund, Mackenzie Cundill US Class, Mackenzie Cundill Value Class, Mackenzie Cundill Value Fund, Mackenzie Cundill Team
Q3 2018 Commentary – Mackenzie Fixed Income Team
This year, US stock markets seem to have given investors somewhat distinctive price action in each quarter. In Q1 there were large swings in volatility and prices, after what had been a low volatility experience in 2018.
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Tags: Commentaries, Mackenzie Canadian All Cap Balanced Fund, Mackenzie Canadian Bond Fund, Mackenzie Canadian Growth Balanced Fund, Mackenzie Canadian Money Market Class, Mackenzie Canadian Money Market Fund, Mackenzie Canadian Short Term Income Fund, Mackenzie Floating Rate Income Fund, Mackenzie Global Strategic Income Fund, Mackenzie Global Tactical Bond Fund, Mackenzie Global Tactical Investment Grade Bond Fund, Mackenzie Income Fund, Mackenzie Investment Grade Floating Rate Fund, Mackenzie Ivy Canadian Balanced Class, Mackenzie Ivy Canadian Balanced Fund, Mackenzie Ivy Global Balanced Class, Mackenzie Ivy Global Balanced Fund, Mackenzie Strategic Bond Fund, Mackenzie Strategic Income Fund, Mackenzie Unconstrained Fixed Income Fund, Mackenzie USD Global Strategic Income Fund, Mackenzie USD Global Tactical Bond Fund, Mackenzie USD Ultra Short Duration Income Fund, Mackenzie Fixed Income Team
Q3 2018 Commentary – Mackenzie Growth Team
US small and mid cap equities continued their strong performance in the third quarter . The Russell 2500 index returned 4.7% in US Dollars (2.9% in Canadian Dollars). Technology and Health Care outpaced the market by far, while Producer Durables and Utilities also did well. The only sector to decline was Consumer Staples.
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Tags: Commentaries, Mackenzie US Mid Cap Growth Class, Mackenzie US Mid Cap Growth Currency Neutral Class, Mackenzie Growth Team
Q3 2018 Commentary – Mackenzie Ivy Team
Global equity markets continued its positive trend in the third quarter in 2018. U.S. market was strong which continued to be driven by the Information Technology sector. Both European and Asian markets were modestly higher in the quarter, but the gains were muted when measured in Canadian dollar terms. Canadian market lagged the global markets, with the S&P/TSX Composite Index returned slightly negative during the period.
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Tags: Commentaries, Mackenzie Ivy Canadian Balanced Class, Mackenzie Ivy Canadian Balanced Fund, Mackenzie Ivy Canadian Fund, Mackenzie Ivy European Class, Mackenzie Ivy Foreign Equity Class, Mackenzie Ivy Foreign Equity Currency Neutral Class, Mackenzie Ivy Foreign Equity Fund, Mackenzie Ivy Global Balanced Class, Mackenzie Ivy Global Balanced Fund, Mackenzie Ivy International Class, Mackenzie Ivy International Equity Fund, Mackenzie Ivy International Fund, Mackenzie Ivy Team
Q3 2018 Commentary – Mackenzie Multi-Asset Strategies Team
‘The U.S. vs. the World’ was one of the key themes that emerged in Q3. Equities continued to outperform bonds over the quarter, with the MSCI ACWI returning 4.7% in local currencies and 2.5% in CAD terms. This compares favorably to -0.2% on the Bloomberg Barclays Global Aggregate Bond Index hedged to CAD and -1.1% on the equivalent Canadian bond index.
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Tags: Commentaries, Mackenzie Monthly Income Balanced Portfolio, Mackenzie Monthly Income Conservative Portfolio, Symmetry Balanced Portfolio Class, Symmetry Balanced Portfolio, Symmetry Conservative Income Portfolio Class, Symmetry Conservative Income Portfolio, Symmetry Conservative Portfolio Class, Symmetry Conservative Portfolio, Symmetry Equity Portfolio Class, Symmetry Fixed Income Portfolio, Symmetry Growth Portfolio Class, Symmetry Growth Portfolio, Symmetry Moderate Growth Portfolio Class, Symmetry Moderate Growth Portfolio, Mackenzie Multi-Asset Strategies Team
Q3 2018 Commentary – Mackenzie North American Equities Team
The portfolio management team remains optimistic on the outlook for Canadian equity markets. The Canadian economy is expected to be the beneficiary of strong global economic growth driven primarily by the United States. This backdrop is expected to result in decent earnings growth for the overall market which should be positive for equity market returns. We believe earnings growth and a re-rating will drive Canadian equity market returns in the coming period as valuations are increasingly attractive with the market trading below historical average valuation levels and a significant discount to U.S. benchmarks.
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Tags: Commentaries, Mackenzie Canadian All Cap Balanced Class, Mackenzie Canadian All Cap Balanced Fund, Mackenzie Canadian All Cap Dividend Class, Mackenzie Canadian All Cap Dividend Fund, Mackenzie Canadian All Cap Dividend Growth Fund, Mackenzie Canadian All Cap Value Class, Mackenzie Canadian All Cap Value Fund, Mackenzie Canadian Large Cap Dividend Class, Mackenzie Canadian Large Cap Dividend Fund, Mackenzie Canadian Small Cap Class, Mackenzie Strategic Income Fund, Mackenzie North American Equities Team
Q3 2018 Commentary – Mackenzie Resource Team
While US equity markets continued their near-linear upward trajectory, emerging markets and the resources sector experienced a substantial set-back during Q3/2018.
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Tags: Commentaries, Mackenzie Canadian Resource Fund, Mackenzie Global Resource Class, Mackenzie Gold Bullion Class, Mackenzie Precious Metals Class, Mackenzie Resource Team
Q3 2018 Commentary – Mackenzie Systematic Strategies Team
The third quarter of 2017 started where the month of June ended with a negative return of 0.71% for the CFE category for the month of July. Luckily, the next two months were both positive, allowing the CFE Category to return +2.06% for the Quarter.
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Tags: Commentaries, Mackenzie Diversified Alternatives Fund, Mackenzie Global Equity Fund, Mackenzie Growth Fund, Mackenzie Systematic Strategies Team
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