Ivy Quarterly Review | Mackenzie Investments

Ivy Quarterly Review

Highlights from the Second Quarter Edition


Sustainability means always having a plan.

"Everybody has a plan until they get punched in the mouth." - Mike Tyson

Ivy Quarterly map

Success in the ring or on the trading floor is about sustainability. It takes staying power to land and take punches, or better yet to dodge them altogether. Through it all, it's key to have a plan that ensures you're the only boxer left standing when the final bell rings.

It's important to note that sustainability is more important for businesses. After all, there aren't many 90-year old boxers. In business, CEOs come, and CEOs go. Economies evolve. Volatility is a constant. Central bankers will act like doves and hawks. So, stuff happens.

Companies have to endure. And it's why sustainable corporate cultures matter.

The sustainable companies that Ivy looks for are the ones that can maintain their competitive advantage and grow free cash flow. The Team also looks for a confidence-inspiring management delivering positive and reinforcing corporate culture. How the leaders behave and a constructive philosophy around stakeholders gives us confidence that the management team will make high-quality choices, regardless of the external factors that may arise over time.

We do this for all of the right reasons. Investing in properly-priced, high-quality business models and cultures offers downside protection. We lose sleep in our search for these companies so you don't lose sleep worrying about large declines. Lose 50% of an investment's value and recovering the loss will take no less than a 100% return!

With the start of our fourth decade only a few years away, it's clear that sustainability is in our DNA. Our approach to recruiting is as rigourous and disciplined as our investment process.

So, we strive to practice what we preach. Our ten-member team has been handpicked for investment acumen, fit, and traits that help Ivy stand apart. Discipline, honesty, curiosity, independence, and patience are the qualities that help improve our chances of outperforming.

Right now, the market is in uncharted territory. Low rates have flooded the globe with debt. Valuations defy logic. Trade talks drag on. At times like these, we lean on 30 years of experience of continually improving our investment process to help Canadians with their financial goals. To put it plainly, we always have a plan.

How did our plan work out over the last quarter? Given all of the above, we'd say good. Read the Q2 commentary for the Ivy team's market-by-market review.

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This document includes forward-looking information that is based on forecasts of future events as of June 30, 2019. Mackenzie Financial Corporation will not necessarily update the information to reflect changes after that date. Forward-looking statements are not guarantees of future performance and risks and uncertainties often cause actual results to differ materially from forward-looking information or expectations. Some of these risks are changes to or volatility in the economy, politics, securities markets, interest rates, currency exchange rates, business competition, capital markets, technology, laws, or when catastrophic events occur. Do not place undue reliance on forward-looking information.  In addition, any statement about companies is not an endorsement or recommendation to buy or sell any security.