Portfolio Manager, Benoit Gervais discusses sustainability issues in resource investing, weighs-in on decarbonization, carbon capture and oil, and how gold can help protect against asset price inflation.
Mackenzie Resource Team
Philosophy and process
The Mackenzie Resource team aims to provide above-average capital appreciation from equity investments in natural resource companies. We believe that a company’s ability to generate Sustainable Free Cash Flow over a full pricing cycle combined with management’s acumen in allocating capital wisely are key drivers of long-term value creation within natural resource sectors. We apply a Sustainable Free Cash Flow focused approach to investing with a disciplined quantitative risk management overlay. Our Portfolio Managers bring comprehensive insight from their time in the resource industry, as well as over 15 years in investment management.
Benoit Gervais, MSc, CFA
Benoit Gervais, Senior Vice President, Investment Management, is Portfolio Manager and Head of the Mackenzie Resource Team. Benoit has expertise in the diversified resource sector.
Benoit’s career in the investment industry began in 2001, when he joined Mackenzie Investments as an Investment Analyst. Prior to joining Mackenzie Investments, Benoit gained valuable experience working for various organizations in the mining sector.
Benoit has a BEng from the École Polytechnique and McGill University, as well as an MSc (Mineral Economics) from the Colorado School of Mines. He is also a CFA charterholder.
Onno Rutten, MSc, MBA
Onno Rutten, Vice President, Investment Management, is a Portfolio Manager on the Mackenzie Resource Team.
Onno’s career in the investment industry began in 2003. He joined Mackenzie Investments in 2011. Prior to joining Mackenzie Investments, Onno was a precious and base metals Equity Research Analyst and Executive Director at a large global financial services firm in Toronto. During those years, Onno developed a reputation for his detailed modeling and market judgment in commodities and equities. From 1996 to 2001, he was a Senior Process Engineer in hydrometallurgy and minerals processing for a leading global engineering consulting firm, and designed and audited mines in Africa, Australia and Canada.
Onno holds an MSc (Mining and Petroleum Engineering) from Delft University (the Netherlands), as well as an MBA from INSEAD (France).
Awards and rankings
The highest ratings given by the independent investment research firm Morningstar
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Morningstar Star Ratings reflect performance of Series F as of January 31, 2022 and are subject to change monthly. The ratings are an objective, quantitative measure of a fund’s historical risk-adjusted performance relative to other funds in its category. Only funds with at least a three-year track record are considered. The overall star rating for a fund is a weighted combination calculated from a fund’s 3, 5, and 10-year returns, as available, measured against the 91-day treasury bill and peer group returns. A fund can only be rated if there are a sufficient number of funds in its peer group to allow comparison for at least three years. If a fund scores in the top 10% of its fund category, it gets 5 stars; if it falls in the next 22.5%, it receives 4 stars; a place in the middle 35% earns a fund 3 stars; those in the next 22.5% receive 2 stars; and the lowest 10% receive 1 star. For more details on the calculation of Morningstar Star Ratings, see www.morningstar.ca.
Mackenzie Precious Metals Fund F, Precious Metals Equity Category: 3 years - 5 stars (60 funds), 5 years - 5 stars (47 funds), 10 years - 4 stars (32 funds).
The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper.
Mackenzie Global Resources Fund (Series F U$) was awarded the Refinitiv Lipper Fund Awards Canada 2021 Winner for Best Natural Resources Equity Fund Over Ten Years, out of 18 funds. Performance for the fund for the period ended September 30, 2021 is as follows: 68.5% (1 year), 11.3% (3 years), 7.8% (5 years), 4.2% (10 years) and -1.2% (since inception on December 3, 2007).
Mackenzie Precious Metals Fund (Series F U$) was awarded the Refinitiv Lipper Fund Awards Canada 2021 Winner for Best Precious Metals Equity Fund Over Ten Years, out of 11 funds. Performance for the fund for the period ended September 30, 2021 is as follows: -15.6% (1 year), 27.1% (3 years), 7.6% (5 years), -0.8% (10 years) and 1.1 % (since inception on December 3, 2007).
Refinitiv Lipper Fund Awards, ©2021 Refinitiv. All rights reserved. Used under license.
FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.
Mackenzie Income Fund Series A was recognized for outstanding fund performance at the 2019 Fundata FundGrade A+ Awards in the Canadian Fixed Income Balanced category out of a total of 355 funds. Performance for the fund for the period ended December 31, 2019 is as follows: 10.4% (1 year), 4.0% (3 years), 4.0% (5 years), 4.9% (10 years) and 7.9% (since inception- September, 1974).