Commentary – Mackenzie Cundill Canadian Balanced Fund Series A MFC740 MFC840 MFC7052 MFC3177 MFC4379 MFC4566 MFC4567 | Mackenzie Investments

Mackenzie Cundill Canadian Balanced Fund Series A

Asset Class: Canadian Balanced

Fund Commentary

Q1 2019 Commentary

Equity markets rebounded meaningfully in the first quarter from depressed levels in December. The sell-off in November and December was excessive due to a global growth scare.

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Q4 2018 Commentary

 

The dispersion between the performance of growth and value is at its highest level in years while value is at its lowest. Trends do not continue forever but the key is to know the catalyst that could alter that trend.

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Q3 2018 Commentary

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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Q2 2018 Commentary

Global capital markets in the second quarter have been dominated by continued threats of trade war, political uncertainty in Europe and developments in the energy markets.

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Fund Commentary

1 of

Other Canadian Balanced Funds

Portfolio Managers

Richard Wong, CFA

Senior Vice President, Investment Management, Portfolio Manager

Mackenzie Cundill Team

Investment experience since 1994

Steve Locke, MBA, CFA

Senior Vice President, Portfolio Manager, Head of Team

Mackenzie Fixed Income Team

Investment experience since 1995

Dan Cooper, CFA

Vice President, Portfolio Manager

Mackenzie Fixed Income Team

Investment experience since 2003

Felix Wong, MBA, CFA

Vice President, Portfolio Manager

Mackenzie Fixed Income Team

Investment experience since 1988

Konstantin Boehmer, MBA

Vice President, Portfolio Manager

Mackenzie Fixed Income Team

Investment experience since 2003

Nelson Arruda, CFA

Vice President, Portfolio Manager

Mackenzie Multi-Asset Strategies Team

Investment experience since 2009

Movin Mokbel, MBA, CFA

Vice President, Portfolio Manager

Mackenzie Fixed Income Team

Investment experience since 2000

Note: USD option is capped to new purchases.

The Series G versions of this fund are closed to new investments.

Low correlation with benchmark, therefore is a good diversifier for more index-oriented investors.

Fund Risk Measures:
  • Annualized Standard Deviation: A measure of how widely returns varied over a period. A lower standard deviation means the returns of the fund have historically been less volatile and vice-versa. Standard deviation is a measure of historical risk; future risk may be different.
  • Annualized Standard Deviation Benchmark: A measure of how widely returns varied over a period. A lower standard deviation means the returns of the benchmark have historically been less volatile, and vice-versa.
  • Alpha: A measure of the difference between a portfolio's actual return and its expected return given its level of risk. Risk is measured by beta. A positive number indicates that it has performed better than beta would predict.
  • Beta: A measure of the tendency of the value of the fund and the value of the benchmark to move together. The market has a beta of 1. If beta of a fund is higher than 1, the movement in value compared to the benchmark tends to be amplified. A beta less than 1 means the movement in value tends to be dampened.
  • R2: A measure that represents the percentage of a fund's movements that can be attributed to movements of a benchmark index.
  • Sharpe Ratio: A measure of how much of a fund's excess return is achieved for a certain level of risk. The greater a fund's Sharpe Ratio, the higher the risk-adjusted returns.

Commissions, trailing commissions, management fees, brokerage fees and expenses may be associated with investment funds. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and does not take into account sales, redemption, distribution, or optional charges or income taxes payable by any security holder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

For changes in the business, operations or affairs of an investment fund, and reorganization or acquisition of assets in an investment fund during the most recent 10 years that could have materially affected the performance of the investment fund, please refer to the "Major Changes During the Last 10 Years” section in the most recent Annual Information Form.

Mutual Fund US Dollar Settlement Option details.

Index performance does not include the impact of fees, commissions, and expenses that would be payable by investors in the investment products that seek to track an index.

The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund or asset allocation service or returns on investment in the investment fund or from the use of the asset allocation service.

* The blended index is composed of 62.5% S&P/TSX Composite Index and 37.5% FTSE Canada Universe Bond Index.