Commentary – Mackenzie Cundill US Class Series FB | Mackenzie Investments

Mackenzie Cundill US Class Series FB

Asset Class: US Equity

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

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Other US Equity Funds

Portfolio Managers

Jonathan Norwood, MBA, CFA

Senior Vice President, Investment Management, Portfolio Manager

Mackenzie Cundill Team

Investment experience since 1998

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 S&P 500 Index is a market capitalization weighted index of 500 widely held securities, designed to measure broad U.S. equity performance.