Commentary – Mackenzie Ivy Canadian Fund Series PW MFC6100 | Mackenzie Investments

Mackenzie Ivy Canadian Fund Series PW

Asset Class: Canadian Equity

Fund Commentary

Q1 2019 Commentary

• Markets were up significantly in the first quarter, effectively reversing the losses incurred in Q4. Although the past six months have almost been a wash from a market perspective, high levels of volatility tend to negatively impact individual investors, whom are often whipsawed in and out of the market at precisely the wrong times.

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Q4 2018 Commentary

US markets had a very strong Q4 and year in 2018. The market appears to have evolved from one being stubbornly pushed higher by unrelenting Central Bank efforts to one that is self-sustaining and accelerating in its upward momentum.

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Q3 2018 Commentary


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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Q2 2018 Commentary

We are often asked how much of a market correction it would take for us to deploy our cash and be fully invested. The tongue and cheek answer is none. We are not necessarily waiting on a broad-based correction to deploy more cash, rather a sufficient number of reasonably priced Ivy-type companies would suffice.

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Fund Commentary

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Other Canadian Equity Funds

Portfolio Managers

Paul Musson, CFA

Senior Vice President, Portfolio Manager, Head of Team

Mackenzie Ivy Team

Investment experience since 1992

Graham Meagher, CFA

Vice President, Portfolio Manager

Mackenzie Ivy Team

Investment experience since 1999

James Morrison, MBA, CFA

Vice President, Portfolio Manager

Mackenzie Ivy Team

Investment experience since 2005

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

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.

Effective June 1, 2018, the management fee and/or administration fee of series F, PW, PWB, PWT, PWFB, and PWX of the fund was reduced. The new fees will not be fully reflected in the current MER until the semi-annual MER for the period ended September 30, 2019.

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 60% S&P/TSX Composite Index, 30% S&P 500 Index and 10% MSCI EAFE Index.