Commentary – Mackenzie Ivy Global Balanced Class Series T8 MFC5188 MFC5189 MFC7268 MFC5190 | Mackenzie Investments

Mackenzie Ivy Global Balanced Class Series T8

Asset Class: Global Balanced

Fund Commentary

Q2 2019 Commentary

During the second quarter, the bond market continued on its “reverse course” direction toward lower yields, taking its cues from weaker global growth and increasing uncertainties surrounding geopolitical risks such as trade.  Reacting to these concerns and weaker domestic inflation, the Federal Reserve began to lean toward the potential for an easing of monetary policy as early as this summer. 

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Q2 2019 Commentary

In Q2, the market extended its year-to-date run, reaching new highs after fully recovering from the fleeting sell-off experienced in Q4. What we find worrying about this recovery is that it has occurred while GDP growth expectations have been slowing, which suggests that the market is more captivated by the prospects of increasingly accommodative monetary policy.

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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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Q1 2019 Commentary

The equity and credit market volatility of Q4 2018 made a complete 180 degree turn in the first quarter of the new year. While a fair amount of the blame for the sell-off that ended 2018 lays at the feet of the Federal Reserve and its hawkish monetary policy stance at the time, the ensuing bounce this year is mainly thanks to the Fed’s “dovish” pivot.

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Fund Commentary

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Other Global Balanced Funds

Portfolio Managers

Paul Musson, CFA

Senior Vice President, Portfolio Manager, Head of Team

Mackenzie Ivy Team

Investment experience since 1992

Robert McKee, MSc, MBA, CFA

Vice President, Portfolio Manager

Mackenzie Ivy Team

Investment experience since 2007

Matt Moody, MBA, CFA

Vice President, Portfolio Manager

Mackenzie Ivy Team

Investment experience since 1999

Hussein Sunderji, MBA, CFA

Vice President, Portfolio Manager

Mackenzie Ivy Team

Investment experience since 2007

Steve Locke, MBA, CFA

Senior Vice President, Portfolio Manager, Head of Team

Mackenzie Fixed Income Team

Investment experience since 1995

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

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 75% MSCI World and 25% BofA Merrill Lynch Global Broad Market (Hedged to CAD).