Pension Matters

Fourth Quarter 2013 Review

Canadian Equity Canadian stocks were up 7.3% over the quarter, to finish the year with a 13.0% return. The materials sector, which lagged the S&P/TSX Composite throughout 2013, was the only sector to post a negative return during the quarter. Gains were led by the Industrials, health care, and financials sectors. Small-cap stocks slightly underperformed...

Third Quarter 2013 Review

Canadian Equity Canadian stocks were up 6.2% over the quarter, returning year-to-date gains into positive territory and outperforming the broad global index. The interest-sensitive utilities sector continued to be weighed down as a result of rising bond yields and was the only sector with a negative return. The materials sector continued its struggle by...

Second Quarter 2013 Review

Canadian Equity Canadian stocks were down 4.1% over the quarter, erasing year-to-date gains. The decline came in June due to weak performances from the materials, telecom services, technology and utilities sectors. Utilities, an interest-sensitive sector, was hurt as a result of rising bond yields, while telecom was pressured by the threat of increased...

The decline of active management

Ryan takes a look at managers through an active share lens to classify managers into different styles of active management. He then combines active share with tracking error (discussed in the previous article) to determine the true style of investment funds. This article was first published in Benefits Canada. Follow this link. http://www.benefitscanada.com...

Picking a winner: A tool for selecting active managers

Ryan Kuruliak, Vice President, has written an article in Benefits Canada entitled Picking a winner: A tool for selecting active managers "My previous article discussed techniques for monitoring an investment manager’s track record to avoid making poor (and expensive) hire/fire decisions. In that article I also promised to introduce a tool investors can use...

Is your money manager skilled or just lucky?

Ryan Kuruliak, Vice President, has written a recent article in Benefits Canada entitled Is your money manager skilled or just lucky? "In my previous articles, I demonstrated the benefits of investors extending their time horizon when evaluating an investment manager’s performance because it’s almost certain that even the best managers will underperform at...

Alternatives: Time For Consideration In DC Plans?

Jeff Gray, Vice President at Proteus, has written a recent article in Benefits and Pensions Monitor entitled Alternatives: Time For Consideration In DC Plans? "There is no shortage of evidence that a high percentage of DC plan members have embraced the 'selection simplicity' of target date type funds. Likewise, plan sponsors have widely adopted the dynamic...

The danger of paying too close attention

Ryan Kuruliak, Vice President, has written a recent article in Benefits Canada entitled The danger of paying too close attention "Manager performance is often monitored by committees over a quarterly or monthly basis, and while investment oversight is a necessary and prudent function of fiduciaries, it can also be dangerous."...

First Quarter 2013 Review

The Canadian equity market increased 3.3% during the first quarter as intervention by global central banks continued to stimulate equity markets. Gains were led by the health care, telecom services and consumer related sectors. The materials and utilities sectors were the worst performers as Canadian mining stocks are experiencing the longest slump in 20...

Predictable underperformance

Ryan Kuruliak, Vice President, has written a recent article in Benefits Canada entitled Predictable underperformance "While most investors employ active management in an attempt to achieve market beating performance, I don’t believe investors fully realize just how likely it is that they will have to endure bouts of short to longer term underperformance in...

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