Canadian Oil & The Trans Mountain Pipeline – On August 30th, the Federal Court of Appeals (FCA) released a negative ruling pertaining to the Trans Mountain Expansion (TMX). The FCA found two major deficiencies in the report from the National Energy Board (NEB): The NEB did not include project-related tanker traffic in its review and they failed to consult Indigenous peoples and First Nations as set out by the Supreme Court. The FCA has effectively halted all construction and progress on TMX. In order for the project to proceed, there are a number of different options.
Click here to read more: Cardinal Update – September 2018
EMERGING MARKETS: worth the bother? Occasionally, we’re asked why the equity portfolios we build for clients don’t include allocations to emerging markets (EM). To put it plainly, we’ve never felt that the potential reward of investing in these regions compensates for accompanying drawbacks. Some of our reservations with respect to EM investing include: Legal framework, Accounting practices, Forex, Cost…..
Click here to read more: DM-Monthly-Report-Sept-18
STICKING WITH THE TRIED AND TRUE REWARDS INVESTORS OVER THE LONG-RUN – After a correction early in 2018, Canadian and U.S. markets have recovered and moved higher. All is not equal across the indices though. Momentum or growth oriented stocks have been outperforming value stocks. So it is worthwhile to take a closer look at what has been doing well and how it fits with Cardinal’s investment philosophy.
Click here to read more: Cardinal Update – August 2018
Market Outlook – Global stock markets jumped higher in the second quarter of 2018, moving most markets back into positive territory for the year. The UK FTSE-100 and Australian ASX-100 were the top performing markets, up 8.6% and 7.6% respectively. Other international markets were also positive with the German DAX-30 and French CAC-40 up 2.5% and 3.3% respectively. However, U.S. dollar appreciation in the 5% range offset most of these gains. In North America, the S&P TSX and the S&P 500 gained 7.0% and 5.3% respectively with the US dollar gaining slightly on the Loonie.
Click here to read more: Cardinal Quarterly – July 2018