Last year was a banner year for Banyan Capital Partners. I’m pleased to share the following update highlighting the announcements, milestones, and achievements that contributed to our growth and success.

Closed the Fundraising for its Newly Created Evergreen Fund, Banyan Committed Capital LP

  • $216 million of capital raised for its first tranche of committed capital.
  • Funding provided by the high net worth investors of Connor Clark & Lunn Private Capital Ltd., Connor Clark & Lunn Financial Group Ltd., and the principals of Banyan.

New Platform Investment in Innovative Surface Solutions

  • Founded in 1986, Innovative distributes liquid surface solutions to large treated salt partners, commercial customers, water treatment clients and government agencies across North America.
  • Banyan’s investment in Innovative and partnership with its CEO will help facilitate its next phase of growth.

Continued Growth across the Portfolio, Including Two Add-on Acquisitions

  • Rack Attack, a North American premier retailer of vehicle rack solutions with 24 stores across North America, acquired Rack Outfitters in May 2021, an Austin, Texas-based specialty rack retailer. Rack Attack also successfully opened three new greenfield store locations in Sherman Oaks, California, Phoenix, Arizona, Dallas, Texas as well as the first Thule-brand store in Denver, Colorado. Rack Attack’s growth continues in the first quarter of 2022, with greenfield stores opening in Orange County, California, Atlanta, Georgia and Fort Collins, Colorado. Additionally, the first Canadian Thule monobrand store opened in West Vancouver in January 2022.
  • Newcrete, a leading producer and supplier of ready-mix and precast concrete and masonry products for the Newfoundland and Labrador construction industry, acquired Hunt’s Concrete, a supplier of concrete, masonry and landscape products in Grand Falls-Windsor and surrounding areas, in July 2021.

New Hires and Promotions

Banyan is pleased to announce the addition of three new professionals this past year, with Eric Laurin and Chris Luongo joining as Senior Analysts and Igor Verechaka joining in January 2022 as Senior Associate. Furthermore, we would like to congratulate David Beaumont on his promotion to Vice President.

  • Eric Laurin most recently worked in the Deal Advisory Group at KPMG where he was responsible for advising strategic investors, pension funds and private equity firms on acquisitions and divestitures of companies in the middle market. Eric is a Chartered Professional Accountant (CPA, CA) and has a Bachelor of Commerce (Honours) from the Sauder School of Business at University of British Columbia.
  • Chris Luongo joined Banyan from the Investment Banking Group at BMO, where he was responsible for advising on mergers & acquisitions and debt and equity financing transactions in the real estate coverage group. Chris has a Bachelor of Business Administration (Honours) from Wilfrid Laurier University.
  • Igor Verechaka joins Banyan from KPMG Corporate Finance Inc. where he provided capital and strategic advisory services and led transaction execution for financings, divestitures and structured solutions, and real estate mandates. Igor has a Bachelor of Arts, Honours Business Administration (with distinction) from Ivey Business School at Western University and is a CFA charterholder.
  • David Beaumont was promoted to Vice President and will be on working on secondment at Innovative Surface Solutions as Vice President, Strategic Operations for the duration of 2022. David joined Banyan in 2017 and has played an integral role in the growth and evolution of the firm. In addition to his role in the acquisition of Innovative Surface Solutions, David has worked closely with the management teams of MIP Inc., Newcrete, and Rack Attack on a range of initiatives including strategy, operations, and add-on acquisitions.

2022 Forecast

It is shaping up to be another great year, and the Banyan team has hit the ground running. I encourage you to visit our new website, which launched earlier this month. With a more modern design and refreshed content, it better reflects our brand and positions us for continued growth. Additionally, the new website is more intuitive and easier to navigate, thus providing a better user experience for investors and stakeholders.

Banyan Capital Partners (“Banyan”), a leading Canadian middle market private equity firm, is pleased to announce its investment in Innovative Surface Solutions LP (“Innovative” or the “Company”), a leading distributor of liquid surface solutions in North America. Innovative marks the inaugural investment through Banyan Committed Capital LP, an evergreen investment vehicle that has recently closed its first $216 million tranche of commitments. 

Founded in 1986, Innovative Surface Solutions distributes liquid surface solutions to large treated salt partners, commercial customers, water treatment clients and government agencies across North America. Headquartered in Ajax, Ontario with its U.S. headquarters in Glenmont, New York, Innovative operates seven terminals with the capacity to store over 200 thousand metric tons of liquid product and process over 300 thousand metric tons annually, comprising the largest liquid distribution network in Eastern Canada and the Northeast U.S.

Banyan is partnering with the Company’s CEO and existing majority owner, Greg Baun, who has served in this role since 1994, to help facilitate Innovative’s next phase of growth. Greg will remain in the role of CEO post-close and retain a significant ownership stake in the Company.

“I am excited to be partnering with Banyan Capital Partners. Their long-term investment philosophy aligns with the objectives of my team to continue to grow our business throughout North America,” said Greg Baun, CEO of Innovative Surface Solutions.

“Innovative is uniquely positioned on the east coast of Canada and the U.S. to provide essential road safety and industrial solutions to its customers for years to come. Banyan is looking forward to working with Greg and his team as we embark together on this next chapter of growth,” said Matthew Segal, Managing Director and Partner at Banyan Capital Partners.

About Innovative Surface Solutions

Founded in 1986, Innovative distributes liquid salts, primarily magnesium chloride and calcium chloride mixed with additives for de-icing, dust control and various industrial applications. The Company services a diverse customer base including large treated salt partners, commercial customers, water treatment clients and government agencies including regional municipalities, townships and counties. Headquartered in Ajax, Ontario with its U.S. headquarters in Glenmont, New York, the Company operates seven terminal facilities with the capacity to store over 200 thousand metric tons and processes over 300 thousand metric tons annually.

About Banyan Capital Partners

Founded in 1998 and under current management since 2008, Banyan Capital Partners is a Canadian based private equity firm that makes equity investments in middle market private and public companies throughout North America. Through a long-term investment approach, Banyan has developed into one of Canada’s leading middle market private equity firms with an established track record of success in providing full or partial liquidity to founders, families and entrepreneurs and helping them take their business to the next level. Banyan is part of Connor, Clark & Lunn Financial Group Ltd., an independently owned multi-boutique asset management firm whose affiliates are collectively responsible for over $100 billion in assets under management on behalf of institutional, private and retail clients.

Contact:

Jeff Wigle
Managing Director
Banyan Capital Partners
(416) 564-0737
[email protected]

Banyan Capital Partners (“Banyan”), a leading Canadian middle market private equity firm, is pleased to announce it has closed the fundraising for its first tranche of committed capital at $216 million in a newly created evergreen fund, Banyan Committed Capital LP (“The Fund”).  Funding was provided by high net worth investors of Connor Clark & Lunn Private Capital Ltd., Connor, Clark & Lunn Financial Group Ltd., and the principals of Banyan. With this first committed capital raise, Banyan aims to build a sustainable, diversified portfolio of value-oriented private equity investments.

Banyan will continue with the long-term, partnership-focused investment philosophy and approach which has led to its success since 2008. Unlike traditional private equity firms, Banyan has the ability to hold its investments for up to 50 years.  

Banyan will seek to make equity investments in the range of $10 million to $50 million in businesses with an established track record of generating annual EBITDA in the general range of $5 million to $15 million.  Additional fundamental characteristics of targeted businesses include; a Canadian or U.S. headquarters, a clear competitive advantage, identifiable growth opportunities and the existence of, or potential to, generate significant free cash-flow.

Since 2008, Banyan has invested over $190 million across seven platform investments and completed an additional 10 add-on acquisitions across a breadth of industries.  For more information on Banyan, please see www.banyancapitalpartners.com.

About Banyan Capital Partners

Founded and under current management since 2008, Banyan Capital Partners is a Canadian based private equity firm that makes equity investments in middle market private and public companies throughout North America. Through a long-term investment approach, Banyan has developed into one of Canada’s leading middle market private equity firms with an established track record of success in providing full or partial liquidity to founders, families and entrepreneurs and helping them take their business to the next level. Banyan is part of Connor, Clark & Lunn Financial Group Ltd., an independently owned multi-boutique asset management firm whose affiliates are collectively responsible for over $100 billion in assets under management on behalf of institutional, private and retail clients.

Contact:

Jeff Wigle
Managing Director
Banyan Capital Partners
(416) 564-0737
[email protected]

Connor, Clark & Lunn Financial Group (CC&L Financial Group) is pleased to announce that John Ricketts has joined the Institutional Sales team as Senior Vice President and Co-Head, Institutional Sales, USA.

With over 20 years’ experience in the asset management industry, John brings extensive knowledge and expertise to the firm’s institutional business. “Our multi-affiliate presence in the US continues to grow in size and scope.  Having someone of John’s caliber as co-lead will help us accelerate our growth in this important market. We are excited to have John as part of the team,” said Eric Hasenauer, Senior Vice President and Co-Head, Institutional Sales, USA, CC&L Financial Group. 

About the Connor, Clark & Lunn Financial Group

Connor, Clark & Lunn Financial Group Ltd. (CC&L Financial Group) is a multi-boutique asset management firm that provides a broad range of investment management products and services to institutional investors, high net worth individuals and advisors. We bring significant scale and expertise to the delivery of non-investment management functions through the centralization of all operational and distribution functions, allowing our talented investment managers to focus on what they do best. With offices across Canada, and in Chicago and London, CC&L Financial Group’s affiliates manage over $100 billion in assets. For more information, please visit www.cclgroup.com.

Contact:

Eric Hasenauer
Senior Vice President, Co-Head of Institutional Sales, USA
Connor, Clark & Lunn Financial Group Ltd.
(917) 232-3550
[email protected]

John Ricketts
Senior Vice President, Co-Head of Institutional Sales, USA
Connor, Clark & Lunn Financial Group Ltd.
(203) 615-4847
[email protected]

Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) today announced the formation of a strategic partnership with Hy Stor Energy LP (Hy Stor Energy), which will develop, commercialize and operate green hydrogen production, storage, and distribution at scale.

Hy Stor Energy is developing a portfolio of large-scale, fully integrated green hydrogen projects in the United States. The projects will include the on-site production, storage, and delivery of green hydrogen as both a
zero-carbon fuel and a means of storing and producing electricity on demand. This combination of storage and scale will be critical in accelerating the green hydrogen economy in the United States and will support the nation’s transition to a net zero carbon emissions future.

Hy Stor Energy is already permitted for hydrogen storage at multiple locations in the U.S. Gulf Coast, which together will form the backbone of a regional hub. This hydrogen hub will have co-located production, transmission, pipeline, rail and other infrastructure, linking these components to add value while driving economies of scale and attracting end-users. The hub is also expected to attract intellectual capital, spur innovation, create jobs and stimulate the local economy. It will deliver a major source of safe, reliable and 100% carbon free energy that is flexible and available on demand.

“CC&L Infrastructure is excited to further participate in the global energy transition with this partnership,” said Matt O’Brien, President of CC&L Infrastructure. “We believe that the green hydrogen sector is nearing an important inflection point and that its growth will contribute meaningfully to the achievement of net zero carbon emissions targets over the coming decades. The partnership with Hy Stor Energy is a natural evolution of our long-term investment strategy that builds upon our existing expertise in renewable energy. Through this partnership, CC&L Infrastructure and its clients will gain access to a number of attractive investments in a rapidly growing renewable sub-sector as well as technical expertise in green hydrogen and energy storage.”

“Hy Stor Energy is solving the unique challenges of a world transitioning to renewable energy, and we’re developing a model for producing, storing and delivering 100% carbon-free green hydrogen reliably, consistently – and at scale,” said Laura Luce, CEO of Hy Stor Energy. “Our partnership with CC&L Infrastructure will enable us to advance the large-scale development and commercialization of green hydrogen and long-duration storage.”

Green hydrogen is a zero-carbon fuel source and an energy storage mechanism. It is created using renewable energy and a process called electrolysis. Electrolysis uses only two inputs – water and renewable electricity – to produce hydrogen with zero emissions and with oxygen as the only byproduct. Green hydrogen is expected to play a critical role in the global shift away from fossil fuel based sources of energy. Specifically, it can enable the decarbonization of sectors where direct electrification is not practical, offering a viable path towards zero emissions for many industries and jurisdictions.

CC&L Infrastructure’s investment mandate targets traditional and energy infrastructure assets and companies, including power generation, electricity transmission and distribution, and energy storage, among other projects. The firm is an active investor and owner of renewable energy assets and has a current portfolio totaling 1.4 GW of clean energy generating capacity globally. The majority of these assets were acquired during development and the CC&L Infrastructure team has significant experience in both construction oversight and ongoing asset management. The partnership with Hy Stor Energy will build upon this expertise to support further decarbonization efforts and the global energy transition.

About Connor, Clark & Lunn Infrastructure

CC&L Infrastructure invests in middle-market infrastructure assets with highly attractive risk-return characteristics, long lives and the potential to generate stable cash flows. The firm has been an active investor and owner of renewable energy assets for more than 15 years. Its portfolio includes more than 60 hydro, solar, and wind facilities totaling 1.4 GW of clean energy generating capacity globally. CC&L Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage over CAD$100 billion in assets. For more information, please visit www.cclinfrastructure.com.

About Hy Stor Energy

Hy Stor Energy is facilitating the transition to a fossil-free energy environment by developing and advancing green hydrogen at scale through the development, commercialization, and operation of green hydrogen hub projects. Large, fully integrated projects produce, store, and deliver 100% carbon-free energy, providing customers with safe and reliable renewable energy on-demand. Developed as part of an integrated hub, these projects couple on-site green hydrogen production with integrated long-duration storage and distribution – using scale to reduce costs. Hy Stor Energy, led by energy storage industry and hydrogen technology veteran Laura L. Luce, has an innovative team with deep expertise and is positioned as a leader in the green hydrogen revolution. For more information, please visit www.hystorenergy.com.

Contact:

Kaitlin Blainey
Director
Connor, Clark & Lunn Infrastructure
(416) 216-8047
[email protected]

Connor, Clark & Lunn Financial Group (CC&L Financial Group) is pleased to announce it has become a Founding Participant in Climate Engagement Canada (CEC). CEC is a Canadian finance-led collaborative initiative that aims to drive dialogue between the financial community and Canadian corporations on climate-related risks, opportunities and transition to a net zero economy.

The CEC program is launching with over 25 investors as Founding Participants, collectively managing over $3 trillion in assets. CC&L Financial Group represents its three Canadian equity affiliates, Connor, Clark & Lunn Investment Management Ltd., PCJ Investment Counsel Ltd., and Scheer, Rowlett & Associates Investment Management Ltd. 

“Connor, Clark & Lunn Financial Group looks forward to collaborating with other institutional investors to address climate risk in the Canadian economy and the transition to net zero,” said Michael Walsh, Managing Director, Connor, Clark & Lunn Financial Group. “All CC&L Financial Group affiliates spend significant time researching the ESG risks and opportunities of their investments and engaging with company management teams on ESG topics, so we view CEC as an important opportunity to speak with a stronger, unified voice on the issue of climate change.”

The CEC initiative is coordinated by several investor networks including the Responsible Investment Association (RIA), Shareholder Association for Research and Education (SHARE), and Ceres. The UN-backed Principles for Responsible Investment (PRI) is also supporting the program.

The CEC’s development was inspired by Canada’s Expert Panel on Sustainable Finance, which in 2019 made a series of recommendations to align Canada’s financial system with a low carbon future. One of the Expert Panel’s recommendations was to establish a national engagement program, akin to the global Climate Action 100+ initiative, to drive a broader and more consistent dialogue with Canadian issuers around climate risks and opportunities. Climate Engagement Canada is that program.

More information regarding this initiative can be found on the CEC website at www.climateengagement.ca.

About Connor, Clark & Lunn Financial Group Ltd.

Connor, Clark & Lunn Financial Group Ltd. (CC&L Financial Group) is a multi-boutique asset management firm that provides a broad range of investment management products and services to institutional investors, high net worth individuals and advisors. We bring significant scale and expertise to the delivery of non-investment management functions through the centralization of all operational and distribution functions, allowing our talented investment managers to focus on what they do best. With offices across Canada, and in Chicago and London, CC&L Financial Group’s affiliates manage over $100 billion in assets. For more information, please visit www.cclgroup.com.

Contact:

Blythe Clark
Manager, Stewardship & Engagement
Connor, Clark & Lunn Financial Group
(604) 891-2601
[email protected]

Markets overview

The economic recovery from the pandemic has been strong and more enthusiastic than expected. There is a surge in demand for goods which is contributing to supply shortages and rising inflation. Given the backdrop, policymakers are beginning to reduce the emergency level stimulus that was put in place. The equity market response has been more volatility and lower returns than earlier in the recovery. This is expected given the outlook for more moderate growth and less support from central banks. On the quarter the S&P/TSX Composite Index was up 0.2% and the MSCI World ex Canada (C$) advanced 2.5%. Year to date this brings these market returns to 17.5% and 12.6%, respectively. 

More moderate equity returns in Q3

Source: MSCI, Refinitiv

Bonds produced negative returns this quarter and year as yields were affected by both a surge in growth earlier in the year and recent changes to central bank policy. The FTSE Canada Universe Bond Index was down -0.5% for the quarter and down -4.0% for the year. High yield and short bonds, which are less sensitive to changes in yield, generated positive returns. 

Bond returns remain negative

Source: FTSE, Refinitiv

Portfolio strategy

Our view is that we are experiencing a strong economic recovery supported by a broadening global restart. At the same time we expect higher inflation and a more muted monetary response going forward. We maintain an overweight to equities but recognize risks are rising. As equity market performance has been strong, we have taken profits. Within equities, we have an overweight to small-cap stocks which will benefit from above trend growth. Within bonds, we have been increasing our high yield exposure which is more attractive than core bonds given their low expected return. 

Our portfolio management teams continue to favour more cyclical companies that are levered to the economic recovery. However, given the outlook for slower economic growth, inflation and supply bottlenecks, we are adding companies that can generate strong earnings despite these headwinds. Within fixed income, we have taken profits by reducing exposure to the corporate sector as well as real return bonds that have benefited significantly from higher inflation. Our positioning in portfolios has served clients well and remains attractive as we move into the final quarter of the year. 

From the desk of Jeff Guise, Managing Director, Chief Investment Officer, CC&L Private Capital.

This post is for information only and is not intended as investment advice. The views expressed are those of the author at the time of publication and are subject to change at any time.

Crestpoint Real Estate Investments Ltd. (“Crestpoint”) is pleased to announce it is expanding its product offering to include a dedicated commercial mortgage strategy.

The Commercial Mortgage Strategy (“the Strategy”) will be led by Blake Steels, Vice President, Head of Mortgage Investments. Steels, a seasoned private markets real estate investment manager, joined the Crestpoint team in October 2021, bringing over 12 years’ experience in the real estate debt and equity markets. 

“The forthcoming launch of our Commercial Mortgage Strategy marks an exciting new chapter for Crestpoint,” said Kevin Leon, President & Founder, Crestpoint. “Our strong understanding of individual properties and the real estate market positions us well to provide timely and customized responses to borrowers which should translate into strong risk adjusted returns for our investors. We are excited to have Blake Steels at the helm of this Strategy.”

The Strategy is a higher yielding short-term fixed income strategy with a focus on capital preservation over the long term, designed to generate attractive risk adjusted returns by providing borrowers with different options to address their capital needs. The Strategy will be standalone, separate from the Core Plus Real Estate Strategy. The primary focus of the Strategy will be on conventional and conventional plus mortgages on properties located in Canada.

About Crestpoint Real Estate Investments Ltd.

Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager, with $6.3 billion of gross assets under management, dedicated to providing investors with direct access to a diversified portfolio of commercial real estate assets. Crestpoint is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management company that provides investment management products and services to institutional and high net-worth clients. With offices across Canada and in Chicago and London, Connor, Clark & Lunn Financial Group and its affiliates are collectively responsible for the management of approximately $100 billion in assets. For more information, please visit: www.crestpoint.ca.

Contact:

Kevin Leon
President
Crestpoint Real Estate Investments Ltd.
(416) 304-6632
[email protected]

Markets overview

This quarter we saw the economic recovery continue to gather pace. Support for the recovery has come from easing restrictions and accommodative policy. More recently, countries have committed to expanding their spending programs to fight the remaining negative effects of the pandemic while improving longer-term growth prospects. Together this forms a positive backdrop for equities and we have seen companies significantly outpace earnings expectations. This quarter the S&P/TSX Composite Index was up 8.5% and the MSCI World ex Canada (C$) advanced 6.2%. Year to date this brings these market returns to 17.3% and 9.9%, respectively. Stronger performance from the S&P/TSX Composite reflects a strong Canadian dollar and a higher weight in the index to top performing cyclical sectors like energy and financials. Regardless, both Canadian and global results have been very strong.

Equity markets reach new highs

Source: MSCI, Refinitiv

Bond returns have shown recent improvement after declining earlier in the year. This quarter the market has largely looked through a sharp increase in inflation which has been fueled by the robust economic recovery. Bond yields have declined modestly and prices have moved higher. The result was an increase of 1.7% for the FTSE Canada Universe Bond Index this quarter. The largest contributors to performance have come from provincial and corporate bonds.

Bonds begin recovery from Q1 decline

Source: FTSE, Refinitiv

Portfolio strategy

Our view is that we are in the midst of a strong economic recovery supported by pent up demand, accommodative policy and record levels of fiscal stimulus. This is a market-friendly backdrop and portfolios have been positioned to benefit from the recovery. We have been tactically overweight equities. As equity market performance has been strong, we have taken profits and rebalanced to maintain our desired exposure. Within equities, we have an overweight to small-cap stocks and maintain an allocation to value stocks. This quarter we also increased our emerging markets position. Within bonds, we have been overweight high yield, which is attractive in the early stages of a market cycle. This asset mix positioning has served us well and remains attractive in the current environment.

Our portfolio management teams generally continue to favour more cyclical companies that are levered to the economic recovery. These stocks have done well and in select cases we have reduced our exposure. This is because while the economic recovery has been strong, results have begun to moderate. At the same time, inflation has been higher than expected. While we don’t believe inflation levels will be disruptive in the long term, current conditions may lead to market volatility. Within fixed income, similar to equity portfolios, we remain overweight companies that are benefiting from the reopening of the economy.

From the desk of Jeff Guise, Managing Director, Chief Investment Officer, CC&L Private Capital.

This post is for information only and is not intended as investment advice. The views expressed are those of the author at the time of publication and are subject to change at any time.

Markets overview

Equity markets reached new highs this quarter as virus cases declined and market signals suggest that the global economic recovery remains strong (despite lockdowns). Support for the recovery has come in the form of monetary and fiscal stimulus and in March the US passed another significant fiscal package. This quarter the S&P/TSX Composite Index was up 8.1% and the MSCI World ex Canada (C$) advanced 3.5%. Stronger performance from the Canadian market reflects a higher weighting to cyclical sectors like energy, financials and industrials which have benefited from an acceleration in global growth expectations. Within equity markets value and small-cap stocks have outperformed which is a rotation away from areas that performed well for most of 2020.

Stocks led by economically sensitive segments

*Energy, financial and industrial sector average return less the average return of the remaining sectors. **Returns are relative to the growth and large-cap benchmarks, respectively, using corresponding MSCI World benchmarks. Quarterly return ending March 31, 2021. Source: MSCI, Refinitiv

Bond yields rise

Source: Refinitiv

Stronger economic growth and accommodative policy led to a selloff in bonds and a spike in yields across maturities. The result of increased yields was a negative return for the FTSE Canada Universe Bond Index of -5.0%, the worst quarterly performance since the first quarter of 1994. Government and provincial bonds were most affected while declines in corporate were more muted. 

Our thoughts

We believe the global economy and corporate earnings will continue to recover as more businesses gradually resume normal operations and government stimulus provides continued support. Portfolios are positioned to benefit from this improving outlook. As such, our asset mix positioning remains overweight equities. However, strong performance from equities relative to bonds led us to rebalance this quarter to maintain our desired exposure. Within equities we have an overweight to small-cap stocks and maintain an allocation to value stocks. This quarter we also increased our emerging markets position. Within bonds, allocations to short bonds and high yield have protected portfolios in a period of rising yields. This asset mix positioning has served us well this quarter and remains attractive in the current environment.

Our portfolio management teams have selectively positioned portfolios to more cyclical assets that are expected to benefit from continued improvements in the economy. Our equity teams have taken gains in some businesses that have benefited from COVID-19 and bought companies that can outperform in a more positive investment environment. This includes companies within the financial sector as well as the travel and leisure industry. Within bond portfolios we are overweight credit, inflation-protected debt and have lower sensitivity in the portfolio to changes in yield. Although our overall positioning in portfolios reflects a positive outlook we remained well diversified. 

From the desk of Jeff Guise, Managing Director, Chief Investment Officer, CC&L Private Capital.

This post is for information only and is not intended as investment advice. The views expressed are those of the author at the time of publication and are subject to change at any time.