Management
Team

Warren Stoddart, CC&L Financial Group’s President and CEO recently joined Rosemont CEO Chas Burkhart as a guest on the Global Investment Leaders podcast.

We share why emerging markets are some of the world’s primary drivers of economic growth and wealth building based on their populations.

Current monetary stagnation implies that policy-makers’ worries about a sustained inflation overshoot are as misplaced as their deflation panic in 2020 when money growth was surging.

Lending by the Fed to depository institutions jumped from $15 billion to $318 billion between 8 and 15 March – see chart 1 (red line). The emergency loans – mostly via the discount window and via the FDIC rather than under the new Bank Term Funding Program – were the main driver of a $441 billion surge in banks’ reserves at the Fed.

After attending conferences in Japan, we examine the state of the Japanese economy after recent policy decisions.

The recent market cycle can be characterized by numerous unusual aspects. Many of these relate to being in a highly inflationary environment for the first time in more than 40 years, a climate that predates the majority of today’s market participants. This month’s Outlook highlights some of the effects of inflation that are offering perplexing signals as investors navigate through this inflationary environment.

Our February commentary looks at EM performance with a specific focus on China, as well as India’s ongoing challenge with the Adani Group fraud allegations.

Markets are moving towards the view that the Fed will be forced to suspend or reverse interest rate hikes in response to the SVB crisis but a cessation of QT is a more important requirement for restoring banking system stability.

We take a deeper look at the economic environment in 2023 and how we are positioned to combat inflation.

In our 4th quarter investor letter we discuss our views on the MENA equity markets and the main return drivers for the strategy during the quarter.

As this quarter marks the final letter for the year 2022, we thought it will be helpful to reflect on the key events that shaped the performance of the strategy in the year.

We discuss our observations following the strong improvements to Europe’s economic outlook.

Investors globally have embraced global small cap equities as a source of equity diversification.

A Eurozone recession can now be ruled out, according to the ECB and a PMI-hugging consensus. Someone forgot to tell the monetary data.

We discuss the meme stock frenzy and growth opportunities for investors.