The Fund Analyst Notebook provides a venue for our fund analysts to share their thoughts and ideas with Morningstar’s website visitors. Members of the fund analyst team will submit entries any time they have an interesting tidbit to share, including a variety of issues that may not warrant an entire article. Please note that the views expressed below represent those of each individual fund analyst and not necessarily those of Morningstar.
Ravi Sood exercises his trader's put
Al Kellett | November 3, 2010
Aston Hill Financial announced yesterday the departure of one of its portfolio managers, formerly high-flying hedge manager Ravi Sood. The move comes shortly after the firm brought Sood over by buying out his own hedge fund company, Navina Asset Management.
Sood's departure is yet another unsavoury example of the "trader's put" in action, a concept I wrote about recently in connection with John Meriwether's self-interested deal-making.
As the manager of Lawrence Partners hedge fund, Sood lost 80% of his clients' money in 2008. According to Navina's website, redemptions on the fund were suspended and will remain so through March 2011. Investors have been given a choice between taking shares that will continue to be run by Lawrence Asset Management Inc. and those that will be wound up as soon as is reasonable.
During the good times from 2004 to 2007, when returns were high, Sood accrued a 20% performance fee for his winning ways. Lo and behold, things go sour and he walks, even as his clients have lost their right to redeem.
The winds of change whistle out west
Brian O'Neill | November 3, 2010
When Royal Bank of Canada bought Vancouver-based Phillips, Hager & North Investment Management (PH&N) in 2008, a certain amount of change appeared inevitable. The recent major overhaul of PH&N's Canadian equity team is the most dramatic example of this so far.
In truth, things started to change soon after the acquisition. As part of a shift in focus for the team's funds, CIO Dan Chornous incorporated the "3D" screening process he developed at RBC Asset Management Inc., which ranks stocks using quantitative, qualitative and fundamental inputs. It appears that Dale Harrison, former co-head of Canadian equity research, and Chornous did not see eye to eye on how to manage the funds, which led to Harrison's termination (along with the termination of two of his teammates) followed by the promotion of Doug Stadelman to team leader. Meanwhile, two new additions to the Canadian equity investment committee will be based in Toronto, including Chornous's long-time RBC colleague Warner Sulz. The net result will likely be an approach that better reflects Chornous's vision of growth at a reasonable price (GARP) investing.
It makes one wonder whether more changes along these lines are on the horizon.
Mawer Research Report Challenge
Brian O'Neill | November 3, 2010
Here's a neat idea. Mawer Investment Management Ltd. has launched a contest, open to any undergraduate business student across Canada, for the best "buy" research report on a publicly traded common stock that is not currently owned in one of the firm's funds. The winner will receive a $5,000 award, part of which will cover travel and accommodation costs to visit Mawer's Calgary office. Details can be found at www.mawer.com.
Not only is it a creative way to support students, but Mawer could get a lot of great ideas from this competition. Not to mention that they may find themselves a talented young future employee!
RBC pays up for BlueBay
Esko Mickels | October 29, 2010
Royal Bank of Canada RY
has entered into an agreement to acquire UK-based BlueBay Asset Management plc for $1.56 billion in cash by the end of December 2010. This deal fits nicely with RBC's plan to beef-up its asset-management business, particularly in Europe, where it recently moved two fixed-income managers from Canada and added an emerging markets team. But RBC had to pay up.
The deal is somewhat reminiscent of RBC's February 2008 acquisition of Phillips, Hager and North Investment Management. Like PH&N, BlueBay focuses on running fixed-income mandates such as investment-grade and high-yield corporate debt, emerging market debt and convertibles and others. In addition, BlueBay manages money for both institutions and high-net-worth individuals, split 60/40, respectively.
Founded in 2001, BlueBay is headquartered in London, England, and has offices in the United States and Japan. Roughly 88% of its assets are from clients in the UK and Europe, where RBC is still in the early stages of its growth. This helps RBC expand into the European fixed-income markets -- something it is doing separately with its RBC Capital Markets division, which recently became a primary dealer in Germany and France. In terms of overall strategy, RBC's push into the fixed income arena, and asset management in particular, could be interpreted as an effort to reduce the volatility of its assets and revenue, along with building a platform for future growth.
The transaction prices BlueBay at 3.9% of its $40 billion in assets under management, which is twice the multiple RBC paid for PH&N. But the deals are more similar on the basis of their enterprise value/EBITDA (earnings before interest, taxes, depreciation and amortization) since BlueBay's customized products attract more revenue per dollar of similar assets.
Nevertheless, BlueBay's shareholders are receiving almost a 30% premium to the previous closing share price, and seven times what the stock was trading for in the depths of the financial crisis. On an earnings basis, the deal looks pricey too, at roughly 18 times BlueBay's 2011 forecasted earnings, versus approximately 13 times for the sector. This means in order to make the deal work, BlueBay will need to continue its rapid growth (64% 5-year AUM CAGR), which could be challenging given last year's bond rally, low rates and sovereign-debt issues.
Another challenge will be keeping the culture intact and the key people around. Here RBC's experience integrating PH&N may help, along with allowing BlueBay to operate autonomously. In addition, BlueBay's deferred compensation will remain in place, and Hugh Willis and Mark Poole, respectively BlueBay's chief executive and chief investment officer, will have additional incentives to stick around.
RBC Global Asset Management is already the largest asset manager in Canada, and this acquisition increases its international profile, by taking its assets up to about $240 billion. The deal makes RBC GAM Canada's leading global fixed-income shop. Furthermore, there is little overlap in terms of product offerings, which creates an opportunity to sell BlueBay's products into RBC's North American distribution system, and RBC may be able to tap some of BlueBay's clients.
What's in it for existing RBC clients? Don't expect much soon. Over time BlueBay's European bond expertise may filter into RBC's current products, and RBC may eventually unveil a BlueBay retail product.
A rare play on geopolitical risk
Philip Lee | October 29, 2010
It seems like there's always a way to make a play on geopolitical instability -- speculating with currencies, oil and gold quickly comes to mind. More recently, there has been significant interest in rare-earth and strategic elements, stoked by fears that China, which priced many other players out of the market and is currently the largest exporter of the stuff, could put a crippling headlock on supply.
Rare-earth elements, such as lanthanum, dysprosium, ytterbium, actinium and lutetium, have a broad range of applications from military equipment to hybrid vehicles to smart phones and computers, to name a few. According to an article written in the WallStreet Journal, Japan and the United States are taking this potential threat seriously.
What does this mean for investors? Well, there are plenty of companies that appear to be involved with mining or producing these rare elements that investors can speculate with. But as of Oct. 27, a new exchange-traded fund called Rare Earth/Strategic Elements ETF, launched by ETF specialist Van Eck Global, began trading under the symbol REMX. This ETF is a collection of 24 companies from around the globe, but assets are fairly concentrated in the top 10 names, which account for roughly 60% of assets.
I'm not here to debate the merits of this market because there are definitely companies with real businesses, but there are likely to be some that are just looking to make a quick buck on the latest trend. There has probably been a lot of hot money chasing these companies given their meteoric ascent over the past few months. But be careful. If China did indeed price players out of the market before, it'd be foolish to think they wouldn't do it again. If so, your rare earth investment could just as easily end up being a pile of dust.
Winners and losers of bond issuances
Philip Lee | October 22, 2010
There are many uses for cheap capital. Corporations can use it to fund acquisitions, share buy-backs, dividends or debt restructuring, or simply to pad the coffers because they can. A few days ago, retail giant Wal-Mart Stores WMT
took advantage of the historically low yields with a $5-billion four-part bond issue. Wal-Mart follows a list of recent issuers that includes Dell, Microsoft, International Business Machines, Johnson & Johnson and Dupont, among others.
Investment bankers. These facilitators help bring the borrowers and lenders together and generate fat underwriting and advisory fees for doing so.
Equity holders. If a corporation issues debt to fund value-creating acquisitions, equity holders will stand to benefit in the long run. Equity holders also benefit when corporations use the new capital to buy back stock or juice up dividends. A company that issues cheaper debt to retire costlier existing debt also bodes well for equity investors.
Corporate executives. Stock buybacks are generally viewed positively and tend to boost share prices. This is great news if it's the best use of capital. But buybacks also have the add-on effect of boosting earnings metrics. By taking shares off the market, the same dollar of earnings is spread across fewer shares, resulting in higher earnings per share (EPS). This could result in a windfall for executives who are compensated for EPS growth. Similarly, executives can also be compensated for growing the size of the firm (whether this is measured by revenue, market capitalization, enterprise value, etc).
Bondholders. Holders of existing bonds issued by the corporation are hurt when new bonds are put on the market. More debt means more interest obligations and increased potential for financial difficulties; perceived or real difficulties could quickly impair the company's ability to make good on its promise to pay coupons and repay principal. As well, depending on whether the debt is secured or not and where it ranks in the capital structure, there could me more lenders in line to claim assets in the event of a bankruptcy.
Equity holders. Although we listed equity holders as potential winners, they can just as easily turn up as losers if the additional debt -- and the extra interest payment obligations -- results in the company having less cash to pay dividends to preferred and common stock holders. Shareholders will also be hurt if the capital is used to fund acquisitions that the market deems untimely or expensive. And in the event of a bankruptcy, equity holders would be standing at the end of a longer line to make a claim on the issuer's assets.
Mackenzie improves portfolio holdings disclosure
Nick Dedes | October 14, 2010
Mackenzie Investments recently announced that a complete listing of portfolio holdings for all of the firm's mutual funds is now available on its website. This full list will be updated monthly and made available on a two-month lag.
Prior to this, Mackenzie posted only the top fifteen fund holdings on its site, as is customary with the vast majority of its industry peers. Though disclosure of a fund's top ten or fifteen holdings may suffice if you're looking to get a sense of the biggest bets in a very concentrated portfolio, it's far less useful for a fund that holds smaller positions in hundreds of securities.
Such steps toward greater transparency are encouraging, and it would be nice to see other fund companies follow suit.
Morningstar fund reports get a face-lift
Brian O'Neill | October 13, 2010
Today's featured fund report on
PH&N Dividend Income
unveils a freshly revamped format. Along with a summary section at the top that provides our overall opinion of the fund, the reports will include detailed discussions of the fund's "Five Ps": People, Parent, Process, Performance and Price. The plan is to write all our fund reports in this fashion from now on.
There are numerous advantages to the layout: its "institutional" feel makes the reports more usable for multiple audiences; it allows for more robust discussions of a wider range of issues; it will help us expand our coverage because certain sections will apply to multiple funds; and the use of separate date stamps allows individual sections to be changed at different times, enabling us to provide updated analysis more frequently without re-writing the whole story every time.
Note that the actual look of the reports will change slightly in the coming months. We plan to make use of the side bar, which will feature our Bulls Say and Bears Say sections along with some other data.
We welcome your feedback at firstname.lastname@example.org.
King is cash
Philip Lee | October 12, 2010
Drug giant Pfizer Inc. PFE
announced today that it has agreed to buy King Pharmaceuticals Inc KG
for $3.6 billion in cash or $14.25 per share. Assuming the deal goes through (and there are no guarantees -- just think back to the botched deal that was supposed to privatize BCE) it would represent a 40% premium over Monday's closing price.
Since King is not a household name, I thought it would be interesting to see which Canadian mutual funds have it as a meaningful part of the portfolio. There were only two funds that had King at a greater than 5% weight:
at 9.3% and 6.6%, respectively, as of June 30, 2010. I checked in with manager Francis Chou this morning and he confirms that the funds still hold the stock. As of last Friday, King weighed in at 12% and 8.5%.
Other notable exposures to the stock include
CIBC U.S. Small Companies
Brandes U.S. Small Cap Equity
. The CIBC fund reported a 2.9% weight at the end of September, while the Brandes fund had a 2.5% weight at the end of August.
Cash has option value
Al Kellett | October 8, 2010
Cash and cash equivalents make pretty miserable investments these days. Yields on money market funds have vanished, and the interest on savings accounts won't pay the bills. Is there any compelling reason to sit on cash, other than sparing yourself the nauseating ups and downs of more volatile investments?
As it happens, there is: cash has option value. As was demonstrated in 2007 and 2008, part of the value of unencumbered currency is that if your other investments go sour, you have the option to not sell them into a hostile, illiquid market just to fund your cash flow needs. A cash hoard can give you the breathing room you need to hang on to your assets until prices have recovered and/or liquidity has returned to the market.
The other source of value, or course, is that cash gives you the chance, but not the obligation, to start buying assets when their prices have fallen off a cliff. This option can lead to a very high payoff, presuming the timing works out. It does, however, require a strong stomach to buy what everyone else is panicking to be rid of.
So while cash may not look compelling at the moment, there are times when it really is king.
John Meriwether gets (yet) another chance
Al Kellett | October 6, 2010
Finally. I've been waiting for this story to play out, and at last, according to The Telegraph, John Meriwether is opening a third hedge fund.
First introduced to us as a nerves-of-steel trader's trader in Michael Lewis' 1989 book Liars Poker, Meriwether went on to found his own hedge fund, Long Term Capital Management (LTCM), which blew up in 1998 as a result of excessive leverage and nearly took down the U.S. financial system before being bailed out.
Meriwether then managed to find investors and launch a second hedge fund, JWM Partners LLC. That fund began mounting staggering losses in 2007 and was finally shut down in 2009.
Since then I've presumed it was just a matter of time before he tried his luck again. And he has, with the launch of JM Advisors Management, his newest offering. This fund will pursue a different strategy than his other ones. Rather than fixed income arbitrage, allegedly his bread-and-butter, he will operate this one as a global macro fund. Just by chance, global macro happens to be the strategy du jour in the hedge fund world.
It's unclear why ostensibly savvy people keep giving Meriwether money to pick up pennies on train tracks, but it offers a clear illustration of the Trader's Put, as well as an argument against the typical performance fee structure. The Trader's Put describes an option, effectively owned by a trader, that encourages him or her to take excessive risk. If their trading is profitable they are paid a large bonus. If their trades blow up they can always get a job at a competitor and start the process again. In most cases the same asymmetric option-like set-up exists for a manager charging a performance fee, where they reap the benefits of their successes without suffering the consequences of their failures.
F. Scott Fitzgerald said "there are no second acts in American lives," but the writer obviously never had John Meriwether's Rolodex. Maybe Meriwether will get lucky this time, and JM Partners will do OK. If not, I will be counting the days until the launch of his fourth hedge fund.
Nobody knows anything
Brian O'Neill | September 29, 2010
It can be fun to think of ourselves as expert prognosticators when it comes to everything from sports betting to stock picks. But even the most successful odds makers and fund managers will tell you they've made plenty of mistakes in the past. Naturally, this reality extends to Morningstar fund analysts. Here's a summary of some of the worst calls we've made, which will serve as a handy reference anytime we start taking our forecasting abilities too seriously:
In his greener years, buying shares in thinly traded, nearly defunct Piedmont Mining, hoping it would capitalize on the tech euphoria by entering any technology-related business line and subsequently enjoy tech-like market multiples. Years passed before the firm announced its new strategy: a seamless transition into the dry cleaning business.
Patiently waiting for the better part of a decade for a meaningful correction in the soaring Toronto real estate market before finally taking the plunge on a three-bedroom townhouse in early 2009, when prices were near historical highs.
Predicting, pre-launch, that the Apple iPhone would be a terrible flop based on his miserable experience with an early touch-screen phone model offered by Motorola.
Losing a tidy sum on IMAX stock in the early 2000's after taking a positive view on its 3D technology. This was actually a good call; it just turned out to be about eight years too early.
Assuring his worried mother that his part-time employment as a bank teller during his university years was perfectly safe, mere weeks before being robbed on the job at knifepoint.
Thinking England had a good World Cup squad -- a mistake he makes once every four years.
Declaring that Twitter was a flash in the pan. I really didn't think it would take off. After all, how could anyone possibly want to read endless streams of random musings from teen pop stars and basketball players in 140 characters or less?
The Dow at 38,820?
Philip Lee | September 29, 2010
In an article written by Bloomberg reporters on Sept. 27, Jeffrey A. Hirsh, editor in chief of the Stock Trader's Almanac, predicted that the Dow Jones Industrial Average would balloon to 38,820 in an eight-year "super boom" beginning in 2017.
The knee-jerk reaction is naturally one of shock and awe, which I'd venture to guess is one of the intentions of such a prediction given the magnitude of the number relative to current values. I'm not here to suggest how probable this forecast is likely to come to fruition, but when we crunch the numbers, Hirsh's forecast is not as outrageous as it first seems.
The Dow closed at 10,812 on Sept. 27. While Hirsh is predicting this "super boom" to happen starting in 2017, let's assume that the rally starts today and ends on Dec. 31, 2025, just for simplicity's sake. If this scenario plays out (and that's a big "if") it would amount to an annualized return of roughly 8.7% (before the reinvestment of dividends) for the next 15.25 years, which is a pretty aggressive forecast, though technically feasible. But even if 38,820 happens by 2025, it's unlikely to be a smooth journey.
Investing in boutique managers
Philip Lee | September 29, 2010
A popular way of investing is to build a portfolio of investment managers and diversify by style, geography and capitalization, among other factors. This isn't just a technique that's used by the average investor; Affiliated Managers Group, Inc, which trades under the ticker AMG
on the New York Stock Exchange, has made a business of this.
AMG partners with asset managers (AMG calls them affiliates) through equity investments and shares the revenues they generate, but leaves the affiliates to run their own businesses. AMG's ultimate success depends on the state of the financial markets and the affiliates' ability to grow assets. Premium content subscribers can click here to read a complete analysis on AMG.
The most recent addition to AMG's stable is Trilogy Global Advisors, a New York-based asset manager founded by William Sterling. Trilogy is known here in Canada as a sub-advisor on several fund offered by CI Investments.
Among the more than 50 AMG affiliates there are several that manage Canadian assets:
You can indeed lose money in a bond fund
Brian O'Neill | Sept 29, 2010
But what was the investor's return?
Al Kellett | Sept 28, 2010
Running some numbers on the AIC deal
Al Kellett | Aug. 30, 2010
Gartman's ETF is a real HAG
Esko Mickels | Aug. 30, 2010
A borrower or a lender be?
Al Kellett | Aug. 30, 2010
Shake-up at Ivy
Brian O'Neill | Aug. 25, 2010
How short are you?
Esko Mickels | Aug. 25, 2010
Money market funds come up empty
Al Kellett | Aug. 25, 2010
Watch it grow
Philip Lee | Aug. 17, 2010
Archive - July 14 to July 28
Archive - June 25 to July 9
Archive - May 17 to June 23
Archive - May 3 to May 17
Archive - April 16 to April 28
Archive - April 9 to April 16
Archive - March 31 to April 8
Archive - March 23 to March 29
Recent Fund Analyst Notebook Entries
Brandes funds placed under review
Adam Fisch | 11-07-12
Brandes Investment Partners announced recently that long-time CEO Glenn Carlson was stepping down from his post, effective Feb. 1, 2013. Current managing director of investments Brent Woods is slated to take over the position, having been with the firm for 17 years and a partner since 1998. In addition to this change, the firm announced a change to the structure of the Large Cap Investment Committee, creating two committees to each manage half of the firm's large cap products.
This change in structure represents a fundamental change to the firm's investment process, and as such, we have placed the three Brandes large cap funds that we cover --
Brandes Sionna Canadian Equity
Brandes Global Equity
Brandes International Equity
-- under review until we have had a chance to meet with the firm and gain some familiarity with the new structure and those team members assigned to each.
Changes at Jarislowsky Fraser
Adam Fisch | 11-06-12
On Nov. 5, Jarislowsky Fraser Ltd. announced the resignations of Len Racioppo and Marc Trottier from the firm, effective Nov. 30. Racioppo acts as chair of the Investment Strategy Committee, and is the longest tenured member of the team. The committee will now be co-chaired by Margot Ritchie and Chris Kresic, himself a transplant from Mackenzie Investments and co-head of fixed income at the firm. In addition, firm co-founder Stephen Jarislowsky will begin transitioning into retirement and out of his responsibilities as CEO of the firm.
Both Ritchie and Kresic will join JF's Executive Committee, a new committee established in place of the CEO role that will also include Pierre Lapointe and CFO Erin O'Brien. The additional workload on Kresic's plate is likely to be minor since he has been a member of the Investment Strategy Committee since he joined the firm, and his new executive responsibilities are shared with the other members of the committee.
We have placed the firm's three retail offerings --
JF Select Canadian equity
JF Select Income
JF Select Balanced
-- under review until we have had an opportunity to speak to relevant members of the team to get a sense of how these changes will affect fund management.
Lead manager of largest health-care fund to retire
Nick Dedes | 09-05-12
Vanguard announced today that Ed Owens of Wellington Management will retire at the end of the year. Owens is the long-time lead manager of the largest health-care funds offered in both Canada (
Renaissance Global Health Care
with $306.6 million in assets) and the U.S. (Vanguard Health Care with US$22.4 billion in assets).
Owens has run Renaissance Global Health Care since its 1996 inception with remarkable success, especially considering the fund's hefty fee hurdle (its current MER is 3.28%). From December 1996 to August 2012, the fund posted an annualized return of 10.8% versus 5% for its benchmark MSCI World Health Care (CAD).
Owens charted a different course than his competitors. In marked contrast to most health-care investors -- generally a fast-trading, growth-leaning bunch -- he employed a slow-moving, value-oriented approach. He was among the first managers to appreciate the health-care sector's global nature. Even today, the fund's non-U.S. stake remains above the norm in the Health Care Equity fund category. Ballooning assets in the late 1990s and early 2000s made it increasingly difficult for Owens to invest in smaller names, but he continued to deliver strong results with moderate volatility.
Owens's successor, Jean Hynes, no doubt has big shoes to fill. But she appears well-equipped for the task. Hynes has co-managed the fund with Owens since 2008 but has worked with him for far longer. She has been on sub-advisor Wellington Management's health-care team since 1992. Investors should expect Hynes's approach to mirror that of her predecessor, and she'll be able to draw upon the insights of an experienced team.
--With files from Christopher Davis
Canadian fund managers fail to impress
Adam Fisch | 08-15-12
My fellow fund analysts and I are currently conducting our annual stewardship review, where one of the elements of our grading system is the fees charged by funds. Fees can weigh heavily on fund performance, as we were reminded earlier this year when Standard & Poor's released its annual S&P Indices Versus Active (SPIVA) scorecard for the Canadian market for 2011. The results were not encouraging for proponents of active management.
Over a five-year period, the proportion of domestic actively managed funds that outperformed the S&P/TSX Composite Index comes in at just under 3% on an asset-weighted basis. Fees for active management no doubt weigh on results compared to the benchmark (which includes no fees or transaction costs) and are an understandable element of the investment universe.
However, comparisons to funds sold in the United States are more concerning. Domestic equity funds in Canada underperform the S&P/TSX Composite by 2.7% on a five-year annualized, equal-weighted basis, while large-cap domestic equity funds in the U.S. underperformed the S&P 500 by only 0.1%. While some might argue that the Canadian market is more challenging, with a smaller opportunity set, U.S. Equity managers in Canada underperformed the S&P 500 (in Canadian dollars) on a five-year basis by 2.2%. International and global equity funds in the U.S. show five-year annualized returns of -1.3% and -4%, respectively, underperforming their benchmarks by 0.3% and 1.2%. By contrast, international and global equity funds in Canada show five-year annualized returns of -8.3% and -5%, respectively, underperforming their Canadian-currency benchmarks by 3.7% and 2.3%.
There could be many reasons for this underperformance, though manager ability should not be among them. Anecdotal evidence does suggest that fees in the U.S. are lower than those in Canada. Domestic equity funds in our southern neighbor have MERs that regularly fall below 1.5%, while in Canada, fees over 2% are the norm. This fee difference, while seemingly minor, feels the effect of compounding over a period of years.
Though these numbers are disheartening, investors continue to show interest in active management. Our fund analyst team strives to separate the wheat from the chaff, and to provide positive ratings of those funds that we think will beat their peer group on a risk-adjusted basis over time.
Standard Chartered in hot water
Adam Fisch | 08-07-12
On August 7, 2012, shares of the British bank Standard Chartered PLC dropped nearly 20% on news that the New York State Department of Financial Services (DFS) issued an order
accusing the bank of hiding a quarter trillion dollars in transactions tied to Iran. Allegedly, the UK institution, previously considered a safe and reputable alternative to its more aggressive peers, defied US sanctions and hid as many as 60,000 transactions over a decade that generated hundreds of millions in fees for the bank. The bank has denied any wrongdoing, and is slated to appear before the DFS on August 15.
As of our most recent data, the Canadian retail funds with largest exposure to Standard Chartered by portfolio weight are:
Apple’s second miss in a decade
Joanne Xiao | 07-26-12
The Tempest and the Teapot
Serkan Altay | 07-26-12
Nexen acquisition benefits these funds' investors
Adam Fisch | 07-23-12
Digging for the right data
Adam Fisch | 07-19-12
Reinstating Silver rating for Fiera Sceptre Equity Growth
Nick Dedes | 07-12-12
Portfolio manager David Arpin no longer with Mackenzie Ivy Team
Nick Dedes | 07-10-12
Dana Love joins Sentry
Salman Ahmed, CFA | 07-05-12
Experienced bond manager leaving Signature
Adam Fisch | 05-11-12
Watching Zynga's Bubble OMGPOP!
Adam Fisch | 05-03-12
Lead manager change prompts "Under Review" rating for Trimark Income Growth
Nick Dedes | 04-26-12
For more Fund Analyst Notebook entries…