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ADVISOR FOCUS - a newsletter from globeadvisor.com
15 May  2003

Current Issue | Subscribe to Advisor Focus | Back Issues


FUND INSIGHT: Manager Mobility
  • Ainsworth vs. Rohr: Recent Changes Spark Decisions
    When Mackenzie Financial announced it had signed former Altamira star Ian Ainsworth to manage three funds previously handled by John Rohr, the implications for unitholders were enormous.

    One take is that low portfolio turnover and concentration were being replaced by a high turnover approach and a penchant for aggressive bets. Read fund analyst Dan Hallett's complete analysis and well-considered recommendation.

Funds now managed by Ian Ainsworth:
Mackenzie Universal Future
Mackenzie Universal Emerging Technology Capital Class
Mackenzie Universal Select Managers Canada Capital

  • Bond Risks: Rate Changes don't Affect all Bonds Equally
    Bond Yield Curve

    Red = Current  Green = 1 yr
    Blue = 2 yrs
    Shifting most or all of your clients' bonds to shorter-term issues (or to a fund emphasizing such bonds) in anticipation of rapid rate hikes may provide a false sense of security, writes analyst Dan Hallett. Such a move will mitigate damage somewhat but the yield potential createed will be quite limited - particularly if rate hikes are concentrated on the short end.

  • Apprehensive Investors Said Hoarding Cash
    Risk aversion, says one economist, is a key reason why some $45-billion dollars is sitting in Canadians' bank accounts.


SPOTLIGHT ON INCOME TRUSTS

Investors Should Be Aware of Nuances in Trust Sector
The five types of income trusts have distinct pros and cons. So be on guard against sweeping pronouncements about income trusts as a whole.

 


INVESTING STRATEGY: Portfolio Makeovers


INDUSTRY NEWS: The Bay Street Scene

  • Investors Won't Come Back Without Evidence of Change
    What will bring respectability back to securities markets? A positive sign is that some CEOs are now criticizing governance holes, and pushing for change.

     

  • Can OSC's Brown Fill Spitzer's Boots in Canada?
    David Brown just signed up for another term as Ontario Securities Commission chairman, writes Eric Reguly. "He wants to be the boss of the would-be national securities regulator. "He needs a big score" and he should look stateside to Eliot Spitzer's victorious assault on Wall Street for inspiration.

     

Grand Slam Deals Decline But Plenty of Players Still at the Plate
"The low-hanging fruit has all been picked", Andrew Willis writes, and now the big investment banks are jockeying for crumbs of a very small pie. There's still M&A activity out there for those who hustle, though, with a few shops putting up big numbers.