Shows
Art of BoringThe Long View: Global Equity Positioning in Uncertain MarketsIn this episode, global equity co-manager, Manar Hassan-Agha, examines how tariff policies have created uncertainty for businesses, particularly impacting capital deployment decisions and supply chains. Manar explains how a focus on asset-light, service-oriented businesses with recurring revenue provides resilience during volatile periods, with limited direct exposure to tariff-vulnerable exports. Through specific company examples like Admiral Group, UnitedHealth, and a beauty products business, he illustrates how the team evaluates short-term price movements versus long-term intrinsic value, emphasizing the importance of disciplined position sizing and maintaining a balanced, diversified portfolio across geographies and market caps during uncertain times. Recent tariff...2025-04-3021 minArt of BoringThe Long View: Global Equity Positioning in Uncertain MarketsIn this episode, global equity co-manager, Manar Hassan-Agha, examines how tariff policies have created uncertainty for businesses, particularly impacting capital deployment decisions and supply chains. Manar explains how a focus on asset-light, service-oriented businesses with recurring revenue provides resilience during volatile periods, with limited direct exposure to tariff-vulnerable exports. Through specific company examples like Admiral Group, UnitedHealth, and a beauty products business, he illustrates how the team evaluates short-term price movements versus long-term intrinsic value, emphasizing the importance of disciplined position sizing and maintaining a balanced, diversified portfolio across geographies and market caps during uncertain times. Recent tariff...2025-04-3021 minArt of BoringInvestment Opportunities in a Changing Military LandscapeIn this episode, we discuss the defense industry's evolution with equity analyst Joshua Samuel. He highlights the historical underinvestment in European defense, the recent increase in defense spending, particularly Germany's program, and the strategic importance of land systems. The conversation highlights how the current geopolitical environment has transformed defense from an underperforming sector to an investment opportunity, though valuations for companies like Rheinmetall now reflect much of this potential. Key Takeaways: Historical Underinvestment: European military spending dropped dramatically from 2.75% of GDP during the Cold War to approximately 1.3% over the last decade. This resulted in significant inventory...2025-04-2338 minArt of BoringInvestment Opportunities in a Changing Military LandscapeIn this episode, we discuss the defense industry's evolution with equity analyst Joshua Samuel. He highlights the historical underinvestment in European defense, the recent increase in defense spending, particularly Germany's program, and the strategic importance of land systems. The conversation highlights how the current geopolitical environment has transformed defense from an underperforming sector to an investment opportunity, though valuations for companies like Rheinmetall now reflect much of this potential. Key Takeaways: Historical Underinvestment: European military spending dropped dramatically from 2.75% of GDP during the Cold War to approximately 1.3% over the last decade. This resulted in significant inventory...2025-04-2338 minArt of BoringFinding Silver Linings: International Investing Through Trade Policy TurbulenceIn this episode, portfolio manager, Peter Lampert discusses international equities and the impact of tariffs on portfolio management. He provides insights into how his team has been preparing for potential tariffs since Trump's campaign, explaining that most of their international portfolio companies have limited export exposure to the U.S. and instead operate primarily in domestic markets across various regions. He highlights their strategic decision to exit positions that are heavily dependent on global trade, while maintaining confidence in businesses with resilient management teams capable of navigating economic uncertainty. He also shares personal strategies for maintaining a clear head...2025-04-1615 minArt of BoringFinding Silver Linings: International Investing Through Trade Policy TurbulenceIn this episode, portfolio manager, Peter Lampert discusses international equities and the impact of tariffs on portfolio management. He provides insights into how his team has been preparing for potential tariffs since Trump's campaign, explaining that most of their international portfolio companies have limited export exposure to the U.S. and instead operate primarily in domestic markets across various regions. He highlights their strategic decision to exit positions that are heavily dependent on global trade, while maintaining confidence in businesses with resilient management teams capable of navigating economic uncertainty. He also shares personal strategies for maintaining a clear head...2025-04-1615 minArt of BoringQuarterly Update | Q1 2025In this Quarterly episode, Crista Caughlin, lead portfolio manager for Canadian bonds, and Jeff Mo, lead portfolio manager for U.S. midcaps, discuss market performance through Q1 2025 and the significant volatility that followed in early Q2—particularly after "Liberation Day" when the Trump administration imposed sweeping tariffs, followed by retaliation from other countries, and then a partial pause. The discussion explores how these trade tensions have created uncertainty affecting business confidence, consumer spending, and investment decisions. Crista explains that the growth outlook has worsened due to this uncertainty, regardless of whether tariffs ultimately reach 10%, 25% or are delayed. Both emphasize th...2025-04-1128 minArt of BoringQuarterly Update | Q1 2025In this Quarterly episode, Crista Caughlin, lead portfolio manager for Canadian bonds, and Jeff Mo, lead portfolio manager for U.S. midcaps, discuss market performance through Q1 2025 and the significant volatility that followed in early Q2—particularly after "Liberation Day" when the Trump administration imposed sweeping tariffs, followed by retaliation from other countries, and then a partial pause. The discussion explores how these trade tensions have created uncertainty affecting business confidence, consumer spending, and investment decisions. Crista explains that the growth outlook has worsened due to this uncertainty, regardless of whether tariffs ultimately reach 10%, 25% or are delayed. Both emphasize th...2025-04-1128 minArt of BoringMarket Update: April 8, 2025Mawer President and portfolio manager, Jim Hall, discusses the current market environment and the team's approach to risk management. The conversation covers what triggered the vast volatility and uncertainty seen in markets, potential scenarios to come, and what the team at Mawer is doing about it. He emphasizes the importance of staying calm, being prepared, and diversifying portfolios to manage risks. Host: Andrew Johnson, CFA, Institutional Portfolio Manager Guest: Jim Hall, CFA, MBA, President, Portfolio Manager This episode is available for download anywhere you get your podcasts. 2025-04-0812 minArt of BoringMarket Update: April 8, 2025Mawer President and portfolio manager, Jim Hall, discusses the current market environment and the team's approach to risk management. The conversation covers what triggered the vast volatility and uncertainty seen in markets, potential scenarios to come, and what the team at Mawer is doing about it. He emphasizes the importance of staying calm, being prepared, and diversifying portfolios to manage risks. Host: Andrew Johnson, CFA, Institutional Portfolio Manager Guest: Jim Hall, CFA, MBA, President, Portfolio Manager This episode is available for download anywhere you get your podcasts. 2025-04-0812 minArt of BoringWhen Tariff Waves Crash: Maintaining Course in Volatile MarketsIn this episode, U.S. mid cap equity portfolio manager, Jeff Mo, discusses the market's sharp sell-off following President Trump's announcement of widespread tariffs on nearly all U.S. trading partners. He provides both short and long-term perspectives on potential economic impacts, including reduced business investment and consumer spending, while explaining that Mawer's investment approach during this volatility remains focused on preparation as opposed to prediction. Key Takeaways: "Liberation Day" Tariffs - Trump administration announced widespread tariffs (10-40%) on most trading partners, surprising markets with their scope and scale. Market & Economic Response - S&P...2025-04-0414 minArt of BoringWhen Tariff Waves Crash: Maintaining Course in Volatile MarketsIn this episode, U.S. mid cap equity portfolio manager, Jeff Mo, discusses the market's sharp sell-off following President Trump's announcement of widespread tariffs on nearly all U.S. trading partners. He provides both short and long-term perspectives on potential economic impacts, including reduced business investment and consumer spending, while explaining that Mawer's investment approach during this volatility remains focused on preparation as opposed to prediction. Key Takeaways: "Liberation Day" Tariffs - Trump administration announced widespread tariffs (10-40%) on most trading partners, surprising markets with their scope and scale. Market & Economic Response - S&P...2025-04-0414 minArt of BoringU.S. Equity Insights: The Impact of Policy Shifts and AIIn this episode, we discuss the early months of the new U.S. administration with Grayson Witcher, lead portfolio manager for the U.S. equity strategy at Mawer. Grayson touches on the impact of tariffs, including the practical and unpredictable aspects of tariffs and how they influence decision-making. Grayson also shares insights on the potential long-term effects of the AI boom and highlights recent portfolio adjustments in response to evolving market dynamics. Key Takeaways: The market initially surged post-election but has since reversed, with the S&P 500 dropping below election day levels. Policy shifts h...2025-03-2623 minArt of BoringU.S. Equity Insights: The Impact of Policy Shifts and AIIn this episode, we discuss the early months of the new U.S. administration with Grayson Witcher, lead portfolio manager for the U.S. equity strategy at Mawer. Grayson touches on the impact of tariffs, including the practical and unpredictable aspects of tariffs and how they influence decision-making. Grayson also shares insights on the potential long-term effects of the AI boom and highlights recent portfolio adjustments in response to evolving market dynamics. Key Takeaways: The market initially surged post-election but has since reversed, with the S&P 500 dropping below election day levels. Policy shifts h...2025-03-2623 minArt of BoringCredit Markets: Risks, Rewards, and the Road AheadIn this episode, we discuss credit markets with Brian Carney, lead portfolio manager of the Mawer Global Credit Opportunities strategy. Brian touches on the tightening of credit spreads, risks in the leveraged loan market, and the limited compensation for high-yield bonds relative to their risks. He also reviews concerns about U.S. government credit quality, private credit profitability, and corporate policy shifts. Looking back on Mawer's GCO strategy performance in 2024, Brian highlights future plans for growth, process refinement, and team expansion. Key Takeaways: Credit spreads are tightening across all markets, benefiting investors but reducing...2025-03-1224 minArt of BoringCredit Markets: Risks, Rewards, and the Road AheadIn this episode, we discuss credit markets with Brian Carney, lead portfolio manager of the Mawer Global Credit Opportunities strategy. Brian touches on the tightening of credit spreads, risks in the leveraged loan market, and the limited compensation for high-yield bonds relative to their risks. He also reviews concerns about U.S. government credit quality, private credit profitability, and corporate policy shifts. Looking back on Mawer's GCO strategy performance in 2024, Brian highlights future plans for growth, process refinement, and team expansion. Key Takeaways: Credit spreads are tightening across all markets, benefiting investors but reducing...2025-03-1224 minArt of BoringA “Balanced” Perspective Amid High UncertaintyIn this episode, balanced portfolio manager, Steven Visscher, covers 2024 performance, asset allocation decisions, trade uncertainty, potential tariffs, and AI-driven productivity growth. Above all, he emphasizes long-term discipline, diversification, and avoiding emotional investment decisions in an unpredictable market environment. Key Takeaways: The balanced portfolio saw strong absolute returns in 2024, with all asset classes performing well. Despite early economic concerns, inflation eased without a recession. Relative performance lagged benchmarks, causing some disappointment. The portfolio maintained a neutral 60% equity target in 2024, trimming gains to manage risk. A key structural shift was introducing a 3% allocation to U.S. mid-caps, enhancing...2025-02-2620 minArt of BoringA “Balanced” Perspective Amid High UncertaintyIn this episode, balanced portfolio manager, Steven Visscher, covers 2024 performance, asset allocation decisions, trade uncertainty, potential tariffs, and AI-driven productivity growth. Above all, he emphasizes long-term discipline, diversification, and avoiding emotional investment decisions in an unpredictable market environment. Key Takeaways: The balanced portfolio saw strong absolute returns in 2024, with all asset classes performing well. Despite early economic concerns, inflation eased without a recession. Relative performance lagged benchmarks, causing some disappointment. The portfolio maintained a neutral 60% equity target in 2024, trimming gains to manage risk. A key structural shift was introducing a 3% allocation to U.S. mid-caps, enhancing...2025-02-2620 minArt of BoringNavigating Tariff Tensions in Canada: Risks and OpportunitiesIn this episode, we discuss the escalation of U.S./Canada tariff tensions with Mark Rutherford, co-manager of Mawer’s Canadian equity strategy. Mark provides historical context of how we got here; highlights the potential economic impact tariffs may have on the Canadian economy; provides specific portfolio holding examples of how businesses and industries may be affected; and mentions several potential benefits for Canada. Ultimately, he stresses that adhering to a disciplined, long-term investment approach is vital amid uncertainty. Key Takeaways: In the U.S., manufacturing’s decline has driven trade and financial deficits, exacerbated by a st...2025-02-1317 minArt of BoringNavigating Tariff Tensions in Canada: Risks and OpportunitiesIn this episode, we discuss the escalation of U.S./Canada tariff tensions with Mark Rutherford, co-manager of Mawer’s Canadian equity strategy. Mark provides historical context of how we got here; highlights the potential economic impact tariffs may have on the Canadian economy; provides specific portfolio holding examples of how businesses and industries may be affected; and mentions several potential benefits for Canada. Ultimately, he stresses that adhering to a disciplined, long-term investment approach is vital amid uncertainty. Key Takeaways: In the U.S., manufacturing’s decline has driven trade and financial deficits, exacerbated by a st...2025-02-1317 minArt of BoringQuarterly Update | Q4 2024In this episode, we discuss 2024's economic landscape and what to expect in 2025, with Crista Caughlin, lead portfolio manager of the Mawer Canadian bond strategy. Crista highlights U.S. and Canadian growth trends, central bank rate adjustments, housing market dynamics, equity and fixed-income performance, and political uncertainties. She also discusses Mawer’s asset allocation strategy, balancing risks with opportunities amidst shifting fiscal policies, trade tensions, and global economic developments heading into 2025. Key Takeaways: The year 2024 saw resilient U.S. growth despite headwinds, while Canada faced weaker growth and higher unemployment. Q4 showed modest improvements in Canadian gr...2025-01-2119 minArt of BoringQuarterly Update | Q4 2024In this episode, we discuss 2024's economic landscape and what to expect in 2025, with Crista Caughlin, lead portfolio manager of the Mawer Canadian bond strategy. Crista highlights U.S. and Canadian growth trends, central bank rate adjustments, housing market dynamics, equity and fixed-income performance, and political uncertainties. She also discusses Mawer’s asset allocation strategy, balancing risks with opportunities amidst shifting fiscal policies, trade tensions, and global economic developments heading into 2025. Key Takeaways: The year 2024 saw resilient U.S. growth despite headwinds, while Canada faced weaker growth and higher unemployment. Q4 showed modest improvements in Canadian gr...2025-01-2119 minArt of BoringCanadian Equity: 2024 Overview and Looking Ahead to 2025In this episode we discuss the Canadian equity market with Mark Rutherford, co-manager of Mawer’s Canadian equity strategy. Mark highlights the key drivers behind Canadian equities' strong 2024 performance, highlighting standout sectors like technology, financials, energy midstream, and gold. He also examines challenges in telecommunications and real estate, discusses risks from slower economic growth, inflation, and higher mortgage rates, and emphasizes strategic portfolio adjustments. Key Takeaways: Canadian equities excelled in 2024, driven by strong performance in technology, financials, energy midstream, and gold companies. Elevated valuations now prompt focus on sustainable growth and identifying new opportunities. In 2024, banks be...2025-01-1520 minArt of BoringCanadian Equity: 2024 Overview and Looking Ahead to 2025In this episode we discuss the Canadian equity market with Mark Rutherford, co-manager of Mawer’s Canadian equity strategy. Mark highlights the key drivers behind Canadian equities' strong 2024 performance, highlighting standout sectors like technology, financials, energy midstream, and gold. He also examines challenges in telecommunications and real estate, discusses risks from slower economic growth, inflation, and higher mortgage rates, and emphasizes strategic portfolio adjustments. Key Takeaways: Canadian equities excelled in 2024, driven by strong performance in technology, financials, energy midstream, and gold companies. Elevated valuations now prompt focus on sustainable growth and identifying new opportunities. In 2024, banks be...2025-01-1520 minArt of BoringWhy Invest Outside of the U.S.? The Benefits of EAFE Large CapIn this episode, we discuss Mawer’s EAFE large cap portfolio with Ian Turnbull, an equity analyst at Mawer. Ian explores the portfolio's diversification benefits, offering exposure to resilient, high-quality companies in 21 markets such as the Nordics, Switzerland, and Singapore. The team targets proven companies with strong moats and global leadership. Key holdings include Wolters Kluwer, BAE, and Chugai. AI's potential in healthcare R&D is highlighted, though regulatory hurdles persist. The team emphasizes balancing risks, leveraging themes like pharma innovation, defense, electrification, and AI, and addressing geopolitical uncertainties for a resilient, long-term portfolio. Key Tak...2024-12-2323 minArt of BoringWhy Invest Outside of the U.S.? The Benefits of EAFE Large CapIn this episode, we discuss Mawer’s EAFE large cap portfolio with Ian Turnbull, an equity analyst at Mawer. Ian explores the portfolio's diversification benefits, offering exposure to resilient, high-quality companies in 21 markets such as the Nordics, Switzerland, and Singapore. The team targets proven companies with strong moats and global leadership. Key holdings include Wolters Kluwer, BAE, and Chugai. AI's potential in healthcare R&D is highlighted, though regulatory hurdles persist. The team emphasizes balancing risks, leveraging themes like pharma innovation, defense, electrification, and AI, and addressing geopolitical uncertainties for a resilient, long-term portfolio. Key Tak...2024-12-2323 minArt of BoringMaintaining an All-Weather Strategy: The U.S. Mid Cap Equity LandscapeIn this episode, we discuss the U.S. mid-cap landscape with Jeff Mo, manager of the U.S. mid cap equity strategy at Mawer. Jeff touches on risk management, emphasizing disciplined adherence to investment philosophy and the benefits of balancing risk and return through natural contradictions, like pairing discretionary consumer-focused SharkNinja with countercyclical firms such as FTI Consulting. Additional topics include preemptive risk management, maintaining an all-weather portfolio, and leveraging a robust inventory process to adapt. Key Takeaways: In a hot market, risk management means resisting the temptation to chase speculative trends or high-growth fads without...2024-12-1319 minArt of BoringMaintaining an All-Weather Strategy: The U.S. Mid Cap Equity LandscapeIn this episode, we discuss the U.S. mid-cap landscape with Jeff Mo, manager of the U.S. mid cap equity strategy at Mawer. Jeff touches on risk management, emphasizing disciplined adherence to investment philosophy and the benefits of balancing risk and return through natural contradictions, like pairing discretionary consumer-focused SharkNinja with countercyclical firms such as FTI Consulting. Additional topics include preemptive risk management, maintaining an all-weather portfolio, and leveraging a robust inventory process to adapt. Key Takeaways: In a hot market, risk management means resisting the temptation to chase speculative trends or high-growth fads without...2024-12-1319 minArt of BoringOpportunities and Watchpoints: A Deep Dive into Global CreditIn this episode, we discuss key trends and positioning in credit markets with Brian Carney, lead portfolio manager of the Mawer global credit opportunities strategy. We touch on the year’s strong performance driven by tighter spreads, higher yields, and emerging risks such as low risk premiums and the U.S. election. Topics include corporate issuance, fallen angels, and public-private credit convergence. Emphasizing capital preservation, Brian highlights portfolio positioning in high-quality, short-duration securities, such as North American bank bonds, while avoiding high-yield exposure. Key Takeaways: Credit markets have performed well this year, driven by tighter sp...2024-12-0322 minArt of BoringOpportunities and Watchpoints: A Deep Dive into Global CreditIn this episode, we discuss key trends and positioning in credit markets with Brian Carney, lead portfolio manager of the Mawer global credit opportunities strategy. We touch on the year’s strong performance driven by tighter spreads, higher yields, and emerging risks such as low risk premiums and the U.S. election. Topics include corporate issuance, fallen angels, and public-private credit convergence. Emphasizing capital preservation, Brian highlights portfolio positioning in high-quality, short-duration securities, such as North American bank bonds, while avoiding high-yield exposure. Key Takeaways: Credit markets have performed well this year, driven by tighter sp...2024-12-0322 minArt of BoringThe “S&P 493”: Managing Risks and Opportunities in the Global Equity StrategyIn this episode, we discuss the global equity strategy with Christian Deckart, chief investment officer and portfolio manager at Mawer. Christian stresses managing absolute risk over relative risk for better long-term outcomes and details Mawer’s approach to risk management, focusing on decision-making, portfolio risks, and external factors such as government debt and rising rates. He also discusses adapting to AI trends, preferring companies leveraging AI applications over infrastructure investments. He emphasizes maintaining focus on fundamentals amid evolving global and technological landscapes. Key Takeaways: Effective risk management begins with a sound decision-making culture, clear accountability, and th...2024-11-2822 minArt of BoringThe “S&P 493”: Managing Risks and Opportunities in the Global Equity StrategyIn this episode, we discuss the global equity strategy with Christian Deckart, chief investment officer and portfolio manager at Mawer. Christian stresses managing absolute risk over relative risk for better long-term outcomes and details Mawer’s approach to risk management, focusing on decision-making, portfolio risks, and external factors such as government debt and rising rates. He also discusses adapting to AI trends, preferring companies leveraging AI applications over infrastructure investments. He emphasizes maintaining focus on fundamentals amid evolving global and technological landscapes. Key Takeaways: Effective risk management begins with a sound decision-making culture, clear accountability, and th...2024-11-2822 minArt of BoringNavigating Market Complexities: Insights from the Trading DeskIn this episode, we discuss market insights with two representatives from the trading desk: Rita Tien, who trades the Americas from Toronto, and Peter Dmytruk, who trades Asia from Singapore. Rita and Peter highlight the complexities of trading, emphasizing the importance of regional differences and the role of the trading desk in executing investment decisions. They discuss the impact of the Japanese carry trade, the shift to T+1 settlement cycles in the U.S. and Canada, and the influence of ETFs and retail investors on market volatility. They also touch on the role of multi-strategy hedge funds and the...2024-11-2641 minArt of BoringNavigating Market Complexities: Insights from the Trading DeskIn this episode, we discuss market insights with two representatives from the trading desk: Rita Tien, who trades the Americas from Toronto, and Peter Dmytruk, who trades Asia from Singapore. Rita and Peter highlight the complexities of trading, emphasizing the importance of regional differences and the role of the trading desk in executing investment decisions. They discuss the impact of the Japanese carry trade, the shift to T+1 settlement cycles in the U.S. and Canada, and the influence of ETFs and retail investors on market volatility. They also touch on the role of multi-strategy hedge funds and the...2024-11-2641 minArt of BoringBanks Around the World: What Makes Top Financial Institutions Stand OutIn this episode, Mawer portfolio managers and analysts discuss what they fundamentally look for in a bank as an investment. Specifically, how they view banks and the industry trends, as well as local dynamics, and ultimately what makes each of these businesses both unique and attractive. David Ragan discusses Scandinavian banks, highlighting Handelsbanken's smart lending and DNB's stability. Josh Samuel analyzes DBS in Singapore, emphasizing its low cost of funds and high ROE. Grayson Witcher focuses on J.P. Morgan in the U.S., noting its strong management and unique financial assets, while Alex Romaines examines First Citizens Bank...2024-11-0652 minArt of BoringBanks Around the World: What Makes Top Financial Institutions Stand OutIn this episode, Mawer portfolio managers and analysts discuss what they fundamentally look for in a bank as an investment. Specifically, how they view banks and the industry trends, as well as local dynamics, and ultimately what makes each of these businesses both unique and attractive. David Ragan discusses Scandinavian banks, highlighting Handelsbanken's smart lending and DNB's stability. Josh Samuel analyzes DBS in Singapore, emphasizing its low cost of funds and high ROE. Grayson Witcher focuses on J.P. Morgan in the U.S., noting its strong management and unique financial assets, while Alex Romaines examines First Citizens Bank...2024-11-0652 minArt of BoringChina in Focus: Traversing the Emerging Markets LandscapeIn this episode, Peter Lampert, lead portfolio manager of the International Equity Strategy, discusses the recent Chinese stimulus and its effects on emerging markets. He highlights key long-term risks in China, including weak sentiment, regulatory challenges, and geopolitical tensions, while emphasizing the potential of companies like Tencent and Tencent Music. The conversation also covers Turkey's Bim, a discount retailer thriving amid economic uncertainty. Peter explains how the portfolio's success stems from stock selection, especially with stealth performers like Vietnam’s FPT and Taiwan’s IGS, and the importance of balancing macro risks with company-specific growth potential. Ke...2024-10-2314 minArt of BoringChina in Focus: Traversing the Emerging Markets LandscapeIn this episode, Peter Lampert, lead portfolio manager of the International Equity Strategy, discusses the recent Chinese stimulus and its effects on emerging markets. He highlights key long-term risks in China, including weak sentiment, regulatory challenges, and geopolitical tensions, while emphasizing the potential of companies like Tencent and Tencent Music. The conversation also covers Turkey's Bim, a discount retailer thriving amid economic uncertainty. Peter explains how the portfolio's success stems from stock selection, especially with stealth performers like Vietnam’s FPT and Taiwan’s IGS, and the importance of balancing macro risks with company-specific growth potential. Ke...2024-10-2314 minArt of BoringLooking Past the Pitfalls: Focusing on Managing Risk in the Balanced PortfolioIn this episode, Steven Visscher, lead manager of the balanced strategies, discusses the impact of rising interest rates and inflation on the balanced portfolio in recent years, Mawer’s disciplined and collaborative approach to portfolio construction, and the importance of having a long-term perspective. He spoke about recent changes and additions to the balanced portfolio and provided an update on the performance of the balanced portfolio thus far in 2024. Key Takeaways: Over the last four years, interest rates and inflation have had the most significant impact on the capital markets and the performance of the balanced st...2024-10-1716 minArt of BoringLooking Past the Pitfalls: Focusing on Managing Risk in the Balanced PortfolioIn this episode, Steven Visscher, lead manager of the balanced strategies, discusses the impact of rising interest rates and inflation on the balanced portfolio in recent years, Mawer’s disciplined and collaborative approach to portfolio construction, and the importance of having a long-term perspective. He spoke about recent changes and additions to the balanced portfolio and provided an update on the performance of the balanced portfolio thus far in 2024. Key Takeaways: Over the last four years, interest rates and inflation have had the most significant impact on the capital markets and the performance of the balanced st...2024-10-1716 minArt of BoringQuarterly Update | Q3 2024Portfolio Manager Crista Caughlin discusses the economy and factors that drove markets in the third quarter of 2024. Key points from this episode: In the third quarter, most central banks either continued cutting rates – like the European Central Bank and the Bank of Canada – or started cutting rates – like the U.S. Federal Reserve. Inflation risks have diminished and downside risks to growth and employment have increased, so central banks are responding with easier policy. Crista believes the Bank of Canada will continue to make 25 basis point cuts at future meetings, but a 50-basis point cut is potenti...2024-10-1513 minArt of BoringQuarterly Update | Q3 2024Portfolio Manager Crista Caughlin discusses the economy and factors that drove markets in the third quarter of 2024. Key points from this episode: In the third quarter, most central banks either continued cutting rates – like the European Central Bank and the Bank of Canada – or started cutting rates – like the U.S. Federal Reserve. Inflation risks have diminished and downside risks to growth and employment have increased, so central banks are responding with easier policy. Crista believes the Bank of Canada will continue to make 25 basis point cuts at future meetings, but a 50-basis point cut is potenti...2024-10-1513 minArt of BoringSemiconductors, GLP-1s, and Defense Companies: Powering the International Equity StrategyIn this episode, Peter Lampert, lead portfolio manager of the International Equity Strategy, provides insights on the team’s investment process, the state of the portfolio, and the main drivers that are currently having an outsized impact on performance, namely, semiconductors, obesity medicines, and defense companies. He details his team’s rigorous approach to evaluating management teams from both a quantitative and qualitative standpoint, providing an in-depth example of Hitachi. The conversation concludes with a brief discussion of the current macro environment. Key Takeaways: As enthusiasm surrounding artificial intelligence continues to grow, semiconductor companies have strong comp...2024-10-0319 minArt of BoringSemiconductors, GLP-1s, and Defense Companies: Powering the International Equity StrategyIn this episode, Peter Lampert, lead portfolio manager of the International Equity Strategy, provides insights on the team’s investment process, the state of the portfolio, and the main drivers that are currently having an outsized impact on performance, namely, semiconductors, obesity medicines, and defense companies. He details his team’s rigorous approach to evaluating management teams from both a quantitative and qualitative standpoint, providing an in-depth example of Hitachi. The conversation concludes with a brief discussion of the current macro environment. Key Takeaways: As enthusiasm surrounding artificial intelligence continues to grow, semiconductor companies have strong comp...2024-10-0319 minArt of BoringThe U.S. Equity Landscape: Inflation, Artificial Intelligence, and ElectionsIn this episode, Grayson Witcher, the lead manager of the U.S. Equity Strategy, discusses the key drivers currently impacting the U.S. economy, including inflation, interest rates, artificial intelligence, and the upcoming presidential election. He emphasizes the importance of diversification and avoiding sharp edges—particularly during an election year. Grayson outlines the importance of and reasoning for his team’s practice of monitoring company management changes in real-time and the value of investing in companies with strong leadership. Key Takeaways: The three big themes driving the U.S. market over the past six months are inte...2024-09-2617 minArt of BoringThe U.S. Equity Landscape: Inflation, Artificial Intelligence, and ElectionsIn this episode, Grayson Witcher, the lead manager of the U.S. Equity Strategy, discusses the key drivers currently impacting the U.S. economy, including inflation, interest rates, artificial intelligence, and the upcoming presidential election. He emphasizes the importance of diversification and avoiding sharp edges—particularly during an election year. Grayson outlines the importance of and reasoning for his team’s practice of monitoring company management changes in real-time and the value of investing in companies with strong leadership. Key Takeaways: The three big themes driving the U.S. market over the past six months are inte...2024-09-2617 minArt of BoringSkyscrapers and Storefronts: Insights on the Commercial Real Estate Market in 2024In this episode of the podcast, credit analyst Curtis Elkington provides a comprehensive overview of the $50 trillion global commercial real estate market. He covers the current headwinds facing various property sectors, such as pandemic-induced challenges in the office sector and touches on the surprising resilience of the retail segment. Elkington sheds light on the complexities of the commercial mortgage-backed securities market and details the credit analysis process his team uses to evaluate potential investments with examples. Key points from this episode: • Over the past four years, commercial real estate as an asset class has faced po...2024-08-2927 minArt of BoringSkyscrapers and Storefronts: Insights on the Commercial Real Estate Market in 2024In this episode of the podcast, credit analyst Curtis Elkington provides a comprehensive overview of the $50 trillion global commercial real estate market. He covers the current headwinds facing various property sectors, such as pandemic-induced challenges in the office sector and touches on the surprising resilience of the retail segment. Elkington sheds light on the complexities of the commercial mortgage-backed securities market and details the credit analysis process his team uses to evaluate potential investments with examples. Key points from this episode: • Over the past four years, commercial real estate as an asset class has faced po...2024-08-2927 minArt of BoringRecession Fears and Credit Spreads: A Comprehensive Fixed Income UpdateIn this episode, Crista Caughlin, lead Portfolio Manager of the Canadian Bond Strategy, and Brian Carney, lead Portfolio Manager of the Global Credit Opportunities Strategy, provide their thoughts on recent economic data releases, a shift in central bank language, and recent market volatility. They delve into new issuance activity in the U.S. and Canada, widening spreads in the investment-grade and high-yield markets, and current portfolio positioning. The conversation concludes with an update on the growth and expansion of Mawer’s fixed income team. Key points from this episode: Central banks have shifted their focus from so...2024-08-1427 minArt of BoringRecession Fears and Credit Spreads: A Comprehensive Fixed Income UpdateIn this episode, Crista Caughlin, lead Portfolio Manager of the Canadian Bond Strategy, and Brian Carney, lead Portfolio Manager of the Global Credit Opportunities Strategy, provide their thoughts on recent economic data releases, a shift in central bank language, and recent market volatility. They delve into new issuance activity in the U.S. and Canada, widening spreads in the investment-grade and high-yield markets, and current portfolio positioning. The conversation concludes with an update on the growth and expansion of Mawer’s fixed income team. Key points from this episode: Central banks have shifted their focus from so...2024-08-1427 minArt of BoringNavigating the Canadian Equity Landscape: Dispersion, Energy Transition, and OpportunitiesIn this episode of the podcast, Mark Rutherford, Co-Manager of the Canadian large-cap equity strategy, discusses the current investment landscape in Canada, highlighting the wide dispersion in sector performance and the impact of central bank policies. He delves into the long-term theme of the global energy transition and its far-reaching effects on various market sectors in Canada. Insights into insurance and banking sector performance are provided, as well as examples of specific portfolio holdings within the Canadian equity strategy. Key points from this episode: On the surface, healthy and attractive returns can be found across equity...2024-07-3121 minArt of BoringNavigating the Canadian Equity Landscape: Dispersion, Energy Transition, and OpportunitiesIn this episode of the podcast, Mark Rutherford, Co-Manager of the Canadian large-cap equity strategy, discusses the current investment landscape in Canada, highlighting the wide dispersion in sector performance and the impact of central bank policies. He delves into the long-term theme of the global energy transition and its far-reaching effects on various market sectors in Canada. Insights into insurance and banking sector performance are provided, as well as examples of specific portfolio holdings within the Canadian equity strategy. Key points from this episode: On the surface, healthy and attractive returns can be found across equity...2024-07-3121 minArt of BoringMarbles and Billiards: Navigating the Highs and Lows in Global EquityIn this episode, Portfolio Manager Manar Hassan-Agha discusses how the Global Equity Team navigates an exuberant market environment while staying true to Mawer’s disciplined investment approach. He delves into the potential impacts of emerging trends, namely artificial intelligence (AI), and provides examples of the team’s measured approach to evaluating the hype and sustainability of these trends. He emphasizes the value of temperament, alignment, and identifying mispriced high-quality companies. Key points from this episode: When considering potential errors of omission, it's a delicate balance between learning and improving while also ensuring you're not learning the wron...2024-07-2423 minArt of BoringMarbles and Billiards: Navigating the Highs and Lows in Global EquityIn this episode, Portfolio Manager Manar Hassan-Agha discusses how the Global Equity Team navigates an exuberant market environment while staying true to Mawer’s disciplined investment approach. He delves into the potential impacts of emerging trends, namely artificial intelligence (AI), and provides examples of the team’s measured approach to evaluating the hype and sustainability of these trends. He emphasizes the value of temperament, alignment, and identifying mispriced high-quality companies. Key points from this episode: When considering potential errors of omission, it's a delicate balance between learning and improving while also ensuring you're not learning the wron...2024-07-2423 minArt of BoringQuarterly Update | Q2 2024Portfolio Manager Crista Caughlin discusses the economy and factors that drove markets in the second quarter of 2024. Key points from this episode: Because inflation is easing at a gradual pace, central banks with likely be cutting rates gradually. We are at the end of a global tightening cycle and starting to see countries tweak their policies to better fit their domestic markets, but there is not and likely won’t be, a material divergence in the path forward among central banks. The yield curve has been inverted for almost two years, which is longer than av...2024-07-1714 minArt of BoringQuarterly Update | Q2 2024Portfolio Manager Crista Caughlin discusses the economy and factors that drove markets in the second quarter of 2024. Key points from this episode: Because inflation is easing at a gradual pace, central banks with likely be cutting rates gradually. We are at the end of a global tightening cycle and starting to see countries tweak their policies to better fit their domestic markets, but there is not and likely won’t be, a material divergence in the path forward among central banks. The yield curve has been inverted for almost two years, which is longer than av...2024-07-1714 minArt of BoringNavigating the U.S. Mid-Cap Landscape: Resilience Amid UncertaintyIn this episode, Portfolio Manager Jeff Mo makes the case for investing in U.S. mid-cap equities, highlighting the country’s strong business environment, large domestic market, and GDP growth. He discusses current market trends, including artificial intelligence, and his team’s risk management evaluation, especially with a pivotal U.S. election looming on the horizon. Key points from this episode: The U.S. is an attractive market for investing due to its strong rule of law, business environment, and large domestic market. Mid-caps are an investing sweet spot. While smaller companies struggle to gain competitive advan...2024-07-1120 minArt of BoringNavigating the U.S. Mid-Cap Landscape: Resilience Amid UncertaintyIn this episode, Portfolio Manager Jeff Mo makes the case for investing in U.S. mid-cap equities, highlighting the country’s strong business environment, large domestic market, and GDP growth. He discusses current market trends, including artificial intelligence, and his team’s risk management evaluation, especially with a pivotal U.S. election looming on the horizon. Key points from this episode: The U.S. is an attractive market for investing due to its strong rule of law, business environment, and large domestic market. Mid-caps are an investing sweet spot. While smaller companies struggle to gain competitive advan...2024-07-1120 minArt of BoringFrom Buy to Bye: Sell Discipline and Overcoming Behavioral BiasesIn this episode, Portfolio Manager Jeff Mo discusses common behavioral biases that can hinder clear sell decisions, and the tools, such as checklists and trigger points, that can help slow down emotional thinking. He provides examples of companies that he and his team properly exited based on changing fundamentals as well as those they may have held onto for a bit too long, proving the power of the endowment bias. Key points from this episode: Mawer’s sell discipline mirrors the inverse of its buy criteria: wealth creation, management quality, and discount to intrinsic value. The en...2024-06-2631 minArt of BoringFrom Buy to Bye: Sell Discipline and Overcoming Behavioral BiasesIn this episode, Portfolio Manager Jeff Mo discusses common behavioral biases that can hinder clear sell decisions, and the tools, such as checklists and trigger points, that can help slow down emotional thinking. He provides examples of companies that he and his team properly exited based on changing fundamentals as well as those they may have held onto for a bit too long, proving the power of the endowment bias. Key points from this episode: Mawer’s sell discipline mirrors the inverse of its buy criteria: wealth creation, management quality, and discount to intrinsic value. The en...2024-06-2631 minArt of BoringWatts Up? The Challenges and Opportunities of Powering AIIn this episode, we explore the growing electricity demands of data centers stemming from artificial intelligence (AI) with Chris Silvestre, Analyst on the U.S. Equity Team. He shares insights from a recent research trip visiting data centers in Northern Virginia—the data center capital of the world—and discusses challenges around meeting demands given constraints of land availability, energy generation and transmission, and the significantly increased power demands required to develop large language models. Key points from this episode: • Electricity demand in the U.S. has been relatively flat for a decade...2024-06-1927 minArt of BoringWatts Up? The Challenges and Opportunities of Powering AIIn this episode, we explore the growing electricity demands of data centers stemming from artificial intelligence (AI) with Chris Silvestre, Analyst on the U.S. Equity Team. He shares insights from a recent research trip visiting data centers in Northern Virginia—the data center capital of the world—and discusses challenges around meeting demands given constraints of land availability, energy generation and transmission, and the significantly increased power demands required to develop large language models. Key points from this episode: • Electricity demand in the U.S. has been relatively flat for a decade...2024-06-1927 minArt of BoringNavigating Global Small Caps in an AI-Transformative WorldPortfolio Manager Karan Phadke discusses his views on the global markets and the performance of the global small-cap portfolio. He illustrates how businesses are adapting to and utilizing artificial intelligence (AI), highlighting the difference between the value-added reseller and IT consultant business models. Two portfolio holdings, CBIZ and Convatec, are discussed to demonstrate the team's focus on well-run, resilient companies that are trading at reasonable valuations. Key points from this episode: The U.S. remains a strong outperformer, while Europe continues to see more sluggish growth. Current portfolio strengths include resilient U.S. companies, particularly in...2024-06-1216 minArt of BoringNavigating Global Small Caps in an AI-Transformative WorldPortfolio Manager Karan Phadke discusses his views on the global markets and the performance of the global small-cap portfolio. He illustrates how businesses are adapting to and utilizing artificial intelligence (AI), highlighting the difference between the value-added reseller and IT consultant business models. Two portfolio holdings, CBIZ and Convatec, are discussed to demonstrate the team's focus on well-run, resilient companies that are trading at reasonable valuations. Key points from this episode: The U.S. remains a strong outperformer, while Europe continues to see more sluggish growth. Current portfolio strengths include resilient U.S. companies, particularly in...2024-06-1216 minArt of BoringU.S. equity: Capitalizing on innovation and protecting against pitfallsIn this episode, Portfolio Manager Colin Wong shares strategic insights on disruptive technologies and recent adjustments in the U.S. equity portfolio. Colin discusses how his team navigates market exuberance, consensus risks, and economic ebbs and flows with a focus on resilient returns. Through compelling examples, Colin provides actionable insights on benefitting from innovation without betting the farm on a single theme. Key points from this episode: The three main sources of stock market return are earnings per share growth, multiple expansion, and dividends. Similar to the Internet in the late 90s/early 2000s, artificial intelligence...2024-05-2216 minArt of BoringU.S. equity: Capitalizing on innovation and protecting against pitfallsIn this episode, Portfolio Manager Colin Wong shares strategic insights on disruptive technologies and recent adjustments in the U.S. equity portfolio. Colin discusses how his team navigates market exuberance, consensus risks, and economic ebbs and flows with a focus on resilient returns. Through compelling examples, Colin provides actionable insights on benefitting from innovation without betting the farm on a single theme. Key points from this episode: The three main sources of stock market return are earnings per share growth, multiple expansion, and dividends. Similar to the Internet in the late 90s/early 2000s, artificial intelligence...2024-05-2216 minArt of BoringFishing in Less Crowded Ponds: Identifying opportunities in Emerging MarketsPortfolio Manager Wen Cheong debunks the perceived challenges of investing in the emerging market space, highlighting his team’s concentrated approach and candour. He details how his focus on best-in-class management and passion for identifying attractive valuations has powered returns. Key points from this episode: • Small-cap companies are a pond with fewer rocks; opportunities can be found in steady, established businesses with competitive advantages. • The slump in semiconductor demand in 2023 was primarily driven by a normalization in post-pandemic demand and macro challenges leading to an inventory de-stocking cycle. • The...2024-05-1615 minArt of BoringFishing in Less Crowded Ponds: Identifying opportunities in Emerging MarketsPortfolio Manager Wen Cheong debunks the perceived challenges of investing in the emerging market space, highlighting his team’s concentrated approach and candour. He details how his focus on best-in-class management and passion for identifying attractive valuations has powered returns. Key points from this episode: • Small-cap companies are a pond with fewer rocks; opportunities can be found in steady, established businesses with competitive advantages. • The slump in semiconductor demand in 2023 was primarily driven by a normalization in post-pandemic demand and macro challenges leading to an inventory de-stocking cycle. • The...2024-05-1615 minArt of BoringA deep dive into the psychological approach to finding opportunityBuilding on his conversation in Episode 153, Portfolio Manager Samir Taghiyev takes a deep dive into the mental models and frameworks that Mawer uses to evaluate company management teams, particularly within the small-cap space. Using both personal and financial examples, he illustrates the benefit of exploration and exploitation, striking a balance between focus and curiosity, and identifying opportunities on the S curve of the corporate lifecycle. Key points from this episode: Company management can be evaluated by determining if they are growing revenues while controlling costs and risks. This can be combined with other frameworks to create...2024-05-0825 minArt of BoringA deep dive into the psychological approach to finding opportunityBuilding on his conversation in Episode 153, Portfolio Manager Samir Taghiyev takes a deep dive into the mental models and frameworks that Mawer uses to evaluate company management teams, particularly within the small-cap space. Using both personal and financial examples, he illustrates the benefit of exploration and exploitation, striking a balance between focus and curiosity, and identifying opportunities on the S curve of the corporate lifecycle. Key points from this episode: Company management can be evaluated by determining if they are growing revenues while controlling costs and risks. This can be combined with other frameworks to create...2024-05-0825 minArt of BoringMoody Mr. Market: Finding opportunities in the Canadian small-cap space amid changing market psychologyPortfolio Manager Samir Taghiyev discusses the current landscape of the Canadian small-cap space through the lens of the “Mr. Market” narrative and crowd-driven sentiments. Using Converge Technology Solutions as an example, Taghiyev sheds light on his team’s due diligence process and how they find opportunities by tuning out the noise. Key points from this episode: The mood of the markets can change very quickly, highlighting the importance of due diligence Investors should be aware of market narratives but not get caught up in them Diligence on business, management, and valuation is key to finding opportunities created by del...2024-05-0210 minArt of BoringMoody Mr. Market: Finding opportunities in the Canadian small-cap space amid changing market psychologyPortfolio Manager Samir Taghiyev discusses the current landscape of the Canadian small-cap space through the lens of the “Mr. Market” narrative and crowd-driven sentiments. Using Converge Technology Solutions as an example, Taghiyev sheds light on his team’s due diligence process and how they find opportunities by tuning out the noise. Key points from this episode: The mood of the markets can change very quickly, highlighting the importance of due diligence Investors should be aware of market narratives but not get caught up in them Diligence on business, management, and valuation is key to finding opportunities created by del...2024-05-0210 minArt of BoringQuarterly Update | Q1 2024As markets continue on a dynamic trend, fixed income portfolio manager Crista Caughlin discusses the economy and factors that drove markets in the first quarter of 2024. In addition, the reemergence of a more typical correlation pattern between stocks and bonds, getting central banks off the sidelines, and the concern that markets may be being too complacent. Key points from this episode: Global growth improving, inflation moderating, and earnings relatively strong In Canada, growth has improved although consumption remains weak when compared to the U.S. Moving with caution: strong data has begun to cause central banks...2024-04-1614 minArt of BoringQuarterly Update | Q1 2024As markets continue on a dynamic trend, fixed income portfolio manager Crista Caughlin discusses the economy and factors that drove markets in the first quarter of 2024. In addition, the reemergence of a more typical correlation pattern between stocks and bonds, getting central banks off the sidelines, and the concern that markets may be being too complacent. Key points from this episode: Global growth improving, inflation moderating, and earnings relatively strong In Canada, growth has improved although consumption remains weak when compared to the U.S. Moving with caution: strong data has begun to cause central banks...2024-04-1614 minArt of BoringPlaying the plan: Mawer's International equity portfolioPortfolio Manager Peter Lampert breaks down the decision to re-open the strategy to new institutional investors and the key inputs that determine the strategy’s capacity. In addition, “a tale of two acquisitions”: one head scratching, the other improving the investment thesis of the holding. Key Points From This Episode: Breaking down the decision to re-open the strategy to new institutional investors How the team determines the strategy’s capacity A puzzling acquisition by KDDI and a potential value creating acquisition by Novo Nordisk Evaluating the implications of rising interest rates on real estate investments The balance...2024-03-0616 minArt of BoringPlaying the plan: Mawer's International equity portfolioPortfolio Manager Peter Lampert breaks down the decision to re-open the strategy to new institutional investors and the key inputs that determine the strategy’s capacity. In addition, “a tale of two acquisitions”: one head scratching, the other improving the investment thesis of the holding. Key Points From This Episode: Breaking down the decision to re-open the strategy to new institutional investors How the team determines the strategy’s capacity A puzzling acquisition by KDDI and a potential value creating acquisition by Novo Nordisk Evaluating the implications of rising interest rates on real estate investments The balance...2024-03-0616 minArt of BoringPost-Mortem: Learnings from 2023In this episode, host Rob Campbell and 11 colleagues on the research team engage in a comprehensive post-mortem analysis, sharing candid reflections on their decision-making processes over the past year. This episode underscores the significance of learning from both successes and mistakes, highlighting the value of vulnerability and introspection within the investment team at Mawer. A Few Highlights: • Investing before comfort in competitive markets is necessary for returns • Less complexity in investment strategies often results in more alpha • Significant market changes can take longer to affect companies than expected • Large acquisitions are risky; patience in...2024-02-2939 minArt of BoringPost-Mortem: Learnings from 2023In this episode, host Rob Campbell and 11 colleagues on the research team engage in a comprehensive post-mortem analysis, sharing candid reflections on their decision-making processes over the past year. This episode underscores the significance of learning from both successes and mistakes, highlighting the value of vulnerability and introspection within the investment team at Mawer. A Few Highlights: • Investing before comfort in competitive markets is necessary for returns • Less complexity in investment strategies often results in more alpha • Significant market changes can take longer to affect companies than expected • Large acquisitions are risky; patience in...2024-02-2939 minArt of BoringIntroducing: The Mawer Global Credit Opportunities StrategyIn this episode, newly appointed Fixed Income Portfolio Manager at Mawer, Brian Carney, shares his insights on global credit strategies. With over 30 years of experience in the investment industry, Brian discusses his career journey, the evolution of credit markets, and his perspectives on current market dynamics. He highlights Mawer's approach to managing credit risks and opportunities, detailing the new Global Credit Opportunity Strategy at Mawer. Key Points From This Episode: Brian Carney's extensive background in finance and credit markets The evolution and current state of glob...2024-01-3127 minArt of BoringIntroducing: The Mawer Global Credit Opportunities StrategyIn this episode, newly appointed Fixed Income Portfolio Manager at Mawer, Brian Carney, shares his insights on global credit strategies. With over 30 years of experience in the investment industry, Brian discusses his career journey, the evolution of credit markets, and his perspectives on current market dynamics. He highlights Mawer's approach to managing credit risks and opportunities, detailing the new Global Credit Opportunity Strategy at Mawer. Key Points From This Episode: Brian Carney's extensive background in finance and credit markets The evolution and current state of glob...2024-01-3127 minArt of BoringQuarterly Update | Q4 2023In this episode, Kevin Minas sits down with Crista Caughlin, Lead Portfolio Manager at Mawer, focusing on the key economic developments of Q4, including growth levels, inflation trends, and the resilience of financial markets. They speak on the nuances of the Canadian bond strategy and the impact of these economic factors on portfolio management. Key Points From This Episode: Volatility in Q4 with notable declines in interest rates and inflation Marginal changes in growth, with a slight downturn in Q4 Economic resilience despite rapi...2024-01-1612 minArt of BoringQuarterly Update | Q4 2023In this episode, Kevin Minas sits down with Crista Caughlin, Lead Portfolio Manager at Mawer, focusing on the key economic developments of Q4, including growth levels, inflation trends, and the resilience of financial markets. They speak on the nuances of the Canadian bond strategy and the impact of these economic factors on portfolio management. Key Points From This Episode: Volatility in Q4 with notable declines in interest rates and inflation Marginal changes in growth, with a slight downturn in Q4 Economic resilience despite rapi...2024-01-1612 minArt of BoringHoliday Special: Mawer's Annual PoemOur three hosts narrate Mawer's timely variation of "'Twas the week before Christmas"—an annual review of the year. Stay for the bloopers! 2020-12-1804 minArt of BoringHoliday Special: Mawer's Annual PoemOur three hosts narrate Mawer's timely variation of "'Twas the week before Christmas"—an annual review of the year. Stay for the bloopers! 2020-12-1804 min
Art of BoringPlaying the plan: Mawer’s Canadian bond portfolioCrista Caughlin, lead portfolio manager of Mawer’s fixed income strategies, discusses potential impacts of increasing global debt in a low interest rate environment and the three economic scenarios top of mind for the bond team.2020-09-3019 minArt of BoringPlaying the plan: Mawer’s Canadian bond portfolioCrista Caughlin, lead portfolio manager of Mawer’s fixed income strategies, discusses potential impacts of increasing global debt in a low interest rate environment and the three economic scenarios top of mind for the bond team.2020-09-3019 min
Art of BoringMawer Insight: Q&A with CIO CIO, Paul Moroz, answers clients’ questions about the current economic environment and how Mawer is positioning its portfolios.2019-05-2935 minArt of BoringMawer Insight: Q&A with CIO CIO, Paul Moroz, answers clients’ questions about the current economic environment and how Mawer is positioning its portfolios.2019-05-2935 min
Art of BoringPlaying the plan: Mawer’s Canadian small cap portfolio Lead manager Jeff Mo discusses the psychology that drove the Canadian economy over the past 6 months, the correlation between Canadian and emerging markets equities, and what a holding “meeting our expectations” means at Mawer.2019-05-0825 minArt of BoringPlaying the plan: Mawer’s Canadian small cap portfolio Lead manager Jeff Mo discusses the psychology that drove the Canadian economy over the past 6 months, the correlation between Canadian and emerging markets equities, and what a holding “meeting our expectations” means at Mawer.2019-05-0825 min
Art of BoringPlaying the plan: Mawer’s international equity portfolio | EP19 David Ragan, co-manager of Mawer’s international equity strategies, discusses the current economic environment, what changes have been made to the portfolio as a result, and highlights holdings in the exciting worlds of nanotechnology, door locks, and pharmacies.2018-10-2434 minArt of BoringPlaying the plan: Mawer’s international equity portfolio | EP19 David Ragan, co-manager of Mawer’s international equity strategies, discusses the current economic environment, what changes have been made to the portfolio as a result, and highlights holdings in the exciting worlds of nanotechnology, door locks, and pharmacies.2018-10-2434 min
Art of BoringPlaying the plan: Mawer’s global balanced portfolio | EP17 CIO and co-manager, Paul Moroz, discusses how to build the most resilient global portfolio possible and reveals Mawer’s four building blocks to risk management.2018-09-2627 minArt of BoringPlaying the plan: Mawer’s global balanced portfolio | EP17 CIO and co-manager, Paul Moroz, discusses how to build the most resilient global portfolio possible and reveals Mawer’s four building blocks to risk management.2018-09-2627 min
Art of BoringPlaying the plan: Mawer’s U.S. equity portfolio | EP14 Co-manager of Mawer’s U.S. equity portfolio, Grayson Witcher, discusses the impact of rising corporate debt levels, the importance of relationship building with management teams, and how fighting bias is key to Mawer’s investment process.2018-08-1531 minArt of BoringPlaying the plan: Mawer’s U.S. equity portfolio | EP14 Co-manager of Mawer’s U.S. equity portfolio, Grayson Witcher, discusses the impact of rising corporate debt levels, the importance of relationship building with management teams, and how fighting bias is key to Mawer’s investment process.2018-08-1531 min
Art of BoringScuttlebutt and its dramatic effect on long-term investing | John Wilson | EP10 John Wilson, analyst on Mawer’s global small cap strategy, discusses scuttlebutt’s valued place in Mawer’s investment process and its competitive advantage for long-term investors. Learn how just two phone calls can take you from Bogota to Oslo.2018-07-0419 min
Art of BoringPlaying the plan: Mawer's equity philosophy in action| EP07 Deputy CIO, Christian Deckart, takes listeners on a journey through Mawer’s equity investment philosophy by walking through the investment thesis of four of the firm’s global small cap strategy’s top 10 holdings: Softcat PLC, Tsuruha Holdings, XP Power Ltd., VZ Holdings.2018-05-2335 minArt of BoringPlaying the plan: Mawer's equity philosophy in action| EP07 Deputy CIO, Christian Deckart, takes listeners on a journey through Mawer’s equity investment philosophy by walking through the investment thesis of four of the firm’s global small cap strategy’s top 10 holdings: Softcat PLC, Tsuruha Holdings, XP Power Ltd., VZ Holdings.2018-05-2335 min
Art of BoringIndia observations | Paul Moroz | EP01 Features the investment insights of Mawer’s Deputy Chief Investment Officer, Paul Moroz, from his research trip to India. Paul is also co-manager of Mawer’s Global Equity and Global Small Cap strategies. In our discussion, Paul talks about the importance India’s change in administration has made to the investing landscape; explains India’s growing need for capital; shares the management meetings that left him deterred and excited; and, shines a light on why wearing shoes during company meetings might be a good idea!2018-02-1632 min