Volatility is a symptom that people have no idea of the underlying value--that they have stopped playing the asset game.

- Jeremy Grantham

Psychology is probably the most important factor in the market – and the one that is least understood.

– David Dreman

Successful investors tend to be unemotional, allowing the greed of others to play into their hands. By having confidence in their own analysis and judgment, they respond to market forces not with blind emotion but with calculated reason.

– Seth Klarman, Margin of Safety

“Value stocks are about as exciting as watching grass grow. But have you ever noticed how much your grass grows in a week?”

– Christopher H. Browne

Commodity Cycle, Epilogue or Sequel?

The TSX is the most resource intensive of the major markets in the world. Today, the combination of the Energy and Materials sectors sums to 38% of the benchmark and thus has a significant impact on our market and returns.

Nina Berlin

Nina Berlin

Nina joined Sionna in 2013 as Executive Assistant to the President and Chief Investment Officer. In 2019, she assumed her current role as Associate, Operations, taking on more responsibility in the areas of facilities management, human resources and finance. Prior to joining the firm, she spent nine years at Canderel Management, where she provided administrative support to members of the senior management team. Nina has successfully completed both the Leadership in Administration and the Excellence in Administration professional development programs through Rotman School of Management.

Paul Spagnolo

Paul Spagnolo

Paul joined Sionna in 2013 and is Sionna's President and Chief Operating Officer (COO) and has more than 25 years of experience in the industry. Paul earned his Honours Business Administration from the Richard Ivey School of Business, and is a CFA® charterholder and a Chartered Professional Accountant. He is a member of CFA Society Toronto and serves as a mentor in the CFA Mentorship Program. Paul is a member of the Portfolio Management Association of Canada and is a past Chair of its Operations Heads’ Network. Paul is currently serving his third consecutive two-year term on the Ontario Securities Commission’s Registrant Advisory Committee.

Chauntay Claxton

Chauntay Claxton

Chauntay joined Sionna in 2007 as part of the relationship management team, and has been taking on greater responsibility throughout the firm. In 2020, she assumed her current role as Manager, Compliance on the operations team supporting the Chief Compliance Officer. Chauntay has completed the Osgoode Certificate in Regulatory Compliance and Legal Risk Management for Financial Institutions.

Gary Chow

Gary Chow

Gary joined Sionna in 2014 and is a Portfolio Manager. He is the lead Portfolio Manager for the firm’s focused dividend strategy. Prior to joining Sionna, he was a Generalist at RBC Wealth Management and worked at RBC Capital Markets and Deloitte Consulting. Gary earned his MBA from the Rotman School of Management and both his Honours Business Administration and Bachelor of Engineering Science from the University of Western Ontario. He is a CFA® charterholder and a member of CFA Society Toronto.

Focus on Fundamentals, Not Fuzzy Forecasts

The question of what happens when interest rates rise is one that has no clear answer. Many investors are trying to understand the impact of a rising rate environment on the equity markets so they can invest accordingly.