Company Spotlight: Gold
Portfolio Manager, Aleksy Wojcik, covers Sionna's gold exposure and outlines our thesis behind our selected gold holdings.
published May 2025
posted in Soundbites
published April 2025
O Canada (Value Investor Insight)
Kim Shannon was recently interviewed by Value Investor Insight where she discussed some of the investment implications caused by the recent tensions between Canada and the U.S.
published April 2025
Has a U.S. Exceptionalism Theme Left Global Portfolios Exposed to Concentration Risk? (ACPM The Observer)
Stephen Jenkins wrote an article for ACPM's The Observer magazine discussing why investors may want to consider re-balancing away from an over-exposed U.S. stock market.
published March 2025
posted in Soundbites
The Home Country Bias Series
While auto original equipment manufacturers and suppliers have been at the center of discussions, other major industries are also feeling the effects of tariffs. In this installment of The Home Country Bias, we will look into the U.S. agriculture sector – and on multiple fronts.
published March 2025
A Resemblance to the 1966-1982 Sideways Market
1966-1982 was a period of high inflation and weak economic growth: in short, stagflation. More recently, during the four years since rates bottomed and subsequently rose from the lows in the summer of 2020, the market has delivered a stealth value recovery in major markets outside of the U.S. (the U.S. market is distorted by the Magnificent 7 stocks). This seems reminiscent of the early stages of the 1966-1982 period.
published February 2025
posted in Soundbites
The Home Country Bias Series
Since the U.S. President first threatened tariffs on Canadian goods, there has been a change in sentiment among Canadians that has sparked our investment team’s interest. We’re launching a new series – The Home Country Bias – to address questions investors may have as we continue to navigate through an uncertain environment.
published February 2025
posted in operations
Scott Margach
Scott joined Sionna in 2025 to manage compliance at the firm. Scott has more than 25 years of experience in the financial services industry, most recently as Chief Operating Officer and Chief Compliance Officer at an exempt market dealer firm. Previously, Scott managed both Canadian and U.S. equities for institutional and high net worth private client mandates. Scott is a CFA charterholder® and a member of CFA Society Toronto.
published January 2025
posted in Soundbites
Trump’s New Initiative: Impacts on Canada
It’s challenging to measure the full impact of Trump’s statements on the Canadian stock market with any accuracy. Protectionist policies will likely be front and center for the new U.S. administration, and as their largest trading partner, Canada will be a focus.
published January 2025
posted in Insights
Increased Market Risk Warrants Defensive Tilt
Today, the S&P 500 Index and the MSCI World Index are increasingly concentrated on a small group of U.S.-based technology related stocks. Looking back at market history, we believe that risk has increased in portfolios benchmarked to these indices, since expectations on these stocks are high and so too are their valuation multiples, setting up for disappointing future returns.
published October 2024
posted in Insights
The Great Divide: Public or Private Equity?
Over the last four years, equity markets have seen a stealth value bull market. However, despite this outperformance, value managers have not yet seen large asset allocations being directed to this turnaround story. One of the possible drivers of the lack of interest, is the fascination with private equity (PE). Warren Buffett at his 2019 AGM commented, “We have seen a number of proposals from PE funds where the returns are really not calculated in a manner that I would regard as honest. If I were running a pension fund, I would be very careful about what was being offered to me.” An audacious quote, even from Warren, and an idea investors might be mindful of as they make asset allocation decisions.