Natural Folly in the Age of Artificial Intelligence

Artificial Intelligence (AI) seems to be front and center everywhere these days. This enthusiasm is understandable. AI has the potential to redefine productivity and transform whole industries (and even societies). But there is much uncertainty with the rate of AI adoption, the ultimate economic impact and who the winners and losers will be tomorrow. Against this backdrop of uncertainty there are risks brewing. Valuations imply enormous growth and profits ahead. There has been heavy borrowing to fund massive capital expenditures. And the entanglement of partnerships and investments between AI-related companies may pose systematic risk. Vigilance is warranted.

Sionna Soundbite: Venezuela Oil Potential Knock-Ons: This Remains Fluid

Portfolio Manager, Aleksy Wojcik, takes a closer look at Venezuela’s oil sector, focusing on crude quality, supply reliability and capital needs. He dives into how U.S. refineries have become more reliant on Canadian heavy oil due to long-term investments, while Venezuela faces some tough structural and investment hurdles that could limit any major shifts in its oil supply in the short term.

Company Spotlight: Kerry Group

Sionna's High Conviction strategy (the Sionna Opportunities Fund) focuses on a carefully selected, concentrated group of companies chosen for their attractive fundamentals. The portfolio includes names in which we have the strongest conviction across all market caps in Canada, the U.S., and international markets.

Our latest Company Spotlight features one of our non-domestic holdings, Kerry Group, a business that exemplifies our approach to investing in quality companies with compelling risk/reward characteristics.

Hype Cycle Redux: Game of Pin the Tail on the Donkey

Gartner's Hype Cycle serves as a reminder that excitement can outrun reality, narratives can outpace fundamentals, and even extraordinary technologies often follow very ordinary patterns. Many cycles reach a point when confidence swells just enough for investors to declare that the old rules no longer apply. That moment is usually where the trouble begins. Where would you place AI enthusiasm, hyperscalers, data centers, equity markets, private credit, or passive investing on the Hype Cycle today?

Allocating Defensively and Effectively: Canada and Value

Investors today face a rapidly changing geopolitical environment, compounded with waves of speculative retail enthusiasm. Given the uncertainty in today’s market, we believe both defensive value and the relatively inexpensive Canadian and international markets are well positioned to perform in the coming years.

The Decade for Value Stocks – Highlights (In the Money Podcast)

Kim Shannon, CFA, MBA Founder and Co-CIO

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Company Spotlight: Finning

Sionna's Trader and Equity Research Analyst, Hunter Corcoran, provides an update on Finning International and outlines our thesis on the name.

The Limitations of Categorizing Stocks into Growth and Value Buckets

The practice of dividing stocks into rigid "growth" and "value" categories, or buckets as they are often referred, has become somewhat commonplace in today's investment landscape. Unfortunately, this binary classification system is far from perfect and can create significant limitations as it relates to portfolio construction.

Seek Cheaper Markets with Higher Expected Returns

Kim Shannon, CFA, MBA
Founder and Co-CIO