One of the few certainties in investing is the ubiquitous presence of uncertainty. As an investment manager, it is our business to deal with uncertainties as well as the attendant opportunities and risks that uncertain situations present. At Sionna, we spend a lot of time thinking about the behavioural dynamics that can drive mispricing in the market and how uncertainty plays a role.
Canadians tend to be a boast-avoidant and somewhat self-deprecating nation. Stock market valuations are a mélange of financial fundamentals and human perceptions, including our modest national self-perception, which in turn influences our perception of the TSX. Too often we allow our Canadian market to be dismissed as too small, too resource weighted, too cyclical, too idiosyncratic and thus too risky to be considered a core investment. But, let’s examine these prevalent perceptions and see what hidden opportunities we can find.
Kim Shannon discusses why the Canadian market is particularly attractive right now.
Aleksy joined Sionna in 2020 as a Portfolio Manager. He is the co-lead Portfolio Manager for Sionna's High Conviction strategy and lead manager for Sionna's Resource Environmental Evolution strategy. Aleksy has 30 years of industry experience, most recently as VP Investments and Portfolio Manager at CI Harbour Advisors where he focused on award-winning Canadian Equity and Canadian Balanced portfolios. Aleksy is graduate of the University of Toronto, where he earned a Bachelor of Arts, Economics degree and is a CFA® charterholder.
Stephen Jenkins discusses our conviction in the value style and where we are finding opportunities within Sionna's North American strategy. This article has been translated with permission from Les Affaires.
Following sharp declines in March, the stock market staged an impressive recovery during the second quarter of 2020. While we were a bit surprised by the speed with which this happened, we also understood that, historically, the largest market gains can be found immediately following sharp declines. March was ugly, but the selloff created many value investment opportunities for us, as selloffs usually do.
Stephen Jenkins explains why valuations are so important and how the price paid can impact future returns.
President and Co-CIO, Kim Shannon, explains how narrow market leadership has historically forecasted market pullbacks.
Kim Shannon was recently a guest on the Value Investing with Legends Podcast, hosted by Tano Santos, Faculty Director of the Heilbrunn Center for Graham and Dodd Investing at Columbia Business School. Kim discusses why she became a believer in value investing, Sionna’s approach to portfolio construction and why now is the best time to buy value.
Kim Shannon, President and Co-Chief Investment Officer
Sionna Investment Managers