Kim Shannon recently wrote an article for ACPM's The Observer outlining data that suggests investors should consider allocating more to Canadian value…and why now may be the most beneficial time to do so.
Active managers are discretionary traders, who seek mispriced stocks they believe will add excess returns to their funds. Passive investors are non-discretionary traders, they notionally need not worry about valuation, they believe the market is efficient, and thus perfectly reflects all known information. Their investment strategy is largely irresponsive to the price of the asset. Shiller explained, “Indexing …is free-riding on other people’s work” – in other words, active managers. At what point does there become too many passive players, such that they render the market unmoored from efficiency and thus turn the overall market inefficient?
Hunter joined Sionna as a Junior Trader in 2017. He earned his Honours Business Administration from the Ivey School of Business at Western University and completed a degree in Economics from Western University. Prior to joining Sionna, Hunter was an Institutional Equities Sales and Trading Summer Analyst at RBC. He is a CFA® charterholder and a member of CFA Society Toronto. Hunter also successfully completed his Master of Liberal Arts in Extension Studies from Harvard University.
Kim Shannon, CFA, MBA
Founder and Co-CIO
Associate Portfolio Manager, Joanna Wolff, provides an update on Linamar Corporation and outlines our thesis on the name.
Aleksy Wojcik, CFA
Portfolio Manager
‘Quality’ as a distinct category or style of investing is relatively new, growing in popularity during the early part of the century and gaining a strong foothold amongst the investment world post the global financial crisis. What perhaps has been lost on many investors though is the fact that, like all assets, quality needs to be underpriced to outperform in the long run. Valuations matter!
Co-CIO, Stephen Jenkins, provides an update on one of Sionna's holdings, Ahold Delhaize, and why we believe it is an attractive opportunity for value investors.
Kim Shannon, CFA, MBA
Founder and Co-CIO
Sionna's Founder and Co-CIO, Kim Shannon, discusses the attractive Canadian market and highlights a current holding.