Barometer Readings Webcast - March 5th 2024
Key Points:
Market Overview:
- March marks the beginning of spring and potential volatility due to historical trends in the presidential election cycle. As it is we have not seen evidence of near term risks.
- The market has shown resilience, hitting new all-time highs since January after a correction into the end of October 2023.
Opportunities in Canadian and Global Markets:
- Despite challenges into October, Canadian stocks now show promise.
- Global markets, including Japan, Europe, Mexico, and Brazil, are demonstrating strength after years of underperformance. This is improving equity market breadth.
Fixed Income and Stocks:
- We are currently in a bond bear market, with stocks outperforming.
- Dividend growth stocks are particularly strong, offering better returns than bonds and attracting new buyers interested in outpacing inflation.
Commodities and Cryptocurrency:
- Potential upside seen in gold and energy, undervalued and under-owned for some time but seeing new catalysts.
- Bitcoin and Ethereum show promise, also benefiting from a weaker US dollar.
Portfolio Alignment:
- Portfolios currently aligned with market themes, ready to adapt to changing conditions.
- Financials, especially Canadian banks, performing well, with recent position adjustments.
Insights on Canadian Banks:
- Stabilization in fundamentals observed after Q4 '23 earnings.
- Domestically focused banks outperforming, while those with more US exposure struggling.
Sector Performance:
- Industrial sector showing strength, with various segments performing well.
- Healthcare and consumer discretionary stocks showing modest gains, while consumer staples lag.
Portfolio Strategy:
- Overweight positions in financials, industrials, and energy; underweight in tech, healthcare, and consumer discretionary.
- Launch of a Global Equity strategy to capitalize on positive structural changes.
Risk Monitoring:
- Monitoring credit risk, volatility, and seasonality.
- Cautiously optimistic approach to gold miners and attention to Bitcoin's recent volatility.
Market Outlook:
- Constructive outlook with always present potential for short-term pullbacks.
- Opportunities present in various sectors; encourage questions and discussions for navigating the market landscape.
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