Manager Views

When autumn leaves begin to fall Mackenzie Chief North American Investment Strategist Norman Raschkowan discusses the European debt crisis, the economy and where the markets may be headed.	September 2011
Equity Investing: Looking ahead to a resurgent US A supply crunch seems almost inevitable Portfolio Manager Phil Taller believes today's bargain prices could disappear as the US bounces back	September 2011
Timely message to advisors and investors: Monday, August 8, 2011 What are Mackenzie managers doing through the market turbulence?	August 2011
The outlook for oil prices A supply crunch seems almost inevitable Canadian consumers think about oil prices every time they fill up their cars. To say the least oil prices have been volatile, hitting a high of $147 a barrel in July 2008, before falling back to the mid-thirties and then surging back over $100.	August 2011
The European debt crisis preoccupies the market Mackenzie Chief North American Investment Strategist Norman Raschkowan discusses where the markets may be headed.	August 2011
First half of 2011: Solid economic growth, mixed markets After returning almost 59% over the last two years, the Canadian stock market slowed to a 2.6% gain over the first six months of the year.	July 2011
Investing in America Looking for opportunities in the world's largest economy Many analysts believe that America’s economic challenges have left US equities under-owned, even by Americans.	July 2011
Global economic prospects look encouraging *Mackenzie Chief North American Investment Strategist Norman Raschkowan discusses where the economy and markets may be headed.*	May 2011
Mackenzie Saxon Dividend Income Fund A conservative solution to retirement income Canada is about to enter a retirement boom. Currently 41.5% of the population consists of people born between 1909 and 1946 or Baby Boomers (1947 to 1966). And with the average retirement age at 62, it suggests that almost half of our population is either retired has it in their sights.	April 2011
“Blue skies and stormy weather” Mackenzie Chief North American Investment Strategist Norman Raschkowan discusses the economy and where to invest now.	March 2011
Celebrating a “double first” Mackenzie Sentinel Registered Strategic Income Fund One year after refocusing its mandate beyond income trusts to invest in high-yielding securities of all stripes, Mackenzie Sentinel Registered Strategic Income Fund celebrated a double “first” in 2010. It turned one, (October 31), and won the prestigious Lipper award for best Canadian Neutral Balanced Fund in 2010. In the article below, Dan Bastasic, Portfolio Manager, discusses his strategy and outlook for interest rates.	March 2011
Is it time to invest in the US again? It takes active management and intensive research to add yield to a fixed income portfolio in a low interest rate environment.	March 2011
A troubling backdrop, but the markets are buoyant *Mackenzie Chief North American Investment Strategist Norman Raschkowan on where we're headed in 2011*	February 2011
Are you investing enough abroad? Risk is part of investing. And the majority of Canadian investors have decided that it’s safer to invest at home, with just a small percentage of their portfolios in foreign funds. But James Morton, Portfolio Manager, Mackenzie Cundill Emerging Markets Value Class and Mackenzie Cundill Recovery Fund, thinks Canadians have it wrong.	February 2011
The economy and markets are looking up *Mackenzie Chief North American Investment Strategist Norman Raschkowan discusses the market*	January 2010
Investing in infrastructure can produce a stable income flow Most investors consider a dividend yield of 4.3% to be quite a healthy return in the current low interest rate environment.	November 2010
Building wealth with dividends Besides the rock-bottom interest rates you’ll be paid, one of the disadvantages of keeping money in bank deposits is that they are taxed as income.	November 2010
Managing fixed income in a low interest rate environment It takes active management and intensive research to add yield to a fixed income portfolio in a low interest rate environment.	November 2010
Income investing: From “wait-and-see” to opportunity Income trust funds grew wealth for many investors until the government changed the rules in 2006, forcing them to return to a more traditional tax structure. In the following interview Hovig Moushian, portfolio co-manager of Mackenzie Saxon High Income Fund, explains the opportunities that may lie ahead as the income trust sector completes its transition to this new tax environment.	October 2010
Bluewater’s methodical search for US growth Fund managers following growth stocks look for companies with earnings that are expected to increase at an above-average rate. The question is, how much should they pay for the shares?	September 2010
Adding value to your portfolio with fixed income Steve Locke has been a fixed-income manager for the last 16 years, and currently oversees $11 billion for Mackenzie Financial.	September 2010
Is there growth in emerging markets? James Morton thinks there is. Some of the priciest real estate in Asia can be found on the aptly named Victoria Peak, which towers over Hong Kong’s business district.	August 2010
Generating wealth the Saxon way Investing in balanced funds is becoming a popular option for many Canadians. And with a 24-year track record of managing small-cap, multi-cap, balanced and fixed income portfolios, Mackenzie Saxon has earned a reputation as one of Canada’s top value-investing shops.	July 2010
Sentinel: meeting the demand for income When a fund like Mackenzie Sentinel Strategic Income Class grows as rapidly as it has, it shows it’s fulfilling a need among investors.	July 2010
Macroeconomics trumped stock picking Mackenzie Chief North American Investment Strategist Norman Raschkowan discusses the market “Sell in May and go away” is a saying that may attain the status of investment gospel after the experience of May 2010.	july 2010
Emerging markets: less debt, stronger growth Morton: “Financially these countries are remarkably sound” For decades, the US and Western Europe have been the engines powering the world economy.	June 2010
Finding value in today’s market As a value investor, Lawrence Chin wants to buy stocks when they’ve traded down. It takes patience to find a bargain, but then Chin has had a front row seat on two major corrections: the tech bust in 2000 and during the financial crisis – the worst since the Great Depression.	May 2010
Despite the background noise, investors are showing confidence The first quarter of 2010 unfolded much as anticipated, according to Mackenzie Chief Investment Officer Norman Raschkowan. Economic data was encouraging, and generally confirmed that Canada and the US were on a renewed growth trajectory, with growth estimates for 2010 increased steadily over the period.	May 2010
McElvaine: Finding value in troubled companies Tim McElvaine, President of McElvaine Investment Management Ltd., has been a value investor for more than 20 years. As a value investor, he looks for companies trading at a steep discount to what he estimates they are really worth.	April 2010
Real Return Bonds and Inflationan What if you have a fixed income product, but the price of goods and services goes up? All things being equal, you have to make do with less.	March 2010
James Morton travels the world to find the upside in troubled companies Many portfolio managers invest in brand-name companies trading on major indexes. James Morton takes another approach. As the manager of the Mackenzie Cundill Recovery Fund, he travels the world - from Russia to Germany and China – looking for companies that are recovering from a crisis.	March 2010
“ Pray... we don’t get fooled again ” - The Who \| Mackenzie Chief Investment Officer Norman Raschkowan Twelve months ago, investors held their breath as they waited to see the extent of the damage wrought by the bursting of the credit bubble.	March 2010
Buying gold as a hedge against inflation Portfolio manager Benoit Gervais believes investors should own gold as part of a diversified portfolio	February 2010
Mackenzie Chief Investment Officer Norman Raschkowan looks ahead to the New Year and beyond As we curl by the fireplace and watch snowflakes drifting by the window, thoughts naturally turn to considering the forces that will drive investment returns in the coming year, and beyond.	January 2010
“The market will recover. It always has. It will again.” James Morton, speaking in January 2009. Value plays are rebounding with the market	December 2009
Sturm: Emerging markets and resources lead recovery Fred Sturm, Mackenzie Financial Chief Investment Strategist, says data from the Organization for Economic Co-operation and Development suggests that the world economy is recovering.	October 2009
When it comes to investing, boring can be good When Mackenzie Sentinel Income Fund started in September 1974, the price of a barrel of oil had quadrupled to $12, inflation was 10.7%, and much of the world was in recession.	October 2009
Corporate bonds: “an outsized opportunity left on the table.” Since Lehman Brothers went bankrupt almost a year ago, the high-yield bond market has endured an uneasy roller coaster ride.	September 2009
Markets rally as the economy slowly improves Since bottoming in March, many leading indexes have rallied strongly with the S&P TSX Composite up 21% for the year on July 24.	August 2009
The dividend advantage The stock market’s decline to multi-year lows and the prospect of a continuing, global recession has investors searching for something “solid” to put their money in.	June 2009
Where are we headed from here? Mackenzie Financial Chief Investment Officer Norman Raschkowan sees value in blue-chip companies and corporate bonds	May 2009
Inside corporate bonds Equity markets tend to get all the press in good times and bad. In this Manager View, we look at high yield corporate bonds.	April 2009
Building quality into a portfolio The Fall 2008 market decline has affected virtually all equity portfolios, but among the most resilient have been funds with conservative, quality-oriented approaches.	December 2008
Look beyond GICs for your fixed income says bond manager With record volatility in equity markets, many investors are looking to fixed income for safety.	November 2008
Value managers see opportunity in tough market Attention shoppers: Stocks are on sale.	September 2008

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