Insight is Capital™ Podcast

We asked Stephen Lingard for his thoughts on the argument that low dispersion in Index stocks is making it harder for active investors to beat their benchmarks. Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions. He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.

Stephen Lingard talks about why the return of volatility is heralded by active investors. "If I was managing an ETF portfolio, I would probably have concerns about a changing regime – a lot of what has worked worked over the last few years has been because of high stock correlations, sector correlations, and even cross-country correlations," says Lingard. Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions. He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.

We exchange thoughts with Stephen Lingard on the very 'managed' economy, markets, prices, risk, and earnings of 'The Great Monetary Experiment,' that is nearly a decade old. What does the future hold as the central bankers turn down the volume? Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions. He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.

With volatility and inflation continuing to be AWOL, we wondered if there is any connection between the two. Why have both of these factors remained at historical lows for so long – where have they gone, and did they go together? "In an idealized world, we would look to construct portfolios that gave us a pure expression of our views on each of the main investment factors," says Lingard. "By doing this, we could construct portfolios with better diversification and a higher probability of producing an outcome that meets investors’ specific needs. We could, for example, use option positions to gain long exposure to the volatility factor or potentially create asymmetric outcomes." Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions. He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.

Stephen Lingard discusses, among other things, his strategic view that they continue to favour equities, because investors have had a long memory of the scars of 2008, and as a result this will most likely be the longest economic cycle on record. Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions. He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.

In this first part of our featured podcast series with Stephen Lingard, SVP and portfolio manager, Franklin Templeton Managed Solutions, we discuss the importance of anticipating change. "When volatility is at historical lows, perhaps you don’t need to attempt to see where the lightning bolt comes from," says Lingard. "In a world that feels complacent and desensitized to many of the risks that we remain conscious of, perhaps it is enough to simply anticipate a change and be prepared." Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions. He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.

Dan Dupont maintains that reducing risk by reducing exposure to over-valued stocks is the key to long term success as an investor. The cost of valuation risk is potentially far greater than the cost waiting for opportunities. Dan Dupont is a portfolio manager at Fidelity Investments Canada. He manages Fidelity Canadian Large Cap Fund and co-manages Fidelity NorthStar Fund with legendary manager Joel Tilinghast. They are respectively rated 5 and 4 stars by Morningstar. He is also sub-portfolio manager of Fidelity Monthly income, Fidelity Income Allocation Fund, and Fidelity North Star Balanced Fund.

Dan Dupont's passion for protecting his investors against downturns is worth more to him than the opportunity risk of the rising market. Dan Dupont is a portfolio manager at Fidelity Investments Canada. He manages Fidelity Canadian Large Cap Fund and co-manages Fidelity NorthStar Fund with legendary manager Joel Tilinghast. They are respectively rated 5 and 4 stars by Morningstar. He is also sub-portfolio manager of Fidelity Monthly income, Fidelity Income Allocation Fund, and Fidelity North Star Balanced Fund.

Dan Dupont talks about what the catalysts and conditions might be that will lead to a storm in the market, and that it's time for investors to 'bolt down the house.' Dan Dupont is a portfolio manager at Fidelity Investments Canada. He manages Fidelity Canadian Large Cap Fund and co-manages Fidelity NorthStar Fund with legendary manager Joel Tilinghast. They are respectively rated 5 and 4 stars by Morningstar. He is also sub-portfolio manager of Fidelity Monthly income, Fidelity Income Allocation Fund, and Fidelity North Star Balanced Fund.

Dan Dupont talks shares his thoughts on why its time to think defensively as an investor. Dan Dupont is a portfolio manager at Fidelity Investments Canada. He manages Fidelity Canadian Large Cap Fund and co-manages Fidelity NorthStar Fund with legendary manager Joel Tilinghast. They are respectively rated 5 and 4 stars by Morningstar. He is also sub-portfolio manager of Fidelity Monthly income, Fidelity Income Allocation Fund, and Fidelity North Star Balanced Fund.