The Invested

In this episode, Movin Mokbel, VP and Portfolio Manager on the Mackenzie Fixed Income Team, explores the growing investor appeal of floating rate loans. He highlights their ability to eliminate interest rate risk and unpacks common misconceptions about Collateralized Loan Obligations (CLOs). Movin explains the regulation, liquidity, and diverse risk-reward characteristics of CLOs and how floating rate loans and CLOs can be accessed through ETFs, offering attractive yields with minimal credit risk and enhance investment portfolios. This episode was recorded on March 11, 2025.

In this episode, Hussein Sunderji, Portfolio Manager of the Mackenzie Ivy Foreign Equity Fund, discusses the Ivy Team's unique investing philosophy. Focusing on high-quality companies, maintaining a long-term perspective, and adhering to strict valuation disciplines, Hussein explains how the team has navigated the volatile markets of the past two years. Hussein notes that market volatility can create opportunities to capitalize on valuation disconnects. Despite macroeconomic challenges such as trade protectionism and tariffs, the Ivy Team remains committed to delivering superior risk-adjusted returns over the long term, aiming for a smoother path of returns for investors.  This episode was recorded on February 27, 2025.

In this episode, Dustin Reid, Chief Strategist for Fixed Income, discusses the ongoing volatile macro economic landscape in North America and Europe. Dustin explains how the market is perceiving the impact of both Canadian and US inflation data, and what the likely implications are for Bank of Canada and Fed policy. Dustin also speaks to how the Trump administration is viewing tariffs and where cross-asset markets might not be pricing what could happen next.  This episode was recorded on February 19, 2025.

In this episode, Lesley Marks, Chief Investment Officer of Equities, unpacks the potential long-term impacts of President Trump's tariffs on aluminum and steel imports. While the market response has been muted, Lesley cautions that these tariffs could lead to increased costs and chaos, particularly in the automotive industry. Lesley also explores the recent strength of the Canadian dollar, explaining the factors behind its rally. Additionally, Lesley highlights the strong performance of Canadian, European, and Hong Kong equities compared to US equities this year.  This episode was recorded on February 13, 2025.

In today’s unpredictable environment, understanding and managing market fluctuations is crucial for advisors and investors. In this episode, Haijie Chen, Portfolio Manager on Mackenzie’s Global Quantitative Equity Team discusses the current state of market volatility, key drivers behind it, and how quantitative investing can address these challenges. Haijie also breaks down the construction of Mackenzie’s low volatility ETFs and how they can be effectively integrated into an advisor’s portfolio. This episode was recorded on January 27, 2025.

In this episode, Dustin Reid, Chief Fixed Income Strategist at Mackenzie Investments, discusses the recent decisions by the Bank of Canada and Federal Reserve, exploring their future actions amid current economic conditions and looming tariff deadlines. Dustin also examines developments in equity markets, particularly the impact of the new Chinese AI model, DeepSeek, and its implications for technology stocks and energy consumption. This episode was recorded on January 29, 2025.

In his first week in office, President Trump declared a national energy emergency, sparking debates about the acceleration of permitting for oil, gas, and power projects. In this episode, Benoit Gervais and Onno Rutten, Portfolio Managers on Mackenzie’s Resource Team, discuss President Trump’s latest executive orders and their implications for the resource sector. Benoit and Onno explore the theme of reshoring and the “America First policy”, emphasizing the significance of Canadian resources in bolstering US industrialization. Lastly, Benoit and Onno discuss how AI is impacting energy demand in relation to electrification and the power grid. This episode was recorded on January 22, 2025.

In this episode, Dustin Reid, Chief Fixed Income Strategist, explores the potential implementation of tariffs under the new Trump administration and its implications for cross-asset markets. He discusses the role of the External Revenue Service and Canada's political and economic landscape. Dustin highlights key topics such as market pricing and expectations, deregulation, tax cuts, immigration policies, and potential changes in leadership.   This episode was recorded on January 23, 2025.

What are fixed income markets expect from a second Trump presidency? And where might investors find opportunities? In this episode, Konstantin Boehmer, Head of Mackenzie’s Fixed Income Team, discusses the Bank of Canada’s approach and the Canadian economy’s outlook, addressing the threat of tariffs, low productivity, and rising unemployment. Konstantin also shares his insights on the US economic landscape, the potential impacts of a Trump presidency on fixed income markets, and global investment opportunities in fixed income.   This episode was recorded on January 9, 2025.

With the Canadian ETF market experiencing remarkable growth in 2024, trust and adoption of ETFs have surged among a diverse range of investors. Will this momentum continue into 2025? In this episode, Prerna Mathews, Head of ETFs at Mackenzie Investments, discusses the 2025 ETF Outlook. She delves into the sector’s remarkable growth and innovation highlighting 2024’s record inflows of $76 billion into ETFs in Canada—a staggering 45% increase over previous records. Prerna also shares insights into why more advisors and their clients are embracing ETFs and how these investment vehicles can be instrumental in building resilient portfolios. This episode was recorded on January 6, 2025.