The Invested

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.

In this episode, Dustin Reid, Chief Fixed Income Strategist, discusses the Fed’s recent decision to cut interest rates by 25 basis points and its implications for both the US and Canadian markets. He highlights the Fed’s forecast for core PCE inflation at 2.5% for 2025, which exceeds their 2% target, and discusses how the Fed is now factoring in the potential economic impacts of tariffs—a notable shift from their traditional approach. Dustin also examines significant global events, such as changes in government leadership and ongoing trade tensions, and their influence on market behavior. This episode was recorded on December 19, 2024.

The sweeping Republican victory is expected to have potentially significant implications for geopolitical risk and trade flows, and for the outlook of various asset classes and sectors. On this special episode, Lesley Marks, CIO of Equities, and Steve Locke, CIO of Fixed Income and Multi-Asset Strategies, discuss their market outlook for 2025. Topics discussed in their conversation include: How an incoming Trump administration could potentially benefit stocks, particularly small caps, and certain segments of the bond market Why the Bank of Canada will need to continue cutting rates in 2025 and potentially more aggressively than expected Why the resource sector may be poised for strong performance in 2025 For more insights and perspectives, download our 2025 market outlook. This episode was recorded on December 3, 2024.

Following the Republican electoral sweep, discussions have emerged about the effect the Trump administration may have on the clean energy sector – despite the US accounting for only a small percentage of the industry. On this episode, John Cook, Portfolio Manager and Co-Lead of the Mackenzie Greenchip Team, discusses the current state of the energy transition and clean tech investments, global opportunities, and how the incoming administration could affect environmental policies and investments. As a pioneer in environmental thematic investing, John believes the underlying drivers of the energy transition will remain unchanged. This episode was recorded on November 19, 2024.

On this episode, Jules Boudreau, Senior Economist at Mackenzie Investments, discusses the potential impacts of a second Trump administration on US small caps. Jules highlights how US small caps are poised for potential growth, citing cheaper valuations, greater cyclicality, and higher leverage on balance sheets, but emphasizes the necessity of rate cuts and sustained US growth. Additionally, Jules examines the bond market’s reaction to increased government deficits under a Trump administration and explores the challenges facing the Canadian economy. Further reading: - The narrow window for small caps This episode was recorded on November 15, 2024.