Insurance, Investments and Group Benefits

Key takeaways:  

• Tactically moving to a more defensive positioning
• Increased bonds, decreased equities (all portfolios except Emblem Aggressive Growth, which has no bond component)
• Emblem Aggressive Growth – increased US equities, decreased international equities
  
  

Tactical update - December 20, 2022

We are choosing to adopt a more cautious posture and see increasingly attractive relative value in fixed income. As such, we have reduced our equity targets in the various Emblem funds and increased our fixed income targets.

Key takeaways: Tactically increased bonds, decreased international equities*

Tactical update - January 27, 2022

We are taking a slightly more defensive posture by trimming international equities and adding to bonds. This is indeed a tactical, but measured decision. It is a move in a more conservative direction with an eye towards taking potential risk exposures incrementally lower.

Key takeaways:

Emblem Portfolios - Canadian: September 22, 2021
Emblem GIF Portfolios - Global: September 27, 2021

• Incrementally less aggressive outlook/positioning towards risk assets
• Deploying cash to realign select asset class exposures back to targets
  
  

Key takeaways:

Tactical Update - May 21, 2021

• Economies in Canada, the United States, and Europe continue their gradual re-openings following their COVID-19 induced shutdowns.

Key takeaways:

Tactical Update - January 25, 2021

European markets have materially lagged US equities over the past year due to multiple reasons including index composition and Brexit uncertainties. This has resulted in Europe trading at a near record discount to the US. Given its cyclical nature, the Japanese market has performed well but continues to provide exposure to a rebounding global economy.

Key takeaways:

Tactical Update - February 26, 2020

Global equities retreated sharply over the last week as investors digested news about the spread of the coronavirus to countries beyond China. The broadly based S&P 500 Index is now down over 7% from its recent high.

Key takeaways:

Tactical Update - October 25, 2019

The record equity bull market (now well into its 11th year) continues to grind higher despite prevailing headwinds. Given its extended run and a softening of various global economic growth indicators, we believe it prudent to implement some tactical asset allocation adjustments to reflect these shifting fundamentals.

Key takeaways:

Emblem Portfolios - Canadian: Tactically reduced cash, increased bonds

Tactical Update - July 22, 2019

Events have moved very quickly in bond markets. In the span of about seven months, the U.S. Federal Reserve (the “Fed”) has gone from increasing interest rates, to holding interest rates steady, and now market expectations are for multiple rate reductions over the remainder of the year.

Key takeaways:

Emblem Portfolios - Canadian: Increased U.S. equities, decreased international equities.
Emblem GIF Portfolios - Global: Increased U.S. equities, proceeds from bonds and/or accumulated cash 

Equity markets across the globe have experienced very strong moves since their December 2018 lows. At yesterday’s close, the S&P/TSX Composite has gained 20%, 21% for the S&P 500, and 13% for the MSCI EAFE index. With such strong moves in a compressed period of time, any improvement in fundamentals has not been able to keep pace.

Key takeaways: Tactically increased U.S. and international equities, reduced cash. Remain overweight in equities and underweight in fixed income.

The month of October historically has been one of the most volatile months for the stock market, and this year has turned out to be no different.