April 2015 – Economic Review

U.S. GDP growth for the first quarter was an unimpressive 0.2%. A large component of negative contributions can be traced to a stronger dollar in the first quarter. The fall in oil prices, which are dollar-denominated, caused significant disruption to oil field activities. While oil production changed little, investment in new wells fell sharply. View […]

Growth in responsible investment strategies set to encompass climate change

In November 2014, the US SIF Foundation released its 10th biennial report on trends in the sustainable, responsible and impact investing (SRI) industry. The new report shows significant growth over the past two years in U.S.-domiciled assets managed using some form of SRI strategy. Specifically, assets under management increased from $3.74 trillion at the beginning […]

March 2015 – Economic Review

Equity markets generally were lower during March, with select emerging markets falling the most. A stronger U.S. dollar contributed significantly to negative emerging markets performance, led by losses in Latin America as investors reacted to a surge in political and corporate corruption, coupled with weak commodity prices. View the full document (PDF) In this issue: […]

Liquid Alternative Investment Strategies

Part 1: An introduction to Liquid Alternative Strategies and the forces behind their growth Alternative assets are an important component of an institutional investment portfolio as they can add true diversification to portfolios and reduce reliance on long positions in stocks, bonds and cash for total return. The recent growth of liquid alternative investments and […]

2015 Private Equity Outlook Overview

Each year, we assess trends and market opportunities in private equity. Our philosophy and approach is rooted in developing a highly selective portfolio diversified by investment stage, type, vintage year and geography. While we place a significant amount of importance on diversification, we believe manager selection also should be a primary focus as each sub-strategy […]

February 2015 – Economic Review

Foreign and domestic stocks rebounded as European leaders granted Greece a four-month bailout extension. Depositors moved over €25 billion out of Greek banks in 2015, according to JP Morgan. The substantial loss of collateral and reserves hampers Greek banks’ ability to originate loans and borrow to maintain capital ratios. View the full document (PDF) In […]

Bank of Canada rate cut necessary as pre-emptive strike

Originally published in the Financial Times, on January 27, 2015. In this guest post, Alex Bellefleur, global macro strategist at Pavilion Global Markets, writes that the Bank of Canada was prudent to loosen monetary policy in response to the decline in oil prices. Last week the Bank of Canada (BOC) surprised markets by cutting interest […]

Summary views from Pavilion’s Investment Outlook – Q1 2015

Economic Backdrop: Uneven with increased uncertainties Global growth forecasts continue to fall with the IMF’s 2014 and 2015 estimates currently at 3.3% and 3.5%, respectively. Uneven economic growth, now exacerbated by low oil prices and diverging monetary policies, remains a central theme.   Equity Market Valuation U.S. and Canadian stock market valuations are trading near […]