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38 episodes with td asset management
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When markets get bumpy, many investors seek stability and it's not always clear how to achieve it without stepping completely into the sidelines. Low volatility strategies have gained attention for their ability to reduce drawdowns and temper portfolio swings, but when and how should investors be incorporating them? Are low volatility strategies just a defensive play, or can they be a long-term core holding? And if you already own fixed income, do you really need to add anything new?Highlights include:(00:01:05) What is market volatility and why is managing it so important?(00:04:10) The impact of low volatility strategies on drawdown effects(00:09:20) When to enter and exit low volatility strategies(00:14:05) Do investors need low volatility if they already have fixed income exposure?(00:16:10) Spotlight on the Quantitative Investing Team For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/podcast Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
The U.S. has enjoyed unchallenged economic, technological and military dominance globally for several decades, but its hegemony is at risk as a strengthening China has shaken the status quo. The Trump administration seeks to reaffirm the U.S.'s superiority through policies focused on homeshoring, innovation through deregulation, and reducing global reliance on the USD as reserve currency, but with all of these priorities driving policy, what is the future of the new global order? What is the impact on investors as the U.S. renegotiates its position on the global stage?Join Ingrid Macintosh, Vice President, TD Wealth, Head of Global Marketing, Client & Colleague Enablement and Strategy, TD Asset Management Inc. (TDAM) in conversation with Kevin Hebner, Managing Director, Global Portfolio Management, Epoch Investment Partners, Inc. as they dive into Kevin's latest whitepaper looking at the key drivers of Trump's policy pivots, and what might be ahead for investors when the dust settles. Highlights include: (00:01:25) Key themes of the new global order(00:05:48) Can the U.S. successfully "homeshore" its manufacturing?(00:12:29) The goal for the U.S. dollar(00:18:35) Outlook for U.S. and global equity markets(00:23:32) Prime Minister Mark Carney and Canada's role in the new global order For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/podcast Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
Highlights Include:00:00:50 Back to basics: what is diversification? 00:03:00 Can diversification hurt returns? 00:05:50 The right time to diversify 00:07:30 How to approach diversification when building your portfolio 00:11:25 The role of correlation in portfolio construction For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/podcast Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
Join Ingrid Macintosh, Vice President, TD Wealth, Head of Global Marketing, Client & Colleague Enablement and Strategy, TD Asset Management Inc. (TDAM) in conversation with Christian Medeiros, Vice President & Director, Portfolio Manager, Asset Allocation, TDAM and Hussein Allidina, Managing Director, Head of Commodities, TDAM, as they discuss what these early decisions mean for Canada's broad investment strategy going forward, how international partners are adapting, the impact on key sectors, and what might be ahead in the next 100 days.00:01:38 Where trade is today, and how it differs from Trump 1.0 00:04:18 The impact of trade wars on commodities and Canadian producers 00:06:02 Rapid-fire insights on immigration, tax cuts and deregulation 00:22:17 Key diversifying sectors to consider amid market volatility 00:26:09 Setting the stage for the next 100 days For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/podcast Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
Join our expert trio:Chiara Carozzi, Relationship Manager, Advisor Distribution at TD Asset Management, who brings a hands-on perspective on client dynamics. Vitali Mossounov, Managing Director and Head of Fundamental Equity Research at TDAM, who deciphers the macroeconomic currents influencing market swings. Juliana Faircloth, Vice President & Director of Portfolio Research at TDAM, who unpacks the research and disciplined strategies underpinning resilient investing.Together, they unpack key topics like the delicate balance between fear and greed, the power of rigorous fundamental research, and how a disciplined investment process can transform market volatility into long-term opportunities. Whether you're a hands-on investor or simply intrigued by the evolving market landscape, this episode offers the insights you need to navigate uncertainty with confidence.00:01:29 Looking back at the events that shaped the markets 00:03:07 Market pendulum – swinging between fear and greed 00:08:25 Unravelling stock valuations through in-depth research 00:09:51 Rigorous investing approach vs. speculative seasonal trends 00:12:35 TDAM's investing philosophy: grounded in fundamental research For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/podcast Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
Join Justin Flowerday, Managing Director, Head of Public Equities, TD Asset Management Inc. (TDAM) and Monica Yeung, Vice President & Director, Portfolio Manager, TDAM to dig into where growth is budding, where it might still be frozen, and what's in store for the loonie and volatility in months to come.Highlights"(00:00:50) Paint a picture of our current market landscape and some sectors to watch(00:07:30) How tariff threats might drive policy changes in the coming federal election(00:09:07) The shift in relative valuation for the U.S.(00:10:54) Uniquely Canadian core advantages(00:19:10) What's the outlook for volatility going forward? For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/podcast Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
(00:01:02) Long-term view on U.S. equities(00:03:12) What are earning reports telling modern investors?(00:06:57 Is economic uncertainty weighing down on consumer behaviour?(00:09:53) How can investors access opportunity themes in the current fluid environment? For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/podcast Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
In this second part of the roundtable chat, our portfolio managers dive into the effects of tariffs on various sectors and industries, policy uncertainty, the framework for security selection and key signals driving it.(00:01:09) Navigating the stages of AI adoption: Where do we stand?(00:02:43) Signals driving security selection: price, earnings, valuations(00:05:33) Market's shifting focus on policy uncertainty(00:09:08) Tariff effects: cloudy outlook For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/podcast Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
Investing in the market often resembles the experience of a flight: predominantly steady yet intermittently disrupted by turbulence. Investors may currently be facing similar turbulence: the optimism that marked the beginning of 2025, fueled by anticipated pro-business policies and tax cuts, has been tempered by the uncertainties introduced by tariffs. Join Benjamin Gossack, Managing Director, Portfolio Manager, TD Asset Management Inc. (TDAM), Vitali Mossounov, Managing Director, Managing Director, Head of Fundamental Equity Research, TDAM, and Jose Alancherry, Vice President, Retail Client Portfolio Management, TDAM, for an engaging three-part Q1 roundtable chat on stocks and shocks driving the markets. For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/podcast Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
Summary:1:25 FundGrade A+ awards - TD Mutual Funds and TD ETFs win 24 awards in the ….1:55 What sets TD Asset Management apart? What makes up the portfolio management and research teams?4:45 What is one thing that makes the biggest difference and generates positive relative performance?6:00 What are some standout sectors that drive performance and where are we looking for opportunities moving forward?9:00 What is the example of an opportunity that TDAM uncovered thanks to the unique process?12:05 Market Uncertainty - how are we navigating through these uncertain times and how does it propel TDAM for investment success in the future? Also:24 mutual funds and ETFs managed by TD Asset Management Inc. recognized at the Fundata FundGrade A+® Awards: https://www.td.com/ca/en/asset-management/resources/about-us/awards For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/podcast Email any questions or ideas for future episodes to: td.tdamtalks@td.com Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
In the ever-shifting landscape of investments, fixed income often plays a quiet yet crucial role, serving as the backbone that supports and stabilizes portfolios through market turbulence. With inflation proving to be more persistent than anticipated and interest rates keeping investors on edge, this asset class is reclaiming its place in the spotlight. As we navigate this evolving landscape, it's vital to examine what these shifting dynamics mean for investment returns, credit markets, and the significant pool of cash that remains on the sidelines.Join Ingrid Macintosh, Vice President, TD Wealth, Head of Global Marketing, Client & Colleague Enablement and Strategy, TD Asset Management Inc. (TDAM), Alex Gorewicz, Vice President & Director, Active Fixed Income Portfolio Management, TDAM, and Michael Augustine, Managing Director, Head of Fixed Income & Asset Liability Management, TDAM, as they explore the evolving bond and interest rate landscape, drivers of fixed income returns and ways to access meaningful diversification opportunities through private markets.0:58 The inflation challenge: key insights for investors 6:05 How does the interest rate narrative play into portfolio construction? 10:48 What role does bond duration play in shaping return potential? 12:44 Fixed income investment cornerstone: more yield, more income and exposure to credit 15:51 Return environment: fixed income portfolios vs. guaranteed investment certificates For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/podcast Email any questions or ideas for future episodes to: td.tdamtalks@td.com Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
Financial markets are perpetually in motion, influenced by a multitude of factors that pull investors in opposing directions – what we commonly refer to as bullish and bearish sentiments. Recently, the expectations of U.S. pro-business policies, the U.S. and Canadian monetary policy divergence shifts, and increased interest rate uncertainty have been influencing market movements. In such a volatile market environment, how do investors decide what may support their investment strategies?Join Chiara Carozzi, Relationship Manager, Advisor Distribution, TD Asset Management Inc. (TDAM), Trevor Cummings, CIMA, Vice President, ETF Distribution, Central Canada, TDAM, and Michael Formuziewich, CFA, Vice President, Retail Client Portfolio Management, TDAM, as they explore both sides of the evolving market trends, outlooks for financial markets, and strategies that may help investors advantageously position their portfolios.1:08 Is another bull run in the cards for the U.S. equity market? 6:08 DeepSeek explained: an evolution in the artificial intelligence space 9:39 Is interest rate uncertainty sparking real interest in real assets? 14:04 How should investors think about currency risk in their portfolios? 20:27 The Ozempic effect: Will the pharma trend continue? For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
Join us for a very special International Women's Day episode of the TDAM Talks Podcast celebrating the achievements, resilience and leadership of women in the financial industry and beyond. With a focus on accelerating action, tune in to hear how we can challenge ourselves to move the dial forward on stereotypes, bias and discrimination, and be at the forefront of progress for women around the world.Tune in to hear Ingrid Macintosh, Vice President, TD Wealth, Head of Global Marketing, Client & Colleague Enablement and Strategy, TD Asset Management Inc. (TDAM) in conversation with Dawn Shaw, Vice President, Executive Journey Product Owner, TDAM, and Angie Elkhodiry, Associate Vice President, Head of Business Innovation, TD Global Investment Solutions, TDAM. Together, they explore the stories of their careers, the impact women continue to have on the financial industry, and the importance of professional and personal empowerment in breaking gender barriers.0:40 From aspiration to achievement: our career journeys5:05 How mentorship shaped our careers9:59 The shift in gender equality at work19:50 Power in numbers: sharing the room with powerful female voices25:13 Working (and thriving) in male-dominated roles For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
Market headlines have been changing at a feverish pace in recent days, with a particular focus on the potential tariff threat on Canadian imports by U.S. President Donald Trump, changing interest rate environments across the U.S. and Canada, and on recent Chinese AI startup DeepSeek's disruption of the U.S. Technology sector at record-setting levels. With all the headlines around global economic activity, should investors be hiding from the monster under the bed, or is this market news just a distracting boogeyman?Join Ingrid Macintosh, Vice President, TD Wealth, Head of Global Marketing, Client & Colleague Enablement and Strategy, TD Asset Management Inc. (TDAM), Michael Craig, Managing Director, Head of Asset Allocation, Derivatives, Commodities and Sustainable Investment, TDAM and Anna Castro, Managing Director, Head of Retail Asset Allocation, TDAM as they review the recent Bank of Canada and U.S. Federal Reserve interest rate decisions, the potential impacts of tariffs to markets, sectors and investors, and how TDAM is leveraging our asset allocation toolkit to help build portfolio resilience through diversification. For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
Real estate has increasingly captured the attention of investors due to its ability to add stability, growth, and resilience to portfolios. This asset class fits a broad portfolio from an asset allocation perspective due to its equity-like returns, bond-like volatility, and capacity to help create opportunities for performance during certain parts of the market cycle. So, why may investors want to consider incorporating real estate investments into their portfolios, particularly in 2025?Join Ingrid Macintosh, Vice President, TD Wealth, Head of Global Marketing, Client & Colleague Enablement and Strategy, TD Asset Management Inc. (TDAM) and Andrew Croll, Managing Director, Head of Global Real Estate Investments, TDAM, as they discuss the market environment, the long-term potential of real estate, and key differentiators in TDAM's real estate capabilities, exploring why now may be the time to consider real estate investing as a part of investors' broader strategy.Highlights include:· A day in the life of a real estate investing professional (1:28)· Why may investors want to consider real estate investments for their portfolios? Why in 2025? (3:01)· Bird's-eye view of real estate performance in different market cycles (4:58)· TDAM's "3T" valuation process: Transparent, Trusted, True (8:27)· Making it real: Examples of the main real estate categories (13:20)· The TDAM advantage: Strategic access to investment opportunities (24:04) For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
2024 was a transformative year for the ETF industry, with record-setting inflows surpassing expectations in Canada and globally. The momentum in this market shows no signs of slowing down, with several key themes taking center stage throughout the year. What were the biggest factors shaping the ETF landscape in 2024, and what should investors keep an eye on heading into 2025?Join Chiara Carozzi, Business Development Manager, TD Asset Management Inc. (TDAM) and Andres Rincon, Managing Director, Head of ETF Sales and Strategy, TD Securities, as they explore evolving trends, differentiators in the Canadian ETF market versus the rest of the world, and what might be ahead in 2025. Also - check out Andres' podcast "Buyside Views" here: https://www.tdsecurities.com/ca/en/buyside-views For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
From AI and the Magnificent Seven to interest rates and tariffs, 2024 has had no shortage of headline-making themes and trends. Market predictions of all stripes were set aside in the wake of unexpected and sustained equity outperformance, and a too-close-to-predict U.S. presidential election with far-reaching implications. Rounding out 2024, how has the year performed versus expectations, and what might be some themes worth watching for 2025?Join Ingrid Macintosh, Vice President, TD Wealth, Head of Global Marketing, Client & Colleague Enablement and Strategy, TD Asset Management Inc. (TDAM) and David Sykes, Senior Vice President and Chief Investment Officer, TDAM to review 2024 and set the stage for the year ahead, with comprehensive insights on asset classes, sectors and outliers.Highlights include: 1:22 - How have 2024 markets performed against David's initial predictions for the year and how does he feel about the year ahead?3:39 - What might be ahead for U.S. and global markets for 2025?6:45 - What is the outlook for real estate and infrastructure?10:10 - Where are interest rates headed next year?15:16 - What are some opportunities and themes to watch in 2025? For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
As we close out 2024, the U.S. economy remains a focal point, with the election, market trends and shifting economic health all under the microscope as the presidency shifts to Trump 2.0. Meanwhile, the transformative impact of AI on industries is accelerating, driving productivity and industry adoption. Consumer sentiment in the wake of inflation and affordability concerns are reshaping spending habits as companies seek to improve data and AI to deliver personalized products faster. With these key themes at the forefront, what's been the story for 2024 and what might lie ahead for 2025?Join Damian Fernandes, Managing Director, Portfolio Manager, TD Asset Management Inc. (TDAM), Vitali Mossounov, Vice President & Director, Co-Lead of Research, TDAM and Jose Alancherry, Vice President, Retail Client Portfolio Management, TDAM for an engaging Q4 roundtable chat about the forces driving change, and how businesses and consumers are adapting to meet new challenges and opportunities.Highlights:1:00 - Are consumers back in an optimistic mood?3:50 - How have consumer's preferences changed? Are we going back to 2019 or have habits changed?12:30 - Holiday gift ideas for the roundtable contributors? For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
As we close out 2024, the U.S. economy remains a focal point, with the election, market trends and shifting economic health all under the microscope as the presidency shifts to Trump 2.0. Meanwhile, the transformative impact of AI on industries is accelerating, driving productivity and industry adoption. Consumer sentiment in the wake of inflation and affordability concerns are reshaping spending habits as companies seek to improve data and AI to deliver personalized products faster. With these key themes at the forefront, what's been the story for 2024 and what might lie ahead for 2025?Join Damian Fernandes, Managing Director, Portfolio Manager, TD Asset Management Inc. (TDAM), Vitali Mossounov, Vice President & Director, Co-Lead of Research, TDAM and Jose Alancherry, Vice President, Retail Client Portfolio Management, TDAM for an engaging Q4 roundtable chat about the forces driving change, and how businesses and consumers are adapting to meet new challenges and opportunities. For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
As we close out 2024, the U.S. economy remains a focal point, with the election, market trends and shifting economic health all under the microscope as the presidency shifts to Trump 2.0. Meanwhile, the transformative impact of AI on industries is accelerating, driving productivity and industry adoption. Consumer sentiment in the wake of inflation and affordability concerns are reshaping spending habits as companies seek to improve data and AI to deliver personalized products faster. With these key themes at the forefront, what's been the story for 2024 and what might lie ahead for 2025?Join Damian Fernandes, Managing Director, Portfolio Manager, TD Asset Management Inc. (TDAM), Vitali Mossounov, Vice President & Director, Co-Lead of Research, TDAM and Jose Alancherry, Vice President, Retail Client Portfolio Management, TDAM for an engaging Q4 roundtable chat about the forces driving change, and how businesses and consumers are adapting to meet new challenges and opportunities.Highlights:1:32 What are the key takeaways on the U.S. election, markets and economy?13:00 What is the current landscape for AI? What impacts have we seen on industries? For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
2024 has been a turbulent year for commodities, marked by record highs and surprising lows across the sector. From Donald Trump's recent presidential victory to global economic and political uncertainty, and the rapid growth in energy demand driven by the electric vehicle boom, investors may face ambiguity in the commodities market. How has 2024 shaped up for the ever-changing sector and what's in store in 2025?Join Ingrid Macintosh, Vice President, TD Wealth, Head of Global Marketing, Client & Colleague Enablement and Strategy, TD Asset Management Inc. (TDAM), Hussein Allidina, CFA, Managing Director, Head of Commodities, TDAM and Humza Hussain, CFA, Vice President & Director, TDAM, as they review the key events shaping commodities over the past year, and explore what lies ahead. Highlights include: 1:07 How might Donald Trump's recent presidential victory impact commodity prices?2:27 What's the story behind recent gold prices?3:58 What might be ahead for Energy given the growth of electric vehicles?8:50 How did commodities perform in 2024, and how did TDAM's dedicated commodities strategy perform in comparison?12:56 How might investors rebalance their portfolios to increase their commodity exposure? For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
As we round out 2024 and look ahead to the new year, understanding the nuances of exchange-traded fund (ETF) taxation is essential for making informed financial decisions. While ETF investing itself can be easy, there are many factors that can impact investors' returns including the geography of holdings, distribution type and overall ETF structure. So what do ETF investors need to know in order to be prepared this tax season?Join Chiara Carozzi, Business Development Manager, TD Asset Management Inc. (TDAM) and Trevor Cummings, CIMA, Vice President, TDAM as they break down key tax themes and strategies for investors looking to maximize after-tax returns, while navigating the unique benefits and challenges of ETF investing.1:10 What triggers a tax on ETFs?5:05 Why does the structure of an ETF matter?6:31 What are key considerations for U.S. ETFs?9:05 What is tax-loss selling?11:55 What are phantom distributions? For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
When considering fundamental versus quantitative investing, the two are often looked at as art versus science, but what does this mean in practice? As datasets continue to grow in size and complexity, quantitative strategies seek to use a data-driven, systematic methodology that seeks to fulfil a variety of mandates, from alpha generation to low volatility and everything in between, all while balancing risk and return. Join Ingrid Macintosh, Vice President, TD Wealth, Head of Global Marketing, Client & Colleague Enablement and Strategy, TD Asset Management Inc. (TDAM), Julien Palardy, Managing Director, Head of Quantitative and Passive Investing, TDAM and Philip Gendreau, Vice President, Quantitative Equity, TDAM, as they discuss how quantitative strategies are built, how the landscape for these strategies is changing alongside technological advancements, and explore the benefits of this data-driven approach to capture alpha.1:32 What is quantitative investing and what are the benefits? 3:05 What is the distinction between fundamental and quantitative investing? 6:50 How is AI impacting the landscape of quantitative investing? 9:22 The art behind creating a quantitative strategy 16:57 Why did TDAM rename our Quantitative strategies to Disciplined Equity Alpha strategies? For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
Equity markets experienced a period of relative calm with a strong bull run that lasted approximately 18 months. With different themes and market-driving factors, our portfolio managers have plenty of interesting topics to discuss. Join Benjamin Gossack, Managing Director, Portfolio Manager, TD Asset Management Inc. (TDAM), Damian Fernandes, Managing Director, Portfolio Manager, TDAM, and Jose Alancherry, Vice President, Retail Client Portfolio Management, TDAM, for an engaging three-part Q3 roundtable chat on equity markets.In this third part of the chat, our portfolio managers discuss the possibilities of a global industrial supercycle, the current state of markets, and whether market conditions in 2024 were in line with expectations.Highlights include: 1:45Is there a global industrial supercycle at play? 4:502024 so far: were there any surprises or has it gone as expected?8:28Is there capital sitting on the sidelines? Is this a slow-moving opportunity?10:00Reflections, book recommendations and movies: what did Ben and Damian enjoy over the summer? For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
Equity markets experienced a period of relative calm with a strong bull run that lasted approximately 18 months. With different themes and market-driving factors, our portfolio managers have plenty of interesting topics to discuss. Join Benjamin Gossack, Managing Director, Portfolio Manager, TD Asset Management Inc. (TDAM), Damian Fernandes, Managing Director, Portfolio Manager, TDAM, and Jose Alancherry, Vice President, Retail Client Portfolio Management, TDAM, for an engaging three-part Q3 roundtable chat on equity markets.In this second part of the chat, our portfolio managers discuss the health of the U.S. economy, corporate earnings, and the market-moving potential of social media.What's the takeaway from corporate earnings reports? (1:04)How is the health of the U.S. economy? (5:55)Is the battle against inflation over? (8:38)Is social media driving market movements? (11:35)What is your reading on other major regions of the world? (13:50) For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
Equity markets experienced a period of relative calm with a strong bull run that lasted approximately 18 months. With different themes and market-driving factors, our portfolio managers have plenty of interesting topics to discuss. Join Benjamin Gossack, Managing Director, Portfolio Manager, TD Asset Management Inc. (TDAM), Damian Fernandes, Managing Director, Portfolio Manager, TDAM, and Jose Alancherry, Vice President, Retail Client Portfolio Management, TDAM, for an engaging three-part Q3 roundtable chat on equity markets.In this first part of the chat, our portfolio managers chat about the bull run that started in the summer of 2022, recent market volatility, and the importance of fundamental research in investing.Highlights include:Was the recent market volatility concerning? How did you react? (2:15)Has the market structure evolved in recent times? (8:05)What is the importance of fundamental research in investing? (10:20)Prices can drive sentiment; how does this affect TDAM's investing approach? (12:42) For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
In this second podcast covering the upcoming U.S. Elections, policies are more important than ever.Highlights Include:- Biden drops out of the race, what is the difference today? (0:55)- What is the difference between winning the popular vote and winning the electoral college? (1:51)- What are the four scenario's for the U.S. Election? (4:00)- How will the proposed change in tariffs impact the market? (5:50)- What is the contrast between Harris and Trump on taxation policy? (9:35)- Immigration - what are the policies presented in these campaigns and will they have an impact on markets? (10:30)- What will the impact of the U.S. Election be on the Canadian Economy? (12:45)- Inflation, Rates, fixed income - what should we expect? (17:40)- Should we expect any change in the trajectory in the tech market? (20:10)- If considering volatility - what is the worst case scenario outcome in November? (24:05)- What would a Harris win look like? (27:45)- What can investors expect three-four months from now, what about two years? (29:40)Don't forget to listen in to our earlier podcast on U.S. Elections on your favourite app - or the TDAM page: https://www.td.com/ca/en/asset-management/insights/summary/trump-vs-biden-podcast For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Email any questions or ideas for future episodes to: td.tdamtalks@td.comPlease follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/
After a period of relative calm and a long bull run that started in the summer of 2022, market volatility has made a comeback amidst emerging reports of slower economic growth. Should investors be concerned? Is this a normal part of themarket cycle, or could this be a window of opportunities for investors with a long-term view or for anyone sitting on the sidelines?Join Ingrid Macintosh, Vice President, TD Wealth, Head of Global Marketing, Client & Colleague Enablement and Strategy, TD Asset Management Inc. (TDAM), Justin Flowerday, Managing Director, Head of Public Equities, TDAM,Doug Warwick, Managing Director, Portfolio Manager, TDAM, and Jennifer Nowski, Vice President & Director, Portfolio Manager, TDAM, as they discusscurrent market conditions and the future state of equity markets.Highlights include: The current state of equity marketsWas the recent market correction a reason for investors to panic?What is the interest rate outlook going forward?How is TDAM leveraging modern investing tools and acumen?What are some of the different sectors and geographicalopportunities that investors with a long-term view can benefit from? For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
In the dynamic landscape of financial markets, understanding the role of fixed income in a diversified portfolio becomes increasingly more important, particularly with interest rate cuts expected in many major markets. Advisors play a pivotal role in navigating clients through these changes, including the complexities of public and private debt markets.Join Ingrid Macintosh, Vice President, TD Wealth, Head of Global Sales Enablement, Marketing and Digital Strategy, TD Asset Management Inc. (TDAM), Michael Augustine, Managing Director, Head of Fixed Income & Asset Liability Management, TDAM and Louis Bélanger, Vice President & Director, TDAM, as they discuss the current market environment, opportunities in fixed income through both a private and public debt lens, and the expanding TDAM capabilities in the global private credit space. For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
2024 is a record year for elections across the globe, with elections occurring in countries accounting for 60% of global gross domestic product and 40% of the world's population. The upcoming U.S. presidential election has the power to send shockwaves through the world's economies and investment markets, and the stage is set for a political rematch, with the Republican and Democratic parties once again fielding Donald Trump and Joe Biden respectively. What does this all mean for investors?Join Ingrid Macintosh, Vice President, TD Wealth, Head of Global Sales Enablement, Marketing and Digital Strategy, TD Asset Management Inc. (TDAM), Michael Craig, Managing Director, Head of the Asset Allocation and Derivatives Team, TDAM and Christian Medeiros, Vice President, TDAM, as they discuss the upcoming U.S election and its potential implications on markets. For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
The conversation with the portfolio manager continues in part three. Ben and Damian chat more about the covered call process, reflect on recent financial history, and how they think advisors view the market.For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/ Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/ X: @tdam_canada
Given the exceptional strength of the equity market in the second quarter, the global indices inching towards all-time highs and the growing dissonance in investors' market perceptions, our portfolio managers have a plethora of engaging topics to discuss. Join Damian Fernandes, Managing Director, Portfolio Manager, TD Asset Management Inc. (TDAM), Benjamin Gossack, Managing Director, Portfolio Manager, TDAM, and Jose Alancherry, Vice President, Retail Client Portfolio Management, TDAM, for an engaging three-part Q2 roundtable chat on the equity market. In this second part of the chat, our portfolio managers are taking a deep dive into the philosophy behind portfolio construction and the comprehensive value creation process.Highlights include:Portfolio construction: Looking beyond the top ten holdings Value creation process leading to outperformance TD Active Global Enhanced Dividend ETF's five-year growth journey: A stable strategy driven by an alternative thought process Art and science of writing options in the evolving market structure For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
Given the exceptional strength of the equity market in the second quarter, the global indices inching towards all-time highs and the growing dissonance in investors' market perceptions, our portfolio managers have a plethora of engaging topics to discuss. Join Damian Fernandes, Managing Director, Portfolio Manager, TD Asset Management Inc. (TDAM), Benjamin Gossack, Managing Director, Portfolio Manager, TDAM, and Jose Alancherry, Vice President, Retail Client Portfolio Management, TDAM, for an engaging three-part Q2 roundtable chat on the equity market.In this first part of the chat, our portfolio managers discuss the emerging global industrial supercycle, underlying fundamentals pushing equity markets to new highs and the diversification difficulties arising from the new Artificial Intelligence (AI) theme.Highlights include:Global industrial supercycle: Are industrials the real generals of this market? (1:10)A party is going on in the markets - Why are investors disinterested? (2:55)Do the fundamentals justify the equity market performance? (4:50)Exciting and terrifying: Diversification difficulties stemming from AI spending (9:00) For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
Commodities are another class of assets, just like stocks and bonds. From precious metals to food and energy sources, they are the building blocks for all goods and services. Commodities. Historically, this asset class has demonstrated a low correlation to the prices of stocks and bonds. This makes commodities a valuable source of diversification and a significant lever for investors' looking to add returns and reduce risk in their portfolios. Join Ingrid Macintosh, Vice President, TD Wealth, Head of Global Sales Enablement, Marketing and Digital Strategy, TDAsset Management Inc. (TDAM), Hussein Allidina, Managing Director, Head of Commodities, TDAM and Roxane Lapenna, Vice President & Director, Retail Client Portfolio Management, TDAM, as they discuss the opportunities in the world of commodities. Highlights include: 1:50TDAM's approach to capturing value in commodities4:19Why is cocoa making news headlines?6:45The role of precious metals and energy in portfolio diversification 14:32How investors can profit from an allocation to commodities 19:25Looking back at commodities performance in 2022 For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
Classified as Alternative Investments at TD Asset Management Inc. (TDAM), the strategies that invest in Commercial Mortgages, Private Debt, Real Estate and Infrastructure offer access to private market investments or those not typically available to the retail investor. Join Ingrid Macintosh, VP Wealth, Head of Global Sales Enablement, Marketing and Digital Strategy, TDAM, and Colin Lynch, Managing Director, Head of Alternative Investments, TDAM, as they take a deep dive into the role of private market investments in the modern investing landscape, outline the outlook for this asset class and discuss the concept of quality in Alternative Investments.Highlights include:Bird's-eye view of key private market categories (1:30)A flight to quality: Not all properties are created equal (3:32)Infrastructure investments – moving towards environmental sustainability (8:00)Commercial Mortgages: Creating accretive yield opportunities for individual investors (13:41)Importance of the TDAM brand when providing investors with access to higher returns (18:17)Also tune in on YouTube: https://www.youtube.com/watch?v=KKjTFR1D4f4 For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
On this new TDAM Talks podcast, Ingrid Macintosh, VP Wealth, Head of Global Sales Enablement, Marketing and Digital Strategy, TD Asset Management Inc. (TDAM), welcomes Justin Flowerday, Managing Director, Head of Public Equities, TDAM, and Monica Yeung, Vice President & Director, Portfolio Manager, Public Equities, TDAM to discuss the driving forces in the Canadian market, themes emerging from the opportunity set, and issues surrounding Canadian productivity.7:00 What are the opportunities in the Canadian market?13:00 Is productivity an issue in Canada?14:30 Where can investors find opportunities in artificial intelligence (AI)?22:00 Rapid Fire: Housing, Consumer Debt, GICs For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
The TD Asset Management Inc. (TDAM) investment team brings value by providing answers to current questions about financial markets important to investors and advisors. On this new TDAM Talks podcast, Jason McIntyre, Vice President, Head of Retail Distribution, TDAM, and David Sykes, Chief Investment Officer, Head of Investments, TDAM and Senior Vice President, TD Bank Group, pick up several topical questions from TDAM's "mailbag": the interest rates environment, real estate market expectations, Canadian equity market drivers, Artificial Intelligence (AI) investment perspectives and the philosophy guiding the TDAM investment team.Highlights include:Interest rates outlook in Canada and the U.S. (2:00)How is AI impacting the investment space? (10:55)Market reactions to the upcoming U.S. election (14:47)TDAM's research philosophy that drives the investment team (18:40) For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
On this new TDAM Talks Podcast, join host Chiara Carozzi, ETF Business Development Manager, TDAM, and guests Trevor Cummings, Vice President, TDAM and Brittany Puglia, Regional Vice President, Advice Distribution, TDAM. Together, they discuss how Small and Mid-Cap companies can provide huge opportunity for valuation discounts, strong earnings growth momentum, and diversification benefits.Highlights include:Defining Small and Mid-Cap (SMID) (0.40)Why SMID is an attractive place to be in for investors right now (4:00)What are some key considerations when investing in Small and Mid-Cap Companies? (9:55)Adding exposure with ETFs like TQSM (20.04) For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
Join Ingrid Macintosh, VP Wealth, Head of Global Sales Enablement, Marketing and Digital Strategy, TD Asset Management Inc. (TDAM), and Kevin Hebner, Managing Director, Global Portfolio Management, TD Epoch, as they discuss the impacts of artificial intelligence (AI) on the global labour landscape and financial markets, the path forward for the regulation of AI, and the AI investment outlook.Highlights include:How are the AI benefits reshaping the labour landscape? (1:05)"The future is already here – but it's not evenly distributed" (9:30)Will AI need to be regulated and how? (10:57)Is AI already a bubble? (17:52) For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
On this new TDAM Talks podcast in our Minds and Markets series, Naoum Tabet, Managing Director, Lead of the Institutional Client Portfolio Management Team, TD Asset Management Inc. (TDAM) discusses the impact electric vehicles (EVs) have on the market with Hussein Allidina, Managing Director, Head of Commodities, TDAM.Highlights include:What is the near-term outlook for the price of oil? (3:30)How will the trend to decarbonization impact the price of oil? (5:00)How will the move away from Internal Combustion Engine (ICE) vehicles impact the price of commodities? (6:45)Is the system heading for a disruption? (10:27) For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
On this special International Women's Day edition of the TDAM Talks Podcast, Ingrid Macintosh, VP Wealth, Head of Global Sales Enablement, Marketing and Digital Strategy, TD Asset Management Inc. (TDAM), welcomes Kim Parlee, Vice President, TD Wealth, and Priti Shokeen, Managing Director, Head of the ESG Research and Engagement Team, TDAM. Together, they share experiences as women in finance and their career journeys, discuss the importance of diversity of thought, and celebrate women's social, cultural and economic achievements. Highlights include:Diversity, inclusion and equity as a key pillar of the ESG strategy (3:11)The evolution of women's roles in the financial industry (13:08)Looking at the AI-building algorithms through a female lens (19:01)Opening opportunities for women through mentorship and sponsorship (21:15)For the video version of this podcast, watch here! For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
On this special edition TDAM Talks podcast in our Breadth of Experience series, Damian Fernandes, Managing Director, TD Asset Management Inc. (TDAM), Ben Gossack, Managing Director, TDAM and Jose Alancherry, Vice President, TDAM, engage in a roundtable chat on the equity market: Topics include recessionary fears, market cycles, diverging trends in investing, and revealing their equities "origin story." Damian and Ben are Lead Portfolio Managers at TDAM, and Jose is a Client Portfolio Manager within the TDAM Fundamental Equities Team.Highlights include:Is the U.S. Federal Reserve "overcooking" the economy? 1:00Exploiting skepticism through stock selection 5:50The Magnificent Seven and the Market - is it the S&P7 vs S&P493? 8:19Living through the Industrial Supercycle 11:51Should we be thinking about defensive stocks? 18:05Is technology overplayed? 21:56Artificial Intelligence and it's integration into our lives 23:20The U.S. Elections and the impact on the economy - do they really matter? 25:12 For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
On this episode of the Commercial Real Estate Podcast, hosts Adam Powadiuk and Aaron Cameron speak with Colin Lynch, Managing Director and Head of Alternative Investments at TD Asset Management. Topics covered include: Insights into global market dynamics in 2023 and beyond Canada's model for weathering economic and real estate cycles The role of math... The post How to Effectively Assess Global Real Estate Investment Opportunities with Colin Lynch of TD Asset Management appeared first on Commercial Real Estate Podcast.
How Diversification and Consistency Build a Path to Financial Health During this critical time of the year when Canadians are making their Registered Retirement Savings Plan contributions and investment selections, Ingrid Macintosh, VP Wealth, Head of Global Sales Enablement, Marketing and Digital Strategy, TD Asset Management Inc. (TDAM), welcomes Michael Craig, Managing Director, Head of the Asset Allocation and Derivatives Team, TDAM, and Anna Castro, Managing Director, TDAM. Together they discuss the power of consistency and diversification, why it's important to have a disciplined path to building wealth and financial health in retirement, and how portfolios can be positioned to help meet long-term retirement goals.Highlights include:2024 market outlook (1:04)Inflation and growth: Let history be your guide (3:10)Disciplined path to financial health (8:51)Nimble TD Retirement Portfolios strategies for investors at the decumulating stage (19:01) For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
On this new TDAM Talks podcast, Ingrid Macintosh, VP Wealth, Head of Global Sales Enablement, Marketing and Digital Strategy, TD Asset Management Inc. (TDAM), welcomes Michael Augustine, Managing Director, Head of Fixed Income & Asset Liability Management, TDAM, and Benjamin Chim, Managing Director, Lead of High Yield Fixed Income Team, TDAM to discuss how investors in Fixed Income can better understand bond markets and some of the key factors that may affect the outlook.Highlights include:Return of Fixed Income in 2024 (1:30)Credit Challenges Ahead (4:00)Trajectory of Interest Rates (12:30)The Rapid-Fire Session: Recession, Global Tension, Election Year (19:00) For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
On this first 2024 TDAM Talks podcast, Ingrid Macintosh, VP Wealth, Head of Global Sales Enablement, Marketing and Digital Strategy, TD Asset Management Inc. (TDAM), welcomes David Sykes, SVP TDBG, Chief Investment Officer, Head of Investments, TDAM, to discuss the trends that may shape the financial landscape in the year ahead, outline the expectations for different asset classes and describe TDAM's disciplined investment approach.Highlights include:2023 in a rearview mirror (2:23)Expectations for different asset classes in 2024 (4:15)The Magnificent Seven theme outlook for the year ahead (9:34)How real are recessionary fears? (19:01) For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
The Portfolio Managers at TD Asset Management Inc. (TDAM) are always hard at work behind the scenes expanding our innovative offerings, and through their dedication TDAM continues to be one of the top asset managers in Canada1. With a focus on building and maintaining strong relationships, and a commitment to understanding the unique needs of retail and institutional investors, asset managers at TDAM are driven to provide competitive solutions to help our clients achieve their goals.Building on these strengths, we recently launched TD Global Investment Solutions (TDGIS), a new institutional identity bringing the combined multi-asset expertise of TDAM and Epoch Investment Partners, Inc. (TD Epoch) to the global investing community with the ability to expand our offerings in existing and new jurisdictions.In this episode of our Breadth of Experience podcast series, Jason McIntyre, Vice President, Head of Retail Distribution, TDAM, welcomes Mark Cestnik, Managing Director, Head of Global Institutional Distribution, TDGIS, for a look at some of the challenges asset managers face in the current market environment of GICs and "safety-seeking" behaviors of investors, and provide a deeper dive into TDAM capabilities at both the retail and institutional level.Highlights include:What has enabled our asset management businesses to be successful in both the retail and institutional space? (0:42)What are some of our institutional Portfolio Managers' distinctive capabilities? (2:58)What are the main challenges for institutional asset management in the current market environment? (5:32)Perspectives on the launch of TD Global Investment Solutions (9:13) For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
In this ENCORE episode of our Breadth of Experience podcast series, host Jason McIntyre, Vice President, Head of Retail Distribution, TD Asset management Inc. (TDAM), welcomes Damian Fernandes, Managing Director, TDAM, to discuss the current macro-economic environment, the pros and cons of different investment vehicles and what TDAM continues to focus on within the global equity space. For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
Highlights include:What is the equilibrium level of interest rates? (0:39)The R-star concept: providing insights into interest rate expectations (2:05)Interest rates forecasting methods (6:26)How complex is the interest rates forecasting process? (7:26) For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
On this new TDAM Talks ETFs podcast, Jonathan Needham, VP and Director, ETF Distribution, TDAM, and Thomas Grant, VP, ETF Capital Markets, TDAM, welcome special guest Julien Palardy, Managing Director, Quantitative and Passive Investing, TDAM, to discuss how quantitative investment strategies may assist investors with navigating an ocean of data by learning from the past and looking into the future to help achieve their investing goals. For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
Highlights include:Why are investors drawn to ETFs? (1:15)What is the significance of portfolio asset allocation? (5:34)How is TDAM innovating asset allocation ETFs? (7:20)What do TDAM's ETFs bring to the table? (12:55) For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
Highlights include:TD Epoch's distinctive capital reinvestment approach (02:46)Why does profitability matter more than growth? (6:49)How TD Epoch's disciplined process resulted in a win for the firm's institutional business (11:22)Tactical changes in the TD U.S. Capital Reinvestment Fund (13:17) For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
Highlights include:Alexandra's background and professional journey 1:11Anna's background and professional journey 4:58How do you think your journeys to leadership may have been different from your male peers? 9:42What does "Embracing Equity" mean to you? 18:00What biases should people let go of regarding women in leadership? 21:50 For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
Highlights include:Alternative investment solutions available at TDAM 2:02The evolution of investing in real assets 3:42What gives TDAM the edge in alternative investing? 5:48What is the outlook on commercial real estate such as office space? 11:02Lightning round: How real assets can provide an Inflation hedge 16:55For a transcript of the episode in English and French, please visit the TD Asset Management Insights page: https://www.td.com/ca/en/asset-management/insights/summary/power-of-alternative-investments/ For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
Amy West, Managing Director and Global Head of ESG Solutions, TD Securities asks John Miller, Managing Director, ESG and Sustainability Policy, TD Cowen Washington Research Group and Carl Elia, Vice President and Director, Global Infrastructure Investments, TD Asset Management why 'ESG' is such a polarizing term. Parties on both sides of the political spectrum in Canada and the U.S. benefit from carbon capture and other sustainability initiatives. Listen in as we examine what could be driving the push against ESG, uncover how sustainable investments engage opportunities rather than excluding high returns and discuss the future of environmental, social and governance finance.This podcast was recorded on November 6, 2023.For relevant disclosures, visit: tdsecurities.com/ca/en/tds-viewpoint-episode-25. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.
Highlights Include:Why are commodities an important part of portfolio construction? 1:05What are the different types of commodities? 4:22Should you consider investing in commodities? 8:38How is TDAM's new commodities offering unique in the marketplace? 12:25Where are the opportunities within the commodities landscape? 16:12 For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
Highlights include:Focus on recent updates within TDAM's equities team 1:30What do equity markets have in store for the rest of 2023? 6:15How does Artificial Intelligence fit into broader investment themes? 9:25What effects will a monetary policy loosening have in the current market? 12:00Lightning round: China's reopening, technology, global financials 14:10Encore Episode For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
Artificial intelligence (AI) is a wide-ranging tool that is transforming every walk of life, with its earliest references dating back to the 1950's. Is AI good or bad? What will AI do next? These important questions could shape the future of our economy as we navigate through the greatest acceleration in the history of AI.Highlights include:Is 2023 really a novel age of innovation? 1:15Why are we seeing a rapid surge in the AI space? 2:50How can we capitalize on the shifting technology landscape? 9:20What sectors are at the forefront of the AI revolution? 11:20What is TDAM's view on investing in disruptive technologies? 14:10Originally aired June 2023 For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
On a new TDAM Talks podcast, Ingrid Macintosh, VP Wealth, Head of Global Sales Enablement, Marketing and Digital Strategy, TD Asset Management Inc. (TDAM), welcomes special guest Tarik Aeta, Vice President, TDAM, to discuss trending topics in healthcare and provide insights into sector opportunities.Highlights include:Panoramic view of past, current and emerging healthcare trends (1:29)Outlook for the sector as obesity drugs gain popularity (3:46)What are the greatest barriers to growth in healthcare? (5:00)Investment segments within the sector (7:40)Role of artificial intelligence in healthcare (13:40)What's driving growth in healthcare? 16:45) For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
Highlights include:TDAM investment teams and capability sets (2:41)TD Wealth Asset Allocation Committee: delivering a clear, concise and insightful market outlook (4:33)Innovation and new thinking: role of commodities in an asset allocation mix (5:57)TDAM Talks: making the concept of investing approachable (7:00)Changing financial landscape: looking at 2023 in a rearview mirror (10:56)What to expect from the markets in 2024? (14:09) For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
Over her career, Ingrid Macintosh has had a front-row seat in watching how the industry acknowledges and addresses women investors. The VP Wealth, Head of Sales Enablement, Marketing and Digital Strategy at TD, says we've come a long way, but despite out-learning, up-earning, and out-living men, women are consistently retiring less wealthy than men. In this episode, Macintosh shares eye-opening stats on the reality women investors face and tangible changes the industry should make to better serve 50% of the population… Plus, why empowering women investors isn't just a good thing to do…it's good for business.
With hosts Wolfgang Klein and Jack Hardill. Guests: Katie Lachapelle, Director, Equity Research - Metals & Mining at Canaccord. https://ca.linkedin.com/in/katie-lachapelle-cpa-b3551a88 Vitali Mossounov, CFA, CPA,CA, Vice President & Director at TD Asset Management. https://www.td.com/ca/en/asset-management/resources/about-us/profile/Vitali%20Mossounov/?profileId=16144&teamId=10
Kasey Wong started investing in real estate in 2003 with single-family homes and triplexes. Over the years, he transitioned to mid-sized apartment buildings in secondary markets like the Kitchener, Waterloo, Cambridge Triangle and St. Catharine's. With a background in banking and property management, Kasey has worked for major players like CIBC, TD Asset Management, Brookfield, and Cap REIT. Now, Kasey specializes in creating investment opportunities and raising capital for his real estate ventures. Casey's approachable, friendly demeanour makes him an excellent resource for sharing strategies. In this episode, we discuss the following: The immense value of a long-term outlook in securing prosperity in real estate investing. His methods to obtain funding and spark interest in investment opportunities. Importance of maintaining steady cash flow while sidestepping the perils of acquisition expenses. How to bolster your relationships with investors through trust-building techniques and reliable safeguards. The need to investigate the merits of zeroing in on multifamily assets and shunning diversification. You can reach out to Kasey by visiting https://cacoeli.com/ FREE REPORT: Download our free report: "Multi-Unit Renovation Operations Order - A Guide to Starting a Renovation” __ Did you like this episode 153? Please take a moment to subscribe and leave a review today! Youtube Spotify Apple Podcasts Instagram
Show Notes: In Episode 53, we cross the mote to the other side of the balance sheet and discuss liability management by pension funds, popularized by the term Liability Driven Investing (LDI). We are joined by Bill Chinery, an actuary and former asset management executive with pension fund expertise as well as Frederic Kibrite, an asset-liability specialist from TD Asset Management. Bill and Fred discuss the evolution of LDI from the early days of pension fund management in the mid 20th century all the way to the celebrated blow up of the strategy in the UK in 2022 that ultimately cost Prime Minister Liz Truss her job. Bill discusses Canada's celebrated pension system which, despite its strengths, cannot fight inevitable demographic challenges caused by lower fertility rates and an aging populations. Fred finishes up with advice to governments in dealing with pension fund demographics – act early!Chapter Headings: 2:20 - Early Days of LDI6:24 - LDI Makes Headlines in the UK12:30 - Tony Blair's Solution for UK Corporate Pensions24:05 - Capacity Limitations – What Happened to RRBs?30:00 - Celebrating Canadian Pension Plans37:27 - Demographic Challenges39:51 - Macron's Political Gamble to Raise Retirement AgeDisclaimer: This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this recording was obtained from publicly available sources, has not been independently verified by TD Securities, may not be current, and TD Securities has no obligation to provide any updates or changes. All price references and market forecasts are as of the date of recording. The views and opinions expressed in this podcast are not necessarily those of TD Securities and may differ from the views and opinions of other departments or divisions of TD Securities and its affiliates. TD Securities is not providing any financial, economic, legal, accounting, or tax advice or recommendations in this podcast. The information contained in this podcast does not constitute investment advice or an offer to buy or sell securities or any other product and should not be relied upon to evaluate any potential transaction. Neither TD Securities nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.
Get Opto's best content every day by subscribing to our FREE Newsletter: www.cmcmarkets.com/en/opto/newsletterToday, we sit down with John Ciampaglia, CEO of Sprott Asset Management, to discuss the current state of the clean energy transition and the investment opportunities it presents.In this episode, we focus on the Sprott Energy Transition Materials ETF, which seeks to gain exposure to the metals and materials necessary for the transition. John shares insights on the potential of these materials and how they are likely to play a critical role in shaping the energy industry's future. We also explore the opportunities and challenges of investing in mining companies with exposure to these materials and the role that such investments can play in building a sustainable and resilient investment portfolio.Before joining Sprott in 2010, John was a Senior Executive at Invesco Canada and held the position of Senior Vice President, Product Development. Prior to Invesco, John worked as Senior Analyst at TD Asset Management.Enjoy!Thanks to Cofruition for consulting on and producing the podcast. Want further Opto insights? Check out our daily newsletter: https://www.cmcmarkets.com/en-gb/opto/newsletter------------------Past performance is not a reliable indicator of future results.CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment, or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction, or investment strategy is suitable for any specific person.The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.CMC Markets does not endorse or offer opinions on the trading strategies used by the author. Their trading strategies do not guarantee any return and CMC Markets shall not be held responsible for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein.
Joining us to talk about how liquid alternatives and real assets are integral to diversifying portfolios against today's inflation and rising rates are Jeff Evans and Travis Wetsch from TD Asset Management.2022 has been a challenging year so far for most investors. Falling stock and bond prices are taking a toll on investors, marking perhaps the abrupt end to a 40-year period of gains in the bond market like no other, and rates of inflation and inflation growth not seen since 1983.With correlations in stocks and bonds climbing to 100% this year, it's been challenging, at the very least to find much of a diversification punch among traditional assets. BUT, liquid alternatives are reminding us that diversification is out there if you are willing to look into some of the more-complex, and often actively managed, parts of the ETF ecosystem.Rising inflation, tightening of monetary policy in the form of rising interest rates, ongoing post-pandemic supply shocks which are the result of disruption of global supply chains, and War in Ukraine have highlighted the fact that investors need to begin to seek alternative investment return streams that do not correlate or have structurally low correlations to the equity/bond portfolios made popular during the last 4 decades.Since 2019, Liquid alternative investments as well as real assets have become readily available to retail investors in the form of ETFs and Funds that trade on a daily basis. So, we've now had in and around three years plus of experience and two major market downturns, the Spring of 2020 and the first three quarters of 2022, for investors to draw from, to understand and see how newly available liquid alternative investments are delivering on their intended value proposition, and, how they can playing an effective role in diversifying portfolios for better outcomes against market volatility, economic and interest rate risk.Please enjoy our conversation!Highlights• What are you seeing in the markets today and how have things evolved over the course of 2022?• What has been TD Asset Management's experience with Alts and Real Assets through numerous market cycles?• How can portfolios benefit from Liquid Alts? What are the greatest weaknesses of today's popular investment portfolios?• In the context of portfolio construction – how can advisors or investors integrate alts and real assets into model portfolios to hedge against volatility and inflation?• Lots of similarities between Infrastructure and Real Estate. What are the key differences?• Please explain the significant divergence between public and private asset classes which makes the public ETF quite attractive today.• How do you manage these unique strategies? Fundamental? Quantitative?• How do liquid alternatives like like infrastructure and real estate fit into existing model portfolios?=================About our guests=================Jeff Evans, CFA is Vice President and Director of Quantitative Research and Risk Management. He focuses on factor analysis and quantitative risk assessment for the TD Active Global Infrastructure Equity ETF, TD Active Global Real Estate Equity ETF and Greystone funds. He is Co-Lead Portfolio Manager for the TD Global Active Real Estate Equity Strategy and the TD Active Global Infrastructure Equity Strategy. Jeff designed the first equity exchange traded fund offerings for one of the major Canadian banks.Travis Wetsch, CFA is Lead Portfolio Manager for the TD Active Global Real Estate Equity ETF and is the Global Real Estate Sector Analyst responsible for U.S. and International Equity strategies. His career began in 1997, and he joined TDAM in 2003. Travis holds a B. Admin. from the University of Regina. He has organized fundraising campaigns for Camp Circle O' Friends and the Chris Knox Foundation.
In Season 2, Ep 14 of the Best Boss Ever podcast, Christine interviews Jonathan Needham, VP, Director and Lead, ETF Distribution at TD Asset Management. Jonathan speaks about his best boss Jason McIntyre, who has a relentless passion for the business, is an uplifting and authentic role model with a competitive but fun sports coach leadership style. They discuss how great leaders are inspiring, spot talent and go after it, challenge you to push past your limits, have a winning mentality and lead best by example.
With so much volatility in today's market, it's more important than ever for investors to understand how their investments are working for them. In this episode, James sits down with an ETF expert and veteran guest on our show, Jonathan Needham, the Vice President & Director and Lead of ETF Distribution at TD Asset Management (TDAM). During their discussion, Jonathan speaks to the current market volatility and introduces some new ETFs (exchange-traded funds) that are now available to Canadian investors, including the 3-year old TD Active Global Enhanced Dividend ETF. He shares his perspective on how this tried-and-true investment vehicle is differentiating itself among the growing variety of asset classes today. Jonathan also explains some of the current trends he and his team are tracking at TDAM, including high inflation, rising rates, slowing corporate profits, and much more. Learn more about TD Asset Management's ETF products: https://www.td.com/ca/en/asset-management/funds/solutions/etfs/
Technology stocks have had a rough start to date in 2022, and currently remain in and around correction territory after temporarily slipping into bear market territory just a few short weeks ago, as measured by the Nasdaq 100 index. Vitali Mossounov, Portfolio Manager and Global Technology Analyst, and Jonathan Needham, Vice President of ETF Distribution, at TD Asset Management joined Pierre Daillie to talk about how the external financial conditions of rising rates have led to this pullback year-to-date, despite blockbuster corporate earnings reports for the end of 2021.We discuss the fundamental underpinnings for the strong mega-cap bellwether technology stocks, such as Apple, Microsoft, Google, and Facebook, found in the TD Global Technology Leaders Index ETF (TEC), and higher-growth technology innovators such as AMD, Broadcom, Crowdstrike, and Shopify, found in the Global Technology Innovators Index ETF (TECI). Vitali Mossounov and Jonathan Needham provide their thesis and thoughts on the way forward for tech stocks.===================Where to find our guests:===================Vitali Mossounov on LInkedinJonathan Needham on Linkedin
CSE's Barrington Miller is joined by Colin Lynch, Managing Director at TD Asset Management, to discuss the Black Opportunity Fund (BOF), a registered charity that provides access to capital and capacity to Black entrepreneurs. The conversation addresses barriers to accessing capital in Canada, COVID-19's impact, and steps to obtaining a grant or loan through BOF.Here's an overview of what Barrington and Colin discuss in this edition of the "Exchange for Entrepreneurs" podcast:00:00 - Introduction and background02:05 - What is the Black Opportunity Fund?05:10 - How to apply for funding09:00 - Requirements and repayment process 13:16 - Social media links and website information
Colin Lynch os the Head of Global Real Estate Investments at TD Asset Management. Colin is responsible for Global and Canadian Real Estate Strategy, overseeing fund design and structuring, implementation and oversight of acquired assets for the Global Real Estate Strategy. In this role Colin manages Investments in over 1000 properties located in over 20 counties worldwide. In this episode we talked about: • Colin's Bio & Background • Financial Crisis • The Canadian Market from a Global Perspective • Post-COVID Real Estate Market Overview • Pricing & Affordability • Effects of Inflation • Commercial Real Estate Culture • Mentorship, Resources and Lessons Learned Useful links: https://www.linkedin.com/in/colinkrlynch/?originalSubdomain=ca Transcription: Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper galley. And on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. Ladies and gentlemen, welcome to working capital the real estate podcast. My special guest today is Colin Lynch. Colin is the head of global real estate investments at TD asset management. Colin is responsible for global and Canadian real estate strategy, overseeing fund design and structuring implementation and oversight of acquired assets for the global real estate strategy. In this role, calling manages investments in over 1000 properties located in over 20 countries. Worldwide. We just updated that now. Colin, how's it going Colin (53s): Kid. Good. Thank you for having me here. Jesse (56s): Thanks for, thanks for being on the show. I'm really excited to talk with you today. I think there's a number of things that we'd like to cover, but before we do, as with every guest that we have on the show would love to get a little bit of more information on your background, how you got into real estate. We talked a little how it was a bit of an unconventional approach or entrance into real estate. So take us back, take us back and give us a little bit of a, of your background. Colin (1m 23s): Absolutely certainly unconventional approach to real estate. So first things first, I actually grew up as very much into music as a musician. And so I was one of those children that was in every sort of music class. By the time it got to high school was performing in a ton of ensembles through the, by the a hundred concerts a year, got to the end of high school, said time to explore something else. Cause I figured I, I had learned all that I could possibly learn in music, which was incorrect, but I figured I'd at least explored app. And so I went into a business and history. So I did three things in undergrad. I did the world concerned for a music. I did a bachelor of commerce at Queens, and I did a bachelor of arts in history at Queens. And, and then, you know, graduated and it was the heyday of the leveraged buyout, boom. And my mom who said, I was way too all over the place said, you got to get a skill. You've got to focus and you should go work for those banks because they never run into any issues, their board to stability. And so that's what I did I do to fleet, went out to investment banking and went to Morgan Stanley and got to experience the global financial crisis front and center. Ben went to, went to, to business school. And throughout that entire period, this is where you expect me to say, I had that passion for real estate, which I do, but I also had a passion for commercial aviation. So joined McKinsey and company in Chicago, but reality was all over the world, did that stuff. And after traveling all over the world, I said, look, that's fantastic, but I'd like to come back to a city I love and a nation I love and that's in Toronto. So I did that and this is where the real estate part comes in. I had been very interested in, in a lot of political activities. And so in 2014, in January, 2014, somebody that couldn't get elected asked me to help him. And that was the John Torrey mayoral campaign here in, in Toronto. And so 10 months later he was mayor. He asked me to work for him. I said, no. And through that conversation set of conversations that got introduced to this firm called Greystone, a firm that I had never heard of before. And, and after about a year of conversation, Greystone asked me to join. So initially I joined in strategy working for effectively the C-suite and, and then that turned into moving into the real estate world. So that's a long way of saying I had a very unconventional introduction to the world of real estate, but it was, it was a fun story to, to live through. Jesse (4m 26s): That's great. So in terms of the, the financial crisis component of that was that you were still a at Morgan Stanley at that, at that time. And if so, what were you doing? What were you doing for them there? Colin (4m 38s): Yeah, I was doing a number, number of different things. I, so I started started that Morgan Stanley focused on consumer retail and financial services. So financial sponsor stories. So serving pension plans who private equity firms in the light and then also timber companies. And then, and then as, as the financial crisis unfolded that broadened. And I basically worked across firstly every street, but spent a bit of time in real estate as well. And then from a type of activity, as I mentioned prior to the global financial crisis investment banking was doing a lot of leveraged buyouts and throughout the financial crisis also worked on things like that or in possession financing for companies going through insolvency or worked on a few, reached a sort of a few IPO's did some M and a, but at the conclusion of my term at Morgan Stanley, the governor of the bank of Canada, Mark Carney at the time requested some help on the financial stability plan for Canada that was quantitative easing effectively in Trent and requests was help design a program for the bank to implement a quantitative easing. And so that's what I did in the last sort of four months or so of my time at Morgan Stanley. So highly unusual investment banking experience for sure. A lot of industries and a lot of different types of activities that I participated in very much a function of the global financial crisis. Jesse (6m 21s): Yeah, for sure. I mean, it's still topical, I guess even the current environment we're in now. So I think the, the idea of just the macro economic perspective you got, I don't think it's something that's too dissimilar to some of what we're doing right now from a stimulus and, and a quantitative easing perspective. Colin (6m 40s): Very fair point. And you know, it's interesting because prior to this environment that we're in used to tell folks about that quantitative easing program, which the bank didn't actually have to implement. And the bank was here in Canada was one of the few central banks worldwide. They didn't have to implement quantitative easing well, fast forward to 2020, and we were pretty, pretty heavy on the quantitative Beason train. So, so, you know, it's things, things change and evolve over time. Yeah. Jesse (7m 11s): Yeah. Fair enough. So take us to, to the Greystone, to the actual foray into real estate, you know, what, what area did you, did you initially go into, and maybe for those that don't know a little bit about what they do? Colin (7m 25s): Yeah, absolutely. So Greystone began as the investment management corporation of Saskatchewan. So 35 years ago, thereabouts, it was a department of, of the government and it was spun out from the government and became sort of like the investment authority for the province of Saskatchewan then became owned by pension plans. And at that point looked very much like, you know, the Aimco as an example, what the government of Saskatchewan said at that point, when they spun it out was after five years, the pensions could do whatever they wanted in terms of their investment management services. And over time management bought out most of the interests of those pensions and, and that, that time Greystone had a very small real estate portfolio. It was a full suite, so public equities and fixed income, but also had real estate. And that real estate grew from about 200 million to on, on, by the time TD came around and bought Greystone in 2018, that real estate portfolio equity was about 16, 17 billion mortgages was around, I believe at the time about 4 billion. And so it was quite the successful run and Greystone had become a name for excellence in real estate, both equity and debt, even though Greystone began and, and still had quite a strong public equities and fixed income side to it. And so like that, I joined Ray stone working with the senior team in, and once I did a number of things around reorganizations U S expansion, et cetera, I said, look, it's time to fire me because I'm pretty much done. And then that, you know, originated into originate the conversation, which was, you know, do you want to be a coach, I E a manager, or do you want to be a player on the team? And I looked at that and I said, you know, what, why being a player on the team looks really interesting. And so that's the path I went down. And as we've looked at the different areas in Greystone and where my passion was, my dad grew up in construction. And so I grew up with, you know, floor plans, building plans, sorry, I'm on my, on my basement floor. You know, I had a fascination for real estate. And so I thought that would be a cool place to be. And so my foray in was working on our asset management division. And so we created a real estate asset management division in house to do a bit of that work a bit on the office portfolio, in the industrial portfolio. And then, so I worked on that, that I was also asked to help co-create the international strategy, which was taking Greystone success that we had experienced over 30 years within Canada and, and expanding that outside of Canada. And so I worked on those two initiatives and, and then the international strategy went from strategy to being a fund. And I went from creating the strategy to running the fund and then, and then that grew, and it was quite, it's been quite a successful ride. And then I was earlier this year, asked to take over the domestic portfolio, which is that portfolio that had been around for the, for the last 30 years. Jesse (10m 55s): Yeah. So in terms of, in terms of going into the fund model, what was it prior to that? Was it, was it raising capital for asset specific and w like, what was that transformation like? Colin (11m 5s): Yeah, so it was actually, so on the international side, it was literally building something from scratch. So Greystone prior to launching the international head, just domestic real estate. And it was a largely one strategy on the equity side and one strategy on the debt side, diversified across property types and by risk strategies and by geography and on international there's, there were a lot of investors con we call clients that were asking us, you know, why don't you have a strategy to invest outside of Canada? And for about a decade, the Greystone response was we hear you, but we're focused on delivering great results in Canada. And so when I came around and said, look, I really am interested in, in, in being a player on the team versus the coach, they said, great help us solve this. And so we, we literally had a whiteboard. That's how we began. And we, and we designed ground up a single, comprehensive global strategy, investing everywhere from Australia to Europe, to the U S across all the property types and all of our strategies in all formats. So it could be a fund investment or can be a JV, or it could be a club. And, and so we designed something with a tremendous amount of flexibility, which took a long time, but it was quite fun to be able to just literally create something from scratch and then, and then to actually build it, which, you know, you have all of the legal ramifications, regulatory ramifications fro in selling Greystone to TV in the middle of bad. And now you're pro you're owned by a traded bank and they've got their own regulations and then sort of, you know, build a track record and, and take that to the market and, and raise capital and, and deploy it. So that's been, that's been the journey on the international side and it's definitely been interesting. Jesse (13m 11s): Yeah, that is interesting. So we had a Michael Emery on the show a few months ago from allied REIT, and we know every time I have some Canadian Canadian guests that has started or work for a large Canadian real estate company, I always ask them the comparison to the U S or globally, where you have individuals playing in our backyard for a certain amount of time. And then I can imagine just like you're alluding to here, the regulatory environment, the probably the accredited investor differences and those kinds of complexities. Well, I'm sure there was a bunch of things that were challenging, but was there one thing or one or two things that was really one of the, one of the hardest parts about that transformation or about that ability to go from not just in playing in a Canadian market, but into a global space? Colin (13m 58s): Oh, that's a good question. Certainly the regulatory dynamic is, is, is challenging. The European union, as an example, is a highly regulated regulatory construct. And, and there's a lot of rules around if you're marketing a fund, there's something called a passport and you sort of have to have this passport that applies to certain European countries. We have a vehicle in Ireland called the ICAP, which Cyrus collective acid vehicle runs pretty akin to accompany. So with a legitimate board and, and, and all of the infrastructure service providers, companies that service that ICAP sending that up was quite, quite, quite the work, particularly as we're getting to the ninth ending of this, of this story, right, as COVID started. And so we sort of certainly felt the heat of regulatory concern just in general, as, as we were creating this as, as COVID habit. So that's probably a little bit of a boring answer cause folks, folks, really, not too many people get up in the morning wanting to talk regulatory details, but, you know, we had eight, eight external law firms helping us around the world on, on that, on that point. And so, you know, the, the complexity of that I think was unexpected. I would say I'd stepped back from that and say, there's a cultural difference, you know, in, in the U S for sure. You know, I think a bit more aggressive in Canada, we've got a smaller number of participants in the market that are fair. You know, quite a number are fairly well capitalized and have very long-term perspectives in terms of ownership, property. That's not uniform around the world. And certainly the U S is a deep and liquid place. And, and, and the regional variances are quite significant, but I think that broad sort of hates a little bit more aggressive is actually probably true. I'd say the real estate challenge for us is there's just a host of participants worldwide. And so, you know, we're active in Australia, we're active in the UK, we're active in Germany, we're active in Japan and, and finding sort of like-minded investors across all of those regions. It's just a lot to learn a lot to introduce yourself a lot of introductions to make, and a lot of subsequent sort of conversations. And then you layer that on, into, into do that in the pandemic. And, you know, fortunately we S we did maybe three years of those introductions and, and subsequent meetings, pre pandemic, but still we've, you know, we've had quite a number of those conversations. So layer on doing, doing that in a pandemic. And it becomes a quite interesting, Jesse (17m 2s): Yeah, a little more challenging than, than any other time or most times in terms of, if we go there on that, you know, lockdowns the government stimulus, what we we've talked about before eviction moratoriums a lot has happened in the, in the last crazy to say almost two years, how has that perspective for you? And I understand it's a big question, but how has that, how has your perspective as a, as somebody that deals with real estate on a, on a domestic and global level, you know, how has your opinion of the market and asset classes changed over the last year or two? Colin (17m 38s): Yeah, that is a big question. So generally put, I've been reminded of the ever present role of government in our lives and in particular in real estate. And I, and I don't think that can be overstated, right? So whether, you know, the, the eviction moratoriums, or simply put closing down a lot, a lot of the retail, et cetera, and that was a global story. And, and going through the different government programs requirements, et cetera, particularly during the first two waves of COVID was, was an exercise. And, and there's things that we know about. So the shopping malls closed, et cetera. There were other things that got a bit less play, but were also meaningful. I E different requirements for international investors use Australia as an example, there were new requirements for international investors looking to bring capital into the market due to COVID. So, you know, that, that was interesting now to real estate foundationally. I don't think COVID has changed my perspective on the different property types. So as an example, while located office and CPDs high quality had the view that if, you know, pre COVID, if, if you're making office investments, that's probably where you want to invest during COVID, don't have, I haven't changed my perspective on it, you know, has my overall sort of thoughts on office as a property type being tempered clearly. But I, you know, I think you talk to folks and say, and what you hear is, you know, COVID, hasn't really changed their direction of travel. I think that's, that's largely the same for me. I do think on the retail side at some point. So I used the UK as an example, where we saw a lot of devaluation of retail. At some point, you hit the level where you say, you know, the land value is, is, is higher than what folks are sort of trading in the market for. Right. And I think in the UK, you actually have some of those situations, but I think in, in Canada, there were probably some deals to be had in the retail space, depending on the type of retail you're looking at. And that probably, that would be a different point of view than one I would have had two years ago. It's just, we've seen, you know, a lot interns evaluations over the last two years, multifamily and industrial. I mean, you know, I think we've all been very interested on the industrial story, the E the E grocery dynamic, something I'm focused on a bit, most folks don't see that being a significant concern in, in, you know, for those that own grocery boxes. But I do think that that E grocery, even though most would say, it's fairly unprofitable for the operators. I do think it's worth watching. And, and then on the multifamily side, you know, the, the story say, Hey, everybody's moved out, Tim, we're all gonna live in, in, you know, in two hours outside of the metros or we're going to move someplace far. I think we're seeing that kind of played out to a small degree, but largely hasn't fully, and folks have moved back. And especially in, in the U S where folks have moved back into urban Metro San Francisco's a bit sluggish on that. But beyond that CEO look at Seattle, look at Boston, you've seen, you've seen those apartment rants quite dramatically increased this year. So, you know, some, all of that up and say, not dramatic changes in my view on real estate overall, but certainly certainly reinforcement in some areas and, and deeper thinking and others. Yeah. Jesse (21m 57s): I think I'm probably agree with everything you just said, from my perspective of what you're saying, it sounds like very similar to our outlook. Obviously we're biased in brokerage, but on the office end, I think that there was, if you were really in tune with what was going on in office, you saw a lot of these changes really predated COVID in the lockdown, the different ways of working, the ability to have people come in on potential alternating days. So I th I share your position on downtown well located transit oriented office. I think the story hasn't changed much for them. What's, what's been amazing is that record prices that we've seen in, in industrial and multi res industry industrial, you know, has been the darling of the industry, multi Rez. I think at the beginning of the pandemic, there was this concern that eviction moratoriums would have caused this, you know, mass vacancy, which I think just generally we didn't see, we saw people paying their rent, which I guess in theory, or in practice was kind of subsidy subsidized by the government's. Colin (23m 3s): Yeah, no, that's right. That's right. It was. And that goes back to the first point on the large role of government in, in our society. And, and to be fair, so much of our society was underwritten by the government, especially in that first lockdown, but our multifamily it's interesting because one could juxtapose a national headline from CNN, for instance, saying nobody's paying rent and rent collection is only at 70%. And multi-family, and then what I was hearing from, from institutional owners was, oh, no, our rent collections are 95%. And I, the worst I heard was like maybe 89%. And so, you know, that, you know, those two stats juxtapose show the importance of institutional ownership of the multifamily space and, and how that really paid off in, in, in, in, throughout the crisis, not withstanding the point that yes, government definitely helped pay the bills for a number of folks, but that really, really mattered. And also the types of multifamily that you were in, this is more of a us common than Canada, because, you know, you have a much broader spectrum in the us, but certainly some of that luxury multi-family was, was hit pretty hard in the U S but interestingly, it is bouncing back. Now I was in Boston six weeks ago, or so touring a bit of this product and it's, you know, it was quite interesting. The bounce back has been pretty robust. So anyway, for me, the point is institutional ownership and management of, of multifamily really made a difference in, in the crisis. Yeah. Jesse (24m 49s): And I think on that point with trip, you know, AAA or high-end multi res, I know that there was intra construction, you know, pivots from, okay, maybe let's go be like, you know, maybe we don't need the Taj Mahal, whereas prior to COVID, they might've gone for that super high end. But yeah, I think a big component of it has been, despite some of the government policies, people have continued to pay the rent. And it seems to be at least from the data that we have, that the not only the prices keep going up, but net operating income keeps going up. So the question really from my point of view is, you know, w where do we hit the wall first and pricing or affordability, you know, what, what tempers multi rise. Colin (25m 30s): Yeah, that's a really good question. And take it take cities like Vancouver and Toronto, which have robust shadow rental markets where that condo inventory is, is really, you know, subbing in for that luxury rental. And I candidly think that it's those owners that will have to deal with that question first versus a multifamily owners. And if I were to sort of locate myself along that spectrum, I have to think affordability's going to start being an issue one way or another. So whether it's, you know, people are paying, you know, the income proportions after, after tax income is, is, is off the charts. I'd say as, as a proportion of rent on average, you know, in, in, in, in Toronto and Vancouver, again, to a lot of that sort of condo shadow inventory, but it's worse for folks that are owner occupiers, just based off of the, you know, the significant appreciation that has happened. So, you know, I think it's a legitimate concern. I just don't think institutional multifamily Canada is going to be the first in line to address it. I think there's going to be some other folks who dressing at first and we'll see how it gets addressed. And then the big thing that everybody talks about in, in the public equities world is interest rates. And when will they go up and, you know, folks are concerned about inflation. And I think we genuinely are, cause it sucks that things are a lot more expensive quickly, but I think a lot more people are much more interested on how will central banks, if they decide that this inflation run is a bit more permanent than they thought, Hmm, how will they adjust interest rates to, you know, deal with that. And, and, and there, you know, if I look at that's the challenge and the folks lined up to, to face that challenge, those multi-family owners, aren't first in line, they're probably third in line. The first SIM are probably, you know, I would say highly leveraged homeowners that have, you know, purchased a product in the last year or so. Jesse (27m 47s): Yeah. Fair enough. In terms of moving on to a little bit more on the interest rate, inflation inflation environment, you know, we keep hearing whether this is transitory, whether inflation that we have right now, for those that don't know, I think the fed very quietly, you know, mentioned that they would no longer be targeting the 2%, you know, their, their typical target of a 2% inflation. And it kind of went under the radar, I think even from, from kind of financial news, but w what are your thoughts? And I guess in your role at TD, obviously you have to take a pretty broad global approach. How, how, how did that decision and what you've been seeing as inflation kind of creeping up, how is that influencing or changing, if it does your opinion on, on, you know, where you think you want to lock in rates where you think that you can, you can be in, in variable environments. Colin (28m 44s): Yeah. Good question. So numb number places, one on, on the fixed versus fair, but we, we have generally put, had a predisposition to have as much fixed as possible on the view that, you know, this environment is benign in terms of the cost of debt. And so if we could sort of lock in some of that, that's, that's quite attractive now in certain places, it's pretty hard to do that. So construction financing being one, but we're possible that's being broadly the approach and, and this, and now that's a worldwide thing. So, you know, I think that approach was most pronounced pre pandemic in places like Japan and also in Germany and other European countries. But I think now that's a Candace point, a us point, et cetera, on the other side, which is on the property type side, that's interesting, right? Because multifamily have one year, at least a student housing and maybe eight months, maybe 12 month policing. And when you look at an inflation world of rising interest rate world, that becomes quite interesting, even pre pandemic we're down in Australia, looking at industrial, we took a lot of comfort from the structure of leases in, in, for industrial product in Australia, which have a rental escalations each year. And it's quite quite attractive at two to 3% per year. And so some now, sorry, that's quite attractive right now, right? Hopefully, hopefully it's attractive in five years, but I think that's also important. What's the structure of the leasing in, in the property types that you're investing in. And, and it's interesting, even in the office environment today, we're seeing leasing transform a little bit. We're seeing shorter term leases, not due to inflation, just due to uncertainty in office, but the, you know, the, I guess the net benefit of what might be viewed as more challenging leasing dynamic is you might have a little bit more flexibility in the shorter term if we, if we do have, you know, rising rates due to rising inflation. So it is a complicated point, but we, we really began thinking about it in earnest in 2020. You know, we, we thought about it in 2019 and 2018, but in 2020, as we saw some of those significant changes and by the way, on the fed. Yeah. So that was a watershed moment. At least to me, when they moved off that sort of target, they also sort of announced, I think in the September meeting to be, you know, that they would begin tapering. Now we've been tapering in Canada for awhile, but I also think that's an important announcement that probably didn't get as much press as it should. And then the program to taper fully, I think goes until June of next year. And after that, you would, you know, at least conceivably expect that rates would begin to rise. And I think to most people that would be sooner than what most people anticipate for the U S fed to, to do so. Yes, the feds made a few announcements that I think of come beneath that radar screen. Jesse (31m 59s): I think it's one of those things that when it comes down to the ground level for us at the property level, whether it's, you know, office leasing or retail, I think there is potential for return of, you know, we've had leases where in the nineties and eighties, you'd see these legacy leases where they didn't have step-ups discreetly, but they had, you know, each, each year your rent would rise or your base rent would rise as a function of the CPI index. So it'd be interesting to see if we go back to more of kind of targeted step-ups that really want to go up with inflation, you know, if that's going to be a big enough thing where you, you see that translate, but yeah, it's, it's definitely something that's on the interest rate side, curious for all everybody, you know, we have people on that are, I find extremely smart that will have complete opposite opinions on inflation and interest rates. So it's one of those things where you watch carefully, but in terms of having a crystal ball for where, where rates are going to go, I mean, I think I've confidently said rates will have to go up for the last 10 years. Colin (33m 5s): Yeah, that's right. That's right. And, and, and eating a bit of humble pie is essential when, when, when prognosticating about these saints, because it's, you know, it's, it's almost like predicting currencies. There's just so much that goes in to, to, to, you know, what the fed does or what the bank of Canada does. And, you know, you can raise rate rates quickly or slowly. You might raise some that dance through there is, there's quite a lot in there. And then you've got geopolitics, you've got a health pandemic and, and, you know, so sitting in 2019, nobody would have anticipated, right. Where rates would be today, just nobody would have gone in that. Right. So to your point, yes, I, I definitely eat some humble pie as well. Jesse (33m 54s): Yeah, no, fair enough. You, you control what you can control. And, you know, we were in one of those few industries where you can directly almost directly pass on inflation to your customer, but it's a interesting point, especially in the Canadian environment, when you talk about student rentals where you essentially can mark to market your rental rates almost almost annually, usually two years, three years. But, you know, for those that don't know the Canadian environment, even in multi res, even though they're one year leases, you're not really marketing to market within, you know, every year, you know, the turnover can be, depending on the asset can be quite a bit different than, than student res. Yeah, Colin (34m 32s): Absolutely. And that, and, and, and that will be interesting going forward, right? Because you had folks in the last year or so, depending on the market and depending on the product, and this is more of a condo shadow inventory point that moves to take advantage of some of the lower rents in the multi-res side, that due to, you know, rent control, both, you know, use Toronto or Ontario as an example, you would think that the turnover rates going to decline materially, at least in the short term, as a result and in, in the student world, you know, it's, it's doubly interesting. So number one, you've got your normal turnover folks graduate, but you also have this year and next year cold called the bulge in the class. You've got people that might've delayed, that are now taking the class people that were at home that are now going back to campus. You've got campuses that were virtual, like Ryerson here in Toronto that are going back to in-person in January. So that re all of that combined, and then you've got international students that are coming back. It makes it a really interesting place to be in the student world. Yeah. Jesse (35m 50s): Yeah, for sure. Colin, I want to be respectful of the time here, but I do want to talk about the, the black opportunity fund for those that don't know what it is. I just want to, you know, before we, we ask our final questions here, I mean, just in kind of asking the question, are you able to talk a little bit about the fund moving on to kind of culture in our commercial real estate world? You know, we can talk about specifically here in our area, but I think culture is very similar, our commercial real estate culture. So I'd like to just kind of get your view on where we're at right now, from your point of view, you know, we're what improvements from a cultural standpoint you think that we can make and, and yeah. And on that talking a little bit about the fund and what it is. Colin (36m 37s): Yeah, absolutely. So first the culture culture in real estate, in the commercial real estate world, it is a highly congenial culture and relies a lot on personal and interpersonal interaction and the log on the power of networks. And that's just a global global point and familiarity with each other on the basis, usually of doing deals and transactions and working through situations, none of that's overly bad. What I have found, whether it's going to expo in new Nick or whether it's going to, you know, an animal con conference in Beijing is it's extraordinarily a male and be uniform. And when I stepped back from that, I think, you know, the folks that occupy our properties are not all male and not all uniform. And we live in one of the most incredibly rapidly changing and advancing times ever, right? We're in the fourth industrial revolution and everything literally is changing. And so how can an owner operator of real estate realistically tell their investors that they're the best in the world at what they do, but their staff is only, you know, only calls from a quarter of the population in the country or city in which they're in. I just don't think it's possible. There are smart people out there, brilliant people out there that would make fantastic real estate investors that aren't actually able to get into real estate for X, Y, Z at ABC reasons. So I think that's a problem for the real estate industry as much or more than it is a problem for society. But if we can solve that problem, we create better outcomes. And this isn't just that, you know, this isn't a CSR thing. I E the thing at the back of the annual report and where everybody's smiling, no, this is actually a, Hey, you can do, you can create better returns by having smarter people running the strategies, running the real estate. So what's the black opportunity fund, a billion and a half world's largest pool of capital to fund a black led black focus, black serving charities nonprofits on one hand businesses entrepreneurs on the other hand. And why, because when we went through the last two years accelerated by what happened, George Floyd, we saw a ton of organizations doing fantastic work, just subscale. They just need a capital. And it, why? Because we thought, Hey, why don't we start an, you know, a scholarship? Well, there's a ton of organizations getting scholarships. Why don't we start an after-school program? There's tons of organizations. There are literally hundreds and hundreds and hundreds of nonprofits, by the way, didn't say charities because they don't have even the scale to get through the process to become a registered charity. So they're non-profits, but they're, you know, moms and pops doing their best with the limited resources that we, that they have. So black opportunity for motivate contributions from corporations, governments, individuals, families, anybody, we think it's a whole, a candidate problem to scale up these charities, nonprofits on the businesses and entrepreneurs side. There are thousands of entrepreneurs and businesses, all of them virtually all of them, very small. And the number one issue statistically as surveyed is access to capital. And there is both and a perception issue and also true difficulty accessing meaning financial institutions are less likely, and this was studied by the, the federal reserve are less likely to give to an individual of color. There, there are like more likely to be determined, to be high risk. And as a result, individuals of color are less likely then to go to those financial institutions. So you have sort of this negative wheel created. And so we're just trying to break that and create an assessable pool of capital to provide. So that's the goal of the black opportunity fund. We have been raised capital TD just announced a couple of weeks ago, $10 million plus office space. Plus the conduct individuals, national bank announced 6 million, just over $6 million to, to the black opportunity fund. There's been a number of other contributions, but we're early meaning we've got a ways to go. We spent a lot of time creating the infrastructure at the correct governance, the board, et cetera, et cetera. And it's been a huge effort, more than 300 folks involved. We talked to thousands of businesses and charities and all, all across the country. And that's important to geography. Folks think about Toronto and Montreal. They overlook St. Johns and Halifax and equalizer. We want to focus completely across the country, French and English, female, and male, and, and, and also LGBTQ plus, et cetera, that is important to us. And so that's the black opportunity fund. Jesse (42m 29s): Yeah, I think, I think for, you know, from the point of view of the industry, I think me personally, I think that's why it's important to have these carefully, these organizations do these care for careful, you know, dis w whatever you want to call them, disparate impact studies, but we're looking at what policy actually does at the end of the day. You know, we have XYZ goal for policy, but what is really happening in reality? One thing that really clicked for me was I was in business school years ago in Toronto, and we had a venture capital capitalist that was talking to our class. And he said that he had his daughter, she was going into computer science and programming and university of Waterloo for, you know, the Americans listening pretty much our Silicon valley in Canada. And he said, he went, brought her into programming and it was an orientation. And as most people could imagine, 99.9, 9% male. And initially I remember thinking, well, you know, if, if you go into something and you have people that are interested in that and they want to do it, and it happens to be disproportionate to society, you know, that's people making, making decisions, but then you said something, I think it would always stuck with me. And when we have these conversations, I always think about this is, he said, these are, this is the generation that's going to design the virtual reality in geography. We plan the way that we navigate the world is a lot of it is going to be on the computer. A lot of it is going to be software. Do you really want this one cohort of people, no matter how great they are with all the blind, you know, the blind side, you know, the blind spots that they have. Do you want that to be what creates the future and designs it, or do you want to have a multitude of different views where the collective blind spots, you know, create something that is very clear? Colin (44m 22s): Yeah, no, that's exactly. That's exactly it. And the tech world to that point has had its owns for the realization. Cause you know, commercial real estate, isn't alone. I mean, I'd say broadly the investment world, same thing broadly, broadly the tech world. But if you stay, you know, I stepped back and I've, and I've posed this question and truly a few times, it's like, why, why is it that virtually all of the administrative assistants are female. And it's like, do you, do you grow up? Are you born? And you grow up and there's an innate desire as a female to become an admin assistant that doesn't exist for males. And clearly the answer is no, at least at least my interpretation and understanding of medicine yields me to conclude. That's probably not the case. It's probably a societal expectation. But if you take it to your example or the instance of commercial real estate owners, you know, how, how is it that you will grow? How can you grasp future trends? How will you understand how people want to live, work and play, how they want to shop the types of retailers? They w retailers that they want to go to the experience that they want to have in lifestyle oriented centers. How can you actually understand that? If it's five dudes planning out the layout of the mall, right? It just, I don't get it. So to me, it's kind of like, well, you want to, you want to draw people in so that you have these different points of view. So Jesse (46m 0s): You're just going to go to that mall and not have any place for, for your, any daycare to put your child. Colin (46m 7s): Yeah. Pretty much Jesse (46m 9s): Awesome. And okay. I've, you know, we've been very, very generous with your time here calling. We have four questions. We ask everybody on, on the show. So if you're cool, I'll S I'll send them your way. Colin (46m 20s): Sounds good. Jesse (46m 22s): Okay. What's one thing, you know, now in your career, you wish you knew when you started, Colin (46m 27s): I say, boldly use using the Wayne Gretzky analogy, which is old flea. Think about where that puck is going and skate, where that puck is going versus looking at the shiny object today and going to that shiny object today. Jesse (46m 46s): Yeah, that's great. I haven't heard that in a while B be where that thing or that puck is going to be not where it, not, where it is in terms of, we always ask guests in terms of what you would tell younger people, getting into our industry, and just generally your view of mentorship, Colin (47m 3s): Jay mentorships, critical more than my mistakes has been not caring mentors throughout my career. As I progress, meaning I have lots of mentors as I began my career. And then you sort of, you know, go through the different levels and you know, you get busy, it falls off you, you know, whatever, it's a terrible thing. I think mentors are absolutely critical. Gives you a perspective on, on things that you're seeing today that, that person's seen in a different way, 3, 4, 5 different times, and can tell you what they did or what didn't do more important than that is a mentor calls out your bullshit. And that's really important sometimes. And so that's valuable somebody coming into the industry today, what would I say? It is a relationship industry at the end of the day. I mean, you got to do the work you got to do well, you got to have passion for it. So if you don't have passion for real estate, don't go into real estate. So assuming you're passionate for real estate, it's a networking industry, it's a relationship industry. And so take that time to go out and take somebody to drinks. Or if you don't drink, take them to lunch, whatever it is, because that, that is what gets your career going in the industry. Jesse (48m 29s): Yeah, absolutely. What is one or two books or podcasts that you are constantly recommending? Colin (48m 35s): Yeah, that's a good question. I do like Malcolm Gladwell's books a lot. I wish I could say I've got a long book list. I wish I could say I've read all the books on that book list. There's a book that comes to mind. It was it's the power of one. I read it in literally high school, but it, it, it, it just speaks to me as a story about courage and resilience that, you know, I think is beneficial today. And if I go back to your earlier question about advice, people used to say in, I banking world, it's a marathon, not a sprint. It absolutely is. And so to run that marathon, you need resilience and you need that, you know, that, that capacity to endure, to learn, to fall down, to, you know, make mistakes and to get up even better. Yeah. That, that book, the pair, the power of one was quite, quite instrumental to me, even though I read it so many years ago. Awesome. Jesse (49m 39s): We'll put a link up to that. And the last question, my favorite layup first car make and model. Colin (49m 48s): So funny enough, I've never, I've never owned a car because I've always lived in, in urban centers and have, you know, subscribed to the notion of taking the subway, walking everywhere and now taking Uber's. But the first car is likely to be some form of electric vehicle. Can't say it's going to be a Tesla, but it might be a, so let's go with Tesla and some electric vehicles. Jesse (50m 16s): I like it. That's the first guest to prospect there, their first car. And the second one that, that they've always, they've always been public transit oriented. So I think that trend is going to continue going in that direction. Colin (50m 30s): Yeah. I was early on that train cause you know, you know, it was very unusual, but you know, just like the, not having a landline telephone, a terrain that was early on that too, but eventually I'm going to have to give them, I know I can, I can see it coming in. It's probably going to be that Evy, hopefully when those batteries are better, there you go Jesse (50m 50s): Calling for those, for those interested in getting in contact with you or anybody that wants to see, you know, what you guys are up to, what would be the best place to reach out? Colin (51m 1s): Yeah. So LinkedIn is, is, is good. People do reach out through that in terms of finding, you know, what we're up to black opportunity fund for bear has a good website, lots of info there. We keep it up to date as it relates to T them and global real estate and our Canadian real estate, there is a T damn website, like most websites in the, in the investment world. We don't tend to overload it with information. So, but T them does have a LinkedIn page. And so that is also quite active. So following either TDM on LinkedIn or on Twitter, there's there's information there. And if you don't want to do either and just want to message me on LinkedIn, you can, and eventually I'll get back to you. Jesse (51m 54s): My guest today has been calling Lynch con thanks for being part of working capital Colin (51m 59s): Pleasure. Pleasure. It was great conversation. Jesse (52m 8s): Thank you so much for listening to working capital the real estate podcast. I'm your host, Jesse for galley. If you liked the episode, head on to iTunes and leave us a five-star review and share on social media, it really helps us out. If you have any questions, feel free to reach out to me on Instagram, Jesse for galley, F R a G a L E, have a good one take care.
Brian interviews Colin Lynch, Head of Global Real Estate Investments, TD Asset Management. We talk about real estate and his dedication to the Black Opportunity Fund and how he thinks we can fight discrimination, racism and poorer opportunities for African Canadians.Colin KR Lynch joined TDAM in 2015 and co-founded the Global Real Estate Strategy. Today, he oversees investments in over 650 properties across 120 cities worldwide. Colin holds an MBA from Harvard Business School, a Bachelor of Commerce and a Bachelor of Arts from Queen's University. All were received with distinction. He also holds an ARCT (honours) from the Royal Conservatory of Music. Colin is a member of the Board of Directors of the Sunnybrook Health Sciences Centre, the Toronto Symphony Orchestra, the Toronto Investment Board and the Queen's University's Investment Committee. He is also a co-founder of the Black Opportunity Fund.
In this episode of the Frontier of Finance, James welcomes guests from TD Asset Management (TDAM) back to the show to explore a sector that's been making headlines since the start of the pandemic – technology. Together with our guests, James explores the latest wave of investing in tech innovation and gets the scoop on TDAM's newest tech ETF, which launched November 30, 2021. He speaks with Vitali Mossounov, Vice President, Portfolio Manager and Global Technology Analyst and returning guest, Jonathan Needham, Vice President of ETF Distribution. They discuss how the technology sector has performed over the past year and half and where investors are putting their money today. Hear about TDAM's brand-new tech ETF, the TD Global Technology Innovators Index ETF (TECI), including why it was created, the strategy behind it, and how to use it to help grow your client's wealth.
Ben Gossack, VP & Director, Portfolio Manager, and Trevor Cummings, VP, ETF Distribution, both from TD Asset Management (TDAM), join Pierre Daillie for a deep dive discussion about the innovative ways the asset management team at TDAM are enhancing investment income without sacrificing total return in their enhanced dividend income strategies.In the conversation, Ben Gossack, lead portfolio manager on TDAM's enhanced dividend strategies, details how he and his team actively manage their core 'dividend-growers' stock selection strategy, which comprises at least 70% of holdings in their ETFs, while integrating a less constrained, 'unlocked' investment process that also involves layering in notional and direct holdings in non-dividend paying secular growth names, e.g. Amazon and Square, for up to a maximum of 30%.Ben and Trevor further detail the mechanics of the unique feature of TDAM's enhanced dividend income strategy which is the addition of the important second and third layer of investment income generation, which involves two actively managed, proprietary option-yield generating overlays:1) Writing covered calls against a percentage of the portfolio, effectively putting those shares up for short term 'rent', i.e. the option premium income, and 2) Cash-covered put-writing, the equivalent of 'selling insurance,' thus collecting option premium income, to get paid to buy stocks at lower prices.Finally, Ben and Trevor disspell commonly held biases, heuristics and myths surrounding the use of actively managed enhanced option-writing strategies. Among those commonly regarded heuristics is the belief that covered option writing yield strategies only effective in markets that are moving sideways or declining. Also diving into the differences between a systematic approach to option-writing vs. the advantages of being active.To the point, about last year's sharp bullish upturn following the March 23, 2020 low, "from an option premium perspective, it was Christmas every day," said Gossack. In addition, he also points out that since they are active, they have the freedom to choose to write, or not write options, depending on market conditions.TDAM's active enhanced dividend ETF offerings are available in two market exposures: Global (ticker: TGED), U.S. (ticker: TUED). For more on these, visit td.com/ETFs.You can also get more intelligence on TDAM's enhanced dividend strategies here.Trevor Cummings on LinkedinBen Gossack on LinkedinBen Gossack's TDAM Bio
Given the pandemic we've all been living through these past 18 months, the healthcare industry has never been more important. This is why it is crucial for investors to stay abreast of new trends in healthcare to make informed decisions. On this episode of the Frontier of Finance, James sits down with Jonathan Needham, Vice President of ETF Distribution at TD Asset Management, to discuss the newly launched TD Global Healthcare Leaders Index ETF. They discuss why the new ETF was made, who it's for, and how you can use it in a portfolio. Jonathan also shares tips for positioning the fund to clients.
In this episode, you'll hear from MMF alumni Angie Elkhodiry - Head of Business Innovation at TD Asset Management - as she discusses the creation of insights and automation for all lines of business using AI tools. To be informed of upcoming MMF Global events, subscribe to our mailing list at global.mmf.utoronto.ca and follow @MMFUOFT on Linked, Twitter, Instagram, and Facebook.
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