Managed Money Reporter Newsletter — Issue 305, August/September 2018

Editors: Carl Spiess & Allan McGlade

Featured Articles

End of Summer Update

Carl Spiess

By Carl Spiess, CFP, CIM, FMA, FCSI, MBA

As we wind up a long hot summer, your investment team at Scotia Wealth Management is pleased to provide an update with some recommended reading and news for the fall.

Our firm's Q3 Portfolio Compass provides an optimistic outlook on global equities and details on fixed income and other markets. Read more about what Scotia Wealth's Global Portfolio Advisory Group has to say at:

Here is Scotiabank's Global Outlook which does suggest caution if the global trade sabre rattling continues to escalate.

Contact us if you have any questions on the implications of these articles for your portfolio.


Back to school – RESP update

Please remember that if your younger family members have an RESP with us, please contact us (or specifically Debbie Ann Espiritu) to make plans for drawing on your education savings account tax efficiently. Our link of the month has some interesting notes on education costs. See our RESP page for more information as well.


Recommended Reading from Capital Group

We have had Capital Group Global Equity Fund on our recommended list for over 15 years and they are one of our top recommended global portfolio managers. I still remember listening to one of their senior director's sage advice right after 9/11. We later used their publications and very long term views during the recession of 2008/2009 to help our clients (and ourselves) keep perspective during that crisis.

Here is a good summary of Capital Group's history and perspective:

15 years of delivering better outcomes

In addition to liking their funds, we like that their lead manager's name is Carl and that he loves Canada:

Promises Kept: Reflections on 15 Years of the Global Equity Mandate

We also love Capital Group's commitment to low fees:

Low fees are part of our commitment to investors

Capital Group has a good explanation for why volatility can help the long term investor:

Volatility: The long-term investor's unlikely ally

If you have any questions about your Capital Group holdings, please contact us. We'd be happy to answer them.


Spiess McGlade team investment returns boosted by Edgepoint Global holdings

Another of our core holdings is Edgepoint Global Equity Fund. Edgepoint has examined their entire client database and extracted the returns Spiess McGlade clients have experienced in their fund over the last 5 years. With the declining Canadian dollar, this fund has benefitted our client portfolios. Of course, we still want some bonds and other holdings in a portfolio which will mute returns and provide more balance. We are grateful to have started using Edgepoint for our clients in 2009 and look forward to seeing the 10 year returns when they become available.

Average EdgePoint returns of Spiess McGlade Team clients

Both Capital Group Global Equity fund and Edgepoint Global Equity fund are on our recommend list for individual portfolios and are currently key holdings in our discretionary fee based portfolios. Please contact us for more information or to review your returns and exposure to global equities.


Team News – Upcoming move to the 48th Floor of Scotia Plaza

We are looking forward to announcing the exact date of our planned move up from the 15th to the 48th floor of Scotia Plaza. Please stay tuned for details in the coming weeks.

In other more personal news, Allan and Kim McGlade were pleased to attend their son Cameron's wedding in Vancouver. Congratulations to the McGlades! Some paparazzi snapped this photo of the bride and groom and you can see the kilt that was worn. No it is not the McLeod tartan, but rather the Clan Cameron tartan.

And many of you have asked about the Spiess family cottage. Our cottage on the Key River was saved by the excellent fire rangers who battled and held back Parry Sound 33 to just a few hundred metres from where my parents built their cottage in 1965.




Recommended Link of the Month

The Government of Canada website has some interesting statistics on how much post-secondary education can cost. An average of $16,000 per year and $66,000 for a four year program. See:

Of course for a second opinion, the Council of Ontario Universities has a lower figure once assistance is factored in:



Contact Us

T.  416.863.RRSP (7777)
F.  416.863.7479

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