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New Year. New Decade.

AGF INSIGHTS

OUTLOOK 2020

FUND1142_11-19_E_Outlook2020_PDF.indd 1 2019-12-19 8:28 AM

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Table of Contents

04 How Late is Too Late?

08 Greg Valliere’s Guide to the U.S. Election

12 The Roundup

23 2020 Vision

30 Getting Engaged

34 Country Matters

38 Closing the Gap

42 The Q&A

45 Contributors


How Late is Too Late?The U.S. election is the event to watch in 2020, but it’s the late-stage global economy that will determine the fate of the markets.

By Kevin McCreadie


At no time recently has the political climatebeen so divisive as it is today, all the whilebeing played out in a hyped-upcommunications age that scrutini es every

move made and every word tweeted bythe candidates running for office and thepundits who influence the race.

ut for all the potential implications theelection holds, investors need to be carefulnot to get overly caught up in the spectacle.While politics will play an important role inshaping markets in , it’s the late-cycleglobal economy that is most important andthe direction it takes over the next year mayhave the biggest impact on asset prices.

That’s not to say the two don’t mix.overnment has had a hand in many of

the issues that have dogged economicconditions this past year, not ust in the U.S.where the longest expansion on record hasbeen teetering, but elsewhere around theworld where slower growth and recessionrisks have also been a concern.

None of these issues is bigger than theongoing trade impasse between the U.S.and China, which according to a recentUnited Nations report, has been a lose/lose for both countries and because of thetit-for-tat tariffs levied, is estimated to havecost the global economy tens of billions ofdollars.

e in c rea ie

Chief Executive Officer

and Chief Investment Officer

A anagement imited

The United States election is now less than ayear away and the attention it garners in thecoming months will be unprecedented.

AGF INSIGHTS | Outlook 2020 5


The recent trade truce between the twosides is a step in the right direction on thisfront – especially if it results in a phase onedeal that includes the U.S. agreeing tocancel additional tariffs on Chinese importsset to take effect in mid-December, whilealso rolling back some of its existing duties.In return, China would likely need to addressU.S. intellectual property and financialservices concerns as well as commit topurchasing more U.S. agricultural productsgoing forward.

If struck, such an agreement would nodoubt remove a ma or headwind for theeconomy and provide a potential boost torisk assets like stocks and high-yield credit.

ut the opposite might also be true if phaseone of the deal is delayed, new tariffs areput in place, or worse, negotiations breakdown entirely.

Even if phase one gets done, it’s unclearwhether there is enough shared political willto continue hammering out a morecomprehensive deal. China, for example,

may decide it’s better to see how the U.S.election plays out before getting back tothe table. It would likely prefer to negotiatewith a moderate like oe iden rather thanU.S. President Trump but would be leery ofsomeone like Eli abeth Warren winning theDemocratic nomination given her hardstance on human rights and the escalatingprotests in ong ong.

The ongoing impeachment process alsomight not help. While it’s unlikely that Trumpwill be convicted early in the New Year, atrial for his ouster could still be a distraction.

In any case, the trade impasse betweenChina and the U.S. may finally be coming toa head after more than a year of false startsand stalemating, giving investors somemuch needed clarity on the issue, if notexactly what they wish for.

The same is true of rexit, another stubborneconomic headwind – especially forEurope – that could come to some type ofresolution at the end of anuary.

The outcomes of these two highly-chargedpolitical decisions will also continue to holdsway over central bank policy, including theU.S. ederal eserve that is back in aholding pattern after cutting interest ratesthree times earlier this year.

Ultimately, the global economy hangs in thebalance heading into and could goeither way. That doesn’t mean a recession isimminent if trade talks between China andthe U.S. break down, or ritain leaves the



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European Union without a deal. In fact,economic data has steadied in recentweeks and remains resilient in many parts ofthe world, but at this late stage in the cycle,it may not take much to tip it over.

In this environment, investors will need tokeep close watch on economic indicatorssuch as weekly U.S. obless claims andglobal purchasing manager indexes, whichfell throughout , but may be close tobottoming.

At the same time, they will need to weightheir various options carefully. Stock andbond markets could turn on a dimedepending on the direction the economytakes and allocations to both may be saferwhen complemented by alternative assetclasses and strategies that offer thepotential of non-correlated returns.

In the end, the global economy could be inmuch better shape heading into thanmany investors might have expected ust afew months ago. ut when it comes to the

economic cycle, there’s no question it’sgetting late.

Please see Disclaimer section for full disclosure.

hat o you see as thekey issue acin in estorsin ?

See results

Trade DisputesTrade DisputesTrade DisputesTrade Disputes

onetary Policyonetary Policyonetary Policyonetary Policy

ising Populism/Nationalismising Populism/Nationalismising Populism/Nationalismising Populism/Nationalism

Political Polari ationPolitical Polari ationPolitical Polari ationPolitical Polari ation

ecession earsecession earsecession earsecession ears



Greg Valliere’s Guide to the U.S. ElectionAGF’s Chief U.S. Policy Strategist gives his take on the presidential race and what to expect on the campaign trail.


ey attlegrounds

or the hite ouseOur early assessment is that Trump should win Texas, Ohio and

probably lorida, while the Democrats’ nominee should win the

West Coast – California, Oregon and Washington – while also

capturing the Northeast – New York, assachusetts, etc. The

race may come down to three states Trump narrowly carried in

– ichigan, Pennsylvania and Wisconsin. If the Democrats

flip these states, they would have a path to the White ouse.

or on ressost observers (including us) feel the Democrats are likely to

maintain control of the ouse or epresentatives, where they

have seats to the epublicans’ (there are four vacancies

and one independent). The important race is for the Senate,

where the epublicans have a - ma ority. They have

seats up for re-election, mostly in safe states for them, while the

Democrats will defend seats. The Senate is considered a

firewall that blocks liberal legislation coming from the ouse, so

this will be very important for the markets.



ey Dates

Su er ues ay

oting for the Democratic leadership begins with the Iowa

caucuses on ebruary , followed by the New ampshire

primary on ebruary , but the biggest day of all is arch

–Super Tuesday with contests in states and two territories.

California is the grand pri e – whoever wins there probably will

become the frontrunner.

he on entions

The Democrats will hold their

party convention on uly -

in ilwaukee. It’s possible that

no candidate will have

enough delegates to win a

first-ballot nomination. The

epublican convention, on

August - in Charlotte,

should be a coronation for

Trump.

he De ates

The presidential debates will

be held September ,

October and October .

There will be one vice-

presidential debate on

October .

lection Day

The campaign will really heat

up ahead of the November

election Electoral College

votes are needed to win.

Trump won against illary

Clinton in she won ,

with scattered votes for

independents.



ey Issues

o uestion the economy almost always eclipses all other issues. If the unemployment rate stays

below , Trump will have a ma or advantage. e also needs to resolve the China trade dispute,

and we expect progress on so-called Phase One of that this winter.

a es ill e ery contro ersial Trump may seek still another tax cut – which the Democrats will

re ect unless there’s a tax hike on corporations and the wealthy.

limate chan e is an increasingly important topic, especially among young voters. It could be a

sleeper issue in .

ealth care is always a dominant issue Democrats want to

expand Obamacare or adopt a edicare for all plan. This will

be scrutini ed by health care providers and the drug industry,

which would be vulnerable if more left-leaning programs prevail.

he tech in ustry, which is increasingly unpopular because of

privacy issues, will be a ripe target of both parties, but we don’t

anticipate Washington breaking up the industry or imposing

harsh penalties.

There’s widespread support for in rastructure im ro ements, but

no one can figure out how to pay for it.

he S u et has surged passed US trillion a year, and with

some Democrats espousing odern onetary Theory ( T)

and even more spending, there seems to be no enthusiasm in

either party for deficit reduction.

Scan als could be dominant we expect Trump will be

acquitted in an impeachment trial sometime in early , but

his very controversial personality could be a liability for the

epublicans.




The RoundupEQUITIES | FIXED INCOME | CURRENCY | REAL ASSETS | FACTORS


lobal equities performedstrongly in , supported bycentral bank easing anddramatically lower bond yields,and they remain attractive

across several regions headinginto the new year due tosupportive fundamentals andvaluations. This is true, inparticular, for the likes of apan,

Europe and the emergingmarkets (E ), but central bankpolicy, global trade, geopoliticsand the U.S. dollar will still be keymarket drivers.

The health of the globaleconomy has been reliant onthe American consumer and theunderlying strength of U.S. labourmarkets. Thus, any positivedevelopments in trade relationsbetween China and the U.S. andmore certainty on rexit shouldunderpin business confidence

and may lead to a modestacceleration of investmentspending and economic growth.U.S. elections in November may result in periodic volatilityand will depend on theDemocratic Party’s choice ofcandidate. While a U.S. tradedeal with China is possible,substantive progress is unlikely,and U.S. trade visibility with theEuropean Union remains low.

Despite U.S. yield curve inversionin , we do not foresee an

ack to undamentalsPolicy support has overwhelmed fundamentalsin recent years. Will it play a diminished rolein

y Ste hen ay



imminent recession, given a stillsolid labour market and otherrecessionary indicators that arenot alarming at this uncture. Webelieve that we are in anenvironment of low interest rates,which will remain range-boundover the long term.

Uncertainty around rexitcontinues to weigh on consumerand business confidence andinvestment in the U. ., though anagreement that averts a no-deal

rexit scenario should besupportive for growth and equitymarket performance in theregion. Encouragingly, globalmanufacturing data couldbottom towards the end of and inflect higher during .We anticipate the ermaneconomy will benefit greatly,especially if the Chineseeconomy rebounds. While weexpect the European Central

ank’s accommodative stancewill remain supportive in ,additional fiscal measures arerequired. or the broader region,we look for more substantialprogress on reform momentumand integration is necessary for asustained improvement ineconomic growth prospects.

Economic growth in apan maymoderate in as theeconomy continues to ad ust tothe consumption tax hike inOctober . Encouragingly,monetary policy remainssupportive and fiscal stimulusshould provide continuedsupport for the economy overthe medium term. We are alsoencouraged by the ongoingimprovements of apanesecompanies, fueled by increasedshareholder activism andcorporate governance reforms.

Selective E equities are poisedto outperform next year, thoughthis is dependent on a weakerU.S. dollar, which is expectedover the long term. Severalfactors are encouraging in E ,including relative economicmomentum and earningsrevisions, a stabili ation in China’spurchasing manager index(P I), the rise in foreignexchange reserves and investorpositioning. This anticipates arebound in China’s economy in

as the previouslyannounced fiscal stimuluscontinues to filter through the

economy and additional policysupport should be expected ifrequired.

Please see Disclaimer section for full

disclosure.

Any positive developments in trade relationsbetween China and the U.S. and more certainty on

rexit should underpin business confidence and maylead to a modest acceleration of investmentspending and economic growth.

er ect symmetryWhy minimi ing lossesmatters

ea ore



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A combination of macro factorsdrove a sustained downwardshift in yields through much of

, leading to an invertedyield curve. As we enter a new

decade, however, it appearsthe heavy lifting’ related tothese factors is behind us. Trade-related pressures within NorthAmerica and between the U.S.

and China, as well as rexit-related issues in the U. ., may benearing resolution or a d tentefor the time being. Combinethese abating political concernswith troughing global growthand easier monetary conditionsfrom ma or central banks, and areasonable case could be madefor a mid-cycle rise in Treasuryyields, similar to thoseexperienced in previous cycles.Our belief is that the U.S. -yearTreasury yield could rise as muchas basis points or so from

September ’s lows to beginthe new year, though directionafter that becomes less clear.

epricing in credit marketsshould be viewed as a buyingopportunity for high-yield in thisenvironment of slow positivegrowth and benign inflation.Some emerging markets havelagged in large part due totrade headwinds, U.S. dollarstrength and, more recently,regional weakness in atinAmerican markets. ut a reversal

A Tale of Two alvesigh-yield and emerging market debt look

attractive to start the year, but don’t count ratesout altogether.

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of these factors should beconstructive overall despite theneed in many developingcountries to implementnecessary reforms that so farhave been difficult to achieve.

ate-sensitive bonds,meanwhile, are expected to benegatively impacted by curvesteepening in the near term.

Among other dynamics,sovereign Canadian bondscould do better than U.S. bondsgiven the ank of Canada’sposition as the highest-yieldingpolicy rate among developedmarkets and its discomfort withCanadian dollar strength. Whilefundamentals suggestmoderately higher yields fornow, a lack of meaningful

inflation globally and lowerpotential output should limit amore significant rise and thehigh-water mark that yieldsreached in late- is unlikely tobe tested in .

uch of that, however, willdepend on whether centralbanks are forced to starttightening again in the case ofan accelerating cyclicalrebound in the economy, or theopposite happens, and theyapply further easing due to risingrecession fears in .

If choosing between the two, webelieve there is a greaterprobability that yields resumetheir downward trend by thesecond half of . Whileguidance towards exact timingis fickle, the commonlyaccepted notion that aninverted yield curve precedes

recession has a strong trackrecord in recent history and mustbe respected. That said, we alsoacknowledge that the right mixof macro forces could supportextended upside in yieldsbeyond the spring, which issomething to watch for as theyear unfolds.


disclosure.

Stay current on lo almarkets

Su scri e to ay



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Currencies are in a tug-of-war.Pulling from one side of the ropeis ample central bank liquidity,partial progress and healing oftrade war issues, and muted

inflation pressures whichtogether buoy global growthexpectations. At face value,these factors would beexpected to create a natural

tailwind for many emergingmarket (E ) currencies as well ascurrencies with pro-cyclicaltendencies, such as theCanadian dollar, Australiandollar and the Norwegian krone.

Tugging against thesestrengthening factors, however,are recession worries amplifiedby fragile growth, ongoing tradedisputes and fears of ineffectivemonetary policy stimulus. In thisenvironment, foreign exchange( ) markets are more likely to

be range-bound, with a slightbias in favour of safe-havencurrencies such as the U.S. dollar,apanese yen and Swiss franc.

So, what side gives Perhaps theformer, at least to start the year.With global growth still likely tobe muted, there simply isn’tenough economic improvementto float all boats. ut that’s notwhere the tug-of-war necessarilyends.

While the players have

Currency (Tug of) WarEmerging market currencies are likely to providethe best opportunity in .

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changed, competing forceshave been at play for severalyears now, resulting in uninspiringgrowth and inflation, as well ascompressed volatility.

In currency markets, whensentiment is relatively balanced,and volatility is low, it is carry (orthe yield differential) that tendsto drive exchange rates. With

the U.S. having the highestdeposit rate in the , the U.S.dollar has en oyed the dualbenefits of being a high-carrycurrency in addition to itstraditional role of being a safe-haven currency. owever, as thetug-of-war unfolds, thegreenback’s dominance maydiminish.

U.S. elections are another keyfactor that will contribute touncertainty. A re-election ofPresident Trump could raisequestions of whether his secondterm will be characteri ed by amore tempered approach todiplomacy or by an unfetteredpursuit of ideology. On the otherhand, reaction to a Democratwinning the White ouse willdepend on who is at the top ofthe ticket a centrist may bebenign for markets, but a left-leaning leader is likely to createconcern for U.S. growthprospects and be negative longterm for the U.S. dollar.

ecent events in ong ong,Chile and olivia offer areminder that social unrest isunfolding across the globe.Stalled improvements in qualityof life and technology thatenables the mobili ation of like-

minded citi ens have made suchepisodes more commonplace.Discerning between currenciesof countries where governmentsare either proactive or areeffective and timely in theirreactions will allow investors tocapitali e on opportunities,particularly in emerging markets.

In our view, E currencies arelikely to provide the bestopportunity in . any of theconcerns noted have strong oroutsi ed impacts on Ecurrencies. Absent a strong,broad trend in the U.S. dollar,selective exposures to Ecurrencies is our preferredapproach to take in the comingyear.


disclosure.



old has moved back onto theradar screens of many investorsfollowing its recent priceincrease to levels not seen since

. And while the price hassince leveled off, the rally maynot be over yet.

In fact, this could be the start of

a longer-term bull market in goldbolstered by growing riskaversion and increased appetitefor asset allocation strategiesthat are more broadlydiversified.

The key to any gold forecast is tofigure out how it might perform

both as a commodity and acurrency. There are noconventional ways of measuringor assessing its value , other thanrecogni ing its history as a long-term store of value.

That said, the catalysts thattriggered the price move earlierin the year have notdisappeared. As a commodity,gold deposits are increasinglydifficult to find and costly toextract, and the increasing cashconstraints placed upon the

industry by the capital marketswill slow new production growth(at least until prices improve)suppressing new supply.

old’s outlook as a currency,meanwhile, will likely rely on itsresponse to foreign exchangeprice dynamics and measures ofglobal risk. A corollary to that ishow it holds up as an investment,whereby it is influenced by theflows in and out of other assetclasses.

Is old ack in avoury Ste e onnyman



With that in mind, there is astrong likelihood that centralbanks will want to diversify theirholdings away from the U.S.dollar – a portion of which willlikely end up in gold –particularly given the current U.S.Administration’s penchant forwanting to rewrite the rules ofglobal trade.

The likelihood of a recessionand/or significant marketcorrection also continues to risewith each year of this alreadyextended cycle. This moves usanother step closer to fallingeconomic data, rising equitymarket volatility, and therequirement for another round ofrate cuts – all positive stimulus to

the gold price.

Of course, none of thesepotential headwinds for gold areset in stone. If a trade deal withChina is reached, or we get asustained improvement in theglobal economic outlook thatcorresponds with higher ratesand/or a rise in the U.S. dollar,the prospects for gold woulddull.

The U.S. election cycle alsoposes both opportunities andchallenges for gold –notwithstanding the sideshow ofthe ongoing impeachment.Opponents of the existingadministration will likely focus onrecession risks (since incumbentsrarely get re-elected when oneoccurs), while the governmentmay throw additional support atthe economy to boost growthnext year.

Either way, gold is starting tomake a lot more sense in aninvestor’s portfolio than it has insome time.

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NoNoNoNo



Cheap has not been cheerful forinvestors in recent years. alueinvesting, the style made famousby Warren uffett, has regularlyunderperformed other time-

tested factors and has been theweak link in many portfolios. utthis has happened before andnow may be the time to startthinking more positively about

the prospects for inexpensivestocks.

If anything, value’sunderperformance is mostreminiscent of the late swhen the market cycle was alsogrowing long in the tooth andeventually gave way to thedot.com boom and bust.

ack then, U.S. value stocksunderperformed U.S. growthstocks for most of the s,netting significantly smaller gainsin a climate of outsi ed gains. On

a cumulative basis over thedecade, growth stocks almostdoubled value stocks. ut in theearly s, when stock pricescollapsed, value was the factorthat stood up better, falling farless than growth did during thedownturn and gaining moreonce markets bottomed andbegan to rally again.

In part, this can be attributed tohow individual sectors of the U.S.market performed both beforethe tech bubble burst and afterit. Information technology (IT),

actor in the astWhy value’s underperformance isreminiscent of the s.

y ark Stacey rant an an ill De oche



which is synonymous withgrowth, was the top-performingsector throughout the s,followed by financials, healthcare, consumer discretionary,and industrials, while the morevalue-oriented sectors –including energy and materialsstocks – were at the bottom. utonce the bubble burst, sectorleadership was turned on its

head, with value and defensivesoutperforming and IT stocksleading the laggards.

That’s also what has transpiredduring the current market cycle,with IT outpacing all othersectors over the past years.And the parallels to the sdon’t end there lowunemployment, slower growth

and rate cuts were all part of themacro landscape in the late s– ust as they are today. So toowas the spectacle of a U.S.Presidential impeachment.

None of this guarantees thatinvestors will see a market repeatof the early s. owever,investors are already kicking thetires on value again. The factorhas outperformed in varyingregions and sectors around theworld at times in . And whileit can’t be said for sure if valuewill continue to outperform,history can be a compellingguide and factors like it tend toremain out of favour for only solong.

Still, investors need to be carefulabout chasing one winningfactor at the expense of allothers. y choosing a multi-factor approach, they improve

the chance of achieving betterrisk-ad usted returns over time.

hich asset classo you seeer ormin theest in ?

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disclosure.

EquitiesEquitiesEquitiesEquities

ixed Incomeixed Incomeixed Incomeixed Income



2020 VisionA new year. A new decade. So, what’s coming into focus for investors? Here are some of the technologies, trends, travels and treatments that could emerge as potential opportunities over the next 10 years and beyond.


ifth generation ( ) wireless

technology is at the centre of a

controversial debate. overnments

around the world are questioning

whether the latest advance in

telecommunications networks and

those who build them pose a serious

threat to their national security. ut

make no mistake has already

begun to roll out in some countries

globally and will have far-reaching

implications for investors in the next

several years.

is crucial to the ongoing

development of the digital economy.

It is a vast improvement on previous

wireless generations and will provide

unprecedented bandwidth, speed

and capacity for processing the

increasingly complex data sets that

are needed to fully enable

innovations such as the Internet of

Things (IoT), Artificial Intelligence (AI),

irtual and Augmented eality ( /

A ), and automation.

According to I S arkit, a global

research firm, has the potential to

impact as many as different

industries globally and generate

US . trillion in sales by . This will

create investment opportunities in

several areas, including for builders of

network towers and equipment,

semiconductor chip makers, the

telecoms, smartphone manufacturers,

video game creators and many other

consumer-focused companies.

Competition among nations will also

be fierce in the coming years. While

South orea was the first country to

launch mobile service in April ,

over the next years, the U.S. and

China are expected to account for

of the total average investment in

cellular research and development

( D) and capital expenditures in the

mobile value chain, I S arkit says.

All in, the global wireless industry is

expected to gain hundreds of billions

in incremental annual revenue over

the next decade. This is in part

because telecom firms may regain

lost pricing power as the result of new

opportunities in enterprise and

industrial segments of the market, as

well as increased consolidation.

It should be noted that isn’t clear

of caveats. Ongoing security

concerns may continue to slow down

the global roll out, as might

persistent worries about the huge

upfront costs of building out the next

generation of networks. Still, it’s hard to

see a future without it.


disclosure.

Supercharging the InformationSuperhighway

y race uan



iving someone a dose of their own

medicine could take on a whole new

meaning for investors now that the

market for personali ed medicine is

starting to hit its stride. Nowhere is this

truer than in the field of oncology

where the science of genomics is

pushing the global pharmaceutical

industry towards a more targeted, less

invasive new wave in cancer

treatment.

Advances in genetic testing, for

instance, may soon result in a new

standard for therapy selection in lung

cancer patients, whereby tissue

biopsies are replaced by the prick of a

needle to determine a tumour’s

unique protein biomarker and the

drug most suitable for treating it.

iquid biopsy tests, as they are

commonly known, may improve

monitoring of individual responses to

certain drug therapies as well,

including those that work by boosting

a patient’s own immune system.

Immunotherapy can cause tumours to

grow larger before eventually shrinking

as cancerous cells are killed, making

computeri ed tomography (CT) scans

problematic. ut by tracking the

amount of tumour DNA circulating in

the blood, a patient’s response to the

treatment can be accurately

determined at an earlier point in time.

A simple draw of blood is also proving

capable of detecting the recurrence

of certain cancers in a timelier manner

than current methods that also rely

heavily on CT scans. In one such test,

tumour tissue is sequenced to identify

the most common genetic mutations

found in a patient’s primary tumour.

y some estimates, these applications

have a potential market value

somewhere near US billion, but that

doesn’t fully consider liquid biopsy

tests that may soon enable detection

of cancer in asymptomatic patients.

It may take a while for personali ed

medicine and DNA sequencing to

reach a critical mass, but the wait

time may be worth it.


disclosure.

Now, It’s Personaly armen an



Commercial space travel is still a

moonshot for most investors, but it is

moving closer to lift off as the cost of

space launches declines dramatically

due to investments by a new era of

billionaire-backed companies such as

Space , lue Origin and irgin

alactic. y , the industry is

expected to reach US . trillion, or

of U.S. DP, up from US billion in

, according to the U.S Chamber

of Commerce.

The recent irgin alactic public

offering sheds light on its once-in-a-

lifetime spaceflight ambitions that will

offer a luxury experience for the rich.

The company believes its addressable

market will reach . million people in

, which is ust . of high-net-

worth individuals (classified as

exceeding million in net worth). y

, irgin alactic is targeting five

vehicles in operation, annual

flights, , passengers flown, and

, fares per passenger –

resulting in revenues of million. As

the business scales and costs improve

due to manufacturers’ efficiencies

and technological advances, irgin

alactic ultimately believes it can

target approximately million

individuals (with between one and

US million in net worth). Space ,

meanwhile, has already agreed to

take apanese billionaire Yusaku

ae awa on a tourist trip to the moon

with the mission expected in .

The scope of the commercial space

age will introduce reusable

spacecrafts, new hybrid rocket

motors, improved re-entry

mechanisms, and miniaturisation of

electronics – all key to driving costs

down. Due to reusable rockets, the

cost of space launches could fall by a

factor of , according to research

from ank of America. uch bigger

rockets can reduce costs further and

could lead to other longer-term space

innovations, such as intercity travel. If

- to -hour long-haul flying times

between global cities could be cut to

two or three hours, there could be a

market for such services, especially at

the high-end bracket, ultimately

impacting the airline industry.

It remains to be seen, however, what

impact space travel will have on

investors and their portfolios. ut the

countdown to finding out is on.


disclosure.

Commencing Countdowny uritro un u



There’s no question the role that

technology has played in changing

the habits of consumers in recent

years. Whether it’s hailing a ride, or

renting a vacation home, we buy, sell

and rent things like no other

generation and are constantly looking

for new ways of transacting.

On this front, the next big wave of

disruption may be ready to upend

what’s in our closets. In recent years,

Clothing as a Service (CaaS) or E-

Commerce (resale ecommerce) has

become one of the fastest growing

segments of the overall apparel and

accessories market and it looks set to

expand even further given a

confluence of trends that go beyond

ust technological enablement.

irst is the search for affordability and

elevation of thrift as it becomes more

difficult than ever for consumer

incomes to keep up in a culture

increasingly shaped by influencers

with expensive tastes.

The second trend is the growing focus

on sustainability as climate change

concerns take centre stage in public

debate. At least two-thirds of en

shoppers have made an eco-friendly

purchase in the past year, according

to a C S survey. And faced with a

backlash against excess consumption,

some of the biggest fast fashion

brands in the world now offer clothing

recycling to maintain relevance.

There is also the growing desire for

novelty and variety, with of -

year-olds preferring retailers who offer

something new every visit, according

to a lobal Data survey.

As a result, second-hand apparel is

growing in acceptance, particularly

among younger shoppers. This, in turn,

is fueling a growing luxury

consignment market and has several

clothing brands – both mainstream

and otherwise – experimenting with

more rental sales of their merchandise,

as well as subscription services in

hopes of creating greater loyalty and

better margins.

Not everyone will benefit from this

latest disruption. ut those retailers

who can get it right will be in good

position to gain a bigger share of our

closets.


disclosure.

Closet Disruptiony aksim iskuno



A decade ago it was thought that a

computer could never beat a master

o player. The very complex,

, -year-old Chinese game has

more possible moves than the total

number of atoms in the universe.

ut then it happened. In early ,

Alpha o, oogle’s artificial

intelligence (AI)-assisted program,

beat -time o world champion ee

Sodol four games to one and ust

months later, Alpha o aster, a more

advanced version, played

professional o players and beat

them all.

Since that time, AI and related

technologies such as machine

learning, speech recognition and

natural language and image

processing has only become more

advanced. Not nearly to the point of

replacing humans in everything we

do, but enough to perform very

specific tasks better and much faster

than us.

In turn, it has become integral to

enabling some of today’s most

anticipated technological advances,

including those that will shape our

transportation, manufacturing,

healthcare and investment industries

for years to come. y , the market

for AI is expected to reach nearly

US -billion from US -billion in

, representing a compounded

annual growth rate of over that

period, according randEssence, a

market research firm.

AI will be front and centre in several

new investment opportunities and will

also help investors increasingly with

their decision-making. In fact, as

complex as the game of o is, the

investment world is much more

complicated, and machine learning,

as well as natural language

processing, is already helping asset

managers integrate more alternative

sources of data into their research.

This includes unstructured information

such as satellite imagery of parking

lots to gauge real-time supply and

demand metrics, as well as earnings

call transcripts to gauge executive

sentiment.

And so, while AI remains far from

ubiquitous, it has long passed o and

will have a growing influence on our

lives over time.


disclosure.

Nothing Artificial About Ity Ste art o all



As climate change intensifies,

momentum is gaining for swift action

to reduce global carbon emissions. A

ma or energy transition is necessary to

reduce emissions intensity while

satisfying rising worldwide energy

demand. This transition will require

billions of dollars invested in renewable

energy, electrical infrastructure,

battery technology, carbon capture

and storage, and other potential

solutions over the coming decades.

The most prominent sources of global

carbon emissions are power

generation ( ), and transportation

( ) according to the International

Energy Agency (IEA). Progress has

been made in many areas displacing

coal-fired power with lower-emission

natural gas and renewables. Solar

and wind power are cost-competitive

with coal and gas-fired power in

certain geographies, and both are

expected to continue growing

strongly. owever, renewables alone

cannot sustain baseload electricity

demand in most urisdictions without

a dramatic breakthrough in battery

technology. Thus, a combination of

natural gas, hydro, and nuclear will

remain mainstays of global electricity

supply.

or transportation, electric vehicles

(E ) are an obvious solution for

reducing emissions, but E adoption

varies dramatically by region based

on government policies, subsidies,

demographics, income levels,

weather, and range requirements. It is

much more challenging to electrify

heavy-duty freight (trucking, rail),

marine shipping, and air travel, which

will all rely on fossil fuels for decades to

come. Continued improvements in

fuel efficiency, the use of liquefied

natural gas, and biofuels (from waste,

animal fats, algae) can all reduce

emissions intensity here.

Carbon capture and storage (CCS)

technologies will also help in meeting

net emission-reduction goals. These

involve capturing and storing carbon,

usually in underground geological

formations, effectively creating

negative emissions to offset sectors

that are difficult to de-carboni e such

as certain industrial processes

(cement, steel-making), heavy-duty

transportation, and air travel.

While the energy transition doesn’t

spell the complete demise of fossil

fuels, it is clearly creating opportunities

to benefit from increasing investment

in renewables, batteries, and

emissions-reduction technologies.


disclosure.

The ooming Energy Transitiony Dillon ulhane



Getting EngagedHow money managers are using their shareholder clout to affect responsible change.

By Hyewon Kong


Today, so-called ES principles – short forenvironmental, social and governance –have dramatically risen in prominence, inboth the business world and amonginvestment managers. There may be nobetter example of ES ’s growingacceptance than a statement from the U.S.

usiness oundtable in August, in which CEO members, representing some of theworld’s largest companies, declared thatthe purpose of a corporation was to createvalue for all stakeholders. That includesemployees, customers as well as suppliersand communities and is a radical departurefrom the organi ation’s official position formore than years that a corporation’s

purpose is to serve the interests of ustshareholders.

As a new decade approaches, the focuson environmental, social and governanceissues is only expected to increase, not ustin official declarations from the corporateworld, but also in the principles andpractices of the investment industry. Part ofthe reason is the evolving legal andregulatory landscape. Yet, ust as importantis the evolving recognition that goodstewardship and sustainable investingpractices are crucial components of riskmanagement and of asset managers’ dutyto investors. As this trend continues,

consideration of ES factors and robuststewardship will no longer be nice-to-haves for asset managers – they will betable stakes.

To this end, an important milestone came in, when the U. . inancial eporting

Council released its Stewardship Code,outlining seven principles that fundmanagers investing on behalf of institutionssuch as pensions should adopt. The codeestablished a comply or explainapproach while it doesn’t requirecompliance to its principles, it does requirefund managers to explain why when theydo not comply. Other urisdictions havesince followed the U. .’s example. apanadopted its own stewardship code in ,and the Investor Stewardship roup, acoalition of U.S. and internationalinstitutional investors, published itsramework for U.S. Stewardship andovernance in .

The existing codes are largely concernedwith ensuring managers have stewardship

Not so long ago, the investment industrylargely considered responsible investing to bea highly speciali ed niche. Times havechanged.



policies – for instance, on how they willdischarge their responsibilities, on how theywill manage conflicts, on co-operativeaction with other investors, and onreporting. Soon, however, a watershedmoment in stewardship is approaching.

In anuary, a new revision to the U. . Codewill come into effect, and it puts a strongerfocus on the activities and outcomes ofstewardship rather than merely policies. Aswell, it places emphasis on how investmentand stewardship are integrated, including

on ES issues. And it mandates investors toexplain how their stewardship policies applyacross asset classes (publicly listed equities,fixed income, private equity and so on) andto investments outside the U. . In today’sglobali ed investment landscape, theeffects of the new code will be felt farbeyond the U. .’s borders. And, importantly,over the next decade it can be expectedthat other urisdictions – including Europe,more Asian countries and Canada – willfollow.

rom a regulatory perspective, therefore, itonly makes sense to be proactive inadopting policies and practices thatconform to the trend. Yet the need goesbeyond regulation. esearch demonstratesthat companies who are best-in-class orimproving on ES factors also deliver best-in-class returns over the long term. Theytend to have a lower cost of capital, havelower long-term risk profiles and performbetter on a range of metrics. esponsibleinvesting and stewardship are not ustwindow-dressing they are increasingly

going to be a key driver of an assetmanager’s mandate to deliver outstandingreturns to investors. And that meansassuming a more active engagementmodel with the companies they invest in.

Climate change provides a good exampleof how these trends are playing out. Allcompanies are exposed to climate changeas a systemic risk regulatory drivers (forexample, carbon taxes) will affectcorporate decisions on capital expendituresand planning, as well as the top andbottom line for companies in certainsectors, such as oil gas. Increasingly, assetmanagers will have to ask and answer keyquestions about their role in addressingclimate risk.

ow do we engage with the companies weinvest in on the issue ow can we assistthose companies in managing the impactAnd how do we incorporate considerationof climate change into our investmentdecisions

esponsible investing andstewardship are not ustwindow-dressing they areincreasingly going to be a keydriver of an asset manager’smandate to deliveroutstanding returns toinvestors.



On these and other issues, investorengagement will become much moreimportant. At A , we have adopted fourpillars for investment stewardship. The firsttwo concern our approach to ES issuesfirst, research, analysis, and evaluation ofthese issues as a fundamental part ofassessing the value and performance of aninvestment and second, incorporate ESinto our risk and oversight at the portfoliolevel. The other two pillars, however, guideour interaction with the companies weinvest in active ownership, with proxyvoting as a core component andengagement, through which we dialoguewith companies, policymakers and otherinvestors to influence and promote ESvalue-adding practices.

These stewardship pillars do not dictate howour portfolio managers must vote theirproxies, but they do require them to complyor explain – consistent with the approach ofthe U. . and other stewardship codes. Afterall, the level of awareness of ES factors isnot consistent across sectors or

geographies, but our commitment toresponsible stewardship means that oftenwe will seek progress, not perfection. Aswell, we will continually assess the ESperformance of companies in which weinvest, and factor our assessment intoinvesting and stewardship decisions. And ifwe vote our proxy a certain way, we willexplain the rationale.

This commitment is unwavering, but alsoevolving rapidly, not ust for A , but theasset management industry generally.

esponsible investing and stewardship nolonger fall into the category of niche orfad they are realities whose time has truly

come.




Country MattersBroad diversification across the emerging markets may be more important than ever to investors.

By Regina Chi


In fact, E countries, economiesand markets display significantdiversity and fragmentation.Perhaps as importantly, therules developed-market

investors tend to follow whenevaluating equities often don’tapply well to E . Politicaldevelopments, how wellinvestable equities reflect thereal economy, regulatorydifferences and other factorscan create inefficiencies andhighly idiosyncratic investingenvironments, with aconsequent impact on return.

or those reasons, simply buying

an E index or focusing on high-DP-growth economies may not

be enough to generate eithereffective diversification or better-than-benchmark performance.

That’s not to say the rules of Einvesting stand completelyapart generating solid returnsoften comes down to informedstock selection no matter in whatpart of the world you invest in.

ut when it comes to thedeveloping world, identifying thehigh-quality stocks meansidentifying the highest-potentialmarkets and requires a strongfocus on country fundamentals.

This may be truer now than ever.While country factors havealways been important ingenerating returns in emergingmarkets, the retrenchment ofglobali ation and the social andeconomic forces that underpinthe move towards protectionismthroughout the world may seethem play an even bigger role indetermining performance goingforward.

As trade barriers grow higher, forinstance, economies are likely tobecome more regionali ed and

individual country returns willtend to become moreuncorrelated with one another.

oreover, supply chains havealready begun shifting awayfrom China and towards otherparts of the world – ietnam,Indonesia and exico, forexample – as China’s labourcosts have risen. And now therecent trade dispute with theUnited States, China’s largestexport market, has onlyaccelerated that trend.

Not all emerging markets(E ) are created equal.



https://www.agf.com/ca/en/insights/podcasts/index.jsp

The current state of equitymarkets, meanwhile, often doesnot accurately capture evolvingtrends. The SCI Saudi Arabiaindex has been dominated bydomestic financials but theeconomy is heavily dependenton energy. owever, the IPO ofstate-owned Saudi Aramco –which could make the oilenterprise the largest publiclylisted company in the world –has the potential to dramaticallychange the mix.

Our research also suggests thatwhile many investors payattention to economic growth ora country’s political environment,they might overlook other, moredetailed factors.

Take the fact that most Ecountries still rely on capitalcontrols to regulate financialflows and mitigate volatility in

their capital accounts. Suchcontrols create a structural biastowards the home market.China, which limits annualoffshore transactions toUS , per citi en, providesone important example onshoreshares of dual-listed Chinesecompanies (so-called A-shares)tend to trade at a premiumto their offshore equity (so-called

-shares).

Indian equities, moreover, lookexpensive relative to otheremerging markets (about a premium to the SCI E index),but there’s a reason for that too.Over the past decade, assetsunder management in Indiahave grown eightfold, to morethan US billion, but Indianpension funds are not allowed toinvest in foreign assets. The resultmuch of that capital iseffectively held captive,

suggesting Indian stocks mightnot be so expensive after all.

Again, such idiosyncraticfeatures will become even moreimportant for E investors goingforward.

ere are a e o the si ni icanttren s e see layin out o erthe ne t year

hina still mattersYes, supply chains arerecalibrating at the expense ofChina’s historical export

domination, but it remains theglobal growth lever. If Chinadoes well, the rest of the worlddoes well. It still has a healthycurrent account and has showna willingness to implementstimulus to keep the economygrowing. With optimism over atrade truce with the U.S.growing, it’s possible that thegloom over manufacturing andexports will recede, which(combined with European fiscalstimulus) could make abetter year for Chinese stocks.

Our research also suggests that while manyinvestors pay attention to economic growthor a country’s political environment, theymight overlook other, more detailed factors.



ay attention to current accountalances

Our research suggests that ahealthy current accountbalance-to- DP ratio has beena reliable indicator of marketoutperformance. or example,during the taper tantrum,when investors panicked inresponse to the U.S. ederal

eserve slowing its quantitativeeasing program, emergingmarkets with a current accountdeficit were devastated.

Thailand, which had a healthycurrent account surplus (and stilldoes), was an exception.Notably, China also has a verypositive current account so do

ussia, Singapore, Taiwan andSouth orea.

Don t slee on ra ilaluation screens – and the

country’s tumultuous politicalrecord – do not adequatelyreflect the potential for growth inthe world’s ninth-largest

economy. The new governmentunder air olsonaro is enactinga host of pension, tax andadministrative reforms thatshould result in more fiscalpower. If an improved economicbackground translates intohigher corporate earnings, anoverweight position on ra ilcould well be warranted.

Treating emerging markets as ahomogeneous asset class, asinvestors often do, cannot

capture important country-specific realities and nuances.Anyone who has travelled theworld will have observed theobvious fact that while peopleshare common traits, everycountry is different, with its ownstrengths, weaknesses andidiosyncrasies. Why wouldanyone invest as if they were allthe same


disclosure.



Closing the GapWhy infrastructure investing is at a tipping point

By Steve Bonnyman


Everybody talks about theweather, but nobody doesanything about it.

ranted, episodes ofgovernment infrastructureinvestment have punctuatedrecent political and economichistory – for instance, in responseto the reat ecession – andU.S. President Donald Trump’spromise of a trillion-dollarinfrastructure pro ect brieflysparked market enthusiasm inthe wake of his election. So

far, that promise has resulted innothing concrete and the sumtotal of infrastructure investmentin recent years has barely begunto address the perceived need.

In short, the world is rapidlyapproaching a critical tippingpoint. Aging infrastructure isincreasingly failing, and newtechnologies, such as wirelessnetworks and renewable energy,require a next generation ofinfrastructural support for theirdeployment. The need for repair,

replacement and innovation ininfrastructure seems bound tobecome only more pressing.

The demand for extensiveinfrastructure developmentacross most of the economies ofthe world remains undisputed.Estimates of its costs abound forinstance, a study by theconsulting firm c insey Co.estimated that US . trillionneeds to be invested globally ininfrastructure every year to – ust to support currenteconomic growth rates.

Evidence of crumblinginfrastructure is also mounting. Itsimpacts range from the deadlyto the inconvenient potablewater issues in Walkerton,Ontario (biologicalcontamination in ) and inlint, ichigan (lead

contamination) bridge collapses

in Italy, India and the UnitedStates in more recent yearspower outages in California in

and closer to home, theestimated , and ,potholes crews in Edmonton andToronto, respectively, patched in

.

ixing such problems requiresinvestment, of course, but theprimary challenges remain. Notonly does infrastructure generallyrequire lots of upfront capitalcombined with long permittingand construction timelines,pro ects typically offer long

or decades, the need forinfrastructure spending hasfollowed a script similar to the oldchestnut about meteorology

Consulting firm c insey Co. estimated that

US . trillion needs to beinvested globally ininfrastructure every yearto .



payback periods, and thereforehave historically been thedomain of governmentinvestment.

eanwhile, public capitalmarkets – a potential source offinancing – have beenenamoured with capital-lightbusinesses, owing to their lowercapital requirements and hencehigher near-term return oninvested capital. And it hashelped that governments have

been reluctant to give up theircontrol of public works eventhough their revenues are beingconsumed by more visible, near-term demands like health care,leaving little for long-term,expensive pro ects.

The political landscape ischanging, however, and despitethe concerns it raises, populismmight well have an upside atleast for infrastructureinvestment. A rising tide of public

unrest (driven in part by apolitically empowered youthdemographic) could be thecatalyst for governments torelinquish domination ofinfrastructure pro ects andestablish the regulatory, subsidy,and return-on-investmentcharacteristics to stimulateprivate capital to fill the gap.

Infrastructure investment by theprivate sector is a fairly newindustry, being roughly -plus

years old, and it has long beenconsidered the domain of largeprivate specialty funds. In fact,capital market investors havealso had the opportunity toparticipate, by investing in stocksof through the chain (forexample, power producers,electrical equipmentmanufacturers, toll roads andairports) or bottom of chain(aggregates, steel, cement,engineering and construction,etc.) companies.



ore recently, market evolutionhas allowed the private investorto participate more directly ininfrastructure investment. We seeseveral driving economic forcesthat could support this trend andcreate new opportunities.Among them

commerceTime is becoming a competitiveelement in e-commerce, aspurchasers expect to orderanything, anytime andanywhere and have it deliveredtomorrow. This model increasesthe focus on supply chainlogistics and infrastructuresupport. Transportationcomprises roughly of supplychain costs for e-commerce,and failing infrastructure presentsa key bottleneck to timelydelivery.

ner y transitionWith its focus on the use of fossilfuels in transportation and byutilities, energy transition hasbeen the lightning rod of theclimate change debate. Thetwo issues are inexorably linked,as the commonly proposedreplacement for carbon-basedfuel for transportation –electrification – will create anincreased load on the electricalgrid. eanwhile, integratingwind and solar power into theexisting system will require hugeinvestment in powerinfrastructure.

aterAccording to the United Nations,the gap between demand forwater and available waterworldwide will approach .

eanwhile, the UN estimatesthat of global waterabstraction is lost every year

through infrastructure leakage.New water technologies(purification, desalination) andmaintenance/replacement ofexisting pipes and processingfacilities are poised to become acritical need.

Within the public markets, thereis already a broad base ofglobal opportunities to invest inthe infrastructure chain, fromstable, high-cash-flow regulatedutilities to public airports,shipping ports andcommunication towers, as wellas the core builders ofinfrastructure such asengineering and constructionfirms, cement companies andaggregate producers.

We believe the demand for bothrenewed infrastructure andgrowth infrastructure to meetevolving economic needs may

be reaching a tipping point. If so,then capital market investorsmight find infrastructure to be atheme whose time, at long last,has come.


disclosure.

hat themesresonate ithyou most?

See results

Sustainable InvestingSustainable InvestingSustainable InvestingSustainable Investing

InfrastructureInfrastructureInfrastructureInfrastructure

Emerging arketsEmerging arketsEmerging arketsEmerging arkets

AlternativesAlternativesAlternativesAlternatives



The Q&AIt’s been one of the best decades ever for U.S. equity markets. Tony Genua, portfolio manager of AGF’s namesake strategy, offers his unique perspective on what the next 10 years will bring for the most popular universe of stocks in the world.


ou e e erience ariousmarket en ironments throu hyour lon tenure in the in ustry

ith a ne eca e a out tostart hat o you elie e e uityin estors are in or o er the ne t

years?

I’m so glad that the question isabout a -year hori on versusone year. An examination of acentury of U.S. market historyleads to several observationsrelevant to what one mightexpect for the coming decade.irst, -year returns for the S P

Index are positive of thetime over the past years,according to loomberg data.There have been threeoccasions when -year marketreturns were negative the s( reat Depression) the early

s (Arab oil embargo) andthe s (bookended by thedot.com bubble bursting and

the global financial crisis). Sincethere has never been a negativereturn over a -year holdingperiod, the -year returnsfollowing a poor period havebeen positive in all instances.While negative-return decadeshave been followed by positive-return decades, it is interesting tonote a lack of correlationbetween how good a past-decade return was and thesubsequent decade return.Some have suggested that withequity market returns from

- being so high, thes are unlikely to be a healthy

period for returns. This may bethe case, but in my opinion, thenext decade will see equitymarket returns in-line withhistorical experience of roughly

- . This return forecast isparticularly attractive relative towhat can reasonably beexpected from most fixed-

income instruments, given thevery low starting level of interestrates as we enter the s.

hat o you elie e ere thetren s uelin the ast returnsan ho mi ht that chan e inthe comin year an eca eahea ?

There is no question severalsignificant trends have emergedin the past years. This includessocial media, e-commerce andstreaming content such asvideo, music and podcasts aswell as innovations such as cloudinfrastructure and solutionsartificial intelligence electric,hybrid and autonomousvehicles and personali edmedicine. These noted trendsand others will continue toimpact the global economy asthey result in the introduction ofnew products and services.

What is interesting from aninvestment perspective is thetwin dynamic of some of thesetrends being relativelyestablished and perhapsvulnerable to disruption whileother trends are still relativelyearly in benefiting from thesignificant addressable marketthat has yet to develop.

t seems many o these tren sare associate ith ro th stylein estin hich has ha a oorun o er the ast years anthat continue?

rowth has indeed had a verygood past decade and thatshould come as no surpriseconsidering the improvedfundamentals of the companiesthat have participated in manyof these trends. oreover, theeconomic recovery from thedepths of the global financial



crisis has been the longest onrecord, but also the shallowest inthe past years. As such, thesectors, industries andcompanies that typicallycomprise the value styleapproach have not had thecyclical uplift associated withpast economic cycles. Otherconsiderations in the growth/value debate range from the

shift towards a service-orientedeconomy and the changingbehaviour of younger consumersto the significant investment innon-tangibles versus fixed assetsand the definitional aspects ofwhat constitutes growth versusvalue. There is also a matter ofhaving a very long-termperspective in looking at howgrowth has performed relative to

value. rom this multi-decadeviewpoint, growth still has a longway to go since growth has onlyoutperformed value two out ofthe last nine decades,according to TSE ussellresearch.

ny inal thou hts?

Often, it is suggested that oneshould be cautious on U.S.equities in the year ahead giventhe length of the currenteconomic expansion andsubsequent bull market. Thereare, of course, the usual suspectsto blame for a challengingeconomic environment. Theseinclude the U.S.-China tradewar rexit political candidatesunfriendly to the market theever-so-brief inverted yield curveand low CEO confidence. ostof these concerns relate to the

end of the economic expansion.Despite these risks, I’m notexpecting a recession in and corporate profits shouldmake progress, fuelling higherstock prices. Investors should staythe course in having U.S. equityexposure that is appropriate fortheir portfolio. As Warren uffetsaid The stock market isdesigned to transfer money fromthe active investor to the patientinvestor.

Stay current ith

Su scri e to ay


disclosure.



https://www.agf.com/ca/en/resources/email-subscription/index.jsp

Contributors


Contributors In order of appearance. All contributors are employees of A

Investments Inc. except where noted.

e in c rea ie

Chief Executive Officer and

Chief Investment Officer

A anagement imited

e ina hi

ice-President and Portfolio

anager, Emerging arkets

re alliere

Chief U.S. Policy Strategist

A Investments

Ste hen ay

Senior ice-President and

ead of lobal and Emerging

arkets Equities

n y ochar

Portfolio anager and ead

of lobal Credit

om akamura


anager, Currency Strategy

and Co- ead of ixed Income

ristan Sones


anager, Co- ead of ixed

Income

Da i Stonehouse


ead of North American and

Specialty Investments

Ste e onnyman

Co- ead North American

esearch and Portfolio

anager

ark Stacey

Co-CIO A i uantitative

Investing, ead of Portfolio

anagement



https://perspectives.agf.com/contributors/

rant an

Co-CIO A i uantitative

Investing, ead of esearch

ill De oche

Chief Investment Officer, A

Investments C., ead of

A i Alternative Strategies

race uan

Associate Portfolio anager

armen an

Equity Analyst

uritro un u

Equity Analyst

aksim iskuno


Ste art o all

anager, Technology

Development and Analyst

Dillon ulhane

Equity Analyst

ye on on


ony enua


Portfolio anager



https://perspectives.agf.com/contributors/

The commentaries contained herein are provided as a general source of information based on information available as of November 30, 2019 and should not be considered as investment advice or an o�er or solicitations to buy and/or sell securities. Every e�ort has been made to ensure accuracy in these commentaries at the time of publication however, accuracy cannot be guaranteed. Investors are expected to obtain professional investment advice.

The views expressed in this outlook are those of the authors and do not necessarily represent the opinions of AGF, its subsidiaries or any of its a�liated companies, funds or investment strategies.

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), Highstreet Asset Management Inc. (Highstreet), AGF Investments America Inc. (AGFA), AGF Asset Management (Asia) Limited (AGF AM Asia) and AGF International Advisors Company Limited (AGFIA). AGFA is a registered advisor in the U.S. AGFI and Highstreet are registered as portfolio managers across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. AGF AM Asia is registered as a portfolio manager in Singapore. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, �xed income and balanced assets.

™ The ‘AGF’ logo is a trademark of AGF Management Limited and used under licence. FU

ND

1142

11-

19-E


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New Year. New Decade. - Home | AGF.com · 2020-07-24 · New Year. New Decade. AGF INSIGHTS OUTLOOK...

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