Marie-France Guay

Manroop Jhooty, our Senior Managing Director, Total Fund Management, recently spoke at the 13th annual Bloomberg Canadian Finance Conference, where leaders from across the public and private sectors gathered to talk strategy in a fast-changing world. He addressed some of the big themes shaping the investment landscape right now — from rising fiscal pressures and shifting policy in major economies, to the move away from globalism and toward more transactional, bilateral relationships. He also discussed the growing impact of generative AI — not just as an area of investment, but as a force that’s already reshaping productivity, industries, and labour markets. Manroop shared how we’re approaching this environment as a long-term investor: by focusing on areas where we have a clear edge by building strong local teams and trusted partnerships; and by staying transparent, consistent, and focused on relative value across everything we do. A great forum to take stock of where markets are headed — and how long-term investors need to stay agile. https://lnkd.in/eG-9Qjhd

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“Culture eats strategy for breakfast.” 🍽️ In finance and beyond, leadership isn’t just about hitting targets — it’s about creating the conditions for people to thrive. In our latest episode of Diverse Dividends, Joanna Simon, Regional Director of International Investment Advisory at Scotiabank, joins host Sara Loriot, CFA, to share how people-first leadership drives lasting results — and why authenticity matters in finance. Listen to the full episode right now: https://lnkd.in/gU-bAKmP #CFASocietyToronto #CFAToronto #Finance #Investment #Leadership #Culture #FinanceCareers

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Gold projected to reach $4,400 by 2026. Yet to TD Securities’ Bart Melek, every correction is a buying opportunity. Since its breakout in August, gold has surged $670 per ounce —a 20% rise in two months — and now trades above $4,040. That’s more than 50% higher than at the start of the year. Melek expects a short-term pause, perhaps a pullback toward $3,600 but forecasts an average $4,250 in 2026, driven by: • Federal Reserve easing and a weaker USD • persistent central-bank accumulation (led by China) • and renewed rotation from debt into real assets. China’s gold reserves have grown for eleven straight months, yet they still represent only 7.6% of total reserves versus the U.S. at 75%. That gap tells a story of how early we still are in this monetary rebalancing. Tavi Costa of Crescat Capital goes further. He notes that U.S. gold reserves today back only ≈2% of outstanding Treasuries. In the 1970s that coverage was 17%. In the 1940s, 40%. If those ratios returned, gold would be re-priced between $25,000 and $55,000 per ounce not as fantasy, but as balance-sheet math. Costa also sees silver entering its own squeeze. Industrial demand, supply constraints, and potential central-bank interest could push it toward historic highs. Meanwhile, Scottsdale Mint’s Josh Phair observes a physical shift of metal from London to the U.S. as tariffs and geopolitics rise. COMEX inventories are up 75% since the U.S. election, and some states are exploring ways to re-monetize gold within their financial systems. The global monetary order is quietly moving back toward tangible reserves. The currency wars of the past decade are maturing into a trust war and trust has a metallic form. Gold isn’t rising because it’s changing. It’s rising because everything else is.

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Yes – the BoC is likely to ease again after today’s Q2 GDP figures. i.) True, the headline is not far off from the BoC’s projection for Q2 and the economy, but there are clear signs that trade-related uncertainty is in the driver’s seat right now. We can tell that by the drop in net exports alongside the negative contribution from machinery and equipment spending. And remember that the BoC has frequently mentioned the importance of monitoring how elastic US demand for CAD goods exports is in response to the rise in tariffs. This report shows that there ought to be a fair bit of concern on that front. ii.) True, final domestic demand was a strong offset. But note that the uptick in final domestic demand came as the savings rate declined and as disposable incomes only registered meagre gains (employee compensation edged up by only 0.2% on the quarter). Long-story short, households are dipping into savings to spend more even as the macro backdrop remains clouded. That doesn’t feel sustainable. Also, corporate incomes dropped by 1.9% in Q2 - thanks in large part to a drop in energy prices. iii.) Industry-level data flagged the third straight month of decline for goods producers. That hasn’t happened in years. Net-net, this still leaves the path open for another BoC cut at some point in the fall. Whether that’s a Sept or Oct story will be determined by the Labor Force Survey print next week. https://lnkd.in/gPX9BZGU

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Baird served as exclusive financial advisor to ENTEGRA, a portfolio company of Amberjack Capital Partners, in partnership with management, on its sale to NDT Global, a portfolio company of Novacap and La Caisse (Caisse de dépôt et placement du Québec), in partnership with management. https://bit.ly/4m06axO

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In this conversation, Pierre Lassonde describes how he and Seymour Schulich built Franco-Nevada Corporation into the largest precious metals royalty company in the world and how royalties can benefit investors. Replay http://bit.ly/415Ljkp

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SWIB senior portfolio manager and Global Peer Financing Association (GPFA) Board member Chris Benish will help lead the 2025 GPFA annual meeting in Montreal at the offices of Groupe Lacasse Inc. and PSP Investments | Investissements PSP from September 23-25. The gathering of 70-plus investors will share best practices on trading technology, liquidity risk management, and collateral markets. SWIB will be one of over 30 asset owners and asset managers from around the globe gathering to discuss timely and relevant topics in the industry, as Chris will share his insights on the intersection of asset management, liquidity, and financing. #WhySWIB #SWIBEdge

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Yesterday, Brian G. Belski spoke with Financial Post about the roadmap for central banks and the market broadening out beyond the Mag 7. Additionally, Belski speaks on the specific sectors that investors should consider for their portfolios in the full segment: http://spr.ly/6042AKeaA

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