Insights

From Safe Haven to Shaky Ground: The U.S. Bond Market Flashes Warning Signs

While the initial shock from the April 2nd “Liberation Day” tariff announcement has subsided, markets remain stuck on a rollercoaster of policy uncertainty. Headlines continue to drive intraday volatility as investors try to make sense of shifting trade rules—new tariff categories, exemptions, and delays—all of which muddy the outlook for corporate earnings. Not only are […]

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From the Desk of Our CIO

From Safe Haven to Shaky Ground: The U.S. Bond Market Flashes Warning Signs

While the initial shock from the April 2nd “Liberation Day” tariff announcement has subsided, markets remain stuck on a rollercoaster of policy uncertainty. Headlines continue to drive intraday volatility as investors try to make sense of shifting trade rules—new tariff categories, exemptions, and delays—all of which muddy the outlook for corporate earnings. Not only are […]

Liberation Day or Detonation Day? Markets Rattle as Tariffs Roar

Given the events that transpired this week, it seems suitable to lead with one of Vladimir Lenin’s famous quotes: “There are decades where nothing happens; and there are weeks where decades happen.” What was dubbed by the U.S. administration as “Liberation Day” on April 2nd will go down in history as the day the U.S. […]

Strategic Metal, Strategic Moment: Copper at the Heart of Geopolitical Tensions

  After dropping into correction territory earlier this month, U.S. equities have stabilized somewhat, finding some support on the hopes of a less aggressive rollout of wider U.S. tariffs next week and a Federal Open Market Committee (FOMC) meeting where Federal Reserve (Fed) Chairman Jerome Powell downplayed some of the mounting concerns around a slowdown […]
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Research Roundup

Unlocking the Potential of Direct Commodities in Real Asset Funds

In the ever-evolving landscape of real asset investments, fund managers seek strategies to enhance portfolio resilience and performance. A compelling opportunity lies in the strategic allocation to direct commodities. This approach offers several advantages that align closely with the objectives of real asset funds, particularly those aiming for robust inflation protection, liquidity management, and diversification. […]
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Invested Newsletter

INVESTED: January Edition

Good morning! Discover the latest trends and insights in this month’s Invested newsletter! In this issue, we explore key forces shaping financial markets in 2025, featuring expert insights from Viewpoint Chief Investment Officer Scott Smith. Additionally, we examine the intersection of urban design, well-being, and economic growth, the transformative role of AI in family offices, […]

INVESTED: December Edition

Good morning! As 2024 wraps up, this month’s Invested newsletter highlights Viewpoint Foundation’s community-driven initiatives in mental health, financial literacy, and the arts. We also explore market trends like rising coffee and cocoa prices, climate-driven chili changes, and expert investment insights for 2025. Plus, check out tips for lasting New Year’s resolutions and 2024’s groundbreaking […]

INVESTED: November Edition

Good morning! Discover the latest trends and insights in this month’s Invested newsletter! In this issue, we focus on the ripple effects of the recent U.S. election and Donald Trump’s return to the presidency. From sweeping tariffs and pro-growth energy policies to their implications for global markets, explore timely insights from Viewpoint’s own Scott Smith, […]
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News & Insights

Are You a Meerkat or an Ostrich?

When it comes to your ETF and mutual fund investments, how much attention do you pay to the Manufacturer Report on Fund Performance (MRFP)? Do you actively seek it out—either by searching online or asking your financial advisor? Do you actually read the entire document? (Glancing at graphics or tables doesn’t count!) Do you fully […]

Nurturing Responsible Wealth Inheritors

— December 19, 2024 Edit — As the year comes to a close, we wanted to revisit a piece from our March issue of Invested: “Nurturing Responsible Wealth Inheritors.” This article explores the unique challenges and opportunities families face in preparing the next generation for responsible wealth stewardship. With 2024 behind us, it’s worth looking […]

Unraveling Market Mysteries One Equation at a Time

Using Greek letters, numbers, and equations to describe the world is strange. Before I embarked on a near decade-long academic pursuit in the field of theoretical physics, I distinctly remember thinking about this peculiarity while sitting in my high school physics class staring at Newton’s laws of kinematics. It really is strange that we have […]
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Research Notes

Risk Parity & Pension Portfolios: A Perfect Match

Geek Level: Read Time: The Speed Read: Growth sleeves within a pension’s asset-liability framework are built with the intention of improving funded status, but depending on the path of different macroeconomic drivers, these portfolios can lead to adverse outcomes due to risk mismatches. Key risks in future pension liabilities include growth (both wage and economic), […]

Make Sure the Free Lunch Isn’t Moldy

Speed Read: The concept of diversification has a long history and is often considered “the only free lunch” in investing. The benefits of diversification are well studied in academic literature, but in practice, correlations between traditional assets like stocks and bonds can change, affecting the effectiveness of diversification. The correlation between U.S. stocks and U.S. […]

“Peeky” Blinders

When individuals have uncertainty about a specific product or idea, they will often look to what their peer group is doing to help them decide. Social proof is a behavioural bias that can lead to decision making errors. By embracing a process-driven research flow to guard against behavioural biases and data peeking, Viewpoint can distinguish between true and false alpha.
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White Paper

Revisiting Shrinkage: Covariance Matrix Estimation in the Modern Age

One of the great truisms in modelling is "garbage in, garbage out." In few places is that more important than in financial modelling.
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