Insights

The Weather Front: How a Super El Niño Is Repricing Agricultural Commodities

Executive Summary The geopolitical landscape continues to be framed as one that is multipolar. Hostilities in the Iran War have ratcheted higher, and so have oil prices. The binding constraint on further escalation is oil prices themselves, giving both sides reason to defuse the situation when oil prices are north of $100/barrel and room to […]

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From the Desk of Our CIO

The Weather Front: How a Super El Niño Is Repricing Agricultural Commodities

Executive Summary The geopolitical landscape continues to be framed as one that is multipolar. Hostilities in the Iran War have ratcheted higher, and so have oil prices. The binding constraint on further escalation is oil prices themselves, giving both sides reason to defuse the situation when oil prices are north of $100/barrel and room to […]

Schrödinger’s Strait: A Mid-Year View on the Multipolar Cycle

Executive Summary The first half of 2026 has been a reminder that markets are increasingly being shaped by forces beyond traditional economics. Geopolitical tensions in the Middle East, massive investment in artificial intelligence, and a changing interest-rate outlook have all played a role in determining where capital is flowing and which assets are outperforming.The house […]

The Fertilizer Front: How the Iran War Is Repricing the Commodity Complex

Executive Summary Almost a month into the Iran conflict, de-escalations are underway, but none constitute a credible off-ramp. Iran’s leverage is real and Tehran may not yet believe it has extracted sufficient deterrent value to stand down. A ground force operation targeting Kharg Island, which handles up to 90% of Iran’s oil exports, would risk […]
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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: June Edition

Good morning!  This month’s issue of Invested looks at how global events, generational change and major cultural moments are reshaping the way we think about markets, wealth and long-term decision-making. From the economics of the FIFA World Cup to the evolving priorities of next-generation family office investors, we explore how capital moves through communities, industries and families. […]

INVESTED: May Edition

Good morning! This month’s edition of Invested explores the growing complexity shaping markets, mental health, philanthropy, and long-term stewardship. From revisiting CIO Scott Smith’s timely insights on energy security and coal’s enduring role in a shifting global economy, to examining how hormones influence mental health across the lifespan, this issue highlights the interconnected forces shaping both individual […]

INVESTED: April Edition

Good morning! This month’s Invested explores how global disruption, innovation, and long-term thinking are reshaping markets and society. We examine fertilizer inflation and commodity shocks tied to the Iran conflict, Canada’s evolving energy opportunity, and the cybersecurity risks of advanced AI. We also highlight why ambitious shared missions matter for mental health, plus thought-provoking reads on family […]
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News & Insights

Viewpoint Global Multi-Asset Trust Announces Change in Investment Risk Classification in Series F-USD (VWP 209)

FOR IMMEDIATE RELEASE Calgary, Alberta — August 5, 2025 — Viewpoint Investment Management Corporation, the manager of Viewpoint Global Multi-Asset Trust (the “Fund”), today announced a material change in the Fund’s Series F-USD investment risk classification. Effective August 5, 2025, the Fund’s risk rating will be updated from “Low to Medium” to “Medium.” This change […]

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 […]
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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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