Insights

Iran Week Two: The Off-Ramp Is Narrowing and the Risks Are Broadening

Executive Summary As we enter the second week of the conflict, there has been no meaningful de-escalation, with attacks reported on Iranian oil infrastructure and desalination facilities in both Iran and Bahrain. Iran has named Mojtaba Khamenei as the new Supreme Leader, reinforcing regime continuity and confirming our view this isn’t a Venezuela-style situation with […]

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From the Desk of Our CIO

Iran Week Two: The Off-Ramp Is Narrowing and the Risks Are Broadening

Executive Summary As we enter the second week of the conflict, there has been no meaningful de-escalation, with attacks reported on Iranian oil infrastructure and desalination facilities in both Iran and Bahrain. Iran has named Mojtaba Khamenei as the new Supreme Leader, reinforcing regime continuity and confirming our view this isn’t a Venezuela-style situation with […]

Iran, Midterm Incentives, and the Energy Risk Premium: Not Just an Oil Story

Executive Summary My starting point in early 2026 was dovish on major U.S. escalation with Iran. Midterms amplify the political cost of higher energy prices Iran is not a “quick regime calibration candidate” case like Venezuela. Post-SOTU, escalation risk rose – fewer visible affordability reforms increases the temptation to seek “wins” abroad, even if that […]

Tariffs After IEEPA: The Instant Dial Is Gone, Not the Regime

In our January outlook, we argued the era of peak tariffs was behind us, both from the perspective of U.S. consumer affordability and policy constraints on the U.S. administration from the courts. The Supreme Court’s decision to strike down tariffs implemented under the IEEPA statute is a prime example of a check on the U.S. administration’s […]
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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: February Edition

Good morning! This month in Invested, we explore shifting dynamics across markets, policy, and philanthropy. From the Supreme Court’s ruling on tariffs and the market implications of Kevin Warsh’s Fed nomination, to lessons in risk-parity investing drawn from cocoa’s dramatic price cycle, the Viewpoint team examines how structural forces and not headlines, are shaping capital […]

INVESTED: January Edition

Good morning! This month’s Invested examines how geopolitics, confidence, and resilience are increasingly shaping both markets and social systems. CIO Scott Smith explores why copper’s standout performance reflects supply risk rather than demand, what Venezuela’s post-Maduro uncertainty means for global oil markets, and why 2026 is shaping up to be a more uneven and selective […]

INVESTED: December Edition

Good morning! December’s Invested brings together market insight, emerging risks, and cautious optimism. From navigating volatility across multi-asset and commodities strategies, to exploring AI’s role in mental-health care, evolving environment, social, and governance (ESG) dynamics, stablecoins, and signals worrying central banks, this issue connects the forces shaping finance and society. We close the year with forward-looking […]
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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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