Anthony Layton MBA, CIM

Chairman & CEO, Portfolio Manager

Peter Guay MBA, CFA

Portfolio Manager
  • T514.875.7566 x 224
  • 1.800.875.7566
  • F514.875.9611
  • Place Alexis Nihon
  • 3400 de Maisonneuve Ouest,
    Suite 1501
  • Montreal, Quebec H3Z 3B8

Cottage Succession

I am a proud member of the Ste-Agathe-des-Monts Lac Brûlé community and made a presentation to the CCE Ste-Agathe-des Monts lake members today regarding “Cottage Succession.”

Knowing the residents of the community well, I thought the subject of passing on the family cottage to the next generation would be a topic of interest to many.  I am pleased to say many made the kind effort of taking precious time from family members and friends to come hear me speak; with the questions and reception received I thought this may be of interest to others as well.

Topics of discussion covered:

  • Everyone Loves the Family Cottage
  • Who will take Responsibility?
  • The Need to Plan Early
  • Ownership Formats
  • Shared Ownership Agreements
  • When the Challenge Can’t be Avoided
  • The Capital Gains Tax Problem
  • A Couple with Two Residences
  • Other Tax Issues
  • Use of a Nature Conservancy

If you know someone you think would be interested in receiving a copy of my article:  “Your Guide to Cottage Succession”, or prefers to discuss this subject matter in person, please do not hesitate to contact me.

By: Anthony Layton & Peter Guay | 0 comments

Staying the Course

I have written numerous times about the benefits of 'staying the course' or keeping your money invested during uncertain times.

In this note, I’d like to tell you about some of the pay-offs that PWL clients' portfolios have experienced in the last year, resulting from PWL’s good management. Below are examples...

Asset Class Strategies

1)   Canadian equity - we felt it was over-valued for the last 18 months; have taken 2 rounds of profits, and placed the money in cheaper asset classes (e.g. trust units and US equity)

2)   Canadian REITS – we sold all holdings for profit a year ago – since then the asset class has corrected significantly and we are now reinvesting in Canada and globally

3)   US equity large cap – having been underweighted for 18 months, we added to our positions 3 months ago and are benefiting from recent market improvements

4)   US equity small cap – we maintained remained underweight for 3 years as the class slowly corrected – we are now investing to equal weight.

5)   International equity – a large part of your equity is outside North America, which did very well for the 4 years prior to 2007. We remain on target weight.

Currency Strategies

6)   US Dollar – our 50% hedge reduced the loss in previous years, from November to February 2008 we removed the hedge completely – our US holdings have gained 7% from the recent drop in the Loonie

7)   EAFE currencies – we moved to increase our hedge to 40% in May 2008, protecting a gain from a rapid increase in the EURO.


By managing currencies (which most managers do not) and by avoiding the temptation of investing high yield asset backed commercial paper (ABCP) in client portfolios, our June 30 performance compares very favorably to our competitors.

I believe we have built strong portfolios and look forward to the markets ahead. Please give me a call or contact me to discuss any of this.

By: Anthony Layton & Peter Guay | 1 comments

The Markets in July: Market Statistics and Commentary

Here are my thoughts on the Markets for July 2008.

• Inflation fears have now eased among central bankers as commodity prices
have dropped from their early July peaks. Accordingly, short term government
bond yields decreased (therefore increasing in price) in the U.S. and Canada.
• The S&P/TSX Composite declined 5.9% primarily due to commodity market
weakness. The U.S. S&P500 dropped 0.8%, but the strength of the U.S. dollar
reduced this loss to 0.4% for Canadian investors. The EAFE markets declined
2.0% during the month.
• The Canadian dollar was weaker, dropping below 0.97 USD by the beginning
of August. This is the lowest it has been since September 2007. It remained
stable against the Euro (0.6 EUR) and Yen (105 Yen).

Market Statistics (PDF)

Statistiques de marché (PDF)


The latest statistics are regularly available in the Broadcast Centre, Market Statistics and you'll find my comments archived in my Market Statistics & Commentary page.

By: Anthony Layton & Peter Guay | 0 comments