At PWL Capital, we’re on a mission to change the way Canadians invest. We take the guesswork out of managing your portfolio.

No fads. No guesswork. No drama.

Who We Are

PWL Capital is a privately owned wealth management firm that manages more than $1 billion in client assets and provides integrated financial planning services from offices in Montreal, Toronto, Ottawa and Waterloo.

What We Do

Premium Ongoing Service

Our clients benefit from semi-annual performance reporting, regular meetings, financial planning, and systematic rebalancing.

Unbiased Financial Advice

We are paid directly by our clients, so our advice is never influenced by commissions or incentives from financial products.

Science-based Portfolio Management

We focus on what we can control: selecting an asset mix, managing risk, minimizing fees and taxes, and encouraging discipline.


The Volatility of Fixed Reset Preferred Shares

By: Raymond Kerzérho · April 8, 2015 - 0 comments

In a recent PWL white paper, I stated that the BMO S&P/TSX Laddered Preferred Share Index ETF (ZPR) is the preferred share ETF that “we’re most comfortable with” because “it focuses on less risky Fixed Reset preferred shares”. Since publishing our paper, Fixed Reset preferred shares have come into some problems, as pointed out by John Heinzl. When they first became popular during the financial crisis, one of the big attractions to Fixed Resets was that they reset their dividend every five years based on a predetermined yield spread over the five-year Canada bond. In a period of rising rates this would protect their value, but rates have been falling consistently. ZPR, which only holds Fixed Reset preferred shares, has returned -8.4% in Q1 2015, a very surprising collapse.

Read complete post

Jim Cramer converts to index investing

By: Ben Felix · April 1, 2015 - 1 comment

In an unexpected but welcome turn of events, Jim Cramer has announced that he will give up on claims that he is able to predict the future to produce market-beating returns, and move all of his money into low-cost index funds. After years of preaching individual stock selection as the smartest approach for every investor with enough time to do the research, Cramer has said that he became curious about the consistent inflows into index funds. Taking a brief pause from his Bloomberg terminal to pick up some peer-reviewed academic journals, he was quickly overwhelmed by the amount of evidence in favour of index investing.

Read complete post