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WE’VE GOT A HUNCH YOU’LL APPRECIATE OUR AVERSION TO HUNCHES.

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. PWL provides discretionary portfolio management services with integrated financial planning 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.

Blogs

How to Calculate Your Time-Weighted Rate of Return (TWRR)

By: Justin Bender · May 26, 2015 - 0 comments

The Holy Grail of portfolio performance benchmarking is the time-weighted rate of return (TWRR). However, it requires daily portfolio valuations whenever an external cash flow (i.e. a contribution or withdrawal) occurs. Periods in which external cash flows occur are divided into sub-periods, each with its own total return calculation. These sub-period returns are then geometrically linked together to obtain the time-weighted rate of return over the measurement period (“geometric linking” is just a fancy way of saying “add 1 to each sub-period return, multiply the sub-period returns together, and then subtract 1 from the result”). The daily valuation requirement makes it very difficult for the average investor to calculate their time-weighted rate of return without the help of computational software.

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How to Calculate Your Portfolio’s Rate of Return

By: Justin Bender · May 19, 2015 - 0 comments

Starting in July 2016, dealers and advisors will be required to provide a personal rate of return to their clients. Although this disclosure is a step in the right direction, it will likely lead to more confusion and frustration amongst clients and advisors if the results are not properly explained. There are various ways to calculate a rate of return - and each of them can add to your understanding of how your portfolio is doing. In my next series of blog posts, I will explain some of the most popular rate of return methodologies, and also provide some easy to use calculators for those investors who prefer to get their hands a little dirty.

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After-tax returns of currency-hedged global fixed income

By: Ben Felix · May 19, 2015 - 0 comments

Fixed income securities play an integral role in almost every investor’s portfolio. It is common to see a fixed income allocation mostly denominated in the investor’s home currency, as foreign currency denominated bonds can add unwanted volatility to a portfolio. Limiting a fixed income allocation to bonds denominated in the home currency creates limitations on opportunities for diversification. Currency hedged globally diversified fixed income allocations are the logical solution.

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Portfolio Management and brokerage services are offered by PWL Capital Inc, which is regulated by Investment Industry Regulatory Organization of Canada (IIROC), and is a member of the Canadian Investor Protection Fund (CIPF).

Financial planning and insurance products are offered by PWL Advisors Inc., and is regulated in Ontario by Financial Services Commission of Ontario (FSCO) and in Quebec by the Autorité des marchés financiers (AMF). PWL Advisors Inc. is not a member of CIPF.