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Research Department

The Passive vs. Active Fund Monitor

April 13, 2017

By: Raymond Kerzérho

Publication: PWL Capital

This report describes the competitive landscape for passively and actively managed funds over the last eleven years in Canada and the United States.

Passive versus Active Report (P.A.R.)

September 30, 2016

By: Raymond Kerzérho

Publication: PWL Capital

Key evidence about the competition between passive and active management

Are Bond ETFs Dangerous?

May 31, 2016

By: Raymond Kerzérho

Publication: PWL Capital

Several market observers have expressed concerns about potential flaws in bond ETFs. Are bond ETFs robust or fragile? We review their structure, with particular attention to their creation and redemption process. We also propose some strategies to maximize risk-adjusted returns.

A Rebalancing Act

April 20, 2016

By: Raymond Kerzérho

Publication: PWL Capital

Estimating the Value Added through Portfolio Rebalancing

Great Expectations

March 1, 2016

By: Raymond Kerzérho & Dan Bortolotti

Publication: PWL Capital

Value Proposition

November 6, 2015

By: Raymond Kerzérho

Publication: PWL Capital

Twelve Value-Added Services Performed by Investment Advisors

The Art of Profitable Rebalancing

October 2, 2015

By: Raymond Kerzérho

Publication: PWL Capital

Updated Version

The Role of Preferred Shares In Your Portfolio

February 27, 2015

By: Raymond Kerzérho & Dan Bortolotti

Publication: PWL Capital

The risks and rewards of Canadian preferred shares

Managing Risk

January 28, 2015

By: Raymond Kerzérho & Dan Bortolotti

Publication: PWL Capital

How a diversified portfolio protects you from economic and behavioral pitfalls

Great Expectations

June 5, 2014

By: Raymond Kerzérho & Dan Bortolotti

Publication: PWL Capital

How to estimate future stock and bond returns when creating a financial plan

As Easy as ACB

April 2, 2013

By: Justin Bender & Dan Bortolotti

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RRSP, TFSA or pay down debt?

April 1, 2013

By: Graham Westmacott

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Currency-Hedged S&P500 Funds: The Unsuspected Challenges

October 21, 2010

By: Raymond Kerzerho

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The Art of Profitable Rebalancing

February 1, 2010

By: Raymond Kerzerho

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