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Academic Approach

Investment management can be approached in many ways. Some approaches are based on scientific research, while other extreme approaches rely on popular misconceptions. PWL Capital builds portfolios based on scientific methods thoroughly documented by academic research.

Research Department

The PWL Capital research department advises portfolio managers and advisors on investment strategies. It also advises PWL Capital’s Investment Committee on portfolio construction guidelines and innovation. The department:

  • Focuses on asset class research, including cost of capital monitoring
  • Conducts financial analysis and fundamental research on PWL's list of approved securities
  • Consolidates external research from respected sources which are drawn from academia and data services such as Bloomberg
  • Conducts on site management visits
  • Prepares monthly reports on capital markets
  • Authors white papers and position papers as well as topical articles and bulletins

Raymond Kerzerho,  MBA, CFA

Director of Research

Raymond is the Director of Research at PWL Capital. He has spent a large part of his career managing bond and derivative product portfolios for pension funds, mutual funds and for a major bank. He holds degrees from HEC Montreal (B.B.A.) and Laval University (MBA) and has earned the Chartered Financial Analyst (CFA) designation. Raymond’s mission is to maximize clients’ risk-adjusted returns by applying his in-depth knowledge of capital markets.

Raymond chairs the PWL Capital Investment Committee. Over the years Raymond has authored numerous articles, white papers and economic commentaries. He is sought after by members of the media as a trusted and knowledgeable source on capital markets.

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