July 2020 Edition

On resiliency, adaptability and nimbleness

The great Greek philosopher Heraclitus once said: “If you do not expect the unexpected, you will not recognize it when it arrives”. It certainly feels like 2020 has so far delivered in spades when it comes to unforeseen events. Our hearts go out to all the families affected by the ongoing pandemic and we want to salute the frontline workers who, day in and day out, have ensured that an all-important safety net is in place for all of us.

While few could have predicted the full extent of this public health crisis, capital markets and political turmoil, our preparation and investments in technology over the years have ensured we could respond calmly and effectively to this new situation we find ourselves in.

Being nimble allows us to offer you a personalized, tailored approach, that focuses on the best outcome for your unique situation. Being prepared and able to mobilize quickly means that we could implement a full Work from Home environment at the onset of this crisis, with very little disruption to our service. Like all of you, we are embracing this new normal, and have made sure we respond to your questions using all the online tools at our disposal.

Sure, it has taken some getting used to for the social birds amongst us, but we feel we have been able to expand our relationships with you, and with our teammates.
Times like these allow excellent opportunities to review processes: the ones we have successfully implemented and the ones that need retooling. It gives us all an ability to reinvent ourselves.
They say necessity is the mother of invention. We have been inspired by how many of you have rethought how you conduct your business. Like you, we are using this time to optimize and improve how we do things.

What hasn’t changed is our approach of investing in broadly diversified portfolios and maintaining our exposure to wide asset classes. Our evidence-based investing principles have proven very resilient in heightened market volatility and have led to better outcomes so far this year. Your portfolio is constructed to weather just such storms and we have acted to rebalance and maintain your target asset allocation, harvest tax-loss opportunities and review the current sustainability of withdrawals. Remember, as stock prices go down, expected returns go up. Every year presents opportunities. 2020 is no different in that sense.

We are still focused on social distancing to slow the spread of COVID-19 and we are working diligently on our plan to progressively return to our offices later this year. We continue to follow the recommendations of public health officials both at the federal and provincial levels.

As always, thank you for your ongoing trust and loyalty to PWL.

If you have any questions or concerns, please don’t hesitate to contact your Advisor and service teams. Stay safe. Stay well.

Brenda Bartlett
CEO, President & Member of the Board

Anthony S. Layton
Portfolio Manager & Chairman of the Board

James Parkyn
Portfolio Manager & Vice-Chairman of the Board

Cameron Passmore
Portfolio Manager &  Member of the Board


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