Raymond is the Director of Research at PWL Capital. He rigorously analyzes PWL’s investment strategies and makes sure they are well supported by academic research.

Market Research
Keyboard White ETF in Writings

Even with equal fees, I prefer passive ETFs!

Shock and awe! In 2018, Vanguard Canada, a fervent advocate of passive management, launched traditional, actively managed mutual funds. Actively managed mutual fund companies also successively launched their own array of exchange traded funds (ETFs). As a result, the great majority of the Canadian market’s 33 suppliers now offer mainly active management. Are we looking at the end of passive ETFs?

Market Research
Bear-Market-Figurine-Bear-On-Top-Tablet

Are You Ready for the Next Bear Market?

Almost 10 years after the 2009 stock market low, many investors are wondering whether another bear market is around the corner. Unfortunately, no one can predict the exact timing of a bear market. This being said, if you’re an investor with long-term goals, it’s in your best interest to adopt a strategic framework to guide your investment choices.

CFA, Director of Research
Raymond contributes to PWL with his thirty years of experience in investment strategy and fixed income portfolio management.

Recommended Resources

    • The Passive Vs. Active Fund Monitor (2018)

      In 2018, Canadian passive funds increased their market share from 10.0% to 10.5% on the back of a positive flow of $9 billion. Meanwhile, Canadian active funds attracted $6 billion. We estimate that Canadian passive funds post a weighted average Management Expense Ratio of 0.30%, compared to a substantial 1.66% for active funds.

      Contributors
    • Great Expectations 2019

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

      Contributors
    • Are Vanguard’s Canadian-listed ETFs at Risk of a Major Capital Gains Distribution?

      This paper reviews the risk of a capital gains distribution specific to Vanguard ETFs, more specifically from the perspective of Canadian taxable investors. We conclude that Vanguard’s multiple-share-class structure is very unlikely to trigger large capital gains distributions.

      Contributors
    • A Guide to Responsible Investing – Doing Well by Doing Good

      ESG and SRI investments are becoming more prevalent in the investment universe. This document covers the three main strategies of ESG investing: passive, integration, and active. We review the implementation of each strategy, the consequences for portfolio returns, and we recommend some options for investing according to ESG.

      Contributors
    • The Passive vs. Active Fund Monitor (2018)

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

      Contributors
    • Market Statistics – April 2019

      Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of April for the various Canadian, U.S. and international markets that we follow.

    • Market Statistics – March 2019

      Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of March for the various Canadian, U.S. and international markets that we follow.

    • Market Statistics – February 2019

      Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of February for the various Canadian, U.S. and international markets that we follow.

      Contributors
    • Market Statistics – January 2019

      Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of January for the various Canadian, U.S. and international markets that we follow.

      Contributors
    • Market Statistics – December 2018

      Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of December for the various Canadian, U.S. and international markets that we follow.

      Contributors
    • Market Statistics – April 2019
      Summary

      Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of April for the various Canadian, U.S. and international markets that we follow.

    • Market Statistics – March 2019
      Summary

      Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of March for the various Canadian, U.S. and international markets that we follow.

    • Market Statistics – February 2019
      Summary

      Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of February for the various Canadian, U.S. and international markets that we follow.

      Contributors
    • Market Statistics – January 2019
      Summary

      Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of January for the various Canadian, U.S. and international markets that we follow.

      Contributors
    • Market Statistics – December 2018
      Summary

      Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of December for the various Canadian, U.S. and international markets that we follow.

      Contributors