Research Department

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.

Behavioural Finance

How to control anti-return behaviour

In investment management, we only have a limited number of performance levers. Most of the variables that propel portfolios (performance of the stock market in general and individual stocks in particular, changes in interest rates and inflation, monetary policy, etc.) are unpredictable over short and medium periods.

Personal Wealth

The Terrible Truth about Hedge Funds

Hedge funds represent a fascinating field of interest for two reasons. First, they involve the most sophisticated strategies and instruments, such as short selling, derivative products and leverage. Hedge fund managers have unequalled freedom of action, with a goal of maximizing profits.

Market Research

Posted vs. Forward-Looking MERs

ETFs and mutual funds report their Management Expense Ratio (MER) semi-annually in their Management Report of Fund Performance (MRFP). The reported MER is the sum of the fund’s total management fees plus total operating expenses plus sales tax for the last year, all divided by the fund’s average assets for the period.

Market Research

Reach the Top

How would you like to be at the top of the class with your investments? As in many other areas, standing out with your investment results requires good documentation. To do this, a good starting point is the report published by the research firm Standard and Poor’s (also known as the “SPIVA®” report or “Standard and Poor’s Index versus Active”) on the performance of actively managed mutual funds in Canada.

PWL Headshot: Raymond Kerzerho

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

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