Each year, some of the more creative types at Mawer Investment Management Ltd. put their lyric-writing talents to work to offer a timely variation of the “Twas the night before Christmas.”
This year, Mawer riffs on rate cuts, Brexit, trade wars, cannabis’ crazy ride and more.
The privately owned, independent investment firm, which takes pride in offering clients its “boring” investment approach, manages over $50 billion in assets for individual and institutional investors across all major investment strategies, with more than 150 employees across Calgary, Toronto, and Singapore.
‘Twas the week before Christmas
And Mawer’s on the scene
To tell you the tale
Was it good? Was it great?
Some say: yes! Ho, ho, ho!
(Though mixed signals and offsets
Oft’ ran the show)
Central banks’ interventions
Were less hawk than dove
Looking to bond markets
Like the North Star above
Interest rates, interest rates
The Fed doth cut thrice
Discount rates remain lower
Supporting stocks’ price
Quality is expensive
But may see us through
When you look at the long-term
With a bottom-up view
But we do pay attention
To themes that arise
That could impact markets
To avoid a surprise
Global economic growth
It did indeed slow
But shrink, it did not,
And onwards it goes
PMIs are indices
That tell you the trends
Of prevailing directions
Of the economy’s wends
Manufacturing was down
Germany was blue
A potential recession?
That could become true
But Servicing was steadfast
Employment was strong
Debt servicing manageable
Things kept chugging along.
And the saga continues
The deal’s not yet done!
Of course, we mean Brexit
It’s not a home run
Not all UK businesses
Will be affected the same
So whatever’s decided
Mawer’s still in the game.*
Oh Canada, Oh Cannabis
A wild ride for sure
A budding industry
We can’t yet endure
Now that brings us to trade wars
China vs. Trump
Tweets sending mixed messages
Stocks rise and then slump
But short-term daily movements
Don’t mean a whole lot
With great fundamentals
Our holdings—less fraught
Quality at a good price
—Both elements key—
To get the balance just right,
We work diligently.
Making sure we have offsets,
Looking for edges,
Are what make our hedges
Whether a blog or a podcast
We strive to make clear
We think micro not macro
—No predicting the year!
While the world is complex,
The road, it may wind,
We keep being boring
To give peace of mind.
* yes … we shamelessly reused this stanza from last year, as our thesis remains unchanged.
Tense diplomatic relations may not impact trade, investment ties between India, Canada: Experts
NEW DELHI: The tense diplomatic relations between India and Canada are unlikely to impact trade and investments between the two countries as economic ties are driven by commercial considerations, according to experts. Both India and Canada trade in complementary products and do not compete on similar products.
“Hence, the trade relationship will continue to grow and not be affected by day-to-day events,” Global Trade Research Initiative (GTRI) Co-Founder Ajay Srivastava said.
Certain political developments have led to a pause in negotiations for a free trade agreement between the two countries.
On September 10, Prime Minister Narendra Modi conveyed to his Canadian counterpart Justin Trudeau India’s strong concerns about the continuing anti-India activities of extremist elements in Canada that were promoting secessionism, inciting violence against its diplomats and threatening the Indian community there.
India on Tuesday announced the expulsion of a Canadian diplomat hours after Canada asked an Indian official to leave that country, citing a “potential” Indian link to the killing of a Khalistani separatist leader in June.
Srivastava said these recent events are unlikely to affect the deep-rooted people-to-people connections, trade, and economic ties between the two nations.
Bilateral trade between India and Canada has grown significantly in recent years, reaching USD 8.16 billion in 2022-23.
India’s exports (USD 4.1 billion) to Canada include pharmaceuticals, gems and jewellery, textiles, and machinery, while Canada’s exports to India (USD 4.06 billion) include pulses, timber, pulp and paper, and mining products.
On investments, he said that Canadian pension funds will continue investing in India on grounds of India’s large market and good return on money invested.
Canadian pension funds, by the end of 2022, had invested over USD 45 billion in India, making it the fourth-largest recipient of Canadian FDI in the world.
The top sectors for Canadian pension fund investment in India include infrastructure, renewable energy, technology, and financial services.
Mumbai-based exporter and Chairman of Technocraft Industries Sharad Kumar Saraf said the present frosty relations between India and Canada are certainly a cause for concern.
“However, the bilateral trade is entirely driven by commercial considerations. Political turmoil is of a temporary nature and should not be a reason to affect trade relations,” Saraf said.
He added that even with China, India has acrimonious relations but bilateral trade continues to remain healthy.
“In fact, bilateral trade is an effective tool to improve political relations. India must make special efforts to increase our bilateral trade with Canada,” Saraf said.
India and Canada have a strong education partnership. There are over 200 educational partnerships between Indian and Canadian institutions.
In addition, over 3,19,000 Indian students are enrolled in Canadian institutions, making them the largest international student cohort in Canada, according to GTRI.
According to the Canadian Bureau for International Education (CBIE), Indian students contributed USD 4.9 billion to the Canadian economy in 2021.
Indian students are the largest international student group in Canada, accounting for 20 per cent of all international students in 2021.
Benefits of educational partnerships are mutual and hence the current situation may have no impact on the relationship, Srivastava said.
Apple supplier Foxconn aims to double India jobs and investment
Apple supplier Foxconn aims to double its workforce and investment in India by next year, a company executive said on Sunday.
Taiwan-based Foxconn, the world’s largest contract manufacturer of electronics, has rapidly expanded its presence in India by investing in manufacturing facilities in the south of the country as the company seeks to move away from China.
V Lee, Foxconn’s representative in India, in a LinkedIn post to mark Indian Prime Minister Narendra Modi’s 73rd birthday, said the company was “aiming for another doubling of employment, FDI (foreign direct investment), and business size in India” by this time next year.
He did not give more details.
Foxconn already has an iPhone factory employing 40,000 people in the state of Tamil Nadu.
In August, the state of Karnataka said the firm will invest US$600 million for two projects to make casing components for iPhones and chip-making equipment.
The company’s Chairman Liu Young-way said in an earnings briefing last month that he sees a lot of potential in India, adding: “several billion dollars in investment is only a beginning”.
Taiwan election: Foxconn’s Terry Gou taps star-powered running mate
Last month, Foxconn’s billionaire founder Terry Gou said he would run for the Taiwanese presidency in next year’s election, as an independent candidate.
He said the ruling and independence-leaning Democratic Progressive Party (DPP) was unable to offer a bright future for the island and left Foxconn’s board following his decision to run.
The firm operates the world’s largest iPhone plant, in the city of Zhengzhou in Henan province.
Foxconn to double workforce, investment in India by ‘this time next year’
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