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Views from the Hill  
An off-the-cuff forum to comment on the trends
and happenings we see affecting markets.

Views from the Hill

Jan

27

2015

Aston Hill's 2015 Market Outlook

Posted by Aston Hill Investment Team

Is the stage set for a broader recovery in U.S. equities? How will global economies fare? The Aston Hill Investment Team provides their thoughts for the year ahead in the Aston Hill 2015 Market Outlook.

Click here or the image below to read the report.

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Jan

26

2015

Target's Mass Exodus and What it Means for the Canadian Consumer Space

Posted by Aston Hill Sales & Marketing Team

Target proved to miss its mark in the Canadian retail market announcing the closure of all 133 stores, and leaving over 17,000 workers to soon be without jobs.  The repercussions of this American retail giant’s departure can have a ripple effect on Canada’s consumer space with both short and long-term implications. Read more from Vice President & Portfolio Manager, Vivian Lo (Aston Hill Growth & Income Fund and Aston Hill Global Growth & Income Fund) as she speaks with Golden Girl Finance and shares her thoughts on what this means for the average consumer, the impact to the Canadian commercial real estate market, and whether Target investors should be concerned.


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SOURCE: GOLDEN GIRL FINANCE

How a big brand's exodus from Canada affects the consumer space...
Feature Q&A about "When a big retailer misses a target, does the economy take a hit?" 

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Jan

22

2015

Bank of Canada Cut Rates from 1.0% to 0.75%. Why? And what does this mean for Canadians?

Posted by Andrew Hamlin


The BOC’s rate cut demonstrates recognition of weak GDP growth in Canada. In our opinion, there are 4 main reasons behind the decision to reduce the overnight rate (first change in over 4 years):

  1. The most obvious consideration for the rate cut is the impact that the  significant decline of the price of oil will have on the Canadian economy.
  2. A softer growth outlook for the Canadian economy resulted in growth expectations being lowered from 2.4% down to 2.1% for 2015.
  3. The subdued labour market activity.  
  4.  Concerns over the affordability of existing (and high) consumer debt loads as unemployment rises and income stagnate.

The BOC’s actions show they are favouring a stimulative approach to boost the economy as opposed to trying to curb high household lending. Lower rates should help support economic activity as well as credit growth. We would not rule out the possibility that another rate cut could be on the horizon.

How does the rate change affect Canadian investors?

  • Watch out for the currency!
  • With a weaker Canadian Dollar, manufacturing and export sectors in Central and Eastern Canada should do well, specifically autos, industrials and forestry.
  • We expect Canadian banks to do relatively well despite the rate cut because we don’t think banks will actually lower their mortgage rates, meaning they can maintain their net interest margins.
  • The downside risk for the Canadian economy is clearly situated within resource-centric western Canada, although part of this has been mitigated with the rate cut.

Given these risks that the BOC has recognized, we continue to favour the U.S. over Canada as earnings growth in the U.S. is rising much faster relative to Canada.

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Jan

21

2015

Aston Hill’s 2015 Energy Outlook Report

Posted by Joanne Hruska & Carol Pretty

Volatility reigned in 2014 for energy and energy-related stocks.  What’s in store for 2015?  Find out what our Calgary energy team foresees for the coming year in the Aston Hill 2015 Energy Outlook Report.

Click here to read the report.

 

“A recovery in oil prices is probably not on investors radars just yet but it is clear that $50 oil is not sustainable and at least a partial recovery is on the horizon. The price to book value ratio on Canadian energy stocks has already reached prior cycle trough levels and Canadian energy stocks that benefit from a weaker Canadian Dollar and increasing domestic gas demand are trading well below what is proposed as an equilibrium oil price.”

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Dec

11

2014

Industry insider says going alternative (think: liquid) is the new norm for smart investors

Posted by Aston Hill Sales & Marketing Team

Portfolio Manager Vivian Lo (of Aston Hill Growth & Income Fund and Aston Hill Global Growth & Income Fund) explains 'liquid alternatives' and dicusses why it is important for investors to look beyond the traditional 60-40 stocks/bonds portfolio... click here to read the feature. 

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SOURCE: GOLDEN GIRL FINANCE

Expect to see and hear a lot more about alternative investing in the coming year, says Vivian Lo of Aston Hill Asset Management, as some of the strategies become increasingly accessible for Canadian investors.

Q: What is alternative investing and why is there a shift to alternative mutual funds (seemingly) all of a sudden?

I think it’s important to first define what ‘alternatives’ mean. In the world of investing, it can encompass any investment other than equities, bonds or cash. So really, ‘alternatives’ is a pretty large category. The traditional vehicle for investors in alternatives is the hedge fund. Typically though, alternatives broadly refer to hedge funds, private equity, and ‘real’ assets such as real estate, agriculture, timber and infrastructure.


Why go alternative? Vivian explains... 
 

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Disclaimer:
This commentary is published by Aston Hill Financial Inc. (“Aston Hill”). The information contained herein does not constitute a recommendation by the authors or Aston Hill to buy or sell any of the securities, commodities, currencies or other financial instruments or assets discussed herein. This commentary has been prepared using information from sources that the authors and Aston Hill believe to be reliable, however neither the authors nor Aston Hill guarantees the accuracy of such information. This report does not constitute and may not be used for the purposes of effecting an offer or solicitation of units of any Aston Hill investment products. Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus and other publicly filed documents available at www.sedar.com before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Please correct the following errors:

Minimum Investment Requirements

The AHF Credit Opportunities Fund is generally available to investors that can meet a certain minimum amount of money to invest. The minimum initial investment for residents in any province or territory in accordance with applicable securities laws is set out below:

All provinces and territories $125,000 or $25,000(1)
BC, NB, NS and NL Only: $5,000(2)

Notes:

(1) A minimum purchase of $25,000 is available to residents who meet certain requirements.
(2) A minimum purchase of $5,000 is available to residents who meet certain requirements and reside in BC, NB, NS and NL by way of the prescribed OM.
Investors should contact their investment dealer or Financial Advisor for more information.

If you can comfortably invest the minimum dollar amount required in your province or territory, please accept the disclaimer below to learn more about the AHF Credit Opportunities Fund.


Disclaimer: Information pertaining to AHF Credit Opportunities Fund is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units in the AHF Credit Opportunities Fund is made pursuant to its offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility requirements. Please read the offering memorandum carefully before investing.

Minimum Investment Requirements

The Aston Hill Opportunities Fund is generally available to investors that can meet a certain minimum amount of money to invest. The minimum initial investment for residents in any province or territory in accordance with applicable securities laws is set out below:

All provinces and territories $150,000 or $5,000(1)

Notes:

(1) A minimum purchase of $5,000 is available to residents who meet certain requirements. Investors should contact their investment dealer or Financial Advisor for more information.

If you can comfortably invest the minimum dollar amount required in your province or territory, please accept the disclaimer below to learn more about the Aston Hill Opportunities Fund.


Disclaimer: Information pertaining to Aston Hill Opportunities Fund is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units in the Aston Hill Opportunities Fund is made pursuant to its offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility requirements. Please read the offering memorandum carefully before investing.

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Markets

Jan 27, 2015 16:09 EST

AHF-T -0.03 icon-arrow-down-red-small.png 0.60
S&P/TSX 36.05 icon-arrow-up-green-small-dark.png 14,833.88
S&P 500 -27.53 icon-arrow-down-red-small.png 2,029.56
Dow Jones -291.49 icon-arrow-down-red-small.png 17,387.21
NASDAQ -90.26 icon-arrow-down-red-small.png 4,681.50
CAD/USD 0.00 0.81
Oil (NY) 0.84 icon-arrow-up-green-small-dark.png 45.99
Gold 15.30 icon-arrow-up-green-small-dark.png 1,294.70
Natural Gas 0.04 icon-arrow-up-green-small-dark.png 2.92
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