Insights - Pavilion Financial Corporation

Insights
KEEPING YOU
UP TO DATE
-- Corporate newsletter
Inside this issue
Pavilion Financial Corporation acquires Stratford Advisory Group
1
Constant Volatility strategy gaining traction
2
BMO calls on Brockhouse Cooper for transition management
2
A new option to get index-like returns during your manager search
3
Common strategies to obtain index-like returns during a manager search
4
Brockhouse Cooper’s advisory services division reaches 25 year milestone
5
Book Review: Medici Money
6
Pavilion Financial Corporation acquires Stratford
Advisory Group
Pavillion Financial Corporation, Brockhouse Cooper’s parent company, has acquired Stratford Advisory
Group, a full-service institutional investment consulting firm based in Chicago, Illinois. Brockhouse
Cooper and Stratford Advisory Group will now work together to build on their strong consulting and
research capabilities for the benefit of all clients.
Founded in 1982, Stratford Advisory Group provides investment consulting to institutional clients
including endowments, foundations, healthcare organizations, defined benefit and defined contribution plans. Services include investment policy development, asset allocation strategy, investment
manager structure, manager selection, performance measurement and manager evaluation and
oversight.
Much like the employees of Brockhouse Cooper, Stratford senior employees are now shareholders of
Pavilion Financial Corporation, consistent with Pavilion’s belief that employee ownership is important
to aligning interests with those of clients.
While both companies will retain their business names in the short term, there are plans to rebrand
Brockhouse Cooper and Stratford under the Pavilion banner in the latter part of 2012.
To learn more about Stratford Advisory Services, visit http://www.stratfordag.com/
To learn more about Pavilion Financial Corporation, visit http://www.pavilioncorp.com/
insights newsletter
March 2012
Contact
Inquiries or comments concerning this
newsletter can be addressed to:
Sabrina Colafabio
Research Analyst
[email protected]
Brockhouse Cooper
1250 René-Lévesque Blvd W
Suite 4025
Montréal, QC
H3B 4W8 Canada
Tel: +1 514-932-1548
Fax: +1 514-932-8288
www.brockhousecooper.com
insights newsletter
March 2012
Constant volatitlity strategy gaining traction
Brockhouse
Cooper
Asset
Management’s
constant
volatility
risk
management
strategy is gaining traction. The
strategy is normally delivered
as an overlay on an existing
investment portfolio and offers
clients a practical and cost effective approach to
managing tail risk.
Recently, two Canadian pension plans engaged
BCAM, a division of Pavilion Asset Management
Ltd., to deploy the strategy on their underlying
portfolios, without affecting the plan’s actively
managed strategies. The notional value of
assets covered by the risk management overlay
strategy is currently in excess of $750 million.
Dave Holt, Managing Director with Pavilion Asset
Management Ltd., did not name the clients but
noted the mandates signify confidence in the
strategy and are reflective of the increased
focus by plans on portfolio risk management
approaches. “We believe that our strategy is
among the most sophisticated offerings available
and presents real opportunity for clients to
better manage tail risk and improve risk-adjusted
returns,” he said.
The strategy is overseen by Dr. Alexandre
Hocquard, Portfolio Manager, and Dr. Nicolas
Papageorgiou, Director of Quantitative Research,
Team update
Brockhouse Cooper is
pleased to announce the
addition of Vinh Jutras,
Analyst, to the Transition
Management team.
Mr. Jutras is responsible
for producing pre-transition
estimates,
coordinating the implementation
process and meeting with clients to discuss the
post-transition analysis.
Mr. Jutras is a CFA and ASA charterholder and
brings with him five years of risk management
experience gained at the AMF (Autorité des
marchés financiers) where he monitored
the solvency risk of banks and insurance
companies. Prior to joining the AMF, he worked
in Minneapolis, Minnesota for an Insurance
company and a large global consulting firm.
who are also the authors of the White Paper, A
Constant Volatility Framework for Managing Tail
Risk. This paper won the 2010 AIMA CanadaHillsdale Research Award (ACHRA) for best
alternative research.
“The failure of strategic asset allocation as
the sole risk management tool can largely be
attributed to the fact that volatility is not stable
over time, and historical correlations between
asset classes tend to break down during periods
of market stress,” said Dr. Hocquard. He noted
that conventional tail-risk hedging techniques
such as the use of options, swaps, and other
insurance instruments can be costly and drag
on portfolio performance. In contrast, Pavilion
uses futures contracts to dynamically adjust the
portfolio’s exposure in response to changes in
the prevailing level of market volatility.
The constant volatility risk management overlay
strategy is one in a series of customized
solutions in place or being developed by Pavilion
for institutional clients. In addition to multimanager investment strategies and temporary
asset management, Pavilion has also developed
and launched a hedge fund replication strategy,
a low cost, highly liquid and transparent way to
generate core exposure to a diversified hedge
fund portfolio that sets to replicate aggregate
exposures using liquid instruments.
At the mic
Nicolas Papageorgiou, Director
of Quantitative Research at
Brockhouse
Cooper
Asset
Management
hosted
a
networking luncheon at the
Foundations, Endowment &
Not for Profit Investment summit in Toronto,
Ontario on January 18th, 2012. He led the group
discussion on the topic of Managing Risk within
a Constant Volatility Framework.
Yusuke
Khan,
Investment
Consultant, will be a guest
speaker at the Canadian
Association
of
University
Business Officers’ (CAUBO)
conference in Montreal on June
16th, 2012. As part of a panel, Mr. Khan will
discuss investment manager selection and the
selection approach employed by the Brockhouse
Cooper team.
2
BMO calls on
Brockhouse Cooper for
transition management
In a news release dated January 30, 2012, BMO
Investments Inc. said it will use Brockhouse
Cooper’s transition management services to
handle portfolio manager changes in the BMO
Greater China Class, a class of shares of BMO
Global Tax Advantage Funds Inc., and BMO
Emerging Markets Fund.
BMO announced that effective on or about
February 29, 2012, Lloyd George Management
(Hong Kong) Limited will become the portfolio
manager of the BMO Greater China Class fund
and the BMO Emerging Markets Fund.
“We are pleased to assist
BMO Investments Inc. with
these transitions,” said Mario
Choueiri, Director of Transition
Management. “Our service
is based on the belief that
any portfolio transition is an
exercise in risk and project
management. The ultimate goal is to move the
current portfolio to the desired structure in the
most efficient manner possible and at the least
overall cost.”
Brockhouse Cooper has been assisting clients
with the implementation of portfolio changes
for over 25 years. In 2011, Brockhouse Cooper’s
transition management team experienced
significant volume growth in transition projects
related to manager changes and portfolio
rebalancing. The team managed 80 transitions
with a value of CDN$11.4 billion.
Mr. Choueiri said the increase in demand came
from a broad group including financial institutions,
pension plans and foundations. “Many existing
clients made changes to their asset allocation and
underperforming portfolio managers. As well,
we saw several first-time clients who used our
services based on our agency-only, transparent
business model and good reputation in Canada.”
3
insights newsletter
March 2012
A new option to get index-like returns during your manager search
by Eric Bolduc,Vice President, Implementation Services
A process which continues to evolve is how plan sponsors address the
replacement of under-performing investment managers or shifts in asset
allocation.
The manager replacement process involves a comprehensive search
followed by a due-diligence review and, ultimately, a contract with the new
investment manager. Combined, these steps often take several months
and expose plans to an opportunity cost risk of either not benefiting from a
new allocation or continuing to be invested in an underperforming manager.
When faced with continued manager underperformance or asset class
underexposure over several more months, plans need to address and, if
possible, minimize this risk. Plans can do so by obtaining the market beta
exposure immediately and taking their time to search for excess returns
(alpha).
In theory, getting index-like returns during the search process seems
simple enough but, in practice, there are several approaches with different
factors that can impact plans differently. The more common strategies
include index pooled funds, index segregated accounts, exchange traded
funds, and index futures. The pros and cons of each are outlined on page 4.
There is another way to get the beta and save on the implementation costs:
temporary asset management.
Temporary asset management (TAM) is an investment strategy that uses
portfolio optimization to effectively eliminate most of the active risk, while
minimizing transaction costs, until a new target manager is selected and
funded. The optimized portfolio is constructed to track the performance
and risk characteristics of a defined benchmark, within an agreed upon
tracking error.
All the investment structures described in the table on page 4 provide
effective beta exposure, but don’t necessarily manage a plan sponsor’s
short-term implementation costs. For example, a plan sponsor looking
for short-term exposure to an index as an alternative to its current active
investment manager should understand that an interim solution involves
two transition periods:
Period 1: Actively managed portfolio to a broad index; and
Period 2: Broad index to a new actively managed portfolio.
This can result in significant roundtrip transaction costs. As a result, a
plan sponsor needs to manage the trade-off between the known (direct
transaction costs and estimated indirect market impact costs) and the
unknown (opportunity cost risk).
An example of a TAM investment objective would be to emulate the return
of the S&P/TSX Composite Index, i.e., the Benchmark, with a target residual
risk or tracking error of 0.5%, while minimizing the number of securities to
minimize transaction and other related costs. The tracking error is defined
as the annualized standard deviation of the monthly excess returns of
the Portfolio. This means that we expect tracking error results of -0.5%
to +0.5% (one standard deviation) 68% of the time, -1.0% to +1.0% (two
standard deviations) 95% of the time, and -1.5% to +1.5% (three standard
deviations) 99.7% of the time.
Brockhouse Cooper Asset Management (BCAM) has measured
each month’s excess returns and compared them with the expected
monthly tracking error results. Since offering TAM solutions in 2010,
BCAM has measured 55 monthly periods.
TAM Monthly T.E. vs Index
25
Actual
20
Frequency
“Set-it and forget it” doesn’t apply to institutional investors who are
fiduciaries for their plans. Today’s plan sponsors are not only responsible for
putting together a robust investment policy that includes a well-researched
and analyzed asset allocation, but they are also responsible for managing
portfolio changes over time and ensuring that these changes are executed
efficiently. From time to time, plan sponsors need to look at their internal
processes to make sure that they make sense.
Theoretical
15
10
5
0
‐3
‐2
‐1
1
2
3
Standard Deviation
Successful TAM implementation aims to achieve normally distributed
returns given client specific tracking error constraints. Actual results
are within an acceptable range given the number of events to date.
Past performance is not indicative, nor a guarantee, of future results.
BCAM is a division of Pavilion Asset Management Ltd.
Our asset management affiliate, Brockhouse Cooper Asset Management,
a division of Pavilion Asset Management Ltd., (BCAM) uses optimization
tools to construct and maintain model portfolios that meet a client’s specific
tracking error objectives.
Plans no longer have to wait it out. With the tools available to plan sponsors
today, the evolution of the search process provides many low cost solutions
that will eliminate the short-term risk of being in an underperforming asset
or having underweight asset-class exposure.
Inquiries or comments concerning this article may be
addressed to:
Eric Bolduc
Vice President, Implementation Services
[email protected]
insights newsletter
March 2012
4
Common strategies to obtain index-like returns during a manager search
As mentioned in the article on page 3, there are several options, including temporary asset management, for plans to obtain index-like returns
during the manager search process. Here are other options; each with its particular benefits and limitations. While a plan may obtain Beta from
these strategies, short-term implementation costs are not necessarily managed.
Index Pooled Funds
Index pooled funds offer passive investment management on the
common benchmarks (e.g. MSCI EAFE Index, S&P 500 Index).
Benefits:
• Very low tracking error to the benchmark index;
• Low management fees; and
• Commingled structure spreads the operational costs and keeps
the expense ratio down.
Limitations:
• Transition costs - Plans transitioning to a full index can expect
elevated transition costs and high turn-over. Costs include
brokerage commission, exchange fees, custodian costs, and
indirect costs;
• Not available for all indexes; and
• May require an investment management agreement or pooled
fund purchase agreement.
Segregated Index
Offering the same strategy as Index pooled funds, the segregated index
offers passive investment management on the common benchmarks
(e.g. MSCI EAFE Index, S&P 500 Index). The assets are held at the plan’s
custodian.
Benefits:
• Very low tracking error to the benchmark index;
• Low management fees;
• Segregated account format reduces some counter-party risk and
provides a high level of transparency; and
• A broader range of indexes can be replicated.
Limitations:
• Transition costs - Plans transitioning to a full index can expect
elevated transition costs and high turn-over. Costs include
brokerage commission, exchange fees, custodian costs, and
indirect costs;
• Custodial set-up requires account openings. Some markets,
especially in emerging markets, can take several months to open
and add significant costs to the implementation; and
• Requires an investment management agreement.
Futures
An index Futures contract legally binds the buyer to purchase an asset
(or the seller to sell an asset), such as a physical commodity or a financial
instrument, at a predetermined future date and price. Index Futures
contracts are standardized to facilitate trading on a futures exchange and
are settled in cash.
Benefits:
• Does not require an investment manager and can be purchased
through a broker;
Exchange traded Funds (ETFs)
An exchange traded fund (ETFs) is an exchange-listed security that
seeks to track an index1. This is achieved by the fund owning and holding
most of the underlying index constituents. The fund manager may elect
to create a highly correlated portfolio that is more efficient and cost
effective than a full replication model. ETFs are traded like a stock and
the price tracks the underlying net asset value of the fund holdings.
Benefits:
• Low tracking error to the benchmark index;
• The derivative markets are very liquid and due to index arbitrage,
trade at or very close to their fair value; and
• Simple investment structure doesn’t require an investment
management agreement; and
• Transaction costs in the futures market are lower than the equity
markets.
• Increasing and decreasing positions can be done through a broker.
Limitations:
• Transition costs - Plans transitioning to a Futures portfolio could
expect up to 100 per cent turn-over to realign the holdings;
• Requires a futures account where the trades will clear and margin
will be posted. Futures account often takes several weeks to
open and include several agreements;
Limitations:
• Management fees are higher than Institutional Index Pools. Fees
also have a wide range from 9-70+ bps;
• Transition costs - Plans transitioning to an ETF should expect up to
100 per cent turn-over to transition the assets;
• Not available for all indexes.
• Operationally more complex then equities, Futures contracts
expire and must be rolled to maintain exposure and margin
requirements; and
• The Index Futures trading universe is limited. Some contracts that
appeal to Plan Sponsors are not liquid (MSCI EAFE Index) or do not
exist (MSCI World Index or Canadian Small Cap Index).
Today, more ETFs are being offered employing leverage or active
strategies.
1
5
insights newsletter
March 2012
Brockhouse Cooper’s advisory services division reaches 25 year milestone
In 1987, Brockhouse Cooper launched its manager research service in
Canada. While, at the time, manager research was being offered by some
competing consulting firms in Canada, Brockhouse Cooper believed it
could carve itself a niche. It began by specializing in International Equity
managers, an idea which proved to be a key differentiator in the market. It
was in this spirit of “against the grain thinking” that the advisory services
division was born.
This year, Brockhouse Cooper celebrates 25 years of providing pension
plans, endowments, foundations and other tax-exempt institutions with
customized advisory services. Over the years, this division has grown from
just two individuals dedicated to international equity manager research to a
team of nearly 20 professionals offering clients end-to end management of
their investment program including investment policy development, asset
allocation strategy, investment manager structure, manager selection2, and
manager evaluation and oversight. Its business success has resulted in
lasting client relationships.
Corporation, has acquired Stratford Advisory Group (see article on page 1).
Stratford will work together with Brockhouse Cooper’s institutional advisory
services division, increasing bench strength and creating a stronger offering
for institutional clients, particularly in the alternatives space.
The future looks bright, as the value-added consulting that Brockhouse
Cooper has brought to its clients over the years will be further enhanced by
the combined experience of the investment professionals from Brockhouse
Cooper and Stratford. Under the common Pavillion banner, the consulting
division will continue to offer tailored solutions to each client based on
specific organizational requirements and investment portfolio objectives.
With 25 years of experience, Brockhouse Cooper has seen investment
strategies come and go, markets rise and fall, and objectives shift and
change. The diverse experience of knowledgeable, seasoned investment
professionals gives Brockhouse Copper the depth to provide meaningful
perspective to clients.
Introduction of
manager monitoring
services
20 07
2
Pavilion Financial Corporation
acquires Stratford Advisory
Group; Brockhouse Cooper
and Stratford will work to
create stronger consulting
and research capabilities
2012
Establishment of a
business relationship
with HC Asset in Japan
as its provider of
manager research
Pavilion Financial
Corporation acquires
Brockhouse Cooper
2011
20 0 4
20 03
Development of a
comprehensive
investment manager
database
2010
Launch of South African affiliate,
Brockhouse Cooper SA (pty) ,
offering investment consulting,
transition management and
trading
Launch of Advisory
Services division
19 9 4
1987
19 9 6
The growth and evolution of the company over the last 25 years will
continue, now that Brockhouse Cooper’s parent company, Pavilion Financial
25th Anniversary!
Thank you to all our
clients.
Establishment of a
business relationship
with Barnett Waddingham
as its provider of manager
research
The manager research service now encompasses domestic and foreign manager research in both traditional and non-traditional asset classes.
6
insights newsletter
March 2012
Consulting activity through December 31, 2011
Investment Manager Meetings
Database Additions
Brockhouse Cooper’s consulting division
specializes in portfolio strategies, manager
search and manager monitoring work. As such,
regular meeting with investment managers is an
important part of the business. In the last six
months of 2011, Brockhouse Cooper consultants
and analysts held over 350 manager meetings
including close to 80 meetings which were held
on-site in the managers’ offices. Below is a list of
mandates that were most frequently discussed
over the period:
Brockhouse Cooper’s investment manager
search process begins with a screening of a
proprietary investment manager database of
close to 5,000 products. The Brockhouse Cooper
database is web-based and all investment
managers are encouraged to participate. The
following are just a few of the firms that have
been added to the database over the last six
months:
• EAFE/Global/Emerging Equity (100)
• Alternatives (65)
• North American (85)
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Manager Search Projects
18 Asset Management Inc
Aeon Investment Management
Altrius
ARGA Investment Management, LP
Brown Capital Management
Cove Street Capital, LLC
Dana Investment Advisors, Inc.
IronHorse Capital Management
Magellan Asset Management
Mirae Asset Global Investments (USA)
P2 Capital Partners, LLC
Paradice Investment Management Pty LTD
Terra Partners Group, Ltd.
The Cambridge Strategy
Trigon Capital AS
Victoria 1522 Investments, LP
Twenty-five search projects were initiated over
the last six months, some examples of which are
listed below:
• International Equity for two pension plans
and one foundation
• Managed Futures for a pension plan
• Canadian Direct Real Estate for a pension
plan
• Canadian Equities for seven pension plans
• Global Emerging Markets Equity for two
pension plans
• Global Small Cap Equity for a pension plan
• US Small Cap Equity for a pension plan
If you have questions about any of the meetings,
or any of the managers on your roster or if you
would like to have a web-demo of the database
and its capabilities, please contact the consulting
division at 514-932-1548.
Book review by Alex Bellefleur, Global Macro Analyst
Medici Money:
Banking, Metaphysics and Art in the
Fifteenth-Century Florence
by Tim Parks
W. Norton & Company, 2006
273 pp., 14,00$
“It is hard for the rich to live in Florence,
unless they rule the state.”
- Lorenzo de Medici, il Magnifico
It was by mixing politics and banking that the Medici family flourished. When the
Medici bank was at the apex of its power and prestige, it operated through very
tight risk management guidelines, most of which were usually determined by
some form of political necessity or consideration. One such rule was to “never,
ever, lend money to Germans, since their courts won’t respect your claim if, or
rather when, things go wrong” (Coming from an Italian bank wary of lending
money to Germans, we cannot help but note the historical irony in how things
have since reversed!).
Medici political connections in the ecclesiastical world were also essential to
the bank’s profits. By being well connected in Rome, the Medici bank could
ensure that its branches all over Europe would reap a constant source of profits
by lending to priests of the Catholic Church. When priests were threatened with
excommunication via Medici papal connections, they tended to make good on
their debts at whatever interest rates the bank would charge them.
The author repeatedly emphasizes that much of the
world in which we live today – where one can be a banker
and a moral person, where one can have decent moral
values and be a secular person – was first laid out in 15th
century Florence.
While the revolving door between government and the Medici bank did contribute to the bank’s success (making it, as some might say, the quattrocento
equivalent of some of the world’s major investment banks today), the Medici
bankers were also highly focused on their business, and admittedly very good at
it. They were able to profit handsomely from clever “exchange deals”, a form of
currency trading arising from international trade in goods that was designed to
circumvent church restrictions on money lending with interest. Out of 67 such
exchange deals recorded for various branches of the Medici bank in the 15th
century, only one resulted in a loss, while 66 generated positive returns ranging
between 7.7 per cent and 28 per cent. Such a hit rate would be the envy of any
modern-day trading desk.
7
insights newsletter
March 2012
Book review continued
Ironically, it was the Medici’s
involvement in politics, and the
Resentment of the 99%
distractions brought by this involveagainst the 1% is by no
ment, that led to the bank’s demise.
means a solely contemporary
The Medici themselves would
phenomenon – and attempts
have described their involvement
by the 1% to remain in the 1%
in politics as inevitable. In hard
aren’t new either. The Medici
times for the Florentine populace,
were accused of influencwealthy bankers were naturally the
ing and directing Florentine
source of anger and envy. Resentment from the 99 per cent towards
policy for their own personal
the one per cent is by no means a
gain, seeking to elevate themsolely contemporary phenomenon
selves above the masses.
– and attempts by the one per cent
to remain in the one per cent aren’t
new either. The Medici were accused of influencing and directing Florentine
policy for their own personal gain, seeking to elevate themselves above the
masses. But given the widespread anger at the Medici family, would it have
been safe, or even possible, for them not to rule the state? As Lorenzo il Magnifico – one of the family’s most artistically sophisticated, but least financially
competent members put it – it is hard for the rich to live in Florence... unless
they rule the state.
And so the Medici had to become heavily involved in politics. With this involvement in the highest spheres of financial and political power came the predictable
distractions and vanities. Those “distractions” gave the world some of its greatest
artistic treasures. Patronage of the arts was widespread under the Medici, as
the family commissioned Italy’s greatest painters, sculptors and architects to
embellish their city. The family also very often gave in to vanity by demanding
to be represented next to saints and biblical characters in the artwork. The idea
behind this enthusiastic support for the arts was that by commissioning works
by painters, musicians and poets the Medici would be viewed not as a family of
mere bankers but rather refined, educated and cultured aristocrats.
The family’s priorities had changed. In the heydays of the Medici bank, the
family’s top priority was to figure out how to earn the greatest amount of money
through moneylending, a practice deemed to be sinful; and still go to heaven.
During the “magnificent decline”, the focus shifted from the operations of the
bank (i.e. making as much money as possible) to making just enough to support
a lifestyle focussed on philosophy and the arts. So, the banking business was
neglected. The family sought prestige rather than profits, which would ultimately
lead to its ruin. The bank took on more risk and lost money due to bad English
and Burgundian sovereign debt exposures (how things change!). Sadly, at the
time there was no central bank or government to bail out the bank. The government was the bank.
A British writer living in Italy (also the curator of the recent exhibition on Money
and Beauty: Bankers, Botticelli and the Bonfire of the Vanities at the Palazzo
Strozzi in Florence), Tim Parks has done significant research to support his take
on a family on which much has been written. Medici Money’s added value
comes largely from its highly readable synthesis of events, placing them in their
historical and philosophical contexts. The history of the Medici bank and of the
Florentine Republic cannot be understood without a proper contextualization
of the political and religious ideas prevailing at the time. In this respect, Parks
does a wonderful job of describing a world very much in transition between the
ancient and the modern. The author repeatedly emphasizes that much of the
world in which we live today – where one can be a banker and a moral person,
where one can have decent moral values and be a secular person – was first laid
out in 15th century Florence.
Parks writes in short, powerful prose, using minimalistic shock sentences
to reinforce and emphasize points. Irony is also rightly omnipresent in Parks’
analysis of the historical events surrounding the rise and fall of the Medici bank.
How could it not be? One lesson learned in Parks’ book is that one cannot be
truly successful at something if one approaches the task as a dilettante. This is
something the later, art-focused generations of the Medici family discovered at
their own expense.
Another important lesson of Parks’ book – and this is where the historical irony
comes into play – is in noting that the factors that led to economic and banking
collapses (poor risk management, bad sovereign debt) in the 15th century are
strikingly similar to those that threaten the financial system today. Nothing ever
changes, or, as another Italian writer, Giovanni Tomasi di Lampedusa, author of
The Leopard (1958) put it: “if we want things to stay as they are, things will have
to change.”
Inquiries or comments concerning this
book review may be addressed to:
Alex Bellefleur
Global Macro Analyst
[email protected]
And the winner is...
In our December issue of Insights, we asked you
which of the book reviews featured in past Insights
is your favourite. One name was selected from our
respondents:
Dominique Lessard
from Desjardins Global Asset Management
Dominique chose the book, The Big Short: Inside the
Doomsday Machine by Michael Lewis and will receive
it as his prize.
Thanks to all who participated!
GENERAL DISCLOSURE: INSIGHTS is prepared for circulation to institutional and sophisticated investors only and without regard to any individual’s circumstances. This publication is not to be construed as
a solicitation, an offer, or an investment recommendation to buy, sell or hold any securities. Any returns discussed represent past performance and are not necessarily representative of future returns, which
will vary. The opinions, information, estimates and projections, and any other material presented in this document are provided as of this date and are subject to change without notice. Some of the opinions,
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© 2012 Brockhouse & Cooper Inc. All rights reserved. This publication may not be reproduced, distributed or copied, in whole or in part, in any form, without the written consent of Brockhouse & Cooper
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