Investment Teams
As a division of Mackenzie Financial Corporation (Mackenzie), Mackenzie Global Advisors has access to the extensive capabilities of Mackenzie’s investment management teams. Each investment team has a distinct philosophy and approach. Collectively the teams provide access to nearly every asset class, geographical area and investment style.
Howson Tattersall
The Howson Tattersall team employs a pure bottom-up investment approach with a value-oriented investment philosophy and process that provides a consistent, fundamentally grounded approach to the analysis of investment opportunities. A constant focus on value investing drives every aspect of the team’s investment process. Many investment firms promote themselves as value managers, yet few are truly committed to this demanding style. The Howson Tattersall team believes that patience, discipline and consistency are not only the cornerstones of successful value-based investing, but are also solid business values. This focus on value investing has produced proven results for our clients.
Maxxum
The Maxxum team practices a bottom-up, growth approach with a focus on quality companies with attractive valuations. These companies display the following characteristics:
- Simple, easily understood business models
- Earnings and cash flows steadily growing faster than their peers
- Ability to finance growth internally
The team believes future earnings and cash flow growth are the key determinants of rising stock prices and over longer periods of time, consistent, secular growth companies provide superior risk-adjusted results. However, it’s important to note that over shorter periods of time, cyclical companies may occasionally offer substantial earnings growth and thereby enhance total portfolio returns. Consequently, cyclical growth stocks play a role in capturing an often under appreciated aspect of growth investing.
Mackenzie Ivy Funds
The Ivy approach is about buying businesses, not stocks. The Ivy team looks for solid businesses that they believe will prosper over the long term and provide investors with higher than average returns at lower than average levels of risk. Funds typically hold less than 40 companies, allowing portfolio managers to keep on top of corporate developments and speak regularly with company management.
Cundill
The Cundill team manages assets based on the value philosophy pioneered by Dr. Benjamin Graham. This approach to investing is based on the principle of identifying fundamentally undervalued securities selling at a discount to their perceived intrinsic break-up value. Cundill managers don't look to buy great companies at decent prices, they look to buy decent companies at great prices. Purchasing at a discount from estimated fair market value provides a built in cushion or “margin of safety”. Cundill’s approach has proven that over time, the larger the difference between fair market value and the stock’s depressed trading price, the higher the potential gain when the company’s fortunes turn around. Cundill portfolio managers specialize in geographic regions from a research perspective and work together to identify the best investment ideas. By finding value where others have missed it, they practice the proven deep-value investment process synonymous with the Cundill name.
Sentinel
The Sentinel fixed income team follows a disciplined value investment style. For high quality government bonds an analysis of macroeconomic factors such as economic growth, inflation, and monetary and fiscal policy is done in order to position the maturity and credit quality for different stages in the business cycle. Securities that have a lower credit quality, such as corporate bonds, are analyzed using a bottom up approach to determine their valuation. This company specific analysis focuses on stability of cash flows and recovery value of the bonds. The risk management process monitors exposure to individual strategies as well as exposure to specific sectors and securities. The team maintains risk exposure within the parameters outlined in the mandates.