(June 2, 2006) Last month’s sharp decline in energy and materials stocks was likely just a blip, predicts Jeff Rubin, chief strategist at CIBC World Markets, who maintains that resources will push the S&P/TSX Composite Index to 15,000 by the end of 2007 r. .
“The TSX’s 460-point decline in May presents an ideal buying opportunity for investors looking to capitalize on continued strength in global energy and base metals markets,” Rubin says in his latest Portfolio Strategy Outlook Report.
“Both sectors look cheap right now compared to the current level of commodity prices and, more importantly, compared to the profit stream these prices will deliver.”
Additionally, Rubin notes that the energy sector is only up 7% year-to-date, largely due to a warmer-than-usual winter. But a hot summer could drive up natural gas prices, and Rubin expects the overall energy sector to grow by 30%.
As a result, his portfolio remains overweight in energy stocks at almost 35%. Rubin’s portfolio also remains double-weighted in mutual funds, which continue to be the leading asset class in terms of returns. The strategist is also increasing his overweight in energy funds this month on expectations of higher natural gas and oil prices.
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Aegon launches four new imaxx funds
(June 2, 2006) Aegon Fund Management added new funds to its imax family: imaxx Canadian Balanced Fund, imaxx Canadian Dividend, imaxx Canadian Small Cap, imaxx TOP Income Portfolio.
The new funds will be managed internally by Aegon Capital Management, which already manages several other imaxx funds and the spin-off Transamerica Life Canada funds.
The funds are available in ISC, DSC or LSC versions through financial advisors and discount brokers across Canada.
“We are very excited to offer these new funds to Canadian investors,” says Geraldo Ferreira, vice president of investment product development and marketing. “We believe that as the population ages and investors reassess risk over the past few years, income-producing investments remain at the forefront of investors’ and advisors’ minds. At the same time, investors want and need an element of growth in their portfolio. This new funding allows us to continue to fulfill both of these desires.”
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Quebec’s regulator sends an email alert
(June 2, 2006) Quebec’s securities regulator has issued a warning about a fraudulent email circulating on the Internet containing the logo and letterhead of the Autorité des marchés financiers.
Few details have been published, but the AMF says it wants to warn insurance companies about consulting firm Expert-Conseils CEP.
“Not all AMF information is linked to the content of the fraudulent email,” the regulator said in a statement. “Furthermore, she is in no way involved in the distribution of the emails and the individual in question is not an employee of AMF.”
The regulator says it is trying to trace the emails and take appropriate measures.
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Former IDA representative suspended for 12 years
(June 2, 2006) The IDA suspended and fined Quebec representative Sylvie Brunet for 12 years for a series of violations dating back eight years. Brunet worked for both Merrill Lynch and RBC Dominion Securities.
In the settlement, Bruent admitted that she had a conflict of interest in 1998 when she allowed a client to entrust $130,000 to a registered representative of another company without completing the appropriate documentation.
In 2001, she engaged in what the ARP called “imprudent banking” by allowing her account to be used for suspicious transactions without checking whether those transactions were made legally, or by failing to check the source or destination of funds withdrawn through that account. accounts. her account.
In 2002, Brunet was involved in another conflict when she obtained $40,000 from a client for an off-book investment that was to be completed by another representative. In 2003, she also provided false information to an IDA investigator in response to an inquiry about customer complaints. Along with the suspension, Brunet was fined $5,000.
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OSC appoints new executive director
(June 2, 2006) The Ontario Securities Regulatory Authority has named banker Peggy Dowdall-Logie as its new executive director.
Dowdall-Logie is the global director of retail securities compliance and personal trust at RBC. He will join the regulator on June 26, replacing Charlie McFarlane, who leaves the commission today. Dowdall-Logie has previous experience at OSC, working in the capital markets group. She left to join RBC in 2002.
“I am confident that Peggy will bring her significant regulatory and operational experience to the role of executive director to support the successful implementation of our strategic priorities,” OSC Chairman David Wilson said in a statement.
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Saxon’s chief financial officer resigns
(June 2, 2006) Saxon Financial Chief Financial Officer Kevin Feeney resigned from the investment management firm, effective June 15.
In a statement, the company said Feeney left amicably to pursue a new opportunity. Saxon says it will begin searching for a new CFO immediately.
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