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Monday morning briefing: 25 years of value vs. growth

December 2, 2019

Value versus growth over the past 25 years. Private debt fundraising down in 2019. Working on an approach to DSC. And much more in this week’s briefing.

Economic/industry news

Canadian GDP grew 1.3% in third quarter: Canada’s economy slows in third quarter even as demand jumps

Europe continues to favour active management: McKinsey: Where active management survives

There’s still a place for value investing: Has value investing stopped working?

Why small-cap stocks may be set to soar: Small may turn mighty as strategists see Russell strength ahead

M&A deals in financial services was US$57 billion in the third quarter: Financial sector M&A jumps in Q3, GlobalData

Why private equity can help a portfolio during a market downturn: Worried about a downturn? Consider private equity

Investors concerned about interest rates: Global investors cite interest rates as key portfolio risk: survey

Current market conditions may require a unique approach to active management: Revisiting active management and asset allocation

Chart of the week

Let’s look at value versus growth stocks on the S&P 500 Index since 1995. Toward the end of the 1990s and early 2000s, growth stocks surged higher in response to the dot-com bubble. After moving in lockstep until the 2008 financial crisis, growth stocks began outpacing value stocks. Is value investing in trouble or is it primed for a comeback? Let us know what you think.

Used with permission of Bloomberg Finance L.P.

News and notes (U.S.)

The Volcker Rule’s impact on hedge funds: The great hedge fund retreat

Private debt fundraising down in 2019: Against expectations, private debt fundraising saw a decline in 2019

The risks of unitranches: A booming corner of private credit has some investors on edge

Why it’s important to invest across vintages: In private equity, vintage diversification matters

Mutual fund sales and performance over the past two weeks: Mutual funds scorecard: November 26 edition

New rules proposed to make it easier for leveraged funds to come to market: SEC proposes new rule to ease the market entry of leveraged funds

Charles Schwab to purchase TD Ameritrade: Schwab to acquire TD Ameritrade in US$26-billion deal

Looking to allow private companies to raise money through a direct listing: NYSE proposes big change to direct listings

News and notes (Canada)

TD launches 10 new ETFs: TD Asset Management introduces new ETFs

CI takes stake in U.S. RIA firm: CI Financial buys US advisory firm

Canadian ETF assets rose to $192.3 billion in October: ETF sales rebound, mutual fund sales hold steady in October

Working on an approach to DSC: OSC decision on DSCs to come – eventually

Here are the winners from the Women in Wealth Management awards: Women in Wealth Management award winners revealed

IIROC provides updated guidance on AML requirements: IIROC steps up AML guidance

On the pulse – New frontiers in fintech

The importance of customer engagement: Reinventing retail banking customer experience in a digital world

How the entry of Big Techs into banking may impact fintech companies: Should ‘fintech’ fear big tech’s push into banking?

Customers are demanding a better digital experience: Banks losing customers who want seamless digital experiences

Why data science skills will be crucial for businesses to thrive: Analytics skills essential for business survival in ‘data decade’

The importance of IT infrastructure in developing AI capabilities: Big data LDN: Why you need to modernize your IT infrastructure for AI

Data analysis will be the focus in 2020: Why data will change the game again in 2020

Ant Financial looking to invest in the payments space: Ant Financial preps $1bn investment fund

New platform for independent advisors: Pascal Financial launches wealth management platform for advisors

High-net-worth topics

The wealthy want quality information from their advisor: What ultra high net worth clients want from wealth managers

The money habits of the rich: 5 things rich people do with their money

Polls & surveys – What financials are saying

During a recession, people want help from advisors (MDRT): Clients want you to help them through a recession: MDRT survey

Where are the female portfolio managers? (Goldman Sachs): Investment management is still a boys’ club: Goldman

Canadians are looking to eliminate debt (Manulife): Canadians agree they have too much debt

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