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Team Beauregard Farina Tourangeau

1250 boul. René-Lévesque West

Suite 1500

Montréal, QC

H3B 4W8

Markets Returns

Value as of

Mar. 31 2015*


Year to date




1.8 %

7.4 %

S&P 500


0.4 %

11.4 %

Euro Stoxx 50 


17.5 %

1.2 %

MCSI emerging markets


1.9 %

-4.6 %

Oil ($US/Barrel)

$ 47.60

-13.4 %

-41.6 %

Gold ($US/oz)

$ 1,183

-0.2 %

-1.9 %


$ 0.79

-8.4 %

-8.5 %

Source : Bloomberg, Richardson GMP Limited

*Values are in local currency

Investment Strategies  

European companies: Why invest now?

Major European companies have been discounted because of negative investor sentiment about economic prospects for the European Union (EU). As a result, strong companies with high growth potential appear undervalued relative to their U.S. counterparts.


There are three macroeconomic factors throughout the EU that should help those companies realize their growth potential and achieve higher valuations:

  • A historically weak euro, which could help boost European exports;
  • Accommodative monetary policy that's expected to stimulate the European Union's economy; and
  • Labor market reforms that may lower costs, potentially enhancing productivity and corporate profitability.

Read more

Tax & Estate Planning Strategies 
Navigating the new rules for testamentary trust

Although upcoming changes to the tax treatment of testamentary trusts will eliminate certain tax-planning opportunities associated with these types of trusts, experts say they still represent valuable tools for many clients.


Read more

In the news                                     

Fund managers reducing allocation to US

Global fund managers have cut back their allocations to U.S. equities. The proportion of investors saying U.S. equities are overvalued has also reached its highest level since May 2000. With the move away from U.S. stocks, allocations to eurozone and Japanese equities have both increased. This move out of U.S. stocks comes amid growing anticipation of U.S. rate hikes.


Investor consensus suggests that the strong dollar will act as positive rather than a negative for the global economy and markets. More investors are also forecasting increases in both long- and short-term interest rates. 



Currency exposure: Hedge or No Hedge?

Turmoil in global currency markets is causing more investors to think about how such fluctuations impact the performance of their stocks. Aggressive monetary policy by global central banks has led to the fast depreciation in certain currencies.


Over the past year, the Brazilian real has slid 43%, the euro has fallen over 20%, and the Japanese yen has fallen almost 15%. As a result, more investors are deciding to invest globally, but with hedged currency exposure. There is uncertainty about the future of the euro, and there could be more volatility to come. We believe this makes Europe an attractive place to neutralize currency exposure.


Read more
3 reasons the Euro is dropping

The euro is notching one milestone after another as it drops against major currencies. It hit a 12-year low against the dollar and many think its descent has further to go. Few, if any, in the markets anticipated that 25% decline. After all, the euro's value has managed to hold its own over the past few years of debt crisis, which at times even threatened the currency's very existence. So what's prompted the turnaround? The main reason is the European Central Bank has not only cut interest rates but also started creating more euros to put into the financial system.


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Eddy Farina, Fin. Pl., CIM
Senior Vice President, Investment Advisor

" If we never did anything we shouldn't do,
we'd never feel good about doing the things we should "


- Frank Underwood (House of Cards)

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The opinions expressed in this report are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Richardson GMP Limited or its affiliates. Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Past performance is not indicative of future results.   

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