Week Ending Friday, October 1, 2021 - RBC Wealth ...
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Week Ending Friday, October 1, 2021
www.mackaygroup.com
1-800-561-4468
MacKay Group Wealth Management. Our mission is to provide our clients superior investment advice, products and service.
Serving clients and friends at RBC Dominion Securities Inc. – a member of RBC Financial Group since 1983.
HOW I SEE IT – by Bruce MacKay the unemployed we think the labour market is on the
Davis roadmap/ Qly window dressing/ Labor. verge of a big step forward”.
Equity indices down this month - September Dr. Ed Yardeni - " higher rates help S&P 500 financials
historically a volatile and down month most years - and higher Oil boost S&P 500 energy - back to pre-
since March 2020 we have had 14 up and flat months pandemic rail car loading’s - record new orders with
and 4 down months - what's next? usual lagging shipments - Q3 real GDP tracking at
Positives: Ned Davis Research S&P 500 sector 3.2% - productivity boom would be good for real
roadmap (see page 7) which I’ve used for 20+ years wages and profit margins - roaring 20s versus the
follows the Dow Jones 4 year Presidential cycle - take a great inflation of the 1970s".
look as its been very accurate – it forcasts a small RBC technical - "weekly RSI momentum continues to
correction with a year-round rally. AAII investor build from moderately oversold levels in summer and
sentiment - 28.1% bullish/31.1% neutral/40.3% is unlikely to become overbought until late Q4. Leon
bearish - weak confidence reading and a good buy Cooperman -"10% correction possible - bearish long-
indicator. Corrections come and go - historically a term view - is a fully invested bear -don’t expect a
good time to invest. Fed Powell – “still far away from recession - we don’t have a hostile Fed- a 10 to 12%
full employment”. Ned Davis comment – “A correction creates bargains - Fed committed to low
President’s decrease in popularity is good for the stock rates -only bubble is in the bond market."
market.” Jeremy Siegel – “bullish on equities - wants Negatives: "The concerns - accelerating inflation,
US to pare down tax increases and infrastructure natural gas prices soaring, supply chain nightmare,
spend." Covid induce labour shortage, impact of a
September historically has tended to be the weakest infrastructure bill, chip shortage." Jim Cramer.
month of the year - biggest drop has been on average Mike Wilson, Morgan Stanley -" taxes incease could
1.6% - this one probably 5%. cut 5% off the S&P 500 earnings - be defensive through
RBC DS - “Fed taper - since 2010 there has been 8 taper 2020 -growth decelerating - less excited - correction
terminations, taper discussions and taper cuts - the coming - wait it out'.
S&P 500 1 year average rate of return is 12% High and oil prices historically slow economy.
afterwards - so equities are likely resilient beyond any Dr. Ed Yardini - "Higher commodity and transport
knee-jerk weakness. prices hits earnings - Chinese factories facing blackout
COVID-19 - evidence of late latest surge in the US has - bonds are starting to make sense again”. Leon
peaked - shift in leadership/rotation- heavy bias Cooperman -" US has gone from $0 to $20 Trillion in
towards secular growth. End of quarter window debt - Fed has economy on life support since 2008 -
dressing - managers sell the poor performers and Inflation higher than Fed thinks.
replace them with this quarters winners - will this Investment Wisdom: “How many millionaries do you
reverse next month - probably. know who have become wealthy be investing in savings
Brian Wesbury - "US economy is far from fully healed accounts? I rest my case” – Robert G. Allen
from COVID-19 disaster, but now that the government Stocks/Days this week: TOY, GTEK, DLTR, MSFT,
has stopped step back from extra large payments to COUR
Have a nice weekend. Bruce
Page 1 10/01/2021
THIS WEEK’S NOTES & QUOTES - News and Opinions Worth Repeating
'Misleading': CN Rail fires back against TCI demands
Canadian National Railway Co. is firing back against claims made by one of its largest shareholders that its operational
performance should result in sweeping management and board changes, stating that those critiques are "highly
suspect" and "misleading."
The Montreal-based railroad operator issued a statement Friday detailing how TCI Fund Management Ltd.'s rationale
behind its plan to lead an activist campaign against the company is rife with inconsistencies and shows an "obvious
conflict of interest" given its ownership stake with its rival Canadian Pacific Railroad Ltd.
https://www.bnnbloomberg.ca/misleading-cn-rail-fires-back-against-tci-demands-1.1660397
Canadian food inflation nearly double what official data suggests: Study
Climate change and the COVID-19 pandemic are causing food prices in Canada to rise, but a new study suggests the
official data is underestimating the increase.
According to Statistics Canada, food prices are up 2.7 per cent over the past 12 months. But, new research from
Dalhousie University’s Agri-Food Analytics Lab published Wednesday shows the food inflation rate in Canada is closer to
five per cent.
Meat products have seen the largest price spike, with Statistics Canada data noting those products have become 10 per
cent more expensive over the past six months.
https://www.bnnbloomberg.ca/canadian-food-inflation-nearly-double-what-official-data-suggests-study-1.1659240
Tesla set for delivery record, beating supply-chain turmoil
Tesla Inc. is expected to report record deliveries of roughly 224,000 vehicles in the most recent quarter, another
milestone for Chief Executive Officer Elon Musk and his trailblazing electric-car brand.
Deliveries are one of the most closely watched metrics at Tesla: They underpin the company’s financial results and are
widely seen as a barometer of consumer demand for electric vehicles amid a global shift away from the internal
combustion engine.
Twelve analysts surveyed by Bloomberg expect Tesla to report 223,677 deliveries in the third quarter. The company sent
its own consensus figure, 221,952, to investors.
https://www.bnnbloomberg.ca/tesla-seen-set-for-delivery-record-beating-supply-chain-turmoil-1.1660395
Netflix hits record as 'Squid Game' extends content-fueled rally
Netflix Inc. shares closed at a record on Thursday, the latest sign that Wall Street is optimistic a steady stream of hit
shows will keep subscribers coming.
Page 2 10/1/2021
Recent stock gains have been fueled by the return or debut of well-known titles, including new seasons of “The Witcher”
and the sitcom “Seinfeld.” But the latest lift has come from the South Korean action-drama series “Squid Game,” whose
massive popularity appears to be an early indicator of stronger user trends, Bloomberg Intelligence wrote on
Wednesday.
https://www.bnnbloomberg.ca/netflix-hits-record-as-squid-game-extends-content-fueled-rally-1.1660026
Investors are gobbling up homes in Canada's hot housing market
The people piling into Canada’s red-hot housing market fastest already own a home -- or in some cases three or four.
In the 12 months through June, the number of people adding a fourth mortgage or more surged 7.7 per cent, more than
doubling the increase for first-time borrowers, according to data from consumer credit reporting firm Equifax Canada
Inc.
Canada’s housing market has been about as hot as any in the world. And while people with more than one home loan
account for only about 16 per cent of the mortgage market, purchases by those borrowers have accelerated quickly.
That’s because rising home prices and falling mortgage rates have boosted their ability to borrow against one property
to buy a new one.
https://www.bnnbloomberg.ca/investors-are-gobbling-up-homes-in-canada-s-hot-housing-market-1.1659210
Stop putting it off — Adult children need to have that difficult talk about aging with their parents now
Close to one in four Canadians will be seniors by the end of the decade, according to the federal government. In
addition to a rapidly aging demographic, sadly, the prevalence of dementia syndromes is also increasing, with the
number of people living with Alzheimer’s disease doubling every five years, according to the Centers for Disease
Control and Prevention.
https://financialpost.com/personal-finance/family-finance/stop-putting-it-off-adult-children-need-to-have-that-
difficult-talk-about-aging-with-their-parents-now
Selling your business? Here are five things you need to do first
“The pandemic has made a lot of people take a second look at their lives,” says the president of Toronto-based AIM
Group Canada, which specializes in the sale and acquisition of privately owned businesses.
“Their homes are paid for, they have enough wealth for generations of children,” he adds. “They’ve worked crazy hard
for years, and they’re starting to realize there are lots of other things they’d like to do.”
The pandemic’s worn down older entrepreneurs
The headaches of running a business during the pandemic — and the isolation of working remotely — may have been
the push these owners needed to decide to sell, but demographics also play an important role, says Groulx.
https://financialpost.com/moneywise-pro/future-money/selling-your-business-here-are-five-things-you-need-to-
do-first
Page 3 10/1/2021
CANADIAN MARKETS Energy Inc., Telus Corp, TFI International Inc.,
TransAlta Corp., Toronto Dominion Bank.
I. Canadian Fixed Income
Benchmark Canada Government Bonds IV. News we recommend on our CDN Holdings
CDN Yield Curve @ Oct 1, 2021 Market prices as of market close on Sept 30, 2021
2.50%
Enthusiast Gaming Holdings Inc. (EGLX) - Game
2.00% On: Initiating at Outperform, $9 Price Target
Ranking: Outperform (RBCCM).
1.50%
Price C$4.66- Target C$9.00
1.00%
Q4/21 Global Mining Best Ideas Portfolio
0.50%
Moving Uranium to Market Weight and
0.00% Diversified/Bulk Commodities to
2-Yrs 5-Yrs 10-Yrs 30-Yrs Underweight
MG Canadian Fixed Income Top Holdings Pet Valu Holdings Ltd. (PET) – Hosting the big
• Government & Corporate Bonds dogs: Management meetings reinforce constructive
• Convertible Debentures outlook; target to $34
• High Yield Open End & Closed End Funds Ranking: Sector Perform (RBCCM).
• Rate Reset/Fixed Floater Preferreds Price C$29.25- Target C$34.00
• Perpetual Preferreds
SNC-Lavalin Group Inc. (SNC)- Key takeaways
from the 2021 Investor Day
II. RBC DS FALL CDN- Sept 2021 Equity Focus Ranking: Outperform (RBCCM).
List Price C$35.18- Target C$43.00
RBC CM Focus List: TELUS, Dollarama Inc., Magna
International Inc., Restaurant Brands, Alimentation
Couche-Tard Inc., Canadian Natural Resources, Enbridge Inc. (ENB)- Showcasing ESG integration
Pembina, Cenovus Energy, TC Energy Corp, Bank into its business
of Montreal, Brookfield Asset Mgmt, Canadian Ranking: Outperform (RBCCM).
Imperial Bank of Commerce, Element Fleet Mgmt Price C$50.46- Target C$57.00
Corp, Intact Financial Corp, Royal Bank of Canada,
TD Bank, Canadian Pacific Railway Ltd, GFL Please contact our office if you would like a copy of any of
Environmental Inc., Thomson Reuters, Toromont the above research reports.
Industries Ltd., Waste Connections Inc., WSP
Global, Constellation Software Inc. CCL Industries,
Nutrien Ltd, Wheaton Precious Metals Corp, First Research Publications (available upon request)
Capital REIT.
• Global Insight- 2021 Outlook
III. Veritas V- list • RBC Strategy CDN Focus List: FALL 2021
Alimentation Couche-Tard Inc., Arc Resources, • RBC CM FEW Portfolio – FALL 2021
Canadian Natural Resources, Canadian Pacific
Railway Ltd., Capital Power Corp., Congeco Cable
Inc., Dollarama, Enbridge Inc., George Weston Ltd.,
Granite REIT, Hydro One Ltd., Killam Apartment
REIT, Manulife Financial Corp., Linamar Corp.,
Maple Leaf Foods Inc., Metro Inc., Riocan REIT,
Royal Bank of Canada, SNC Lavalin Group Inc.
SPDR Gold Shares, Sun Life Financial Inc., Suncor
Page 4 10/1/2021
INTERNATIONAL MARKETS Westpac Banking, AstraZeneca, Fresenius, Sanofi,
I. US Fixed Income ABB Ltd, Accenture, Alibaba Group, NICE Ltd, SAP
Benchmark Canada Government Bonds SE, BHP Group.
US Yield Curve @ Oct 1, 2021 V. News We Recommend on our Intl Holdings
2.500% Market prices as of market close on Sept 30, 2021
2.000%
Alphabet Inc. (GOOG) - An almost unfairly good
1.500% business; initiating at Outperform
Ranking: Outperform (RBC CM).
1.000%
Price U$2,665- Target U$3,400
0.500%
Amazon.com, Inc. (AMZN)- Amazon Shrugged;
0.000% Initiating at Outperform
2-Yrs 5-Yrs 10-Yrs 30-Yrs
Ranking: Outperform (RBC CM).
Price U$3,285- Target U$4,150
MG US Fixed Income Top Holdings include
• Government & Corporate Bonds Facebook Inc. (FB) - There’s Just Nothing Else
• High Yield Open & Closed Funds Quite Like It; Initiating at Outperform
• Rate Reset/Fixed Floater Preferreds Ranking: Outperform (RBCCM)
• IShares Mortgage Plus Index (REM) Yield 8.7% Price U$339.39 Target U$425
II. RBC DS US Equity Focus List Sept 2021: Snap Inc. (SNAP) - A strong monezaon story
Alphabet, Walt Disney Company, Facebook, with spotlight on new products; iniate at
Amazon.com, Home Depot, McDonalds Corp, Outperform
Starbucks, Constellation Brands, Costco Ranking: Outperform (RBCCM)
Corporation, Chevron, JP Morgan, US Bancorp, CVS Price U$73.87 Target U$88.00
Health Corp, J&J, Medtronic, Mereck & Co, Thermo,
United Health Group, Honeywell, Union Pacific, Xylem Inc. (XYL) - Digital Mix Shift Underway +
Xylem, Adobe, Apple, Cisco, Mastercard Inc, M&A Optionality: 2021 Analyst Meeting
Microsoft, Crown Castle Takeaways
Ranking: Outperform (RBCCM)
III. RBC DS Global Equity Focus List – FALL 2021: Price U$123.68 Target U$136.00
Alphabet, Walt Disney Company, Telus,
Amazon.com, Home Depot, Restaurant Brands,
Constellation Brands, Costco, Canadian Natural Please contact our office if you would like a copy of any of
Resources, Suncor, TC Energy, Brookfield Asset the above research reports.
Management, Canadian Imperial Bank of Research Publications (available upon request)
Commerce, Intact Financial, Royal Bank, TD Bank, • Global Insight- 2021 Outlook
US Bancorp, J&J, Thermo Fisher, United Health, • RBC GAM – Global Investment Outlook
Canadian Pacific Railway, Honeywell International, • RBC CM – Top 30 Global Ideas for 2021
Thomson Reuters, Toromont, Waste Connections,
Apple, Constellation Software, Mastercard,
Microsoft Corp, CCL Industries, Crown Castle.
IV. RBC DS ADR Focus List:
China Unicorn, Vodafone, WPP Plc, Honda,
Anheuser-Butsch, Diageo, Unilever, China
Petroleum…, Eni S.p.A., Royal Dutch Shell, AerCap
Holdings, Barclays, HSBC, ING, Prudential PLC,
Page 5 10/1/2021ETFS – Top Holdings
MUTUAL FUNDS Closed/Open– Top Holdings US ETF Fixed Income
US Bonds – XIG, TLT
I. CANADIAN US Preferred Shares - PFF
Canadian Fixed Income US ETF Equity – S&P 500, Dow Jones Index,
Canso Credit Income Nasdaq 100, S&P 500 Dividend Index, iShares Dow
Dynamic Strategic Yield Jones Select Dividend Index, Vanguard Dividend
Appreciation Index, iShares High Dividend Equity
Canadian Equity Fund, iShares Russell 2000 Index, S&P 500 Value
Fidelity – Global Innovation/CDN Large Index, S&P 500 Growth Index, S&P Small Cap 600
Cap/Growth /Special Opp Index
Mackenzie – Ivey CDN / Cundhill
Middlefield – CDN Dividend Growers/REIT Plus US ETF Sectors – SPDR Financial Index, iShares
Franklin Templeton – Bissett CDN Div/CDN Equity Real Estate, iShares, SPDR Utilities Index, iShares
RBC –CDN Div/CDN Equity/ O’Shaughnnessy Telecom Index, SPDR Consumer Discretion, iShares
Dynamic – Strategic Yield US Healthcare, IShares Nasdaq Biotech, iShares
Industrials Index, NASDAQ Index, Vanguard
Energy Index, DJ Basic Materials Index, iShares
ETFS – Top Holdings Homebuilders Index
Canada – Fixed Income
Bonds - XBB, XCB, XGB
Preferred Shares – CPD, PSF.UN III. GLOBAL
Canadian ETF’s Equity – iShares TSX Large Cap 60, GLOBAL Equity
iShares Canada Equity Income, iShares Canadian Fidelity – Global Div/Monthly Income
Dividend, iShares Canadian Select Dividend, Mackenzie – Ivey Foreign
iShares TSX Small Cap, iShares TSX Composite Middlefield - Health Care/Global Div Growers
Franklin Templeton - Growth / Intl
Canadian ETF Sectors – iShares TSX Financials, RBC – Global Fund / Int. Div G
iShares TSX REITs, BMO Equal Weight Utilities, Dynamic – Global Value
iShares TSX Info Tech, iShares TSX Energy, iShares
TSX Materials GLOBAL ETF Equity
China ETF, Europe ETF, Germany ETF, India ETF,
iShares Emerging Mkts, iShares International
II. US/INTERNATIONAL Dividend
US Fixed income Unique ETFs
Franklin High Yield Horizons Robotics & Automation, ETFMG Prime
Fidelity American High Yield Cyber Security, Blockchain Technologies, Active AI
Global Equity, Marijuana Life Sciences, Healthcare
US Equity Leaders Income, Tech Achievers Growth & Income
Fidelity – American Eq/Small Cap American/Euro
Mackenzie – US Mid-Cap
Middlefield – US Div Growers / American Core
Franklin Templeton - Growth
RBC - NA Value
Dynamic – Strategic Yield
Page 6 10/1/2021I
2023
Page 7 10/1/2021FAVOURITE CHARTS
Dow Jones Industrial Average – 1789 to Date
Page 8 10/1/2021Page 9 10/1/2021
MACKAY GROUP WEALTH MANAGEMENT Our team manages clients’ portfolios on an
Introduction Serving over 300 families and friends individual basis. Portfolios are custom designed to
since 1981. We provide the investment solutions you meet your personal objectives. Investment
need to achieve specific goals, whether investing for disciplines used include asset allocation, geographic
yourself, family, your business or your organization. & sector diversification and risk management to
Our Team Helping to provide comprehensive maximize your portfolio returns. Programs include:
wealth management is an extensive team of 1. Private Investment Management - PIM our
professionals, including Portfolio Managers, premium level of discretionary wealth management.
Financial Planners, Estate Planning Specialists, Highlights include: Freedom, custom portfolio,
Consultants, Tax Strategists and Research Analysts. segregated securities, IP statement, asset mix for life
THE MG WEALTH MANAGEMENT APPROACH stage, model portfolio tracking, growth and income
1: Learning about each other needs, risk tolerance, top & bottom up management.
2: Developing your personalized IP investment plan. 2.Professional Discretionary Investment Portfolios.
3: Putting your plan into action A+ Investment Program: is our institutional level
4: Integrating complementary wealth services platform with 40+ Investment Manager choices.
5: Taking care of your lifelong needs Global money managers including Beutel Goodman,
6: Monitoring and reporting results Franklin Bissett, Guardian, Jarislowsky Fraser, RBC
Portfolio Management Highlights: GAM, Caldwell, Brandes, & Franklin Templeton.
1. Learning about each other. Questionnaire on 3.Professional Non-Discretionary Management -
investment needs, objectives, and risk. Advisor our premium level of non-discretionary
2. Investment Policy Statement. The IPS statement investment wealth management. Highlights include:
expresses your personal investment objectives in a Discussion on each investments, custom portfolios,
document to guide the content of your portfolio, IP statement, asset mix, growth & income needs,
including making decisions, reporting on progress risk tolerance, top & down management.
and regularly reviewing your objectives. Management fees are tax deductible for non-
3. Action Plan. Detailed proposal to get us started. registered accounts.
4. Reviewing all our Wealth Management services 4.Traditional Transactional based accounts.
including a financial plan and estate plan. Available for special situation accounts.
5. Taking care of lifelong needs, including creating Advantages of Annual Management Fee Program.
detailed income projections. Premium money market and bond rates
6. Monitoring and reporting results. Ongoing mutual funds with lower management fees
portfolio analysis, reviews and prompt service. Hedging through use of option strategies
Investment Policy Statement (IPS) Easier tax planning – tax loss switches
Portfolio Valuation Report Stop loss + Re-entry without extra fees
o Asset Allocation, Income Projection, Rate of to average into and out of stock positions
Return, Capital Gains/Loss No transaction commission places the focus
Tax reporting, T5 and T3 etc. (See kit) on merits of investing instead of its cost.
RBC CM Quarterly Strategy, MG Weekly Fee % deceases as value increases
Newsletter, Focus List and Stock of the Day INVESTMENT VEHICLES WE USE:
ACCOUNTS & SERVICES WE OFFER Allocation includes CDN, US, and International
Investment Account, Options, Equity Credit Line, Fixed Income Equity Income & Growth
Corporate, Holding Co., Charitable Foundation, Tax MM, GICs Small Cap.
Free Savings Account (TFSA), Registered Education Bonds, Converts Medium Cap.
Savings Plan (RESP), Registered Retirement Savings Preferreds Large Cap.
Plan (RRSP), Registered Retirement Income Fund High Income Balanced
(RRIF), Individual Pension Plan (IPP), DS Family ETFs & Mutual Funds (open and closed)
Trust Acct, Registered Charity Gift of Stock Acct,
Annual Tax-Assisted Flow-Through Share Program
PORTFOLIO MANAGEMENT PROGRAMS
Page 10 10/1/2021COMPREHENSIVE WEALTH MANAGEMENT STRATEGIES
1. Financial Planning
Ted Chan – our Financial Planning Consultant provides solutions for simple or complex financial planning:
• Comprehensive financial plan • Taxation of the corporation at death and
• Addressing all aspects of your financial affairs more.
• Including cash and debt management • Retirement and estate planning
• Tax and investment planning • Business succession
• Risk management Withdraws from corporation tax- effectively
2. Insurance Planning
Andrew Sipes – As estate planning specialists, they will focus on:
• Personal and corporate insurance solutions to increase your net worth and reduce the impact of taxation.
• He can also ensure your wealth is transferred to your heirs in accordance with your wishes.
Insurance Strategies include:
• Whole life, Term Life • Keyperson Insurance • Critical Illness
• Long Term Care • Corporate Estate Bond • Insured Annuity
3. Wills & Estate Planning
Ariel-Charles Guigui – Our Will and Estate Consultant offering information on structuring your estate in an
efficient and tax-effective manner, providing you with a report outlining various estate planning issues:
• To explore in further detail with your own • Reduce the taxes and expenses of an estate
lawyer or accountant • Simplify and speed the transition of assets to the
• Valid & Current Wills for All in Family next generation
• Use of living trusts • Ensure that your beneficiaries are protected.
• Planned Gifting • Different types of Power of Attorney
4. Tax Planning
Prashant Patel – A number of solutions that can simplify the tax planning process including;
• Tax-efficient charitable giving • 2015 Home Buyer’s Plan Withdrawals
• Family income splitting strategies • Consider Paying Yourself a Bonus
• Eligible Retiring Allowance • Sale of Private Business Shares
• LIRA Conversion to LIF/RLIF • US Estate Tax Planning for Canadians
5. RBC Estate & Trust Services, Royal Trust
Karen Snowden-Staecey – provides individuals, families and businesses with valuable estate, trust and
incapacity services:
• Assistance in the preservation, management and transfer of wealth between generations by providing
solutions to implement clients’ estate and trust plans
• Professional and impartial expertise in delivering estate and trust services
o Strong history and legacy in managing fiduciary businesses
o Professionals who have technical and practical experience
o Compassion and understanding of the client’s family’s experience
6. RBC Private Banking Premier
Ari Steriotis – works as a single point of contact providing banking and credit solutions for select clients of
Wealth Management Canada and their families. Tailored banking & credit package to complement the best in
class investment management and wealth planning.
• Providing one of RBC’s most comprehensive banking packages – special rates, exclusive cross border
package, high daily access limits on cash withdrawals and direct payments, RBC Avion Visa Infinite
Privilege Card with a $120 rebate off the annual fee and more.
Page 11 10/1/2021THE MACKAY GROUP TEAM COMMENTS
Bruce's-Portfolio Management – Strategy, Macro &
Micro Our Mission
Tax rates are increasing, financial solutions are “To provide our clients superior investment advice,
evolving and RBC's suite of services has expanded products and service at RBC Wealth management
to meet our clients' needs. We'll review your Dominion Securities since 1981.”
investment portfolios and introduce you to our
expanded team of Wealth Management
professionals and the full range of services we offer. Bruce MacKay, HBComm, CIM
Portfolio Manager, Investment Advisor,
Andrew's -Portfolio Management & Team Vice President and Director
Management Andrew Slivinsky, CIM, PFP, Senior Associate Advisor
Proper portfolio construction is the key to meeting Christopher Nicolaides, CIM, DMS Associate Advisor
your financial goals. The variety of investment Melissa Crawford, Associate Advisor
choices can be daunting. Let our team help simplify Madeleine Howard, HBA Associate
the approach, narrow your focus, mitigate tax, and Kristine MacKay, MBA, Associate Wealth Advisor
plan for financial success throughout retirement.
Estate + Financial Planning Advisors
Kristine's -Business Development & Team Wealth Ted Chan, Financial Planner
Management Ariel-Charles Guigui, Will and Estate Consultant
Over 100 of our clients and their families have found Prashant Patel, Tax Consultant
tremendous value in having a Financial Plan, Will & Andrew Sipes, Estate Planning Specialist
Estate Consultation and Insurance review. Hope Karen Snowdon-Steacy, Senior Trust Advisor
you enjoy our new ‘Wealth Wednesday’ educational Ari Steriotis, Premier Banking
email series. I’m also here to manage client
MacKay Group Wealth Management
appreciation events and charity sponsorships.
www.mackaygroup.com
Brookfield Place
Melissa's -Portfolio Administration 181 Bay Street, Suite 2200
Is your account information up to date - including
Toronto Ontario, M5J 2T3
investment objectives & risk parameters, beneficiary
Telephone: 416-842-7120
information, dividend reinvestment plan, monthly
payment plan and banking information? MacKay Group & RBC Foundation
We have contributed $600,000+ over the years.
Christopher’s - Portfolio Management & Research Charities we support in 2021 - Trillium Health
I will work with you and our team to manage your Partners, Canadian Wildlife Federation, Toronto
accounts, provide recommendations, identify Public Library, ABC Life Literacy, Canadian Canoe
opportunities and assist with client service to ensure Museum, Merry-Go-Round Children’s Foundation,
all your needs are met. Ontario Track III, Camp Winston, Royal Ontario
Museum, Alzheimer’s Society & Dorothy Ley
Madeleine’s -Portfolio Administration & Research Hospice.
Have you topped up your TFSA? RSP? RESP? I will
work with you to make sure you are maximizing
your portfolio. We are especially proud of our daily
‘Stock of the Day’ research.
Page 12 10/1/2021Disclaimer
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments.
Please read the fund facts and prospectus before investing. Mutual fund securities are not covered by the Canadian
Deposit Insurance Corporation or by any other government insurer. There can be no assurances that the fund will be able
to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund
will be returned to you. Past performance may not be repeated. This information is not intended as nor does it constitute
tax or legal advice. Readers should consult their own lawyer, accountant or other professional advisor when planning to
implement a strategy. This commentary is based on information that is believed to be accurate at the time of writing, and
is subject to change. All opinions and estimates contained in this report constitute RBC Dominion Securities Inc.'s
judgment as of the date of this report, are subject to change without notice and are provided in good faith but without
legal responsibility. Interest rates, market conditions and other investment factors are subject to change. Past performance
may not be repeated. The information provided is intended only to illustrate certain historical returns and is not intended
to reflect future values or returns. Securities or investment strategies mentioned in this newsletter may not be suitable for
all investors or portfolios. The information contained in this newsletter is not intended as a recommendation directed to a
particular investor or class of investors and is not intended as a recommendation in view of the particular circumstances
of a specific investor, class of investors or a specific portfolio. You should not take any action with respect to any
securities or investment strategy mentioned in this newsletter without first consulting your own investment advisor in
order to ascertain whether the securities or investment strategy mentioned are suitable in your particular circumstances.
This information is not a substitute for obtaining professional advice from your Investment Advisor. The commentary,
opinions and conclusions, if any, included in this newsletter represent the personal and subjective view of the investment
advisor [named above] who is not employed as an analyst and do not purport to represent the views of RBC Dominion
Securities Inc. The information contained herein has been obtained from sources believed to be reliable at the time
obtained but neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers can guarantee its
accuracy or completeness. This report is not and under no circumstances is to be construed as an offer to sell or the
solicitation of an offer to buy any securities. This report is furnished on the basis and understanding that neither RBC
Dominion Securities Inc. nor its employees, agents, or information suppliers is to be under any responsibility or liability
whatsoever in respect thereof. The returns and performance information presented here does not reflect actual client
portfolio or composite returns. The performance information presented in this report is based on a hypothetical model
portfolio, and is intended to help illustrate the general performance of the investment strategy while removing the
variability that results from implementation at a particular client level. The model portfolio reflects the actual investment
recommendations (buys, sells) of the strategy as they were communicated historically; however, a number of
implementation assumptions (which may include but are not limited to the timing and diligence with which the portfolio
is rebalanced, the execution price for securities transactions, and any trading and account related costs, fees, or
commissions) have been made when calculating the model returns that may be difficult or impossible for any investor to
exactly replicate the model portfolio. For this reason, there is no expectation that the model returns will perfectly replicate
the actual performance of any client following the same guided portfolio strategy. Specifically, the following assumptions
have been made when calculating model portfolio returns: the portfolio is rebalanced monthly and any time a change to
portfolio holdings is made; market close prices are used for all valuations; and returns are gross of all account fees and
transaction costs. Insurance products are offered through RBC Wealth Management Financial Services Inc. (“RBC
WMFS”), a subsidiary of RBC Dominion Securities Inc.* RBC WMFS is licensed as a financial services firm in the province
of Quebec. RBC Dominion Securities Inc., RBC WMFS and Royal Bank of Canada are separate corporate entities which are
affiliated. *Member-Canadian Investor Protection Fund. RBC Dominion Securities Inc. and RBC WMFS are member
companies of RBC Wealth Management, a business segment of Royal Bank of Canada. ® / TM Trademark(s) of Royal Bank
of Canada. Used under licence. © 2018 RBC Dominion Securities Inc. All rights reserved.
Page 13 10/1/2021You can also read
