A Northern View: 10 Years into a Canadian Bull Market

While there has been a lot of focus among many investors on the length of the US economic expansion, there are other countries experiencing similarly long—or longer—expansions of their own. One of these is Canada, the United States’ northern neighbor. Our Head of Equities Stephen Dover, along with Managing Director Purav Jhaveri and our Canada-based portfolio managers Garey Aitken and Tim Caulfield, explore the dynamics in Canada’s markets to highlight our on-the-ground, active approach to global investing. They find several areas of the economy where the country may be a model to others.

One of the advantages of our global presence is having the ability to consider local developments in a wider context. Our experience in different markets around the world enables us to spot emerging trends, identify potential future challenges and opportunities and make connections that hopefully lead us to better decisions.

Analyzing local developments through a global lens, and global developments through a local lens, can help us draw different conclusions from the crowd and lead us to undiscovered potential opportunities.

Over the coming months, our team of equity analysts will offer their thoughts on some markets around the world that we think are especially worthy of note.

We kick off our global tour with a look at the Canadian equity market.

While many global equity investors may overlook Canada, the country has seen some meaningful achievements this year. In the realm of sports, Canadian basketball fans watched the Toronto Raptors defeat California’s Golden State Warriors on June 13, 2019, to assume the National Basketball Association crown for the first time since entering the league in 1995.

Canada’s women’s soccer team reached the final 16 in the World Cup, and Mercer rated the coastal city of Vancouver the third-best in the world for quality of living, and the highest in North America.1

But focusing in on equity markets for the purposes of this commentary, Canada’s equity bull market passed its 10-year anniversary on March 9, 2019, and subsequently reached a new all-time high on April 23, 2019.