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Navigating Uncertainty: Why Flexibility and Liquidity Are Essential for Investors

On August 25, 2020, Thomas S. Caldwell, Chairman of Caldwell Investment Management, spoke with WP Canada about the rapidly changing investment landscape. He stressed the growing importance of flexibility and liquidity as political, societal, and economic dynamics continue to shift. With corporate power concentrated and political leadership lacking, Caldwell believes that adaptability is crucial for investors and businesses seeking to navigate the modern world’s challenges.

The Need for Adaptability in a Changing World

Caldwell pointed out how recent events have demonstrated the unpredictability of global markets, particularly the unprecedented economic shutdown caused by COVID-19. “No one could have predicted a global economic halt just six or seven months ago,” he observed. Governments, many of which failed to prepare for economic downturns, are now printing money at an alarming rate to stabilize their economies. This reaction, he argued, highlights the fiscal mismanagement of the past and raises concerns about the long-term consequences of excessive government spending.

Caldwell also expressed deep concern about the current state of political leadership in the United States, noting that the country’s diminished global influence reflects its internal struggles. “Many in the U.S. are not participating in the ‘American Dream,’ and the country has a significant underclass whose needs are being ignored,” he said. He criticized both political parties for failing to address these issues, warning that inaction and arrogance have further divided the nation.

Beyond the U.S., Caldwell noted that isolationist policies, increasing government intervention, and rigid societal attitudes are becoming more prevalent worldwide. He suggested that the Western world may be transitioning into a “post-development” era, where traditional economic growth slows due to excessive regulation and political stagnation.

The Corporate Response: Balancing Regulation and Growth

Given these shifts, Caldwell raised an important question: How should corporations respond? He pointed out that governments and regulators, under growing societal pressure, have introduced more rules aimed at creating a fairer playing field. The term “stakeholders” has replaced “shareholders” as the primary focus of corporate governance, reflecting a broader sense of accountability.

While acknowledging the value of corporate responsibility, Caldwell warned that excessive regulation could stifle innovation, efficiency, and risk-taking—key drivers of economic progress. “Businesses must remain adaptable and focus on growth, despite the increasing regulatory burden,” he said.

Why Flexibility and Liquidity Matter More Than Ever

A core message in Caldwell’s discussion was the necessity of maintaining flexibility in both thought and action. He cautioned against “groupthink” and relying too heavily on a single source of information, urging investors and business leaders to question their own assumptions. “It’s crucial to avoid mind locks and remain open to different perspectives,” he advised.

Caldwell linked flexibility directly to liquidity, emphasizing that access to liquid capital is now the most important determinant of business success. The lessons of COVID-19, he argued, reinforced the wisdom of previous generations who understood the importance of financial cushions. “For businesses, access to liquidity is critical. Small business owners, in particular, must build a liquid capital base outside of their enterprises to survive and thrive,” he explained.

Preparing for an Uncertain Future

Looking ahead, Caldwell warned that while COVID-19 was an unforeseen disruption, similar events will likely occur in the future. He also expressed concern that government interventions, though often well-intentioned, tend to create additional challenges rather than solving existing problems. Tap here to learn more. 

“The changes in our world are becoming more frequent, extreme, and abrupt,” Caldwell concluded. “Flexibility and liquidity provide the freedom of thought and action needed to respond to these changes, rather than being forced into damage control when they happen.”

In a world of increasing volatility, Caldwell’s message is clear: the ability to adapt, maintain financial flexibility, and secure liquidity will be essential for individuals and businesses looking to weather uncertainty and emerge stronger on the other side.

(Disclaimer: We are not associated with Caldwell Investment Management Ltd.)

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Managing Investor Emotions: How Reducing Stress Can Improve Financial Outcomes

On May 1, 2020, Thomas S. Caldwell, Chairman and Founder of Caldwell Investment Management Ltd., shared valuable insights with WP Canada on why managing client stress is a crucial component of successful investing. In an era of uncertainty, Caldwell highlighted the essential role financial advisors play in guiding their clients through emotionally challenging periods.

Navigating Unprecedented Times

Caldwell acknowledged that the world is experiencing an era unlike any other, where even routine tasks, such as grocery shopping, feel surreal—comparable to scenes from a dystopian movie. The COVID-19 pandemic has heightened stress levels for investors, making it more important than ever for financial professionals to provide reassurance and strategic guidance.

A key aspect of Caldwell’s work has always been addressing the emotional needs of his clients. However, during the pandemic, this responsibility has taken on even greater significance. As fear and uncertainty dominate the financial landscape, he emphasized that advisors must help clients maintain a clear perspective to avoid emotionally driven investment mistakes.

The Emotional Toll of Market Volatility

One of the greatest challenges in investment management is managing client emotions during market turbulence. Caldwell explained that fear-driven decisions often lead to significant financial losses. “A significant part of my job is helping people manage their emotions,” he said. “More money is lost on emotions than anything else.”

A common mistake investors make is selling off assets during market downturns, only to miss out on eventual recoveries. Caldwell noted that a disciplined, long-term approach is key to avoiding these pitfalls. He humorously mentioned that some advisors refer to certain clients as “reverse indicators,” meaning their instinct to sell often coincides with the market being on the brink of a rebound. This illustrates the importance of maintaining composure and adhering to a well-thought-out investment plan.

The Influence of 24-Hour News Cycles

The modern era of constant news updates—particularly during the COVID-19 crisis—has made it increasingly difficult for investors to stay focused on long-term goals. Caldwell pointed out that the relentless flow of information amplifies fear and anxiety, making rational decision-making more challenging.

“The 24-hour news cycle keeps people on edge, constantly looking for signs of market disaster,” he observed. “But investing isn’t about reacting to every headline—it’s about seeing the bigger picture.”

Caldwell also highlighted that humans, by nature, seek social reassurance, especially in times of uncertainty. This collective anxiety can contribute to impulsive financial decisions that work against an investor’s best interests.

Identifying Opportunities in Uncertain Markets

Despite the challenges, Caldwell remains optimistic about investment opportunities. He cautioned against blindly following market trends and instead encouraged investors to seek out undervalued companies with strong fundamentals.

While many investors are fixated on popular tech giants like Google and Netflix, Caldwell believes that value can be found in overlooked sectors. He advised that successful investing requires a forward-thinking approach, focusing on what the market will look like in the future rather than reacting solely to present conditions.

Interestingly, he also touched on the role of then-U.S. President Donald Trump in navigating the crisis. While not personally a supporter, Caldwell acknowledged Trump’s entrepreneurial mindset, suggesting it could help drive quicker economic solutions and recovery.

About Caldwell Investment Management

Caldwell Investments is a trusted provider of investment management and advisory services for Canadian retail and institutional investors. The firm serves financial institutions, pension funds, endowment funds, foundations, and private clients, offering personalized investment strategies designed for long-term stability and growth.

With a commitment to building lasting relationships and delivering reliable financial solutions, Caldwell Investment Management helps investors navigate complex market conditions with confidence.

Follow them on X to get more updates. 

(Disclaimer: We are not associated with Caldwell Investment Management Ltd.)

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Caldwell Canadian Value Momentum Fund Achieves Prestigious Recognition for 2019 Performance

Caldwell Investment Management Ltd. is pleased to announce that its flagship Caldwell Canadian Value Momentum Fund has been honored with the coveted 2019 FundGrade A+ Award. This accolade underscores the fund’s unwavering commitment to delivering consistent performance, even in fluctuating market conditions. Notably, this is the second consecutive year the fund has received this distinction, affirming its position as a leader in the Canadian equity investment space.

On January 24, 2020, the Caldwell Canadian Value Momentum Fund stood out among approximately 380 funds in the Canadian Equity category. The fund’s impressive downside capture ratio of 17.9% over a five-year period ending December 31, 2019, was a key factor in its success. This metric highlights the fund’s ability to minimize losses during market downturns, safeguarding investor capital and offering stability even amid economic uncertainty.

Ranking in the top 1% of Canadian equity mutual funds for the same five-year period, the Caldwell Canadian Value Momentum Fund continues to set a high standard for strategic performance. Brendan Caldwell, CEO of Caldwell Investment Management, praised the dedication and expertise of lead portfolio manager Jennifer Radman and her team for their role in driving these exceptional results. Find out more.

“This award reflects the extraordinary efforts of Jennifer Radman and her team, whose strategic investment approach ensures consistent success,” said Brendan Caldwell. “Their ability to identify opportunities and manage risks effectively has been key to delivering these results year after year.”

A Distinctive Investment Strategy

The success of the Caldwell Canadian Value Momentum Fund lies in its unique methodology, which blends quantitative analysis with thorough fundamental research. This dual strategy enables the fund to uncover undervalued Canadian stocks with strong growth potential, spanning diverse sectors and market sizes. By combining value investing principles with momentum-based strategies, the fund achieves a balanced, diversified portfolio that capitalizes on both stability and emerging opportunities.

A core element of the fund’s strategy is its ability to identify underappreciated equities often overlooked by larger market players. This focus on niche opportunities ensures not only the potential for higher returns but also mitigates risks associated with overexposure to broader market trends. The fund’s performance demonstrates that disciplined research and innovative thinking can consistently deliver results.

Building on Success

The Caldwell Canadian Value Momentum Fund has firmly established itself as a benchmark for excellence within the Canadian equity mutual fund landscape. Its ability to adapt to evolving market conditions while prioritizing investor security and growth sets it apart from competitors.

“Combining value and momentum strategies allows us to uncover opportunities that others may miss,” explained Brendan Caldwell. “Our disciplined approach ensures a well-rounded portfolio that adapts to market changes while maximizing potential gains for our investors.”

About Caldwell Investment Management Ltd.

Caldwell Investment has long been recognized as a trusted leader in the Canadian investment industry. Serving institutional investors, pension funds, endowments, foundations, and individual clients, the firm offers tailored investment management and advisory services.

Caldwell’s offerings include discretionary portfolio management, asset allocation strategies, and comprehensive risk management solutions. With a steadfast commitment to fostering long-term client relationships, the company’s client-centric philosophy drives its success.

By adhering to disciplined investment processes and leveraging innovative strategies, Caldwell consistently delivers value and reliability to its clients. This focus on excellence has positioned the firm as a prominent player in the investment management field.

(Disclaimer: We are not associated with Caldwell Investment Management)

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Caldwell Canadian Value Momentum Fund Honored for Excellence in 2019

Caldwell Investment Management Ltd. is pleased to announce that the Caldwell Canadian Value Momentum Fund has been recognized with the prestigious 2019 FundGrade A+ Award, a testament to its consistent performance and ability to deliver remarkable returns for investors. This distinction marks the second consecutive year the Fund has earned this honor, further cementing its reputation as a leader in the Canadian equity sector.

A Remarkable Achievement in Canadian Equity

On January 24, 2020, the Caldwell Canadian Value Momentum Fund distinguished itself as a top performer in the Canadian Equity category, competing against approximately 380 other funds. One of the key factors contributing to this success is the Fund’s impressive downside capture ratio of 17.9% over a five-year period ending December 31, 2019. This metric highlights the Fund’s exceptional ability to safeguard investor capital during periods of market volatility, ensuring minimal losses compared to broader market movements.

Moreover, the Fund ranked within the top 1% of Canadian equity mutual funds during the same five-year span, a testament to its superior performance and the efficacy of its strategic approach.

Leadership and Expertise Behind the Success

The Fund's achievement can be attributed to the vision and leadership of Jennifer Radman, the lead portfolio manager, and her dedicated team. Brendan Caldwell, CEO of Caldwell Investment Management, praised their efforts, stating, “This recognition reflects the dedication and skill of Jennifer Radman and the entire team behind the Fund. Their disciplined and insightful investment approach has been instrumental in achieving such impressive results year after year.”

A Unique Investment Approach

What sets the Caldwell Canadian Value Momentum Fund apart is its distinctive investment methodology. By combining quantitative analysis with in-depth fundamental research, the Fund identifies undervalued Canadian stocks with strong growth potential. This dual approach blends the principles of value investing with momentum strategies, resulting in a well-diversified portfolio that leverages both stable and emerging market opportunities.

The Fund focuses on underappreciated Canadian equities, often overlooked by larger market players. This unique perspective allows investors to tap into niche opportunities, maximizing returns while minimizing risks.

The Role of Downside Capture in Mitigating Risks

The downside capture ratio, a standout metric for the Fund, illustrates its ability to mitigate losses during market downturns. A ratio of 17.9% means that when the market experiences declines, the Fund’s losses are significantly less severe. This provides investors with greater peace of mind and underscores the effectiveness of the Fund’s risk management strategies.

About Caldwell Investment Management Ltd.

Caldwell Investment Management Toronto is a trusted name in Canada’s investment landscape, offering a wide range of investment management and advisory services. The firm serves diverse clients, including institutional investors, pension funds, endowments, foundations, and individual investors.

Caldwell’s services include discretionary portfolio management, asset allocation strategies, and robust risk management solutions. At its core, the firm is committed to preserving and growing wealth through disciplined investment processes and innovative strategies.

With a client-first philosophy, Caldwell has built long-term relationships based on trust, performance, and personalized service. This dedication to excellence has earned the firm recognition as a leader in Canadian investment management.

Looking Ahead

The Caldwell Canadian Value Momentum Fund’s outstanding performance in 2019 and its second consecutive FundGrade A+ Award underline the strength of its investment strategy and management team. As the Fund continues to seek out underappreciated opportunities in Canadian equities, it remains a reliable choice for investors seeking consistent returns and robust risk management.

Investors interested in learning more about Caldwell Investment Management and its range of investment solutions can follow the firm on social media or visit their website for updates on their latest ventures.

Check out their Facebook page to learn more. 

(Disclaimer: We are not associated with Caldwell Investment Management)

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Caldwell Unifies Funds to Boost Dividend Investment Opportunities

Caldwell Investment Management Ltd. has successfully merged the Clearpoint Global Dividend Fund with the Caldwell U.S. Dividend Advantage Fund, reinforcing its position in dividend-focused investing. This merger, effective October 30, 2019, consolidates the two portfolios into one unified entity, the Caldwell U.S. Fund.

This strategic move reflects Caldwell’s broader goal of streamlining its fund offerings and optimizing growth potential for investors. The merger was executed on a tax-deferred basis, ensuring no immediate tax implications for unitholders. Caldwell Investment Management also absorbed all associated costs and administrative expenses, safeguarding investor returns from any additional financial burdens.

Clearpoint Global Dividend Fund unitholders automatically transitioned into the Caldwell U.S. Fund under favorable exchange terms. For every unit held, Series A investors received 0.6527 units in the Caldwell U.S. Fund, while Series F unitholders gained 0.7781 units. These exchange ratios were determined by assessing the net asset values (NAV) of each fund as of October 29, 2019. The calculated ratios facilitated a fair and transparent process, ensuring investors were neither advantaged nor disadvantaged by the integration. Check here to learn more. 

The merger represents more than just operational consolidation—it strengthens the Caldwell U.S. Fund by increasing its asset base, which can lead to enhanced diversification and greater economies of scale. Unitholders benefit from broader exposure to dividend-paying equities, a hallmark of Caldwell’s investment philosophy. The transition also positions the fund to pursue higher returns while mitigating risks through expanded market participation.

By streamlining its product lineup, Caldwell eliminates redundancy and sharpens its focus on high-performing funds. This decision aligns with an industry-wide trend of fund managers consolidating similar offerings to reduce overhead and enhance competitive edge. As Caldwell continues to adapt to changing market dynamics, the merger underscores its proactive approach to fund management and long-term value creation.

For investors, the merger unlocks opportunities by combining resources and expanding the pool of dividend-focused assets. A larger fund often translates into improved liquidity and cost efficiencies, which can enhance performance over time. Additionally, with Caldwell Investment Management covering all costs, investors reap the benefits without bearing the financial strain typically associated with such transactions.

Founded in 1990, Caldwell Investment Management has built a solid reputation for managing dividend-driven equity portfolios. The Toronto-based firm caters to both Canadian and U.S. markets, emphasizing consistent income generation and capital growth. Through disciplined investment strategies and a client-first approach, Caldwell has earned the trust of individual and institutional investors alike.

The merger reflects Caldwell’s ongoing mission to refine its fund offerings in response to market conditions. In an era of financial uncertainty, the strengthened Caldwell U.S. Fund offers a resilient investment vehicle focused on dividend yields and stability. As economic landscapes shift, Caldwell’s ability to adapt positions its investors for sustainable long-term success.

For those seeking reliable dividend income and growth, the newly enhanced Caldwell U.S. Fund represents a compelling investment opportunity. Caldwell’s unwavering dedication to operational excellence ensures that investors remain well-positioned for future prosperity.

(Disclaimer: This article is for informational purposes only and does not reflect the views of Caldwell Investment Management)

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How a Liberal Minority Government Could Shape Canada’s Economic Landscape

Thomas S. Caldwell, Founder and Chairman of Caldwell Investments, recently offered his analysis on the potential market effects of Canada’s new Liberal minority government. His insights highlight important considerations for investors as they navigate the evolving political environment.

Following the latest election, the Liberal Party retained power but fell short of a majority, with the Conservative Party assuming the role of official opposition. The Bloc Québécois and New Democratic Party also hold enough influence to potentially sway legislative decisions in Parliament.

Despite this political shift, Caldwell suggests that the economic repercussions may be limited. While there could be a brief uptick in consumer spending, he does not foresee significant long-term disruptions to the financial markets. The market, according to Caldwell, is likely to absorb minor increases in deficit spending without substantial concerns about long-term debt sustainability. Anish Chopra, Managing Director and Portfolio Manager at Portfolio Management Corp., concurs, suggesting that continuity in Liberal policies will mean limited surprises for investors.

Caldwell, however, warns of potential long-term economic challenges. He points to Canada’s rising national debt as a source of concern for future generations. Additionally, he highlights a troubling trend in the Canadian equity market – a lack of new public technology companies and a growing reliance on private equity. This shift, he argues, limits opportunities for growth and diversification in public markets.

On the governance front, Caldwell believes that the Liberals will likely adopt a flexible, pragmatic approach. In a minority setting, collaboration becomes essential. The Liberals may seek support on a case-by-case basis, partnering with different parties depending on the issue. For example, Caldwell suggests that the Liberals might engage the Conservatives to advance resource and energy-related initiatives, while relying on the NDP or Bloc Québécois for social programs like pharmacare or housing reforms.

The financial markets have responded to the election with little volatility. The Canadian dollar remains stable, and equity markets show minimal reaction – an indication that investors are taking a wait-and-see approach. This suggests that markets are betting on incremental policy adjustments rather than drastic overhauls.

While a minority government introduces some uncertainty, Caldwell’s analysis indicates that the overall impact on Canada’s economic landscape will likely be subdued. For investors, this translates to a relatively stable environment, provided that the government can navigate legislative negotiations effectively.

Looking ahead, Caldwell emphasizes the importance of monitoring the evolving business climate. With fewer IPOs and a shrinking pool of public companies, the investment landscape could become more challenging. For long-term growth, Caldwell advocates for policies that encourage entrepreneurship and innovation, fostering a more vibrant and competitive equity market.

In conclusion, the arrival of a Liberal minority government presents both opportunities and risks. While short-term market effects may be limited, addressing structural economic challenges will be crucial for sustaining long-term prosperity.

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(Disclaimer: This article is for informational purposes only and is not affiliated with Caldwell Investment Management)

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Thomas Caldwell Highlights the Importance of Flexibility and Liquidity in Today’s Investment Climate

On August 25, 2020, Thomas S. Caldwell, Chairman of Caldwell Investment Management Ltd., shared his views on the evolving investment landscape in an interview with WP Canada. Caldwell emphasized the increasing importance of flexibility and liquidity in a world marked by dramatic shifts in political, societal, and economic realms. With absent political leadership and concentrated corporate power, he believes that adaptability is essential for investors and businesses navigating the challenges of the modern era.

Caldwell explained that recent history has demonstrated how quickly global changes can occur, pointing to the unforeseen worldwide economic shutdown in response to COVID-19. "No one could have predicted a global economic halt just six or seven months ago," he noted. Governments, which had failed to save for a “rainy day,” are now scrambling to print money and spend at unprecedented levels. The fiscal imprudence of the past has given way to a frenzied attempt to stabilize economies, with the U.S. earning a reputation for its divisive leadership.

Caldwell’s critique of the current political climate in the U.S. was sharp. He lamented the lack of respected and trusted leaders, warning that America’s diminished global leadership is a sobering reminder of the country’s internal struggles. “Many in the U.S. are not participating in the 'American Dream,' and the country has a significant underclass whose needs are being ignored,” Caldwell said. He criticized both sides of the political divide for their hubris and failure to address the country’s challenges, calling it a tragedy of inaction.

According to Caldwell Investment Management Toronto, the U.S. media has also contributed to the problem, acting as accomplices in what he referred to as a “reality soap opera.” However, the issue of poor leadership is not exclusive to the U.S. He noted that trends toward isolationism, judgmental attitudes, and increased government control have been exacerbated by COVID-19, suggesting that the Western world may be entering a "post-development" era.

Caldwell raised an important question: what do these shifts mean for the corporate world? He observed that governments and regulators, responding to societal pressures, have imposed more rules in an effort to level the playing field. The term “stakeholders” has replaced “shareholders” or “owners” as the primary focus of corporate accountability. While Caldwell acknowledged the importance of broader societal responsibilities for corporations, he stressed that innovation, efficiency, risk-taking, and profitability are still essential for economic growth. He warned that the increasing volume of regulations could undermine their intended purpose and hinder overall societal progress.

A key part of Caldwell’s message is the need for flexibility in both thinking and action. He warned against “groupthink” and relying too heavily on a single source of information. “It’s crucial to question your own thoughts and avoid mind locks,” he said. Flexibility, in his view, is closely tied to liquidity, which he believes is essential for navigating both adversity and opportunity.

“Flexibility is synonymous with liquidity,” Caldwell explained. “COVID-19 has reminded us of our grandparents’ wisdom in always keeping a cushion of liquidity. For businesses, access to liquidity is now the single most important determinant of success. Small business owners, in particular, must focus on building a liquid capital base outside of their enterprises to survive and thrive.”

Looking ahead, Caldwell cautioned that while no one predicted COVID-19, similar disruptive events are likely to occur in the future. He argued that governments often exacerbate the damage in their efforts to solve problems or ease societal pain, creating new challenges in the process. Tap here to learn more about this. 

“The changes in our world are becoming more frequent, extreme, and abrupt,” Caldwell concluded. “Flexibility and liquidity provide the freedom of thought and action needed to respond to these changes, rather than being forced into damage control when they happen.”

In a world of increasing volatility, Caldwell’s message is clear: flexibility and liquidity are the keys to navigating uncertainty and emerging stronger on the other side.

(Disclaimer : We are not associated with Caldwell Investment Management)

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Caldwell Canadian Value Momentum Fund Clinches 2019 FundGrade A+ Award

On January 24, 2020, Caldwell Investment Management proudly announced that its Caldwell Canadian Value Momentum Fund has been honored with the prestigious 2019 FundGrade A+ Award. This accolade marks the second consecutive year the Fund has achieved this recognition for its exceptional performance and stability.

The award highlights the Fund's outstanding performance within a competitive field of approximately 380 Canadian Equity funds. The Caldwell Canadian Value Momentum Fund has distinguished itself by safeguarding investor capital during market downturns, boasting an impressive downside capture ratio of just 17.9% over the past five years ending December 31, 2019. This exceptional performance places the Fund in the top 1% of all Canadian equity mutual funds for the same period.

Brendan Caldwell, CEO of Caldwell Investment Management Toronto, extended his congratulations to Jennifer Radman, the Fund’s lead Portfolio Manager, and the entire Canadian Value Momentum Fund team. “Congratulations to Jennifer Radman and our dedicated team. This prestigious award is a testament to the Fund’s disciplined investment approach and the exceptional care demonstrated by our portfolio management team,” said Brendan Caldwell.

The Caldwell Canadian Value Momentum Fund is distinguished by its rigorous investment process, combining quantitative analysis with traditional fundamental research. The Fund seeks to identify investment opportunities with optimal risk-adjusted returns, irrespective of market capitalization or industry classification. It focuses on a concentrated portfolio of Canadian stocks often overlooked by larger funds, blending the best attributes of value and momentum investment strategies.

About Caldwell Investment Management Ltd.

Caldwell Investment Management Ltd. is a well-respected provider of investment management and advisory services to a diverse range of Canadian and institutional investors. The firm is dedicated to growing and preserving wealth through personalized, flexible investment strategies built on a legacy of strong, long-term partnerships. For more information on their services, visit their website.

Their offerings include discretionary investment management, asset allocation, and comprehensive portfolio and risk management services. With a team of experts committed to monitoring compliance and delivering performance reporting, Caldwell Investment Management continues to be a trusted name in the industry.

Visit Caldwell’s LinkedIn profile to learn more.

(Disclaimer: We are not affiliated with Caldwell Investment Management)

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What You Must Expect From Markets With a Liberal Minority Government According to Caldwell Chairman

Thomas S. Caldwell, the Founder and Chairman of Caldwell Investment Management Ltd., recently shared insights on what institutional investors can anticipate from the markets under a Liberal minority government in Canada. This comes after the Liberal Party of Canada secured a minority government, with the Conservative Party of Canada taking the role of official opposition, while the Bloc Québécois and the New Democratic Party (NDP) won enough seats to potentially support the Liberals in the federal election.

Modest Macro-Economic Impact

According to Caldwell, the macro-economic impact of the Liberal minority government will likely be modest. He anticipates a brief near-term boost to consumption, but overall, markets are expected to shrug off the modest increase in deficits with minimal impact on debt sustainability. Anish Chopra, Managing Director and Portfolio Manager at Portfolio Management Corp., concurs, noting that policies from the previous Liberal majority government will probably continue with little change.

 Concerns About Debt and Business Environment

Despite these reassurances, Caldwell expresses concerns about the economic outlook under continued Liberal rule. He highlights the increasing debt burden being created for future generations, stating, “I worry about the debt we’re creating for the future generations.” Additionally, Caldwell is troubled by the current business environment in Canada. He notes that the Canadian equity market is becoming increasingly hollowed out, with fewer companies entering the market, particularly in the high-tech sector, which is now dominated by private equity.

Functioning of a Minority Government

The structure and functioning of the Liberal minority government present several scenarios. The Liberals could form a formal coalition with another party or seek support on a case-by-case basis for individual pieces of legislation. Caldwell suggests that the latter is more likely, as it allows the government to seek support from different parties based on the issue at hand. 

For instance, the Liberals may turn to the Conservatives for support on measures related to the resource and energy sectors. Conversely, for social spending initiatives like pharmacare, they might seek backing from the NDP or Bloc Québécois. This approach would avoid the complexities and potential instability of a formal coalition or time-bound agreement.

Market Reactions and Future Expectations

Following the election, markets and the Canadian dollar showed little reaction, reflecting a tentative wait-and-see approach from investors. According to the Chairman of Caldwell Investment Management Toronto, this indicates that the market is cautiously observing how the minority parliament will function. He predicts that changes from the status quo will be minor rather than substantial.

The Canadian market's stability post-election suggests that investors are not expecting dramatic shifts in policy or economic conditions. However, the precise impact will depend on how effectively the Liberal minority government navigates support for its legislative agenda and manages the balance between economic growth and fiscal responsibility.

While the immediate market response to the Liberal minority government has been muted, concerns about long-term debt and the business environment remain. Investors can expect modest macro-economic changes and should be prepared for a government that seeks support on a case-by-case basis. As Caldwell emphasizes, the key will be how the government addresses these economic challenges while maintaining investor confidence and market stability.

Visit their LinkedIn profile to learn more about the team. 

(Disclaimer : We are not associated with Caldwell Investment Management)

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Caldwell Reports Soft Close in Successful Value Momentum Fund

Caldwell Investments Management Ltd. announces its first soft close of the successful Canadian Value Momentum Fund, which has grown from $40 million at the start of COVID to almost $230 million today, the fund manager told Wealth Professional.

Jennifer Radman, a senior portfolio manager and Caldwell’s Head of Investments says they are proud to cap the fund and still maintain the ability to continue adding value to investors.

“That’s not necessarily an easy business decision, to stop that when you have very strong momentum, in terms of money going into the fund. This is a very competitive industry. Fees are so low that essentially every new dollar of assets coming in is very profitable because it’s a fixed expense space. So, it would be very easy to say, ‘hey, look how great the strategy has done’ and just continue to grow, grow, grow. But, the problem with that is you start eroding the power of the investment strategy just because there’s not a ton of liquidity in the Canadian market. So, we’re very proud that, as an organization, we have put investors first. That was really the motivation for capping the fund,” she explained. 

The fund identifies stocks in the Canadian market where the price is increasing and what’s driving that and, once it plays out, Caldwell Investment Management Toronto actively trades it. “In 2020, the turnover was over 200%,” said Radman. Further, she attributes the fund’s success to the fact it was a good compliment to other funds. Its ten-year track record was also strong. “The COVID environment just helped us demonstrate how the strategy works in a very turbulent time,” explained Radman.

“Nobody needs another billion dollar Canadian equity fund,” she said. So, Caldwell opted for a soft close so investment advisors who are discretionary portfolio managers can continue to use it while Caldwell slows the fund’s asset growth.

Caldwell Investment Management Ltd. Background and Future Ventures

Founded back in 1990, Caldwell Investment Management Ltd. is a Toronto-based firm providing  investment management services to pooled and mutual funds. Over the years, the firm has established and maintained its reputation for excellence in the investment management industry, providing innovative investment solutions to meet the requirements of individual and institutional investors.  In this regard, Caldwell was awarded the FundGrade A+ Award for the year 2018 in respect of the Caldwell Canadian Value Momentum Fund. 

Caldwell is known for having considerable expertise in the management of dividend-paying equity mandates. This is with a particular emphasis on funds focused on issuers domiciled in Canada and the U.S., consistent with the investment approach employed by the GDF Fund over the past several years.

Get complete information about the Caldwell team when you visit their LinkedIn profile. 

(Disclaimer : We are not associated with Caldwell Investment Management)

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Caldwell Investments Reports Caldwell Canadian Value Momentum Fund as Winner of 2019 Fundgrade A+ Award

Caldwell Investment Management announced that its Caldwell Canadian Value Momentum Fund has been awarded the 2019 FundGrade A+ Award for delivering consistently strong performance with minimal volatility on January 24, 2020. Making it the second consecutive year that the Fund has been honoured with this FundGrade Award.

A recent report says the Caldwell Canadian Value Momentum Fund was recognized for its exceptional performance over the past year within a peer group of approximately 380 other funds in the Canadian Equity category. It’s worth noting that a key factor in the Fund’s outperformance has been its demonstrated ability to protect investor capital during periods of market decline. With respect to this, the Fund boasts a category-best downside capture ratio of 17.9% over  the  past  five  years  ending  December  31,  2019*. 

Moreover, the Fund  ranks  in  the  top  1%  of  all  Canadian equity mutual funds for the 5-year period, ending December 31, 2019. CEO of Caldwell Investment Management Toronto Brendan Caldwell congratulates  Jennifer  Radman, their lead PM on  the  Fund,  and  the  rest  of  the  Canadian  Value  Momentum Fund team.

“ Congratulations  to  Jennifer  Radman,  our  lead  PM  on  the  Fund,  and  to  the  rest  of  the  Canadian  Value Momentum Fund team. This  prestigious award  recognizes  the  consistency  of  the  Fund’s  disciplined  investment  process  as well as the ability and care exercised by our portfolio management team over the past year,” Brendan Caldwell said.

According to the Caldwell team, the  Caldwell  Canadian  Value  Momentum  Fund  employs  a  rigorous  and  repeatable  investment  process  based  on  the  unique  combination  of  quantitative  discovery  and  traditional,  bottom-up  fundamental  analysis.  

The Fund aims to capitalize  on  investment  opportunities  offering  the  most  attractive  risk-adjusted  return  potential,  regardless  of  market  capitalization  and  industry  categorization.  It also  invests in a concentrated portfolio that looks vastly different from the composite index and is composed of  Canadian  stocks  which  are  often  overlooked  or  are  inaccessible  to  larger  competing  funds.  Eventually, the result is a portfolio containing the best attributes of both value and momentum investment styles.

Caldwell Investment Management Ltd. Background

Caldwell Investment Management Ltd. is a trusted provider of investment management and advisory services to Canadian, retail and institutional investors, including financial institutions, public and private pension funds, endowment funds, foundations, and private accounts. Visit this link if you wish to learn more. 

They are committed to growing as well as preserving your wealth. Caldwell does this by offering a personalized, customized, and flexible plan defined by their heritage of fostering deep and enduring long-term partnerships. They originate  investment vehicles with a view toward predictable results.

Additionally, their portfolio and risk management services include discretionary investment management and asset allocation. Caldwell has experts who monitor portfolio compliance in accordance with investment mandates and regulatory requirements, and provide financial performance reporting to investors and clients. With their integrity and depth of experience, their people are Caldwell’s most valuable asset. 

(Disclaimer : We are not associated with Caldwell Investment Management)

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Caldwell Investments Officially Named Caldwell Canadian Value Momentum Fund as the Winner of the 2019 Fundgrade A+ Award

On January 24, 2020, Caldwell Investment Management publicly announced that its Caldwell Canadian Value Momentum Fund has been awarded the 2019 FundGrade A+ Award for delivering consistently strong performance with minimal volatility. According to the team, this has become the second consecutive year that the Fund has been honored with this FundGrade Award.

A recent report says the Caldwell Canadian Value Momentum Fund was recognized for its exceptional performance over the past year within a peer group of approximately 380 other funds in the Canadian Equity category. It’s worth noting that a key factor in the Fund’s outperformance has been its demonstrated ability to protect investor capital during periods of market decline. With respect to this, the Fund boasts a category-best downside capture ratio of 17.9% over  the  past  five  years  ending  December  31,  2019*. 

Moreover, the Fund  ranks  in  the  top  1%  of  all  Canadian equity mutual funds for the 5-year period, ending December 31, 2019. CEO of Caldwell Investment Management Toronto Brendan Caldwell congratulates  Jennifer  Radman, their lead PM on  the  Fund,  and  the  rest  of  the  Canadian  Value  Momentum Fund team.

“ Congratulations  to  Jennifer  Radman,  our  lead  PM  on  the  Fund,  and  to  the  rest  of  the  Canadian  Value Momentum Fund team. This  prestigious award  recognizes  the  consistency  of  the  Fund’s  disciplined  investment  process  as well as the ability and care exercised by our portfolio management team over the past year,” Brendan Caldwell said. 

According to the Caldwell team, the  Caldwell  Canadian  Value  Momentum  Fund  employs  a  rigorous  and  repeatable  investment  process  based  on  the  unique  combination  of  quantitative  discovery  and  traditional,  bottom-up  fundamental  analysis.  

Furthermore, the Fund aims to capitalize  on  investment  opportunities  offering  the  most  attractive  risk-adjusted  return  potential,  regardless  of  market  capitalization  and  industry  categorization.  It also  invests in a concentrated portfolio that looks vastly different from the composite index and is composed of  Canadian  stocks  which  are  often  overlooked  or  are  inaccessible  to  larger  competing  funds.  Eventually, the result is a portfolio containing the best attributes of both value and momentum investment styles.

Caldwell Investment Management Ltd. Background

Caldwell Investment Management Ltd. is a trusted provider of investment management and advisory services to Canadian, retail and institutional investors, including financial institutions, public and private pension funds, endowment funds, foundations, and private accounts.

Caldwell Investments is committed to growing as well as preserving your wealth. Caldwell does this by offering a personalized, customized, and flexible plan defined by their heritage of fostering deep and enduring long-term partnerships. They originate  investment vehicles with a view toward predictable results.

Additionally, their portfolio and risk management services include discretionary investment management and asset allocation. Caldwell has experts who monitor portfolio compliance in accordance with investment mandates and regulatory requirements, and provide financial performance reporting to investors and clients. With their integrity and depth of experience, their people are Caldwell’s most valuable asset. More information when you visit this site. 

(Disclaimer : We are not associated with Caldwell Investment Management)

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Caldwell Canadian Value Momentum Fund Winner of the 2019 Fundgrade A+ Award According to Caldwell Investment

Caldwell Investment Management Ltd. proudly announced that the Caldwell Canadian Value Momentum Fund has been awarded the 2019 FundGrade A+ Award on January 24, 2020 for delivering consistently strong performance with minimal volatility.

This is the second consecutive year that the Fund has been honoured with this FundGrade Award according to the Caldwell team. Caldwell Canadian Value Momentum Fund was also recognized for its exceptional performance over the past year within a peer group of approximately 380 other funds in the Canadian Equity category.

The team said that a key factor worth noting in the Fund’s outperformance has been its demonstrated ability to protect investor capital during periods of market decline. Due to this, the Fund boasts a category-best downside capture ratio of 17.9% over the past five years ending December 31, 2019*.

Moreover, the Fund ranks in the top 1% of all Canadian equity mutual funds for the 5-year period, ending December 31, 2019.

On the other hand, Brendan Caldwell, the CEO and President of Caldwell Investment Management, congratulates Jennifer Radman, their lead PM on the Fund, and the rest of the Canadian Value Momentum Fund team. Learn more when you visit this link.

“This prestigious award recognizes the consistency of the Fund’s disciplined investment process as well as the ability and care exercised by our portfolio management team over the past year,” Caldwell stated.

The Caldwell Canadian Value Momentum Fund employs a rigorous and repeatable investment process based on the unique combination of quantitative discovery and traditional, bottom-up fundamental analysis.

In addition, the Fund aims to capitalize on investment opportunities offering the most attractive risk-adjusted return potential, regardless of market capitalization and industry categorization. It also invests in a concentrated portfolio that looks vastly different from the composite index and is composed of Canadian stocks which are often overlooked or are inaccessible to larger competing funds. Eventually, the result is a portfolio containing the best attributes of both value and momentum investment styles.

Read More About Caldwell Investment Management Ltd.

Caldwell Investment Management provides the top-notch investment management and advisory services to Canadian, retail and institutional investors, including financial institutions, public and private pension funds, endowment funds, foundations, and private accounts.

Caldwell originates investment vehicles with a view toward predictable results. Furthermore, he has a portfolio and risk management service that include discretionary investment management and asset allocation. Their team of experts monitor portfolio compliance in accordance with investment mandates and regulatory requirements, and provide financial performance reporting to investors and clients. With their integrity and depth of experience, their people are Caldwell’s most valuable asset.

In addition, Caldwell Investment Management Ltd. is registered with the Ontario Securities Commission as well as in other provinces where it does business. The company is a wholly owned subsidiary of Caldwell Financial Ltd, a majority employee-owned firm.

(Disclaimer : We are not associated with Caldwell Investment Management)

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Things About Caldwell Investments You Must Know If You’re an Investor

Caldwell Investment Management Ltd. is a renowned partner for all mutual fund investors in Canada. The team offers investment management and advisory services to Canadian, retail and institutional investors, including financial institutions, public and private pension funds, endowment funds, foundations, and private accounts. Moreover, they originate investment vehicles with a view toward predictable results.

Caldwell Investment Management provides portfolio and risk management services that include discretionary investment management and asset allocation. The firm monitors portfolio compliance in accordance with investment mandates and regulatory requirements, and provides financial performance reporting to investors and clients. Through their integrity and depth of experience, Caldwell is proud to say that its people are its most valuable asset.

Caldwell is currently registered with the Ontario Securities Commission, its principal regulator. They are registered in other provinces where it does business. Caldwell Investments is also a wholly owned subsidiary of Caldwell Financial Ltd., a majority employee-owned firm that was built in 1990.

Read About the CEO & President

Brendan Caldwell is the President and CEO of Caldwell Investment Management Ltd. He strongly believes that investing should never be parochial. Caldwell likes to go beyond the limit when searching for the right companies to fit his strategies. They look at the whole portfolio, not in terms of having so much in Canada or the US, but where are the best value opportunities, regardless of what countries they are in.

The CEO also believes that investing shouldn’t be led by your emotions, but he is clearly passionate about what stock markets have meant for the world. He states that having an effective stock exchange is the single best mechanism the world has ever come up with for developing a middle class. Moreover, Caldwell Investment Management Toronto has top-notched mutual fund managers and are experts in stock markets.

For future updates, be sure to check out their Twitter page.

(Disclaimer : We are not associated with Caldwell Investment Management)

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Caldwell Investment’s Background & Vision in a Nutshell

Built in 1990, CaldwellI Investment Management Ltd. has become a reputable provider of investment management and advisory services to Canadian, retail and institutional investors, including financial institutions, public and private pension funds, endowment funds, foundations, and private accounts. The firm is known to manage assets on a discretionary basis for wealthy individuals, private and public corporations, not-for-profit organizations, insurance companies, associations and public and private foundations on a segregated basis. They also provide investment management services to mutual funds and pooled funds.

Caldwell is driven to growing as well as preserving the wealth of every client. The firm does this by offering a personalized, customized, and flexible plan defined by their heritage of fostering deep and enduring long-term partnerships. Further, the firm originates investment vehicles with a view toward predictable results.

Caldwell Investment Management Toronto invests on behalf of pensions, charities, foundations, insurance companies, government agencies and municipalities, but their investment philosophy grew out of their long experience with managing the investments of private clients. They also believe that this experience has taught them that their primary focus must be to first reduce their clients’ risk and then seek to maximize their clients’ returns.

For them to achieve this, they invest on behalf of their clients in government bonds and the shares of large, well-known corporations. It’s an important note to remember that Caldwell buys shares in these companies when they perceive that their prices represent good value in light of the firm’s overall economic view, the fundamentals of each company, and their confidence in corporate management.

Registered with the Ontario Securities Commission, its principal regulator, Caldwell is a portfolio manager and investment fund manager, and is registered in other provinces where it does business. They are a wholly owned subsidiary of Caldwell Financial Ltd., a majority employee-owned firm. Check out this link if you’re curious to learn more.

(Disclaimer : We are not associated with Caldwell Investment Management)

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How Caldwell Investments Arrived to Its Current Level of Success

Caldwell Investment Management is an investment management and advisory services firm based in Toronto. They primarily serve Canadian retail and institutional investors, including financial institutions, public and private pension funds, endowment funds, foundations, and private accounts. Additionally, they are a wholly-owned subsidiary of Caldwell Financial Ltd, a majority employee-owned firm.

The team of experts designs and originates investment vehicles for a wide range of client needs as they focus on predictable results. Their portfolio and risk management services include discretionary investment management and asset allocation. Furthermore, their disciplined investment management and advisory services include risk management and asset allocation services tailored to clients’ investment mandates, including performance reporting.

Caldwell Investments is registered with the Ontario Securities Commission, its principal regulator. The firm is also a portfolio manager and investment fund manager, and is registered in other provinces where it does business.

They are proud to have a team with integrity and depth of skill and knowledge.Caldwell works at successfully preserving and building wealth, guided by a few simple principles:

Investing is a marathon, not a 100-yard dash.

Time in the market is more important than market timing.

Quell emotions before making investment decisions.

Challenging economic times can lead to profitable investing opportunities.

Invest only in quality.

Never borrow to invest.

Invest steadily and regularly over time.

Your most important decision is to choose an investment Advisor who puts you first. At Caldwell, this is our highest priority.

Founder of Caldwell Investments

Mr. Thomas S. Caldwell built Caldwell Investment Management in 1990. Mr. Caldwell has been actively involved in the investment industry since graduating from McGill University in 1965. He is the current Chairman of Caldwell Financial Ltd., a diversified investment company with subsidiary organizations providing investment management, brokerage and insurance services to a broad spectrum of investors throughout North America and around the world. In 2014, Mr. Caldwell was inducted into the IIAC Investment Industry Hall of Fame. Check here to learn more.

Mr. Caldwell manages the investment pools he is responsible for on a value/strategic overview basis. Caldwell Financial Ltd., and its affiliated companies and investment pools, were the second-largest owners of the New York Stock Exchange prior to the NYSE’s demutualization.

Through the years, Mr. Caldwell has been actively involved in addressing social and community needs. He was awarded Her Majesty’s Golden Jubilee Medal in 2002 for his activities on behalf of Canadian Veterans. In 2003 he was appointed a Member of the Order of Canada for his work in assisting those in need as well as contributing to institutions working to better the lives of others. In 2012, he received Her Majesty’s Diamond Jubilee Medal for his efforts on behalf of the disadvantaged.

(Disclaimer : We are not associated with Caldwell Investment Management)

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Crucial Facts About Caldwell Investments Every Investor Should Know

Caldwell Investment Management Ltd. is an investment management and advisory services provider to Canadian, retail and institutional investors, including financial institutions, public and private pension funds, endowment funds, foundations, and private accounts. The firm is a trusted partner among investors ever since it was established in 1990 in Toronto, where it is currently based.

They originate investment vehicles with a view toward predictable results. Their portfolio and risk management services include discretionary investment management and asset allocation. Moreover, they monitor portfolio compliance in accordance with investment mandates and regulatory requirements, and provide financial performance reporting to investors and clients. With their integrity and depth of experience, their people are Caldwell’s most valuable asset.

Currently registered with the Ontario Securities Commission, its principal regulator, Caldwell Investment is a portfolio manager and investment fund manager, and is registered in other provinces where it does business. They are a wholly-owned subsidiary of Caldwell Financial Ltd, a majority employee-owned firm.The team is proud to bring experienced thinking to help you build your wealth.

President and CEO of Caldwell Investment Management Ltd.

Brendan Caldwell is the current President and CEO of Caldwell Investment Management Ltd. As a passionate leader, he strongly believes that investing should never be parochial. He likes to go beyond the limit when searching for the right companies to fit his strategies. They look at the whole portfolio, not in terms of having so much in Canada or the US, but where are the best value opportunities, regardless of what countries they are in.

The team firmly believes that investing shouldn’t be led by your emotions, but he is clearly passionate about what stock markets have meant for the world. He states that having an effective stock exchange is the single best mechanism the world has ever come up with for developing a middle class. Caldwell Investment Management Toronto has top-notched mutual fund managers and are experts in stock markets.

For more important details, head to their LinkedIn profile.

(Disclaimer : We are not associated with Caldwell Investment Management)