Finding balance in uncertain times: A discussion with our Portfolio Managers

May 2, 2025

In case you missed it, this is a replay of a virtual event held on May 2^nd, 2025.

The unpredictability of tariff- and trade-related developments has created a great deal of uncertainty—clouding the economic outlook and causing global financial markets to fluctuate.

In light of this, Gregory Sweet, Managing Director, Investment Advice, hosts our Portfolio Managers to discuss tariff and trade implications, the global economy and market volatility, what investors can do now and more.

The event features Craig Maddock, Vice President, Senior Portfolio Manager & Head of the Multi-Asset Management Team, Jason Gibbs, Vice President, Senior Portfolio Manager & Co-Head of the Equity Income Team, and Romas Budd, Vice President, Senior Portfolio Manager & Co-Head of the Core Fixed Income Team.

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Craig Maddock

Vice President, Senior Portfolio Manager & Head of the Multi-Asset Management Team

“Ultimately our process is really about being rational and disciplined. We need to stick to our principles no matter how crazy things might seem at any given time. But the only way you do that is you actually prepare your portfolios in advance for both really strong markets, and of course, really weak markets because we know those are going to come and go. They're not surprises. They're surprises when they happen because we don't know exactly when they're going happen, but it's not a surprise that they are going to happen … we're already prepared for anything that might come.”

Jason Gibbs

Vice President, Senior Portfolio Manager & Co-Head of the Equity Income Team

“You have to figure out what is in my control and what is not in my control because, guess what, every week, every month, something's going to happen that's not in your control. So, when it comes to investing, you have to really focus on what can I control? How am I going to act? … We go to the market crash in 1987, the tech bubble and the tech crash, 9/11, the great financial crisis and of course COVID, and I'm missing a lot obviously, but you know what they all have in common? No one expected them but as an investor, the best companies always find a way to get through, they adapt, they’re what we call anti-fragile in the sense that they have pricing power, their customers need to use their products, and they get out of it on the other side.”

Romas Budd

Vice President, Senior Portfolio Manager & Co-Head of the Core Fixed Income Team

“We are active managers … and in our opinion, lots of risks are in index fund type products … When you mention opportunities, that's one of the things we're doing as active managers. The risks are where we're avoiding long term (Canadian) bonds, that's bonds over 10 years. The opportunities are we're looking to add some exposure to the U.S. and pick up that extra percent in yield. … You can get income, you can get insurance against a bad economic event, you can get ballast within a diversified portfolio"

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