For over 8 years, Yorkville has been providing investment and client services to foundations, endowments, and not-for-profits. Although the company has grown and evolved, the fundamentals of Yorkville remain the same. Our team of investment professionals collectively have over 25 years of experience with foundations, and continue to provide investment services with the ability to further customize and improve their level of client service. This starts with a direct relationship with those who make the investment decisions on your behalf, followed by customized reporting and ongoing communication, transparent investment strategies, advisory services, and educational seminars for boards and committees – we are constantly working for our clients. Yorkville also assists its clients in designing and reviewing adequate and sustainable investment
policy statements. Additionally, Yorkville demonstrates leadership in the area of portfolio management by creating a Foundation Advisory Board. This is an independent group of experienced board participants that are eager to share their experiences in properly guiding charitable foundations. Doing the right thing is a guiding principal at Yorkville, and a growing audience of foundations have placed their trust with us.
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Yorkville’s expertise in serving First Nations groups focuses on advisory services for capital, and revenue management of your investments. In working towards achieving your investment objectives, Yorkville applies a comprehensive approach, including, but not limited to, economic and feasibility studies on diverse investment plans, as well as managing or creating trusts as needed. This approach is geared towards preserving capital and stimulating investment growth. At Yorkville, we believe that this combination of service and skill has the ability to create a true advantage that would help you preserve your capital and stimulate investment growth, so that you may use your investments to meet your community’s unique needs and goals.
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Yorkville understands the duty and responsibility of working with family offices in order to help grow wealth across multiple generations, while putting the interests of the family first. In addition, our concierge service, Opus Elite, is designed to help clients better manage their lifestyles. We work closely with family offices and their networks to provide a holistic assessment, custom tailoring and management of discretionary portfolios, all while taking into account the unique needs of each client.
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Our Professional Athletes Group is focused on the needs of active athletes, those in career transition, and retirees. The Group’s objective is to help professional athletes and their agents deal with increasingly complex financial affairs associated with today’s growing player contracts. Moreover, Yorkville is well equipped to navigate the complex multi-national jurisdictional rules that affect planning for players with international careers and residency situations. Career transition goals are also of special importance to Yorkville, and are integrated into each player’s financial plan. In helping an athlete focus on their playing career, Yorkville offers concierge services to cope with the complexity of maintaining residences in multiple cities as well as boutique travel services. Retiring professional athletes will also benefit as Yorkville can help streamline financial affairs and bring both portfolio efficiency and long-term capital protection. Recognizing that most professional athletes’ management teams have evolved to include agents, accountants, and legal professionals, Yorkville has tailored its offering to meet these clients’ requirements in their entirety.
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Yorkville and its clients share many similarities. Like many of our clients, we offer a unique approach to the way in which we conduct business. We opened our doors in 2010, and as a private company, we have seen firsthand the time, effort, and dedication that it takes to grow a business. We understand that as business owners, you may be experiencing significant pressure and concerns with operating your business, managing your investments, while mitigating your risk. Yorkville may be able to help alleviate some of this pressure through our offerings, which include portfolio management for your investments, estate planning to deal with your wealth and the contingency of your business, as well as managing your insurance requirements.
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Yorkville offers a full suite of wealth management services for clients with account values in excess of $1 million. These services include discretionary portfolio management, insurance, and estate and trust planning. Yorkville regularly evaluates complex global economic and geopolitical developments; reviews and invests in multiple stocks, bonds, and pre-IPO investment opportunities; and uses optimal tax planning strategies in an effort to achieve your unique financial objectives.
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Yorkville Asset Management and the Amad Family Endowment at the Ottawa Heart Institute
The Yorkville Asset Management and the Amad Family Endowment Fund has been established with the University of Ottawa Heart Institute Foundation, with the purpose of supporting research priorities at the Institute. Yorkville Asset Management and Hussein Amad proudly recognize the Heart Institute as an international leader in cardiac care.
Yorkville takes part in the 4th annual "Eagles & Astons" Car Show & Enthusiasts Dinner
On May 27, 2017, over 200 people gathered at Skyservice Business Aviation, Canada's premier private jet hangar, to celebrate the 4th annual "Eagles & Astons" Aston Martin Owners Club Members & Enthusiasts Dinner. The hangar was filled with incredible cars and the world's most luxurious jets, on which the guests could enjoy private tours. After a delicious meal, catered by Posticino Ristorante, the incredible band carried the festivities well into the evening. We thoroughly enjoyed being part of the event, and are looking forward to 2018!
Yorkville hosts its annual Investment Forecast Series
Over the first three months of 2017, Yorkville held four Investment Forecasts across North Toronto, London, Ottawa, and Toronto. This was our 7th year hosting this event, but our first year with four separate dates, which speaks to its success in previous years. Overall, we had over 250 leading members of the Ontario community gather to learn more about Yorkville and our vision for 2017.
The evenings were filled with delicious food and drink, as well as live entertainment by way of The Candace Sands Trio. As always, we heard from our President & CEO, Hussein Amad, along with several members of Yorkville's Portfolio Management Team. The primary purpose of the event was to summarize the performance of the financial markets last year, and to provide an update on Yorkville's expectations for 2017.
Thank you to our clients, friends, and family for their help in making each of these events a great success!
It’s not often we write to clients, advisors, and friends twice in the same week. Economic circumstances and our inherent desire to maximize opportunities for our clients has me writing to you again.
By the end of 2013, Yorkville decided to exit most of its Energy Sector positions resulting in our investors being handsomely rewarded in 2014 and 2015. The story was, however, totally different for most of 2016 as energy prices rallied (oil peaked at $54.50) and many struggling Energy Sector stocks delivered high double-digit share price returns despite weak sales and earnings. Also alarming during this period, many energy companies began selling-off income generating assets to enhance cash flow when sector revenues were off 33% and earnings off almost 50% respectively. Energy companies sold assets to meet immediate cash flow needs, but also gave up future earnings potential resulting from a smaller revenue base. We feel this general deterioration will reach an equilibrium level in the later part of 2018.
In 2016, Yorkville’s Analyst Team had an important decision to consider:
- Do we follow market momentum (that was against our portfolio positioning) in order to participate in a rally that was not supported by expected growth in sales or earnings? OR,
- Do we stick to our investment process that clearly indicated that Energy Stocks' performance is not supported by supply, demand, sales or earning fundamentals (clearly a bubble)?
In retrospect, we decided to stay true to our fundamental research model and avoid the Energy Sector in most of Yorkville’s funds. We also reiterated our view of energy prices (equilibrium price of $42-$47 per barrel) at our 2017 Investment Forecast events earlier this year. As an Investment Manager, it is sometimes difficult to be an “outlier” when most of the investing community is revising their crude oil and energy stock estimates higher. However, we believe in sticking to our principles and time-proven process.
Today we have zero exposure to the energy sector in our American QVR fund and are less than half the market weight in our Canadian QVR fund. Our energy position in Canada is dominated by premier companies including a sizable exposure to “toll-taking” pipeline companies.
Our 2017 Forecast also calls for an improving US dollar and a deteriorating Canadian dollar. Interest rate differentials have been widening – the Bank of Canada has refrained from lowering rates resulting in only a modest expansion. Lower current oil prices and a broadening economic gap with our southern neighbor have pushed the Loonie lower to what we believe is a true equilibrium exchange rate. We are looking to modestly hedge our US dollar exposure if it gets extended beyond fair value.
As political and economic winds are quickly shifting, we thought we would send you these reminders to ensure your confidence that our Yorkville Team has been proactive and is ahead of these developments.
Please let me know if you have any questions.
Regards,
Hussein Amad,
President and CEO
IMPORTANT DISCLOSURES
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Yorkville Asset Management Inc. is registered with the Ontario Securities Commission as a registered portfolio manager, investment fund manager and exempt market dealer.
This newsletter does not constitute and should not be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation by Yorkville Asset Management Inc. or its affiliates, or any other third party, of any security, including any mutual funds managed by Yorkville Asset Management Inc. or any other third party.
This information is provided for general informational purposes only. It is not intended as investment, financial, legal, insurance or tax advice and you should not construe it or rely upon it as such. Professional advice should be obtained with respect to any investment. Views expressed regarding a particular company, security, industry or market sector are the views of only that individual as of the time expressed and do not necessarily represent the views of Yorkville Asset Management Inc. or any of its representatives and are not a recommendation to buy or sell. These views may not be relied on as investment advice or other advice. Market information used on this newsletter is obtained from non-proprietary market sources. While we believe this information is accurate, Yorkville Asset Management Inc. and its affiliates cannot attest to the validity of information culled from other sources and cannot guarantee that it is current or complete at all times. The information contained is subject to change without notice and Yorkville Asset Management Inc. and affiliates cannot be held liable for any loss arising from any use of or reliance on the information contained in this newsletter.
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To all Yorkville Asset Management Private & Institutional Clients, Advisors, and Friends:
This is a quick note to let you all know that Yorkville does not presently have exposure to Canadian alternative mortgage lenders. Furthermore, we have a short to mid-term negative bias toward Canadian real estate.
Our concerns began three years ago and were driven mainly by ballooning consumer debt-to-disposable-income ratios that have reached an all-time high. This concern is compounded by sluggish employment growth and worsening salary growth across all provinces. The potential for the Bank of Canada to meaningfully raise interest rates in 2018, CMHC tightening their policies, and new banking and government rules could further squeeze the real estate market in many areas.
We have concerns over indirect exposure that Canadian banks and insurers have to the real estate market and alternative mortgage lenders. We believe their exposure may be material enough to cause prolonged stock price declines. Further, we could experience a short term drop in Canadian Financials as this negative news may continue in the summer months.
For this reason, Yorkville has reduced our equity exposure to Canadian banks and insurers in favour of cash. We choose to be cautious at this stage and sit on the sidelines ready to reinvest with the view to increase our exposure to Canadian banks once the dust settles.
I hope you take confidence that we have never had exposure to embattled Canadian alternative mortgage lenders, and our recent conservative actions are consistent with our practice of Managing Risk and Nurturing Wealth.
Regards,
Hussein Amad
IMPORTANT DISCLOSURES
……………………………………………………………………………………………
Yorkville Asset Management Inc. is registered with the Ontario Securities Commission as a registered portfolio manager, investment fund manager and exempt market dealer.
This newsletter does not constitute and should not be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation by Yorkville Asset Management Inc. or its affiliates, or any other third party, of any security, including any mutual funds managed by Yorkville Asset Management Inc. or any other third party.
This information is provided for general informational purposes only. It is not intended as investment, financial, legal, insurance or tax advice and you should not construe it or rely upon it as such. Professional advice should be obtained with respect to any investment. Views expressed regarding a particular company, security, industry or market sector are the views of only that individual as of the time expressed and do not necessarily represent the views of Yorkville Asset Management Inc. or any of its representatives and are not a recommendation to buy or sell. These views may not be relied on as investment advice or other advice. Market information used on this newsletter is obtained from non-proprietary market sources. While we believe this information is accurate, Yorkville Asset Management Inc. and its affiliates cannot attest to the validity of information culled from other sources and cannot guarantee that it is current or complete at all times. The information contained is subject to change without notice and Yorkville Asset Management Inc. and affiliates cannot be held liable for any loss arising from any use of or reliance on the information contained in this newsletter.
2016 Algonquin College School of Business Awards - Yorkville Scholarship
Congratulations to Lefa Bowerman who was awarded the 2016 Yorkville Asset Management Inc. Scholarship of Excellence. This scholarship recognizes high scholastic achievement in the 3 year Business Administration - Finance Program at Algonquin College. We wish Lefa continued success as she pursues her career in the Finance Industry
University of Ottawa Heart Institute Turns 40
On October 20, 2016 the University of Ottawa Heart Institute hosted an elegant donor appreciation event at the Shaw Center. Celebrating 40 years groundbreaking research and world class training of cardiovascular professionals, the event was inspirational as much as it was spectacular. An esteemed tribute was paid to the Institute's founder, Dr Wilbert Keon and former Chief of Cardiology, Dr. Don Beanlands. Yorkville Asset Management Inc was honored to take a part in celebrating the University of Ottawa Heart Institute's contributions to the field of cardiovascular health care.
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