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About Us An overview of our organization
History Historical time line of CC&L Investment Management
People Team structure, personnel and biographies
Corporate Brochure Access our corporate brochure
CC&L in the Community CC&L’s involvement with charitable and professional organizations
Affiliated Companies Access our affiliates
What We Do
 
 
 
Expertise Information about our experience and capabilities
Investment Approach Our approach to investment management, research, opportunities and risk
Investment Strategies Details about the investment services we offer
Client Services Our approach and commitment to servicing our clients
Responsible Investing Our approach to Responsible Investing
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CC&L Group Income and Growth

Investment Objective

  • Construct a portfolio of primarily income-oriented equity instruments and investment grade and non-investment grade bonds focused on maximizing the long-term total return while generating a portfolio yield in excess of that of the benchmark, 25% FTSE TMX Canada All Corporate Bond Index, 25% S&P/TSX Capped REIT Index and 50% S&P/TSX Composite Index
  • Maintain total portfolio risk at a level similar to that of the benchmark

Highlights

  • Diversified across three major income and growth oriented asset classes.
  • Focused on adding value, mindful of capital preservation.
  • Limited exposure to commodities to reduce volatility.
  • Deep, stable team with long track record.

Investment Philosophy

  • Macroeconomic themes influence markets over longer term.
  • Opportunities exist when fundamentals vary from consensus expectations.
  • All capitalization coverage maximizes breadth of opportunities.
  • Multiple asset classes offer greater opportunities to add value and diversification.
  • Price attractiveness and valuation are key.
  • Risk management is integral component of process.

Investment Process

  • Disciplined, conservative process: Investment process that strives to deliver protection of capital in “down” markets, good participation in “up” markets, and stable cash flows.
  • Fundamental ranking system: Universe focused on yield-oriented securities ranked on key factors including financial and management strength, profitability, growth and price attractiveness.
  • Independent bottom-up research: Combining fundamental equity research and credit analysis focused on sustainable, distributable cash flow, capital preservation and quality of  management.
  • Management interviews: Confidence gauged through management interviews, on-site visits and discussions with customers and competitors.
  • Strategic outlook: Each business evaluated in context of its industry and competitive environment.
  • Target prices: Price targets established and reviewed weekly to ensure consistent application of buy and sell disciplines.
  • Top-down overlay: Historical and current valuations and macroeconomic factors shape sector overweight or underweight decisions.

Portfolio Construction & Risk Management

  • The portfolio generally holds fixed income securities along with dividend paying equities, REITs, income trusts, and preferred shares with superior total return prospects backstopped by a proven commitment to return capital to shareholders.
  • Fundamental analysis assesses business risk, liquidity and valuation risk and sustainability of distributable cash flow.
  • Fixed income securities including high yield bonds are used as a source of diversification, safety and yield.
  • Risk management is part of the investment process, not an afterthought.
  • Strict position limits on individual security weights

Contact us

Vancouver

604-685-2020

Toronto

416-862-2020

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