Introducing Our Newest Service - Macro Market Models
We are excited to announce the launch of a brand new service exclusively for Portfolio Analytics members. We have developed in-house Macro Market Models for the S&P 500 and TSX.
These models are tools that are intended to help members better understand when the macro picture for certain markets look more or less attractive. While these models are not meant to be 'buy or sell' indicators by any means, they can help an investor understand when things are better stacked in an investors favour or when risks might be heightened in a certain market.
We are starting with an S&P 500 and a TSX Macro Market Model and plan to add more in the coming months. To view the new service, members can select ‘Macro Market Models’ along the left-hand side of the member page.
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New Report
We have posted a new report on Terravest Industries (TVK). TVK operates as a diversified industrial company that produces and markets goods and services to a variety of different end markets including agriculture, energy, mining, transportation, and others. The company has created shareholder value over the long term, and we think it is still early innings for this name.
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Report Updates
We have posted report updates on Gildan Activewear (GIL), Northland Power (NPI), and Toromont Industries (TIH). GIL develops and operates large-scale, vertically integrated manufacturing facilities for the production of basic apparel, activewear, underwear, and hosiery products. NPI is a global developer specializing in developing offshore wind and onshore renewable energy projects. TIH is one of the leaders in the specialized equipment rental and dealership industry. One company has growth projects in its pipeline, another has witnessed slowing growth, while the other continues to execute exceptionally well. We have downgraded one of these names by one notch.
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Investor Sentiment Survey
Thank you to all those who participated in this past market update's Investor Sentiment Survey. We have published the results from the survey in a report in the link below. Please note that the weightings and categorization of these results are still a work in progress, and the model(s) used to analyze the results may change over time as more data comes in.
The investor sentiment score decreased slightly from the prior reading of 63/100 to 62/100, although it remains in the ‘bullish’ category. Index valuations are above historical averages, the VIX is in a healthy range, and investors have optimistic expectations for the Canadian markets. The most widely-held sector continues to be technology and the least held sector is still real estate. Most investors have reduced both their cash balances and ETF holdings (in favour of individual stocks). Overall, things are looking fairly positive for the Canadian markets.
Survey Results