2022 Q3 Manager Letter
There is an old Wall Street saying, “Don't Fight the Fed”. While sweet-sounding in its simplicity, we find this statement to be seriously misleading, especially in the long term.
There is an old Wall Street saying, “Don't Fight the Fed”. While sweet-sounding in its simplicity, we find this statement to be seriously misleading, especially in the long term.
James Telfser, Managing Partner and Portfolio Manager at Aventine Investment Counsel, discusses his top stock picks: Celanese, WSP Global, and Park Lawn.
There is an old Wall Street saying, “Don't Fight the Fed”. While sweet-sounding in its simplicity, we find this statement to be seriously misleading, especially in the long term.
2022 has begun with a dramatic shift in the mindset of the market. While the war in Ukraine was a shocking new input into our framework, its impact seems to be a continuation of factors started by the onset of the pandemic.
While volatility continued to persist throughout Q4, client accounts finished up 2.7% in the quarter and 17% for the year based on our Balanced Composite, the highest annual return since inception.
After a calm summer for global markets, we were reminded again in September that stock markets don’t always go up. Despite a volatile final month to the quarter, client accounts finished up 0.9% in Q3-21 and are up 13.8% YTD based on our Balanced Composite.
It was a strong Q2 for the Aventine strategies as equity markets continued to benefit from both accelerating growth and inflation as we marked the anniversary of the economic low point of the pandemic.
James Telfser, Managing Partner and Portfolio Manager at Aventine Investment Counsel, was featured in The Globe And Mail article "Recent pullback in commodity prices divides analysts". James explains his bullish outlook on commodities in the current environment of accelerating growth and inflation.
James Telfser, Managing Partner and Portfolio Manager at Aventine Investment Counsel, discusses his top stock picks: Trisura Group, Airboss of America and Sangoma Technologies.
James Telfser, Managing Partner and Portfolio Manager at Aventine Investment Counsel, was featured in The Globe And Mail article "'Now is the time to pounce on this stock': Why this often overlooked TSX aviation reopening play may still have upside". James discusses the upside potential of Quebec-based aircraft landing gear company, Héroux-Devtek (HRX-T), as airlines get back to business and HRX-T expands their defense segment.