David Wolf and David Tulk
Asset allocation quarterly – from a Canadian perspective
Respecting the unknowable
Third Quarter 2019
David Wolf and David Tulk describe the unusual uncertainty of the global economy because of trade tensions and lower interest rates. They discuss how these factors are impacting their current active asset allocation positioning.
Reacting to the reaction function
Second Quarter 2019
David Wolf and David Tulk discuss the Q1 rebound, which was led by the U.S. Federal Reserve’s dovish pivot. They discuss what this may mean for markets and for them as asset allocators.
The four pillars for 2019
First Quarter 2019
David Wolf and David Tulk discuss what the year ahead may bring for investors, and apply their four-pillar framework to answer this question and guide their active allocation decisions.
When the secular and the cyclical align
Fourth Quarter 2018
David Wolf and David Tulk discuss their positioning in the Canadian multi-asset class funds. They continue to actively overweight foreign assets in the funds, in light of challenges on both the secular and cyclical horizon.
Wary of a perfect storm
Third Quarter 2018
David Wolf and David Tulk discuss their positioning in the Canadian multi-asset class funds. They are taking an even more defensive positioning in the domestic market in light of the possibility of a “perfect storm” brewing in the Canadian economy.
Positioning for rising interest rates
Second Quarter 2018
David Wolf and David Tulk discuss how they are positioning the Canadian multi-asset class funds in light of the possibility of higher interest rates. They feel that with their active asset allocation process, they can address the challenge.
Dividing labour, adding return
First Quarter 2018
David Wolf and David Tulk discuss their asset allocation process for the management of the multi-asset class funds. By harnessing the division of labour, this enables them to actively “tilt” the funds, including along the value vs. growth dimension, all with the goals in mind of adding return and managing risk.
One out of three ain’t good
Fourth Quarter 2017
In this Fourth Quarter Asset Allocation Report for 2017, David Wolf and David Tulk discuss their conviction that to address imbalances in the Canadian economy, the Canadian dollar (CAD) needs to weaken again.
They discuss the market positioning of Fidelity Canada’s multi-asset class funds in light of this conviction. They have taken the opportunity of what looks like an unsustainable bounce in the CAD to steer further away from CAD-denominated assets.