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Time To Exhale

continued from last month...

Lesson#4: Currency Matters
Any Canadian Investor holding US securities over the past seven years is painfully aware how currency movements have defined their investment experience.  The Canadian dollar's year-to-year fluctuations have been so acute as to effectively swamp the value added by fund managers.  In effect, the relative success or failure of a global or US equity fund has largely been determined by whether or not the fund's foreign exchange exposure was hedged.  Academic studies show that where Canadian investors in global equities have low conviction on the future path of currencies, the optimal strategy is to hedge half of their foreign currency exposure in order to minimize risk during periods of uncertainty.

Our dollar also appears well positioned against the Pound and the Euro.  The UK is beset with many of the same problems as the US, with the added uncertainty of an imminent election.  The fiscal and economic problems in Greece and Portugal, and the impact of the housing market collapse in Ireland and Spain, are likely to constrain the European economic recovery and weigh on the Euro.

The major emerging market economies are generally in better shape than their counterparts in Europe or North America, and their currencies are likely to be facing upward pressure - this may be a region where investors consider not hedging their currency exposure.

Questions and/or comments about the lessons we reviewed?  Call or email Juana Baldwin to book your next review with David Bardal!

 

To ensure your financial plan is on track, book a financial planning meeting with David Bardal!

Contact us at (204)977-8068 or via email jbaldwin@assante.com or dbardal@assante.com