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North American Equity | Bond markets’ warning of a recession points to a potential stock market rebound

July 28, 2022

“The equity market will continue to worry about recession until we have a clearer view of its impact on corporate earnings. This is the stage where active portfolio management can bring significant added value with the appropriate stock selection.”  — J-P Chevalier & Marc Gagnon 


Key takeaways from their comment:

  • Fears of recession took over markets during Q2.
  • A recession will decrease pressure on commodities prices, the housing market, the labour market and global supply chains around the world, thereby reducing the inflation.
  • In an environment where the S&P/TSX index fell sharply, the fund’s performance proved resilient.
  • We are gradually switching the portfolio’s positioning for a market rebound. It’s currently stock picking season in innovators. There are currently many opportunities with some stocks already pricing a deep recession scenario in dislocated themes.

Read the full article



Jean-Pierre Chevalier, CFA
Senior Director, Portfolio Manager, US Equities and Thematic Investing

Marc Gagnon, M. Sc., CFA
VP, Portfolio Manager, North American Equities



Topic : Portfolio Managers

Written by iAIM

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