Art of Boring – Détails, épisodes et analyse

From lingering "Liberation Day" tariff fears and a shift toward a more pro-growth federal policy stance to changing leadership within key sectors, Canadian equity portfolio manager Mark Rutherford unpacks what moved markets for Canadian equities in 2025. He explains how this backdrop influenced recent positioning in the Canadian equity portfolio, including adjustments within energy, banks, and gold. The conversation then turns to the U.S. intervention in Venezuela and its implications for Canadian oil: how potential increases in Venezuelan heavy crude could affect Western Canadian differentials, why integrated producers may be relatively better positioned, and the role of TMX export capacity in supporting basin pricing. Stepping back, Mark explores the move toward a more transactional, spheres of influence world and how the team is incorporating this evolving U.S.–Canada dynamic into portfolio construction through diversified, incremental shifts rather than binary macro bets.

Key Highlights:

• In 2025, Canadian equity returns were shaped less by the initial "Liberation Day" tariff shock and more by how markets digested that risk over time alongside a domestic pivot toward pro-growth policy—forces that helped support energy, commodities, and especially the banks.

• Within financials, Canadian banks—TD in particular—saw improving fundamentals as credit conditions held up, wealth and capital markets businesses performed well, and a more growth oriented regulatory stance supported competitiveness.

• In energy, the team tilted toward integrated producers like Suncor and trimmed more differential sensitive exposure such as Canadian Natural, balancing the long-term risk of higher Venezuelan heavy crude supply against the offsetting support of TMX export capacity.

• The team selectively added to gold producers, seeing attractive unit economics and reasonable valuations, and viewing gold as a useful diversifier in a world of geopolitical tension, dedollarization talk, and looser fiscal discipline. 

• Stepping back, Mark frames Venezuela and trade policy within a broader shift toward transactional spheres of influence and "mercantilist" great power politics—arguing for diversified, incremental positioning changes rather than binary macro bets or anchoring portfolios to any single geopolitical outcome.

Host: Andrew Johnson, CFA Portfolio Manager

Guest: Mark Rutherford, CFA Equity Analyst

This episode is available for download anywhere you get your podcasts.

Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore.

Visit Mawer at https://www.mawer.com.

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U.S. mid-cap equities are often overlooked, but beneath the headlines of consumer weakness and market volatility, there's a more nuanced story. Portfolio manager Jeff Mo shares a bottom-up perspective on resilient—though bifurcated—consumer spending, margin surprises, and a capital expenditure boom that extends beyond AI. The discussion explores how company fundamentals, competitive advantages, and valuation opportunities are shaping portfolio decisions, with insights into sectors like defense and industrials. Jeff also addresses the impact of macro trends on stock selection, the evolving CapEx landscape, and why mid-cap valuations may offer compelling long-term potential.

KEY HIGHLIGHTS:

• U.S. consumer spending remains resilient overall, though lower-income segments are showing more strain and deal-seeking behavior.
• Companies with strong competitive advantages continue to demonstrate pricing power and healthy margins, despite inflation and shifting cost pressures.
• The current CapEx boom is not limited to AI—reshoring, supply chain resilience, and manufacturing investments are driving activity across sectors.
• Market volatility in the mid-cap space has led to outsized stock reactions, creating opportunities for long-term, bottom-up investors.
• Defense and industrial companies, such as CACI International and ITT, are benefiting from innovation, management execution, and evolving end markets.
• Mid-cap valuations are reasonable relative to large-caps, with select areas appearing overlooked and offering attractive long-term return potential.
  
  

Host: Rob Campbell, CFA Portfolio Manager

Guest: Jeff Mo, CFA Portfolio Manager

Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore. 

Visit Mawer at https://www.mawer.com. Follow us on social: 

LinkedIn - https://www.linkedin.com/company/mawer-investment-management/

Instagram - https://www.instagram.com/mawerinvestmentmanagement/ 

In this episode equity analyst Dominic Drzazga discusses the current state of Canadian small caps, highlighting how geopolitical volatility creates both challenges and opportunities. The conversation covers recent portfolio additions including Sprott's precious metals trust and Kraken's underwater robotics technology, while reflecting on the bittersweet exit of long-time holding Andlauer. Dom also shares insights into how the research team is utilizing AI tools within their process. 

Key Takeaways: 

• How the Canadian Small Cap team navigates market volatility and geopolitical uncertainty, emphasizing capital preservation while remaining opportunistic. 

• The team's disciplined inventory assessment process, highlighting how they maintain a robust pipeline of potential investments and actively monitor over 50 companies. 

• The rationale behind recent portfolio moves, including the addition of Sprott for stable precious metals exposure and Kraken Robotics for its leadership in underwater robotics and defense sector growth. 

• The process-driven approach to exits—e.g., the Andlauer takeout as an example of balancing near-term value realization with long-term potential. 

• An inside look at how AI and internal innovation—such as the "earnings monitor agent"—are streamlining research workflows and enhancing investment decision-making. 

Visit Mawer at https://www.mawer.com.

Follow us on social:

LinkedIn - https://www.linkedin.com/company/mawer-investment-management/

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Portfolio Managers Grayson Witcher and Colin Wong share market observations, industries where fundamentals are shifting, and a few recent additions to the portfolio.

Jim Hall (chair, head of our risk management process, and portfolio manager) shares his overall observations on prevailing macroeconomic risks—and the effects on our process and the EAFE large cap portfolio.

How we achieve balance in the portfolio, manage hubris, and have accounted for inflation risk in our investment process.

Chief Investment Officer, Paul Moroz, reflects on notable learnings from 2021 and how time and experience still clarify the most in investing—and life.

Our systematic assessment framework to narrow the probabilities in analysing fast-growing technology companies in an effort to improve our odds of identifying those elusive "holy compounders."

The major themes of Q4 and a look ahead to 2022.

Inflation cycles throughout history, Keynes vs. monetarists, and why the enemy is…still us.