Quarterly Update | Q2 2026 | EP 221
Art of Boring
Canadian equities gained in the second quarter of 2026 even as the economy tripped the technical definition of a recession and an oil shock sent crude toward $120 before it fell back. Institutional portfolio manager Kevin Minas and investment counsellor Stu Morrow review the quarter, from the gap between the Canadian market and the Canadian economy to the case for holding commodity exposure as geopolitical risk becomes a recurring feature rather than a one-off. They also discuss what a narrow, AI-led rally means for a diversified portfolio, record hyperscaler bond issuance in Canada, and how...
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Emerging Markets: Different Hats, Better Decisions, and Learning Faster | EP 220
Art of Boring
Investment teams increasingly build and rely on their own AI tools, but the payoff depends on how deliberately a team reinvests the time that AI frees up. Emerging markets portfolio manager Wen Quan Cheong walks through how his team puts believability-weighted decision making into daily practice, and where AI has genuinely enhanced the process. He closes with a tour of the emerging-market themes he is watching most closely, from reshoring and clean-room capacity to physical AI, low-earth-orbit satellites, and businesses winning simply by putting the customer first. Above all, he returns to the...
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Global Equity: The Odyssey, the AI Trade, and Concentration Risk | EP 219
Art of Boring
AI portfolio construction in global equity markets (memory semiconductors, mega IPOs, and how to manage concentration risk) is the focus of this conversation with Mawer’s global equity portfolio manager Paul Moroz. Drawing on Homer's Odyssey, he explains the discipline the team applies when navigating themes that are moving quickly: from trimming SK Hynix systematically as the position grew, to sizing up what a wave of large IPOs means for cost of capital, to the central trade-off between underexposure and overconcentration in the AI complex. He also puts numbers around the portfolio's AI...
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Looking Under the Hood: Canadian Equity Concentration and Diversification | EP 218
Art of Boring
Canada’s stock market has set repeated record highs in 2026, even as the domestic economy feels soft. Canadian equity portfolio manager Mark Rutherford explains the gap between the two, and why a large weight in financials can represent more diversification rather than less. He walks through how the team rotated within the sector as the banks re-rated, and the discipline behind trimming a gold position that had run. As indexes themselves have grown more concentrated, the conversation lands on a simple idea: knowing what you own matters more than ever. Key takeaways • The...
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Balanced Portfolios: A Market Tug of War and the Discipline to Stay Neutral | EP 217
Art of Boring
In this episode, portfolio manager Steven Visscher covers how Mawer's balanced portfolios navigated 2025 and how they are positioned in 2026. With a war-driven energy shock on one side and an AI investment boom on the other, the market is pulling in two directions at once. Steven walks through what that means for asset mix, where the team is seeing signs of investor complacency, and why cracks in private credit could soon create a meaningful opportunity. Key Takeaways: Two forces are competing for market direction in 2026: a war-driven energy shock from the conflict in Iran...
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U.S. Mid-Cap: The Physical Economy Comeback, Capital Intensity, and Portfolio Positioning | EP 216
Art of Boring
In this episode, Jeff Mo, U.S. mid-cap portfolio manager, explores a fundamental shift in how economies may grow over the next decade. He makes the case that after 25 years of intangible, internet-driven expansion, growth may increasingly depend on building physical things again: data centers, electrical infrastructure, factories, defense systems, satellites. Jeff walks through the forces driving this transition, from AI's voracious appetite for capital to geopolitical tensions reshaping supply chains and defense spending. The conversation examines how these macro themes connect to bottom-up...
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International Equity: Finding Quality Opportunities in Today’s Market | EP.215
Art of Boring
In this episode, Peter Lampert, international equity portfolio manager, examines the Middle East conflict and its implications for global markets. He walks through the portfolio's diversification strategy, explains the team's nearly 40-year history with Shell, and explores how a changing market backdrop has challenged traditional definitions of quality and why forward-looking analysis may matter more than historical patterns. How the Middle East conflict and the Strait of Hormuz blockade are affecting oil and LNG flows, and why equity markets have largely looked through the disruption...
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Global Credit: Energy Shocks, AI Borrowing, and Signs of Stress | EP 214
Art of Boring
In this episode, Brian Carney, lead portfolio manager of the Mawer Global Credit Opportunities Strategy, examines a fixed income backdrop reshaped by geopolitical escalation, an energy shock, and sharply changing interest-rate expectations. He explains why higher benchmark yields and modestly wider spreads still leave many parts of credit looking expensive, where Mawer is finding more selective value through bottom-up research, and why the strategy remains tilted toward shorter-duration, higher-quality credit. The conversation also explores AI-related bond issuance from hyperscalers, signs of...
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Quarterly Update | Q1 2026 | EP 213
Art of Boring
In this episode, Institutional Portfolio Manager Kevin Minas and Investment Counsellor Stu Morrow examine the forces shaping markets in the first quarter of 2026. From the escalating conflict in the Middle East and its impact on oil, inflation, and growth to the broadening AI disruption across software and asset-light business models, they explore how investors can stay thoughtful in an increasingly complex environment. The conversation covers stagflation risks, bond market dynamics, the role of gold as a hedge, and the portfolio adjustments being made as quality businesses face new tests of...
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Global Equity: When the Voting Machine Overwhelms the Weighing Machine | EP 212
Art of Boring
In this episode, global equity portfolio manager Paul Moroz examines how investors can navigate a market increasingly shaped by conflict, shifting narratives, and wider ranges of possible outcomes. He begins with the recent escalation in the Middle East and the market’s relatively measured response, then considers the second-order effects that can matter just as much as the initial shock. The conversation also explores how recent AI-driven swings in software have revealed a market increasingly influenced by thematic flows and short-term sentiment, rather than the more measured...
info_outlineIn this episode, Investment Counsellor Stu Morrow and Institutional Portfolio Manager Kevin Minas examine the forces reshaping markets in the fourth quarter. From central banks navigating the shift toward policy normalization to equity leadership rotating beyond mega-cap AI stocks, they explore how a resilient but slowing economy is influencing investment decisions. The conversation covers evolving credit conditions, geopolitical developments including recent events in Venezuela, and the portfolio adjustments being made as valuations rise and late-cycle dynamics emerge.
Key highlights:
- Global growth is moderating, labour markets are softening, and inflation is easing, giving central banks room to shift from restrictive policy toward gradual normalization.
- Steeper yield curves and very tight credit spreads leave bond investors with decent starting yields but limited compensation for taking extra credit or liquidity risk—arguing against “reaching for yield.”
- Equity leadership is broadening beyond a narrow group of U.S. megacap AI winners, with stronger participation from cyclicals, financials, and international markets—a healthier backdrop for diversified, active investors.
- The AI boom is increasingly about infrastructure—semiconductors, memory, power, and data centres—raising questions about sustainability, profitability, and bubblelike dynamics in parts of the ecosystem.
- Geopolitical shifts, including U.S. intervention in Venezuela and a move toward more transactional “spheres of influence,” reinforce the case for disciplined, diversified, valuation driven positioning and only incremental asset mix adjustments.
Host:
Kevin Minas, CFA, MBA, CAIA
Institutional Portfolio Manager
Guest:
Stu Morrow, CFA
Investment Counsellor
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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