Mackenzie Multi-Asset Strategies Team

A true multi-asset, total portfolio management approach incorporating some of the best practices from leading institutional pension funds.

Nelson Arruda

Vice President, Portfolio Manager

Funds under management

Philosophy and process

The Mackenzie Multi-Asset Strategies Team seeks to generate optimal returns and mitigate risk for investors through a pension-style approach to portfolio asset management.  We seek to build optimal long-term, strategic asset mixes for each portfolio based on investor risk tolerance. When appropriate, we will tactically tilt the portfolios to take advantage of asset mispricings or to changing market conditions. We also manage daily cash flows and currency exposures and perform portfolio rebalancing to help ensure asset class allocations remain within targets. Our disciplined risk budgeting investment approach to asset allocation is designed to ensure a long-term focus on strong relative returns for each given level of volatility. Portfolios risk is continually monitored both on an absolute and relative basis (in terms of absolute volatility and volatility compared to the relevant peer group), emphasizing the generation of consistent risk-adjusted returns and seeking to preserve capital through changing market environments.

Portfolio Managers

Nelson Arruda, CFA

Vice President, Portfolio Manager

Mackenzie Multi-Asset Strategies Team

Investment experience since 2009

Nelson Arruda, Vice President, Investment Management, is a Portfolio Manager on the Mackenzie Multi-Asset Strategies Team.

Nelson has experience in investment research and portfolio management of multi-asset strategies, including equities, foreign exchange, sovereign debt and commodities. Prior to joining Mackenzie in 2017, Nelson spent seven years at the Canada Pension Plan Investment Board where he performed various roles, including head portfolio manager of the active commodities portfolio, covering energy, agriculture and metals.

Nelson has Bachelor of Science and Master of Science degrees in computer science from the University of Toronto and also graduated from the Rotman School of Business with a Master of Finance. He is a CFA charterholder.

Andrea Hallett, CFA

Vice President, Portfolio Manager

Mackenzie Multi-Asset Strategies Team

Investment experience since 1998

Andrea Hallett, Vice President, Investment Management, is a Portfolio Manager on the Mackenzie Multi-Asset Strategies Team and is co-manager for Mackenzie Investments' multi-managed funds and strategic asset allocation programs.

Andrea’s career in the investment industry began in 1998. She has been with Mackenzie Investments since 2002. Prior to joining Mackenzie Investments, Andrea held several roles with increasing responsibilities within the investment department at a large Canadian mutual fund company. At that company, her responsibilities included overseeing external portfolio managers, as well as managing a strategic asset allocation program.

Andrea has an honours degree in Commerce from McMaster University. She is also a CFA charterholder.

Alex Bellefleur, M.Ec., CFA

Chief Economist and Strategist

Mackenzie Multi-Asset Strategies Team

Investment experience since 2007

Alex is Chief Economist and Strategist at Mackenzie Investments where he is responsible for conducting macro research to support investment products managed by the Multi-Asset Strategies Team, as well as presenting macro views to our clients.

Before joining Mackenzie Investments, Alex was the Head of Global Macro Strategy & Research at Pavilion Global Markets Ltd, where he led the team responsible for producing global macro research on currencies, interest rates, equity indices and commodities for institutional clients. During his eight years at Pavilion, he contributed articles to major publications including the Financial Times. Before Pavilion, he was an international sub-sovereign debt analyst at Moody's Investors Service.

Alex has a Bachelor of Economics degree from the Université Laval, Quebec and a Master of Economics from the University of British Columbia. He is also a CFA charterholder. Alex is fluent in French, English and Italian.

Michael Kapler, MMF, CFA

Portfolio Manager

Mackenzie Multi-Asset Strategies Team

Investment experience since 1998

Michael Kapler is a Portfolio Manager on the Mackenzie Multi-Asset Strategies Team. He manages factor-based equity pools for the Multi-Asset Strategies Team.

Michael joined Mackenzie in 2016. Previously, he spent 10 years involved in quant equity portfolio construction at various hedge funds and financial institutions. His investment experience includes equity factor investing, alternative strategies, asset allocation and risk management.

Michael has a Bachelor of Science (Economics and Computer Science) degree and a Master's of Mathematical Finance from the University of Toronto. He is also a CFA charterholder.

Awards and rankings

Mackenzie Monthly Income Conservative Portfolio (Series A)
Winners of the 2018 Fundata FundGrade A+ Awards® for consistent and outstanding risk-adjusted performance in their respective categories

Mackenzie Canadian Growth Balanced Fund (Series A)
Winners of the 2018 Fundata FundGrade A+ Awards® for consistent and outstanding risk-adjusted performance in their respective categories

Insights

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Watch Alex Bellefleur's Q4 Market Outlook

A slowing global economy, shifting monetary policies and persistent geopolitical issues. Chief Economist & Strategist Alex Bellefleur shares his fourth-quarter market outlook.

2 minute read

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Economic Impact of Canada’s Federal Election

With a Canadian federal election producing a minority government, several investors have asked us to comment on the possible implications for the Canadian economy and markets.

5 minute read

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Thoughts on the Latest Trade War Flare-up

After an early summer reprieve in the trade war between the United States and China, President Donald Trump imposed another round of tariffs on Chinese goods, targeting $300 billion in imports at a 10% rate.

 

5 minute read

We need to talk about Germany

The last few weeks have seen a considerable increase in talk about a potential U.S. recession, largely as a result of the inversion in the yield curve. As we have written in previous notes, we are generally not ready to forecast a U.S. recession, believing instead that headwinds in the manufacturing sector will be matched by improvements in personal consumption and housing as well as Fed easing.

5 minute read

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Correlation vs. Beta: What is The Difference and Why Does It Matter?

How much will a new investment idea diversify a portfolio? Will it really add something new? Or will it just provide more of the same? To answer that question, many people start with the correlation coefficient.

5 minute read

Asset Allocation and Factor Investing: An Integrated Approach

Factor investing is a relatively new concept that continues to gain acceptance among market participants. Despite that, there remains much debate over how factors can best be incorporated into the investment process. Some investors even view the factor approach to portfolio construction as a preferred alternative to traditional methods of asset allocation.

5 minute read

Q1 2019 Commentary – Mackenzie Multi-Asset Strategies Team

Equity markets rebounded significantly in Q1 after a tumultuous end to 2018. The MSCI ACWI Index returned 12.4% in local currency terms, the biggest quarterly gain since the rebound from the financial crisis in 2009.

5 minute read

Related Documents

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

The use of the term or phrase "pension style investing" ("phrase") should not be misconstrued as a claim of compliance with the Pension Benefits Standards Act of Canada. The phrase used in respect of Mackenzie Investments' Symmetry Portfolios refers to its selective use of pools. Pools are simply separate accounts, or mandates, in which portfolio managers are provided with guidelines that complement other mandates within a larger long-term portfolio. In the case of Symmetry Portfolios, Mackenzie Multi-Asset Strategies Team ask portfolio managers to invest within specific guidelines exclusively for Symmetry Portfolios. Examples of Symmetry Portfolio guidelines may be: no cash held in a portfolio; Canadian equity securities only; utilize a consistent value bias and a threshold on market cap.

FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the "best of the best" among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from "A" to "E" receives a score from 4 to 0, respectively. A fund's average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award.

  • Mackenzie Monthly Income Conservative Portfolio Series A, Global Fixed Income Balanced category: 1 year - (606 funds) -0.9%, 3 years - 5 stars (392 funds) 3.4%, since inception - 3.2% (December 1, 2014)
  • Mackenzie Canadian Growth Balanced Fund Series A, Canadian Equity Balanced category: 1 year - (471 funds) -2.1%, 3 years - (378 funds) 4.7%, 5 years - (310 funds) 8.2%, 10 years - (161 funds) 7.1%, since inception - 6.4% (November 28, 1996)

For more information, see http://www.fundgradeawards.com/. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.