In this episode, we sat down with our Director of Research, Vijay Viswanathan, and Institutional Portfolio Manager, Kevin Minas, to talk through their observations this past quarter. We talk macro, micro, and everything in between, touching on changing market dynamics, central bank policy, how the portfolios are doing in this environment, and, finally, how we're positioning ourselves as we move forward.

Key highlights:

• Three major macro themes dominated the quarter—trade policy tensions (though somewhat cooling), continued fiscal stimulus despite near-capacity economies, and AI-driven infrastructure growth
• Central banks are balancing growth concerns and inflation risks, with both the Fed and Bank of Canada beginning easing cycles in September
• Equity markets showed a strong "risk-on" tone, hitting record highs, with AI and commodities (especially gold and copper) driving much of the growth and market attention.
• Fixed income returns were strong, led by central bank easing and tighter credit spreads; portfolios favored short-duration bonds and gradually reduced risk as valuations rose.
• Asset Mix shifts include trimming U.S. and Canadian large cap equities after strong absolute returns, increasing exposure to emerging markets and global credit, and shifting from cash to fixed income for better yield and resilience.
• The team remains committed to core investment principles while adapting portfolios for changing market dynamics

Host: Andrew Johnson, CFA - Institutional Portfolio Manager Guests: Kevin Minas, CFA, MBA, CAIA - Institutional Portfolio Manager Vijay Viswanathan, CFA, MBA - Director of Research, Portfolio Manager

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.

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