Research

Our library of research reports was developed by professionals and features current investment issues.

Global bonds: How low can they go? (April 2008)
Around the world, bond yields have been trending lower for the past 25 years due to central bankers’ victory against inflation in the late 1980s. The future direction for bond markets could depend on which threat central bankers believe is the greatest threat - inflation or deflation.
Read report in Investment Insider (160 KB)

Maple Bonds Explained (November 2007)
Maple bonds, which are U.S. and other foreign bonds denominated in Canadian dollars, allow Canadian investors to buy non-Canadian bonds without having to deal with currency risk. But plan sponsors must understand the nature of maple bonds before deciding to invest in them.
Read report in Investment Insider (50 KB)

Nouvelles tendances en gestion des devises (May 2007)
Currencies have long played second fiddle to other investments, especially in Canada. Four major events are changing this situation and making currencies more important for Canadian institutional investors.
Read report in Avantages (380 KB) (in French only)

Wealthy Conscience (December 2006)
Socially responsible investing is good for society. But the combination of risk and return is enticing some of the larger public pension plans.
Read report in Benefits Canada (50 KB)

The Case for Investing in Commodities (August 2006)
Today's pension plan sponsors are considering what role commodities might play in their portfolios for the long term. Historically, commodity prices have exhibited little or negative correlation to equity and bond prices, but they have been positively correlated to inflation. That's what makes commodities so appealing.
Read report (1.2 MB)

Unlocking alpha in currency benchmarks (March 2006)
When institutional investors with a global portfolio initially consider their currency exposure merely as a question of whether or not to hedge, we prefer to shift the focus toward a more thorough understanding of the appropriate benchmark.
Read report (200 KB)

Income Trusts: A Research Paper (June 2005)
Income trusts have become a significant proportion of the equity market today, and we have no doubt that they will continue to grow. We share some of our insight on two topics we are frequently asked about: how we look at the interest rate sensitivity of income trusts, and how we assess the sustainability of their distributions.
Read report (4 MB)

The Changing Face of the Canadian Bond Market (March 2005)
This research paper covers three timely topics: the changing composition of the Scotia Capital Universe Bond Index, the changing volatility of bond markets, and some alternatives that broaden investment horizons.
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Bursting the bubble (June 2004)
Is inflation dead? Not likely. In fact, from a worldwide perspective, inflation is the norm. Canadian pension plan sponsors should heed warnings of inflationary future.
Read report (300 KB)

Spelling out strategies (May 2004)
Pension fund managers are in the midst of an industry-wide introspection regarding the investment and risk management of their plans. And they should be.
Read report (200 KB)

The new weapons of mass performance (October 2003)
Read report (200 KB)

Gestion du risque : stratégies pour les caisses de retraite (September 2003)
The decline in the stock markets over the last four years and the resulting losses for pension plans created some new ideas about managing risk. Here are a few strategies that merit consideration.
Read report (400 KB) (in French only)

Can We Trust the Trusts (August 2000)
Although some issues remain to be resolved, the benefits of income trusts outweigh the risks.
Read report (200 KB)

Moving Benchmarks (August 2000)
A reduction in Canada's government bond issues is having a profound impact on bond portfolios. It's time to re-examine the benchmarks.
Read report (100 KB)