Investment Overview

A global equity strategy that can invest anywhere in the developed world (max. of 10% in EM countries)
A contrarian and primarily top-down macrodriven investment approach
Fundamental research is based on three vectors: macroeconomic environment, valuation of financial markets and sentiment of investors
Focused on exploiting anomalies across regions, countries, currencies, sectors, industries and, to a lesser extent, excesses at the stock level
Rebalancing of the portfolio occurs when the team’s outlook on the three vectors changes
 

Portfolio Construction

Typically, 275-350 positions
Alpha target: ~2% over a full market cycle
Tracking error range typically 3%-5%
Maximum position size of approximately 2% over security’s weight in the benchmark
Sector weights can reach a maximum deviation of +/- 10% versus the benchmark
Country weights can reach a maximum deviation of +/- 15% versus the benchmark
Regional weights can reach a maximum deviation of +/- 15% of benchmark weight
Maximum emerging-market equity exposure of 10%
Currency exposure can reach a maximum deviation of +/- 15% of benchmark weight
Cash maximum position is 10% of the portfolio

Investment Team

Vital Proulx, CFA, Chairman & Co-Chief Investment Officer, Hexavest

29 years of industry experience

27 years with the team

B.B.A. Laval University


Vincent Delisle, CFA, Co-Chief Investment Officer

24 years of industry experience

1 year with the team

B.Comm. Université Laval


Jean-Pierre Couture, Chief Economist & Portfolio Manager, Hexavest

23 years of industry experience

8 years at Hexavest

B.Econ. Université du Québec à Montréal

M.Econ. Université du Québec à Montréal


Christian Crête, CFA, Portfolio Manager, Hexavest

19 years of industry experience

6 years at Hexavest

B.Econ. & Fin Université du Québec à Montréal

M.Econ. Queen's University


Jean-François Bérubé, Ph.D., Vice President, Quantitative Analysis & Information Technology

11 years of industry experience

9 years at Hexavest

B.Sc. Econ Université de Montréal

M.Sc. Econ Université de Montréal

M.Sc. CS Université de Montréal

Ph.D. CS Université de Montréal


Marc Christopher Lavoie, CFA, President & Portfolio Manager, Hexavest

18 years of industry experience

15 years at Hexavest

B.B.A. Sherbrooke University

M.Acc. Sherbrooke University


Étienne Durocher-Dumais, CFA, Portfolio Manager, Hexavest

10 years of industry experience

6 years at Hexavest

B.A.A. Université de Montréal, HEC Montreal

M.Sc. Université de Montréal, HEC Montreal


Kevin LeBlanc, CFA, Portfolio Manager, Hexavest

9 years of industry experience

3 years at Hexavest

B.Comm. Concordia University


 

Benchmark

MSCI World Index