The Decline of the Canadian Empire

“There’s an old expression “people vote with their feet” and that’s never been truer than in the Canadian market today. Canadian institutional investors have been disgorging their Canadian equity weight since the foreign limitation rules were changed back in the early 1990’s, preferring global diversification of equities and other alternative strategies to the volatility of Canada’s commodity exposure. More recently, we are seeing retail investors tiring of sub-optimal Canadian returns and asking for more exposure to the US or elsewhere.”

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