Mackenzie All-Equity Allocation ETF · TSX:MEQT
Mackenzie All-Equity Allocation ETF — Mackenzie Investments — Investor Presentation (November 2023)
15 slides from Mackenzie All-Equity Allocation ETF's investor presentation, November 2023
Slide 1: Mackenzie FuturePath Global Value Fund
Mackenzie FuturePath Global Value Fund Presented by: Gregory Hourigan, CIM Vice President, Head of Canadian Institutional November 2023 FOR ADVISOR USE ONLY
Slide 2: Performance (as of 09/30/2023)
Performance (as of 09/30/2023) Series MER* AUM** Inception YTD 1 Year Since Incept YTD 1 Year Since Incept Date (Cumulative) (Cumulative) Mackenzie PH 1.07% $13,402,334 07/06/2022 FuturePath 10.29% 22.54% 15.48% 1 1 1 Global Value Mackenzie PH 1.07% $22,997,680 07/06/2022 FuturePath 6.10% 16.02% 15.
Slide 3: Brandywine Global Investment Management, LLC
Brandywine Global Investment Management, LLC 225+ employees USD$56.0B AUM, est. 1986, offices in Philadelphia, London, and Singapore worldwide 13 people in Fundamental Equity Research & Trading James Clarke Sorin Roibu, CFA Co-Lead Portfolio Manager Co-Lead Portfolio Manager Director of Fundamental
Slide 4: The Brandywine way
The Brandywine way A combination of a true value approach with macro research collaboration that provides multiple ways to win in global equity investing Value Bottom-up + Balance sheet Cash flow ESG All-weather investors macro analysis analysis We believe we have Security selection is Focus on comp
Slide 5: Value can take many forms
Value can take many forms Cyclical Low Growth Strong Cash Generator Balance Sheet Buying businesses for less than they are worth comes in various forms and is not Value based on any one particular Catalyst Driven Turnaround valuation metric High ROIC Currency Compounder FOR ADVISOR USE ONLY | 5
Slide 6: Positioning multiple ways to win
Positioning multiple ways to win US underweight and Overweight Europe Overweight Asia Always Value more defensive US has outperformed most of last Valuations reflect excess negativity Japanese Yen is deeply Valuations are very attractive decade and most expensive in the leading to attractive risk-re
Slide 7: International equity valuations and the case for value
International equity valuations and the case for value Source: FactSet, MSCI, Standard & Poor’s, Thomson Reuters, J.P. Morgan Asset Management. Next 12 months Source: Factset, MSCI, Standard & Poors, J.P. Morgan Asset Management. consensus estimates are based on pro-forma earnings and are in U.S. do
Slide 8: Because winners rotate
Because winners rotate 4.6 yrs. There is a growing case for a regression Rolling 3-year excess returns to the mean in longer- 30% 3.9 yrs. term international 20% 6.3 yrs. equity performance. 3.2 yrs. 1.9 yrs. The current era 10% represents the longest losing streak for 0% international equities sinc
Slide 9: Case study: Dino Polska and leveraging macroeconomic insights for a Polish food retailer
Case study: Dino Polska and leveraging macroeconomic insights for a Polish food retailer Macroeconomic view: Poland: Wage Growth & Unemployment Rate Strong underlying economic growth, driven by a fundamentally strong consumer, backed by 16% 10% a strong labor market with high single-digit wage growt
Slide 10: Case study: Reinsurance Group of America (RGA) and the COVID recovery story
Case study: Reinsurance Group of America (RGA) and the COVID recovery story Business description: RGA pre-tax earnings Leading global provider of traditional life and health reinsurance with a focus on reinsuring 600 1,483 excess risk of other companies’ policies, and has been a high single-digits e
Slide 11: Case study: Shimamura is an undervalued company with an undervalued currency
Case study: Shimamura is an undervalued company with an undervalued currency Business description: Shimamura is the second largest women’s clothing retailer in Japan, with a simple business model and high free cash flow, a high return on capital (>%20%), and owns a considerable amount of real estate
Slide 12: Case study: Multiplan and declining interest rates in Brazil
Case study: Multiplan and declining interest rates in Brazil Multiplan Implied Cap Rate vs. Brazil Interest Rates Macroeconomic view: Inflation has already peaked and is declining sharply, the central bank is already cutting 15% rates, and the currency (Brazilian Real) remains very undervalued 13% B
Slide 13: Allocations and holdings (as of 09/30/2023)
Allocations and holdings (as of 09/30/2023) Economic Sectors Portfolio Top Ten Equity Holdings % of Portfolio % of Index1 Active Weight % of Portfolio % of Index1 Financials 21.49 15.76 5.74 Bnp Paribas Sa 2.96 0.11 Industrials 15.18 10.37 4.81 Baidu Inc 2.89 0.06 Consumer Discretionary 14.84 11.18
Slide 14: Disclaimer
Disclaimer For advisor use only. No portion of this communication may be reproduced or distributed to the public as it does not comply with investor sales communication rules. Mackenzie disclaims any responsibility for any advisor sharing this with investors. Commissions, trailing commissions, manag
Slide 15: 180 Queen Street West, Toronto, Ontario
180 Queen Street West, Toronto, Ontario M5V 3K1 T 416 967-2380 F 416 922-3435 FOR ADVISOR USE ONLY
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