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Canadian and U.S. Equity Management Style
GWLIM is a disciplined, top-down, growth-oriented manager, focusing on broadly based economic trends and themes.
GWLIM identifies trends and themes in the economy and capital markets using fundamental and technical analysis. Screening modules (including proprietary technical analysis) are used to identify industries and individual stocks that are expected to benefit from these forecasts. Stocks considered for the portfolio must exhibit the following characteristics:
- Strong, sustainable earnings momentum, especially driven by revenue growth
- Excellent products and services
- Superb management and an improving competitive position
- Improving relative strength against the market
- An attractive valuation against industry comparables and historic norms
Deterioration of any of the above factors would act as a signal to consider reducing or selling the total position in a particular stock.
The final stock selection decision rests with the portfolio manager.
The same investment decisions apply to all portfolios except where investment policy guidelines dictate otherwise.
Fundamental to our investment process is risk control. We thoroughly research all securities to assess risk from a fund and a securities level perspective. For example, we have portfolio restrictions in place, to assist in managing risks within acceptable levels. If a sector is less than 5% of the S&P/TSX, our portfolio weighting is limited to 2.5 times the market weight of the sector. In addition, we cannot own more than 10% of any corporate issuer. Normally, we would hold 50-70 issues in a stock portfolio.
At the security level we assess risk from a number of perspectives. Being a growth manager, the primary risk is the ability of a company to continue to grow. We also view the stock beta for the impact of a stock’s variability on the portfolio.
View a complete listing of our Canadian and U.S. fund offerings.
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Corporate Overview |
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GWL Investment Management Ltd. (GWLIM) was established in 1981 as the investment subsidiary of The Great-West Life Assurance Company (GWL).
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