Week Ending Friday, October 8, 2021 - RBC Wealth ...
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Week Ending Friday, October 8, 2021
www.mackaygroup.com
1-800-561-4468
MacKay Group Wealth Management. Our mission is to provide our clients superior investment advice, products and service.
Serving clients and friends at RBC Dominion Securities Inc. – a member of RBC Financial Group since 1983.
HOW I SEE IT – by Bruce MacKay forcing tightening as supplies will rise- equities can
On a personal note. Yvonne and I just celebrated our continue to rise despite a further increase in yields
40th wedding anniversary and our first grandson to expected 1.8% by year end due to positive
was born that same day. Kristi and Rich are proud economic news rather than inflation fears - Delta
parents of Jack (after great grandfather) Clayton variant appears to have hit a turning point - positive
(after great great grandfather) Good. All is good! sentiment will return as recent headwinds abate and
Happy Thanksgiving/Rally resumes/Buy winners. focus shifts back to the outlook for solid economic
Definitely a roller coaster equity market the last few growth and strong earnings - buy winners from
weeks - is it base building for the next equity rally global growth."
or top forming for a further correction? Negatives: Dr. Ed Yardeni. "Panic attack # 70 this
Positives: AAII investor sentiment-25.5% bullish, week in an list of panic attacks since 2009 - Global
37.7% neutral and 36.8% bearish- still weak bullish energy crisis beats Evergrande for number one on
reading - good bargain/buy indicator when bullish worry list - lots of different reasons for energy
percentages are in the 20s. "October the scary month troubles in Europe and China - parts shortages
- historically offers great buying opportunities as we slamming the brakes on auto sales - more bad news
approach year end and into the next year. Tax from China property developers in trouble and
season approaches - make sure you take advantage more tensions in Taiwan - inflation has yet to show
this year’s losers - could be next year’s winners.” signs of peaking - Fed is expected to start tapering
Dr. Ed Yardini - "Energy prices take a breather- before the end of this year (will create volatility if
Putin tells Europe not to worry he has plenty of too fast) - Congress Democrats are pushing through
natural gas - Shell is turning green with wind, solar, huge spending and tax proposals - part shortages
bio fuels and CO2 disposal - tale of two scenarios as are forcing companies to scale back their production
Q3 fundamentals likely to be strong while guidance -valuations remain elevated -there are plenty of Geo
will be unsettling - Fed may raise inflation target political risks - why raising taxes on corporations
next year - inventory restocking in capital spending and pass through this is bad for jobs -oh yeah the
should offset week consumer spending." Few good pandemic is still out there." Brian Wesbury.
stats include -" powered by energy exports "Locking down the economy and attempting to
Canada‘s trade surplus rises in August- US factory manage it from Washington DC is guaranteed to
orders rise by 1.2% in August above consensus as of create more problems - one of those is inflation- it
1%. Earning season approaches - will good numbers isn’t transitory- it’s a natural outcome of decisions
rise equity markets? UBS House View - "the rally that have been made in the past year lockdowns
can resume after a weak September - central bank will cause more problems than the Covid itself.
policy remains supportive for growth while Investment Wisdom: "I don't look to jump over seven-
persistent inflation is still a tail risk- Fed Powell foot bars; I look around for one-foot bars that I can step
feels inflation will abate and drop back to long run over." — Warren Buffett
goal of 2% & don’t see energy price inflation Stocksthis week: CPX, FID5982, TWLO, MFL, MRVL
Have a great Thanksgiving. Bruce
Page 1 10/08/2021
THIS WEEK’S NOTES & QUOTES - News and Opinions Worth Repeating
Canada returns to pre-pandemic employment levels
Canada has recovered all of the roughly three million jobs lost to COVID-19.
The country’s economy added 157,100 jobs in September, returning the labor market to pre-pandemic levels, Statistics
Canada said Friday in Ottawa. That compares with economists’ expectation of 60,000 new jobs, according to the median
estimate in a Bloomberg survey.
The unemployment rate fell to 6.9 per cent from 7.1 per cent in August. Hours worked were up 1.1 per cent in the
month but remain 1.5 per cent below their pre-pandemic level.
https://www.bnnbloomberg.ca/canada-returns-to-pre-pandemic-employment-levels-1.1663595
Payrolls growth in U.S. misses big for a second straight month
U.S. job growth in September was the slowest this year, signaling a tempering of the labor market recovery and
complicating a potential decision by the Federal Reserve to begin scaling back monetary support before year end.
Nonfarm payrolls increased 194,000 last month after an upwardly revised 366,000 gain in August, a Labor Department
report showed Friday. The unemployment rate fell to 4.8 per cent, partly reflecting a decline in labor force participation
among women. Meantime, average hourly earnings jumped.
https://www.bnnbloomberg.ca/payrolls-growth-in-u-s-misses-big-for-a-second-straight-month-1.1663653
Canadian oil exports to U.S. jump with expanded Line 3 pipeline
Canadian oil shipments to the U.S. jumped to the highest volume since the start of the year thanks in part to the startup
of a long-delayed Canadian pipeline.
Weekly oil deliveries from America’s northern neighbor reached 4.04 million barrels day, the most since January,
according to the Energy Information Administration. It’s only the third time the U.S. has imported more than 4 million
barrels a day of Canadian crude since the agency began compiling weekly data in 2010.
https://www.bnnbloomberg.ca/tesla-seen-set-for-delivery-record-beating-supply-chain-turmoil-1.1660395
Why investors should rent, not own, market segments
Conventional wisdom says the steeper the yield curve, the stronger the economic outlook. On the flip side, the curve
was inverted two years ago, and flashed warnings of an impending recession.
It’s not unusual for pundits to look to the bond market for signs of the economy’s future direction. But it appears bond
traders at the shorter end of the curve today are more concerned about United States Federal Reserve tightening and
Page 2 10/8/2021
rate hikes than those at the longer end, who have been buying any yield spikes, not willing to transition out of this risk-
off asset yet.
As a result, the spread between the five- and 30-year U.S. Treasuries has narrowed to just 100 basis points, compared to
almost 170 basis points back in March. It is also interesting that the front end of the curve is as flat as a board, with zero
spread between the one-, three- and six-month yields.
https://financialpost.com/investing/investing-pro/why-investors-should-rent-not-own-market-segments
Whistleblower says Facebook put profit before reining in hate speech
A Facebook Inc whistleblower on Sunday accused the social media giant of repeatedly prioritizing profit over clamping
down on hate speech and misinformation, and said her lawyers have filed at least eight complaints with the U.S.
Securities and Exchange Commission.
Frances Haugen, who worked as a product manager on the civic misinformation team at Facebook, appeared on Sunday
on the CBS television program “60 Minutes,” revealing her identity as the whistleblower who provided the documents
that underpinned a Wall Street Journal investigation and a Senate hearing on Instagram’s harm to teen girls.
https://canoe.com/technology/whistleblower-says-facebook-put-profit-before-reining-in-hate-speech
Renting out U.S. property sparks tax perils on both sides of the border
After the 2008 American housing market meltdown, buying U.S. property became an intriguing option. Tanking real
estate values let Canadians buy affordable vacation homes in Arizona and Florida. And, they created opportunities for
investors to buy undervalued rental properties in states like Texas, North Carolina and Georgia, where above-average
job markets or large student populations fed rental demand. Some smart investors even picked up bargain-priced
Manhattan co-ops from battered Wall Streeters.
https://canoe.com/moneywise-pro/growing-money/renting-out-u-s-property-sparks-tax-perils-on-both-sides-of-
the-border
First Drive: 2022 Jeep Grand Wagoneer
After a 30-year absence, Jeep is once again swinging for the fences with this premium priced, full-size SUV
Well, Dad is spinning in his grave again. The man loved only one car in his life — his beloved 1931 DeSoto roadster that
he drove as a teenager — but he had enormous respect for the Jeep brand (generally) and the Wagoneer (specifically).
He owned at least four during the 1960s and ’70s, not to mention the two-door Cherokee (SJ) that occupied my parents’
driveway during the early ’80s. I got my driver’s licence behind the wheel of the 1966 model, which was his favourite.
https://driving.ca/reviews/first-drive/first-drive-2022-jeep-grand-wagoneer?utm_source=on-
net&utm_medium=native&utm_campaign=driving_promo_AO
Page 3 10/8/2021
CANADIAN MARKETS Energy Inc., Telus Corp, TFI International Inc.,
TransAlta Corp., Toronto Dominion Bank.
I. Canadian Fixed Income
Benchmark Canada Government Bonds IV. News we recommend on our CDN Holdings
CDN Yield Curve @ Oct 1, 2021 Market prices as of market close on Oct 7, 2021
2.50%
Real Estate Panel Series: Seniors housing
2.00% Manoeuvring well, with growth set to accelerate as
recovery unfolds.
1.50%
Against this backdrop, our preferences remain
1.00% skewed to healthcare REITs/REOCs with large,
high-quality seniors housing operating portfolios
0.50%
including WELL, VTR, and CSH
0.00%
2-Yrs 5-Yrs 10-Yrs 30-Yrs Nutrien Ltd. (NTR) – Q3/21 preview: Strong ag and
fertilizer market trends continue
MG Canadian Fixed Income Top Holdings Ranking: Outperform (RBCCM).
• Government & Corporate Bonds Price U$69.50- Target U$80.00
• Convertible Debentures
• High Yield Open End & Closed End Funds Westshore Terminals Investment
• Rate Reset/Fixed Floater Preferreds Corp. (WTE)- Our high conviction, non-consensus
• Perpetual Preferreds call with +80% upside
Ranking: Outperform (RBCCM).
Price C$27.49- Target C$43.00
II. RBC DS FALL CDN- Sept 2021 Equity Focus
List
Park Lawn Corporation (PLC)- Trimming the
RBC CM Focus List: TELUS, Dollarama Inc., Magna
hedges: Moderating NT forecasts,
International Inc., Restaurant Brands, Alimentation reiterating constructive view ahead of FQ3
Couche-Tard Inc., Canadian Natural Resources, Ranking: Outperform (RBCCM).
Pembina, Cenovus Energy, TC Energy Corp, Bank Price C$36.64- Target C$50.00
of Montreal, Brookfield Asset Mgmt, Canadian
Imperial Bank of Commerce, Element Fleet Mgmt Real Estate Investment Trusts Quarterly Review
Corp, Intact Financial Corp, Royal Bank of Canada, and Sector Outlook – Q4 2021
TD Bank, Canadian Pacific Railway Ltd, GFL From the universe of 38 TSX-listed REITs, we have
Environmental Inc., Thomson Reuters, Toromont 12 Outperforms: Allied Properties REIT, Boardwalk
Industries Ltd., Waste Connections Inc., WSP REIT, BSR REIT, CAPREIT, Dream Industrial REIT,
Global, Constellation Software Inc. CCL Industries, European Residential REIT, First Capital REIT,
Nutrien Ltd, Wheaton Precious Metals Corp, First Granite REIT, InterRent REIT, Killam Apartment
Capital REIT. REIT, Minto Apartment REIT, and SmartCentres
REIT. Also rated Outperform are Chartwell
III. Veritas V- list Retirement Residences and Colliers Internationa.
Alimentation Couche-Tard Inc., Arc Resources,
Canadian Natural Resources, Canadian Pacific Please contact our office if you would like a copy of any of
Railway Ltd., Capital Power Corp., Congeco Cable the above research reports.
Inc., Dollarama, Enbridge Inc., George Weston Ltd.,
Granite REIT, Hydro One Ltd., Killam Apartment Research Publications (available upon request)
REIT, Manulife Financial Corp., Linamar Corp., • Global Insight- 2021 Outlook
Maple Leaf Foods Inc., Metro Inc., Riocan REIT, • RBC Strategy CDN Focus List: FALL 2021
Royal Bank of Canada, SNC Lavalin Group Inc.
• RBC CM FEW Portfolio – FALL 2021
SPDR Gold Shares, Sun Life Financial Inc., Suncor
Page 4 10/8/2021
INTERNATIONAL MARKETS Westpac Banking, AstraZeneca, Fresenius, Sanofi,
I. US Fixed Income ABB Ltd, Accenture, Alibaba Group, NICE Ltd, SAP
Benchmark Canada Government Bonds SE, BHP Group.
US Yield Curve @ Oct 1, 2021 V. News We Recommend on our Intl Holdings
2.500% Market prices as of market close on Oct 7, 2021
2.000%
Constellation Brands, Inc. (STZ) - F2Q'22 Follow
1.500% Up - Capital Allocation Message Loud and Clear
— Capital Return and Organic Growth
1.000%
Ranking: Outperform (RBC CM).
0.500% Price U$216.51- Target U$300.00
0.000% General Motors Company (GM)- Becoming a
2-Yrs 5-Yrs 10-Yrs 30-Yrs
platform play?
Ranking: Outperform (RBC CM).
MG US Fixed Income Top Holdings include Price U$56.44- Target U$74.00
• Government & Corporate Bonds
• High Yield Open & Closed Funds Square, Inc. (SQ) - Tweaking estimates to better
• Rate Reset/Fixed Floater Preferreds reflect the current environment
• IShares Mortgage Plus Index (REM) Yield 8.7% Ranking: Outperform (RBCCM)
Price U$240.10 Target U$312.00
II. RBC DS US Equity Focus List Sept 2021:
Alphabet, Walt Disney Company, Facebook, PepsiCo, Inc. (PEP) - 3Q'21 Follow Up - Managing
Amazon.com, Home Depot, McDonalds Corp, Volatility Like Rockstars
Starbucks, Constellation Brands, Costco Ranking: Sector Perform (RBCCM)
Corporation, Chevron, JP Morgan, US Bancorp, CVS Price U$156.39 Target U$155.00
Health Corp, J&J, Medtronic, Mereck & Co, Thermo,
United Health Group, Honeywell, Union Pacific, MetLife, Inc. (MET) 3Q Estimate update
Xylem, Adobe, Apple, Cisco, Mastercard Inc, Ranking: Outperform (RBCCM)
Microsoft, Crown Castle Price U$64.55 Target U$74.00
III. RBC DS Global Equity Focus List – FALL 2021:
Alphabet, Walt Disney Company, Telus, Please contact our office if you would like a copy of any of
Amazon.com, Home Depot, Restaurant Brands, the above research reports.
Constellation Brands, Costco, Canadian Natural Research Publications (available upon request)
Resources, Suncor, TC Energy, Brookfield Asset • Global Insight- 2021 Outlook
Management, Canadian Imperial Bank of • RBC GAM – Global Investment Outlook
Commerce, Intact Financial, Royal Bank, TD Bank, • RBC CM – Top 30 Global Ideas for 2021
US Bancorp, J&J, Thermo Fisher, United Health,
Canadian Pacific Railway, Honeywell International,
Thomson Reuters, Toromont, Waste Connections,
Apple, Constellation Software, Mastercard,
Microsoft Corp, CCL Industries, Crown Castle.
IV. RBC DS ADR Focus List:
China Unicorn, Vodafone, WPP Plc, Honda,
Anheuser-Butsch, Diageo, Unilever, China
Petroleum…, Eni S.p.A., Royal Dutch Shell, AerCap
Holdings, Barclays, HSBC, ING, Prudential PLC,
Page 5 10/8/2021ETFS – Top Holdings
MUTUAL FUNDS Closed/Open– Top Holdings US ETF Fixed Income
US Bonds – XIG, TLT
I. CANADIAN US Preferred Shares - PFF
Canadian Fixed Income US ETF Equity – S&P 500, Dow Jones Index,
Canso Credit Income Nasdaq 100, S&P 500 Dividend Index, iShares Dow
Dynamic Strategic Yield Jones Select Dividend Index, Vanguard Dividend
Appreciation Index, iShares High Dividend Equity
Canadian Equity Fund, iShares Russell 2000 Index, S&P 500 Value
Fidelity – Global Innovation/CDN Large Index, S&P 500 Growth Index, S&P Small Cap 600
Cap/Growth /Special Opp Index
Mackenzie – Ivey CDN / Cundhill
Middlefield – CDN Dividend Growers/REIT Plus US ETF Sectors – SPDR Financial Index, iShares
Franklin Templeton – Bissett CDN Div/CDN Equity Real Estate, iShares, SPDR Utilities Index, iShares
RBC –CDN Div/CDN Equity/ O’Shaughnnessy Telecom Index, SPDR Consumer Discretion, iShares
Dynamic – Strategic Yield US Healthcare, IShares Nasdaq Biotech, iShares
Industrials Index, NASDAQ Index, Vanguard
Energy Index, DJ Basic Materials Index, iShares
ETFS – Top Holdings Homebuilders Index
Canada – Fixed Income
Bonds - XBB, XCB, XGB
Preferred Shares – CPD, PSF.UN III. GLOBAL
Canadian ETF’s Equity – iShares TSX Large Cap 60, GLOBAL Equity
iShares Canada Equity Income, iShares Canadian Fidelity – Global Div/Monthly Income
Dividend, iShares Canadian Select Dividend, Mackenzie – Ivey Foreign
iShares TSX Small Cap, iShares TSX Composite Middlefield - Health Care/Global Div Growers
Franklin Templeton - Growth / Intl
Canadian ETF Sectors – iShares TSX Financials, RBC – Global Fund / Int. Div G
iShares TSX REITs, BMO Equal Weight Utilities, Dynamic – Global Value
iShares TSX Info Tech, iShares TSX Energy, iShares
TSX Materials GLOBAL ETF Equity
China ETF, Europe ETF, Germany ETF, India ETF,
iShares Emerging Mkts, iShares International
II. US/INTERNATIONAL Dividend
US Fixed income Unique ETFs
Franklin High Yield Horizons Robotics & Automation, ETFMG Prime
Fidelity American High Yield Cyber Security, Blockchain Technologies, Active AI
Global Equity, Marijuana Life Sciences, Healthcare
US Equity Leaders Income, Tech Achievers Growth & Income
Fidelity – American Eq/Small Cap American/Euro
Mackenzie – US Mid-Cap
Middlefield – US Div Growers / American Core
Franklin Templeton - Growth
RBC - NA Value
Dynamic – Strategic Yield
Page 6 10/8/2021I
2023
Page 7 10/8/2021FAVOURITE CHARTS
Dow Jones Industrial Average – 1789 to Date
Page 8 10/8/2021Page 9 10/8/2021
MACKAY GROUP WEALTH MANAGEMENT Our team manages clients’ portfolios on an
Introduction Serving over 300 families and friends individual basis. Portfolios are custom designed to
since 1981. We provide the investment solutions you meet your personal objectives. Investment
need to achieve specific goals, whether investing for disciplines used include asset allocation, geographic
yourself, family, your business or your organization. & sector diversification and risk management to
Our Team Helping to provide comprehensive maximize your portfolio returns. Programs include:
wealth management is an extensive team of 1. Private Investment Management - PIM our
professionals, including Portfolio Managers, premium level of discretionary wealth management.
Financial Planners, Estate Planning Specialists, Highlights include: Freedom, custom portfolio,
Consultants, Tax Strategists and Research Analysts. segregated securities, IP statement, asset mix for life
THE MG WEALTH MANAGEMENT APPROACH stage, model portfolio tracking, growth and income
1: Learning about each other needs, risk tolerance, top & bottom up management.
2: Developing your personalized IP investment plan. 2.Professional Discretionary Investment Portfolios.
3: Putting your plan into action A+ Investment Program: is our institutional level
4: Integrating complementary wealth services platform with 40+ Investment Manager choices.
5: Taking care of your lifelong needs Global money managers including Beutel Goodman,
6: Monitoring and reporting results Franklin Bissett, Guardian, Jarislowsky Fraser, RBC
Portfolio Management Highlights: GAM, Caldwell, Brandes, & Franklin Templeton.
1. Learning about each other. Questionnaire on 3.Professional Non-Discretionary Management -
investment needs, objectives, and risk. Advisor our premium level of non-discretionary
2. Investment Policy Statement. The IPS statement investment wealth management. Highlights include:
expresses your personal investment objectives in a Discussion on each investments, custom portfolios,
document to guide the content of your portfolio, IP statement, asset mix, growth & income needs,
including making decisions, reporting on progress risk tolerance, top & down management.
and regularly reviewing your objectives. Management fees are tax deductible for non-
3. Action Plan. Detailed proposal to get us started. registered accounts.
4. Reviewing all our Wealth Management services 4.Traditional Transactional based accounts.
including a financial plan and estate plan. Available for special situation accounts.
5. Taking care of lifelong needs, including creating Advantages of Annual Management Fee Program.
detailed income projections. Premium money market and bond rates
6. Monitoring and reporting results. Ongoing mutual funds with lower management fees
portfolio analysis, reviews and prompt service. Hedging through use of option strategies
Investment Policy Statement (IPS) Easier tax planning – tax loss switches
Portfolio Valuation Report Stop loss + Re-entry without extra fees
o Asset Allocation, Income Projection, Rate of to average into and out of stock positions
Return, Capital Gains/Loss No transaction commission places the focus
Tax reporting, T5 and T3 etc. (See kit) on merits of investing instead of its cost.
RBC CM Quarterly Strategy, MG Weekly Fee % deceases as value increases
Newsletter, Focus List and Stock of the Day INVESTMENT VEHICLES WE USE:
ACCOUNTS & SERVICES WE OFFER Allocation includes CDN, US, and International
Investment Account, Options, Equity Credit Line, Fixed Income Equity Income & Growth
Corporate, Holding Co., Charitable Foundation, Tax MM, GICs Small Cap.
Free Savings Account (TFSA), Registered Education Bonds, Converts Medium Cap.
Savings Plan (RESP), Registered Retirement Savings Preferreds Large Cap.
Plan (RRSP), Registered Retirement Income Fund High Income Balanced
(RRIF), Individual Pension Plan (IPP), DS Family ETFs & Mutual Funds (open and closed)
Trust Acct, Registered Charity Gift of Stock Acct,
Annual Tax-Assisted Flow-Through Share Program
PORTFOLIO MANAGEMENT PROGRAMS
Page 10 10/8/2021COMPREHENSIVE WEALTH MANAGEMENT STRATEGIES
1. Financial Planning
Ted Chan – our Financial Planning Consultant provides solutions for simple or complex financial planning:
• Comprehensive financial plan • Taxation of the corporation at death and
• Addressing all aspects of your financial affairs more.
• Including cash and debt management • Retirement and estate planning
• Tax and investment planning • Business succession
• Risk management Withdraws from corporation tax- effectively
2. Insurance Planning
Andrew Sipes – As estate planning specialists, they will focus on:
• Personal and corporate insurance solutions to increase your net worth and reduce the impact of taxation.
• He can also ensure your wealth is transferred to your heirs in accordance with your wishes.
Insurance Strategies include:
• Whole life, Term Life • Keyperson Insurance • Critical Illness
• Long Term Care • Corporate Estate Bond • Insured Annuity
3. Wills & Estate Planning
Ariel-Charles Guigui – Our Will and Estate Consultant offering information on structuring your estate in an
efficient and tax-effective manner, providing you with a report outlining various estate planning issues:
• To explore in further detail with your own • Reduce the taxes and expenses of an estate
lawyer or accountant • Simplify and speed the transition of assets to the
• Valid & Current Wills for All in Family next generation
• Use of living trusts • Ensure that your beneficiaries are protected.
• Planned Gifting • Different types of Power of Attorney
4. Tax Planning
Prashant Patel – A number of solutions that can simplify the tax planning process including;
• Tax-efficient charitable giving • 2015 Home Buyer’s Plan Withdrawals
• Family income splitting strategies • Consider Paying Yourself a Bonus
• Eligible Retiring Allowance • Sale of Private Business Shares
• LIRA Conversion to LIF/RLIF • US Estate Tax Planning for Canadians
5. RBC Estate & Trust Services, Royal Trust
Karen Snowden-Staecey – provides individuals, families and businesses with valuable estate, trust and
incapacity services:
• Assistance in the preservation, management and transfer of wealth between generations by providing
solutions to implement clients’ estate and trust plans
• Professional and impartial expertise in delivering estate and trust services
o Strong history and legacy in managing fiduciary businesses
o Professionals who have technical and practical experience
o Compassion and understanding of the client’s family’s experience
6. RBC Private Banking Premier
Ari Steriotis – works as a single point of contact providing banking and credit solutions for select clients of
Wealth Management Canada and their families. Tailored banking & credit package to complement the best in
class investment management and wealth planning.
• Providing one of RBC’s most comprehensive banking packages – special rates, exclusive cross border
package, high daily access limits on cash withdrawals and direct payments, RBC Avion Visa Infinite
Privilege Card with a $120 rebate off the annual fee and more.
Page 11 10/8/2021THE MACKAY GROUP TEAM COMMENTS
Bruce's-Portfolio Management – Strategy, Macro &
Micro Our Mission
Tax rates are increasing, financial solutions are “To provide our clients superior investment advice,
evolving and RBC's suite of services has expanded products and service at RBC Wealth management
to meet our clients' needs. We'll review your Dominion Securities since 1981.”
investment portfolios and introduce you to our
expanded team of Wealth Management
professionals and the full range of services we offer. Bruce MacKay, HBComm, CIM
Portfolio Manager, Investment Advisor,
Andrew's -Portfolio Management & Team Vice President and Director
Management Andrew Slivinsky, CIM, PFP, Senior Associate Advisor
Proper portfolio construction is the key to meeting Christopher Nicolaides, CIM, DMS Associate Advisor
your financial goals. The variety of investment Melissa Crawford, Associate Advisor
choices can be daunting. Let our team help simplify Madeleine Howard, HBA Associate
the approach, narrow your focus, mitigate tax, and Kristine MacKay, MBA, Associate Wealth Advisor
plan for financial success throughout retirement.
Estate + Financial Planning Advisors
Kristine's -Business Development & Team Wealth Ted Chan, Financial Planner
Management Ariel-Charles Guigui, Will and Estate Consultant
Over 100 of our clients and their families have found Prashant Patel, Tax Consultant
tremendous value in having a Financial Plan, Will & Andrew Sipes, Estate Planning Specialist
Estate Consultation and Insurance review. Hope Karen Snowdon-Steacy, Senior Trust Advisor
you enjoy our new ‘Wealth Wednesday’ educational Ari Steriotis, Premier Banking
email series. I’m also here to manage client
MacKay Group Wealth Management
appreciation events and charity sponsorships.
www.mackaygroup.com
Brookfield Place
Melissa's -Portfolio Administration 181 Bay Street, Suite 2200
Is your account information up to date - including
Toronto Ontario, M5J 2T3
investment objectives & risk parameters, beneficiary
Telephone: 416-842-7120
information, dividend reinvestment plan, monthly
payment plan and banking information? MacKay Group & RBC Foundation
We have contributed $600,000+ over the years.
Christopher’s - Portfolio Management & Research Charities we support in 2021 - Trillium Health
I will work with you and our team to manage your Partners, Canadian Wildlife Federation, Toronto
accounts, provide recommendations, identify Public Library, ABC Life Literacy, Canadian Canoe
opportunities and assist with client service to ensure Museum, Merry-Go-Round Children’s Foundation,
all your needs are met. Ontario Track III, Camp Winston, Royal Ontario
Museum, Alzheimer’s Society & Dorothy Ley
Madeleine’s -Portfolio Administration & Research Hospice.
Have you topped up your TFSA? RSP? RESP? I will
work with you to make sure you are maximizing
your portfolio. We are especially proud of our daily
‘Stock of the Day’ research.
Page 12 10/8/2021Disclaimer
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments.
Please read the fund facts and prospectus before investing. Mutual fund securities are not covered by the Canadian
Deposit Insurance Corporation or by any other government insurer. There can be no assurances that the fund will be able
to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund
will be returned to you. Past performance may not be repeated. This information is not intended as nor does it constitute
tax or legal advice. Readers should consult their own lawyer, accountant or other professional advisor when planning to
implement a strategy. This commentary is based on information that is believed to be accurate at the time of writing, and
is subject to change. All opinions and estimates contained in this report constitute RBC Dominion Securities Inc.'s
judgment as of the date of this report, are subject to change without notice and are provided in good faith but without
legal responsibility. Interest rates, market conditions and other investment factors are subject to change. Past performance
may not be repeated. The information provided is intended only to illustrate certain historical returns and is not intended
to reflect future values or returns. Securities or investment strategies mentioned in this newsletter may not be suitable for
all investors or portfolios. The information contained in this newsletter is not intended as a recommendation directed to a
particular investor or class of investors and is not intended as a recommendation in view of the particular circumstances
of a specific investor, class of investors or a specific portfolio. You should not take any action with respect to any
securities or investment strategy mentioned in this newsletter without first consulting your own investment advisor in
order to ascertain whether the securities or investment strategy mentioned are suitable in your particular circumstances.
This information is not a substitute for obtaining professional advice from your Investment Advisor. The commentary,
opinions and conclusions, if any, included in this newsletter represent the personal and subjective view of the investment
advisor [named above] who is not employed as an analyst and do not purport to represent the views of RBC Dominion
Securities Inc. The information contained herein has been obtained from sources believed to be reliable at the time
obtained but neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers can guarantee its
accuracy or completeness. This report is not and under no circumstances is to be construed as an offer to sell or the
solicitation of an offer to buy any securities. This report is furnished on the basis and understanding that neither RBC
Dominion Securities Inc. nor its employees, agents, or information suppliers is to be under any responsibility or liability
whatsoever in respect thereof. The returns and performance information presented here does not reflect actual client
portfolio or composite returns. The performance information presented in this report is based on a hypothetical model
portfolio, and is intended to help illustrate the general performance of the investment strategy while removing the
variability that results from implementation at a particular client level. The model portfolio reflects the actual investment
recommendations (buys, sells) of the strategy as they were communicated historically; however, a number of
implementation assumptions (which may include but are not limited to the timing and diligence with which the portfolio
is rebalanced, the execution price for securities transactions, and any trading and account related costs, fees, or
commissions) have been made when calculating the model returns that may be difficult or impossible for any investor to
exactly replicate the model portfolio. For this reason, there is no expectation that the model returns will perfectly replicate
the actual performance of any client following the same guided portfolio strategy. Specifically, the following assumptions
have been made when calculating model portfolio returns: the portfolio is rebalanced monthly and any time a change to
portfolio holdings is made; market close prices are used for all valuations; and returns are gross of all account fees and
transaction costs. Insurance products are offered through RBC Wealth Management Financial Services Inc. (“RBC
WMFS”), a subsidiary of RBC Dominion Securities Inc.* RBC WMFS is licensed as a financial services firm in the province
of Quebec. RBC Dominion Securities Inc., RBC WMFS and Royal Bank of Canada are separate corporate entities which are
affiliated. *Member-Canadian Investor Protection Fund. RBC Dominion Securities Inc. and RBC WMFS are member
companies of RBC Wealth Management, a business segment of Royal Bank of Canada. ® / TM Trademark(s) of Royal Bank
of Canada. Used under licence. © 2018 RBC Dominion Securities Inc. All rights reserved.
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