Why this $2.7-billion money manager recently bought Enerflex and trimmed Warner Music
Jeff Mo, a portfolio manager at Calgary-based Mawer Investment Management Ltd., is taking a cautious approach amid uncertain economic conditions despite strong market optimism. He recently added Enerflex Ltd. to his portfolio due to improved leadership and growth prospects in natural gas and data center power, while trimming exposure to Warner Music. Mo cited geopolitical tensions and potential trade policy changes under the CUSMA review as factors contributing to his cautious outlook.
- ▪Jeff Mo manages approximately $2.7 billion in assets at Mawer Investment Management Ltd., overseeing the Mawer U.S. Mid Cap Equity Fund and Mawer New Canada Fund.
- ▪Enerflex Ltd. was purchased between December and February and now represents about 3.5% of the portfolio, with expectations of continued growth under new CEO Paul Mahoney.
- ▪The Mawer U.S. Mid Cap Equity Fund returned 17.3% over the past year, while the Mawer New Canada Fund returned 20.5% over the same period, net of fees as of April 28.
- ▪Mo cited the ongoing Middle East conflict and the upcoming CUSMA review as sources of economic uncertainty influencing his investment decisions.
- ▪CACI International Inc. was purchased in June 2023 and added to in April 2024 during a market downturn, also representing about 3.5% of the portfolio.
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Open this photo in gallery:Jeff Mo, portfolio manager at Calgary-based Mawer Investment Management Ltd., oversees about $2.7-billion in assets. Illustration by Joel KimmelThe Globe and MailShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountMoney manager Jeff Mo says he’s seeing “schizophrenic optimism” in the markets that’s making him more cautious about what lies ahead. “The [economic] environment is getting increasingly fragile, but the general trend in the market is that it wants to go up – that’s the optimism part,” says Mr.
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