About Us

What active management means to us

CI Multi-Asset Management embraces the philosophy of active management and we apply it to all aspects of our investment process. We view active management as a process that strives to identify and manage all the variables that can influence an investor’s total return, with the goal of obtaining the best long-term results. Active management is not simply about stock selection. There is also opportunity to generate incremental excess returns from active asset allocation. In the portfolio construction process, we also closely examine other factors that can impact returns including industry, country and style exposures.

CI Multi-Asset Management oversees these managed solutions from CI Investments:

Portfolio Series is a family of seven strategic multi-asset-class portfolio funds that fit a wide range of distinct investor profiles, from income to maximum growth.

Portfolio Select Series provides a choice of nine multi-manager, multi-asset-class portfolios built through strategic asset allocation, along with unprecedented flexibility to customize the chosen portfolio.

CI Mosaic ETF Portfolios provide access to a diverse selection of exchange-traded funds through five active multi-asset-class portfolios that fit a range of investor profiles.

Our Funds

CI Multi-Asset Management is responsible for the construction and management of CI Investments’ managed solutions programs.

Our Team

Based in Toronto, the team oversees approximately $38 billion in assets* invested in customized managed portfolio solutions for individuals, families and businesses.

*As of December 31, 2018

Alfred Lam, CFA

Senior Vice-President and Chief Investment Officer

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Marchello Holditch, CFA, CAIA

Vice-President and Portfolio Manager

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Stephen Lingard, CFA

Senior Portfolio Manager and Head of Research

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Andrew Ashworth, MBA, CFA

Associate Portfolio Manager

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Zoe Li, CPA

Portfolio Operations Associate

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Our Philosophy

Our philosophy is centered on delivering predictable outcomes through a disciplined portfolio construction process. We take a controlled risk budgeting approach which aims to generate consistent returns to satisfy the financial objectives of our unit holders within their investment horizons. 

Total return equation

To examine factors that can impact returns, we optimize asset mix, maximize alpha, manage market beta and manage currency.

Portfolio construction 

CI Multi-Asset Management believes it is critical to have a clear understanding of valuations, fundamentals and correlations in order to construct and manage efficient portfolios. A portfolio that combines asset classes exhibiting negative or weak correlations with each other has a greater opportunity to potentially improve risk-adjusted returns. Using a multi-asset-class framework may offer the opportunity to benefit from imperfect correlations.

  • Strategic asset allocation: The team uses strategic asset allocation to construct each portfolio and regularly reviews the strategic asset mix to ensure that it is reflective of the evolving market environment. This asset mix is designed to maximize returns for a given level of risk over the long term. Relying on our comprehensive research, we formulate capital markets expectations driven by valuations and fundamentals. We also utilize research from State Street Global Advisors (SSGA), a global investment manager with over US$2.8 trillion in assets under management (as of September 30, 2018).
  • Tactical asset allocation: The team will adjust certain portfolios, where appropriate, to take advantage of shorter-term dislocations in the market.
  • Option strategies: From time to time, CI Multi-Asset Management may employ options strategies to implement asset allocation strategies and to generate incremental yield.

State Street Global Advisors (“SSGA”) is the investment management division of State Street Corporation and provides research and recommendations to CI Multi-Asset Management, through its Investments Solutions Group. SSGA is not affiliated with CI Investments Inc. or any of its affiliates. 

Risk management

The type of risk that matters most to investors is the risk of permanent loss. CI Multi-Asset Management employs a number of risk-management tools dedicated to managing specific risks. These tools include:

  • Currency management: Given the unpredictable nature of currency markets, CI Multi-Asset Management regards foreign currencies as a meaningful source of portfolio risk, which is best managed using a disciplined, valuation-based framework. The team also views the U.S. dollar as a risk-management tool that can help to offset equity risk.
  • Portfolio rebalancing: Regularly rebalancing the portfolio to the original “strategic” allocation helps to maintain a consistent risk profile.
  • Sector exposure management: CI Multi-Asset Management tracks the true sector exposures of each portfolio. Through sector diversification, the team ensures that the overall beta is controlled and that investors are not overly exposed to a narrow group of sectors.
  • Market risk management: When global equity valuations are at excessively high levels and traditional measures alone may not provide sufficient downside protection, the team may employ portfolio insurance strategies using derivatives while paying close attention to the implicit and explicit costs of these strategies.

Manager and active exchange-traded fund (ETF) selection

Numerous studies point to the existence of substantial market inefficiencies at the security and factor level that can often be exploited to generate alpha over the long term. CI Multi-Asset Management accesses a broad range of active managers and exchange-traded funds to add value.

Our Insights

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