Craig Jerusalim, senior portfolio manager at CIBC Asset Management in Toronto, believes in owning high-quality stocks long term instead of trying to time the market
In a market in which many investors anticipate a long, drawn-out recession, money manager Craig Jerusalim is a bit of an outlier.
“If you’re too bearish, you might miss out on a secular growth story,” says Mr. Jerusalim, who manages about $6-billion in assets across two strategies: Canadian growth at a reasonable price and Canadian dividend growth. The strategy has kept his investors out of the red amid the recent market volatility. Mr. Jerusalim says his GARP strategies have returned about 7 per cent over the past year and seen an average compound return of 16 per cent over the past three years. His dividend strategies are up about 4 per cent over the past year and have seen an average compound return of 14 per cent over the past three years. The performance is as of June 30 and gross of fees.
I see three distinct tiers of consumers who make up the bulk of the North American economy right now. The top tier is doing very well; they’re still sitting on excess savings accumulated through the pandemic, and the stocks and houses they own are still well above 2019 levels. So, they’re feeling good and are keeping airports and restaurants jam-packed. These are the people who are spending most of the money.
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