Macro Insights
U.S. November 2024 Election: Implications for Investors
This paper examines the key policy implications of the election, particularly regarding trade, tariffs, taxes, and energy, as well as for the Fed, industrial policy, deregulation, and defense, as well as their implications for investors.
Investment Insights
Try and Catch the Wind
Some investors believe that investing in “factors” is a cleaner way to invest, but they are buying businesses, not factors. In this paper, we explore how 2023 highlighted the limitations of focusing on factors rather than businesses.
Investment Insights
Is AI Already a Bubble?
We explore whether the popularity of AI related stocks has created a bubble.
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U.S. November 2024 Election: Implications for Investors
Apr 18, 2024 - 25 min read -
Try and Catch the Wind
Mar 19, 2024 - 15 min read -
Is AI Already a Bubble?
Feb 24, 2024 - 25 min read
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Macro Insights
U.S. November 2024 Election: Implications for Investors
This paper examines the key policy implications of the election, particularly regarding trade, tariffs, taxes, and energy, as well as for the Fed, industrial policy, deregulation, and defense, as well as their implications for investors.
-
Investment Insights
Try and Catch the Wind
Some investors believe that investing in “factors” is a cleaner way to invest, but they are buying businesses, not factors. In this paper, we explore how 2023 highlighted the limitations of focusing on factors rather than businesses.
-
Investment Insights
Is AI Already a Bubble?
We explore whether the popularity of AI related stocks has created a bubble.
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TD Global Investment Solutions (TDGIS) represents the institutional asset management businesses of TD Bank Group (TD) - TD Asset Management Inc. (TDAM) and Epoch Investment Partners, Inc. (TD Epoch). We offer investment solutions to corporations, pension plans, endowments and foundations, insurance companies, sovereign wealth funds, and superannuation, among others. We strive to better understand our client's needs and offer solutions to meet those needs using our broad expertise across alternative investments, equities and fixed income. Our independent investment teams maintain their own investment philosophies, giving TDGIS diversity of thought.
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July 31 2022
Gloomy and More Uncertain. That was the title of one of the International Monetary Fund’s updates this year for the World Economic Outlook, as it took stock of the macroeconomic and geopolitical environment.
Thought leadership20 min readCarl Elia, Vice President & Director, Infrastructure Investments, TDAM
Investment InsightsApril 23 2024TDAM's Alternative Investments team recaps key takeaways from real estate, mortgage, infrastructure, and private debt markets.
Commentary30 min readAlternative Investments Team
Investment InsightsAugust 28 2023We look at the primary drivers of the trajectory of the energy transition – technology, economics, energy security, policies and regulations, and several disruptive known unknowns – and highlight some of the investment implications for the sectors we view as most tied to this multidecade path – energy, utilities and materials.
Thought leadership20 min readMichael Jin, CFA, Managing Director, Research Analyst, TD Epoch
Investment InsightsDecember 08 2022Global supply chains are being overhauled to reduce vulnerabilities and to restrict Chinese imports of “dual-use” products that can be used for both commercial and military purposes. In Part I of this two part series we show why the initial focus is on semiconductors and energy, and where it might go from there (AI, quantum computing, and other advanced tech). We also demonstrate the challenges for Chinese equities and U.S.-based multinational corporations, which have been the two biggest beneficiaries of globalization.
Thought leadership15 min readKevin Hebner, PhD, Managing Director, Global Portfolio Management, TD Epoch; William W. Priest, CFA, Executive Chairman, Co-Chief Investment Officer and Portfolio Manager, TD Epoch
Investment InsightsDecember 13 2022In this second part of our two-part series, we demonstrate that deglobalization implies trend increases in capex and the labor share, as well as a higher weighted average cost of capital (WACC). This constitutes a secular headwind for margins and free cash flow (FCF), especially for tech and manufacturing. With companies facing greater macro volatility and an elevated WACC, we expect lower average multiples. This will prove especially challenging for longer duration assets, such as venture capital and speculative tech companies that are years away from generating FCF on a sustainable basis.
Thought leadership8 min readKevin Hebner, PhD, Managing Director, Global Portfolio Management, TD Epoch; William W. Priest, CFA, Executive Chairman, Co-Chief Investment Officer and Portfolio Manager, TD Epoch
Investment InsightsFebruary 08 2023We look at the importance of understanding how company management is compensated when analyzing a stock, particularly as it relates to the Quality Capital Reinvestment Strategies.
Thought leadership10 min readSteven Bleiberg, Managing Director, Portfolio Manager, TD Epoch; David Siino, CFA, CAIA, Managing Director, Portfolio Manager and Senior Research Analyst, TD Epoch