From Panic to Perspective – A Reminder of What Still Works

CI ETF Pulse

“In strategy it is important to see distant things as if they were close and to take a distanced view of close things.” - Miyamoto Musashi

The most turbulent moments have a way of shrinking our perspective. We stop thinking in years and start reacting to now. And because “now” feels chaotic, we instinctively project that chaos into the future. Coming into this year, many advisors we spoke to had already positioned portfolios with discipline: de-risking concentration, adding quality, building inflation resilience, and preparing for geopolitical uncertainty. Now may simply be the time to pause, tune out the noise, and trust the strategy already in place. There is a reason why those choices were made—and why they matter, especially in today’s environment.

Below are several reminders of why portfolio ingredients like CI Auspice Broad Commodity Fund (CCOM), CI Gold Bullion Fund (VALT.B), and CI U.S. Quality Dividend Growth Index ETF (DGR.B) collectively provide strategic resilience designed to outlast turbulent markets.

1. HEDGING STAGFLATION RISK WITH CCOM:

If tariffs persist, they raise the probability of a stagflation backdrop: slower growth, stickier inflation. That’s a difficult combination for traditional portfolios—and exactly the kind of regime CCOM was built for. It gives diversified exposure across commodity sectors, with rules-based adjustments and no need to make concentrated commodity bets. Think of it as a structural hedge against upside inflation surprises.

2. “GOLD IS LONG CHAOS”

Gold doesn’t need forecasts. It responds to volatility, policy confusion, and tail risk. That’s why VALT.B continues to play a role in portfolios as a core, trusted chaos hedge. Gold doesn’t always outperform—but when it does, it’s often when nothing else can. Together, CCOM and VALT form a more complete solution—built to help portfolios withstand today’s highest macro-economic risks: inflation resurgence, policy confusion, and political uncertainty.

3. U.S. EXPOSURE WITHOUT THE TWO EXTREME RISKS

The U.S. remains the global growth leader, but with the S&P 500 still richly valued and increasingly concentrated, how you stay invested matters more than ever. DGR.B is built to avoid both valuation and concentration risk while still capturing meaningful upside. Historically, that has meant participating in most of the gains while sidestepping some of the downside.

Collectively, these tools support portfolios built not just for what’s expected, but for what’s possible. We hope this serves as a timely reminder of why sticking with the strategy works.

SALES TOOLS:

About the Author

Adam Bahram


Adam Bahram

Director, ETF Strategist
CI Global Asset Management

Adam Bahram is the Director of ETF Strategy at CI GAM, where he plays a key role in driving the growth of the ETF business across Canada. In this role, Adam is responsible for setting and executing the ETF sales strategy as well as supporting the ETF sales team.

Adam brings extensive experience in buy-side research analysis, asset allocation and portfolio management. Prior to joining CI GAM, he served as an Associate Client Portfolio Manager on the Asset Allocation team at TD Asset Management, where he developed expertise in constructing and managing investment strategies. Adam also has experience serving on the investment committee of a wealth management firm.

Adam holds a Master of Finance from the Sobey School of Business at Saint Mary’s University and is a CFA charter holder.

IMPORTANT DISCLAIMERS

Commissions, trailing commissions, management fees and expenses all may be associated with an investment in mutual funds and exchange-traded funds (ETFs). Please read the prospectus before investing. Important information about mutual funds and ETFs is contained in their respective prospectus. Mutual funds and ETFs are not guaranteed; their values change frequently, and past performance may not be repeated. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them.

CI Liquid Alternative investment funds have the ability to invest in asset classes or use investment strategies that are not permitted for conventional mutual funds. The specific strategies that differentiate these investment funds from conventional fund structure include increased use of derivatives for hedging and non-hedging purposes; increased ability to sell securities short; and the ability to borrow cash to use for investment purposes. While these strategies will be used in accordance with the investment funds’ investment objectives and strategies, during certain market conditions they may accelerate the pace at which your investment decreases in value.

This document is provided as a general source of information and should not be considered personal, legal, accounting, tax or investment advice, or construed as an endorsement or recommendation of any entity or security discussed. Every effort has been made to ensure that the material contained in this document is accurate at the time of publication. Market conditions may change which may impact the information contained in this document. All charts and illustrations in this document are for illustrative purposes only. They are not intended to predict or project investment results. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies.

Certain statements in this document are forward-looking. Forward-looking statements (“FLS”) are statements that are predictive in nature, depend upon or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “intend,” “plan,” “believe,” or “estimate,” or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are by their nature based on numerous assumptions. Although the FLS contained herein are based upon what CI Global Asset Management and the portfolio manager believe to be reasonable assumptions, neither CI Global Asset Management nor the portfolio manager can assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise.

“WisdomTree®” and “Variably Hedged®” are registered trademarks of WisdomTree Inc. and WisdomTree Inc. has patent applications pending on the methodology and operation of its indexes. The ETFs referring to such indexes (the “WT Licensee Products”) are not sponsored, endorsed, sold, or promoted by WisdomTree Inc., or its affiliates (“WisdomTree”). WisdomTree makes no representation or warranty, express or implied, and shall have no liability regarding the advisability, legality (including the accuracy or adequacy of descriptions and disclosures relating to the WT Licensee Products) or suitability of investing in or purchasing securities or other financial instruments or products generally, or of the WT Licensee Products in particular (including, without limitation, the failure of the WT Licensee Products to achieve their investment objectives) or regarding use of such indexes or any data included therein.

Certain names, words, titles, phrases, logos, icons, graphics, or designs in this document may constitute trade names, registered or unregistered trademarks or service marks of CI Investments Inc., its subsidiaries, or affiliates, used with permission. All other marks are the property of their respective owners and are used with permission.

Certain statements contained in this communication are based in whole or in part on information provided by third parties and CI Global Asset Management has taken reasonable steps to ensure their accuracy. Market conditions may change which may impact the information contained in this document.

©2025 Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Auspice Capital Advisors Ltd. are portfolio subadvisors to certain funds offered and managed by CI Global Asset Management.