Marret Asset Management Inc. focuses on fixed-income investing and alternative strategies on behalf of institutional, high net worth and retail clients. Marret Asset Management Inc., is a majority-owned subsidiary of CI Financial Corp. (TSX: CIX; NYSE: CIXX) and an affiliate of CI Global Asset Management. CI Global Asset Management is a registered business name of CI Investments Inc., a wholly-owned subsidiary of CI Financial Corp.

 

Marret’s investment philosophy is a blend of top-down and bottom-up strategies. Marret begins with a macro forecast and selection of industry overweights and underweights, then moves into company and individual security selection.

 

BOTTOM-UP STRATEGY

 

After identifying attractive sectors, this strategy is utilized to identify securities within these industry groups and isolate positive opportunities. The company fundamentals are reviewed to assess their ability to generate cash to meet interest and principal obligations. These fundamentals include:

 

  • Industry position
  • Operating leverage
  • Management strength/experience
  • Historical earnings and future projections (via stress test)
  • Company’s liquidity profile
  • Company ratios and accounting practices, and
  • Stock price as a leading indicator of changing credit fundamentals.

 

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KEY ELEMENTS OF THE PORTFOLIO STRUCTURE

  • Diversify industry exposure
  • Limit exposure
  • Invest across a broad spectrum of maturities
  • Identify special situations that reduce risk yet offer acceptable returns
  • Avoid interest rate speculation
  • Select issues with a good call protection and security backing
  • Minimize default risk through ongoing analysis based on industry and company fundamentals
  • Assess each security’s liquidity characteristics and diversify between levels.
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Marret invests in high-yield, and investment-grade, corporate and government debt assets.

 

OUR TEAM

Paul Sandhu

Paul Sandhu

President and Chief Executive Officer

Paul Sandhu is President and CEO of Marret Asset Management Inc. He has over 30 years of domestic and international fixed-income experience. Prior to joining Marret in 2009, Paul was responsible for the global distribution of Canadian fixed-income and money market products at BMO Capital Markets. Through offices in Toronto, Montreal, Vancouver, New York, London and Hong Kong, Paul was directly responsible for advising some of the world’s largest fixed-income asset managers on portfolio strategy, asset mix, security selection, and alpha/beta generation. Paul’s career also includes positions with Goldman Sachs and Citibank in Europe, the U.S., and Canada. Paul holds a BA in Economics and Political Science from the University of British Columbia and a Masters of Public Administration from the University of Victoria.



Adrian Prenc, CFA

Adrian Prenc, CFA

Vice-President, Portfolio Manager and Chief Risk Officer

Adrian Prenc, CFA, FRM, is a Portfolio and Risk Manager at Marret Asset Management Inc. with over 17 years of investment experience. Prior to joining Marret in July 2002, Adrian spent three years with Altamira Investment Services, initially as an Investment Specialist, and more recently as a Research Analyst specializing in corporate debt and high yield. Adrian has been key in developing Marret’s investment and risk management tools and is involved in all aspects of the portfolio management process.Adrian holds a Bachelor of Commerce degree from the University of Toronto, is a CFA Charterholder, and has received numerous awards for academic distinction. He has also received his Financial Risk Manager certification.



Adam Tuer, CFA, PhD

Adam Tuer, CFA, PhD

Vice-President, Portfolio Manager and Head of Research

Adam Tuer, CFA, PhD, is a Portfolio Manager and Quantitative & Research Analyst with Marret Asset Management Inc. Adam joined Marret in January 2013, initially doing research on a consulting basis for the company on Central Bank liquidity and the impact of monetary policy. He joined Marret on a full-time basis in April 2013 as a Research Analyst. Adam has a PhD in Physics from the University of Toronto and an HBSc (high distinction) in Physics with a minor in Mathematics and Chemistry. Prior to joining Marret, Adam developed optimal hedging strategies on derivatives for CIBC.



MARRET INSIGHTS

 

The thought leaders and portfolio managers of Marret offer insights into the trends, events, policies and politics that are creating investment risks—and opportunities—around the world.

Articles

Articles

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Fund Commentaries

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Podcasts

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