Colin Fisher, portfolio manager & president, Stableview Asset Management

Focus: Technology & Knowledge-based stocks

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MARKET OUTLOOK:

There will be a lot of noise around two key macro themes:

The first question is what will central banks do and how effective will it be. With NIRP (Negative Interest Rate Policy) replacing ZIRP (Zero Interest Rate Policy) – the world is in unchartered territory.

The monetary policy will have to be supplemented with Fiscal Policies. We have seen some of this in Canada – but that is not meaningful on a Global Scale. What China and the US do is of critical importance.

This is why I think oil is having an outsized effect on the global economy – as it is a mechanism to help with the flow of funds throughout the global economy.

There was no meaningful oil deal between Russia and the OPEC countries. However there have been a number of non-structural events that have supported oil. We think this will be short lived and that oil will be under pressure for the long haul.

Why do we a tech focused and knowledge-based investment firm have an opinion on oil? Because it affects a lot of our macro themes and macro-themed hedging strategies.

This is going to be a very volatile market for all asset classes – I think focusing on growth markets that have long term on-going demand drivers will be the best areas to focus on.

Classic hedging and risk mitigation strategies – such as basic asset allocation, will be challenged going forward.

Top Picks:

Versapay (VPY.V)

AcuityAds (AT.V)

Zaio Corporation (ZAO.V)

Past Picks: March 16, 2016

Axios Mobile Assets (AXA.V)

• Then: $1.19
• Now: $0.89
• Return: -25.21%
• TR: -25.21%

TECSYS (TCS.TO)

• Then: $6.70
• Now: $7.60
• Return: +13.43%
• TR: +13.43%

Terra Firma Capital (TII.V)

• Then: $0.78
• Now: $0.85
• Return: -25.64%
• TR: -25.64%

Total Return Average: -12.47%

Twitter: @StableViewAsset

Website: www.stableview.ca