Mackenzie's new active ETF strategies look familiar

Holdings will be similar but different from those of mutual funds managed by the same teams.

Rudy Luukko 22 November, 2017 | 6:00PM

The strategies of the three Mackenzie exchange-traded funds that opened for trading today on the Toronto Stock Exchange are all similar to those of existing Mackenzie mutual funds. The investment teams behind the new ETFs are also the same. However, as a Mackenzie Investments spokesperson pointed out to Morningstar, the ETFs are managed as separate portfolios and their holdings will differ from the mutual funds after which they are patterned.

Among the new offerings is Mackenzie Portfolio Completion (symbol: MPCF), which bundles together various non-traditional asset classes in a single ETF. Actively managed by Mackenzie's systematic-strategies team led by Rick Weed, Mackenzie Portfolio Completion is designed to complement an investor's core holdings in larger-cap stocks and investment-grade bonds.

The ETF's asset-class holdings and portfolio weights will vary, depending on the managers' proprietary quantitative models that factor in fundamental measures such as valuation, balance-sheet strength and quality, and the competitive landscape.

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About Author

Rudy Luukko

Rudy Luukko  Rudy Luukko is a freelance writer who contributes to Morningstar.ca on topics involving fund industry trends and regulatory issues. He retired in May 2018 from his position as editor, investment and personal finance, at Morningstar Canada, where he had worked since 2004. He has also worked as an editor and writer for various general, specialty and institutional media, and he has co-authored courses for the Canadian Securities Institute. Follow Rudy on Twitter: @RudyLuukko.

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