Top Toronto Fund Manager Sours on US Stocks as Recession Looms
- IG Wealth Management upgraded Canadian market and lowered US
- Demand for energy could boost Canada to outperform the US
A pedestrian walks past the Toronto Stock Exchange.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
IG Wealth Management, one of Canada’s biggest asset managers, is cooling on the US stock market while boosting its position on its home country as valuations sink to some of their lowest levels on record.
The Toronto-based asset manager, which oversees C$111.1 billion ($85 billion), upgraded its position on Canadian equities to slight overweight from neutral while lowering the US market to slight underweight from neutral. The move comes as some of Canada’s largest funds adjust their outlooks with markets whipsawing on rising fears of a recession.