May 2014

First Quarter Update to 2014 Investment Outlook

Abstract

This is the first quarterly update to Segal Rogerscasey Canada's 2014 Investment Outlook, "Never Never Land," which described the firm's position on four broad investment classes: equities, interest rates and fixed income, alternative investments and commodities.

This update is based on an assessment of the economic environment and data after the first quarter of 2014. It includes an updated table listing developments in the U.S., non-U.S. developed and developing economies as well as additional influences that Segal Rogerscasey Canada believes are positive and negative for investors. It also updates the Summary of Views table from the 2014 Investment Outlook, indicating which of the firm's views have changed.

The update, "Spring Forever," discusses the slower, uneven pace of economic growth since the Global Financial Crisis, likening the recovery to the severe winter and slow-blooming spring seen in portions of the northern U.S. and any part of Canada this year:

Much like the four largest economic blocks (U.S., eurozone, Japan and China), whenever there is a sign that growth appears strong and sustainable, another cold front dips down to remind us of the fragility still felt from the now-five-years-past Global Financial Crisis. This pattern has become so consistent that many have proclaimed slower growth to be the new normal globally, perhaps with good reason.

There will be quarterly updates to the 2014 Investment Outlook throughout 2014.

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