Stay abreast of important economic and market
developments and capitalize on investment
opportunities with our insightful research and
innovative thinking.
Research
CONFIDENTIAL
February 2016
Overview
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Our Research teams are a leading voice on what matters and widely recognized
for the breadth and quality of their work.
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Our renowned team of economists, analysts and strategists
helps clients understand market trends, stay on top of
investment opportunities and generate alpha
Economics
Equity Research
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A rich combination of fundamental, quantitative and
technical analysis lets you see the market from different
angles to identify important developments at the macro,
sector, company and asset-class level to drive timely and
profitable investment ideas
Macro Strategy
Portfolio Strategy &
Quantitative Research
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Thorough and diligent research
Insightful commentary
Provocative thinking
Extensive client interaction
Technical Analysis
Economics
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Benefit from our Economics Group’s long and well-earned reputation for being
ahead of the curve.
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The team produces analysis and timely forecasts of trends in
the North American economy, the political environment and
financial markets
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Economists are recognized for their insights on critical market
issues and the implications for stock values, currencies and
interest rates, and are highly ranked by institutional investors
in the Canadian financial services industry
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In-depth analytic publications, conferences, phone calls and
one-on-one meetings keep clients up to date on what is
happening today ― and likely to happen in the future
Avery Shenfeld: 2012-2014 TopGun
Equity Analyst – Economics1 and also
named most accurate forecaster of
Canadian economy
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Extensive analysis available on the Economics website
includes:
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Economic Flashes
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The Week Ahead
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Monthly FX Outlook
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Economic Insights
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Economics Forecast
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TSX Earnings Watch
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Federal/Provincial Budget Briefs
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Employment Quality Index ― Canada
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Household Credit Analysis
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Consumer Watch ― Canada
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The Bankruptcy Report
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Metro Monitor
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Small Business Economic Activity
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Commodities Outlook
Ranked #2 according to the Brendan Wood International 2014 Canadian Equity Research Sales & Trading Performance Report.
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Equity Research
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See opportunities across the market capitalization spectrum for all key sectors
of the economy.
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Our Equity Research team covers over
370 companies that represents 94% of the
market capitalization of the S&P/TSX Composite
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It has consistently been recognized as a top
research source for its breadth of coverage,
industry knowledge and quality of work
Over 35 equity
analysts
Coverage
Coverage for
more than 370
companies
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Insightful reports, complemented by extensive corporate and
analyst meetings, help keep clients on top of stock market
activity and the outlook for different industries and
companies
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A website devoted to Equity Research offers interactive
performance comparison charts, industry composite and
commodities tables and powerful search tools
Market Capitalization
Representing 94% of market
capitalization of the
S&P/TSX Composite
Broad and Deep Analysis
Offering broad and deep
analysis across three core
verticals Energy, Mining and
Financials
CIBC Capital Markets is a Greenwich
Share Leader in Canadian Equity
Research / Advisory Portfolio
Managers Vote Share1
Top Ranked Research Coverage2
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Greenwich Associates Canadian Equity Investors Study, 2013 – 2015.
Tied for 3rd for Perceived Quality of Research Coverage (Brendan Wood International, Worldwide Equity Capital Markets Performance – Canadian Equities
2014 Report).
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Macro Strategy
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Gain a broad, cross-asset class perspective on strategic and tactical
investment and trade ideas.
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Strategists provide topical research focused on
fundamentals, valuation and trade ideas across foreign
exchange, interest rates, commodities and sovereign and
corporate credit:
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Topical research includes:
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Global Positioning Strategies
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Focus on Canada
FX: Underlying themes, issues and trends affecting Asian,
Latin American and G10 currencies
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Cross-asset observations
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Comprehensive asset-specific research
Rates: Fundamental, technical and quantitative analysis on
both domestic and global rates in support of various
executable trade ideas
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Investor conference calls
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One-on-one investor meetings
Commodities: Market views, price forecasts and analysis of
global supply/demand fundamentals for the energy sector
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Dedicated website for Macro Strategy
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Voice of CIBC (media)
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LATAM: Factors impacting the sovereign credit and
currencies of selected Latin American countries
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Government credit: Factors impacting the economic,
fiscal and financial performance of Canada at federal,
provincial and municipal levels
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Corporate credit: Valuation of Canadian credits in the
context of global credit markets
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Portfolio strategy: “Target Cash Flow Portfolios” providing
a set of investible model portfolios, supported by our
credit research and available to clients of CIBC Wood
Gundy
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Portfolio Strategy & Quantitative Research
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Help generate alpha with a highly-mathematical and rigorously-tested
approach to investment analysis.
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Our Portfolio Strategy & Quantitative Research team has a
proven track record for outperforming the market
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Global strategy work sets the background by looking at what’s
driving major economies and capital markets around the
world
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Asset mix models and an understanding of economic history
are then used to predict critically important factors affecting
capital markets
Our powerful Scenario Analysis System (SAS) helps
illustrate the implications of our asset mix
recommendations and the significance of different
economic scenarios for your business.
Our Global Portfolio System (GPS) facilitates an
understanding of the global economy and provides a
global context for local stock decision making enabling
you to readily model and test different portfolios.
This includes first- and second-year returns for seven
different investor profiles, including growth, income
and growth, capital preservation and global
opportunity.
GPS provides detailed analysis of 5,000 companies in 50
countries offering nearly instantaneous stock selection
that considers approximately 140 different criteria for
every stock.
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Technical Analysis
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Identify trending indicators that can help predict price movements with a
proprietary model for assessing markets.
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Looking at stocks, currencies, commodities, sectors and
indices, the central pieces of the team’s work include three
biweekly reports:
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The TrendSpotting Matrix: Based on the assumption that
prices move in trends and trends tend to persist, this
capability evaluates 12 key technical factors to create a
picture of market action and identify if there is a trending
environment underway
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Breadth Decomposition Analysis: This work scores all 10
Global Industry Classification Standard (GICS) sectors in the
TSX and S&P 500 indices to identify sectors that
demonstrate collective upside or downside behavior,
highlighting thematic characteristics that may be evolving
in different sectors
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A Closer Look: This provides a deep dive into technical
internals of the broader indices for a top-down analysis.
It explores metrics that are associated with market peaks
and troughs — sentiment, volume, volatility, asset
correlation and metric deviation from norm
We also go beyond simpler technical methodologies
with ratio analysis, pair trading to help identify possible
buying and selling situations