(Bloomberg) — One of Canada’s largest asset managers is paring its wager on the country’s stock market amid growing concern that a global recession could weigh more heavily on the nation’s shares.
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Mackenzie Investments, which oversees C$196 billion ($152 billion), downgraded its position on Canadian equities to neutral from overweight last week, citing concerns that efforts by policy makers around the world to stave off rising prices will drag down economic output.
“A lot of the cues that we’re seeing around the global economy, including the commitment to fighting inflation with higher interest rates and the speed at which the interest rate moves are happening, made us more cautious about the extent of the slowdown,” Lesley Marks, Mackenzie’s chief investment officer of equities, said in an interview. “Canadian equities — given their more…
