00:00 Speaker A
Leslie, I want to also ask um as your about your perspective as a Canadian based asset manager, right? You guys are global, you invest globally, you have clients all over the place, but I imagine a lot of your clients are Canadian, and you’re based there, and so the situation is fraught at the moment uh between these two very closely tied trading partners. What are you hearing from your Canadian clients right now? How worried are they?
00:54 Speaker B
Mhm. Well, maybe just to give, you know, a little bit of perspective. Um when things first really started to ramp up in this trade war, of course, Canada and Mexico were the first hit, um with the large tariff numbers. And so, you know, I think that was really surprising, and that caught investors off guard, but of course, it caught Canadians and, you know, in particular off guard. Last, the last couple of weeks I’ve been traveling around Asia, and when I arrived in Asia um right at the start of my trip, the focus even in Asia with the investment community was still about talking about Canada. By the end of the two weeks, um after we had the Rose Garden uh event, all of a sudden that really shifted towards um Asia and and Europe. So, in the context of your question, um certainly uh we sit here in Canada, we’re global investors, we have course invest in Canada, the majority of our clients are Canadian as as you noted. And Canadians like many around the world, um have been, you know, definitely getting more nervous about the outlook. Now, of course, we had the additional um interest in our country around the rhetoric um regarding the 51st state, which has created another level of uncertainty and um anxiety uh for Canadian investors, and thankfully that seems to have subsided um uh more recently. Plus, um you know, because Canadians were early targeted, Canadians have been um much more, I would say, you know, they’re they’re up the curve on on the outlook uh for uh the Canadian economy uh as opposed to other areas of the world like Asia and Europe, which are really just sort of catching up here, and we’ve seen that in in market returns as well.
