CIBC Global Asset Management
The latest research and outlooks in the ProAllocate library
- Private Markets
The evolution of private equity secondaries
CIBC Global Asset Management's Ana Puric argues private equity secondaries have matured into a strategic asset class, offering reduced blind-pool risk, faster cash flows and diversification. She recommends combining primaries (50-70%) with secondaries (30-50%) for balanced private equity portfolios.
- Commodities
Evaluating the investment risks of a super El Niño
A super El Niño likely through 2027 could push food and energy commodity prices higher, with modest developed-market effects but greater inflation and bond-yield risks in emerging economies. Central banks are expected to treat the shock as transitory, except in Latin America and parts of Asia.
- Fixed Income
OSFI rules make infrastructure debt key for Canadian insurers
New OSFI capital rules lower requirements for unrated domestic infrastructure debt held by Canadian life and P&C insurers, improving capital efficiency and returns. CIBC GAM argues this makes infrastructure debt an essential, diversifying core holding rather than a niche allocation.
- Portfolio Construction
Total Cost Reporting: Adding clarity to investment costs
CIBC Global Asset Management outlines Canada's incoming Total Cost Reporting rules, effective early 2027, which will require annual statements to show dollar-based fund costs including management and trading expense ratios. It argues these disclosed costs are not new but existing fees now made more transparent, and stresses the value delivered by professional advice and management.
- Portfolio Construction
Spring 2026 Global Markets Compass
CIBC's quarterly market review argues that diversification across asset classes, sectors and regions—rather than concentrated bets—has historically cushioned portfolios through AI-driven equity rotations and geopolitical shocks like the Iran crisis. It concludes that bonds and credit remain valuable diversifiers, though inflation-driven episodes weaken that benefit, reinforcing a long-term disciplined approach.
- Equities
3 reasons for remaining confident about AI
CIBC Asset Management argues AI infrastructure spending by hyperscalers exceeds $700B, driving a rotation from software into AI-infrastructure stocks, with current valuations supported by fundamentals unlike the dot-com bubble.
- ETFs
6 reasons Canadians should use Canadian-listed ETFs
A CETFA/Sago survey finds most Canadians, including ETF holders, are unaware of tax differences between Canadian- and U.S.-listed ETFs. CIBC argues Canadian-listed ETFs offer tax, currency and regulatory advantages for domestic investors.
- ETFs
Making ETFs the foundation of your core equity portfolio
CIBC argues ETFs form an efficient core-satellite foundation for equity portfolios, offering diversification, cost efficiency and liquidity, while helping Canadian investors reduce home bias through tilts toward growth, value or specific sectors.
- Macro
Perspectives: Quarterly economic and market outlook — Spring 2026
CIBC Global Asset Management expects gradual Middle East de-escalation, moderating oil prices and resilient 3.0% global growth, with the Fed and BoC on hold before diverging policy paths, while Europe and Japan face bigger inflation shocks.