April 2023

By the Way - Macro commentary

The outlook for the U.S. economy, and by extension all global economies, remains at best murky. Cogent arguments can, and are, being made for a variety of potential outcomes: recession, deep recession, no recession, soft landing, and just about anything in between. While we can't be sure of the final destination, we can say things are definitely slowing down. First quarter U.S. GDP growth was announced at 5.1%, but when the effects of inflation are removed, ”real” GDP growth was only 1.1%. That compares to a consensus estimate of 1.9% and a 2.6% reading in the 2022 fourth quarter. Estimates for the second quarter are in the range of 0.2%, continuing the trend lower, although still not negative. There is insufficient evidence to make any categorical statements at this time, but such slow growth combined with high inflation is the very definition of “stagflation” and not a good environment for equities.(continue reading...)

Mulvihill ETFs monthly

• 9.4% Yield, monthly distributions
• Highest yielding Canadian Bank ETF
• 2x the yield of Canadian Bank stocks
• Option writing + modest leverage (25%) enhance portfolio yield
• 25+ year track record managing Canadian Bank mandate

CBNK Monthly Update

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• 7.2% yield, monthly distributions
• Over 4x the yield of S&P 500 Health Care Index
• Option writing + modest leverage (25%) enhance portfolio yield

XLVE Monthly Update

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• 5.5% yield, monthly distributions
• Tax-efficient ROC distributions
• Option-based strategies enhance underlying dividends
• Actively managed portfolio of North American stocks

MPY PM Commentary Q1 2023

Mulvihill Capital opens the TSX

Mulvihill Capital Management joined the TMX Group on April 24th to open the market and celebrate the launch of Mulvihill U.S. Health Care Enhanced Yield ETF (TSX:XLVE)

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