In the age of change, agility is everything.
With uncertainty around inflation rates, central bank policy, an impending recession, and geopolitical developments, equity investors can expect volatility in 2023. Portfolios that can adapt to unpredictable and changing market conditions will be imperative to achieve long-term objectives.
One way to capitalize on change is by looking to the market leaders. Because leaders in one cycle are seldom the leaders in the next one, investors with exposure to these leaders may continue to benefit from potential growth despite volatility or economic weakening. The chart below illustrates how market leaders in one cycle tend to underperform in the next, with bear markets being the inflection point where leadership changes.
Relative Performance of Prior Bull Market Leader vs. Next Bull Market Leader (Beginning of bull market indexed to 100)
Source: Bank of America Merrill Lynch, as of November 11, 2022. The beginning of each bull market is indexed to 100 (base), reflecting the relative performance of the prior bull market leader versus the next bull market leader. The y-axis shows the magnitude of the relative outperformance / underperformance and is expressed as 100 times the ratio to the base value. Past performance is not indicative of future results. One cannot invest directly in an Index. See disclaimers for important information.
Solutions Designed to Capture Leading Growth Companies
A concentrated portfolio with a flexible, go-anywhere approach that seeks to identify companies that exhibit market leadership characteristics and above average growth prospects.
View FundAn actively managed high-conviction portfolio that seeks to identify innovative U.S. companies with exceptional corporate leadership and strong growth prospects across market cycles.
Portfolio seeks to target market leaders and innovators, to gain exposure to potential growth opportunities in the U.S. Small-Mid Cap space.
View FundOur Distinct Approach to Finding the Leaders
True Active Management
Navigating through the different cycles requires dynamic, active management.
The team’s distinct investment philosophy of capturing the market leaders has given them the flexibility to change their views of how the future will unfold. They start each day with an objective view on how the markets will unfold. Working collaboratively with AGF’s Equity Analyst team, the team reviews the “best ideas” from across the investment universes and assesses their conviction level in each stock.
Focus on Innovation
Innovation continues to drive company growth therefore resulting in new investment opportunities. The team believes sustainability, precision medicine, autonomous vehicles, robotics and artificial intelligence, among other innovations, represent a ripe landscape for future investment.
They look for leading U.S. and global companies which they believe exhibit exceptional innovation and corporate leadership. In their view, these innovators have the greatest odds of potential success, regardless of economic and/or political factors.
Upside Participation and Downside Protection
Though equity markets have historically spent more time (and magnitude) in uptrends than they have in downtrends, ignoring defense can also set investors back significantly.
The team seeks to participate on the upside as well as protect investor capital on the downside.
Dynamic Approach to Growth
The team believes a more dynamic approach towards growth is warranted in order to respond in a timely manner to opportunities arising from heightened market volatility.
The stylistic composition of the portfolios can change over time. Take for example, AGF U.S. Large Cap Growth Equity Class, as shown in the style map below. The portfolio has more dynamic allocations compared to its peers and has shifted from growth towards more a more core/growth orientation.
eVestment 10-Year Style Map Trail – AGF U.S. Large Cap Growth (AGF American Growth Class) vs. Large Cap Core Equity Peer Group
Source: eVestment, as of November 2022
Mitigating risk is also a key part of the team’s approach. In times of uncertainty, they take a disciplined and cautious approach by repositioning the portfolios, including reducing exposure in companies that may be more vulnerable in the face of a weakening economy, retaining higher levels of cash in order to redeploy upon larger selloffs, and introducing a more diversified sector mix into the portfolios.
Fund Managers & Investment Team / Resources




Auritro Kundu serves as a portfolio manager of AGF Investments' U.S., Global and Canadian Growth Equity strategies. A staunch believer that innovation can be found in every industry, his investment philosophy is rooted in identifying innovative companies who boast strong earnings growth, free cash flow and return on equity.
Auritro joined AGF Investments in 2015 and previously served as an Analyst responsible for fundamental research and analysis of the Information Technology and Consumer Discretionary sectors. Prior to joining AGF Investments, he was an Equity Research Associate Analyst at National Bank Financial, where he was responsible for coverage of Canadian Information Technology equipment companies. Prior to that, he worked at Rogers Communications in corporate development and at Research in Motion in product management.
Auritro has a Bachelor of Applied Science degree in Electrical Engineering from the University of Toronto and earned an MBA from the Rotman School of Management at the University of Toronto.
Portfolio Manager under AGF Investments Inc. and AGF Investments America Inc.
Mike Archibald serves as a portfolio manager of AGF Investments' U.S., Global and Canadian Growth Equity strategies. He uses a bottom-up investment approach that leverages quantitative, fundamental and technical inputs to identify companies with strong earnings growth and momentum, high-quality management and solid free cash flow.
Mike joined AGF Investments as an Associate Portfolio Manager in 2015, focusing on research, analysis and selection of North American equities. Before joining AGF Investments, Mike was a Portfolio Manager with Aurion Capital Management Inc. where he was responsible for research, security selection and portfolio management of equity investments for pension plan clients. Prior to that, he was with Computerized Portfolio Management Services (CPMS), an equity research firm providing fundamental and quantitative investment data to institutional and retail money managers.
Mike holds an Honours Bachelor of Business Administration degree from Wilfrid Laurier University and is also a CFA®, CMT and CAIA charterholder.
Regina Chi has lead responsibility for AGF Investments’ Emerging Markets strategies. She looks for quality companies with fundamental catalysts and long-term sustainable competitive advantages at attractive valuations. Regina is a member of the AGF Investments Asset Allocation Committee, a group of senior investment professionals that meet quarterly to discuss, analyze and assess the macroeconomic environment and capital markets to determine optimal asset allocations. She also serves as co-Chair of AGF’s Diversity, Equity and Inclusion Committee, which develops, creates organizational awareness around and promotes DEI best practices across the firm.
Regina brings more than 25 years of international equity experience to this role. Prior to joining AGF Investments, Regina was a partner at a boutique U.S. investment firm, where she served as portfolio manager for the Emerging Markets and International Value disciplines. She was also head of portfolio management and research as they related to Emerging Markets, Global, International and International Small Cap strategies. Prior to this role, she held senior investment management roles at several large and boutique investment firms in the U.S.
Regina is a CFA® charterholder. She received her Bachelor of Arts in Economics and Philosophy from Columbia University. She is also a member of 100 Women in Finance, an organization working to strengthen the global finance industry by empowering women to achieve their professional potential at each career stage.
Portfolio Manager under AGF Investments Inc. and AGF Investments America Inc.
Jonathan Lo is Vice-President, Growth Equities and Senior Equity Analyst on AGF Investments’ growth equities team. He has a dual role as a Senior Equity Analyst (generalist) while also being responsible for idea generation for the growth mandates and for articulating their positioning and the team’s investment outlook to clients and prospects.
Prior to joining AGF in 2012, Jonathan worked on the Institutional Equity Research team at CIBC World Markets covering the agriculture and transportation sectors. Prior to that, he worked as a consultant at a private equity firm specializing in turnarounds in London, U.K.
Jonathan has an MBA from Oxford University in England and a B.Sc. from Seton Hall University.
The commentaries contained herein are provided as a general source of information based on information available as of January 17, 2023 and should not be considered as investment advice or an offer or solicitations to buy and/or sell securities. Every effort has been made to ensure accuracy in these commentaries at the time of publication however, accuracy cannot be guaranteed. Market conditions may change and the Portfolio Manager accepts no responsibility for individual investment decisions arising from the use or reliance on the information contained herein. Investors are expected to obtain professional investment advice.
The information contained in this website is designed to provide you with general information and is not intended to be Investment advice applicable to the circumstances of the investor. Investors should consult their investment professionals prior to implementing any changes to their investment strategies.
Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
All World Tax Advantage Group is a mutual fund corporation that currently offers approximately 20 different classes of securities. In addition to fund diversification by investment style, geography and market capitalization, a key benefit of investing in any of the classes within the group is the possibility of sharing incurred expenses (and losses) of the combined structure, potentially offsetting income earnings to minimize chance of a dividend declaration. For a more detailed explanation, please see AGF.com/disclaimers.
AGF Investments is a group of wholly owned subsidiaries of AGF and includes AGF Investments Inc., AGF Investments America Inc., AGF Investments LLC, and AGF International Advisors Company Limited. The term AGF Investments may refer to one or more of the direct or indirect subsidiaries of AGF or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.