[July Conference Call with Murdo MacLean]

 

[00:00:02.12] - Derek Hebb

I'm Derek Hebb, Senior Wealth Advisor with CIBC Wood Gundy. Against the backdrop of some of Edinburgh, Scotland's most historic settings, including Edinburgh Castle, I attended the Walter Scott Research Conference in May for three days of presentations by corporate leaders, industry experts, policymakers, and academics. From those shaping the future of healthcare, technology and finance to a former head of the UK's secret intelligence service and one of the longest-serving editors of the Financial Times. I also had the opportunity to spend time with my guest speaker and Walter Scott's research team discussing the ideas and analysis that underpin their portfolios. For today's discussion, I would like to welcome Murdo MacLean, Client Investment Manager with Walter Scott and Partners, who I last interviewed in April of 2025. Murdo joined Walter Scott in 2006 and spent 12 years on the research team focused on Japanese and US equities. He joined the client service team in January 2019. Prior to Walter Scott, Murdo lived and worked in Japan for 6 years. He holds a BA Honours in Japanese and Marketing from the University of Stirling and Level 1 Japanese language proficiency test. Murdo, thank you for joining us this morning.

 

[00:01:31.02] - Murdo MacLean

Hi Derek, very, very nice to talk to you as well. Just lovely to have had you over at our conference, as you referenced, back in May. It was fantastic to see you again here in Edinburgh.

 

[00:01:45.01] - Derek Hebb

Likewise, I enjoyed my time speaking with you and many of your colleagues and some great speakers, and just to be able to enjoy Edinburgh and the Highlands after the conference. So yeah, amazing conference, and I'm glad I made the trip.

 

[00:02:00.14] - Murdo MacLean

Thank you. Thank you.

 

[00:02:03.03] - Derek Hebb

And it's also great to have you back on another call, and lots to get caught up on. I think this is a good call with everything going on in the markets and in geopolitics and so on. I guess just to get us started, Murdo, how would you characterize the current market backdrop? And what do you think investors are getting right – or wrong – at this stage of the cycle?

 

 

[00:02:31.04] - Murdo MacLean

Yeah, well, as you say, I mean, I cannot believe it's been over a year since we did one of these calls. And clearly, much of the last couple of years, we've seen this perhaps justifiable excitement around the theme of artificial intelligence and particularly centered around the sort of infrastructure that will ultimately pave the way for the benefits that are sort of much touted about AI. And that's really been the story of the last couple of years. Having said that, sort of towards the end of last year and to the first quarter of this year, we kind of saw a lot of those high-flying technology stocks kind of take a pause for breath. And it appeared to us as if maybe that was the market starting to broaden out its focus, not just to other technology companies, but more broadly to other sectors that have perhaps not enjoyed the same level of support that that narrower group of companies have done over the last couple of years. But then, you know, as we came into the second quarter of the year, despite the obvious sort of tragedies and disruption going on in the Middle East, the market really led into again the AI story and particularly an area of that sort of supply chain known as memory.

 

[00:04:08.10] - Murdo MacLean

And without getting into too much detail, a lot of excitement around the sort of different memory that is required to power these AI models. And that's seen sort of that whole trade again accelerate. And I guess maybe just commenting on maybe not just what investors in general have gotten wrong or right, but also just looking at Walter Scott and how we have positioned the portfolios, but also to date what we think, I guess, we've gotten right or wrong. And I would say that the biggest thing that we have done, if it counts as wrong, is to try and build a portfolio that is both concentrated in areas like AI where we can tap into the obvious growth there, but at the same time try to maintain a somewhat diversified portfolio so that when perhaps inevitably, some of the air or the excitement comes out of this AI trade, for one of a better word, we still have parts of the portfolio that can kind of take up that slack. Um, you know, and I think when you look at where valuations are for this particular thematic at the moment.

 

[00:05:35.06] - Murdo MacLean

There is a lot of good news that is priced into those stocks, which always raises questions about, I guess, how resilient they might be should there be disappointment along the way. So, as I say, constructing a diversified portfolio, which is well understood, I think, to be a good way to grow your wealth over time, and also to perhaps balance what can be volatility in stock markets. So, doing that against the backdrop of an increasingly concentrated market, I think is probably how I would articulate what we've done right and wrong. I mean, I think, in the long term, we're doing the right thing for clients. We strongly believe this. In the short term, the easiest thing to do would be to go all in on this trade. So that's how I would characterize it. I would say that excesses in stock markets, we see from time to time. And it's tempting to say, well, this time is different. In fact, I had an advisor— obviously not yourself— recently suggest to me that this time is different. I think those are probably three of the most dangerous words that you can hear.

 

[00:07:07.15] - Murdo MacLean

I don't believe that this time is necessarily different. Every cycle has its nuances. Excesses are never permanent, and markets tend to mean revert in time. So, I think we've got the right balance for the long term in the portfolio. Even if it hurts a little bit in the short term. You know, I think that's probably how I would answer that question.

 

[00:07:33.06] - Derek Hebb

Thanks, Murdo. So, in an environment where markets seem increasingly focused on short-term themes like AI or rate cuts, how do you ensure the portfolio remains disciplined and aligned with long-term compounding?

 

[00:07:51.03] - Murdo MacLean

Yeah, I mean, that is ultimately the long-term goal, right? It's about being disciplined on things like valuation, on continuing to invest in companies with the attributes that we know equip the portfolio well, and that are capable of delivering compound growth, which is obviously the most powerful, I suppose, driver. To do that, I mean, we're fortunate in the sense that we've applied this investment philosophy and process for the better part of four decades. And we know that it doesn't work every single year. However, it works exceptionally well when given time, and sometimes it reminds us of the value of it when actually markets are a little bit more concerned about things. When markets are rising steadily or even, strongly, it seems as if there's not a lot to worry about. But inevitably, there are. And I think having that approach, that discipline, very often the start of a very strong period of performance can come in a very difficult time for markets. And so, I think we never lose sight of the things that are important and the things that have been important to delivering performance over the long term.

 

[00:09:17.09] - Murdo MacLean

You know, I think it's continuing to reiterate what we're doing and why we're doing it to clients, what we think the value of that will be, and not drifting away simply because it isn't necessarily working at the moment. But when we look at returns over the last decade or even more than that, you're looking at, you know, very, very strong absolute returns, sort of north of 10%. Whilst the market's had a wonderful period doing even slightly better than that, I think we know that, long-term, markets tend not to offer double-digit returns, but they can certainly—equities being a very attractive asset class—can be a healthy source of return. If you can take a select approach to picking stocks and indeed, as I say, doing your due diligence on these companies to create a deep understanding and caring about valuation and not chasing the herd, but really focusing on businesses that trade on valuations that we can justify, then I think that that's a very good recipe. We are very clear what we're looking for, right? They are what we call quality businesses. These are businesses with great track records, of delivering, you know, sustainable, attractive levels of growth.

 

[00:10:46.07] - Murdo MacLean

They generate that growth with high levels of profitability, high returns on capital, which feed back into the businesses to allow them to invest in their businesses without the need to borrow extensively from markets or from banks, which in turn feeds into a portfolio of companies with very, very strong balance sheets which are always valuable for that rainy day whenever it may appear. Uh, you know, so I think a very clear picture of the sort of business that we like, and I think, you know, remembering that you can find businesses like that, you know, in many countries around the world and indeed in many sectors around the world. So, continuing to look in parts of the market that, you know, there may be only one such company that fits billing, but making sure that you still cover all those bases. And so, the research team has been extremely busy over the last few years, you know, continuing to travel, discussing businesses and companies and industries that we have been following, with a view to if we have an attractive valuation getting in. So, I don't think it's rocket science.

 

[00:12:00.00] - Murdo MacLean

I think it is a robust process and a robust philosophy, but it is about making sure that you stick to what you know works well for the long term, because the market can do some very, very odd things in the short term. Let's put it that way.

 

[00:12:18.01] - Derek Hebb

Thanks. So, where do you see the key risks, and equally, the opportunities for long-term investors as you look forward?

 

[00:12:29.10] - Murdo MacLean

Yes, I mean, I think going back to perhaps the response to your first question, I think the key risks are that investors inevitably start to buy into the notion that the current market leadership in the sense of the sort of Mag 7 and the AI story that that will dominate in perpetuity. Now, that may sound ridiculous. Surely no one would be foolish enough to ever think that. But history is littered with examples. I mean, I'm currently reading the book 1929 by Mr. Sorkin, which is a fascinating tale. But nothing lasts forever. These companies can continue to be great businesses even if their share prices trade sideways for a while, to digest some of this recent excitement. So, I think just being cautious and maintaining a portfolio that taps into all the good things around the world, not just the thing that is most popular right now, you know, that's a good course of action. But if you do not do that, I think it's hard to imagine perhaps a greater risk today. The same goes for paying attention to valuations. Growth at any price investing is not a successful long-term investment strategy.

 

[00:13:59.12] - Murdo MacLean

Our particular approach is growth at reasonable prices. The old adage of buying low and selling high – we should – everyone should try to do that, you know, and so I think remembering these key rules from history are very important. The opportunities, as a long-term equity investor, it's one of the most privileged jobs that you can do, because you get to learn about some wonderful industries. And there are opportunities all around the world in all kinds of sectors. There are things going on that throw up opportunities. I think in this current environment, perhaps the other risk— and I'm no expert on this, but we are all very aware about the large IPOs that are expected over the next few months. We've already seen SpaceX list amidst great fanfare, OpenAI, and indeed Anthropic, just to name two more. Now, they're all AI stories. And they might well be wonderful businesses for the future. But typically when companies list, or conduct an IPO, it's because those that own those shares in the private market wish to capitalize or cash out, if you will. They are not necessarily listing those companies for purely altruistic reasons for the good of all of you and I.

 

[00:15:33.11] - Murdo MacLean

So, I think it's what is important when you're faced with these companies coming to the market is that you're able to conduct the same level of due diligence that you would normally conduct on a business that's been trading on the stock market for 20, 30, 40, 50 years. But that's very hard to do because the level of data or the amount of data is not usually there in those IPOs. So, this is something that Walter Scott has long felt valuable. It may be a very high-profile company that's coming to the market. It may be a very large IPO. Everybody may be talking excitedly about it. You should still do your due diligence. You should still care about the valuation of those companies. And if they're great companies, you know what, they'll be there next year and the year after and the year after. And that will be equally a good time to invest once you have made – once  you have gone through your process in the appropriate manner. So, you know, I think opportunities are everywhere you look. And the only thing that can sometimes make opportunities less attractive would be if they appear to be overvalued.

 

[00:16:48.14] - Murdo MacLean

But, you know, opportunities, that's not a problem we have. There are many risks. I think it could probably come from, as I say, believing that this time is different, that the current market leadership will last forever, and that these exciting new IPOs are where we should all pile into, you know, even though we don't know a great deal about them. I think that's probably how I would categorize the risk and opportunity today.

 

[00:17:17.13] - Derek Hebb

Thank you, Murdo. Certainly, focusing on quality, paying close attention to valuation, in-depth company research that Walter Scott does around the world. I mean, it's been a successful formula for long-term growth, and it's a process that our group, CIBC Asset Management, pays close attention to. And it's a process that works, and you haven't deviated from that. And attending the conference just reinforced to me that you are staying the course, and that's— it's been successful and will continue to be.

 

[00:17:55.15] - Derek Hebb

I'd just like to thank you and just say this has been a timely discussion. And a nice follow-up to the Walter Scott Conference in Edinburgh. In the interest of time, this will conclude today's call. If anyone has questions about the information that Murdo discussed, please contact me. Thanks to everyone for listening in, and Murdo, thank you again for joining us on this month's call.

 

[00:18:17.08] - Murdo MacLean

My pleasure, Derek. Thank you so much. Look forward to next time.

 

[00:18:21.13] - Derek Hebb

Likewise. Take care.

 

 

 

 

 

 

 

 

 

 

 

 

Disclaimers

 

This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. CIBC and CIBC World Markets Inc., their affiliates, directors, officers and employees may buy, sell, or hold a position in securities of a company mentioned herein, its affiliates or subsidiaries, and may also perform financial advisory services, investment banking or other services for, or have lending or other credit relationships with the same. CIBC World Markets Inc. and its representatives will receive sales commissions and/or a spread between bid and ask prices if you purchase, sell or hold the securities referred to above. © CIBC World Markets Inc. 2026.

 

Murdo MacLean is Client Investment Manager with Walter Scott & Partners. The views expressed in this conference call are the personal views of Murdo MacLean and do not necessarily reflect those of CIBC World Markets Inc.

 

The contents of this document are for informational purposes only and are not being provided in the context of an offering of a security, sector, or financial instrument, and is not an endorsement, recommendation, or solicitation to buy, hold or sell any security.

 

Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors.

 

“CIBC Private Wealth” consists of services provided by CIBC and certain of its subsidiaries through CIBC Private Banking; CIBC Private Investment Counsel, a division of CIBC Asset Management Inc. (“CAM”); CIBC Trust Corporation; and CIBC Wood Gundy, a division of CIBC World Markets Inc. (“WMI”). CIBC Private Banking provides solutions from CIBC Investor Services Inc. (“ISI”), CAM and credit products. CIBC Private Wealth services are available to qualified individuals. Insurance services are only available through CIBC Wood Gundy Financial Services Inc. In Quebec, insurance services are only available through CIBC Wood Gundy Financial Services (Quebec) Inc. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc.

 

If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor.

[00:00:00.04] - Derek Hebb

I'm Derek Hebb, Senior Wealth Advisor with CIBC Wood Gundy, and my guest is Dan Han of Connor Clark & Lunn Funds in Toronto. Dan is responsible for driving the continued growth of CC&L's business in Ontario by working with top-tier investment advisory teams to understand how they can leverage the competitive strengths of CC&L Financial Group to add value to their clients and their practice. Prior to joining CC&L Funds, Dan held a Vice President Business Development role at a boutique hedge fund based in Toronto. Dan began his career in the financial services industry in 2009 and has a Bachelor of Arts with Honours in Economics and Business Ethics from York University and holds the Chartered Investment Manager (CIM®) designation. He also serves as a member of the National Fundraising Committee for the Brain Tumour Foundation of Canada.

 

[00:00:55.15] - Derek Hebb

Dan, thank you for joining us this morning.

 

[00:00:58.08] - Dan Han

I really appreciate it. Thank you for having me.

 

[00:01:01.05] - Derek Hebb

Oh, you're welcome. It's great to have you on the call. Just to get us started, Dan, why should investors be paying attention to Canadian equities? And where do small caps fit within that opportunity?

 

[00:01:16.13] - Dan Han

Yeah, for sure. I think first and foremost, when thinking about markets, especially over the past 18 months or so, it's been quite eventful for investors. There's a lot of geopolitical, a lot of market volatility. But through all of that, Canadian equities have quietly continued to perform really, really well. We speak with our fundamental equity team, the group that manages many of our portfolios very often, and this is the most optimistic they've been on Canadian equities in probably more than a decade. And the interest we're seeing in Canada isn't just domestic, it's actually global. Not too long ago, we onboarded one of the world's largest public pension funds, based in Japan, into one of our Canadian equity strategies. You know what? We're proud of that. Not just because the credibility reflects on our firm and our team, but because of what it says about Canada. Specifically, they were looking for commodity exposure, inflation protection, and geopolitical stability. Canada checks all those boxes. Going back to your question, now, why Canada? There's a few reasons here. First, we know markets move in cycles. The US has dominated for 10, 15 years, especially in large tech. I know many of the listeners of this call will have benefited tremendously from allocating to US equities over time.

 

[00:02:45.14] - Dan Han

But I think the reality is that leadership rotates. A lot of people actually probably have forgotten that prior to the Global Financial Crisis, there was a meaningful period where Canada outperformed. I think it's important to remember that cycle shift, and we may be entering one of those phases again. Second is that Canada is very well-positioned for major global trends. What I mean by that is think of some really powerful secular themes that we hear and see about every day. So think electrification, think AI, data centers, a lot of infrastructure spend that's happening. All of that requires commodities like copper, uranium, natural gas, and gold. And Canada is a major producer of all these mission critical resources. So we can provide a lot of supply for that growing global demand. The third piece, when we think about the policy backdrop, it's really improved from a monetary and fiscal perspective. We're seeing more pro-business initiatives where I think it's fair to say that we're in an interest rate cutting cycle. Both of these together provide a really good backdrop for economic growth. The fourth part is valuations. Even after a strong year, Canadian equities still trade at more attractive valuations or rather lower prices than US stocks.

 

[00:04:22.14] - Dan Han

And if we think about investing 101, historically, starting from a lower valuation improves long term return potential. And I guess another piece that people sometimes overlook is currency. When the US dollar weakens relative to the Canadian dollar, which we saw in a meaningful way last year, it can reduce returns for Canadians holding US assets. And if that trend continues, it becomes another reason to take a closer look at your Canadian exposure. So, if you take a step back and you look at it, you have cyclical rotation, structural commodity demand, improving fiscal and monetary policy support, attractive valuations. We really believe Canadian equities deserve some renewed attention. So when I think about the second part of your question, where do small caps fit? These themes that I just referenced, they're just really more amplified in the small cap space. And I think a way for investors to think about Canadian small caps is being that growth and opportunity sleeve inside a Canadian equity allocation. So, if broad Canadian equities are the core, small caps are the complement that can enhance long term returns. Of course, size appropriately for risk.

 

 

 

[00:05:52.11] - Derek Hebb

Thanks, Dan. Yeah, you mentioned risk. Small caps are known to be more volatile. How do you manage risk while still capturing upside?

 

[00:06:02.04] - Dan Han

Yeah, I mean, that's an important question because the reality is small caps do experience more volatility. And for us, our objective isn't to eliminate the volatility. I think that's unrealistic in this part of the market. But our goal is really to manage downside risk carefully while preserving opportunity to participate in long term upside. So we really approach this in three main ways. So, first is diversification. Because small cap companies can be more sensitive to company specific developments, we maintain a well diversified portfolio of up to around 70 holdings, and that reduces the impact of any one single position. Even within themes and sectors, we diversify thoughtfully. So for example, in gold, rather than concentrate creating exposure in one or two companies, we may own a broader basket, sometimes more than a dozen names. So we maintain exposure to the theme or the sector while reducing, again, single company risk. Another way is through position sizing. We have internal risk estimates for each stock that we hold within our portfolio and that we're watching on a daily basis. And position sizes within the portfolio are always calibrated accordingly. So if something unexpected happens at the company level, it doesn't have an outsized impact on the portfolio.

 

[00:07:36.12] - Dan Han

And the last piece is we have to be flexible, meaning that we can go across the small and mid-cap spectrum. Historically, small caps can struggle when recession risk rises. Our mandate allows us to shift towards more established mid-cap companies with stronger balance sheets, more resilient earnings. When economic risks increase, we're allowed to shift and include these types of businesses within our portfolio. So that flexibility has historically helped protect capital during more challenging environments while still positioning the portfolio to participate when growth improves. So yes, small caps carry more volatility or risk, but through diversification, discipline, sizing, flexibility, we aim to manage that risk in a really deliberate way.

 

[00:08:30.08] - Derek Hebb

Thanks, Dan. What makes active management particularly important in small caps versus simply owning an index ETF?

 

 

 

[00:08:40.15] - Dan Han

Yeah, you know what? That's probably the most common question that we get as it relates to portfolio construction and investing in small caps. And I think we have to keep in mind that small caps are very different from large caps. And what I mean by that is that in small cap markets, especially in the US, information is everywhere. For example, the biggest companies are followed by dozens of analysts. There's constant news flow. So prices move quickly because everyone sees that same information. And it's harder for active managers to stand out in that environment. Reality is that small caps are different. Canadian small cap and mid-cap companies might only have 5-10 analysts that are covering that entire segment of the market. So it makes it less efficient. And for example, it can take longer for improving fundamentals of a particular business to be reflected in that stock price. So for an active manager doing deep research, meeting with management teams, analyzing balance sheets, covering the entire sector, that creates opportunity. And also the gap between winners and losers within the small cap space tends to be wider. So companies that execute extremely well will do better than others that will struggle.

 

[00:10:06.03] - Dan Han

And when we think about what an index ETF is, well, it owns all of these businesses, whether they're good or they're bad. And active management allows you to focus on stronger businesses and to avoid weaker ones. It's pretty straightforward from that perspective. Another thing to think about is risk control. Small caps, as we said, are naturally more volatile. And an index just doesn't manage that. It simply just owns the entire universe. So active managers can size positions thoughtfully and adjust exposures as conditions evolve. And I think an important piece is that this isn't theoretical for us. Small caps have been one of the most consistent areas where we've added value over time. And this is supported by a long institutional track record for a portfolio where we're managing through very different market cycles. So small caps, specifically, I guess if I was to oversimplify, company selection really matters.

 

[00:11:13.13] - Derek Hebb

Thanks. So, if you were leaving investors with one key takeaway about Canadian small caps, what would it be?

 

[00:11:22.12] - Dan Han

Yeah. So if I had to leave one key takeaway, it'd probably be this. Canadian small caps are where disciplined active management can really make the biggest difference. It's a less followed, more volatile part of the market. And yeah, that does mean more risk, but it also means more opportunity. The gap between strong and weak companies tends to be wider, which rewards thoughtful selection. And we believe that the broader backdrop, so that means improving growth strong commodity exposure, broader market participation, which is what we're seeing right now, is really supportive. So large caps will continue to be the foundation, but small caps are really the growth that can complement that core piece. And you know what? Like stepping back more broadly, and just taking a look at, I'm taking a macro perspective. I think I just wanted to leave on this finishing piece, is that Canada is not an afterthought in a portfolio anymore like it's been over the past decade. With attractive valuations, strong resource exposure, improving policy support, and growing institutional interests, it's an area that's simply worth reconsidering, particularly with a disciplined and active approach. So I know we covered a lot of ground, and I hope this was useful for you, but happy to be a help here.

 

[00:12:59.07] - Dan Han

I really appreciate the partnership, and thank you for having me on this call, Derek.

 

[00:13:03.15] - Derek Hebb

You're welcome. Thank you, Dan. And this has been a helpful and timely discussion of the benefits that Canadian small cap stocks bring to client portfolios. I'll just mention that CC&L Small Cap Canadian Equity Portfolio is available through CIBC Wood Gundy's Investment Consulting Service. In the interest of time, this will conclude today's call. If anyone has questions about the information that Dan discussed, please contact me. Thanks to everyone for listening in. And Dan, thank you again for joining us on this month's call.

 

[00:13:41.08] - Dan Han

Thank you so much, and I'll talk to you soon.

 

[00:13:43.05] - Derek Hebb

Take care.

 

 

 

 

 

 

 

 

 

 

 

 

 

Disclaimers

 

This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. CIBC and CIBC World Markets Inc., their affiliates, directors, officers and employees may buy, sell, or hold a position in securities of a company mentioned herein, its affiliates or subsidiaries, and may also perform financial advisory services, investment banking or other services for, or have lending or other credit relationships with the same. CIBC World Markets Inc. and its representatives will receive sales commissions and/or a spread between bid and ask prices if you purchase, sell or hold the securities referred to above. © CIBC World Markets Inc. 2026.

 

Dan Han is Vice President, Business Development at Connor, Clark & Lunn Funds. The views expressed in this conference call are the personal views of Dan Han of Connor, Clark & Lunn Funds and do not necessarily reflect those of CIBC World Markets Inc.

 

The contents of this document are for informational purposes only and are not being provided in the context of an offering of a security, sector, or financial instrument, and is not an endorsement, recommendation, or solicitation to buy, hold or sell any security.

 

Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors.

 

“CIBC Private Wealth” consists of services provided by CIBC and certain of its subsidiaries through CIBC Private Banking; CIBC Private Investment Counsel, a division of CIBC Asset Management Inc. (“CAM”); CIBC Trust Corporation; and CIBC Wood Gundy, a division of CIBC World Markets Inc. (“WMI”). CIBC Private Banking provides solutions from CIBC Investor Services Inc. (“ISI”), CAM and credit products. CIBC Private Wealth services are available to qualified individuals. Insurance services are only available through CIBC Wood Gundy Financial Services Inc. In Quebec, insurance services are only available through CIBC Wood Gundy Financial Services (Quebec) Inc. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc.

 

If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor.