In the Money with Amber Kanwar

The Nasdaq 100 went from a seven-month low to a record high in April—posting its biggest monthly gain since 2002. But as tech stocks rip higher, Kieran Moore says the real opportunity isn’t owning everything… it’s knowing what to avoid.
In this episode of In the Money with Amber Kanwar, Kieran Moore, Equity Partner & Portfolio Manager at Munro Partners, breaks down what’s really driving the explosive rebound in growth—and why he’s getting more selective, not less. He explains why AI demand is quietly surging beneath the surface, with usage (or “token demand”) tripling in just a few months, and how that’s creating massive winners—but also real disruption risk. Moore makes the case that this isn’t the end of the AI trade—it’s the beginning of a more nuanced phase, where earnings growth, not hype, will separate the winners from the losers.
He also lays out why he’s taking a hard stance against software stocks right now—even exiting long-time winners like Microsoft (MSFT) and ServiceNow (NOW)—arguing that AI could start eating into traditional software revenues. At the same time, he highlights where the real leverage to this cycle sits: semiconductors, memory, and the AI supply chain, where bottlenecks are driving powerful multi-year growth.
In the Mailbag, Moore tackles your top questions on Nvidia (NVDA), Meta (META), Alphabet (GOOGL), Constellation Software (CSU.TO), memory stocks like Micron (MU), Adobe (ADBE), and Cameco (CCJ). He explains why Nvidia can still work despite multiple compression, why he’s stepped aside from Meta despite its massive scale, and why Alphabet may still have room to run thanks to multiple AI growth levers. He also weighs in on whether memory stocks are in a new supercycle, why he’s avoiding software broadly, and how to think about energy plays tied to AI demand.
In Pro Picks, Moore leans into the infrastructure powering the next wave of growth. He doubles down on Contemporary Amperex Technology (CATL) as a global leader in batteries tied to EVs and energy storage, highlights Lumentum (LITE) as a critical networking play enabling AI data centers, and points to Taiwan Semiconductor (TSM) as a core bottleneck in the entire AI ecosystem. These are companies he believes can compound earnings as AI spending scales globally.
If April proved anything, it’s that tech is back—but the easy money may already be made. The next move comes down to getting the right names.
Timestamps
02:20 Intro 
04:10 What’s going on for growth stocks
10:00 Not going back to software anytime soon
14:00 The case for growth stocks & AI spending
17:50 OpenAI vs. Alphabet & privates
21:30 The bear argument
24:30 Is Apple a genius for letting others build it out?
26:20 Will the memory rally continue? 
28:10 ITM Mailbag: Nvidia stock (NVDA)
30:50 Meta stock (META) 
33:05 Alphabet stock (GOOGL) 
35:25: Constellation Software stock (CSU) 
36:25: Memory stocks
38:45: Adobe stock (ADBE)
39:45 Cameco stock (CCO)
42:20 Kieran’s Pro Picks (CATL, LITE, TSM) 

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information
This episode is sponsored by CI Global Asset Management. For more on Munro’s funds visit: 
 https://funds.cifinancial.com/en/funds/mutual-funds/CIMunroGlobalGrowthEquityFund.html?currencySelector=1&classId=481&redirect_type=class_id

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DISCLAIMERS 
The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss: Meta, Apple, Constellation Software, Google and Amazon which are stocks Amber owns.  

Disclaimers for Kirean Moore 
 
This segment of “In the Money" with Kieran Moore” has been paid in part by CI Global Asset Management.
 
This podcast is provided as a general source of information and should not be considered personal, legal, accounting, tax or investment  advice,  or  construed  as  an  endorsement  or
recommendation of any entity or security discussed. Investors should seek the advice of professionals prior to implementing any changes to their investment.
 
The statements contained herein that are not historical facts are forward-looking statements (FLS), based on current expectations and estimates about particular markets. These FLS are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict. Therefore, actual outcomes and returns may differ materially from what is expressed in such FLS. These FLS reflect the beliefs and assumptions of CI Global Asset Management and its portfolio managers at the time of publication. Neither CI Global Asset Management nor its portfolio managers undertake any obligation to update these statements except as required by law and accept no responsibility or liability for outcomes that differ from those expressed or implied in the FLS.
 
The opinions expressed in the communication are solely those of the author(s) and are not to be used or construed as investment advice or as an endorsement or recommendation of any entity or security discussed.
 
Certain statements contained in this podcast are based in whole or in part on information provided by third parties and CI Global Asset Management has taken reasonable steps to ensure their accuracy. Market conditions may change which may impact the information contained in this podcast.
 
Certain names, words, titles, phrases, logos, icons, graphics, or designs in this document may constitute trade names, registered or unregistered trademarks or service marks of CI Investments Inc., its subsidiaries, or affiliates, used with permission. All other marks are the property of their respective owners and are used with permission.
 
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Small-cap stocks have significantly outperformed their large-cap peers so far this year but valuations remain at a massive discount, so what names should be on your radar?
On this episode of In the Money with Amber Kanwar, Aubrey Hearn, Senior Vice-President, Portfolio Manager & Lead – U.S. & Small Cap Equities at CI Global Asset Management, makes the case that the small-cap opportunity is far from over. He explains why this is more than just a catch-up trade, pointing to a massive valuation gap where small caps are trading at a 30% discount to large caps despite typically commanding a premium. Hearn also breaks down why fundamentals have quietly remained strong beneath the surface, with many high-quality small caps delivering consistent earnings growth even as multiples compressed. He shares why a stronger U.S. economy, fiscal stimulus, and broader earnings growth beyond the “Magnificent 7” are now creating a much wider opportunity set for investors willing to look beyond mega-cap tech.
In the Mailbag, Hearn tackles a range of investor questions across cyclicals, private equity, and AI exposure. He explains why he would buy TFI International (TFII) on a cyclical recovery in transport, outlines the hidden value inside Brookfield Business Corp. (BBUC), and makes the case for KKR (KKR) despite concerns around private credit. He also weighs in on the AI trade, warning that “you have way too much software if you own any,” while selectively adding exposure. On Canadian names, he discusses Celestica (CLS) as a picks-and-shovels AI play, breaks down the controversy around GFL Environmental (GFL), and calls Cargojet (CJT.TO) “stupid cheap” despite years of underperformance—highlighting its dominant market share and strong pricing power.
In Pro Picks, Hearn leans into battleground stocks with asymmetric upside. He highlights Live Nation (LYV) as a long-term compounder driven by the global growth of live events, despite regulatory overhangs. He also makes a contrarian case for Pollard Banknote (PBL.TO), pointing to explosive growth in its iLottery business alongside deeply discounted valuation, and sees a turnaround opportunity in Colliers (CIGI) as commercial real estate activity recovers. Across all three ideas, the common thread is clear: misunderstood businesses, strong underlying fundamentals, and significant upside if sentiment shifts.
Timestamps
00:00 Trailer
01:00 Intro 
04:00 What’s exciting about the small-cap universe? 
05:30 What’s driving the resurgence in the small-cap sector? 
08:40 Stay in the blue-chip version of small-caps 
10:30 This year the Russell should grow faster than the S&P 500 
12:00 What’s the buying opportunity today? 
16:00 ITM Mailbag: TFI International stock (TFII)
20:00 Brookfield Business Corp stock (BBUC)
23:50 KKR stock (KKR) 
26:30 AI vs. Software in small-caps 
30:45 Celestica stock (CLS) 
34:00 GFL Environmental (GFL) 
39:00 Cargojet stock (CJT) 
43:50 Aubrey’s Pro Picks (LYV, PBL, CIGI)
 
Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney
This episode is sponsored by CI Global Asset Management. For more on CI’s Small-Cap Funds visit:
 
CLML: https://funds.cifinancial.com/en/funds/mutual-funds/CIGlobalClimateLeadersFund.html?currencySelector=1&classId=482&redirect_type=class_id&cid=podcast-en_email_podcast-en_CIGAMMunroPodcastMay2026

CMGG: https://funds.cifinancial.com/en/funds/mutual-funds/CIMunroGlobalGrowthEquityFund.html?currencySelector=1&classId=481&redirect_type=class_id&cid=podcast-en_email_podcast-en_CIGAMMunroPodcastMay2026

CI Canadian Small/Mid Cap Equity Fund : https://funds.cifinancial.com/en/funds/mutual-funds/CICanadianSmallMidCapEquityFund.html?currencySelector=1&seriesId=20660&cid=PL_email_fnd-en_CIGAMAubreyApril2026

CI Global Small/Mid Cap Equity Fund: https://funds.cifinancial.com/en/funds/mutual-funds/CIGlobalSmallMidCapEquityFund.html?currencySelector=1&seriesId=13574&cid=PL_email_fnd-en_CIGAMAubreyApril2026

CI U.S. Small/Mid Cap Equity Private Pool : https://funds.cifinancial.com/en/funds/private_pools/CIU.S.SmallMidCapEquityPrivatePool.html?classId=298&type=-1&redirect_type=class_id&currencySelector=1&cid=PL_email_fnd-en_CIGAMAubreyApril2026

CSMD : https://funds.cifinancial.com/en/funds/private_pools/CIU.S.SmallMidCapEquityPrivatePool.html?currencySelector=1&classId=482&redirect_type=class_id&cid=PL_email_fnd-en_CIGAMAubreyApril2026

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DISCLAIMERS 
The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. On this episode we discuss Cargojet which is a stock Amber owns.

Disclaimers for Aubrey Hearn 
 
This segment of “In the Money" with Aubrey Hearn” has been paid in part by CI Global Asset Management.
 
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.
 
This podcast is provided as a general source of information and should not be considere...

Energy stocks are down over the past month despite the war in Iran. Tech stocks have come roaring back. But this hedge fund manager says the market has it all wrong. Jason Landau, Group Head, Executive Vice President & Portfolio Manager at Waratah Capital Advisors believes “the left tail in the market is totally mispriced” and says “the best hedge in the market today is being long oil.”
On this episode of In the Money with Amber Kanwar, Landau breaks down the two themes dominating the market right now, oil and AI. He tells us why markets may be underestimating geopolitical risk, how he’s positioning around oil, and why Brent crude—not WTI—is his preferred hedge. He also explains how to think about your positioning if the market is wrong on the Iran trade and why Canada could be a major long-term winner from global energy insecurity. Then, he gets into why tech is rallying, dives into the AI boom and tells us where he sees opportunity—and risk—across semiconductors and software.
In the Mailbag, Landau shares his view on Lululemon Athletica (LULU) as a long-term turnaround story, breaks down the growth runway for Dollarama (DOL.TO), and weighs in on NVIDIA (NVDA) and the broader chip trade. He highlights opportunities in semiconductor equipment names like ASML Holding (ASML) and Applied Materials (AMAT), as well as GlobalFoundries (GFS). On the energy side, he discusses positioning in Cenovus Energy (CVE.TO) and Tamarack Valley Energy (TVE.TO), and gives his take on airlines like Air Canada (AC.TO).
In Pro Picks, Landau’s top ideas include an array of eclectic names. Cheniere Energy (LNG) as a play on global LNG demand and energy security, SharkNinja (SN) as a consumer disruptor driven by innovation and product expansion, and Welltower (WELL) as a long-term beneficiary of aging demographics and pricing power in senior housing.
Timestamps
00:00 Trailer 
02:30 Intro
04:20 Jason’s approach to investing
06:10 Tech vs. Commodities
08:00 Oil risk is mispriced 
11:30 Best hedge in market today is being long oil
15:25 M&A in the energy sector
17:45 The tech trade is back, why?
19:20 Software, you just don’t have to be there
21:00 Where to look in semiconductors
23:10 the long-short strategy (in tech)
27:50 ITM Mailbag: Lululemon stock(LULU) 
31:50 Dollarama stock (DOL) 
36:50 Chipmakers (NVDA, GFS)
40:00 Cenovus stock (CVE) 
42:00 Air Canada stock (AC)
45:20 Jason’s Pro Picks (LNG, SN, WELL)

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 
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[email protected]
DISCLAIMERS 
The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss CNQ, Tamarack Valley Energy, Dollarama, Micron, Intel and Nike which are all stocks Amber owns. 

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

The best opportunities in the market might be the ones no one is paying attention to — and that’s exactly where microcap investor Mathieu Martin is looking.
On this episode of In the Money with Amber Kanwar, Amber sits down with Mathieu Martin, Portfolio Manager for the Rivemont MicroCap Fund, to break down one of the most underfollowed — and potentially most lucrative — corners of the market. Martin explains why microcaps, often ignored by institutions and analysts, offer a unique edge for investors willing to do the work. Drawing on his unconventional path from poker to portfolio management, he shares how he identifies high-conviction ideas, builds deep fundamental insight, and finds companies that can grow from under $100 million to multi-billion dollar success stories. He also walks through the mindset required to handle volatility, why liquidity cycles matter more than fundamentals in the short term, and how improving conditions could set the stage for a new wave of microcap outperformance.
In the Mailbag, Martin weighs in on some of the most intriguing small-cap names investors are watching right now. He revisits the remarkable run of Kraken Robotics (PNG.TO), explaining why he’s trimmed but still holds a small position, breaks down the risks and rapid growth behind Hydreight Technologies (NURS), and outlines both the opportunity and recent “yellow flags” surrounding Kits Eyecare (KITS.TO). He also discusses ADF Group (DRX.TO) and its potential to benefit from Canadian infrastructure spending despite tariff headwinds, shares his cautious take on Poet Technologies (POET) amid a short squeeze, and gives his outlook on Cineplex (CGX.TO) as the box office recovery gains momentum.
In Pro Picks, Martin leans into one of his highest-conviction — and most controversial — themes: cannabis microcaps. After a brutal industry shakeout that saw widespread bankruptcies, he believes a new class of profitable, fast-growing players is emerging. He highlights Cannara Biotech (LOVE.TO) as a standout, pointing to its low-cost production, dominant Quebec market share, and strong growth trajectory. He also makes the case for Auxly Cannabis (XLY.TO), a turnaround story with improving margins, strong brands like Back Forty, and backing from strategic investor Imperial Brands. Beyond cannabis, he rounds out his picks with D-BOX Technologies (DBO.TO) as a unique way to play the movie theatre recovery through high-margin royalty revenue.
Timestamps
00:00 Trailer
02:20 Intro
04:50 From poker to micro caps
07:30 What’s the winning formula? 
10:00 Investment process: Example: Kraken Robotics
14:10 Is volatility expected in the micro cap market?
17:10 Microcap commodities 
19:40 ITM Mailbag: Kraken Robotics (PNG) 
20:55 Hydreight Technologies (NURS) 
22:50 KITS eyecare (KITS)
30:10 ADF Group (DRX)
34:30 Poet Technologies (POET) 
38:20 Microcap SaaS stocks 
39:50 Cineplex (CGX) 
42:00 Mathieu’s Pro Picks, focus on marijuana stocks (DBO, LOVE, XLY)
58:15 ETF Minute: CI’s New Asset Allocation ETFs Add a “Plus” to the Classic Portfolio

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more information
ETF Minute is sponsored by CI Global Asset Management. For more on CBAP, CEQP and CI’s portfolio management multi-asset strategies check out:
CBAP:
https://funds.cifinancial.com/en/funds/managed-solutions/CIBalancedPlusAssetAllocationETFFund.html?seriesId=48917&classId=482&currencySelector=1&cid=inthemoney_podcast_fnd-en_CIGAMIntheMoneyPartnership2026 
 
CEQP: https://funds.cifinancial.com/en/funds/managed-solutions/CIEquityPlusAssetAllocationETFFund.html?seriesId=48926&classId=482&currencySelector=1&cid=inthemoney_podcast_fnd-en_CIGAMIntheMoneyPartnership2026 

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DISCLAIMERS 
In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

IMPORTANT DISCLAIMERS:
 
This segment of “In the Money” with Adam Bharam has been paid in part by CI Global Asset Management.
 
This podcast is provided as a general source of information. The opinion and information provided in this discussion are solely those of the speaker(s) and are not to be used or construed as personal, legal, accounting, taxation or investment advice, or as an endorsement or recommendation of any entity or security discussed or provided by CI Global Asset Management.  Individuals should seek the advice of professionals, as appropriate, regarding any particular investment.
 
Commissions, trailing commissions, management fees and expenses all may be associated with an investment in mutual funds and exchange-traded funds (ETFs). Please read the prospectus before investing. Important information about mutual funds and ETFs is contained in their respective prospectus. Mutual funds and ETFs are not guaranteed; their values change frequently, and past performance may not be repeated. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them.
 
Certain statements in this podcast are forward-looking that are predictive in nature, depend upon or refer to future events or conditions. Forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those set forth. Although the forward-looking statements contained herein are based upon what CI Global Asset Management and the portfolio manager believe to be reasonable assumptions, neither CI Global Asset Management nor the portfolio manager can assure that actual results will be consistent with these forward-looking statements.
 
Certain statements contained in th...

If you can’t beat them, join them. That’s the mindset Marc Robinson brings to small cap investing right now. The Managing Director at FAX Capital makes the case that the traditional small cap playbook is broken—capital is leaving public markets, private equity is stepping in, and more companies are choosing to go private. His solution: blend public and private investing, take concentrated positions, and actively push for outcomes. He explains how his 70/30 strategy works, why active ownership is critical in Canada’s inefficient small cap market, and how investors can capture a “second bite of the apple” when companies get taken private. Along the way, he breaks down the growing disconnect between public and private valuations—and why that gap is creating opportunity.
In the mailbag, Robinson walks through a series of high-interest small cap names and activist situations, including Calian Group (CGY.TO), Black Diamond Group (BDI.TO), Ag Growth International (AFN.TO), Information Services Corp (ISV.TO), Dye & Durham (DND.TO), WELL Health Technologies (WELL.TO), and cannabis names like Auxly Cannabis Group (XLY.TO) and Cannara Biotech (LOVE.TO). He explains where activism can actually create value—and where it can’t—why some of these “hairy” stories are best avoided, and where he’s seeing real catalysts tied to themes like defense spending, “Build Canada,” and a potential recovery in agriculture.
In Pro Picks, Robinson focuses on higher-quality opportunities with clearer paths to value creation. He highlights D2L (DTOL.TO) as a misunderstood, mission-critical software platform with strong growth and potential upside from improving sentiment (and the company received a takeover offer just a day after his recommendation!) . He also points to Premium Brands Holdings (PBH.TO), arguing the payoff from years of heavy investment is finally coming, setting up a meaningful earnings inflection. Finally, he shares a private market opportunity through FAX Capital’s strategy—NextGen Healthcare Suppliers (private)—a fast-growing IVF supply business benefiting from powerful demographic tailwinds and global demand growth.
This episode is a deep dive into how the smartest small cap investors are adapting—and where the next wave of opportunity may come from.
Timestamps
00:00 Trailer 
02:25 Intro 
04:25 Robinson’s career trajectory and what makes him tick as a small-cap manager 
10:00 Sell-side vs. Buy-side 
11:35 A public-private fund 
14:50 Exposure in private - private credit is a swear word right now, but there are opportunities 
17:20 The market dynamic for small-caps 
20:50 Going public vs. going private 
25:20 Private opportunities and the FAX approach 
27:00 ITM Mailbag: Calian Group stock (CGY)
33:00 Ag growth stock (AFN)
37:40 Information Services stock (ISC)
42:40 Dye & Durham (DND) 
45:15 WELL Health Technologies (WELL)
48:40 Pot stocks 
53:30 Marc’s Pro Picks (DTOL, PBH, Nexpring Health (private)) 
1:11:20 ETF Minute: Vanguard’s Asset Allocation ETFs 
Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information
ETF Minute is sponsored by Vanguard Investments Canada. For more information, visit https://vanguard.ca. Find the Vanguard personality quiz here:  https://ad.doubleclick.net/ddm/trackclk/N9826.4923835AKMEDIA/B35656803.444242680;dc_trk_aid=637804713;dc_trk_cid=161303263;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1

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DISCLAIMERS 
The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Premium Brands with is a stock Amber owns. 

Commissions, management fees, and expenses all may be associated with investment funds. Investment objectives, risks, fees, expenses, and other important information are contained in the prospectus; please read it before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated. Vanguard funds are managed by Vanguard Investments Canada Inc. and are available across Canada through registered dealers.
The information contained in this material may be subject to change without notice and may not represent the views and/or opinions of Vanguard Investments Canada Inc.
 
Certain statements contained in this material may be considered "forward-looking information" which may be material, involve risks, uncertainties or other assumptions and there is no guarantee that actual results will not differ significantly from those expressed in or implied by these statements. Factors include, but are not limited to, general global financial market conditions, interest and foreign exchange rates, economic and political factors, competition, legal or regulatory changes and catastrophic events. Any predictions, projections, estimates or forecasts should be construed as general investment or market information and no representation is being made that any investor will, or is likely to, achieve returns similar to those mentioned herein.
 
While the information contained in this material has been compiled from proprietary and non-proprietary sources believed to be reliable, no representation or warranty, express or implied, is made by The Vanguard Group, Inc., its subsidiaries or affiliates, or any other person (collectively, "The Vanguard Group") as to its accuracy, completeness, timeliness or reliability. The Vanguard Group takes no responsibility for any errors and omissions contained herein and accepts no liability whatsoever for any loss arising from any use of, or reliance on, this material. 
 
This material is not a recommendation, offer or solicitation to buy or sell any security, including any security of any investment fund or any other financial instrument. The information contained in this material is not investment advice and is not tailored to the needs or circumstances of any investor, nor does the information constitute business, financial, tax, legal, regulatory, accounting or any other advice.  
 
The information contained in this material may not be specific to the context of the Canadian capital markets a...