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What’s Next For Preferred Shares?

Jeff Lucyk
Nicolas Normandeau

This webinar covers:

  • Preferred Shares: Then and Now.
  • What are Limited Recourse Capital Notes?
  • The Outlook for Preferred Shares.
  • Portfolio Positioning in the face of COVID-19 and Volatility.

This webinar features Fiera Capital’s Nicolas Normandeau who oversees the portfolio management of the Horizons Active Preferred Share ETF (TSX: HPR), currently the largest actively managed preferred share ETF listed in Canada by assets under management (Source: Morningstar, as at June 30, 2021).

With the introduction of new debt vehicles like Limited Recourse Capital Notes —increasingly replacing preferred shares as the instrument of choice — the fixed income market has changed considerably.

Hybrid securities such as preferred shares, hybrid bonds and LRCNs, which pay out a floating rate of yield, are benefitting from the upward pressure on interest rates.

Mr. Normandeau goes through his outlook on the fixed income market and his views on preferred shares for the remainder of 2021 and beyond.

Jeff Lucyk

Executive Vice-President, Head Of Sales, Horizons ETFs

Jeff Lucyk is Executive Vice-President, Head of Sales for Horizons ETFs. Mr. Lucyk is responsible for managing and leading the sales team to identify new business opportunities and enhancing the growth of the firm. He was formerly the Vice-President, National Sales Manager at Norrep Investments. Mr. Lucyk graduated from Brock University with an Honours Degree in Business Administration and holds the Chartered Alternative Investment Analyst (CAIA) designation.

Nicolas Normandeau

Vice-President and Portfolio Manager, Fixed Income, Fiera Capital

Nicolas Normandeau is a member of the Integrated Fixed Income team and is a portfolio manager for the Integrated Fixed Income strategies, including the team’s Preferred Shares portfolios. Mr. Normandeau has 18 years of industry experience and has been with the firm and a predecessor since 2009. Prior experiences include positions as Wealth Management Analyst for a leading Canadian financial institution and a consulting firm. Mr. Normandeau graduated from the Université de Sherbrooke with a Bachelor of Business Administration (BBA), majoring in Finance. He later received a Master’s in Management degree (MSc) in Finance from the Université de Sherbrooke as well as the Chartered Financial Analyst (CFA) designation.

Fixed Income

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