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A $150 Billion Toronto Money Manager Is Cooling on Canada Stocks

  • Mackenzie Investments cuts country to neutral from overweight
  • Energy and housing slowdowns could weigh on benchmark S&P/TSX
Lesley Marks.

Lesley Marks.

Photographer: Galit Rodan/Bloomberg

One of Canada’s largest asset managers is paring its wager on the country’s stock market amid growing concern that a global recession could weigh more heavily on the nation’s shares.

Mackenzie Investments, which oversees C$196 billion ($152 billion), downgraded its position on Canadian equities to neutral from overweight last week, citing concerns that efforts by policy makers around the world to stave off rising prices will drag down economic output.