{"id":6746,"date":"2021-09-02T23:14:40","date_gmt":"2021-09-03T03:14:40","guid":{"rendered":"https:\/\/b-cap.ca\/research\/"},"modified":"2025-03-04T00:11:15","modified_gmt":"2025-03-04T04:11:15","slug":"research","status":"publish","type":"page","link":"https:\/\/b-cap.ca\/en\/research\/","title":{"rendered":"Research"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; fullwidth=&#8221;on&#8221; admin_label=&#8221;Hero Section&#8221; _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_fullwidth_header subhead=&#8221;Research&#8221; background_overlay_color=&#8221;rgba(0,0,0,0.8)&#8221; content_max_width=&#8221;550px&#8221; _builder_version=&#8221;4.16&#8243; title_font=&#8221;Poppins|700||on|||||&#8221; title_text_color=&#8221;#edbb5f&#8221; title_font_size=&#8221;14px&#8221; title_letter_spacing=&#8221;2px&#8221; title_line_height=&#8221;1.4em&#8221; content_font=&#8221;Poppins||||||||&#8221; content_font_size=&#8221;16px&#8221; content_letter_spacing=&#8221;1px&#8221; content_line_height=&#8221;2em&#8221; subhead_font=&#8221;Playfair Display|700||on|||||&#8221; subhead_font_size=&#8221;48px&#8221; subhead_letter_spacing=&#8221;3px&#8221; subhead_line_height=&#8221;1.4em&#8221; background_color=&#8221;rgba(255, 255, 255, 0)&#8221; background_image=&#8221;https:\/\/b-cap.ca\/wp-content\/uploads\/2020\/05\/consultant-11.jpg&#8221; parallax=&#8221;on&#8221; parallax_method=&#8221;on&#8221; custom_button_one=&#8221;on&#8221; button_one_border_width=&#8221;1px&#8221; button_one_border_color=&#8221;rgba(255,255,255,0.3)&#8221; button_one_border_radius=&#8221;0px&#8221; button_one_letter_spacing=&#8221;1px&#8221; button_one_font=&#8221;Saira Extra Condensed|600||on|||||&#8221; button_one_icon=&#8221;&#x24;||divi||400&#8243; button_one_icon_color=&#8221;#edbb5f&#8221; custom_button_two=&#8221;on&#8221; button_two_border_width=&#8221;1px&#8221; button_two_border_color=&#8221;rgba(255,255,255,0.3)&#8221; button_two_border_radius=&#8221;0px&#8221; button_two_letter_spacing=&#8221;1px&#8221; button_two_font=&#8221;Saira Extra Condensed|600||on|||||&#8221; button_two_icon=&#8221;&#x24;||divi||400&#8243; button_two_icon_color=&#8221;#edbb5f&#8221; module_alignment=&#8221;right&#8221; custom_margin=&#8221;|||&#8221; custom_padding=&#8221;8%||63px|||&#8221; button_one_text_color_hover=&#8221;#edbb5f&#8221; button_two_text_color_hover=&#8221;#edbb5f&#8221; button_one_bg_color_hover=&#8221;rgba(0,0,0,0)&#8221; button_two_bg_color_hover=&#8221;rgba(0,0,0,0)&#8221; global_colors_info=&#8221;{}&#8221; button_one_text_size__hover_enabled=&#8221;off&#8221; button_two_text_size__hover_enabled=&#8221;off&#8221; button_one_text_color__hover_enabled=&#8221;on&#8221; button_one_text_color__hover=&#8221;#edbb5f&#8221; button_two_text_color__hover_enabled=&#8221;on&#8221; button_two_text_color__hover=&#8221;#edbb5f&#8221; button_one_border_width__hover_enabled=&#8221;off&#8221; button_two_border_width__hover_enabled=&#8221;off&#8221; button_one_border_color__hover_enabled=&#8221;off&#8221; button_two_border_color__hover_enabled=&#8221;off&#8221; button_one_border_radius__hover_enabled=&#8221;off&#8221; button_two_border_radius__hover_enabled=&#8221;off&#8221; button_one_letter_spacing__hover_enabled=&#8221;off&#8221; button_two_letter_spacing__hover_enabled=&#8221;off&#8221; button_one_bg_color__hover_enabled=&#8221;on&#8221; button_one_bg_color__hover=&#8221;rgba(0,0,0,0)&#8221; button_two_bg_color__hover_enabled=&#8221;on&#8221; button_two_bg_color__hover=&#8221;rgba(0,0,0,0)&#8221;]<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>[\/et_pb_fullwidth_header][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;Team&#8221; _builder_version=&#8221;4.16&#8243; background_color=&#8221;#FFFFFF&#8221; custom_padding=&#8221;100px|0px|99px|0px&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;27px|0px|27px|0px&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.16&#8243; text_font=&#8221;||||||||&#8221; header_font=&#8221;||||||||&#8221; header_2_font=&#8221;Playfair Display|700|||||||&#8221; header_2_font_size=&#8221;38px&#8221; header_2_letter_spacing=&#8221;1px&#8221; header_2_line_height=&#8221;1.4em&#8221; header_3_font=&#8221;Poppins|700||on|||||&#8221; header_3_text_color=&#8221;#edbb5f&#8221; header_3_font_size=&#8221;14px&#8221; header_3_letter_spacing=&#8221;1px&#8221; header_3_line_height=&#8221;2em&#8221; text_orientation=&#8221;center&#8221; background_layout=&#8221;dark&#8221; max_width=&#8221;7000px&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h3>B-CAP<\/h3>\n<h2><span style=\"color: #666666;\">Research Reports<\/span><\/h2>\n<p>[\/et_pb_text][et_pb_divider color=&#8221;#edbb5f&#8221; divider_weight=&#8221;2px&#8221; _builder_version=&#8221;4.16&#8243; max_width=&#8221;60px&#8221; module_alignment=&#8221;center&#8221; height=&#8221;2px&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Poppins||||||||&#8221; text_font_size=&#8221;16px&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Bouthillier Capital produces many internal research reports, others intended exclusively for clients and sometimes some intended to be offered free to the public. A selection of the latter type is presented here, for informational purposes only.<\/p>\n<p>If you wish to discuss the content of these reports or quote \/ include them in your own communications,<a href=\"https:\/\/b-cap.ca\/en\/contact-us\/\" title=\"Thank you for encouraging our research efforts while respecting copyright!\"> contact B-CAP<\/a> .<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Poppins||||||||&#8221; text_font_size=&#8221;20px&#8221; text_letter_spacing=&#8221;1px&#8221; text_line_height=&#8221;2em&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Global Risky Assets \/ Analytical Coverage \/<strong> B-CAP&#8217;S RECAP<\/strong><\/p>\n<p>[\/et_pb_text][et_pb_toggle title=&#8221;2025 Monthly Reports&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2025\/02\/B-CAPS-RECAP-BENCHMARK-REPORT_202501.pdf\" target=\"_blank\" rel=\"noopener\" title=\"Equities began the year on a positive note, with European markets rebounding sharply in JAN, led by the German DAX (+9%). While China saw slight declines, Canadian and Mexican markets gained c.3.5%, despite lingering tariff concerns. U.S. equities also advanced, though the Info. Tech. sector was a notable laggard \u2014 the only sector in retreat \u2014 pressured by the release of a highly efficient Chinese AI model (DeepSeek) that briefly cast doubt on massive planned tech infrastructure CapEx in the U.S. While semis and the data center ecosystem faced headwinds, Innovation thrived, led by Genomics (+14%). \u201cOld Economy\u201d standouts included Precious Metals (+12.5%) and Banks (+9%). Meanwhile, an index tracking recently IPO\u2019d stocks surged 9%, reclaiming its 2021 highs. Equity volatility peaked at 22% but remained contained, with VIX averages holding near 17%.\">January<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2025\/03\/B-CAPS-RECAP-BENCHMARK-REPORT_202502.pdf\" target=\"_blank\" rel=\"noopener\" title=\"Feb saw a clear rotation towards risk-off. As shown in the cycle dashboard, all but one \u201cearly cycle\u201d sectors underperformed last month, while all \u201crecession\u201d sectors outperformed. Notably, Cons. Disc.  (-9.5%) and Comm. Services (-6.5%) posted the steepest declines, whereas Cons. Staples (+5.5%) and Real Estate (+4.5%) delivered the strongest gains. Low Vol. (+4.5%) significantly outperformed High Beta (-5%). Small Caps and Innovation stocks fell out of favor. Investors sought refuge in defensive exposures, with Telecom. surging 13.5%, its strongest month since 2002! Food, Bev &amp; Tobacco also served as a safe haven. The Hang Seng (HK) and Europe gained 13.5% and 3.5%, respectively. Both the VIX and the Put-to-Call ratio spiked, though their levels remained relatively contained. The AAII retail survey swiftly slipped into extreme bearishness.\">February<\/a><\/p>\n<p>March<\/p>\n<p>April<\/p>\n<p>May<\/p>\n<p>June<\/p>\n<p>July<\/p>\n<p>August<\/p>\n<p>September<\/p>\n<p>October<\/p>\n<p>November<\/p>\n<p>December<\/p>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;2024 Monthly Reports&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2024\/02\/B-CAPS-RECAP-BENCHMARK-REPORT_202401.pdf\" target=\"_blank\" rel=\"noopener\">January<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2024\/03\/B-CAPS-RECAP-BENCHMARK-REPORT_202402.pdf\" target=\"_blank\" rel=\"noopener\">February<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2024\/04\/B-CAPS-RECAP-BENCHMARK-REPORT_202403.pdf\" target=\"_blank\" rel=\"noopener\">March<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2024\/05\/B-CAPS-RECAP-BENCHMARK-REPORT_202404.pdf\" target=\"_blank\" rel=\"noopener\">April<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2024\/06\/B-CAPS-RECAP-BENCHMARK-REPORT_202405.pdf\" target=\"_blank\" rel=\"noopener\">May<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2024\/07\/B-CAPS-RECAP-BENCHMARK-REPORT_202406.pdf\" title=\"All aboard the tech heavyweights train\u2026 the NASDAQ gained 6% in June, the Dow Jones trailed with a small 1% advance, while the Russell 2000 small caps index lost 1%. If the S&amp;P 500 added 3.5%, its equal-weight version shed 0.5%; this wide differential reached 1K bps for the 1st half of the year. Market leadership is narrow and drills down to \u201ctechy\u201d large caps. In June, the S&amp;P 500 made seven new all-time highs and traded roughly 5% above its 50-day moving average, yet, on average, last month, only about 3-5% of the constituents established new ATH on any given day, and only half the index members traded above their respective 50D MA.\">June<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2024\/08\/B-CAPS-RECAP-BENCHMARK-REPORT_202407.pdf\" target=\"_blank\" rel=\"noopener\" title=\"Early August has captured significant attention with its steep daily declines. However, let's consider the performance of benchmarks in July. The S&amp;P 500 began the month strongly, breaking through the 5,500 and 5,600 levels, and setting seven new all-time closing highs. Softer economic data caused the index to reverse course, losing half its advance but still gaining 1% for the month. A notable rotation from large-cap growth stocks to small-cap value and high dividend stocks fueled the R2K index, which surged 10% to its highest level since JAN22, though it didn't set new all-time highs. \">July<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2024\/09\/B-CAPS-RECAP-BENCHMARK-REPORT_202408.pdf\" target=\"_blank\" rel=\"noopener\" title=\"The turbulence in global equity markets in early August was triggered by a financial tsunami originating in Japan. Japanese interest rates, though exceptionally low by global standards, remained stable throughout the summer, diverging sharply from declining yields elsewhere. In less than a month, the Yen surged by 12%, leading to a swift unwinding of the &quot;carry trade&quot; and a consequent drop in risk appetite. The NIKKEI plunged 20%, with a dramatic 13% intraday drop during its third and final tumultuous session. Global equities followed suit, and the VIX soared to an intraday peak of 65, levels reminiscent of the most distressed periods during the GFC and the pandemic. The Put-to-Call ratio also spiked. However, the subsequent rally was equally remarkable, with most benchmarks either recovering to finish the month in the green or sustaining minimal damage.\">August<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2024\/10\/B-CAPS-RECAP-BENCHMARK-REPORT_202409.pdf\" target=\"_blank\" rel=\"noopener\">September<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2024\/11\/B-CAPS-RECAP-BENCHMARK-REPORT_202410.pdf\" target=\"_blank\" rel=\"noopener\">October<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2024\/12\/B-CAPS-RECAP-BENCHMARK-REPORT_202411.pdf\" target=\"_blank\" rel=\"noopener\">November<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2025\/01\/B-CAPS-RECAP-BENCHMARK-REPORT_202412.pdf\" target=\"_blank\" rel=\"noopener\" title=\"DEC saw a post-election shift away from cyclical winners, with Tech \u2014 especially Mega Caps \u2014 remaining resilient. For 2024, these standout U.S. compounders once again led the charge, driving the S&amp;P 500 to a 25% annual gain, while the equal-weighted index delivered half that return. The NASDAQ outperformed the small-cap R2K by nearly 2,000 bps. Comm. Services and Info. Tech. were the strongest sectors, each gaining about 40% in 2024. Growth dominated factor performance, outperforming Value by 2,350 bps, with Momentum close behind. In contrast, Europe and EM posted more modest annual gains of 9% and 8%, respectively, while LatAm lagged significantly. US Banks surged (+37%), while Transportation (+1.5%) barely moved. Within the Innovation space, Gaming (+50%) and eCommerce (+45%) stood out; Cleantech (-35%) and Genomics (-30%) tumbled. \">December<\/a><\/p>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;2023 Monthly Reports&#8221; _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2023\/02\/B-CAPS-RECAP-BENCHMARK-REPORT_202301.pdf\">January<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2023\/03\/B-CAPS-RECAP-BENCHMARK-REPORT_202302.pdf\" target=\"_blank\" rel=\"noopener\">February<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2023\/04\/B-CAPS-RECAP-BENCHMARK-REPORT_202303.pdf\" target=\"_blank\" rel=\"noopener\">March<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2023\/05\/B-CAPS-RECAP-BENCHMARK-REPORT_202304.pdf\" target=\"_blank\" rel=\"noopener\">April<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2023\/06\/B-CAPS-RECAP-BENCHMARK-REPORT_202305.pdf\" target=\"_blank\" rel=\"noopener\">May<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2023\/07\/B-CAPS-RECAP-BENCHMARK-REPORT_202306.pdf\" target=\"_blank\" rel=\"noopener\">June<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2023\/08\/B-CAPS-RECAP-BENCHMARK-REPORT_202307.pdf\" target=\"_blank\" rel=\"noopener\">July<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2023\/09\/B-CAPS-RECAP-BENCHMARK-REPORT_202308.pdf\" target=\"_blank\" rel=\"noopener\">August<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2023\/10\/B-CAPS-RECAP-BENCHMARK-REPORT_202309.pdf\" target=\"_blank\" rel=\"noopener\">September<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2023\/11\/B-CAPS-RECAP-BENCHMARK-REPORT_202310.pdf\" target=\"_blank\" rel=\"noopener\">October<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2023\/12\/B-CAPS-RECAP-BENCHMARK-REPORT_202311.pdf\" target=\"_blank\" rel=\"noopener\">November<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2024\/01\/B-CAPS-RECAP-BENCHMARK-REPORT_202312.pdf\" target=\"_blank\" rel=\"noopener\">December<\/a><\/p>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;2022 Monthly Reports&#8221; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2022\/02\/B-CAPS-RECAP-BENCHMARK-PERF_202201.pdf\" target=\"_blank\" rel=\"noopener\">January<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2022\/03\/B-CAPS-RECAP-BENCHMARK-PERF_202202.pdf\" target=\"_blank\" rel=\"noopener\">February<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2022\/04\/B-CAPS-RECAP-BENCHMARK-REPORT_202203.pdf\" target=\"_blank\" rel=\"noopener\">March<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2022\/05\/B-CAPS-RECAP-BENCHMARK-REPORT_202204.pdf\" target=\"_blank\" rel=\"noopener\">April<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2022\/06\/B-CAPS-RECAP-BENCHMARK-REPORT_202205.pdf\" target=\"_blank\" rel=\"noopener\">May<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2022\/07\/B-CAPS-RECAP-BENCHMARK-REPORT_202206.pdf\" target=\"_blank\" rel=\"noopener\">June<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2022\/08\/B-CAPS-RECAP-BENCHMARK-REPORT_202207.pdf\" target=\"_blank\" rel=\"noopener\">July<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2022\/09\/B-CAPS-RECAP-BENCHMARK-REPORT_202208.pdf\" target=\"_blank\" rel=\"noopener\">August<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2022\/10\/B-CAPS-RECAP-BENCHMARK-REPORT_202209.pdf\" target=\"_blank\" rel=\"noopener\">September<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2022\/11\/B-CAPS-RECAP-BENCHMARK-REPORT_202210.pdf\" target=\"_blank\" rel=\"noopener\">October<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2022\/12\/B-CAPS-RECAP-BENCHMARK-REPORT_202211.pdf\" target=\"_blank\" rel=\"noopener\">November<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2023\/01\/B-CAPS-RECAP-BENCHMARK-REPORT_202212.pdf\" target=\"_blank\" rel=\"noopener\">December<\/a><\/p>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;2021 Monthly Reports&#8221; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2021\/09\/B-CAP-BENCHMARK-PERF_202101.pdf\" target=\"_blank\" rel=\"noopener\">January<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2021\/09\/B-CAP-BENCHMARK-PERF_202102.pdf\" target=\"_blank\" rel=\"noopener\">February<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2021\/09\/B-CAP-BENCHMARK-PERF_202103.pdf\" target=\"_blank\" rel=\"noopener\">March<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2021\/09\/B-CAP-BENCHMARK-PERF_202104.pdf\" target=\"_blank\" rel=\"noopener\">April<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2021\/09\/B-CAP-BENCHMARK-PERF_202105.pdf\" target=\"_blank\" rel=\"noopener\">May<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2021\/09\/B-CAP-BENCHMARK-PERF_202106.pdf\" target=\"_blank\" rel=\"noopener\">June<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2021\/09\/B-CAPS-RECAP-BENCHMARK-PERF_202107.pdf\" target=\"_blank\" rel=\"noopener\">July<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2021\/09\/B-CAPS-RECAP-BENCHMARK-PERF_202108.pdf\" target=\"_blank\" rel=\"noopener\">August<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2021\/10\/B-CAPS-RECAP-BENCHMARK-PERF_202109.pdf\" target=\"_blank\" rel=\"noopener\">September<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2021\/11\/B-CAPS-RECAP-BENCHMARK-PERF_202110.pdf\" target=\"_blank\" rel=\"noopener\">October<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2021\/12\/B-CAPS-RECAP-BENCHMARK-PERF_202111.pdf\" target=\"_blank\" rel=\"noopener\">November<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2022\/01\/B-CAPS-RECAP-BENCHMARK-PERF_202112.pdf\" target=\"_blank\" rel=\"noopener\">December<\/a><\/p>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;2020 Monthly Reports&#8221; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2021\/09\/Benchmark-Perf_202005.pdf\" target=\"_blank\" rel=\"noopener\">May<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2021\/09\/Benchmark-Perf_202006.pdf\" target=\"_blank\" rel=\"noopener\">June<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2021\/09\/Benchmark-Perf_202007.pdf\" target=\"_blank\" rel=\"noopener\">July<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2021\/09\/Benchmark-Perf_202008.pdf\" target=\"_blank\" rel=\"noopener\">August<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2021\/09\/Benchmark-Perf_202009.pdf\" target=\"_blank\" rel=\"noopener\">September<\/a><\/p>\n<p><a href=\"B-CAP%20BENCHMARK%20PERF_202010\" target=\"_blank\" rel=\"noopener\">October<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2021\/09\/B-CAP-BENCHMARK-PERF_202011.pdf\" target=\"_blank\" rel=\"noopener\">November<\/a><\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2021\/09\/B-CAP-BENCHMARK-PERF_202012.pdf\" target=\"_blank\" rel=\"noopener\">December<\/a><\/p>\n<p>[\/et_pb_toggle][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Poppins||||||||&#8221; text_font_size=&#8221;20px&#8221; text_letter_spacing=&#8221;1px&#8221; text_line_height=&#8221;2em&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Academic research<\/p>\n<p>[\/et_pb_text][et_pb_toggle title=&#8221;White Paper&#8221; _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><a href=\"https:\/\/b-cap.ca\/wp-content\/uploads\/2024\/03\/B-CAP-Expected-Corporate-Payout-as-the-Ultimate-Driver-of-Stock-Returns.pdf\" target=\"_blank\" rel=\"noopener\" title=\"B-CAP prides itself on an independent, unbiased, and informed investment approach. Our Defence strategy, rooted in thorough research and theory, capitalizes on sustainable dividend growth. This long-only mandate targets liquid, large-cap dividend-paying firms globally, aiming specifically for T1 firms (here referencing our research) with robust growth potential. Unconstrained by benchmarks, our quantitative+ selection process combines fundamental metrics with qualitative assessments, including economic moat and ESG factors. With over three years since its inception, Defence has accumulated a track record that showcases its promising results, briefly outlined in the final chapter. Further insights await in the subsequent sections of this paper.\">Expected Corporate Payout as the Ultimate Driver of Stock Returns<\/a><\/p>\n<p>[\/et_pb_toggle][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp;B-CAP Research ReportsBouthillier Capital produces many internal research reports, others intended exclusively for clients and sometimes some intended to be offered free to the public. A selection of the latter type is presented here, for informational purposes only. If you wish to discuss the content of these reports or quote \/ include them in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-6746","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/b-cap.ca\/en\/wp-json\/wp\/v2\/pages\/6746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/b-cap.ca\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/b-cap.ca\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/b-cap.ca\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/b-cap.ca\/en\/wp-json\/wp\/v2\/comments?post=6746"}],"version-history":[{"count":51,"href":"https:\/\/b-cap.ca\/en\/wp-json\/wp\/v2\/pages\/6746\/revisions"}],"predecessor-version":[{"id":7822,"href":"https:\/\/b-cap.ca\/en\/wp-json\/wp\/v2\/pages\/6746\/revisions\/7822"}],"wp:attachment":[{"href":"https:\/\/b-cap.ca\/en\/wp-json\/wp\/v2\/media?parent=6746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}