Investment thesis
IGM Financial (OTCPK:IGIFF) ((TSX:IGM)) has improved its fund flow with net sales of C$1.4 billion in 2018. This was despite an industry outflow of C$7.4 billion. Like its peers, the company continues to face management fee compression. However, we believe its re-branding initiative, and its strategy to control its expenses should help it to mitigate some of its headwinds. The company is currently trading at a slight discount to its historical average. It also offers an attractive 6.5%-yielding dividend. Given the recent market volatility, we believe a higher margin of safety