. SVB hit a 52-week high of US$597.16 a little over a year ago and traded at nearly US$350 in early February. Signature also hit a 52-week high of US$328.88 in March, 2022, and traded at nearly US$150 in early February.
SVB was a significant lender to green-energy and cleantech companies, and trumpeted the business. Its website tells potential clients, “Let us help you drive positive change with our powerful energy banking and lending solutions, expert insights and advice, and unmatched industry connections.” Franklin Templeton Canada spokesperson Sarah Kingdon said that as of March 9 – when SVB had dropped to US$106.04 from its highs – the SVB weighting in its Global Growth Fund was 0.84 per cent. “Franklin Templeton has negligible exposure to Silicon Valley Bank and Signature Bank at a firm level, including as it relates to the firm’s banking relationships.
There were 10 Canadian funds with between 1 per cent and 1.28 per cent of their portfolios in Signature Bank as of their most recent holdings report, led by the Mackenzie US Mid Cap Opportunities Fund. Including currency-hedged versions of their funds, seven of the 10 funds with Signature positions were Mackenzie funds.