Portfolio Manager’s Quarterly Commentary

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Quarterly Market Commentary – Q3 2023

The Bank of Canada (BoC) continued its campaign of interest rate increases early in Q3 in response to stubborn inflation. The BoC hiked rates by 25 bps in July, before holding steady later in the quarter. The S&P/TSX Composite index, down 2.2%1 in the third...

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Quarterly Market Commentary – Q2 2023

The stock-market rebound in 2023 was fueled by diminishing investor concerns regarding inflation and less worry about the sustainability of economic growth. The rally was initially broad-based across regions but returns in recent months have been concentrated in a...

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Quarterly Market Commentary – Q1 2023

The first quarter of 2023 witnessed a volatile but profitable quarter that saw more rate hikes from central banks, a healthy earnings season with 75% of S&P 500 companies reported actual revenues above estimatesTop of Form and a mini-banking crisis triggered by...

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Quarterly Market Commentary – Q4 2022

How do we characterize the performance of the various asset classes in 2022? Awful. In 2022, the S&P 500’s fourth largest calendar year loss since 1940, 1 a widespread decline in global equity prices, and a fixed income market correction provided one of the...

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Quarterly Market Commentary – Q3 2022

This year has presented investors with a rude awakening to the consequences of a regime change from easy money, low inflation, a relatively peaceful geopolitical environment. We have now climbed over to the other side of this fence. It’s naïve to think that the pain...

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Quarterly Market Commentary – Q2 2022

Since the start of the year, investors and consumers have been growing increasingly pessimistic about the outlook for the economy, and in the past quarter we have started to see concrete evidence that the economy is indeed slowing. U.S. retail sales, on a real or...

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