It was another good month for the portfolios, with each posting positive returns. In fact, all portfolios managed to outpace their benchmark, except for the Growth Portfolio, which underperformed.
U.S. equity led the way higher as jobs and consumer spending looked to rebounding. Asian equities, particularly China were strong, after the Chinese government announced plans for sweeping economic reforms. Fixed income was largely flat, as yields inched higher in the month.
Within the portfolios, one of the biggest contributors to the outperformance was the Manulife Strategic Income Fund, which gained 0.80% in Canadian dollar terms, although this gain was all currency related. Another contributor to the outperformance was the Renaissance Global Healthcare Fund. Healthcare’s upward trajectory continues, with the fund gaining 7.3% in November alone, bringing its year to date return to nearly 50%.
Not surprisingly, funds that invest in the higher quality equity names were the laggards, despite posting positive returns. The CI American Value and Ivy Foreign Equity Fund were the laggards.
I monitor the performance on an ongoing basis to ensure that they continue to perform within expectations. As of November 30, they continue to deliver risk adjusted returns that are significantly stronger than their respective benchmarks. Their absolute return levels are well within our expected ranges based on the risk reward profile of each portfolio.
You can download our detailed Portfolio Review here.
Portfolio Performance (November 30, 2013)
| 1 Mth | 3 Mth | YTD | 1 Yr | 2 Yr | 3 Yr | 5 Yr | 10 Yr | ||
|---|---|---|---|---|---|---|---|---|---|
| Conservative | 0.9% | 3.8% | 7.9% | 8.4% | 7.0% | 5.9% | 7.9% | 5.7% | |
| Moderate Balanced | 1.4% | 5.2% | 12.4% | 13.1% | 9.2% | 6.8% | 8.6% | 5.9% | |
| Balanced | 1.6% | 5.7% | 14.3% | 15.1% | 10.1% | 7.1% | 9.0% | 6.3% | |
| Balanced Growth | 2.2% | 7.1% | 19.5% | 20.7% | 12.6% | 8.3% | 9.6% | 6.5% | |
| Growth Portfolio | 2.5% | 8.2% | 24.6% | 26.2% | 15.7% | 10.6% | 11.3% | 7.0% | |