Despite a rocky couple of months to the year, equity markets had a solid March to close out the first quarter. With some stability returning to the energy markets, the S&P/TSX Composite gained 5.3% in March, ending the quarter 4.5% higher. Global markets, despite a positive month weren’t able to climb out of the holes dug in January and February. The S&P 500 ended the quarter 4.9% lower, after rallying 2.5% in March in Canadian dollar terms. The MSCI EAFE Index was hit even harder, finishing the quarter down 9% in Canadian dollar terms.
You can download our standard monthly portfolio report here. For those looking for even more detail, I am also providing additional reports generated from Morningstar which show even more detail regarding the portfolios. A summary report can be downloaded here, while the more detailed report can be downloaded here.
The portfolios all had a strong March, with each finishing in positive territory. The strongest showing came from the Growth Portfolio, which was up by 2.2% in March, modestly underperforming its benchmark. The conservative positioning of the equity holdings was the key reason for this underperformance.
The Balanced Portfolio posted a very respectable 2.1 rise for the month, but lagged the benchmark on relative underperformance from the equity holdings. It was again the equity names that held the Conservative Portfolio back, slightly underperforming its benchmark.
I remain comfortable with both the performance and positioning of the portfolios. They continue to perform well within expectations, and there are no material issues with any of the underlying funds. I will continue to monitor the portfolios closely.