Top Funds Report – March 2018
February saw the return of volatility, sending markets on a wild ride, with swings that were reminiscent of 2008. The S&P/TSX Composite Index peaked in early January, and largely held its own until the last week of the month, when the freefall started and really picked up steam through early February. Peak to trough, the S&P/TSX Composite fell more than 8.1%.
But then, from the February 9 low, the index managed to claw back nearly 3% of the losses to end the month down only 3% from its peak. It was a similar story south of the border, where the S&P 500 Composite Index fell more than 10% peak to trough, but then managed to gain back nearly 5% in February to close out the month lower by only 3.7% in U.S. dollar terms.
Read MoreTop Funds Report – February 2018
Download a PDF Copy of this report Volatility Returns to Markets Normal-course market correction brings valuation levels back down to earth Markets came bursting out of the gate in early January, making it look a lot like “2017, the sequel.” U.S. and global markets rallied higher, with the S&P 500 gaining 5.7% in U.S. dollar terms, and the MSCI EAFE Index rising 5.0%. Emerging...
Read MoreTop Funds Report – January 2018
Download a PDF Copy of this report Review and Outlook for 2018 Scorecard on last year’s outlook, plus a look at what’s in store for the next 12 months. Last year around this same time, in my annual outlook commentary, I said that the biggest threat to the markets was valuation. Back then, the S&P 500 was trading at 21.3 times earnings and 17.6 times forward earnings. I noted...
Read MoreTop Funds Report December 2017
The much-feared fall selloff just didn’t happen this year, as November logged another positive month for equity markets, with all the major indices finishing higher. The trend continued well into December with record highs set weekly, if not daily.
The S&P/TSX Composite gained 0.5% in November, while the S&P 500 Composite advanced 3.1% and the MSCI EAFE Index rose 1.1%.
In Toronto, both energy and materials finished the month lower, while the financial sector posted a very modest 0.4% rise. Energy issues declined despite a 5.6% rise in WTI crude oil.
Read MoreTop Funds Report – November 2017
ctober was a strong month for Canadian investors, as the S&P/TSX Composite Index rose 2.7% month over month from September supported by strength in both the energy and financial sectors.
The broader market benefitted from a surge in oil prices, which hit their highest level in more than two years. A barrel of West Texas Intermediate crude oil closed the month at $54.38, a gain of more than 5% in the month. Energy stocks, which make up nearly 20% of the S&P/TSX index, rose by 1.8%. With interest rates moving lower recently, financials, particularly banks, have benefitted from higher margins. The financials index accordingly advanced nearly 4.6% in October.
Read MoreTop Funds Report – October 2017
eptember is usually an “interesting” month, and this year proved to be no different. Plenty of scare headlines occupied pretty much every available media channel with plenty of grist of the anxiety mill: nuclear testing and missile firing by North Korea; destructive earthquakes; devastating hurricanes; and news of a data breach at Equifax, a major credit reporting agency, which is reportedly still undergoing cyberattacks.
The world’s equity markets, however, were mostly unfazed by all the excitement. The S&P/TSX Composite Index gained 2.8% in September, month over month, buoyed by strength in the energy and financial sectors. The S&P 500 Composite Index advanced 1.9% in U.S. dollar terms, and the MSCI EAFE Index rallied by 2.2%.
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