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Portfolio Manager’s July Comment For Q2 2021

The performance of the equity market continued its upward trend following the beginning of the vaccination campaign and in anticipation of the complete reopening of the economy.

In Q2, The S&P/TSX Total Return Index rose by 8.5%, the S&P 500 expanded by 8.5% as well while the MSCI ACWI ex. USA increased by 5.5%.

In Q2, NQICA returned 4.3% leading to a 1-year return of 34.4% versus the S&P/TSX composite which returned 33.9% on an annualized basis.

In Canada, the best Q2 sectors were Energy up 20%, Information Technology up 15.8% and Telecommunication up 9.3%. The worst sectors were Health Care down 12.0%, Utilities up 0.5%, and Industrials up 0.8%.

In Q2, the best performers of NQICA were goeasy (GSY), TFI International (TFII),  and Power Corporation of Canada (POW) up 26.8%, 20.4% and 18.6% respectively.

On the other hand, the worst performers were Winpak (WPK), Stella-Jones (SJ) and Canadian National Railway (CNR) down 14.1%, 11.7% and 9.9% respectively.