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Portfolio Manager’s October Comment for Q3 Results

By October 4, 2022 No Comments

The Canadian equity market perpetuated its decline throughout Q3, with most sectors experiencing continued downward trends.

In Q3, the S&P/TSX Total Return Index declined by 1.4%, the S&P 500 fell by 4.9% and similarly, the MSCI ACWI ex. USA decreased by 9.8%.

In Q3, NQICA returned 3%. On an annual basis, it returned -8.3% and the S&P/TSX composite returned -5.4%.

In Canada, the best Q3 sectors were Consumer Discretionary up 5.8%, Materials up 4.2% and Consumer Staples up 2.1%.

The worst sectors were Telecommunication Services down 7.1%, Health Care down 5.8%, and Utilities down 3.2%.

In Q3, the best performers in NQICA were TFI international (TFII), Stella-Jones (SJ) and Richelieu Hardware (RCH) up 21.3%, 19.9% and 14.2% respectively.

On the other hand, the worst performers were EQB Inc. (EQB), Canfor (CFP) and Canadian Tire (CTC.A) down 11.5%, 10.4% and 8.5% respectively.