Model Portfolio

In February, the S&P/TSX and S&P 500 declined by 2.4% while the MSCI ACWI ex USA fell by 3.5%.

At the end of the 12-month period ending February 28, the S&P/TSX decreased by 1.2%, the S&P 500 lost 7.7% while the MSCI ACWI ex USA decreased by 6.7%.

In February, NQICAT declined by 0.7% while it increased by 0.6% on an annual basis.

The best TSX sectors for the month of February were Industrials up 0.8%, Consumer Staples up 0.6% and Financials down 0.5%.

The worst performing sectors were Materials down 8.6%, Energy down 4.3% and Telecommunications down 2.9%.

The best monthly performers in NQICAT were TFI International up 12.4%, and Enghouse up 9.2% and Alimentation Couche-Tard up 5.3%.

At the opposite, the weakest contributors were Canfor down 7.7%, Imperial Oil down 7.2% and Labrador Iron Ore Royalty down 6.9%.

The Canadian market outperformed both the global and U.S. markets in 2022. For the global and U.S. markets, 2022 was the worst performing year since 2008.

2022

For the year, the S&P/TSX TR decreased 5.8%, the S&P 500 TR decreased 18.1% while the ACWI ex. USA decreased by 15.6%

In Canada, the best sectors were Energy up 54%, Consumer Staples up 9.6% and Materials up 1.7%.

The worst sectors were Health Care down 57.8%, Information Technology down 35.5%, and Utilities down 10.6%.

Q4

the S&P/TSX Total Return Index increased by 6%, the S&P 500 rose by 7.6% while the MSCI ACWI ex. USA jumped by 14.4%.

the NQICA outperformed the S&P/TSX with a return of 7.6%. The NQICA returned -4.6% while the S&P/TSX composite returned -5.8% on an annualized basis.

In Canada, the best sectors were Energy up 14.1%, Industrials up 13.2% and Information Technology up 11.3%.

The worst sectors were Health Care down 12.2%, Utilities down 7.4%, and Financials up 3.4%.

In Q4, the best performers in NQICA were Stella-Jones (SJ), Enghouse (ENGH) and EQB Inc. (EQB) up 25.6%, 24.7% and 22.9% respectively.

On the other hand, the worst performers were Brookfield Infrastructure Partners L.P. (BIP.UN), Richelieu Hardware (RCH) and Telus (T) down 13.6%, 5.2% and 3.5% respectively.

In November, the S&P/TSX grew by 5.5%, the S&P 500 rose by 5.6% while the MSCI ACWI ex USA surged by 11.8%.

At the end of the 12-month period ending November 30, the S&P/TSX increased by 2%, the S&P 500 decreased by 9.2% while the MSCI ACWI ex USA fell by 11.4%.

In November, NQICAT increased by 6.8% while it increased by 5.5% on an annual basis.

The best TSX sectors for the month of November were Materials up 11%, Information Technology up 7.7% and Industrials up 6.3%.

The worst performing sectors were Energy down 0.8%, Utilities down 0.6% and HealthCare down 0.3%.

The best monthly performers in NQICAT were EQB Inc. (EQB) up 24.6%, Labrador Iron Ore (LIF) up 20.5% and TFI International (TFII) up 17.7%.

At the opposite, the weakest contributors were Parex Resources (PXT) down 7.3%, Intact Financial Corporation (IFC) down 2.8% and Canadian Natural Resources (CNQ) down 1.7%.

In October, the S&P/TSX grew by 5.6%, the S&P 500 surged by 8.1% while the MSCI ACWI ex USA rose by 3%.

At the end of the 12-month period ending October 31, the S&P/TSX tumbled by 4.9%, the S&P 500 decreased by 14.6% while the MSCI ACWI ex USA fell by 24.4%.

In October, NQICAT increased by 5.6% while it decreased 4.3% on an annual basis.

The best TSX sectors for the month of October were Energy up 15%, Industrials up 13.1% and Information Technology up 6.8%.

The worst performing sectors were Utilities 5.0%, Materials down 2.9% and Financials up 0.5%.

The best monthly performers in NQICAT were Canadian Natural Resources (CNQ) up 28.2%, Imperial Oil (IMO) up 23.9% and ARC Resources (ARX) up 16.3%.

At the opposite, the weakest contributors were Richelieu Hardware (RCH) down 4.6%, TFI International (TFII) down 0.5% and Brookfield Infrastructure L.P. (BIP.UN) down 0.3%.

2 stocks were sold and bought in the strategy.

The strategy required an increased exposure to the Energy and Utilities sector and an exposure reduction in Financials and Consumer Discretionary.

Brookfield Asset Management (BAM.A) and Canadian Tire (CTC.A) had the lowest SP score of their sector therefore they needed to be sold. Imperial Oil (IMO) and Brookfield Infrastructure L.P. have been added to the strategy due to their high SP score.

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.