Portfolio Manager’s April Comment for Q1 Results

The performance of the Canadian equity market continued on its upward trend, as Energy and Materials remained robust in the first quarter of 2022.

In Q1, The S&P/TSX Total Return Index rose by 3.8%, the S&P 500 fell by 4.6% while the MSCI ACWI ex. USA decreased by 5.3%.

In Q1, NQICA returned 0.8% leading to a 1-year return of 12.2% versus the S&P/TSX composite which returned 20.2% on an annualized basis.

In Canada, the best Q1 sectors were Energy up 36.2%, Materials up 19.7% and Telecommunication up 8.3%.

The worst sectors were Information Technology down 20.7%, Consumer Discretionary down 8.0%, and Health Care down 5.8%.

In Q1, the best performers in NQICA were Parex Ressources (PXT), Canadian Pacific (CP) and North West Company (NWC) up 19.3%, 13.4% and 12.9% respectively.

On the other hand, the worst performers were goeasy (GSY), Canfor (CFP) and Enghouse (ENGH) down 21.4%, 19.7% and 18.1% respectively.