Portfolio Manager’s August Comment for July Results

In July, the S&P/TSX grew by 4.7%, the S&P 500 surged by 9.2% while the MSCI ACWI ex USA rose by 3.5%.

At the end of the 12-month period ending July 29, the S&P/TSX decreased a modest 0.2%, the S&P 500 tumbled 4.6% while the MSCI ACWI ex USA fell by 14.8%.

In July, NQICAT increased by 9.6% while it decreased -3.3% on an annual basis.

The best TSX sectors for the month of July were Industrials up 10.3%, Information Technology up 9.8% and Consumer Discretionary up 8.2%.

The worst performing sectors were Heath Care down 7.6%, Telecommunications down 1.5% and Materials down 0.6%.

The best monthly performers in NQICAT were Transforce up 24.1%, Canfor up 21.4% and Stella-Jones up 17%. At the opposite, the weakest contributors were TD down 0.4%, Royal Bank up 0.2% and Canadian Tire up 1.3%.

1 stock was sold and bought in the strategy.

The strategy required an increased exposure to the Energy sector and a exposure reduction in consumer discretionary. Leon’s Furniture (LNF) had the lowest SP score of its sector therefore it needed to be sold. Canadian Natural Resources (CNQ) have been added to the strategy due to their high SP score.