Portfolio Manager’s October Comment for Q3 Results

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.