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Portfolio Manager’s April Comment for Q1 2024 Results

In Q1, the S&P/TSX recorded an increase of 6.6%, the S&P 500 grew by 10.6%, and the MSCI ACWI ex USA saw an increase of 4.8%.

Over the 12-month period ending on March 31, the S&P/TSX showed an increase of 14.0%, the S&P 500 increased by 29.9%, and the MSCI ACWI ex USA rose by 13.8%.

In Q1, NQICAT experienced an increase of 6.7% and a 12-month increase of 24.8%.

The top performing TSX sectors in Q1 included Energy, up by 18.9%, Healthcare, up by 17.5%, and Industrials, which increased by 10.7%.

The worst-performing sectors were Telecommunications Services, down by 8.5%, Utilities, down by 1.1%, and Consumer Discretionary, which increased by 4.8%.

The best quarterly performers in NQICAT were Imperial Oil, up by 24.4%, Canadian Natural Resources, up by 20.2%, and TFI International, up by 20.1%.

Conversely, the weakest performers were Enghouse, down by 12.4%, Richelieu Hardware, down by 10.9%, and Labrador Iron Ore Royalty down by 8.1%.

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