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Portfolio Manager’s July Comment for Q2 Results

In the second quarter of 2024, the S&P/TSX declined by 0.5%, S&P 500 and MCSI ACWI ex USA increased by 4.3% and 1.3% respectively.

At the end of the 12-month period ending June 28, the S&P/TSX increased by 12.1%, the S&P 500 performed best and grew by 24.6% while the MSCI ACWI ex USA increased by 12.2%.

The NQICAT quarterly performance saw an increase of 1.3% while it grew by 21.8% on an annual basis.

The best TSX sectors for the second quarter were Materials up 7.4%, Consumer Staples up by 5.8%, and energy up by 0.4%.

The worst performing sectors were Healthcare, down 14.7%, Information Technology, down 3.8%, and Industrials, down 3.6%.

The best quarterly performers in NQICAT were goeasy Ltd up 24.4%, Dollarama Inc. up 21.1%, and Stella Jones Inc. up 13.7%.

At the opposite, the weakest contributors were Brookfield Infrastructure Partner L.P down 11.2%, Restaurant Brand International Inc down 9.7%, and Canadian Pacific Kansas City down 9.6%.

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