{"id":38591,"date":"2019-02-15T01:54:00","date_gmt":"2019-02-15T01:54:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2019\/02\/portfolio-manager-commentary-february-2019\/"},"modified":"2023-10-11T18:57:48","modified_gmt":"2023-10-11T18:57:48","slug":"portfolio-manager-commentary-february-2019","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/en-ca\/2019\/02\/portfolio-manager-commentary-february-2019\/","title":{"rendered":"Portfolio Manager Commentary \u2013 February 2019"},"content":{"rendered":"<h3>Horizons Inovestor Canadian Equity ETF (INOC)<\/h3>\n<p>The S&amp;P\/TSX Total Return Index ended the month of January up 8.1% offsetting in one month most of last year decline of 8.9%, making it one of the best month in the last 20 years. This upturn has been driven by several catalysts including a softening in the tone of last minutes of the FED, relatively strong results from earnings releases of large North American corporations, and the end of the US government shutdown. Meanwhile, prices of most key commodities including crude oil and gold were stronger in the month. Our Nasdaq Inovestor Canadian Equity Index (NQICA) rose 8.1% for the same period, 60bps below the benchmark. Our sector allocation removed 110bps as our decision to underweight Energy and underweight Healthcare proved to be unfruitful in January. However, our stock selection contributed a positive 50bps as a several of our stocks outperformed.<\/p>\n<p>INOC&#8217;s constituents were changed on January 18th<\/p>\n<p><strong>Ins:<\/strong><\/p>\n<ol>\n<li>THE NORTH WEST COMPANY INC (NWC)<\/li>\n<li>PAREX RESOURCES INC (PXT)<\/li>\n<\/ol>\n<p><strong>Outs:<\/strong><\/p>\n<ol>\n<li>NFI GROUP Inc. (NFI)<\/li>\n<li>WEST FRASER TIMBER CO. Ltd. (WFT)<\/li>\n<\/ol>\n<p>Best,<\/p>\n<p>The Inovestor Asset Management Team<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Horizons Inovestor Canadian Equity ETF (INOC) The S&amp;P\/TSX Total Return Index ended the month of January up 8.1% offsetting in one month most of last year decline of 8.9%, making it one of the best month in the last 20 years. This upturn has been driven by several catalysts including a softening in the tone [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":38592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[123,55],"tags":[163,161,162],"class_list":["post-38591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-modelportfolio","tag-canada","tag-model-portfolio","tag-nqicat"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Portfolio Manager Commentary \u2013 February 2019 - Inovestor<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.inovestor.com\/en-ca\/2019\/02\/portfolio-manager-commentary-february-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Portfolio Manager Commentary \u2013 February 2019\" \/>\n<meta property=\"og:description\" content=\"Horizons Inovestor Canadian Equity ETF (INOC) The S&amp;P\/TSX Total Return Index ended the month of January up 8.1% offsetting in one month most of last year decline of 8.9%, making it one of the best month in the last 20 years. This upturn has been driven by several catalysts including a softening in the tone [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.inovestor.com\/en-ca\/2019\/02\/portfolio-manager-commentary-february-2019\/\" \/>\n<meta property=\"og:site_name\" content=\"Inovestor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Inovestor\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-15T01:54:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-11T18:57:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.inovestor.com\/wp-content\/uploads\/2022\/07\/horizons_logo2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"132\" \/>\n\t<meta property=\"og:image:height\" content=\"132\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Inovestor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Inovestor_\" \/>\n<meta name=\"twitter:site\" content=\"@Inovestor_\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Inovestor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/2019\/02\/portfolio-manager-commentary-february-2019\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/2019\/02\/portfolio-manager-commentary-february-2019\/\"},\"author\":{\"name\":\"Inovestor\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/6616b197e129a7a95f3107103c871092\"},\"headline\":\"Portfolio Manager Commentary \u2013 February 2019\",\"datePublished\":\"2019-02-15T01:54:00+00:00\",\"dateModified\":\"2023-10-11T18:57:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/2019\/02\/portfolio-manager-commentary-february-2019\/\"},\"wordCount\":187,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/2019\/02\/portfolio-manager-commentary-february-2019\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.inovestor.com\/wp-content\/uploads\/2022\/07\/horizons_logo2.png\",\"keywords\":[\"Canada\",\"Model Portfolio\",\"NQICAT\"],\"articleSection\":[\"Featured\",\"Model Portfolio\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.inovestor.com\/en-ca\/2019\/02\/portfolio-manager-commentary-february-2019\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/2019\/02\/portfolio-manager-commentary-february-2019\/\",\"url\":\"https:\/\/www.inovestor.com\/en-ca\/2019\/02\/portfolio-manager-commentary-february-2019\/\",\"name\":\"Portfolio Manager Commentary \u2013 February 2019 - 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