Portfolio Manager’s September Comment For Q3 2021

The performance of the equity market has been subdued by inflation concerns as well as China real estate debt burden, supply chain disruption and COVID fourth wave. September took away most of the early gains of the quarter.

In Q3, The S&P/TSX expanded by 0.2%, the S&P 500 rose by 0.6% while the MSCI ACWI ex. USA decreased by 2.9%.

In Q3, NQICA returned 3.2% leading to a 1-year return of 26.3% versus the S&P/TSX composite which returned 28.0% on an annualized basis.

In Canada, the best Q3 sectors were Consumer Staples up 3.8%, Energy up 3.3% and Information Technology up 3.2%. The worst sectors were Health Care down 21.9%, Consumer Discretionary down 6.4% and Materials down 6.0%.

In Q3, the best performers of NQICA were goeasy (GSY), TFI International (TFII) and Winpak (WPK) up 27.8%, 14.8% and 13.7% respectively.

On the other hand, the worst performers were First National (FN), Canadian Tire (CTC.A) and Stella-Jones (SJ) down 10.4%, 9% and 4% respectively.