Portfolio Manager’s December Comment for November Results

The S&P/TSX Total Return Index contracted by 1.6% in November, the S&P 500 decreased by 0.7%, and the MSCI ACWI ex. USA corrected by 4.5%. At November’s end, the 12-month S&P/TSX Total Return Index was 23.5% behind the S&P500 gain of 27.9% and lower than the MSCI ACWI ex. USA which rose by 9.6%.

In November, the NQICAT decreased by 3.1% while it climbed by 16.5% on an annualized basis.

The best TSX sectors for the month of November were Materials up 1%, ahead of Consumer Discretionary and Telecommunication both up 0.5%.

At the opposite, the worst performing sectors were Health Care down 7.4% followed by Information Technology and Industrials both down 3.5%

The best performers in November were Canfor up 6.3%, Hydro One up 5.6%, and Telus up 2.9%.

On the other hand, the weakest contributors were Parex down 13.7%, goeasy down 10.4%, and Stella-Jones down 9.9%.