Portfolio Manager’s January Comment for Q4 Results

The Canadian market outperformed both the global and U.S. markets in 2022. For the global and U.S. markets, 2022 was the worst performing year since 2008.


For the year, the S&P/TSX TR decreased 5.8%, the S&P 500 TR decreased 18.1% while the ACWI ex. USA decreased by 15.6%

In Canada, the best sectors were Energy up 54%, Consumer Staples up 9.6% and Materials up 1.7%.

The worst sectors were Health Care down 57.8%, Information Technology down 35.5%, and Utilities down 10.6%.


the S&P/TSX Total Return Index increased by 6%, the S&P 500 rose by 7.6% while the MSCI ACWI ex. USA jumped by 14.4%.

the NQICA outperformed the S&P/TSX with a return of 7.6%. The NQICA returned -4.6% while the S&P/TSX composite returned -5.8% on an annualized basis.

In Canada, the best sectors were Energy up 14.1%, Industrials up 13.2% and Information Technology up 11.3%.

The worst sectors were Health Care down 12.2%, Utilities down 7.4%, and Financials up 3.4%.

In Q4, the best performers in NQICA were Stella-Jones (SJ), Enghouse (ENGH) and EQB Inc. (EQB) up 25.6%, 24.7% and 22.9% respectively.

On the other hand, the worst performers were Brookfield Infrastructure Partners L.P. (BIP.UN), Richelieu Hardware (RCH) and Telus (T) down 13.6%, 5.2% and 3.5% respectively.