Portfolio Manager’s February Comment for January Results

In January, the S&P/TSX rose by 7.4%, the S&P 500 grew by 6.3% while the MSCI ACWI ex USA surged by 8.1%.

At the end of the 12-month period ending January 31, the S&P/TSX increased by 1.6%, the S&P 500 decreased by 8.2% while the MSCI ACWI ex USA fell by 5.2%.

In January, NQICAT increased by 6.9% while it increased 1.8% on an annual basis.

The best TSX sectors for the month of January were Information Technology up 15.8%, Healthcare up 14.5% and Materials up 10.7%.

The worst performing sectors were Consumer Staples up 1.8%, Utilities up 3.6% and Energy up 3.7%.

The best monthly performers in NQICAT were Labrador Iron Ore (LIF) up 18.3%, Canfor (CFP) up 18.3% and goeasy (GSY) up 17.4%.

At the opposite, the weakest contributors were Arc Resources (ARX) down 14.5%, Canadian National Railway (CNR) down 1.5% and Intact Financial Corporation (IFC) down 1.0%.

After running our model, the final result suggested no transactions, the first time in over 5 years.