Portfolio Manager’s April Comment for Q1 2023 Results

In Q1, the S&P/TSX grew by 4.6%, the S&P 500 surged by 7.5% while the MSCI ACWI ex USA rose by 7.0%.

At the end of the 12-month period ending March 31, the S&P/TSX decreased by 5.2%, the S&P 500 lost 7.7% while the MSCI ACWI ex USA declined by 4.6%.

In Q1, NQICAT increased by 4.7% while it shank by 0.9% on an annual basis.

The best TSX sectors for Q1 were Information Technology up 23.7%, Materials up 8.1% and Utilities up 6.7%.

The worst performing sectors were Energy down 4.2%, Health Care up 0.8% and Financials up 1.7%.

The best quarterly performers in NQICAT were Parex Resources up 26.6%, Constellation Software up 20.3% and TFI International up 19.3%.

At the opposite, the weakest contributors were Arc Resources down 15.2%, goeasy down 9.4% and TD down 6.6%.