SIC Multi Asset Institutional Composite

 

 

November 2018

Year to Date

SIC Institutional

1.6%

-1.0%

Benchmark*

1.5%

0.8%

* 5% T Bills, 35% Canadian Bond Composite, 20% TSX Composite TRI, 20% S&P 500 C$ TRI, 20% MSCI EAFE (Net) C$ TRI

 

After enduring a drubbing in October, global bond and stock markets rallied in late November on the hopes that the US Federal Reserve may be in the final phase of its credit tightening cycle and that the Trump Administration may be more constructive in trade negotiations with China.

The SIC Multi Asset Institutional Composite gained 1.6% in November which was in line with the benchmark.  Year to date returns for the Institutional Composite remain below the benchmark but a December rally in international equities and cyclical sectors may close that gap. A weaker Canadian dollar has been helpful this year’s performance given over 70% of the portfolio is invested outside of Canada.  Historically December has been a positive month for stocks and we expect that experience to be repeated in 2018.

 

Terry Shaunessy
James Garcelon