SIC Multi Asset Institutional Composite

  October 2019 Year to Date
SIC Institutional 0.8% 11.3%
Benchmark* 0.7% 12.6%

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

Investor confidence was buoyed in October, reflecting supportive third quarter corporate earnings and a glimmer of hope that China-US trade tensions would, at the very least, not deteriorate further.  Global equities, as an asset class, rose by 3% in October with notable regional strength coming from Europe and the Asia-Pacific region for the first time this year.  The S&P TSX Composite declined in October as weakness in the energy sector continued to weigh down Canadian equities.  For the month, the SIC Multi Asset Institutional Composite was marginally ahead of the benchmark due to our overweight in international equities.  

November and December are typically good months for stock performance when the overall market environment is positive.  We believe international and emerging equity markets will continue to attract bids for the balance of the year.  This will support the Institutional Composite in closing the gap with the benchmark on a year to date basis.  We expect fixed income returns to remain flat as most global monetary policy initiatives have been undertaken for the foreseeable future.

Terry Shaunessy
James Garcelon