SIC Multi Asset Institutional Composite

 March 2021Year to Date
SIC Institutional1.26%2.21%
Benchmark*1.23%1.20%

* 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

Portfolio returns continued to advance in March as optimism concerning the rollout of vaccines, especially in the US, supported investor demand for equities.  The Biden Administration’s COVID relief plan became a reality during the month, adding to the already swollen cash levels in the hands of US consumers.  The consensus view remains that flush US consumers will spark a sharp economic recovery through 2021, producing strong corporate profits and justifying record US equity index levels.

For our part, the SIC Multi Asset Institutional Composite performed in line with the benchmark for the month and remained ahead of the benchmark on a year-to-date basis.  Our strategic position of underweight fixed income and overweight equities will remain in place although volatility may pick up as investors fret about higher inflation and interest rates.  We will continue to rely on the benefits of rebalancing to manage overall portfolio risk.      

Terry Shaunessy
James Garcelon