SIC Multi Asset Institutional Composite

 April 2021Year to Date
SIC Institutional1.30%3.55%
Benchmark*1.22%2.43%

* 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

Global equity markets continued to perform well in April due to strong first quarter reported earnings and positive news on the prospects for economic recovery in a post pandemic world.  While performance in the technology sector remained a powerful influence, market breadth improved as economically sensitive sectors such as materials, industrials and financials contributed to monthly gains.  US equities continued to lead the way although a strong Canadian dollar tempered the advance for our portfolios.  The 2% plus monthly gain in the Canadian dollar was a surprise, as were the mildly hawkish views from the new Bank of Canada chief, Tiff Macklem.

For the month, the SIC Multi Asset Institutional Composite exceeded the benchmark return.  We do not contemplate any major changes to our current asset allocation (maximum equities/minimum fixed income) but will rely on rebalancing to manage portfolio risk during the sometimes-unsettled late spring and summer months.   

Terry Shaunessy
James Garcelon