Balanced Fund Commentary – Q2 2018

Market Commentary


Global markets improved in the second quarter after a very volatile first quarter.


Key Themes


  1. Oil prices increased during the quarter
    • ¬†Western Canada Select increased by +24{a4bc595f5bf22b450fc57725bbb5a349cea6d8af0e21f99fc8d20f6b7000a772} to $53 (US$) per barrel
    • West Texas Intermediate increased by +14{a4bc595f5bf22b450fc57725bbb5a349cea6d8af0e21f99fc8d20f6b7000a772} to $74 (US$) per barrel
    • Canadian energy sector led the TSX
    • Canadian stocks were the strongest performing asset class in Q2 2018


  1. The Canadian 10-year bond yield rose sharply during the quarter
    • Utilities and telecom sectors (interest rate sensitive) underperformed


  1. The CDN dollar depreciated in response to global trade tensions & US economic strength
    • CDN investors in US stocks gained an extra +2.1{a4bc595f5bf22b450fc57725bbb5a349cea6d8af0e21f99fc8d20f6b7000a772} in foreign currency changes (Q2 2018)


  1. A small number of companies were responsible for most of the S&P 500 returns in 2018
    • Microsoft, Apple, Amazon & Netflix


In this type of market, patience is key to investor success. Volatility bring opportunities to those with knowledge, insight and experience.


Key Benchmarks

Fund Details

Fund Returns