First Quarter 2023
Interest rates continued to rise higher this quarter. This brought fresh concerns for the economy as a whole and, in particular, liquidity in the banking sector. Not surprisingly, taking rates from 0.25% to 4.75%…
Our Quarterly and Annual REsults
Quarterly and Annual Reports
Access our record of reports to learn about our performance and our views and analysis of the market.
Annual Review 2022
With 2022 now in the rearview mirror, we reflect on a year in which stocks and bonds finished significantly down. Investors have not seen a year with negative returns for both major asset classes…
Third Quarter 2022
The central banks of much of the developed world continue their most aggressive monetary tightening campaigns since the 1980s, and asset markets everywhere remain profoundly impacted. Bond yields are currently sitting at their highest…
Second Quarter 2022
During the most recent quarter, the S&P 500 experienced a 20% decline from peak levels and officially entered a bear market. The tech‐heavy NASDAQ index fared even worse and has now fallen 30% since…
First Quarter 2022
Just as the world was finally beginning to move on from the COVID‐19 pandemic, it was hit by the shock of Russia’s invasion of Ukraine in late February. The ensuing violence and tragic humanitarian…
Annual Review 2021
2021 was yet another year that saw surging stock markets. In local currency terms, the S&P 500 and the S&P/TSX Composite returned 29% and 25% respectively. The two indices are now 48% and 24%…