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…
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 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%…
Third Quarter 2021
The strong market rally of 2021 took a breather in the third quarter. All major stock indices ended Q3 relatively flat after a blistering first half of the year that took them to record…
Second Quarter 2021
Equity prices across most global markets continued to surge to new highs in the second quarter of 2021. Buoyed by an abundance of liquidity enabled by central banks, as well as optimism about economic…
First Quarter 2021
The substantial shift from popular growth stocks to downtrodden value investments that began in November of last year continued in the first quarter of 2021. Encouraged by accelerating vaccine deployments, investors swiftly turned their…
Annual Review 2020
“Unprecedented” is likely the most overused word to describe 2020, but with good reason. There is no better way to describe all that transpired this year. In just the last nine months, we have…