Pension Matters

Fourth Quarter 2014 Review

Canadian Equity For the second consecutive quarter, the energy and materials sectors were a significant drag on performance as Canadian stocks declined by 1.5%. Falling oil prices was a major theme and hurt the stock price of oil and gas producers. It was not all bad, however, as the consumer staples, information technology and health care sectors each...

Third Quarter 2014 Review

Canadian Equity Canadian stocks fell by 0.6% during the quarter. Despite positive gains in the first two months, they were more than offset by negative results in September. The resource sectors were a significant drag on performance as the materials and energy sectors posted returns of -10.1% and -6.6% respectively. This was the result of falling commodity...

Second Quarter 2014 Review

Canadian Equity Canadian stocks were up 6.4% over the quarter, and continued to outperform the broader global market through 2014. In a reversal of recent trends, health care was the worst performing sector, declining 6.6%, largely driven by the performance of Valeant Pharmaceuticals. All other sectors posted positive gains with the energy and industrials...

Failing conventionally or succeeding unconventionally?

Ryan Kuruliak, Vice President, has written a recent article in Benefits Canada entitled Failing conventionally or succeeding unconventionally? "In a previous article, I focused on the decline of active management, arguing not that the potential for active management has declined over the past few decades, but that the practice of active management has...

First Quarter 2014 Review

Canadian Equity Canadian stocks were up 6.1% over the quarter, leading most developed markets. Returns were positive across all sectors. The health care sector continued to lead the way with a 12.6% gain. The materials sector rebounded from its poor performance in 2013 and posted the next highest return at 9.7%. The energy, utilities, and consumer staples...

Fourth Quarter 2013 Review

Canadian Equity Canadian stocks were up 7.3% over the quarter, to finish the year with a 13.0% return. The materials sector, which lagged the S&P/TSX Composite throughout 2013, was the only sector to post a negative return during the quarter. Gains were led by the Industrials, health care, and financials sectors. Small-cap stocks slightly underperformed...

Third Quarter 2013 Review

Canadian Equity Canadian stocks were up 6.2% over the quarter, returning year-to-date gains into positive territory and outperforming the broad global index. The interest-sensitive utilities sector continued to be weighed down as a result of rising bond yields and was the only sector with a negative return. The materials sector continued its struggle by...

Second Quarter 2013 Review

Canadian Equity Canadian stocks were down 4.1% over the quarter, erasing year-to-date gains. The decline came in June due to weak performances from the materials, telecom services, technology and utilities sectors. Utilities, an interest-sensitive sector, was hurt as a result of rising bond yields, while telecom was pressured by the threat of increased...

The decline of active management

Ryan takes a look at managers through an active share lens to classify managers into different styles of active management. He then combines active share with tracking error (discussed in the previous article) to determine the true style of investment funds. This article was first published in Benefits Canada. Follow this link. http://www.benefitscanada.com...

Picking a winner: A tool for selecting active managers

Ryan Kuruliak, Vice President, has written an article in Benefits Canada entitled Picking a winner: A tool for selecting active managers "My previous article discussed techniques for monitoring an investment manager’s track record to avoid making poor (and expensive) hire/fire decisions. In that article I also promised to introduce a tool investors can use...

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