This week, our investment team caps off 2024 with the publication of our market commentary. Hear directly from our experts on how the markets performed in the last quarter of 2024.

Here are some highlights:

• The Canadian market (S&P/TSX Composite) showed healthy Q4 returns, but not all sectors benefitted. Technology, Financials, and Energy led the way while Telecom and Real Estate fell, reflecting rising longer-term interest rates.
• South of the border, the dispersion in returns in the US was clearly impacted by the Trump victory as Healthcare stocks moved lower reflecting RFK Jr.’s more hostile stance. Similar to Canada, longer-term interest rates reflecting higher inflation expectations, led to interest rate sensitive names also selling off. The winners were Consumer Discretionary, Communication Services, and IT, led by the Magnificent 7.
• Europe is facing a difficult economic and political landscape as the region continues to be burdened with high energy costs and damaging regulation. We continue to focus on international companies that compete globally in these investment markets.
• The Fixed Income backdrop remains complex, as rate cuts lowered short-term yields while fiscal uncertainty and geopolitical risks pushed longer-term yields higher, steepening the curve. How the trade dispute with our largest trading partner unfolds will ultimately determine Fixed Income returns this year.

Download the full market commentary from our investment team to learn more.

Market Commentary Q4 2024