07 Apr 2021

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Christian Godin

Portfolio Manager’s April Comment For Q1 2021

07 Apr 2021

The performance of equity markets continued its upward trend following the beginning of the vaccination campaign and the anticipation of the complete reopening of the economy.

In Q1, The S&P/TSX Total Return Index rose by 8.1%, the S&P 500 expanded by 6.2% while the MSCI ACWI ex. USA increased by 3.8%.

In Q1, NQICA returned 9.4% leading to a 1-year return of 48.5% versus the S&P/TSX composite which returned 44.2% on an annualized basis.

In Canada, the best Q1 sectors were Health Care up 38.1%, Energy up 28.2% and Financials up 12.7%. The worst sectors were Materials down 7.3%, Info-Tech up 1.0%, and Utilities up 2.4%.

In Q1, the best performers in NQICA were TFI International (TFII), Richelieu Hardware (RCH) and Equitable Group (EQB) up 44.2%, 25.4% and 25.3% respectively.  On the other hand, the worst performers were Kirkland Lake Gold (KL), Alimentation Couche-Tard (ATD.B) and Parkland Corp. (PKI) down 18.9%, 6.6% and 5.8% respectively.

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