04 Aug 2021

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Christian Godin

Portfolio Manager’s August Comment for July Results

04 Aug 2021

In July, the S&P/TSX increased by 0.8% and the S&P500 rose by 2.4% while the MSCI ACWI ex USA lost 1.6%. At the end of the 12-month period ending July 31st, the S&P/TSX grew by 29.1%, the S&P500 gained 36.4% while the MSCI ACWI ex USA posted a return of 28.8%.

In July, NQICAT increased by 3.8% while it climbed 29.1% on an annual basis.

The best TSX sectors for the month of July were Consumer Staples up 6.3%, followed by Information Technology up 3.0% and Materials up 3.0%. The worst performing sectors were Health Care down 11.6%, Energy down 11.3% and Consumer Discretionary down 0.9%.

The best monthly performers in NQICAT were Transforce up 23.7%, Winpak up 13.3% and Equitable Group up 12.8%. At the opposite, the weakest contributors were Canfor down 15.1%, First National down 5.9% and TD down 3.6%.

2 stocks were sold and bought in the strategy in July.

The strategy required an exposure reduction to the Telecommunication sector. Quebecor (QBR.B) had the lowest SP score therefore we sold it. We sold Evertz Technologies (ET) due to its low SP score.

The model required an increased exposure to 1 Consumer Staples The North West Company (NWC) made it into the strategy. We replaced Evertz by GDI Integrated Facility Services Inc.

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