| As of September 30, 2024 | Q3 | YTD |
| Canada Universe Bond Index | 4.3% | 3.7% |
| S&P/TSX Index (Canada) | 10.5% | 17.2% |
| S&P 500 Index (US) in CDN$ | 4.5% | 25.1% |
| MSCI World Index (Global) in CDN$ | 5.4% | 22.0% |
| CDN$ / US$ | -1.3% | 2.5% |
2024 Q3 Equities Commentary
- As inflation continues to ease, Central Banks across the Globe began to cut interest rates which was a catalyst for Equity returns in the quarter.
- Canadian Equities (S&P/TSX) led the way in Q3 as they were up an impressive +10.5% and are now up +17.2% YTD. Interest-rate sensitive sectors led the way with strong gains in Q3 as rates fell. Financials (+17.0%) and Utilities (+16.6%) outperformed while Energy (+1.9%) lagged as commodity prices fell.
- US (S&P 500) and Global Equities (MSCI World) were up a strong +4.5% and +5.4%, respectively, in Q3. Returns were much broader in the quarter and not as driven by Mega-cap tech stocks. Year-to-Date, US and Global Equities are up an impressive +25.1% and +22.0%, respectively.
2024 Q3 Fixed Income Commentary
- The Canadian Bond Universe posted a very strong return of +4.3% in Q3 and is now up +3.7% YTD.
- Continued progress on inflation, optimism over further rate cuts, and slowing economic data resulted in lower Bond yields and higher Bond prices in Q3.
- Longer-term Bonds (+5.1%) outperformed Shorter-term Bonds (+3.1%) in Q3.