| As of March 31, 2024 | Q1 | YTD |
| Canada Universe Bond Index | -1.6% | -1.6% |
| S&P/TSX Index (Canada) | 6.6% | 6.6% |
| S&P 500 Index (US) in CDN$ | 13.5% | 13.5% |
| MSCI World Index (Global) in CDN$ | 11.2% | 11.2% |
| US$ / CDN$ | 2.6% | 2.6% |
2024 Q1 Equities Commentary
- Global Equity Markets continued their strong momentum throughout the first quarter of 2024 with many major indices reaching record highs.
- Markets returns were driven by stronger-than-expected corporate earnings and Global economies proving resilient despite elevated interest rates.
- US Equities (S&P 500) posted a very strong return of +13.5% in Q1 led by strong returns in Mega-Cap technology companies. However, it should be noted that returns have been broader than 2023’s concentrated returns.
- Canadian Equities returned a respectable +6.6% over the Quarter led by strong gains from both the Energy (+13.1%) and Health Care (+18.4%) sectors.
2024 Q1 Fixed Income Commentary
- After a robust Q4 2023, Fixed Income Markets cooled off in Q1 of 2024 as the Canadian Bond Universe was down -1.6%.
- Bond Yields increased (and Bond Prices fell) as inflation remained persistent (albeit improving).
- Expectations for when future interest rate cuts from Central Banks will happen have been pushed back which has been a headwind for Fixed Income Markets.
- Short-Term Bonds (+0.3%) outperformed Long-Term Bonds (-4.0%) in Q1.