| As of June 30, 2024 | Q2 | YTD |
| Canada Universe Bond Index | 1.0% | -0.6% |
| S&P/TSX Index (Canada) | -0.5% | 6.1% |
| S&P 500 Index (US) in CDN$ | 5.5% | 19.6% |
| MSCI World Index (Global) in CDN$ | 4.2% | 15.8% |
| US$ / CDN$ | 1.1% | 3.8% |
2024 Q2 Equities Commentary
- US Equities (S&P 500) continued their strong momentum in the second quarter as they posted a strong return of +5.5% in Q2. Mega-cap tech stocks continued to drive Markets higher as the excitement over artificial intelligence continues to build. Resilient economic data and better than expected Corporate earnings were also catalysts during the quarter.
- The MSCI World Index was up +4.2% in Q2 although much of the return was due to its heavy US weighting (about 70% of the Index). The EAFE Index (major developed markets outside North America) was up +0.9% in Q2.
- Canadian Equities (S&P/TSX) lagged in Q2 as they were down -0.6% and are now up +6.1% YTD. The Materials sector (+7.4% in Q2) helped the Index stay afloat. Information Technology and Health Care were the worst performing sectors, down -5.6% and -18.6%, respectively in Q2.
2024 Q2 Fixed Income Commentary
- The Canadian Bond Universe was up +1.0% in Q2 but remains down -0.6% YTD.
- The Bank of Canada lowered the policy rate 25 basis points to 4.75% in June. However, Bond returns remain volatile as there is much uncertainty over the timing and magnitude of future anticipated interest rate cuts.
- Short-term Bonds (+1.3%) outperformed Long-term Bonds (+0.5%) in Q2.