The second quarter of 2017 proved to be challenging, with the month of June being particularly tough. Small cap stocks in Canada fell in Q2, with the S&P / TSX Small Cap Index falling -5.5% leaving the index down -4.1% in 2017. The Canadian large cap market faired better with S&P TSX quarter down -1.6% and +0.7% for the year. As the table below shows, Canadian stocks have substantially underperformed the global markets so far in 2017.

April May June QTD YTD
JZA Special Equity Fund -3.83% -1.81% -4.31% -9.64% -9.17%
S&P TSX 0.44% -1.33% -0.75% -1.64% 0.74%
S&P TSX Small Cap -2.06% -3.99% 0.49% -5.51% -4.12%
S&P 500 (CAD) 3.62% 0.21% -3.27% 0.51% 5.68%
FTSE 3.19% 2.53% -5.60% 2.17% 6.44%
DAX 3.57% 2.76% -4.64% 4.13% 12.14%
EAFE 5.25% 2.58% -4.02% 3.70% 10.40%
MSCI Emerging 4.84% 1.76% -2.84% 3.72% 14.63%

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