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Global markets performed well in 2019 despite the mid-year recession fears. The chart below shows returns for your portfolio and global equity markets. Of note, most markets had strong double-digit returns, except for the S&P/TSX Venture which suffered from a significant correction in the cannabis sector.
The portfolio ended 2019 on a strong note with returns of +9.6% in the fourth quarter and +19.7% for the year. The portfolio outperformed most global stock markets and compares favourably to the TSX Small Cap Index which returned +6.2% last quarter and +15.8% in 2019.
The best performing Canadian small cap sectors last quarter were Materials (+11.9%), Financials (+10.0%) and Information Technology (+8.0%). The defensive sectors underperformed with Consumer Staples down -5.3%, and Utility and Real Estate stocks up less than +2%.
Commodities, although volatile, ended the year on a positive note with only zinc, cobalt, uranium and natural gas posting negative results. The portfolio’s overweight in base metals and gold stocks added +3.6% last quarter, and +15.8% for the year.