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For the second quarter of 2018, Canadian stocks rebounded and outperformed most global stock markets. The portfolio was up +5.1% for the quarter, versus the TSX Small Cap being up +6.6%. The Portfolio’s return was less than the index in large part due to the base metal position.
Below is a table of Canadian and global returns for equities in the 2nd quarter.
The best performing small cap sectors for the quarter were Energy up +17.9%, Financials up +6.1% and Materials up +6.0%. The worst small cap sectors included Telecom -12.3%, Utilities -6.3% and Consumer Discretionary -2.9%.
Below, you will find the current composition showing the portfolio’s overweight of cyclical sectors: