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Preferred shares once again demonstrated their diversification value in June. Global headlines and financial markets were dominated in the month by the British referendum to stay or leave the European Union. In the aftermath of the surprise result to leave the E.U., equity markets such as the S&P/TSX in Canada and the S&P 500 in the United States initially fell over 6% in value and bond yields plunged to record lows. In contrast, preferred shares, as shown in the graph below, seemed to pay scant attention to the Brexit vote. (more…)