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The fourth quarter of 2014 proved to be the most difficult quarter of the year with many things conspiring together, creating a downdraft in much of the resource sectors. The end result was a loss of 1.5% in the S&P/TSX with resources stocks leading the way (Materials down 7.6% and Energy off by 16.6%) as OPEC came out in November with a decision not to cut its oil production sending oil prices considerably lower. The impact on the S&P/TSX Small Cap Index was even more pronounced with a -8.7% return for the quarter, and an annual return of -2.37%. Below is a chart highlighting the returns for the quarter and year for the Canadian Indices and the JZA Special Equity Fund. (more…)