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The second quarter of 2014 was marked by a fair bit of volatility, with the Special Equity portfolio performing well relative to the overall market. For the second quarter the fund was up by 9.98% while the S&P/TSX increased by 7.75%.
As we highlighted in the second quarter of last year, the selloff in cyclical and small cap growth stocks appear to have had bottomed. The recovery in small cap growth stocks started last year in the technology and energy sector, and has carried through to material and industrials this year. Over the last 12 months, the Special Equity Fund is up over 54.1% while the S%P/TSX has returned 28.7%. The following performance chart shows how the fund has performed versus varies indexes over the last year. (more…)