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The High Income Fund returned -1.43% in October resulting in a year-to-date return of 7.53%. The Canadian stock market (S&PTSX) was down for a second month in a row on weakness in energy and commodity stocks; while US stock markets staged a strong recovery to finish at an all-time high. Market volatility was unusually high as concerns escalated with respect to global growth and oil prices hit their lowest level in almost two and a half years (Brent Crude US $85.86, -28% from 2013 high). The International Monetary Fund added to these concerns by trimming its global growth forecast for 2014 (to 3.3% from 3.4%) and 2015 (to 3.8% from 4%) and drawing attention to the imbalance between accelerating U.S. growth offset by weaker growth or stagnation in the Eurozone and Asia. (more…)