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The High Income Fund returned -2.57% in September with North American stock and bond markets down; while the appreciating US dollar (+2.9%) pushed the S&P 500 (CAD) up. It was a difficult month for global stocks with commodities tumbling on concerns about slower Chinese growth. Stocks also reacted negatively to the commencement of air strikes by a US-led Arab coalition on Iraq and Syria, economic weakness in Europe and profit-taking in the Tech sector led by Apple. Bond prices also started the month sharply lower on positive North American economic data, only to later partially recover as weakening stock markets spurred a “flight-to-safety”. Foreign buying of North American bonds on the appeal of relatively higher yields and the appreciating US dollar accentuated the trend. (more…)