After the robust ending to 2020, we fully expected that the first quarter would be somewhat challenging with perhaps a reset/pause in the market.  Instead, we continued to launch strongly out of the gates, and it was not until March where we began seeing a pause. Despite the small correction, the portfolio had a decent quarter, albeit showing a small underperformance to its benchmark. The underperformance was a result of the Financials, REITS and Defensive sectors outperforming, playing catch up from their underperformance in 2020.  Materials were in correction mode with the Gold sector leading on the downside while the Base Metals sector continuing to appreciate; the result being the portfolio added positive attribution relative to the material index.  Energy was also an outperformer, which helped the portfolio stay close to the benchmark’s performance, given the portfolio’s overweight position. Technology, after being a long-term leader in the market, begun a correction process which is not surprising given some of the lofty valuations. (more…)