The fourth quarter capped off a very good year in the markets. A year most of us would not have been able predict in mid March 2020. Returns for global equites were strong in most countries. Of note the Canadian Small Cap Index outperformed the SPTSX Index; most likely following the lead of the Emerging Markets. The table below highlights global index returns for 2020, including the portfolio return as well.


As can be seen from the chart above the portfolio outperformed the SPTSX Small Cap Index by +20.1% in the fourth quarter and +47.7% in the year. Of note was the strength of the overall market in the last quarter. With vaccines rolling out, there was a renewed confidence that all would be well, adding an increased speculative trend to the market with some of the worst hit COVID stocks recovering sharply.

Below the charts showing the composition of the portfolio are provided.


The three names detracting for the portfolio this quarter include Freegold, Galway Metals and Kraken. Collectively these three names cost the portfolio -2.4%.