The third quarter proved to be challenging for Canadian small caps stocks. As we moved through the quarter, small cap volatility ratcheted up as global growth indicators deteriorated on trade concerns. Tensions between China and the U.S. as well as Brexit headlines were responsible for most of the negativity in the markets. Last quarter the portfolio was down -4.9% while the TSX Small Cap Index was off -1.2%.

The best performing Canadian small cap sectors last quarter were Real Estate (+12.2%), Financials (+11.5%) and Materials (+3.3%). The worst small cap sectors included Healthcare (-20.7%), Energy (-14.1) and Industrials (-3.6%).

The top 3 contributors to returns in Q3 include K92 Mining, Silvercrest Mining Inc. and Horizonte Minerals. The three added +2.3% to returns.

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