First Quarter Review North American Capital Appreciation Strategy April 2014

The first quarter of 2014 saw returns shift back to Canada as the TSX outperformed the S&P 500 for the first time since the fourth quarter of 2012. The TSX returned 6.1% while the S&P500 returned 1.8% in US$. Adjusting for currency, the S&P500 returned 5.8% in C$ as the C$ declined almost 4 cents against the US closing at $0.9042. The recent decline in our dollar follows an approximate 7 cent US decline in 2013.

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