April 10th, 2014

Strategy Review

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.