Second Quarter Review North American Capital Appreciation Strategy July 2014

The second quarter of 2014 saw a continuation of the positive performance trend exhibited in the first quarter in North America. Both indices, the TSX and the S&P500, hit new highs during the second quarter with the TSX slightly outperforming the S&P500 as it returned 6.4% while the S&P500 returned 5.2% in US$. Adjusting for currency, the S&P 500 returned 1.6% in C$ as the C$ strengthened by over 3 cents during the quarter reversing the downward trend it exhibited during the first quarter.

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