We reduced our core bond allocation, which reduced overall interest rate exposure and provided funds to establish a tactical cash position. We see this as a shorter-term hold as funds will be put back to work at more attractive entry points for bonds and/or stocks.
Our conservative asset allocation—modestly overweight fixed income and underweight equities, negatively affected Q2 relative returns. Although the fixed income component experienced slightly positive absolute returns, global equities outperformed, aided by stronger foreign currencies.
Scott Guitard, Vice President, Portfolio Manager
MARKET COMMENTARY
06.30.2018 Giles Marshall, Vice President, Portfolio Manager,
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06.30.2018 Ian Riach, Chief Investment Officer
Canada was one equity market that progressed in Q2, despite overarching trade tensions among major powers. See how other markets fared.
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