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PWL Capital
PWL Capital
PWL Capital
Peter Guay Peter Guay
June 23, 2015
Market Research Personal Wealth

Market Commentary

After a strong start to the year in January and February, markets have leveled off in the last few months. For the first five months of 2015:

  • Short bonds in Canada returned 1.9%;
  • Other Income securities (REITs, Utilities and High Yield Bonds) returned 3.1%;
  • Canadian stocks rose by 3.8%;
  • US stocks returned 11.3% in Canadian dollar terms, with the majority of that appreciation coming from the rise in the US dollar;
  • International stocks gained 17.4% and Emerging market stocks returned 14.0% in Canadian dollar terms.

In light of these strong returns, we have been rebalancing portfolios in the last few months with a focus on the following:

  • We have taken profit on US stocks to bring all clients back down to their policy weight;
  • We remain over-weight in International equity and Emerging market stocks, which has benefited all portfolios;
  • We have mostly replenished bond allocations to make portfolios safer;
  • We have reduced exposure to Other Income to reduce sensitivity to interest rate fluctuations.

Portfolio returns to the end of May range from 4.5% to 8.5% depending on each client’s risk profile.

While the financial media speculates about the next stock market downturn, it is important to remember that stock markets are inherently unpredictable.  Rather than try to time the market, we focus on the elements we can control – managing your asset allocation and rebalancing to stay true to your plan.

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Peter Guay

Peter Guay
MBA, CFA, Portfolio Manager

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Peter joined PWL Capital in 2004 to learn the business from the ground up. Eighteen years and many designations later, he is now a seasoned Portfolio Manager and Financial Planner working with families across the country.
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Portfolio Management and brokerage services are offered by PWL Capital Inc, which is regulated by Investment Industry Regulatory Organization of Canada (IIROC), and is a member of the Canadian Investor Protection Fund (CIPF).

Financial planning and insurance products are offered by PWL Advisors Inc., and is regulated in Ontario by Financial Services Commission of Ontario (FSCO) and in Quebec by the Autorité des marchés financiers (AMF). PWL Advisors Inc. is not a member of CIPF.

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