September 2012

During the third quarter, the Canadian stock market has rebounded strongly, thus erasing the losses accumulated since the beginning of the year to clear a cumulative return of 3% (TSX). U.S. markets continued their ascent and the S &P 500 index shows a yield of 10.75% in Canadian currency.


We have benefited from these increases in the market to take profits in stocks that have better performed over the last 24 months, and, in order to reduce the overall weight of the segment shares.


We are still disturbed by the situation in Europe, and consider the measures proposed by Governments as insufficient compared to the major issues. Europe is an important market for China, and we see the Canadian market as vulnerable in the face of raw material prices. On the American side, employment data suggests a slower than expected recovery and a moderate level of consumption.


We are thus increasing portfolio liquidity to take advantage of better prices in the coming months, and favour the American market, which offers a better sector diversification.

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