Economies are doing very well, thank you. In spite of the expected impact from the hurricanes, the U.S. economy’s growth in the third quarter surprised most observers, reaching 3% according to the initial estimates of the U.S. Department of Commerce. Growth in the previous quarter stands at 3.1%. In Canada, even though we knew that the 3.7% and 4.5% growth achieved in the first two quarters of 2017 was unsustainable, the projected rate for the third quarter is still 2%. So the final figure for 2017 is expected to be approximately 3%. Annualized growth of the global economy now stands at around 3.7%, and the manufacturing indicators (global PMIs) are almost systematically reaching unprecedented highs.
While we would have liked to add a few percentage points to the fund’s return for 2019, but for that we would have had to relax our risk management criteria, and that was not something we were willing to do. In a period of very low interest rates, the search for yield continued to drive […]