Quarterly Bulletin Q3 – 2019

Summer began as if the financial markets would be relatively calm. The recovery in mergers and
acquisitions, which had started in the previous quarter, quickly lost momentum. But the markets
still delivered some surprises, as we know can happen. Air Canada announced its intention to
acquire all the outstanding shares in Air Transat, and bond rates suddenly became highly
volatile in early September. Once again, our diversified positions allowed us to post a positive
return for the quarter. Now let’s take a more detailed look.

Archives

2019

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 […]

2018

Even though the period was marked by an unusual combination of upward trends, on both the equity and bond markets, and by a remarkable about-face by the U.S. Federal Reserve (the Fed), the Amethyst Fund performed well at the start of the year. The Fund’s three segments were able to seize opportunities and deliver attractive […]

2017

In the fourth quarter, the economic and political news was marked by a synchronized global economic upsurge, rapidly expanding corporate profits, the adoption of a sweeping tax reform bill in the U.S. and somewhat eased geopolitical tensions.

2016

A multitude of risk factors have unsettled the markets during the first six months of the year.

2015

Fortunately, the North American economy continues the expansionary momentum en-joyed over the last 5 years. Despite some ambiguous data, the improving economic conditions are palpable. We do not see any signs of a pending recession, therefore North American equity markets should do well. The risks perceived by investors are related primarily to three concerns.