

December 2019 Portfolio Management Team Update
Market & Economic Environment: North American indices powered their way to historic highs in November, boosted by lowered trade tensions and solid corporate earnings. The TSX Composite rebounded from October’s 1% decline with a 3.4% surge that took it over the 17,000 level for the first time. Nine of the 11 sectors on the index advanced in November, led by the technology, consumer and energy groups, with health care the worst performer as a ferocious correction hit marijuana producers. The S&P 500 also surged 3.4% in November to trade over 3,100 for the first time. The Dow Jones rose 3.7% to trade above 28,000, while the Nasdaq Composite added to its 3.7% advance in October with a 4.5% gain. (Data Source: FactSet)
Our Strategy: With a YTD gain of about 19% as of end-November, the TSX Composite is on track for its best annual performance in a decade. This stellar performance is by no means an isolated one; in the U.S., the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite had surged 20%, 25% and 30% respectively for the year as of November 30, while most European indices had also gained more than 20%. While easy monetary policy in most major economies has fueled massive risk appetite that has in turn led equity indices into uncharted territory, the consensus opinion seems to be that 2019 will be a hard act to follow. The Portfolio Management Team (PMT) took the opportunity provided by the broad market advance last month to eliminate securities that had underperformed significantly this year, in order to harvest tax losses and improve overall portfolio quality. The PMT believes that these adjustments position client portfolios appropriately for a challenging 2020.
Please contact any member of the PMT if you have any questions or concerns regarding your accounts.
This information has been prepared by Luft Financial. Opinions expressed in this article are those of Luft Financial only and do not necessarily reflect those of iA Private Wealth. Furthermore, this does not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors.
How do we elevate your wealth?
It begins with understanding your needs and creating a comprehensive and tailored financial plan to help reduce tax, manage risk and grow your portfolio over the long term. Learn more about how we help you achieve financial security and peace of mind.
News & commentary

September 2023 Portfolio Management Team Update
September 2023 Portfolio Management Team Update By Elvis Picardo, CFA®, CIM, Portfolio Manager, iA Private Wealth September 20, 2023 Market Review Global equities retreated in August, after posting their best performance in the first seven months of a year since 2009, as uncertainty about the future trajectory of interest rates – fueled by stubbornly high […]
Read more
August 2023 Portfolio Management Team Update
August 2023 Portfolio Management Team Update By Elvis Picardo, CFA®, CIM, Portfolio Manager, iA Private Wealth August 15, 2023 Market Review Global equity indices added to their solid first-half gains in July on optimism about slowing global inflation and a potential end to the Federal Reserve’s interest rate hikes. The MSCI World Index’s 16.2% YTD […]
Read more
July 2023 Portfolio Management Team Update
July 2023 Portfolio Management Team Update By Elvis Picardo, CFA®, CIM, Portfolio Manager, iA Private Wealth July 26, 2023 Market Review Global equity indices rebounded in June, as economic data that suggested resilience in the U.S. economy raised investors’ hopes for a “soft landing” (which is defined as a slowdown in economic growth that avoids […]
Read more