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Commentaire T2 2021

21 juillet 2021

Commentaire T2 2021

(disponible en anglais seulement)

CANADIAN EQUITY: A Strong 15-Year Track record

During the 2nd quarter of 2021, the LAM Canadian Equity Fund rose +2.7% before fees versus +8.5% for the TSX Composite Total Return. Year-to-date, we are up +11.5% versus +17.3% for the TSX. While we got off to a very strong start in the first quarter, we lagged in April and May as momentum investors rotated out of last year’s winning stocks into more cyclical ones in order to “play the reflation trade”. As many of our long time clients know, we are not “momentum chasers” and shy away from cyclical sectors in order to mitigate risk and volatility. Given that the strong return of the TSX during the quarter was mainly driven by the heavily weighted cyclical sectors including a 20% surge in Energy, a 7.4% rise in Financials, and a 6.5% increase in Materials, it is not unexpected that we would underperform the index in such a scenario. Also, Shopify alone contributed +1.8% of the TSX return during the quarter. There have only been a few times where we have lagged to such a degree while the major components of the TSX have surged, and these have tended to be relatively short lived.