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Equity markets made gains on the week as banks, energy, and consumer discretionary sectors rallied as the bellwether 10-year U.S. Treasury bond yields slumped 75 basis points to end the week around 2.75%. U.S. gross domestic product was revised downward, to an annual -1.5% in the first quarter, while housing activity slowed with sales sliding 16.6% in April. The S&P 500 Composite Index advanced 6.6% on the week, while the Nasdaq Composite Index rose 6.8%.
Toronto’s benchmark S&P/TSX Composite Index gained 2.7% on the week, riding the coattails of the U.S. markets, as crude oil gained 1.6% on the week and gold rose 0.5%.
* Fidelty launches Global Equity Portfolio. Fidelity Investments Canada on May 18 debuted its Fidelity Global Equity Portfolio managed by Fidelity global asset allocation portfolio managers Geoff Stein, David Wolf, and David Tulk. The portfolio aims for long-term capital growth, and is diversified by region, market cap, and investment style. The portfolio intends to include exposure to Canada, U.S., international, and emerging markets equities in both value and growth investing styles, no matter which is in favour.
* Fidelty launches metaverse ETF. Fidelity Investments Canada on May 18 announced the debut of its Fidelity Total Metaverse Index ETF (NEO: FMTV) and and associated mutual fund. The fund aims for exposure to companies that are expected to drive the construction of the experiences, capabilities, and economy of the metaverse. It will track the performance of the Fidelity Canada Total Metaverse Index, which is allocated 85% in the metaverse category and 15% in the digital payments and crypto industry category. The funds are be sub-advised by Geode Capital Management LLC, a global systematic investment manager with over US$1 trillion in assets under management as at Dec. 31, 2021.
* IFIC releases April fund statistics. The Investment Funds Institute of Canada (IFIC) on May 24 announced investment fund net sales and net assets for April 2022. Mutual fund assets totalled $1.914 trillion at the end of April 2022. Assets decreased by $87.5 billion, or 4.4%, compared with March 2022. Mutual funds recorded net redemptions of $4.9 billion in April 2022.
ETF assets totalled $310.0 billion at the end of April 2022. Assets decreased by $14.7 billion, or 4.5%, compared to March 2022. ETFs recorded net sales of $1.0 billion in April 2022.
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