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Against a backdrop of rising trade tensions and a 25 basis point increase by the U.S. Federal Reserve in its federal funds rate, to a target range of 2%-2.25%, the main North American stock indices posted minor losses on the week and produced uninspiring performance for the month. The S&P 500 Composite Index closed Friday with a weekly loss of 0.5% but managed to eke out a 0.4% gain for the month. For the quarter, the index gained a rather more robust 7.2%. The Nasdaq Composite Index likewise remained flaccid on the week, with only a 0.7% advance, but edged down 0.8% in September overall. Still, the tech-weighted index posted a healthy 7.1% gain in the third quarter. Toronto’s benchmark S&P/TSX Composite Index, however, showed red across all timeframes, posting a 1% loss on the week, the month, and the quarter, as a deal with the U.S. on the North American Free Trade Agreement remained elusive and the energy index lost 6.3% in the quarter. While WTI crude oil gained 3.7% on the week and 5.2% in September, it came up short in the quarter, with a loss of 1.2%, but remains ahead 21.6% year to date. Gold also remained in the red for all time frames, losing 4.7% overall in the quarter.
FUND NEWS
* Picton Mahoney debuts three new Alternative funds. Picton Mahoney Asset Management announced the addition of three Alternative funds to its lineup. In a release, the company said the funds use sophisticated hedging techniques and alternative investing strategies:
Picton Mahoney Fortified Active Extension Alternative Fund targets volatility similar to traditional equity markets.
Picton Mahoney Fortified Market Neutral Alternative Fund aims for less volatility and low correlation to traditional equity markets.
Picton Mahoney Fortified Multi-Strategy Alternative Fund aims for low correlation to traditional balanced or diversified strategies.
* Bridgehouse to merge funds. Bridgehouse Asset Managers (the trade name of Brandes Investment Partners & Co.) said it intends to merge Greystone Canadian Equity Income & Growth Fund into Morningstar Strategic Canadian Equity Fund on or about Dec. 14, subject approvals.
* New funds by Starlight. Starlight Investments Capital LP, the new asset manager that is the brainchild of industry veterans Dennis Mitchell and Graeme Llewellyn, announced the launch of Starlight Global Real Estate Fund and Starlight Global Infrastructure Fund. The funds aim to provide investors with access to publicly listed global real assets through concentrated portfolios of high-quality businesses. The mutual funds and corresponding listed ETFs (trading symbols SCGR and SCGI, respectively) will be available to investors beginning Oct. 2.
* Desjardins expands RI lineup. Desjardins Group announced the addition of 11 new responsible investing funds to its lineup. It adds three funds to its SocieTerra brand: Desjardins SocieTerra International Equity Fund, Desjardins SocieTerra Emerging Markets Equity Fund, and Desjardins SocieTerra Positive Change Fund.
In addition, it intends to add seven new Desjardins RI Low-CO2 ETFs to its stable, with portfolios that aim for a significantly lower carbon footprint: four Multifactor, including Canada, USA, Developed (ex USA ex Canada), and Emerging Markets funds; two cap-weighted Canada and USA funds; and one Canada active fixed income fund.
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