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2022 First Quarter Letter

April 29, 2022

First Quarter Letter 2022

The 1st quarter of 2022 was marked by extreme volatility with both global stock and bond markets suffering sharp declines. As the world emerged from the aftereffects of the pandemic, high rates of inflation have taken a firmer hold than anticipated due to supply-demand imbalances, supply chain disruptions and labor shortages causing central banks to take an aggressive stance in raising interest rates. Supply chain disruptions and product shortages have been further exasperated by the tragic events of Russia’s brutal invasion of Ukraine. As a result of the above, the S&P500 and NASDAQ equity indices plunged -5.9% and -10.1% respectively in Canadian dollars, while the MSCI Europe, Far East and Emerging Market indices were down -8.3% and -8% respectively. Bonds, normally seen as a safe haven for conservative investors, faired just as poorly, with the Canadian Universe Bond Index down -7% and the U.S. bond index benchmark also down -7% in Canadian dollars. While markets remain volatile and momentum-driven, we believe that we are well positioned in both equities and fixed income securities to weather a likely economic slowdown and generate attractive long-term returns.