{"id":15220,"date":"2024-07-26T13:05:13","date_gmt":"2024-07-26T17:05:13","guid":{"rendered":"https:\/\/www.batirente.com\/?p=15220"},"modified":"2024-07-26T14:31:01","modified_gmt":"2024-07-26T18:31:01","slug":"our-funds-at-a-glance-q2-2024","status":"publish","type":"post","link":"https:\/\/www.batirente.com\/en\/our-funds-at-a-glance-q2-2024\/","title":{"rendered":"Our funds at a glance"},"content":{"rendered":"

Each quarter, B\u00e2tirente\u2019s Investment Strategy Manager, Jean-Fran\u00e7ois Dumais*, shares our funds\u2019 performance results with you and offers his comments regarding financial markets. This issue looks at the second quarter of 2024.<\/strong><\/p>\n

ECONOMY<\/strong><\/h3>\n

Inflation
\n<\/strong>Recent years\u2019 central bank interest rate hikes had a positive impact on global inflation, which is currently well below the peak of summer 2022. In Canada, this rate dropped from a high of 8.1% to 2.9% as of April 30, 2024.<\/p>\n

Key interest rates
\n<\/strong>We\u2019ve reached the end of the money tightening measure (i.e., increased central bank rates), and market players are now expecting several rate cuts just around the corner.<\/p>\n

On June 5, 2024, the Bank of Canada announced a 0.25% decrease in its key interest rate, thus becoming the first central bank from G7 nations to reduce its rate. It should be noted that the key rate hike cycle in Canada started back in March 2022.<\/p>\n

In other G7 countries, the right time for rate cuts remains uncertain, since inflation keeps hovering at a level considered to be excessively high. These central banks want to avoid having inflation rise again if rates drop too drastically and quickly.<\/p>\n

Recession
\n<\/strong>We\u2019ve already noticed a substantial slowdown in Canada\u2019s economic growth. Year-on-year growth in gross domestic product (GDP) was 1.1%, compared with 4.6% in the summer of 2022. Canada is likely headed for a recession, but one that will possibly be milder given the positive job market. What\u2019s more, the rate-cutting cycle may actually help the Canadian economy.<\/p>\n

On the American side, we\u2019ve also witnessed a slowdown in economic growth, although a number of investors believe that the American economy will be able to avoid a recession (two consecutive quarters of negative GDP). That\u2019s why the rate-cutting cycle will probably be delayed until the end of 2024.<\/p>\n

MARKETS<\/strong><\/h3>\n

Equity
\n<\/strong>The economic conditions described above led to contrasting results, depending on the index.<\/p>\n

The All-Country Equity Index recorded a return of 4.0% (in Canadian dollars). As was the case in 2023, securities related to artificial intelligence are responsible for a major portion of this index\u2019s growth.<\/p>\n

On the other hand, the Global Small Cap Equity Index performed at -1.7% (in Canadian dollars), and Canada\u2019s main index (S&P\/TSX) posted a return of -0.5%.<\/p>\n

Bonds
\n<\/strong>We\u2019re seeing lower bond yields as market players predict an easing (key rate cut) by central banks and an economic slowdown. As such, the FTSE Canada Universe Bond Index had a positive return of 0.9%.<\/p>\n

REPERCUSSIONS FOR B\u00c2TIRENTE DIVERSIFIED FUNDS<\/strong><\/h3>\n

In the second quarter, B\u00e2tirente Diversified Funds posted positive returns ranging between 1.0% and 1.2% depending on their risk profile, i.e., from least risky (more bonds) to most risky (more equities).<\/p>\n

B\u00e2tirente Funds
\n<\/strong>Canadian Equity Multi Fund: 0.8%
\nGlobal Equity Multi Fund: 3.0%
\nGlobal Small Cap Equity Multi Fund: -3.1%<\/p>\n

Fixed Income Multi Funds<\/strong>
\n<\/strong>Treasury Multi Fund: \u00a01.4%
\nBond Multi Fund: 0.9%<\/p>\n

2024 OUTLOOK<\/strong><\/h3>\n

Balance
\n<\/strong>Several central banks responded robustly in 2022-2023, by raising their interest rate to reduce inflation\u2014a successful measure that helped restore investor confidence. The market anticipates some central bank cuts in 2024. Investors are also expecting that the right balance will be struck between economic growth and inflation.<\/p>\n

*Jean-Fran\u00e7ois Dumais has worked as an Investment Strategy Manager at B\u00e2tirente since 2019. Along with a Master of Business Administration (MBA) degree (Finance specialization), he has over 20 years\u2019 experience in financial markets.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Each quarter, B\u00e2tirente\u2019s Investment Strategy Manager, Jean-Fran\u00e7ois Dumais, shares our funds\u2019 performance results with you and offers his comments regarding financial markets. 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