{"id":16919,"date":"2024-10-16T11:48:35","date_gmt":"2024-10-16T15:48:35","guid":{"rendered":"https:\/\/www.batirente.com\/?p=16919"},"modified":"2024-10-17T14:55:15","modified_gmt":"2024-10-17T18:55:15","slug":"our-funds-at-a-glance-q3-2024","status":"publish","type":"post","link":"https:\/\/www.batirente.com\/en\/our-funds-at-a-glance-q3-2024\/","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 third quarter of 2024.<\/strong><\/p>\n

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

Inflation
\n<\/strong>In Canada, inflation fell from 8.1% at its peak in the summer of 2022 to 2.0% on August 31, 2024. In the US, it fell from 9.1% at its peak to 2.5% over the same period.<\/p>\n

Key interest rates
\n<\/strong>Since June 2024, the Bank of Canada has cut its key rate three times by 0.25%, from 5.0% to 4.25%.<\/p>\n

In the US, the Fed (US Federal Reserve) caused something of a surprise by cutting its key rate by 0.50% in September. The significant fall in inflation combined with rising unemployment contributed to this decision. Several further cuts are expected, but the Fed will surely want to prevent inflation from rising again if they are too big and too fast.<\/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 1.5%, compared with 4.6% in the summer of 2022. If a recession were to occur in Canada, it would likely be mild, given the significant growth in Canada’s population (immigration), which is helping to stimulate the economy. 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. That\u2019s why the rate-cutting cycle began with a 3-month delay with Canada.<\/p>\n

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

Equity
\n<\/strong>The economic conditions outlined above have produced very positive results.<\/p>\n

The All-Country Equity Index recorded a return of 5.3% (in Canadian dollars). In contrast to the first two quarters of 2024, when the artificial intelligence theme was the main driver of gains, a majority of sectors and stocks contributed positively in the third quarter.<\/p>\n

The Global Small Cap Equity Index also performed very well (8.2% in Canadian dollars), as did Canada\u2019s main index (S&P\/TSX), which posted an excellent performance of 10.5%.<\/p>\n

Bonds
\n<\/strong>Bond yields fell rapidly as market players anticipated further easing (lowering of key rates) by central banks and an economic slowdown. As a result, the FTSE Canada Universe Bond Index posted a very positive return of 4.5%.<\/p>\n

2024-2025<\/strong> OUTLOOK<\/strong><\/h3>\n

Balance
\n<\/strong>The market is anticipating several more central bank cuts in 2024 and 2025, prompting investors to expect that the right balance will be struck between economic growth and inflation.<\/p>\n

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

In the third quarter, B\u00e2tirente Diversified Funds posted very positive returns ranging between 5.1% and 6.3% depending on their risk profile, i.e., from least risky (more bonds) to most risky (more equities).<\/p>\n

B\u00e2tirente Equity Multi Funds
\n<\/strong>Canadian Equity Multi Fund: 9.6%
\nGlobal Equity Multi Fund: 5.4%
\nGlobal Small Cap Equity Multi Fund: 6.3%<\/p>\n

Fixed Income Multi Funds
\n<\/strong>Treasury Multi Fund: \u00a03.4%
\nBond Multi Fund: 4.6%<\/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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