{"id":5328,"date":"2021-02-24T08:40:18","date_gmt":"2021-02-24T13:40:18","guid":{"rendered":"https:\/\/www.batirente.com\/?p=5328"},"modified":"2021-02-24T09:12:02","modified_gmt":"2021-02-24T14:12:02","slug":"sustained-fund-performance-in-the-last-quarter","status":"publish","type":"post","link":"https:\/\/www.batirente.com\/en\/sustained-fund-performance-in-the-last-quarter\/","title":{"rendered":"Sustained Fund Performance in the Last Quarter"},"content":{"rendered":"<p><strong>CAPITAL MARKETS ENVIRONMENT<\/strong><br \/>\nAs reported by portfolio management partner Aon, Global equities continued to perform well during the fourth quarter of 2020, supported by COVID-19 vaccine program optimism and accommodative monetary and fiscal policies. After breaking the pre-pandemic all-time high in Q3, the MSCI All Country World Index continued its strong run despite uncertainties around the US elections and surging COVID-19 cases and deaths. The MSCI World Index rose by 12.4% in local currency terms over Q4, but the gains were limited to 8.7% in Canadian dollar (\u201cCAD\u201d) terms. Meanwhile, Canadian equities, as represented by the S&amp;P\/TSX Composite Index, rose by 9.0% for the quarter.<\/p>\n<p>The US Federal Reserve (\u201cFed\u201d) kept its policy rate unchanged and reiterated that it would continue to buy $120 billion USD of debt per month until \u201csubstantial further progress has been made\u201d toward its employment and inflation targets. The Fed also upgraded its projected economic growth rate from -3.7% to -2.4% in 2020, and from 4.0% to 4.2% in 2021.<\/p>\n<p>The Bank of Canada (\u201cBoC\u201d) kept its policy rates unchanged at its effective lower bound of 0.25% and pledged to keep it near zero until 2023. The BoC said it has no plans to change its benchmark interest rate until inflation reaches 2.0%.<\/p>\n<p>The Canadian economy rebounded at a historic pace as businesses resumed after the COVID-19 lockdown. It grew at an annualized rate of 40.5% in the third quarter of 2020 but still fell short of consensus estimate of 47.6% growth.<\/p>\n<p><strong>PERFORMANCE OF B\u00c2TIRENTE FUNDS<\/strong><br \/>\nContinuing their results trend from Q2 and Q3, the B\u00e2tirente Diversified Funds experienced sustained performance in Q4 of 2020, posting absolute returns of between 3.0% and 9.3%, based on the risk profile.<\/p>\n<p>For the last five years, our Diversified funds have produced annualized returns ranging from 3.9% to 8.7%, well ahead of inflation.<\/p>\n<p>The solid track record of these Diversified funds has been largely due to the performance of our various equity portfolios and our global resource portfolio.<\/p>\n<p>The B\u00e2tirente Global Small Cap Equity Multi Fund delivered a total return of 17.4% in Q4 while the B\u00e2tirente Global Equity Multi Fund earned a return of 7.9%.<\/p>\n<p>The B\u00e2tirente Canadian Equity Multi Fund generated an absolute return of 11.1%. However, this fund trailed behind the market index by 4.2% in 2020. One of the reasons for this underperformance was a pronounced style bias as compared to the benchmark.<\/p>\n<p>Fixed income funds also posted positive returns in the fourth quarter. The tightening of credit spreads contributed to a return of 0.7% for the B\u00e2tirente Treasury Multi Fund and 1.0% for the B\u00e2tirente Bond Multi Fund. The absolute performance of these funds in 2020 was very positive (4.9% and 7.8%). However, the relative performance was negative due, in particular, to the fact that the funds were generally well-positioned to face an increase in interest rates. It is recognized that confronted by the COVID-19 crisis, governments have tended to keep interest rates low.<\/p>\n<p>To learn more about B\u00e2tirente Funds and to view up-to-date performance, please visit <a href=\"https:\/\/www.batirente.com\/en\/batirente-funds\/\">our funds section<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Continuing their results trend from Q2 and Q3, the B\u00e2tirente Diversified Funds experienced sustained performance in Q4 of 2020, posting absolute returns of between 3.0% and 9.3%, based on the risk profile.<\/p>\n","protected":false},"author":4,"featured_media":994,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[29],"class_list":["post-5328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-your-money","tag-invest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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