{"id":9978,"date":"2023-10-27T09:00:40","date_gmt":"2023-10-27T13:00:40","guid":{"rendered":"https:\/\/www.batirente.com\/?p=9978"},"modified":"2023-10-27T09:41:04","modified_gmt":"2023-10-27T13:41:04","slug":"our-funds-at-a-glance-q3-2023","status":"publish","type":"post","link":"https:\/\/www.batirente.com\/en\/our-funds-at-a-glance-q3-2023\/","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 2023.<\/p>\n

Economic performance<\/strong>
\nCentral bank<\/u> A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union. The primary role of central banks is usually to maintain price stability. Many central banks also have supervisory or regulatory powers to ensure the stability of commercial banks in their jurisdiction, to prevent bank runs, and in some cases also to enforce policies on financial consumer protection. Central banks in most developed nations are institutionally independent from political interference.
\nSource: Wikipedia<\/em><\/span><\/span><\/span> interest rate hikes have had an impact on global inflation growth, which is far below the peak reached in the summer of 2022. In Canada, this rate dropped from a high of 8.1% in June 2022 to 3.8% by September 30, 2023.<\/p>\n

We’re approaching the end of this money tightening measure (i.e., increased central bank rates). Market players are not expecting any further increases in Canada, while predicting just one for the United States.<\/p>\n

However, there is still some uncertainty about where these rates are headed due to inflation, which still hovers well above the 2% target of North American central banks. What\u2019s more, the third quarter saw resource prices climb (e.g., a surge of nearly 30% in price per barrel of oil), which could drive inflation upward.<\/p>\n

These rates could therefore stabilize at higher levels for a prolonged period. The rate drops projected until recently for the second half of 2023 have now been pushed back to the second half of 2024.<\/p>\n

Lastly, the more difficult monetary conditions will likely unleash a recession by the end of the first quarter of 2024. We\u2019ve already noticed a slowdown in Canada\u2019s economic growth. Within one year, gross domestic product (GDP) fell from 4.6%, in the summer of 2022, to its current 1.1%.<\/p>\n

Nonetheless, the recession should be limited on either side of the border primarily due to the labour shortage.<\/p>\n

Market performance
\n<\/strong>Expectations of high interest rates over a prolonged period led to pessimism in financial markets.<\/p>\n

The all-country equity index recorded a return of -1.3% (in Canadian dollars) in the third quarter, while Canada\u2019s main index (S&P\/TSX) posted a performance of -2.2%.<\/p>\n

The FTSE Canada Universe Bond Index had a -3.9% return.<\/p>\n

On a final note, public infrastructure and real estate indices also suffered negative impacts. This is evident from the -6.1% performance (in Canadian dollars) for infrastructure and -3.8% (in Canadian dollars) for real estate.<\/p>\n

What\u2019s important to keep in mind at this time is that whatever your investment portfolio, this was a tough quarter for everyone. Furthermore, in periods of volatility, the key is to stay the course and look to the long term to ensure the success of a project as important as your retirement.<\/p>\n

How did Equity Multi Funds perform in Q3?<\/strong>
\nB\u00e2tirente\u2019s Canadian Equity Multi Fund was down 1.4% but still surpassed its benchmark of 0.8%. The fund\u2019s outperformance can be attributed to the right selection of securities. Fund performance for 2023 was 4.7%.<\/p>\n

B\u00e2tirente\u2019s Global Equity Multi Fund had a total return of -2.6%. Nonetheless, it has remained in positive territory since the start of the year, with a performance of 5.5% for 2023.<\/p>\n

The same applies to B\u00e2tirente’s Global Small Cap Equity Multi Fund, which ended the quarter at -2.9%, yet has remained positive for the year, at 5.2%.<\/p>\n

What about fixed income Multi Funds?
\n<\/strong>These funds achieved negative returns but still added value for the quarter.<\/p>\n

In fact, B\u00e2tirente\u2019s Treasury Multi Fund performance was 0.1% higher than its benchmark return (-0.3% compared to -0.4%). Moreover, B\u00e2tirente\u2019s Bond Multi Fund beat its benchmark by 0.3% (-2.3% compared to -2.6%). Once again, we saw the positive performance of these funds in relation to their benchmarks, mainly due to the shorter term involved for bonds, which is profitable in an inflationary context.<\/p>\n

What were the repercussions for B\u00e2tirente Diversified Funds?<\/strong>
\nIn Q3, B\u00e2tirente Diversified Funds posted returns ranging between -2.5% and -1.5% depending on their risk profile, i.e., from most risky (more equities) to least risky (more bonds). For 2023, total performance has been between 1.6% (Income) and 3.8% (Energetic).<\/p>\n

What’s important to remember?<\/strong>
\nWhatever your investment portfolio, this was indeed a difficult quarter. However, at B\u00e2tirente, we know that in periods of economic volatility, one should stay the course and look to the long term. And that holds even more true when we think about retirement or other future plans! That\u2019s because, for the past 10\u00a0years, Diversified Funds have generated annualized yields varying between 3.6% and 7.7%\u2014well above the Canadian inflation rate (2.6% annualized) recorded for that same period.<\/p>\n

To learn more about B\u00e2tirente Funds and get updated performance information, see the\u00a0B\u00e2tirente Funds<\/a>\u00a0of our website.<\/p>\n

*Jean-Fran\u00e7ois Dumais has worked as an Investment Strategy Manager at B\u00e2tirente since 2019. He holds a Master of Business Administration (MBA) in finance. He has nearly 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.
\nThis issue looks at the third quarter of 2023.<\/p>\n","protected":false},"author":3,"featured_media":8308,"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":[],"class_list":["post-9978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-your-money"],"acf":[],"yoast_head":"\nOur funds at a glance - B\u00e2tirente<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.batirente.com\/en\/our-funds-at-a-glance-q3-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Our funds at a glance - B\u00e2tirente\" \/>\n<meta property=\"og:description\" content=\"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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