FINANCIAL MARKETS AT A GLANCE
March 31, 2024
Canadian and U.S. equities were positive over the quarter. Yields rose through the quarter. Corporate bonds outperformed government bonds, and short-term bonds outpaced long-term bonds. Here are the financial markets at a glance.
CANADIAN EQUITIES
U.S. EQUITIES
Sector9 of the 11 Canadian equity sectors ended the quarter in positive territory. Here are the best and worst performing sectors relative to last quarter.
SectorAll of the 11 U.S. equity sectors ended the quarter in positive territory. Here are the best and worst performing sectors relative to last quarter.
WORST PERFORMERS
BEST PERFORMERS
Energy
Health Care
Industrials
18.9%
18.4%
11.1%
Telecommunications Services
Utilities
Real Estate
-7.2%
-1.1%
1.7%
Telecommunications Services
Energy
18.9%
16.7%
Real Estate
Utilities
2.1%
7.3%
Company size performance comparison Small sized companies outperformed medium and large sized companies, and all were positive over the quarter.
Company size performance comparison Medium sized companies outperformed large and small sized companies, with small trailing. All were positive over the quarter.
What’s working/What’s not working
From an investment style perspective, growth outperformed the S&P/TSX Composite Index while value trailed but all were positive over the quarter.
Momentum and quality outperformed the S&P/TSX Composite Index while low volatility and dividends trailed. All were positive over the quarter.
What’s working/What’s not working
From an investment style perspective, growth outperformed the S&P 500 Index while value trailed but all were positive over the quarter.
All factors and the S&P 500 Index were positive this quarter with momentum outperforming. Dividends and low volatility trailed the index.
GLOBAL EQUITIES
CANADIAN FIXED INCOME
Regional*
Company size performance comparison Global large and small companies were positive over the quarter with large companies outperforming.
Large Companies
Small Companies
What’s working/What’s not working
From an investment style perspective, growth outperformed the MSCI World Index. Value trailed the index and all were positive over the quarter.
All factors and the MSCI World Index were positive over the quarter, with momentum and quality outperforming the index. low volatility and dividends and trailed the index.
Yields rose this quarter. Short-term bonds outperformed long-term bonds. Corporate bonds outperformed government bonds.
Relative bond performance
Bond yields
Both shorter and longer date bond yields rose over the quarter.
Canada 2-year yield rose from 3.88% to 4.27%. Canada 5-year yield rose from 3.17% to 3.64%. Canada 10-year yield rose from 3.10% to 3.59%. Canada long bond† yield rose from 3.02% to 3.48%.
† The term to maturity on the Canada long bond is 2053.12.01.
* Representative indexes are as follows: Canadian Equities – S&P/TSX Composite TR Index, U.S. Equities – S&P 500 TR Index, Emerging Markets – MSCI Emerging Markets GR Index, European Equities – MSCI Europe GR Index, Asian Equities – MSCI Pacific ex Japan GR Index, Japanese Equities – MSCI Japan GR Index.
Source: Morningstar Research Inc. as of March 31, 2024. © 2024 Morningstar Research Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
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March 2024
