Purpose Duration Hedged Real Estate Fund March Commentary

Fund Highlights

  • Real estate was the top performing sector in March, recovering losses from earlier in the quarter stemming from an expectation of increasing interest rates in 2016.
  • The Federal Reserve’s decision to show reluctancy towards further tightening in the short term prompted the rally in real estate holdings.
  • The Federal Reserve’s decision to show reluctancy towards further tightening in the short term prompted the rally in real estate holdings.

Market Commentary
Markets retraced higher in March with the S&P recovering almost all its year to date losses. Oil bounced off the lows in anticipation of a meeting between OPEC and non-OPEC nations to discuss production freezes. US employment numbers continued to see strength which bolstered the argument for further Fed hikes this year, however Yellen surprised the market taking an abrupt dovish turn while citing recent financial developments in her reluctance to tighten further. As a result, the US dollar sold off broadly, credit tightened and risk assets rallied. In Canada, a poor jobs number was offset by an upward surprises to retail sales and GDP. The government also announced a budget deficit plan which would include a large infrastructure spending program aimed at stimulating more growth.

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