Purpose International Dividend Fund March Commentary

Fund Highlights

  • The Fund was positive for the month slightly outperforming the benchmark MSCI EAFE Index which gained +2.1% in Canadian Dollars.
  • Consumer discretionary and health care were the only sectors with negative performance while the rest contributed positively to Fund return.
  • All geographical regions were positive this month with Australian and European equities the best performers.
  • Currency impacts were mixed, with the Fund losing some equity returns from investments in Australian Dollars and the Euro.

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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