“We remain positive on commodities, especially on energy, over the long term. A stabilization of the Chinese property sector would be a catalyst to increase the weight of base metal producers in the portfolio. With the recent pullback, we are looking at increasing our exposure to that industry.” — J-P Chevalier & Marc Gagnon
Key takeaways from their comment:
- A pivot by the Federal Reserve will require much weaker macro data, which increases
the risk of a Fed overshoot. - The main positive contributors to performance were our stock selection in information
technology, financials and consumer staples and our allocation strategy (underweight
information technology and overweight health care). - The widespread shortages in the labour market and the energy crisis in Europe are favouring the economics of multiple innovation themes and accelerating their adoption.
Jean-Pierre Chevalier, CFA
Senior Director, Portfolio Manager, US Equities and Thematic Investing
Marc Gagnon, M. Sc., CFA
VP, Portfolio Manager, North American Equities
