February 2015 Commentary

Despite softer than expected Q4 earnings and falling 2015 EPS estimates, risk assets enjoyed robust returns during February 2015 thanks to a stabilization in ‎currency markets. US shares more than recovered their 3.0% January price decline with a 5.8% gain. In fact, February exhibited the strongest monthly advance since October 2011, the best February since 1998, and saw US indices enjoy four all-time closing highs.

The TSX, Canada's principal index, also enjoyed gains in February, though more subdued than ‎those south of the border. Bank shares gained much of their January losses back as fiscal Q1 results weren't as bad as feared. Meanwhile, the Energy subsector climbed 1.3% as oil prices, which touched both US$45 and US$55 during February before closing the month at US$49.30, gained 3.6%. Relentless US supply growth caused natural gas prices to fall despite much of central and eastern North America experiencing the coldest February in over 50 years.

Both of our funds at Forge First continued the strong momentum‎ seen during January....