July 2015 Commentary

Markets remained range bound in July but not without some fireworks (leveraged resource stocks, VIX and 30-year US Treasuries, to name a few). While Greece’s problem was merely kicked further down the road, Canada’s struggling economy was just plain kicked while it was falling to the mat. In US markets, a handful of large cap tech stocks saved the month in the States, while here in Canada the TSX small cap index was down 6.48% for the month, during the last week of July, an unsustainable rally in bank (+5%) and energy (+6%) stocks, enabled Canada’s TSX total return to be down small for the month. As for Forge First, we exited July 2015 celebrating our three-year track record in each fund...

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