April 2018 Commentary

April experienced more of the same volatility in equity markets that has persisted for most of the year, and as a result, Forge First continued to play things safe, ending another month with positive net returns for investors. Expectations around inflation caused the US 10-Year Treasury yield to briefly touch 3% for the first time in over four years, oil prices increased 7% for the month (making commodities the top performing asset class), and of the 32% of S&P 500 companies having reported more than 75% exceeded expectations. The TSX Total return index generated a 1.8% return for April (-2.8% YTD) and the S&P 500 Total Return Index (US$) was up a modest 0.4% for the month (-0.4% YTD).

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Emma Querengesser