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December 3, 2015

Equity markets have moved sideways over the past several weeks as investors deliberate several near-term risks. Uncertainty over the timing of Fed monetary policy, falling commodity prices, weakening economic growth in China and heightened geopolitical risks have caused equities to stall somewhat. Over the near-term, we expect volatility to linger as investor sentiment remains fragile. With North American equity indices trading at 17/18x forward price-earnings multiples, valuations appear a bit stretched. Indeed, a stronger corporate earnings backdrop will be needed in the coming quarters for more meaningful advances in equity prices. In our portfolios, we continue to seek opportunities in large-cap, high quality North American companies with strong earnings and positive growth attributes.

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