Insurance, Investments and Group Benefits

FINANCIAL MARKETS AT A GLANCE

June 30, 2024 Canadian and U.S. equities were mixed over the quarter. Bond yields fell through the quarter. Corporate bonds marginally outperformed government bonds, and short-term bonds outpaced long-term bonds. Here are the financial markets at a glance.

	CANADIAN EQUITIES		U.S. EQUITIES
	Sector 4 of the 11 Canadian equity sectors ended the quarter in positive territory. Here’s the sector performance, with arrows indicating performance relative to last quarter.		Sector 6 of the 11 U.S. equity sectors ended the quarter in positive territory. Here’s the sector performance, with arrows indicating performance relative to last quarter.
WORST PERFORMERS BEST PERFORMERS	Materials Consumer Staples Energy 7.4% 5.8% 0.4% Health Care Real Estate    Telecommunications Services -14.1% -5.7% -4.2%		Information Technology  Telecommunications Services 15.1% 10.6% Materials Industrials -3.4% -1.8%
	Company size performance comparison  Small sized companies outperformed medium and large sized companies, with large companies trailing.		Company size performance comparison  Medium sized companies were positive and outperformed large and small sized companies, which were negative. Small sized companies trailed.
	Small Companies Medium & Large Companies		Medium Companies Large & Small Companies
	What’s working/What’s not working From an investment style perspective, value outperformed the S&P/TSX Composite Index while growth trailed but all were negative over the quarter. All factors were positive over the quarter, with momentum outperforming and quality trailing. The S&P/TSX Composite Index was slightly negative.		What’s working/What’s not working From an investment style perspective, growth outperformed the S&P 500 Index, and both were positive. Value trailed and was slightly negative over the quarter. Most factors and the S&P 500 Index were positive over the quarter, except for dividends which was slightly negative. Low volatility and dividends trailed the index.

	GLOBAL EQUITIES		CANADIAN FIXED INCOME
	Regional*    Company size performance comparison  Global large companies were positive over the quarter, while global small companies were slightly negative.     Large Companies Small Companies What’s working/What’s not working From an investment style perspective, growth outperformed the MSCI World Index. Value trailed the index but was slightly positive over the quarter. Most factors and the MSCI World Index were positive over the quarter, however dividends was slightly negative. Volatility and dividends underperformed the index.		Yields fell this quarter. Short-term bonds outperformed long-term bonds. Corporate bonds marginally outperformed government bonds.  Relative bond performance  Long-term Bonds Short-term Bonds     Government Corporate      Bond yields    Both shorter and longer date bond yields fell over the quarter. Canada 2-year yield fell from 4.27% to 3.99%. Canada 5-year yield fell from 3.64% to 3.51%. Canada 10-year yield fell from 3.59% to 3.50%. Canada long bond† yield fell from 3.48% to 3.39%. † Maturity date of the the Canada long bond is 2055.12.01.

Unless otherwise indicated, all index, factor and sector performance data is Canadian dollars and total return.

* Representative indexes are as follows: Canadian Equities - S&P/TSX Composite TR Index, U.S. Equities - S&P 500 TR Index, Emerging Markets - MSCI Emerging Markets GR Index, European Equities - MSCI Europe GR Index, Asian Equities - MSCI Pacific ex Japan GR Index, Japanese Equities - MSCI Japan GR Index. Indices are unmanaged and cannot be invested in directly. 

Source: Morningstar Research Inc. as of June 30, 2024. © 2024 Morningstar Research Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. 

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June 2024