Thanks to the relative overweight in Resource stocks in the Canadian market, the S&P TSX index was able to buck the first losing month in U.S. markets of the past six months. While the monthly decline was attributable to a rough last day of the month, arguably the negative month was not unexpected given that 32% of the worst 25 trading days in index history have occurred during the month of October. Gold continued to shine while bonds were smacked, as yields on 10-year U.S. government bonds climbed more than 50 basis points. As for our funds, the Series F of our multi-asset Conservative Alternative Fund advanced +0.80% net of fees, boosting its year-to-date net gain to +8.68% while the Series F of our Long Short Alternative Fund squeaked out a +0.01% net gain such that its year-to-date net stood at +9.94%. But then the U.S. election happened. Hence, post some comments on key drivers for our funds and markets during the month, we’ll offer up a few thoughts about the outlook for markets on this day after President Trump’s historic non-consecutive second term victory.