September 2014 Commentary

US dollar positions and long term sovereign bonds were the only two asset classes offering profits during September 2014 as risk assets took it on the chin. With the three largest sectors on the S&P TSX, Financials (-2.5% for the month), Energy (-8.0%) and Materials (-11.5%) all declining, it’s little surprise that Canada's benchmark index fell 4.3%. Small capitalization stocks suffered even more, as the S&P TSX Small Cap index dropped 9.6% while America's small cap benchmark, the Russell 2000, lost 6.2%. Despite the small/mid-cap bias at Forge First, our funds sustained smaller losses than most of the broader markets...