We had another solid year in 2017. Equity markets were very generous; fixed income – not so much. The U.S. dollar depreciated significantly against the Canadian dollar and cut into U.S. market gains experienced by Canadian investors. Our decision to invest more in foreign markets and hedge a portion of foreign currencies added value. In terms of stock selection, growth stocks outperformed value stocks significantly. Using the MSCI World Index as a benchmark, growth-style stocks outperformed value by 10%.
