I am an accredited or eligible investor as defined in National Instrument 45-106.




Liis Palmer, Cassels Investment Management Inc.

Last week the Marquest Monthly Pay Fund (A units) closed at $5.41, up from $5.38 the previous week. The TSX was up 1.1 percent in the same period. Conflict in Iraq caused a spike in the oil price and the gold price as well as an increase in volatility in markets. The Canadian indices gained on the week while most other markets in the world retreated.

Leading contributors in the portfolio were Suncor Energy (up 8.1 percent), Surge Energy (up 8.8 percent) and Crescent Point Energy (up 5.1 percent). Concerns about oil supplies took oil prices 4 percent higher on the week. The energy sector of the TSX was up 5.1 percent on the week.

Laggards in the portfolio were Westshore Terminals (down 3.9 percent), TD Bank (down 1.4 percent) and AutoCanada (down 6.2 percent). TD Bank and AutoCanada were leading contributors last week and their share prices took a well-deserved rest.

The information above is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed may change as subsequent conditions vary. The information and opinions contained in this paper are derived from proprietary and non-proprietary sources deemed by the author to be reliable. The information is not necessarily all-inclusive and is not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any way for errors and omissions is accepted by Marquest, its officers, employees or agents. This paper may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. We caution you not to place undue reliance on these statements as a number of important factors could cause actual events or results to differ materially from those expressed or implied in any forward-looking statement contained herein. All forward-looking statements are subject to change and are provided in good faith but without legal responsibility. © 2014 Marquest Asset Management Inc. All rights reserved.

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