MARQUEST WEEKLY COMMENTARY – DECEMBER 7, 2015.

Liis Palmer, Cassels Investment Management Inc.

Global Balanced Fund

Last week the MSCI World Index was down 0.5 percent.  The TSX was down 0.6 percent.  The C$ was down 0.1 percent against the US$.  The Marquest Global Balanced Fund A units closed at $17.51 ($17.60 before the monthly $0.09 distribution) compared with $17.61 the previous week.  Macro events dominated the news.  OPEC’s meeting resulted in a lower oil price.  The ECB’s quantitative easing announcement resulted in a surprise drop in the US$.  US employment figures were strong virtually assuring a rate hike by the US Federal Reserve.

Significant contributors to performance were Ryanair (up 4.1 percent), Novo Nordisk (up 3.9 percent) and United Health Group (up 3.1 percent).

Laggards were Whirlpool (down 3.9 percent), Yandex (down 4.9 percent) and HCA Holdings (down 3.4 percent).