April 2023 - Monthly Update

Kaitlyn Richardson - Apr 01, 2023

Hope this note finds you well as we approach spring and get set to turn our clocks forward.

Monthly Update, Peebles Martin Wealth Management, BMO Nesbitt Burns

March was a steady and positive month for your investment portfolio. Investment markets continued to build on the trend of recovery and growth.

The headlines were dominated by talk of a banking crisis in America. What we have observed is the orderly unwind of two regional institutions that made bad decisions about how they ran their business and are no longer in business as a result. This was a non-event for the value of your portfolio.

With these headlines grabbing all the attention, other economic news could have gone unnoticed: the rate of inflation is moderating, the job market remains strong, overnight interest rates have peaked in Canada, and the pace of economic growth in North America continues.

Looking ahead, the next quarter of corporate earnings is underway and the results have been better than expected.

Your investment portfolio remains in a strong and stable position.

The view from Brian Belski, BMO's Chief Investment Strategist:

“Volatility returned with a vengeance in March as the emergence of banking crisis fears dominated price action in the market, as investors contemplated the potential impact on the broader financial system and the Fed’s policy path going forward. Despite the concerns, the S&P 500 still managed to post a… gain during the month with mega-cap growth stocks exhibiting some of the strongest returns, helping to buoy the overall market. From our perspective, these banking developments do not alter our 2023 outlook… and, in fact, make our call for price choppiness and heightened volatility throughout the year even more probable. As such, we believe investors should be stock-pickers in this environment and use periods of weakness as opportunities to add to select positions. In addition, while growth has clearly been the style preference as of late, we would not recommend piling into these hyper-growth names at this time as we continue to favor a tilt toward value amid this market backdrop. The S&P/TSX declined … in March, underperforming the S&P 500… The bulk of the underperformance was driven by Financials, the largest weight in the TSX... From our perspective this is a compositional issue, as US Financials declined … in March. As such, we believe this will likely reverse as these concerns subside... Overall, despite the recent Financial-driven weakness we continue to believe the TSX remains well positioned to outperform in the near term. Indeed, the strong relative value and cash flow position of the TSX remains a clear source of downside protection in 2023.”

Portfolio Strategy – April 2023. BMO Capital Markets.


Stocks in your portfolio that made a new 52 week high this past month:


Stocks in your portfolio that made a new 52 week low this past month:

Accenture*, Bristol-Myers*, Johnson & Johnson, TD Bank*

The Loonie gained one cent versus the U.S. dollar to:


Thank you,

Ian, Gab, Kaitlyn & Nataliia