Commentary

Maxam Diversified Strategies Fund – Q2 2017

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The second quarter of 2017 was a successful and eventful quarter for the Maxam Diversified Strategies Fund. The fund delivered a positive return while the Canadian market moved lower, and we reached a significant milestone. First some quick comments on the milestone and then on to the business end of the commentary.

Time flies when you’re having fun.

June 30,

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Maxam Diversified Strategies Fund – Q1 2017

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The Maxam Diversified Strategies Fund1 gained +2.1% in the month of March and +4.4% for the first quarter of 2017.

Canada’s S&P/TSX Total Return Index gained +1.3% in March and +2.4% for the first quarter of 2017. Strength in the Materials, Industrials and Consumer Discretionary sectors offset weakness in the Energy and Health Care sectors. Following a very strong start to the year,

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Maxam Diversified Strategies Fund – February 2017

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The Maxam Diversified Strategies Fund1 gained +1.7% in the month of February and is up +2.3% year to date.

Canada’s S&P/TSX Composite index gained +0.7% through the first two months of the year as strength in the Financials and Materials sectors offset weakness in the Energy and Consumer Staples sectors. In the U.S., stock markets picked up right where they left off in 2016 by continuing to rally on anticipation of the Trump administration’s new policies,

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Maxam Diversified Strategies Fund – Q4 2016

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The Maxam Diversified Strategies Fund gained +2.2% in the month of December and finished the 2016 calendar year with a +14.4% gain.

What a year.

2016 was an eventful year to say the least. Investors were kept busy with numerous market moving developments: oil hit a low of ~$25 in January and ended the year above $50;

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Maxam Diversified Strategies Fund – November 2016

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The Maxam Diversified Strategies Funddelivered a strong result in November, rising +2.7%. Through the first 11 months of 2016 the fund is up +12.0%.

It’s been over a month since Donald Trump’s surprise U.S. presidential election victory. The market’s initial positive reaction that we discussed in our October commentary has continued into mid-December. While the world debates the policies that will come into effect during a Trump presidency,

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