Commentary

Maxam Diversified Strategies Fund – Q1 2014

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The Maxam Diversified Strategies Fund1 gained +1.2% during the first three months of 2014.

Canada’s stock markets delivered a positive first quarter, largely on the strength of the Energy and Materials sectors which were supported by a weaker Canadian dollar versus the U.S. greenback and a bounce in the price of gold. In the U.S. market, we’ve begun to see many of 2013’s high fliers and momentum stocks come under pressure thus far in 2014.

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Maxam Diversified Strategies Fund – February 2014

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The Maxam Diversified Strategies Fund1 gained +1.7% in February.

Canada’s markets have started 2014 on a positive note, buoyed by a bounce in the Materials sector, primarily driven by gold mining stocks which were up 26% in the first two months of 2014. We had immaterial exposure to gold stocks throughout 2013, which was the right call with the sector down a whopping -45%.

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Maxam Diversified Strategies Fund – January 2014

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The Maxam Diversified Strategies Fund1 declined -0.5% in January.

A rally in gold mining stocks is supporting the Canadian indices to start 2014 (a sector we are not betting on at this time). And, after a very strong rally to finish the year in the U.S., the S&P 500 Index has fallen -3.5% in January. We’ve seen volatility creep back into the market as investors grapple with trying to understand what the implications will be of the Fed continuing to taper its quantitative easing program.

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Maxam Diversified Strategies Fund – Q4 2013

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The Maxam Diversified Strategies Fund1 gained +3.0% in December, +8.9% in the fourth quarter and +28.0% in 2013. As the manager, and as investors in the Fund, we are pleased with these returns. We are also happy to report that the Fund finished 2013 ranked in the first quartile of its peer group2 .

After a flat first half of 2013 Canada’s S&P/TSX Composite Index rallied during the final six months of the year to finish up +9.6% on a simple price basis,

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Maxam Diversified Strategies Fund – November 2013

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The Maxam Diversified Strategies Fund1 gained +1.6% in November, and is now +24.3% year to date in 2013.

November was a mixed, but positive, month for Canada’s S&P/TSX Composite Index which gained 0.4%. As we approach year end we are seeing investors take some profits in what has been a decent performance year for Canada thus far – through the first 11 months of 2013 the S&P/TSX is +10.8%.

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