The returns for various asset classes in 2004 (in C$) is as follows:
TSX Composite: +12.48%
SCM Bond: +7.15%
C$/USD: +7.52%
S&P 500: +1.37%
DJIA: -4.1%
NASDAQ: +1%
Gold: -2%
Crude Oil: +24.6%
US equity returns were adversely affected by the strengthening C$. Bonds displayed surprising strength, when the consensus was for bond yields to rise (showing that market timing rarely pays off). The main portfolio goal for 2005 is to initiate a bond exposure, through the new bond index fund.
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