The fund invests primarily in Canadian government debt and also holds a limited number of semigovernment and highly rated euro bonds. During the first half of the book year, the Canadian economy continued on its steady growth path. The strong Canadian dollar however affected exports negatively and the indebtedness of the private sector remains a concern. The low core inflation provided sufficient leeway for the Central Bank to keep its official interest rate unchanged at 1%. All in all, the bond rates moved sideways over the course of the first half of the book year. The compartment had a positive return, but the strong depreciation of the Canadian dollar versus the euro has affected the European investor negatively. For the second half of the book year, we expect that the Central Bank will keep the official interest rate unchanged. The ongoing economic recovery in the US should however push the Canadian interest rate higher at some stage in the future.
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SJB Kurzportrait.
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