Aftermath of UK Referendum

Portfolio Advisory Group

June 24, 2016

In a result that surprised many, the United Kingdom has voted to “Brexit” the European Union. The decision is historic indeed. For this week’s commentary, we attach a good read (see below for link) courtesy of our Chief Investment Officer, Shane Jones. We couldn’t have said it better ourselves. Our portfolios are well positioned; our equities are high quality – nothing speculative or junk – and in most cases, they are holding up better than the broad market. Our position in the US currency is at around 40% of our equity component and the US Dollar is up over 2% versus the Loonie at the time of writing. Our fixed income component is benefitting as well.

Lastly, at the time of writing the expected selling frenzy hasn’t appeared, this is very interesting. It is encouraging the markets are down only 1.5-2% but we will be vigilant as always in following the trends and if the trend is toward a major selloff/recession, then we will act accordingly.

As always, we welcome your calls. Have a great weekend.

Daryl Cooper, Portfolio Manager

Aftermath of UK Referendum