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Market Update Q4 2015

Message from the Chief Investment Officer

Last year delivered more than its fair share of challenges for investors. Market volatility, in the face of declining commodity prices, drove headlines and led many people around the world to question their investment approach.

Fortunately, at MD, our investment approach is designed to effectively manage risks to your portfolios. No matter the wider, short-term market conditions, we remain focused on building and maintaining portfolios that are appropriate for your time horizon and goals. Focusing on the big picture and taking a longer-term approach allows MD investors to ride out periods of market volatility.

Over a short term, investors can be understandably perturbed by lower returns, and we did see our portfolios perform below our target return expectations in 2015. Much of this can be attributed to a sliding Canadian dollar, which saw U.S.-dollar denominated investments outperform. However, over the three years ending December 31, 2015, our portfolios exceeded our return targets. This three-year performance illustrates the dual benefits of relying on a well-constructed portfolio and of staying the course.

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