DM Portfolio Commentary – Q2 2023
“Optimism often sounds like a sales pitch, pessimism sounds like someone trying to help you”. – Morgan Housel
As 2023 began, there were numerous reasons to be pessimistic, high inflation, plummeting asset prices, the economically important US housing sector was in a deep freeze, a looming recession, and a banking crisis. However, despite these concerns, the first half of the year saw significant gains in the S&P 500 and the NASDAQ Index, contradicting the bearish predictions. While central banks continue to tighten rates, underlying factors contributing to consumer inflation have decreased, and both the bond and equity markets seem to be taking note.
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DM Monthly Report – Summer 2023
ABSTINENCE OR ENGAGEMENT? Nearly three years ago, DM launched its Environmental, Social, & Governance (ESG) Evaluation Framework, which has become an integral part of our analytical process. For a few reasons, we decided not to outsource this work to a third-party rating agency — as is common practice in the investment industry – and instead, developed our own proprietary in-house solution.
FEATURE STOCK: Dollarama (DOL) DOL shares have been a significant contributor to DM equity returns since we took our first position in 2014.
Click here to read more: DM Monthly Report – Summer 2023
