A. North American Equity Market Statistics Canadian Equities
During the fourth quarter, the Canadian equity market, as measured by the S&P/TSX total return index, increased by 3.5%. Year-over-year, the index increased 20.7%, including dividends. Our basket of Canadian companies (after all expenses) increased by 17% during 2024. Over the past 5 and 10 years, our Canadian businesses have compounded annually at 8% and 9%, respectively. When compared to the S&P/TSX we underperformed the index by 2% over the past 5 years, but over the last 10 years, we outperformed the index by 1.2%, compounded annually. Our weighting in the precious metals royalty companies, along with our weighting in infrastructure businesses, energy companies and several financial companies like Trisura Group and Brookfield Corporation have added value relative to the index. We continue to focus on the long-term economic fundamentals of the companies we own. We are pleased with our core positions and their favourable long-term fundamentals and continue to fine-tune our positions as opportunities arise.
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