ClearBridge Canadian Plus Equity Strategy Q4 2023 Commentary

News Snapshot:

Jinda Noipho/iStock via Getty Images By Garey J. Aitken, CFA, & Timothy W. Caulfield, CFA Market Overview The S&P/TSX Composite Total Return Index returned 8.1% in the fourth quarter. Benchmark 10-year interest rates in Canada and the U.S. reached 2023 highs of 4.24% and 4.99%, respectively, in October before ultimately giving way in the final two months of the year to close at 3.11% and 3.88%. Following a U.S. Federal Reserve meeting in December that highlighted easing inflation and slowing economic growth, rates priced in a more dovish consensus. The advance in Canadian equities was broad-based, with information technology (IT,...