- Stock selection in the industrials and health care sectors contributed to relative performance.
- Notable individual contributors in Q1 included Apple (underweight), Taiwan Semiconductor (overweight), Tesla (not held), Eaton Corp. (overweight) and Icon Plc (overweight)
- Taiwan Semiconductor Manufacturing Co
- The timing of the portfolio’s ownership of the semiconductor manufacturer boosted relative returns. It reported better-than-expected quarterly financial results and forecast strong 2024 earnings per share (EPS) growth as artificial intelligence (AI) adaption gathered further momentum.
- Tesla Inc.
- Not owning shares of the electric vehicle manufacturer benefited relative results. Tesla fell following softer-than-anticipated earnings for the sixth straight quarter as it sacrificed pricing and margins in favour of sales.
- Apple Inc.
- The portfolio’s underweight position in the computer and personal electronics maker lifted relative returns. The share price declined as it reported a slowdown in iPhone demand and services in China. Apple’s shares also suffered as the U.S. Department of Justice filed a civil antitrust lawsuit alleging the company monopolized the smartphone market by discouraging innovation and competition.
- Taiwan Semiconductor Manufacturing Co
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SLGI Asset Management Inc. is the investment manager of the Sun Life family of mutual funds. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund’s prospectus. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
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