Guardian Monthly | Canada

NOVEMBER 30, 2020

Canadian Monthly Highlights S&P/TSX Composite Sector Total Returns (%) • The S&P/TSX Composite Total Return Index rallied 10.6% in 1 Mth YTD 1 Yr. 5 Yrs. November as investor sentiment improved sharply against positive Energy 19.5 -27.0 -22.4 -2.8 developments with respect to COVID-19 vaccines. Materials -4.7 17.5 23.2 14.4 • Canada’s real gross domestic product increased at a record-high Industrials 7.8 13.8 14.3 14.4 40.5% annualized rate in the three-months ended September, a marked (though only partial) recovery from the collapse in economic Consumer Discretionary 14.6 10.7 6.9 6.6 activity recorded over the previous two quarters. Consumer Staples 2.6 4.9 -0.3 7.2 Health Care 35.1 -14.1 -12.9 -26.6 • Canada’s economy added another 62,100 net new jobs in November, the seventh consecutive monthly increase that has resulted in an 80% Financials 16.4 -0.2 -2.7 8.4 retracement of the crisis-induced plunge in employment earlier in Information Technology 14.4 75.3 80.8 32.3 the year. The unemployment rate fell further as well, dipping to 8.5% Communication Services 7.6 -3.1 -4.5 5.9 from 8.9% in October and further below May’s peak of 13.7%. Utilities 5.9 14.4 14.3 13.8 • Canada’s consumer price index rose 0.4% on a month-over-month Real Estate 13.1 -6.3 -8.6 6.6 basis in October, pushing the 12-month consumer inflation up to a Sources: Bloomberg Finance L.P., TD Securities. four-month high of 0.7% (versus 0.5% in September and 0.1% in August). While headline inflation remains muted due to the decline Canadian Employment x 1,000 in Energy over the last year, the measures of core inflation generally 16 14 anchored at rates just below the 2% midpoint of the of Canada’s 14 target range. 12

12 • The Canadian Federal government’s fiscal update showed 10 expectations of sizable budget deficits for the foreseeable future 10 thanks to stimulus measures designed to help muted the economic 8 impact of COVID-19. 8

6 Index Total Returns (%) 6 4

1 Mth YTD 1 Yr. 5Yrs. 2 4 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 S&P/TSX Capped Composite 10.6 3.8 4.3 8.3 UNEMPLOYMENT RATE (15 YRS & OVER) % : Canada (RH Scale) PART-TIME EMPLOYMENT - CANADA (15 YRS & OVER) : Canada FULL-TIME EMPLOYMENT (15 YRS & OVER) : Canada S&P/TSX 60 10.4 4.1 4.0 8.7 Source: Refinitiv Datastream S&P/TSX SmallCap 17.6 6.7 12.4 7.2 P/E Ratio (Trailing 12 mth) Dividend Yield % S&P/TSX High Dividend Index 15.4 -7.4 -6.1 6.5 S&P / TSX Composite 21.7 3.0 Jantzi Social Index 11.3 -2.0 -2.9 7.1 Source: CPMS FTSE Canada Universe Bond 1.0 8.3 7.0 4.3 Stocks of Influence for the Month FTSE Canada 91 Day T-Bill 0.0 0.8 1.0 1.0 FTSE Canada High Yield Overall Bond 2.0 5.3 5.6 8.0 Top Performers Impact*(%) Return**(%) Sources: Bloomberg Finance L.P., BMO Capital Markets, FTSE Bond Analytics, TD Securities -Dominion Bank 0.9 17.9 Royal Bank of Canada 0.8 13.8 Bond Sector Returns (%) - FTSE Indices Shopify Inc. 0.8 13.8 1 Month Short Term Mid Term Long Term Bottom Performers Impact*(%) Return**(%) Federals 0.0 0.0 1.2 Barrick Gold Corp. -0.5 -16.3 Provincials 0.1 0.3 2.2 Wheaton Precious Metals Corp. -0.2 -18.0 Corporates 0.6 1.4 3.7 Source: TD Securities *Impact of stock on the S&P / TSX Composite **Price Return Agnico Eagle Mines Ltd. -0.2 -19.3 Source: FTSE Bond Analytics Source: TD Securities *Impact of stock on the S&P/TSX Composite **Price Return All data provided herein is as at November 30, 2020. This communication is for educational purposes only and does not constitute investment, legal, accounting, tax advice or a recommendation to buy, sell or hold a . This information is not intended for distribution into any jurisdiction where such distribution is restricted by law or regulation, and may not be reproduced or redistributed without the consent of Guardian Capital LP. Index returns are for information purposes only and do not represent actual strategy or fund performance. Index returns do not reflect the impact of management fees, transaction costs or expenses. This document includes information concerning financial markets that was developed at a particular point in time and is subject to change at any time, without notice, and without update. Certain information contained in this document has been obtained from external parties which we believe to be reliable, however we cannot guarantee its accuracy and are under no obligation to update . Guardian Capital LP is wholly owned subsidiary of Guardian Capital Group Limited, a publicly traded firm listed on the . For further information on Guardian Capital LP or its affiliates, please visit www.guardiancapitallp.com GUARDIAN CAPITAL LP | Commerce Court West 199 Bay St., Suite 3100, Toronto ON M5L 1E8 | Tel: 416·364·8341 | guardiancapital.com