Equity Funds Had Solid Start

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    Most equity mutual funds had a solid start in the third quarter of 2013 in Canada, says Morningstar Canada. Of its 22 Canada fund indices that measure the performance of equity categories, 17 increased in July. Positive performances by U.S. and most global equity markets were largely driven by the comments of U.S. policymakers; in particular, the Federal Reserve Board’s assertion about its plan for the foreseeable future. The best regional results were for the Morningstar Canada European Equity Fund Index, which increased 6.6 per cent, and the U.S. Small/Mid Cap Equity Fund Index, with an increase of 4.7 per cent. In a sharp reversal from June’s results, funds that focus on precious metals equities posted the biggest increases overall. The Precious Metals Equity Fund Index had an aggregate increase of 9.6 per cent.