Summer began as if the financial markets would be relatively calm. The recovery in mergers and
acquisitions, which had started in the previous quarter, quickly lost momentum. But the markets
still delivered some surprises, as we know can happen. Air Canada announced its intention to
acquire all the outstanding shares in Air Transat, and bond rates suddenly became highly
volatile in early September. Once again, our diversified positions allowed us to post a positive
return for the quarter. Now let’s take a more detailed look.