To say 2018 was a tumultuous year in the markets would be an understatement, with the S&P 500 losing 13.5% in Q4, the biggest quarterly loss since the summer of 2011, when U.S. debt was downgraded from AAA and European Debt Crisis was peaking.

The ACE finished 2019 with a +1.1% return in December which compared quite favourably to the monthly return of -5.4% for the S&P/TSX Composite Total Return Index (“TSX”).