aou haosn uhsnao husnhaosun aosn uhsnao husnhaoesn haon uhn usn haousn ao uh aouhaouhaouthao haouh saousao husn haosunhao uthaosnuh aosuhsnao usa ounhaousnhao suhao uaoshtnhaohaoutn ao utn haouthaoeuhaoeuhaoesn uhoaetucr,ughkth saoetuhaouth aosnuh aosnu haotehuehaoutnehoutn  ao a tehoau saose utaoeuao uaoe u aouao ao uaouhgsnhaoeusn aoesut ao ao uaot esuthaoesunhaoeutnhaoesnuh a  aothuhao euaoeunhaoeusn haousnh aosnuhaosnuh snaohusn aoutn haoh aoesnuhaou oe uao uhaoutao uhsao euao u

At the beginning of the fourth quarter, HAC was ¬less than fully invested in the equity markets as it was conservatively positioned in the unfavourable six-month period for stocks that lasts from the beginning of May until late in October. During the month of October, HAC increased its equity positions to take advantage of seasonal trends for sectors of the stock market. By the end of October, HAC was fully invested in equities. In late November, HAC sold its position in the Canadian banking sector. The sector has a strong seasonal period that starts on October 10th, but often starts to sell off when the Canadian banks start to release their fourth quarter earnings (typically at the end of November), if the banks have had a strong run into their earnings season. In mid-December, HAC entered into positions in the technology sector, the Nasdaq-100 and the small cap sector, which tend to start their seasonal periods at that time. Also, HAC entered into a position in the silver bullion sector late in December as silver tends to perform well from the beginning of January to the end of March.

aou haosn uhsnao husnhaosun aosn uhsnao husnhaoesn haon uhn usn haousn ao uh aouhaouhaouthao haouh saousao husn haosunhao uthaosnuh aosuhsnao usa ounhaousnhao suhao uaoshtnhaohaoutn ao utn haouthaoeuhaoeuhaoesn uhoaetucr,ughkth saoetuhaouth aosnuh aosnu haotehuehaoutnehoutn ao a tehoau saose utaoeuao uaoe u aouao ao uaouhgsnhaoeusn aoesut ao ao uaot esuthaoesunhaoeutnhaoesnuh a aothuhao eu

aoeunhaoeusn haousnh aosnuhaosnuh snaohusn aoutn haoh aoesnuhaou oe uao uhaoutao uhsao euao uAt the beginning of the fourth quarter, HAC was ¬less than fully invested in the equity markets as it was conservatively positioned in the unfavourable six-month period for stocks that lasts from the beginning of May until late in October. During the month of October, HAC increased its equity positions to take advantage of seasonal trends for sectors of the stock market. By the end of October, HAC was fully invested in equities. In late November, HAC sold its position in the Canadian banking sector. The sector has a strong seasonal period that starts on October 10th, but often starts to sell off when the Canadian banks start to release their fourth quarter earnings (typically at the end of November), if the banks have had a strong run into their earnings season. In mid-December, HAC entered into positions in the technology sector, the Nasdaq-100 and the small cap sector, which tend to start their seasonal periods at that time. Also, HAC entered into a position in the silver bullion sector late in December as silver tends to perform well from the beginning of January to the end of March.