Investors who get exposure to Canadian equities through market-weighted exchange traded funds (ETFs) and even Canadian equity mutual funds might be surprised that one company has taken a more influential role in the benchmark S&P/TSX Composite Index.
Martin Toner, director of institutional research at ATB Capital Markets, says the forecast for Shopify's growth has improved.
The online retailer has been nipping at RBC’s heels for a few years, but Shopify shares have doubled in value during the past six months on better-than-expected earnings and a positive sales outlook for the holidays. We’ve seen this before over the past three decades with Nortel, Research in Motion , and more recently Valiant Pharmaceuticals: all taking an outsized weighting in the TSX at some point in time.
Other actively managed Canadian equity mutual funds, however, can steer clear or limit the amount of index aberrations like Shopify if the manager wishes.
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