Ian Riach

We've used this downward volatility (in oil) opportunistically to try and pick away at favored positions within the sector, we're trying to go in and find those names that we feel have been more heavily punished with the decline in the oil price than is justified.

The growth metrics in Canada aren't as robust as maybe they are in the U.S., and valuations were trading at levels that made a lot of Canadian companies vulnerable to earnings disappointments.