Market Commentary – Second Quarter 2025
The following market commentary is courtesy of the Plan’s Canadian Equity investment manager, Leith Wheeler Investment Counsel LTD. The second quarter of 2025 was another example of why trying to predict (or time) markets over the short term is fraught with danger. Stocks came under significant pressure to begin the quarter with the S&P/TSX Composite […]
Market Commentary – First Quarter 2025
The following market commentary is courtesy of the Plan’s Canadian Equity investment manager, Connor, Clark & Lunn Investment Management. The first quarter of 2025 was characterized by a high degree of uncertainty due to escalating trade tensions. The strategy of the Trump administration appeared to cultivate instability. Although many tariff announcements were primarily threats and […]
Market Commentary – Fourth Quarter 2024
The following market commentary is courtesy of the Plan’s Canadian Equity investment manager, Connor, Clark & Lunn Investment Management. Robust economic activity, coupled with stable inflation figures, a Republican victory in the US election and easing monetary policy collectively bolstered market sentiment in the fourth quarter. Equity markets experienced significant gains in November, reaching new […]
Market Commentary – Third Quarter 2024
The following market commentary is courtesy of the Plan’s Fossil Fuel Free Equity and Bond investment manager, Jarislowsky Fraser Global Investment Management. Economic Review In the third quarter, the global macroeconomic environment was characterized by continued, albeit steeper, downward moves in both headline and core inflation, as well as market-based measures of inflation expectations. This […]
Market Commentary – Second Quarter 2024
The following market commentary is courtesy of the Plan’s Canadian Equity investment manager, Connor, Clark & Lunn Investment Management. During the quarter, economic releases pointed to a generally resilient pace of activity in the US economy, although there was clear evidence of slowing momentum. Some economic data was weaker with downside surprises relative to market […]
Market Commentary – First Quarter 2024
The following market commentary is courtesy of the Plan’s Canadian Equity investment manager, Connor, Clark & Lunn Investment Management. Global economic divergences grew in the first quarter of 2024. In the US, economic data releases continued to show above-trend growth. Following two consecutive months of reaccelerating inflation, the narrative shifted away from the possibility of […]
Market Commentary – Fourth Quarter 2023
The following market commentary is courtesy of the Plan’s Canadian Equity investment manager, Leith Wheeler Investment Counsel Ltd. Summary This year ended up being a strong one for markets, as evidence of easing inflationary pressures emerged in the fourth quarter. We have witnessed consecutive months in October and November where inflation in Canada hovered just […]
Market Commentary – Third Quarter 2023
The following market commentary is courtesy of the Plan’s Foreign Equity investment manager, MFS Investment Management Canada Ltd.
Market Commentary – Second Quarter 2023
The following market commentary is courtesy of the Plan’s Canadian Equity investment manager, Connor, Clark & Lunn Investment Management. After the volatile financial markets experienced in March, investors welcomed a more stable market environment in the second quarter. Investor sentiment improved in response to several factors, including the resolution of the US debt ceiling discussions, […]
Market Commentary – Third Quarter 2025
October 27, 2025
The following market commentary is courtesy of the Plan’s Canadian Equity investment manager, Connor, Clark & Lunn Investment Management. The third quarter of 2025 saw a clear shift in the North American growth narrative, with labour market weakness moving to the forefront. In Canada, employment contracted in both July and August, lifting the unemployment rate […]