The following market commentary is courtesy of the Plan’s Canadian Equity investment manager, Connor, Clark & Lunn Investment Management. Markets entered the fourth quarter of 2025 with improving risk sentiment and reduced volatility, supported by resilient growth data earlier in the quarter and continued disinflation across major economies. That optimism was tested intermittently by pockets […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 – First Quarter 2026
April 24, 2026
The following market commentary is courtesy of the Plan’s Canadian Equity investment manager, Connor, Clark & Lunn Investment Management. The first quarter of 2026 was defined by a shift from optimism to a more volatile, higher uncertainty environment later in the quarter. Markets navigated a series of overlapping macro and geopolitical developments, including political instability […]