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 – 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 […]
Third Quarter 2023 Market Commentary
Read the Q3 2023 Market Commentary for an update on current market conditions.
Market Commentary – Second Quarter 2022
Financial markets remained turbulent throughout the second quarter of 2022, as inflationary pressures (the highest in 40 years) and the prospect for more aggressive interest rate hikes continued to weigh on investor sentiment. Monetary policymakers aggressively stepped up their tightening measures in an attempt to prevent inflation (thought of as “transitory” just six months earlier) […]
Market Commentary – Fourth Quarter 2021
The global economic recovery continued in the fourth quarter of 2021, but at a slower pace and with emerging distinctions between industries. Notably, energy prices continued to push higher, extending the energy sector’s winning streak and putting those in the “inflation is transitory” camp – not to mention managers of fossil fuel free funds – […]
Market Commentary – Third Quarter 2021
China dominated the capital market news cycle in September, sending markets sharply lower following two months of strong gains. Default risk – with global implications – surfaced at Evergrande, China’s second largest real estate company. The ruling Communist party also cracked down on cryptocurrency use, and, more broadly, businesses and capital market activity via sweeping […]
Market Commentary – Second Quarter 2021
The pervasive capital market chatter thus far in 2021 has centered on inflation. The debate is not whether inflation exists – it certainly does – but rather the expected duration of these official 3% to 4% annualized Consumer Price Index prints. “Transitory” is the buzz word for one camp, whereas others see rising prices as […]
Market Commentary – First Quarter 2021
In his 2004 book, The Misbehavior of Markets, mathematician and inventor of fractal geometry Benoit Mandelbrot succinctly illustrates how market crashes happen more frequently than modern portfolio theory would suggest. We expect volatility from the equity market, but some of the precipitous declines experienced by investors over the past three decades are just not supposed […]
Investment Update Presentation from Dec 3, 2020 – Recording and Q&A
On Thursday December 3, 2020, the FPP held an online investment update presentation. Kamila Giesbrecht, Executive Director, Investments, provided an update on the Plan’s investments and review of how the funds performed in 2020, followed by a brief question period. If you weren’t able to attend, you may view the recorded presentation here. Not all […]
Market Commentary – Second Quarter 2025
July 29, 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 […]