Over the fourth quarter of 2025, the Balanced Fund returned 1.60%, contributing to a 10.67% gain over the past year. During the same period, the Money Market Fund gained 0.67%, the Equity Fund increased by 2.69%, and the Bond Fund rose 0.36%.

Market summary

2025 was a positive year for investment markets overall, led by strong equity performance. Stock markets delivered solid returns across Canada, the U.S., and international markets, supported by steady economic growth, resilient corporate earnings, and continued innovation—particularly in technology and productivity-enhancing industries. Canadian equities performed especially well, while global and emerging market stocks also posted strong gains. While markets experienced periods of volatility, investors who stayed diversified and focused on long-term growth were rewarded.

Fixed income and real assets delivered more stable and balanced outcomes. Bond markets produced modest positive returns as interest rates remained elevated but generally more stable than in recent years, allowing interest income to contribute meaningfully to results. Real estate and infrastructure continued to show resilience, supported by long-term demand for housing, transportation, utilities, and essential services. These asset classes delivered steadier returns during the year and continued to play a supporting role within diversified portfolios.

Global factors also shaped results across asset classes in 2025. Movements in interest rates, economic growth expectations, and currencies influenced returns, particularly for investments outside Canada. The Canadian dollar strengthened against the U.S. dollar over the year, which affected the value of foreign-denominated investments when measured in Canadian dollars. Overall, markets reflected a year of solid growth alongside ongoing adjustments to economic and policy conditions.

Read the full Q4 performance report.