Canadian Pension Plans Delivered Muted Returns in Q4 2025 Amid a Shifting Geopolitical Landscape

Equity markets navigated through events and generated positive performance, led by Canada, for the quarter and the year. Other major equity indices closed the year producing attractive double-digit returns. Canadian bonds witnessed a modest decline for the quarter as the yield curve steepened but posted a positive return for the 12-month period. "This past year, the markets have endured heightened levels of volatility as trade policy experienced dramatic shifts around the world. As global economies adapt an ...