| As of June 30, 2025 | Q2 | YTD |
| Canada Universe Bond Index | -0.7% | 1.3% |
| S&P/TSX Index (Canada) | 8.5% | 10.2% |
| S&P 500 Index (US) in CDN$ | 5.2% | 0.8% |
| MSCI World Index (Global) in CDN$ | 5.9% | 4.7% |
| US$ / CDN$ | -5.2% | -5.1% |
2025 YTD Capital Market Commentary
- Despite roller-coaster volatility, it was a positive first half for Equities as Canadian (S&P/TSX), US (S&P 500) and Global (MSCI World) Equity Markets all finished June at all-time highs.
- Initial tariff shocks and trade‑policy uncertainty triggered a steep market sell‑off in early April when the S&P 500 fell about 20% below previous market highs but staged a swift recovery as trade tensions eased and corporate earnings outperformed expectations.
- While the S&P 500 returned +6.2% in USD terms, a -5.1% USD depreciation resulted in only a +0.8% return in CDN$ terms.
- Both Canadian and International (EAFE Index) Equities performed strongly, returning +10.2% and +13.8%, respectively.
- The Canadian Bond Universe was up a modest +1.3%. Long-Term Bonds (-0.5%) underperformed Short-Term Bonds (+2.2%).