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October 31, 2025
Emerging Markets Monthly Update

Emerging Markets October 2025 Commentary: The Strategy’s technology exposure in Asia drove outperformance in a month where AI momentum continued to support emerging markets.

October 31, 2025
Large Cap Growth Monthly Update

Large Cap Growth October 2025: Mega caps in the benchmark reported solid earnings results in October, with those directly involved in AI continuing to ramp up capex.

September 30, 2025
Leaning on Financials Amid Cyclical Leadership

International Growth ADR 3Q25:We meaningfully repositioned our bank exposure, adding three new positions while closing out of two others, highlighting an energetic period of activity.

September 30, 2025
Diversifying to Lower Downside Risk

Dividend Strategy 3Q25: Amid complacency in the face of historically high valuations, we continue to emphasize companies committed to meaningful dividend growth trading at more modest valuations.

September 30, 2025
Finding Disciplined Gains Amid Speculation

Small Cap 3Q25: The dominance of speculative winners and the narrowness of leadership made it difficult for fundamental strategies to keep pace.

September 30, 2025
Cyclical Strength Sparks Canadian Rally

Canadian Equity Strategy 3Q25: The Strategy delivered solid returns but underperformed the benchmark due to an underweight to strong-performing gold stocks and general weakness in materials and energy.

September 30, 2025
Improvers Positioned Where Energy and Efficiency Converge

Global Value Improvers 3Q25: Global equities advanced on tariff clarity and easing policy uncertainty, while the Strategy maintained its focus on undervalued companies with structural growth drivers.

September 30, 2025
Discipline Key to Adding AI Growth Ideas

Large Cap Growth ESG 3Q25:While acknowledging both the euphoria among so-called winners and gloom around so-called losers, we are not chasing momentum but adding new AI-indexed growth ideas in a disciplined way.

September 30, 2025
Backdrop for Risk Assets Is Positive

Appreciation ESG 3Q25: The backdrop for stocks remains constructive, although speculative risks are building alongside untenable valuations.

September 30, 2025
Balance Continues to Deliver Results

Select Strategy 3Q25: Diversified contributions across defensive consumer staples, disruptors in communication services and IT as well as more cyclical industrials holdings drove Strategy outperformance.

Blogs

Canadian Budget Targets Infrastructure, Competitiveness
Fiscal expansion from the federal budget and recent monetary easing offers stimulus, but durable results will depend on how effectively these policies translate into investment and productivity gains.
AOR Update: Data Dearth and the Dashboard
While the government shutdown has halted most economic data releases, our analysis of private data sources suggests a continuation of recent trends and a stable green signal for the Recession Risk Dashboard.
Consequences of Capital Flows Can’t Be Ignored
In markets, money is energy — and flow, not form, drives the cycle between fear and greed.
AOR Update: Labor Market Bending, Not Broken
The labor market is in heightened focus as a sharp drop in immigration has contributed to slower but also lower churn employment growth, increasing the likelihood of modest interest rate cuts.
Concentrated Returns Challenge Small Cap Alpha
The Russell 2000’s top 10, 20, and 30 contributors have recently accounted for a historically high percentage of benchmark gains, creating a set of unique challenges for active small cap managers.