Investments
US equities
Allocation
21.5%
Annual return
14.55%
Exposure
$2.10 B
Benchmark
10.31%
2025 performance
The US equity program delivered exceptional results in 2025, significantly outpacing its targets. The portfolio returned 14.55%, outperforming the benchmark of 10.31%. This outperformance was primarily driven by the internally managed large cap US equity fund, which beat its benchmark by 4.66%.
Investment approach
Our US equity investments consist of four separate strategies.
US large cap equity fund – This internally managed fund is benchmarked to the S&P 500 Index. This core allocation is designed to capture growth within the large-cap universe while consistently delivering index-plus performance (alpha) over the long term.
Low volatility dividend strategy – This internally managed fund is benchmarked to the S&P 500 Low Volatility High Dividend Index and focuses on companies with stable valuations that pay dividends. It is designed to reduce the volatility of the total US equity portfolio by remaining more stable during market downturns.
US mid-cap index fund – We invest in an index fund that tracks mid-sized US companies. This gives us access to growth opportunities beyond the very largest companies and helps diversify the portfolio.
Passive core – We invest in an index fund that tracks the S&P 500. This ensures our portfolio stays closely aligned with the overall market.
Capital allocation and portfolio positioning
As of year-end 2025, the Fund remains overweight in US equities. Our current allocation is 21.5% while our policy benchmark is 17.5%.
84.1% of the US equity assets are invested in US large cap mandates, while 8.0% of the US equity assets are invested in an internally managed US low volatility high dividend equity fund, and 7.9% are invested in a midcap ETF.
US equities
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Allocation
21.5%
Annual return
14.55%
Exposure
$2.10 B
Benchmark
10.31%
2025 performance
The US equity program delivered exceptional results in 2025, significantly outpacing its targets. The portfolio returned 14.55%, outperforming the benchmark of 10.31%. This outperformance was primarily driven by the internally managed large cap US equity fund, which beat its benchmark by 4.66%.
Investment approach
Our US equity investments consist of four separate strategies.
US large cap equity fund – This internally managed fund is benchmarked to the S&P 500 Index. This core allocation is designed to capture growth within the large-cap universe while consistently delivering index-plus performance (alpha) over the long term.
Low volatility dividend strategy – This internally managed fund is benchmarked to the S&P 500 Low Volatility High Dividend Index and focuses on companies with stable valuations that pay dividends. It is designed to reduce the volatility of the total US equity portfolio by remaining more stable during market downturns.
US mid-cap index fund – We invest in an index fund that tracks mid-sized US companies. This gives us access to growth opportunities beyond the very largest companies and helps diversify the portfolio.
Passive core – We invest in an index fund that tracks the S&P 500. This ensures our portfolio stays closely aligned with the overall market.
Capital allocation and portfolio positioning
As of year-end 2025, the Fund remains overweight in US equities. Our current allocation is 21.5% while our policy benchmark is 17.5%.
84.1% of the US equity assets are invested in US large cap mandates, while 8.0% of the US equity assets are invested in an internally managed US low volatility high dividend equity fund, and 7.9% are invested in a midcap ETF.