Investments
Asset mix as of December 31, 2025
Annual return
11.86%
Total assets
$9.76 B
Benchmark
12.47%
Investment overview
Global economic growth was resilient for much of 2025 with gross domestic product (GDP) increasing by about 3% in the year. This growth occurred despite several major challenges, including significant changes to US tariff policies, increased geopolitical tensions, the longest US government shutdown in history, and rising global concern about US economic and political policies. However, by the fourth quarter, there were signs the global economy was beginning to lose momentum. Despite this, global economic growth for the year was close to the long-term average.
Equity markets
Global equity markets posted strong returns in 2025. For the first time in many years markets outside the US outperformed the S&P 500. The strongest markets were international developed indexes (MSCI All World ex-USA), which gained 26.5%, and emerging markets which jumped 28.0%. Canadian equities soared 31.7%, their strongest relative performance since 2009.
Gains in international markets were supported by a weaker US dollar, increased investor interest in companies beyond the largest US technology firms, and the narrowing of the gap in valuations between US and non-US firms.
In Canada, much of the outperformance was due to the materials sector as gold and silver prices rose to record highs.
In the US equity market, growth stocks, in particular those related to artificial intelligence (AI), led returns for much of the year following the market lows created by the threat of introducing broad, punitive tariffs by the US in April.
Fixed income markets
In 2025, fixed income markets delivered positive returns in both Canada and the United States, but returns in the US were higher due to differences in interest rates and trade policy.
2025 performance
The total Fund posted a return of 11.86% in 2025, vs. the policy benchmark return of 12.47%, but well above the actuarial expected return of 6%.
Performance of US equity and infrastructure assets contributed positively to relative returns in the year. International equities, Canadian equity, and the private equity portfolios earned returns relatively lower than their respective policy benchmarks.
For the 12 months ended December 31, 2025
| Index total returns | Returns ($CAD) |
|---|---|
| S&P/TSX Composite | 31.7% |
| Dow Jones Industrial Average | 9.7% |
| S&P 500 | 12.5% |
| NASDAQ | 15.5% |
| MSCI EAFE | 25.9% |
| MSCI Emerging Markets Index | 28.0% |
| MSCI All World ex-USA | 26.5% |
| MSCI China Index | 25.5% |
Asset mix as of December 31, 2025
You can't include multiple times the same chart.
Annual return
11.86%
Total assets
$9.76 B
Benchmark
12.47%
Investment overview
Global economic growth was resilient for much of 2025 with gross domestic product (GDP) increasing by about 3% in the year. This growth occurred despite several major challenges, including significant changes to US tariff policies, increased geopolitical tensions, the longest US government shutdown in history, and rising global concern about US economic and political policies. However, by the fourth quarter, there were signs the global economy was beginning to lose momentum. Despite this, global economic growth for the year was close to the long-term average.
Equity markets
Global equity markets posted strong returns in 2025. For the first time in many years markets outside the US outperformed the S&P 500. The strongest markets were international developed indexes (MSCI All World ex-USA), which gained 26.5%, and emerging markets which jumped 28.0%. Canadian equities soared 31.7%, their strongest relative performance since 2009.
Gains in international markets were supported by a weaker US dollar, increased investor interest in companies beyond the largest US technology firms, and the narrowing of the gap in valuations between US and non-US firms.
In Canada, much of the outperformance was due to the materials sector as gold and silver prices rose to record highs.
In the US equity market, growth stocks, in particular those related to artificial intelligence (AI), led returns for much of the year following the market lows created by the threat of introducing broad, punitive tariffs by the US in April.
Fixed income markets
In 2025, fixed income markets delivered positive returns in both Canada and the United States, but returns in the US were higher due to differences in interest rates and trade policy.
2025 performance
The total Fund posted a return of 11.86% in 2025, vs. the policy benchmark return of 12.47%, but well above the actuarial expected return of 6%.
Performance of US equity and infrastructure assets contributed positively to relative returns in the year. International equities, Canadian equity, and the private equity portfolios earned returns relatively lower than their respective policy benchmarks.
For the 12 months ended December 31, 2025
| Index total returns | Returns ($CAD) |
|---|---|
| S&P/TSX Composite | 31.7% |
| Dow Jones Industrial Average | 9.7% |
| S&P 500 | 12.5% |
| NASDAQ | 15.5% |
| MSCI EAFE | 25.9% |
| MSCI Emerging Markets Index | 28.0% |
| MSCI All World ex-USA | 26.5% |
| MSCI China Index | 25.5% |