First Glance
Fourth Quarter 2025
Canadian Domiciled Strategies
January 8, 2026
What’s New
CC&L Investment Management is proud to be the recipient of a 2025 Coalition Greenwich Award: Best Asset Manager for Institutional Investors in Canada.* This award reflects excellence across both investment performance and client service, as measured by the Greenwich Quality Index.
| Market Index Returns (Local Currency) | Q4 (%) | YTD (%) |
|---|---|---|
| MSCI All Country World | 3.7 | 20.2 |
| MSCI All Country World ex-US | 6.0 | 25.1 |
| S&P/TSX Composite | 6.3 | 31.7 |
| S&P 500 | 2.7 | 17.9 |
| MSCI Emerging Markets | 5.7 | 32.1 |
| FTSE Canada Universe Bond | -0.3 | 2.6 |
Foreign Equities
| Foreign Equity Strategies | Q4 (%) | YTD (%) |
|---|---|---|
| CC&L Q Global Equity | 2.6 | 22.0 |
| CC&L Q Global Equity Extension1 | 4.5 | 24.1 |
| MSCI ACWI Index (CAD) (net) | 1.8 | 16.6 |
| CC&L Q Global Small Cap | 2.4 | 20.1 |
| MSCI ACWI Small Cap Index (CAD) (net) | 1.1 | 14.1 |
| CC&L Q International Equity | 4.3 | 32.1 |
| MSCI ACWI ex-US Index (CAD) (net) | 3.5 | 26.2 |
| CC&L Q International Small Cap | 3.8 | 32.6 |
| MSCI ACWI ex-US Small Cap Index (CAD) (net) | 1.4 | 23.2 |
| CC&L Q Emerging Markets Equity | 3.8 | 30.6 |
| MSCI Emerging Markets Index (CAD) (net) | 3.2 | 27.3 |
| CC&L Q US Equity Extension1 | 3.0 | 17.2 |
| S&P 500 Index (Net 15%) | 1.1 | 12.1 |
10.1%
Health Care
6.4%
Materials
5.2%
Financials
1.4%
Consumer Staples
0.0%
Consumer Discretionary
-2.0%
Real Estate
30.8%
Korea
18.0%
Austria
17.7%
Chile
-2.9%
Morocco
-7.6%
China
-7.6%
Saudi Arabia
Canadian Equities
| Canadian Equity Strategies | Q4 (%) | YTD (%) |
|---|---|---|
| CC&L Fundamental Canadian Equity | 7.6 | 30.3 |
| CC&L Equity Income & Growth | 6.0 | 24.6 |
| CC&L Equity Income & Growth Plus | 5.3 | 25.0 |
| CC&L Q Canadian Equity Core | 7.8 | 34.6 |
| CC&L Q Canadian Equity Growth | 7.4 | 35.5 |
| CC&L Q Canadian Equity Extension1 | 9.3 | 40.2 |
| CC&L Canadian Equity Combined (Q Core/Fundamental) | 7.7 | 32.4 |
| S&P/TSX Composite Index | 6.3 | 31.7 |
| CC&L Fundamental Canadian Small/Mid Cap | 11.3 | 44.5 |
| 60% S&P/TSX Small Cap Index & 40% S&P/TSX Completion Index | 9.5 | 47.2 |
11.9%
Materials
11.0%
Consumer Discretionary
10.5%
Financials
-1.5%
Industrials
-1.7%
CommunicationCommuni-cation Services
-6.1%
Real Estate
Canadian Fixed Income
| Fixed Income Strategies | Q4 (%) | YTD (%) |
|---|---|---|
| CC&L Core Bond | -0.4 | 3.0 |
| CC&L Universe Bond Alpha Plus1 | 1.5 | 6.0 |
| CC&L Core Plus Fixed Income | 0.0 | 3.5 |
| CC&L High Yield Bond2 | 0.5 | 5.8 |
| FTSE Canada Universe Bond Index | -0.3 | 2.6 |
| CC&L Long Bond | -1.4 | -0.3 |
| CC&L Long Bond Alpha Plus1 | 0.4 | 2.6 |
| FTSE Canada Long Term Overall Bond Index | -1.4 | -0.7 |
| CC&L Short Term Bond | 0.3 | 3.9 |
| FTSE Canada Short Term Overall Bond Index | 0.3 | 3.9 |
| CC&L Money Market | 0.7 | 3.0 |
| FTSE Canada 91 Day T-Bill Index | 0.6 | 2.8 |
Balanced Strategies
| Balanced Strategies | Q4 (%) | YTD (%) |
|---|---|---|
| CC&L Balanced | 2.8 | 16.4 |
| 25% S&P/TSX Capped Composite Index & 35% MSCI ACWI Net (CAD$) & 40% FTSE Canada Universe Bond Index |
2.1 | 14.6 |
| CC&L Enhanced Balanced | 3.0 | 16.8 |
| 20% S&P/TSX Capped Composite Index & 40% MSCI ACWI Net (CAD$) & 40% FTSE Canada Universe Bond Index |
1.8 | 13.9 |
| CC&L Core Income & Growth | 4.1 | 19.9 |
| 50% S&P/TSX Composite Index & 25% S&P/TSX Capped REIT Index & 25% FTSE Canada All Corporate Bond Index |
2.5 | 19.2 |
Absolute Return Strategies
| Absolute Return Strategies1 | Q4 (%) | YTD (%) |
|---|---|---|
| CC&L Multi-Strategy | 7.0 | 13.4 |
| CC&L All Strategies | 9.7 | 15.0 |
| CC&L Fundamental Equity Market Neutral | 9.4 | 5.1 |
| CC&L Q Global Equity Market Neutral (Cdn) | 5.1 | 14.7 |
| CC&L Fixed Income Absolute Return | 0.0 | 3.4 |
| CC&L Absolute Return Bond | 0.2 | 3.8 |
| FTSE Canada 91 Day T-Bill Index | 0.6 | 2.8 |
About Connor, Clark & Lunn Investment Management Ltd.
Founded in 1982, Connor, Clark & Lunn is a privately owned investment management organization dedicated to delivering outstanding client service and a wide range of attractive investment solutions to our diverse client base. We understand the investment challenges faced by individuals, pension plans, corporations, foundations, mutual funds, First Nations and other organizations, and focus our efforts on meeting their investment needs by offering a comprehensive array of investment strategies, spanning traditional and alternative asset classes in a variety of quantitative and fundamental styles.
* Throughout 2025, Crisil Coalition Greenwich conducted interviews with 147 of the largest corporate pension funds, public pension funds, financial institutions, endowments and foundations in Canada and other global regions. Senior fund professionals were asked to provide detailed evaluations of their investment managers, assessments of those managers soliciting their business, and insights on important market trends. Connor, Clark & Lunn Investment Management did not provide Crisil Coalition Greenwich with any compensation for this survey.
All data except MSCI Indices are as of December 31, 2025 and stated in Canadian dollars (CDN$). Source: Connor, Clark & Lunn Financial Group Ltd., FTSE Global Debt Capital Markets Inc., MSCI Inc., Thomson Reuters Datastream and S&P. Portfolio performance is preliminary, based on a representative account for the applicable strategy and may be subject to change. All performance data is gross of fees unless otherwise stated. Gross performance figures are stated after trading expenses and operating expenses but before management fees and performance fees, if applicable. Operating expenses include items such as custodial fees for segregated accounts and for pooled vehicles would also include charges for valuation, audit, tax and legal expenses. Management fees and additional operating expenses would reduce the actual returns experienced by investors. 1. These strategies are subject to performance fees, which will further reduce actual returns experienced by investors. 2. CC&L High Yield Bond Strategy has a custom benchmark, please contact us for more information.
This publication is for information purposes only and is not an offer to buy or sell, nor a solicitation of an offer to buy or sell any security or other financial instrument advised by CC&L.
For further information on performance, please contact us at [email protected].
Source: MSCI Inc. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. MSCI makes no express or implied warranties or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI.
