First Glance
Fourth Quarter 2025
Non-Canadian Equity 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 (USD) | Q4 (%) | YTD (%) |
|---|---|---|
| MSCI All Country World | 3.4 | 22.9 |
| MSCI All Country World ex-US | 5.1 | 33.1 |
| S&P 500 | 2.7 | 17.9 |
| MSCI Emerging Markets | 4.8 | 34.4 |
Quantitative Equity Strategies
| Long Only Strategies | Q4 (%) | YTD (%) |
|---|---|---|
| CC&L Q Global Equity | 4.1 | 28.5 |
| MSCI ACWI Net | 3.3 | 22.3 |
| CC&L Q International Equity | 6.6 | 41.6 |
| MSCI ACWI ex-US Index Net | 5.1 | 32.4 |
| CC&L Q Emerging Markets Equity | 5.6 | 38.2 |
| MSCI Emerging Markets Net | 4.7 | 33.6 |
| CC&L Q Global Small Cap | 4.3 | – |
| MSCI ACWI Small Cap Index Net | 2.7 | – |
| CC&L Q International Small Cap Equity | 5.3 | 39.1 |
| MSCI ACWI ex-US Small Cap Net | 3.0 | 29.3 |
| Long/Short Equity Extension Strategies1 | Q4 (%) | YTD (%) |
|---|---|---|
| CC&L Q ACWI Equity Extension | 6.3 | – |
| MSCI ACWI Net | 3.3 | – |
| CC&L Q Emerging Markets Equity Extension | 8.5 | – |
| MSCI Emerging Markets Net | 4.7 | – |
| CC&L Q World ex-US Equity Extension | 7.8 | – |
| MSCI World ex-US Index Net | 5.2 | – |
| CC&L Q US Equity Extension | 5.3 | – |
| S&P 500 Index (Net 15%) | 2.6 | – |
| Equity Market Neutral Strategies1 | Q4 (%) | YTD (%) |
|---|---|---|
| CC&L Q Global Equity Market Neutral (USD) | 5.3 | 14.7 |
| Merrill Lynch 3-month T-bill Index | 1.0 | 4.2 |
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 US dollars (USD$). 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.
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.
