First Glance
Third Quarter 2025
October 3, 2025
| Market Index Returns (Local Currency) | Q3 (%) | YTD (%) |
|---|---|---|
| MSCI All Country World | 7.4 | 17.8 |
| MSCI All Country World ex-US | 6.2 | 15.2 |
| S&P/TSX Composite | 12.5 | 23.9 |
| S&P 500 | 8.1 | 14.8 |
| MSCI Emerging Markets | 12.5 | 25.0 |
| FTSE Canada Universe Bond | 1.5 | 3.0 |
Foreign Equities
| Foreign Equity Strategies | Q3 (%) | YTD (%) |
|---|---|---|
| CC&L Q Global Equity | 10.2 | 18.9 |
| CC&L Q Global Equity Extension1 | 9.6 | 18.8 |
| MSCI ACWI Index (CAD) (net) | 9.7 | 14.6 |
| CC&L Q Global Small Cap | 11.4 | 17.3 |
| MSCI ACWI Small Cap Index (CAD) (net) | 10.2 | 12.8 |
| CC&L Q International Equity | 9.1 | 26.7 |
| MSCI ACWI ex USA Index (CAD) (net) | 9.0 | 21.9 |
| CC&L Q International Small Cap | 10.9 | 27.7 |
| MSCI ACWI ex USA Small Cap Index (CAD) (net) | 8.8 | 21.5 |
| CC&L Q Emerging Markets Equity | 13.1 | 25.8 |
| MSCI Emerging Markets Index (CAD) (net) | 12.8 | 23.4 |
| CC&L Q US Equity Extension1 | 8.8 | 13.8 |
| S&P 500 Index (Net 15%) | 10.2 | 10.9 |
13.3%
Information Technology
12.0%
CommunicationCommuni-cation Services
11.8%
Materials
3.6%
Health Care
3.0%
Real Estate
-1.3%
Consumer Staples
23.1%
Peru
20.5%
Egypt
19.8%
China
-3.3%
India
-4.6%
Philippines
-13.0%
Denmark
Canadian Equities
| Canadian Equity Strategies | Q3 (%) | YTD (%) |
|---|---|---|
| CC&L Fundamental Canadian Equity | 11.0 | 21.2 |
| CC&L Equity Income & Growth | 7.8 | 17.6 |
| CC&L Equity Income & Growth Plus | 9.0 | 18.6 |
| CC&L Q Canadian Equity Core | 11.7 | 24.9 |
| CC&L Q Canadian Equity Growth | 12.1 | 26.1 |
| CC&L Q Canadian Equity Extension1 | 13.0 | 28.2 |
| CC&L Canadian Equity Combined (Q Core/Fundamental) | 11.4 | 23.0 |
| S&P/TSX Composite Index | 12.5 | 23.9 |
| CC&L Fundamental Canadian Small/Mid Cap | 15.1 | 29.9 |
| 60% S&P/TSX Small Cap Index & 40% S&P/TSX Completion Index | 19.0 | 34.4 |
37.8%
Materials
13.2%
Information Technology
12.6%
Energy
3.7%
Consumer Discretionary
1.6%
Consumer Staples
-1.4%
Industrials
Canadian Fixed Income
| Fixed Income Strategies | Q3 (%) | YTD (%) |
|---|---|---|
| CC&L Core Bond | 1.9 | 3.4 |
| CC&L Universe Bond Alpha Plus1 | 1.6 | 4.4 |
| CC&L Core Plus Fixed Income | 2.0 | 3.4 |
| CC&L High Yield Bond2 | 2.9 | 5.2 |
| FTSE Canada Universe Bond Index | 1.5 | 3.0 |
| CC&L Long Bond | 1.6 | 1.2 |
| CC&L Long Bond Alpha Plus1 | 1.3 | 2.1 |
| FTSE Canada Long Term Overall Bond Index | 1.2 | 0.6 |
| CC&L Short Term Bond | 1.4 | 3.5 |
| FTSE Canada Short Term Overall Bond Index | 1.3 | 3.5 |
| CC&L Money Market | 0.7 | 2.3 |
| FTSE Canada 91 Day T-Bill Index | 0.7 | 2.2 |
Balanced Strategies
| Balanced Strategies | Q3 (%) | YTD (%) |
|---|---|---|
| CC&L Balanced | 7.2 | 13.3 |
| 25% S&P/TSX Capped Composite Index & 35% MSCI ACWI Net (CAD$) & 40% FTSE Canada Universe Bond Index |
7.1 | 12.2 |
| CC&L Enhanced Balanced | 7.1 | 13.4 |
| 20% S&P/TSX Capped Composite Index & 40% MSCI ACWI Net (CAD$) & 40% FTSE Canada Universe Bond Index |
6.9 | 11.8 |
| CC&L Core Income & Growth | 7.5 | 15.2 |
| 50% S&P/TSX Composite Index & 25% S&P/TSX Capped REIT Index & 25% FTSE Canada All Corporate Bond Index |
7.7 | 16.2 |
Absolute Return Strategies
| Absolute Return Strategies1 | Q3 (%) | YTD (%) |
|---|---|---|
| CC&L Multi-Strategy | 0.0 | 5.9 |
| CC&L All Strategies | -0.3 | 4.9 |
| CC&L Fundamental Equity Market Neutral | -6.1 | -3.9 |
| CC&L Q Global Equity Market Neutral (Cdn) | 1.9 | 9.1 |
| CC&L Fixed Income Absolute Return | 2.6 | 3.4 |
| CC&L Absolute Return Bond | 2.4 | 3.6 |
| FTSE Canada 91 Day T-Bill Index | 0.7 | 2.2 |
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.
All data except MSCI Indices are as of September 30, 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.
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.
