balanced fund

For long-term investors who seek a rate of return that exceeds the inflation rate and want to limit downside risk in declining market environments.

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environmental, social &

governance (esg)

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economic commentary

Both the Bank of Canada and the U.S. Federal Reserve lowered interest rates during the quarter. The Fed cut rates twice for a total move of 50 bp while the Bank of Canada held to one move of 25 bp. The Bank of Canada lowered interest rates by a total of 100 bp during the year. They started their moves early in the year, with cuts of 25 bp back in January and March and then followed that up with two more cuts in September and October...

• More in our Economic Commentary