Title
PORTFOLIO PERFORMANCE
Mr. Bayley discussed the Q1 portfolio performance as of March 31, 2025, highlighting the portfolio return, benchmark return, and relative performance. He noted that despite a volatile start to the year, the portfolio performed well and outperformed its benchmark in the first quarter.
Overall Performance:
• Prudent Investor Total Return: 1.31%
• Benchmark: 1.17%
• Relative Return: +0.14%
Mr. Bayley discussed the following performances by asset class for the Operating Fund, Capital Fund, and Growth Fund:
• Operating Fund (Money Markets): 1.12% return, +0.31% vs. benchmark 0.81% (Canada 90-Day Treasury Bill Index TR);
• Capital Fund (Fixed Income): 2.06% return, +0.01% vs. benchmark 2.05% (Canada Agg. 1-10 Year Index TR). Maintained strong credit quality and favorable curve positioning; and
• Growth Fund (Equities): -1.34% return, +0.09% vs. benchmark -1.43% return (50% S&P/TSX Comp, 50% S&P 500 Index CAD). Outperformance achieved despite market volatility.
All three funds outperformed their benchmarks.