After years of small-cap underperformance relative to large-cap counterparts, the tide looks to be turning. We look at why investors shouldn’t overlook this aspect of the 2025 equity outlook as small caps seem poised to return to form.

Washington, D.C. policy decisions have been in the spotlight of late, but we think investors should not take their eyes off the results and clues coming from Q4 earnings season.

Despite potential headwinds, we are generally constructive on Canadian markets, though we expect less outperformance in credit.