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

Equity markets have followed diverse paths in the first three months of 2025. We think several factors are now in play that will influence the direction they take from here.

Our ongoing “Worlds Apart” series looks at the just-concluded BRICS summit and how the group aims to rebalance the global order. We believe the shift to a multipolar, more fragmented world argues for viewing portfolio allocations through a different