The year 2025 began with the return of Donald Trump as President of the United States, accompanied by a resolutely protectionist trade policy...
Macroeconomic context and financial assets
The imposition of tariffs targeting Canada, Mexico and China, among others, has fuelled uncertainty, affecting household and business confidence. The U.S. economy has shown signs of slowing despite a still solid job market, while Canada remains exposed to the risk of recession. In Europe, stagnation has been partially offset by stimulus measures, while China continues to face structural difficulties. Markets remain volatile, with European and Canadian equities outperforming and interest rates high but stable. Stock market assets have outperformed interest-rate-sensitive assets. Moreover, despite a historically tight risk premium on corporate bonds, demand for this segment remains strong.
Growth of PAR fund
The PAR fund continues its growth trajectory, passing the $100 million mark in assets under management. Our target is one billion by 2028. The fund continues to outperform initial projections, supported by a rigorous investment process that allows us to remain fully invested. The pace of deployment remains deliberately measured, in line with our approach based on discipline, rigour and sustainable value creation.
Investment approach
We continue the disciplined execution of our investment strategy, focusing on the targeted and well-considered use of alternative assets. Against a backdrop of strong global demand, we maintain high standards and prioritize the quality of opportunities rather than their multiplication. Each investment—whether individual, co-invested or via funds—is subject to in-depth analysis. Between 2020 and 2025, this strategy has enabled us to increase the dividend scale interest rate from 5.75% to 6.35%, positioning our offer among the most competitive on the market for this period. We remain committed to maintaining this competitiveness in the years ahead.
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