Macroeconomic context and financial assets
The first half of 2026 was marked by a major geopolitical crisis in the Middle East that caused a temporary spike in oil prices before they settled in the second quarter.
Global growth remained resilient, driven by the cycle of investment artificial intelligence: sustained expansion in the United States, modest growth in Canada following a slight decline early in the year, and a gradual recovery in Europe.
Inflationary pressures have intensified, prompting the Federal Reserve to maintain a cautious stance, while the Bank of Canada kept its leading rate at 2.25%. This context weighed on fixed-income securities, while the stock markets posted remarkable performances, particularly in the second quarter.
Investment approach
Our approach remains grounded in rigorous discipline and a strong conviction in alternative assets, with quality taking precedence over volume. Our direct commitments—whether through co-investments or funds—are selected following a thorough assessment of their long-term potential.
Our measured allocation to private equities, infrastructure and high-quality private debt has resulted in a deliberate overweighting in these asset classes, bringing our exposure to illiquid securities slightly above the 60% target. This excess is deliberate and temporary, and will be reduced as the portfolio experiences growth.
In real estate, we invest through specialty funds that offer immediate diversification, while also exploring opportunities to invest directly in targeted projects. The portfolio’s structure is designed to sustain and enhance the dividend scale rate, set at 6.35% for 2026, positioning our offer among the most competitive in the industry.
Growth and performance of PAR fund
Assets under management in the PAR fund reached $330M by mid-2026, en route to our target of $1B for 2028. The fund’s performance is progressing at a pace consistent with our annual target. The contribution of alternative assets, combined with our disciplined process, supports this trajectory and reinforces the fund’s credibility as a vehicle for long-term wealth growth.
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