Mackenzie North American Value Equity
Mandate commentary
Q4 2025
Highlights
① Positive returns for the mandate, but it underperformed the benchmark. Positive stock selection in U.S. and Canadian industrials and energy sectors contributed positively.
② Global growth strengthened as inflation eased, and policy turned supportive.
③ Equities and quality fixed income remain positioned for growth.
Mandate overview
Performance was positive over the period but underperformed the benchmark. The Canadian market outperformed the U.S. market this past quarter (in local currency terms). Positive stock selection in the Canadian energy sector contributed positively to returns relative to the benchmark. Negative stock selection in the materials sector in Canada was the largest detractor to returns. Negative stock selection in the financials sector also detracted from overall performance.
In the U.S., positive stock selection in the industrials sector contributed positively to returns relative to the benchmark. This was offset by negative stock selection in the information technology and consumer discretionary sectors.
Mandate: positive returns but underperformed the benchmark.
Performance contributors
Positive stock selection in the U.S. industrials sector contributed positively to relative performance.
Positive stock selection in the Canadian energy sector also contributed positively to relative performance.
Performance detractors
Negative stock selection in the Canadian materials sector was the biggest detractor from relative performance.
Negative stock selection in the U.S. information technology sector was a material detractor from relative performance. Negative stock selection in the consumer discretionary sector was also a notable detractor from relative performance.
Total gross returns:
Total return | QTD | YTD | 1YR | 3YR | 5YR | SINCE INC. (NOV. 14, 2016) |
MACKENZIE NORTH AMERICAN VALUE EQUITY | 2.64%
| 20.78%
| 20.78%
| 17.69%
| 15.13%
| 10.32%
|
Mandate repositioning
The mandate initiated a new position in Barrick Mining Corporation.
The mandate added to its existing positions in Manulife Financial Corp.
The mandate exited its positions in Alimentation Couche-Tard.
Market overview: global growth strengthened, inflation eased, policy supportive
Markets ended the fourth quarter of 2025 on a strong note, capping a year defined by resilience and broad-based gains. Equities led performance, as investors looked beyond policy noise and focused on improving fundamentals. Global markets advanced, supported by steady corporate earnings, easing inflation pressures and a clear shift toward lower interest rates. Canada outperformed most developed peers, driven by strength in materials and financials, while European and Asian markets rebounded on firmer trade activity and renewed investor confidence. In the U.S., equity performance remained positive, led by technology and communication services, with improving breadth across sectors signalling a healthier market foundation.
Fixed income delivered modest but positive returns, as central banks continued to ease policy. Government yields declined on the short end while longer maturities remained stable, allowing coupon income to drive returns. Credit conditions stayed firm, underscoring the strength of corporate balance sheets entering 2026.
Market outlook: equities and quality fixed income positioned for growth
Entering 2026, global markets are positioned on a solid footing. Easing monetary policy and supportive fiscal conditions are expected to sustain growth across major economies. In the U.S., healthy earnings and productivity gains continue to anchor performance. Canada benefits from resource strength and steady financials, while Europe and Asia offer improving valuation opportunities through accelerating trade and industrial expansion. Fixed income markets provide renewed income potential as yields stabilize, and credit quality remains robust.
Overall, conditions favour a balanced, diversified approach.
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This commentary may contain forward-looking information, which reflects our or third-party current expectations or forecasts of future events. Forward-looking information is inherently subject to, among other things, risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed herein. These risks, uncertainties and assumptions include, without limitation, general economic, political and market factors, interest and foreign exchange rates, the volatility of equity and capital markets, business competition, technological change, changes in government regulations, changes in tax laws, unexpected judicial or regulatory proceedings and catastrophic events. Please consider these and other factors carefully and do not place undue reliance on forward-looking information. The forward-looking information contained herein is current only as of December 31, 2025. There should be no expectation that such information will in all circumstances be updated, supplemented or revised, whether as a result of new information, changing circumstances, future events or otherwise.
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