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1. National Pharmacare (Plan NP) takes effect in B.C. on March 1

   In this issue:

   National Pharmacare (Plan NP) takes effect in B.C. on March 1

   Travel coverage details plan members should know if they’re in or going to Mexico*

   *Indicates content we will share with your clients.

    

    

   National Pharmacare (Plan NP) takes effect in B.C. on March 1

    

   The Province of British Columbia (B.C.) will implement the first phase of the National Pharmacare Act, also known as Bill C64 (Act), on March 1, 2026.

    

   The new program will be called National Pharmacare (Plan NP). The province joins Manitoba and Prince Edward Island, who have already implemented the first phase of their own programs. All three provinces, along with Yukon, signed bilateral pharmacare agreements with the federal government last year.

    

   National Pharmacare (Plan NP) coverage details

    

   The federal government has agreed to provide universal coverage for many diabetes drugs and contraceptives, including deductibles, during the first phase of implementation of the Act. Equitable will no longer cover drugs that are eligible for coverage under Plan NP.

    

   Diabetes devices and supplies are not included in the first phase of plan implementation. However, expanded coverage for certain diabetes-related devices and supplies is expected to begin in B.C. on April 1, 2026.

    

   Since B.C. already offers universal coverage of contraceptives through its provincial pharmacare program, the province is using that portion of the federal funding to cover menopausal hormone therapy (MHT), also called hormone replacement therapy (HRT).

    

   Many diabetes medications such as metformin, insulin, sulfonylureas and SGLT-2 inhibitors will be fully covered under Plan NP.

    

   Some diabetes medications and MHTs will only be partially covered when the program takes effect. As well, many diabetes medications will continue to require Special Authority through the province.

   
   
   What will Equitable plan members need to do?

    

   Coverage will be provided automatically at the pharmacy counter. Plan members simply need to present a prescription for a covered medication and their Medical Services Plan of B.C. (MSP) card to their pharmacist. If a plan member isn’t fully enrolled in the MSP yet, their pharmacist will help them secure coverage under Plan NP.

    

   The pharmacist will charge the provincial plan directly for the relevant medications. There will be no direct impact to plan members or their experience at the pharmacy for fully covered drugs.
    

   Where do GLP-1 drugs fit in?

    

   GLP-1 agonist drugs will not be covered under Plan NP. Equitable plan members who are prescribed this type of drug to treat diabetes must try a first-line diabetic treatment before we can deem them eligible for coverage of the GLP-1 agonist.

    

   Plan members who are already taking a GLP-1 agonist to treat diabetes will continue to be eligible for coverage. New plan members or plan members with new prescriptions for GLP-1 agonists must provide us proof that shows they’ve tried a first-line diabetic treatment to confirm eligibility—unless we already have a previous record of their insulin use. Proof can be either a past receipt or a claim statement.

    

   Our priority is supporting the best outcomes for plan sponsors and their members. We are working with TELUS Health, our pharmacy benefits manager, to keep you updated as more details become available.

    

   Travel coverage details plan members should know if they’re in or going to Mexico

    

   Plan members with Travel Assist medical emergency coverage included in their benefits plan should keep the following information in mind if they’re planning travel to Mexico or if they’re in the country now.

    

   Due to recent violence in Mexico, the Government of Canada has issued the following travel advice to anyone in or planning to visit the country.

    

   Plan members are not covered if they receive out-of-province services where the Canadian government had issued a warning to avoid all or non‑essential travel before they entered the country.

    

   Plan members should contact Trident Global Assistance, the company that administers our Travel Assist benefits, before departing if they have questions about their coverage or to confirm if they’re covered for travel to their specific destination.

    

   Here’s how plan members can reach the Trident Global Assistance toll-free 24-hour emergency hotline:
    

   • In Canada or the U.S: 1-800-321-9998

   • Elsewhere: Call collect at 519-742-3287

      

   They should be prepared to provide the following information:

   • Name

   • Group policy number

   • Certificate number

   • Government health insurance plan number

      

   If a plan member arrived in Mexico before the travel advisory was issued and are past their day allowance, they should call Trident if they need to have their day maximum extended past the allowable period. 

    

   Equitable’s Travel Assist medical emergency coverage does not include any trip cancellation or trip interruption benefits.

    

   Communicating to plan members

    

   We are making every effort to share this information with affected plan members. Please encourage your clients who have Travel  Assist coverage included in their benefits plan to share this message with their plan members.

2. [pdf] Beneficiary Change Form
3. [pdf] TFSA Third Party Contribution
4. EAMG Market Commentary January 2024

   
   
   Rates & Credit – Interest rates decreased sharply in Q4 as the market priced in aggressive interest rate cuts by central banks in 2024.  The prospect of lower interest rates also drove a strong risk-on tone to the market, with the risk premium on corporate bonds grinding tighter as prospects for a “soft landing” improved. The rally in interest rates resulted in the best quarter for bonds over the past 15 years, with the FTSE Canada Universe Index returning 8.3%.  Corporate bonds modestly underperformed the Universe Index with a return of 7.3%.  The lower return for corporate bonds was primarily driven by the fact that the corporate bond index is less sensitive to interest rate movements (as compared to the government index), partially offset by the risk-on tone to the market.  Within corporate bonds, lower-rated BBBs outperformed higher-rated A bonds. Industries with higher interest rate exposure such as infrastructure, energy, and communications outperformed those with less exposure (notably financials and securitization), consistent with the overall shift in the yield curve.
   
   
    
   Santa Came to Town – Moving in sync with bonds, global equities jolted higher into the end of the year with cooling inflation data and dovish comments from central bankers. The U.S. market outperformed most regions last quarter with the S&P 500 returning 11.7% in USD terms, bringing the total return in 2023 to 26.3%. The TSX added 8.1% in Q4, boosting the total annual return to 11.8%. Meanwhile, major developed economies from Europe, Australasia, and the Far East (EAFE) gained 5.0% in local currency terms over the quarter, helping the region produce a 16.8% return from the year prior. Prospects of interest rate cuts by the Federal Reserve saw the Loonie rally into year-end and resultantly, investors of Canadian dollar securities witnessed enhanced returns. Strong domestic U.S. economic data helped value pockets of the market outperform. That said, this was not a synchronized trend as China’s economic disappointment weighed on the performance of EAFE.
    
   
    
   U.S. Fundamentals – Our work shows that investors are shifting their focus away from operating margins and towards the ability to sustain debt levels ahead of renewing debt obligations. Corporate earnings beat modest expectations last quarter, contracting by less-than-expected on a year-over-year basis. Resilient operating margins continue to attract investors into equities. After three consecutive quarters of improving forward earnings guidance, we observed that the number of major companies expecting deteriorating financial performance grew to ~35%. We note that this is a sharp contrast relative to the optimistic run-up in equity valuations. In general, corporate pessimism has been underpinned by concerns for the health of the consumer, increasing wage pressures, and inflation.
    
   U.S. Quant Factors – While mega-cap technology stocks gave back some ground in the second half, crowding into the magnificent 7 remains noticeable with the cap weighted S&P 500 outperforming the equal weighted index by 12.5% last year. That said, value areas of the market – which underperformed through the first three quarters of the year – were top performing companies last quarter as the prospects for an economic “soft-landing” improved with U.S. inflation continuing to ease without substantial deteriorations of employment or output data. Quality-growth businesses initially outperformed as the higher-for-longer narrative continued to drive investors toward large cash-rich companies with stable margins. That said, this basket of companies gave back relative returns into quarter-end as weakness in operating margins persisted, making fundamentals appear stretched. Low volatility stocks (i.e. stocks with lower sensitivity to broad market movement and lower price volatility) rallied to start the quarter before dovish comments from central bankers improved risk-sentiment and ultimately pushed this basket lower on a relative basis. Lastly, dividend growth companies, which include businesses with a lengthy and established history of increasing dividends, underperformed the broader index as market participants punished businesses that slowed capital growth projects during the rising interest rate environment. While operating margins have declined, the basket’s strong cash flow and low debt burden may be advantageous if the market’s anticipation of impending interest rate cuts proves to be incorrect or mistimed.
    
   Canadian Fundamentals – Although Canadian companies exceeded bleak forecasts last quarter, earnings continue to contract on a year-over-year basis. Return on equity (ROE) – a gauge of how efficiently a corporation generates profits – continued to decline last quarter while corporate costs of capital remain elevated. In essence, Canadian companies are generating less value relative to their financing cost. Value creation underpins the sustainability of dividend payments, which are a unique and desirable attribute of the Canadian market. Meanwhile, the Bank of Canada held its overnight interest rate unchanged with market participants forecasting a higher probability of interest rate cuts in 2024. On the expectations of easing monetary conditions, dividend yields compressed while earnings forecasts improved with analysts predicting that index aggregate earnings will grow 6% to 8% in 2024. At a sector level, the energy industry’s financial performance normalized – in line with expectations – as weakening oil demand expectations overshadowed geopolitical conflict in the Middle East, ultimately pushing crude prices ~21% lower last quarter. The industrials and financials sectors beat expectations, helping offset softer-than-expected results from the consumer staples and technology sectors.
    
   Canadian Quant Factors – The Canadian banks underperformed for most of the year as they reported increasing provisions for nonperforming loans, reflecting forecasts of worsening economic conditions. That said, expectations of interest rate cuts in 2024 helped tame recession fears and eased concerns of slowing loan growth, propelling banks higher in the fourth quarter as they appeared more stable and therefore favourable than prior estimates. The high-quality basket underperformed last quarter as improving risk sentiment in the market reduced the attractiveness of secure companies with lower earnings variability. Furthermore, high dividend payers with solid growth prospects outperformed in the fourth quarter as market participants rewarded companies that demonstrated a strong ability to support future dividends and punished high yielding businesses with less certain financial capabilities.
    
   Views From the Frontline Rates – Interest rates declined sharply in Q4 as inflation continued to trend lower, fears of excess bond supply declined, and the Federal Open Market Committee signaled that the next change to their overnight policy interest rate would likely be lower. Labour market and consumer spending data remain resilient however businesses have indicated slowing across industries, more price-sensitive consumers, rising delinquencies, and concerns about the high cost of debt.  Central banks remain committed to achieving their 2% inflation target and most acknowledge that interest rates have likely peaked.
    
   Credit – The risk premium for corporate bonds (versus government bonds) tightened materially over the quarter, with a strong risk on tone to the market as investors priced in lower interest rates in 2024 and a “soft-landing” to economic concerns.  Corporate bond supply was well received by the market.  On the balance, we do not think the current risk premium adequately compensates for downside risk, and as such, we remain cautious on   corporate bonds and have a bias towards higher-quality, shorter-dated credit where we view the risk / reward dynamic as being more favourable.
    
   Equity – In the U.S., we allocated exposure to value names which outperformed over the quarter as the macroeconomic outlook improved on the backdrop of rate cut expectations. Looking forward, we expect that margins will continue to normalize as Covid-induced pent up demand fades. While we do not forecast margins to compress at an alarming rate, we believe sticky wage and input costs will continue to pressure businesses while consumers exhibit further exhaustion. As such, we are shifting our focus toward the balance between company reinvestment in capital projects and upcoming debt refinancing requirements. In line with this view, we favour businesses with stable cash flows and decreased debt loads as we believe they present an attractive contrarian opportunity if soft-landing projections prove to be overstated. Within Canada, we remain attentive to the inverse movements of ROE relative to financing costs over 2023. With the excess between ROE and financing costs compressing, businesses’ ability to create value appears more stretched than earlier in 2023. Therefore, we continue to favour high quality companies in Canada, which is typically defined by high ROE, stable earnings variability, and low financial leverage. Geographically, the U.S. economy appears to be in healthier condition with inflation easing while employment and output data remain stable and hence, our focus will be on capital expenditures. EAFE – which is generally more economically linked to China than North America – contains a large bucket of stable, high-quality businesses that may benefit from any upside economic surprises out of China. Lastly, through the lens of a Canadian investor, the Loonie’s relative value versus other major currencies presents another resource in our investment mandate to derive excess return.

    

   Downloadable Copy

   
    
     

   Mark Warywoda, CFA VP, Public Portfolio Management	Ian Whiteside, CFA, MBA AVP, Public Portfolio Management	Johanna Shaw, CFA Director, Portfolio Management	Jin Li Director, Equity Portfolio Management
   Tyler Farrow, CFA Senior Analyst, Equity	Andrew Vermeer Senior Analyst, Credit	Elizabeth Ayodele Analyst, Credit

    
   ADVISOR USE ONLY
   
   Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties, and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.
    
5. Market Commentary July 2025 Key Takeaways
   
   • Markets were very volatile in April to start Q2 but calmed as the quarter progressed. Volatility was driven mostly by headlines about tariffs, but other fiscal policy developments also had an impact.
   • Equity markets sold off sharply at the start of the quarter, continuing Q1’s weakness. Markets rebounded sharply once worst-case fears over tariffs eased. The markets continued to rally through the quarter as trade negotiations progressed. Stronger-thanexpected corporate earnings also boosted markets. Despite the shaky start to the quarter, most global equity markets set new all-time highs in Q2.
   • Canadian bond markets delivered slightly negative returns in Q2. Weak performance was driven by rising interest rates, which outweighed the impact of tighter credit spreads. Higher interest rates hurt the performance of longer-term bonds most. 
   • Both the Bank of Canada and the U.S. Federal Reserve adopted a wait-and-see approach. They each held rates steady during Q2, awaiting greater clarity on the impacts of tariffs on both growth and inflation before considering further cuts.
   
   Economic and Market Update

   Economic Summary: Most indicators of economic activity in the U.S. continued to expand at a decent pace. However, GDP data for the first quarter came in weaker than expected, as higher imports ahead of anticipated tariffs and weaker spending by consumers weighed on Q1 GDP. That said, GDP growth is expected to bounce back in Q2. Tariffs will likely continue to be an evolving story, with potential impacts on both economic growth and inflation. Those impacts will remain uncertain until trade agreements have been finalized.
   
   

   In early April, President Trump announced larger-than-expected reciprocal tariffs, with the impact most notable on trade with China. However, progress followed with a 90-day pause in tariff implementation. The U.S. then reached trade agreements with the UK, China, and Vietnam. Negotiations with other major trade partners are ongoing. The conflict between Israel and Iran raised inflation concerns, due mostly to the possibility of higher oil prices. Those concerns eased following a ceasefire. Congress passed Trump’s tax cut and spending bill, raising concerns about its potential impact on the U.S. fiscal burden. Meanwhile, U.S. labour market conditions remain resilient, with the unemployment rate remaining low. Inflation has eased slightly but remains above the Federal Reserve’s target. Amid heightened uncertainty, the Federal Reserve held interest rates steady at 4.25%–4.50% at both of its meetings in Q2. Chair Jerome Powell stated that the Fed is “well positioned to wait for greater clarity before considering any adjustments to our policy stance.”
   
   In Canada, tariffs and trade-related uncertainty continue to weigh on the economy. A pullforward of exports and inventory accumulation ahead of tariffs helped keep first-quarter GDP firm, but growth is expected to slow in the second quarter. The labour market has weakened, particularly in trade-sensitive sectors. Inflation remains within the Bank of Canada’s 1–3% preferred range. However, core CPI remains above the Bank’s preferred 2% target. Canada’s fiscal deficit is expected to widen as Prime Minister Mark Carney aims to fast-track infrastructure development and increase defense spending. Amid ongoing trade uncertainty, the Bank of Canada held its policy rate at 2.75% during its April and June meetings. Governor Tiff Macklem signaled the Bank’s readiness to cut rates further if economic conditions deteriorate.
   
   
   
   Bond Markets: During Q2, the FTSE Canada Universe Bond Index returned -0.6%. Yields for Canadian bonds rose across all maturities over the quarter. That reflected reduced expectations for rate cuts by the Bank of Canada and a higher risk premium on long-term debt. The impact of higher yields on government bonds was offset in part by tightening of credit spreads on provincial and corporate bonds. Overall corporate bonds saw a positive return for the quarter and outperformed government bonds, in part due to the strong recovery in credit spreads that started in late
   April. While corporate issuance slowed considerably in April due to increased trade policy uncertainty, issuance in the Canadian bond markets during May and June were robust. There were 83 deals during Q2 that combined to raise $37 billion for issuers. June 2025 was the 3rd busiest month for issuance on record. We continue to expect higher credit spreads as the U.S. tariffs impact global growth. As such, we have maintained our conservative view with a bias towards shorter corporate bonds but remain ready to invest in longer corporate bonds as valuations become
   attractive.
   
   
   
   Stock Markets – Overview: Having done a round-trip following April tariff announcements, technology, consumer discretionary and industrial companies propelled the U.S. equity market to another record high. The S&P 500 ended the quarter up about 11%, outperforming Canadian and international markets. Canadian equities gained 8.5% in Q2, buoyed by front-loaded demand that benefited the Materials sector, while Financials recovered from a poor Q1. Meanwhile, as risk sentiment stabilized following the 90-day tariff pause and U.S. equities regained momentum, the appeal of the “Sell America” trade diminished. As a result, Europe, Australasia, and the Far East (EAFE) markets finished the quarter with a more modest gain of just over 5%, lagging the sharper
   recovery seen in North America.
   
   
   
   U.S. Equities: The U.S. equity market staged a V-shaped recovery on strong company earnings data in the second quarter. A stable job market and muted inflation reinforced the view of a resilient U.S. economy. At a company level, we observed positive corporate earnings surprises, steady profit margins and better-than-expected forward earnings guidance. Together they underpinned the equity market’s sharp reversal to the upside. Market breadth also improved over the quarter, with strength extending beyond Technology to include Industrials and Financials. That signalled that the market rally was supported by investors’ confidence in the U.S. economy. Furthermore, structural investment trends in artificial intelligence (AI) continued to accelerate, highlighted by rising enterprise capex in data centres. Beyond AI, Circle, a blockchain-based platform that supports stablecoin issuance, tokenized assets, and digital payment infrastructure, conducted a successful IPO. Its share price jumped 485% from its listing price as of quarter-end. On June 17, the U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a regulatory framework for use of tokenized assets. While investors wait for the House’s decision, equity price actions suggest that the policy environment is increasingly supportive of blockchain innovation and digital efficiency.
   
   Canadian Equities: Canadian equities posted solid gains in Q2, with Financials overtaking Materials to lead the market higher. Momentum from the Materials sector, which benefited from the pull-forward demand related to U.S. tariff uncertainty, faded toward quarter-end. Meanwhile, cooling inflation and muted domestic growth pushed investors towards highquality, high-dividend-paying companies. Notably, banks significantly outperformed the broader market, as investors favoured their stable corporate fundamentals. Energy surged briefly amid escalating geopolitical tensions, but those gains proved short-lived. In recap, investors in the Canadian market faced slowing resource demand and a stalling domestic economy, which fueled increased interest in high-quality, high-dividend-paying companies. That is a trend we expect to continue going forward.
   
   Bottom line:  Markets remain heavily influenced by sentiment, with U.S. policy developments and ongoing tariff negotiations continuing to cause periodic volatility. However, there is little
   evidence of deterioration in the hard data to date. As such, we continue to anchor our positioning on underlying data rather than market narratives. Looking ahead, the combination of a structurally higher-for-longer interest rate environment and increasingly pro-growth policy backdrop presents selective opportunities. In the U.S., this favours highquality growth stocks, particularly within Technology, where strong balance sheets and long-term thematic tailwinds remain intact. In Canada, Financials, especially the relatively inexpensive banks, present a more compelling opportunity as earlier tailwinds from pullforward demand are beginning to wane. While we remain constructive, we are mindful of elevated equity valuations and continue to closely monitor macro conditions and policy developments for signs of inflection.
   
   Downloadable Copy
    

   Mark Warywoda, CFA VP, Public Investments	Ian Whiteside, CFA, MBA AVP, Public Investments	Johanna Shaw, CFA Director, Public Investments	Jin Li Director, Equity Investments
   Wanyi Chen, CFA, FRM Sr. Quantitative Analyst	Andrew Vermeer, CFA Senior Analyst, Credit	Elizabeth Ayodele  Analyst, Credit	Edward Ng Cheng Hi Analyst, Credit	Francie Chen Analyst, Rates

   
   ADVISOR USE ONLY
   Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties, and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.
6. Market Commentary July 2025 Key Takeaways
   
   • Markets were very volatile in April to start Q2 but calmed as the quarter progressed. Volatility was driven mostly by headlines about tariffs, but other fiscal policy developments also had an impact.
   • Equity markets sold off sharply at the start of the quarter, continuing Q1’s weakness. Markets rebounded sharply once worst-case fears over tariffs eased. The markets continued to rally through the quarter as trade negotiations progressed. Stronger-thanexpected corporate earnings also boosted markets. Despite the shaky start to the quarter, most global equity markets set new all-time highs in Q2.
   • Canadian bond markets delivered slightly negative returns in Q2. Weak performance was driven by rising interest rates, which outweighed the impact of tighter credit spreads. Higher interest rates hurt the performance of longer-term bonds most. 
   • Both the Bank of Canada and the U.S. Federal Reserve adopted a wait-and-see approach. They each held rates steady during Q2, awaiting greater clarity on the impacts of tariffs on both growth and inflation before considering further cuts.
   
   Economic and Market Update

   Economic Summary: Most indicators of economic activity in the U.S. continued to expand at a decent pace. However, GDP data for the first quarter came in weaker than expected, as higher imports ahead of anticipated tariffs and weaker spending by consumers weighed on Q1 GDP. That said, GDP growth is expected to bounce back in Q2. Tariffs will likely continue to be an evolving story, with potential impacts on both economic growth and inflation. Those impacts will remain uncertain until trade agreements have been finalized.
   
   

   In early April, President Trump announced larger-than-expected reciprocal tariffs, with the impact most notable on trade with China. However, progress followed with a 90-day pause in tariff implementation. The U.S. then reached trade agreements with the UK, China, and Vietnam. Negotiations with other major trade partners are ongoing. The conflict between Israel and Iran raised inflation concerns, due mostly to the possibility of higher oil prices. Those concerns eased following a ceasefire. Congress passed Trump’s tax cut and spending bill, raising concerns about its potential impact on the U.S. fiscal burden. Meanwhile, U.S. labour market conditions remain resilient, with the unemployment rate remaining low. Inflation has eased slightly but remains above the Federal Reserve’s target. Amid heightened uncertainty, the Federal Reserve held interest rates steady at 4.25%–4.50% at both of its meetings in Q2. Chair Jerome Powell stated that the Fed is “well positioned to wait for greater clarity before considering any adjustments to our policy stance.”
   
   In Canada, tariffs and trade-related uncertainty continue to weigh on the economy. A pullforward of exports and inventory accumulation ahead of tariffs helped keep first-quarter GDP firm, but growth is expected to slow in the second quarter. The labour market has weakened, particularly in trade-sensitive sectors. Inflation remains within the Bank of Canada’s 1–3% preferred range. However, core CPI remains above the Bank’s preferred 2% target. Canada’s fiscal deficit is expected to widen as Prime Minister Mark Carney aims to fast-track infrastructure development and increase defense spending. Amid ongoing trade uncertainty, the Bank of Canada held its policy rate at 2.75% during its April and June meetings. Governor Tiff Macklem signaled the Bank’s readiness to cut rates further if economic conditions deteriorate.
   
   
   
   Bond Markets: During Q2, the FTSE Canada Universe Bond Index returned -0.6%. Yields for Canadian bonds rose across all maturities over the quarter. That reflected reduced expectations for rate cuts by the Bank of Canada and a higher risk premium on long-term debt. The impact of higher yields on government bonds was offset in part by tightening of credit spreads on provincial and corporate bonds. Overall corporate bonds saw a positive return for the quarter and outperformed government bonds, in part due to the strong recovery in credit spreads that started in late
   April. While corporate issuance slowed considerably in April due to increased trade policy uncertainty, issuance in the Canadian bond markets during May and June were robust. There were 83 deals during Q2 that combined to raise $37 billion for issuers. June 2025 was the 3rd busiest month for issuance on record. We continue to expect higher credit spreads as the U.S. tariffs impact global growth. As such, we have maintained our conservative view with a bias towards shorter corporate bonds but remain ready to invest in longer corporate bonds as valuations become
   attractive.
   
   
   
   Stock Markets – Overview: Having done a round-trip following April tariff announcements, technology, consumer discretionary and industrial companies propelled the U.S. equity market to another record high. The S&P 500 ended the quarter up about 11%, outperforming Canadian and international markets. Canadian equities gained 8.5% in Q2, buoyed by front-loaded demand that benefited the Materials sector, while Financials recovered from a poor Q1. Meanwhile, as risk sentiment stabilized following the 90-day tariff pause and U.S. equities regained momentum, the appeal of the “Sell America” trade diminished. As a result, Europe, Australasia, and the Far East (EAFE) markets finished the quarter with a more modest gain of just over 5%, lagging the sharper
   recovery seen in North America.
   
   
   
   U.S. Equities: The U.S. equity market staged a V-shaped recovery on strong company earnings data in the second quarter. A stable job market and muted inflation reinforced the view of a resilient U.S. economy. At a company level, we observed positive corporate earnings surprises, steady profit margins and better-than-expected forward earnings guidance. Together they underpinned the equity market’s sharp reversal to the upside. Market breadth also improved over the quarter, with strength extending beyond Technology to include Industrials and Financials. That signalled that the market rally was supported by investors’ confidence in the U.S. economy. Furthermore, structural investment trends in artificial intelligence (AI) continued to accelerate, highlighted by rising enterprise capex in data centres. Beyond AI, Circle, a blockchain-based platform that supports stablecoin issuance, tokenized assets, and digital payment infrastructure, conducted a successful IPO. Its share price jumped 485% from its listing price as of quarter-end. On June 17, the U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a regulatory framework for use of tokenized assets. While investors wait for the House’s decision, equity price actions suggest that the policy environment is increasingly supportive of blockchain innovation and digital efficiency.
   
   Canadian Equities: Canadian equities posted solid gains in Q2, with Financials overtaking Materials to lead the market higher. Momentum from the Materials sector, which benefited from the pull-forward demand related to U.S. tariff uncertainty, faded toward quarter-end. Meanwhile, cooling inflation and muted domestic growth pushed investors towards highquality, high-dividend-paying companies. Notably, banks significantly outperformed the broader market, as investors favoured their stable corporate fundamentals. Energy surged briefly amid escalating geopolitical tensions, but those gains proved short-lived. In recap, investors in the Canadian market faced slowing resource demand and a stalling domestic economy, which fueled increased interest in high-quality, high-dividend-paying companies. That is a trend we expect to continue going forward.
   
   Bottom line:  Markets remain heavily influenced by sentiment, with U.S. policy developments and ongoing tariff negotiations continuing to cause periodic volatility. However, there is little
   evidence of deterioration in the hard data to date. As such, we continue to anchor our positioning on underlying data rather than market narratives. Looking ahead, the combination of a structurally higher-for-longer interest rate environment and increasingly pro-growth policy backdrop presents selective opportunities. In the U.S., this favours highquality growth stocks, particularly within Technology, where strong balance sheets and long-term thematic tailwinds remain intact. In Canada, Financials, especially the relatively inexpensive banks, present a more compelling opportunity as earlier tailwinds from pullforward demand are beginning to wane. While we remain constructive, we are mindful of elevated equity valuations and continue to closely monitor macro conditions and policy developments for signs of inflection.
   
   Downloadable Copy
    

   Mark Warywoda, CFA VP, Public Investments	Ian Whiteside, CFA, MBA AVP, Public Investments	Johanna Shaw, CFA Director, Public Investments	Jin Li Director, Equity Investments
   Wanyi Chen, CFA, FRM Sr. Quantitative Analyst	Andrew Vermeer, CFA Senior Analyst, Credit	Elizabeth Ayodele  Analyst, Credit	Edward Ng Cheng Hi Analyst, Credit	Francie Chen Analyst, Rates

   
   ADVISOR USE ONLY
   Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties, and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable^® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.
7. Pre-Authorized Payments
8. Make room for more EDO room

   Effective June 26, 2021, a term rider added to an Equimax Estate Builder® or Equimax Wealth Accumulator® policy may allow for an increase to the maximum Excelerator Deposit Option (EDO) payment limit.
    
   Highlights:
   
   ● This enhancement will apply to adult single life Equimax Estate Builder and Wealth Accumulator policies where the Owner Signature Date on the application for insurance is June 26, 2021 or after.
   ● For the term rider to increase the EDO payment limit, it must be issued at the same time as the Equimax coverage.
   ● Term rider EDO payment limit assumes the term rider is held at least 10 years.
   ● The illustration system and EZcomplete application will calculate the maximum EDO payment including any increase from a term rider.
   ● Policies already issued do not qualify.  
   
   Full details about the changes can be found in the transition rules.
    
   Who can benefit from this product enhancement?
   Your clients who have a temporary insurance need and add a term rider to their Equimax plan may be able to take advantage of the additional exempt room and higher EDO payment limits to build the policy values. Make Equimax® your first choice for your clients’ whole life insurance needs.
    
   New Illustration software is now available
   The updated illustration software will be available for download after 9 a.m. ET on Friday, June 25, 2021. 
    
   Want more information?
   
   ● Learn more about the changes and transition rules
   ● Contact your Regional Sales Manager for more information on these changes and other sales ideas  

   
   ® denotes a registered trademark of The Equitable Life Insurance Company of Canada.

9. Make It Easy EZtransact Contest

    

   Welcome EZtransact^TM, Equitable Life^®’s newest online transaction tool that makes managing your client’s policies quick and convenient.

   
   Every EZtransact online transaction submitted between September 13 and November 26, 2021 gives you the chance to WIN! Eligible non-winning Entries will be carried forward to subsequent Draw Dates. So the sooner you start using EZtransact, the more chances you have to win! First draw will be on September 27, 2021.
   
   One $100 winner each week! With a Grand Prize winner of $1000 at the end of the contest! Want to find out more? Please see the contest rules here. You can also contact us at equitablesrmarketing@equitable.ca.

   
   Click here for to start using EZtransact today.

    

   
   
   
   Make It Easy” EZtransact^TM Contest: No purchase necessary. Contest period September 13, 2021 to November 26, 2021. Eleven prizes to be awarded, for a total value of $2,100 CAD. Ten weekly prize draws, each for one prize of $100 CAD, to be held every Monday from September 27, 2021 to November 29, 2021. One Grand Prize draw, for one prize of $1,000 CAD, to be held on November 29, 2021. Correct answer to mathematical skill testing question required to win. Open to legal residents of Canada of the age of majority. Eligible non-winning Entries will be carried forward to subsequent Entry Periods and will be eligible on subsequent Draw Dates. Maximum one weekly draw prize per person. Odds of winning depend on number of eligible Entries received during the Contest Period.
   
   Click here to see full contest rules, including no purchase method of entry.

10. Ride the wave this RSP season with Equitable Life

    
    You can't stop the RSP wave. But you can ride it. Ride the wave this RSP season with tools that make it easy to complete applications and deposits online - only from Equitable Life.
    
    Learn more.