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1. EAMG Market Commentary April 2024 April 2024
    
   Rates & Credit – Interest rates increased in Q1 2024, giving back half of the decline experienced in Q4 2023 amid consistently positive surprises in U.S. economic data.  The positive economic news also drove a strong risk-on tone to the market, with the risk premium on corporate bonds tightening as economic prospects improved.  In Canada, corporate bonds outperformed government bonds and the broader FTSE Canada Universe Index (FTSE) with a slightly positive 0.07% return, verses a loss of 1.66% in government bonds and a loss of 1.22% for the overall index.  More interest rate sensitive long-term bonds experienced the largest decline, which was partially offset in corporate bonds by the risk-on tone to corporate bond spreads.  On a 6-month and 1-year basis, the FTSE remained positive at 6.94% and 2.10%, respectively.  Within corporate bonds, lower-rated BBBs outperformed higher-rated A bonds, while industries with higher interest rate exposure such as infrastructure, energy, and communications underperformed those with less exposure (notably financials and securitization).
   
   
    
    
   Equity Overview – Throughout Q1 2024, concerns about a recession gradually eased as central bankers adopted a more accommodative outlook on monetary policy. Their growing dovishness reflected confidence that the restrictive monetary measures were effectively curbing inflation as anticipated. Underpinned by prospects of an economic soft-landing, global equity markets rallied to start the year with most major North American indices soaring to new all-time highs during the quarter. U.S. equities continued to outperform other major international markets with the S&P 500 returning 10.6% in USD terms. Major developed economies from Europe, Australasia, and the Far East (EAFE) gained 10.1% in local currency terms, while the TSX added 6.6%. Furthermore, the U.S. economy continued to prove more resilient than most major developed economies, with strong employment and robust output data. As such, foreign investors of U.S. denominated securities achieved enhanced returns, benefitting from a stronger Greenback.
   
    
   U.S. Fundamentals – Corporate earnings beat expectations in Q4 2023, triggering a wave of upward earnings revision. Stable operating margins, cash flows and debt loads continue to attract investors into equities. Investors appear focused on the company’s ability to sustain debt levels ahead of renewing debt obligations. We observed that the number of major companies that expect improving financial performance shrunk to ~19%. This suggests that concentration risks are likely brewing in the equity market, yet again.
    
   U.S. Quant Factors
   Optimistic run-up in equity valuations were mostly driven by the momentum factor. A basket of companies with positive price trends intensified concentration risk in the equity market. We note that momentum factor’ performance sharply contrasted fundamental factors, making us cautious on the market’s complacency. For context, high quality companies, which is typically defined by high Return on Equity (ROE), stable earnings variability, and low financial leverage, placed second in our risk-adjusted performance rankings, and is dwarfed by the ~ 17.9% return observed from the momentum factor.
    
   Canadian Fundamentals – Against the backdrop of underwhelming financial results, ROE – a gauge of how efficiently a corporation generates profits – rebounded in Q4, 2023, after declining throughout most of the year. The improved efficiency metric provided a positive catalyst for dividend investors as the inverse movements of ROE relative to financing costs over 2023 kept investors on the sidelines. In addition, the CRB Raw Industrials Index, a measure of price changes of basic commodities, broke out of recent ranges, providing a tailwind for Canada’s energy and materials sector. Concerns with earnings contraction and macro-economic conditions have subsided.
    
   Canadian Quant Factors – Crude prices soared higher in Q1 2024, with ongoing production cuts from OPEC+ and ramifications of geopolitical conflicts keeping oil markets undersupplied. As such, energy companies benefitted, surging higher and outperforming the broader index, while the low volatility basket – with lower exposure to cyclically sensitive business – underperformed into quarter end. Furthermore, Canadian banks underperformed to start the quarter, giving back some of the sharp outperformance witnessed into the end of Q4 2023. That said, soft inflation data increased expectations of impending rate cuts from the Bank of Canada and, as such, banks performed in line with the broader market throughout most of the quarter. Underpinned by expectations of a dovish switch in monetary policy, investors rewarded dividend payers with a history of increasing dividends, boosting confidence in their ability to support future dividend growth. It is important to note that investors should not let dividend growth’s outperformance overshadow high dividend paying companies’ underperformance; more specifically, investors remain attentive to the businesses’ ability to create value relative to financing costs.  
   
   Views From the Frontline
    
   Rates – Interest rates in both Canada and the U.S. increased across all bond tenors in Q1 2024. U.S. inflation data surprised to the upside, remaining stubbornly higher than hoped, while labour market and consumer indicators underscored the economy's continued strength.  In Canada, inflation data fell below forecasts, but early 2024 GDP readings exceeded expectations. The market now anticipates a 'soft landing' for the U.S. economy; however, the Canadian economy continues to slow. North American central banks have signaled that we are at the peak for policy rates. The market is currently pricing in approximately two-to-three, 25 basis point interest rate cuts by the U.S. Federal Reserve in the second half of 2024, much fewer than the six-to-seven 25 basis point interest rate cuts that the market had been anticipating even just three months ago.  As the Swiss central bank led the way with the first rate cut among developed countries, central banks in major developed economies will closely monitor upcoming data and market developments to determine the timing and pace for rate cuts.
    
   Credit – The risk premium for corporate bonds (versus government bonds) continued to tighten over the quarter, with a strong risk-on tone to the market as investors priced in renewed economic growth in 2024 as compared to previous expectations.  Corporate bond supply was robust, with $38.2bn in new issuance, the second strongest first quarter on record.  On the balance, we do not think the current risk premium adequately compensates for downside risk, particularly in longer-dated corporate bonds, and have a bias towards shorter-dated credit where we view the risk / reward dynamic as being more favourable.
    
   Equity – We favour a combination of the Dow Jones and the S&P500 for our broad market exposure. The Dow, a price-weighted index, should have some value and low volatility tilt as it tracks mature large companies.  As explained above, concentration risks are brewing in the equity market, and during Q1 this risk was exacerbated by investors rushing into a basket of companies with positive price trends, thereby pushing valuation metrics further into the expensive territory.  In our view, it is well-suited to use a combination of the Dow Jones Industrial Average and the S&P 500 for broad U.S. market exposure given the heightened concentration risk. Looking forward, we expect companies to exhibit stable operating margins and therefore, we are shifting our focus toward the balance between upcoming corporate debt refinancing requirements and reinvestment in projects intended to drive future growth. In plain words, we are tactically adding to companies with stable cash flows and decreased debt loads outside of the mega-cap group. In Canada, we expect a modest earnings growth and remain attentive to how efficiently a corporation generates profits relative to their financing cost. We caution against the overly optimistic, commodity driven, “catch-up” trade vs. our southern neighbour. Therefore, we tweaked our investment strategy by rotating out of the low volatility factor and adding to higher yielding quality companies in Canada.
    

   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	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.
    
    
2. Market Commentary October 2025 Key Takeaways
   
   • Market sentiment improved significantly in Q3 as economic uncertainties eased.
   • Both U.S. and Canadian stock markets posted strong gains. The rally was supported by sector-specific earnings strength and structural growth drivers in AI and digital infrastructure. Equity valuations remain elevated, which could become a potential headwind for future performance.
   • Canadian bond markets delivered positive returns in Q3. Returns were largely from underlying interest income, supported by modestly lower interest rates and continued strong performance from tighter credit spreads.
   • Both the Bank of Canada and the U.S. Federal Reserve restarted easing in Q3. Each central bank cut rates by 25 basis points in September, responding to rising risks to labour markets.
   
   Economic and Market Update

   Economic Summary: In the U.S., economic activity has remained relatively steady through 2025. However, while business investment remained robust, the pace of hiring slowed. Inflation has increased in recent months, but overall price pressures appear contained. Trade uncertainty eased in the third quarter as the U.S. reached agreements on tariffs with several key trading partners. Countries such as Japan, South Korea, and Indonesia, as well as the European Union, negotiated compromise deals. These deals typically involved U.S. tariffs in the range of 15% to 20% in exchange for market access or investment commitments. However, other nations faced higher tariffs of 30-50% following failed negotiations. Mexico and China are currently in a 90-day pause on tariff hikes, which will expire on October 29 and November 10, respectively. At its September meeting, the U.S. Federal Reserve (the “Fed”) lowered its policy rate by 25 basis points to a range of 4.00%– 4.25%. The Fed also signaled that additional interest rate cuts will likely be required to support the economy. Chair Jerome Powell highlighted increasing risks to the labour market and decreasing risks to inflation. He emphasized that the Fed remains data dependent and that interest rate decisions will be made “meeting-by-meeting”. The October 1 shutdown of the U.S. government added further uncertainty to the economic outlook. Key data releases are expected to be delayed, and the White House has warned of mass layoffs of federal workers.

   The Canadian economy experienced a modest rebound in July following weak growth in the second quarter. However, U.S. tariffs and ongoing trade policy uncertainty continue to present risks to the economy. The labour market continues to weaken while inflationary pressures have eased in recent months. On July 31, the U.S. increased tariffs on Canadian imports from 25% to 35% for those products not exempted under USMCA. In addition, the U.S. has expanded its list of sector-specific tariffs. This is expected to place further strain on Canadian exporters. In response to these developments, the Bank of Canada cut its policy rate by 25 basis points to 2.50% during its September meeting. Governor Tiff Macklem indicated that the Bank is prepared to take further action if the balance of risks shifts to weaker growth.
   
   
   
   Bond Markets: During Q3, the FTSE Canada Universe Bond Index returned 1.5%. Yields on Canadian bonds with maturities of 10 years or less declined. That reflected increased expectations for interest rate cuts by the Bank of Canada. Yields on bonds with maturities of greater than 10 years increased moderately, as investors continued to demand a higher risk premium for long-term debt.
   
   Overall, corporate bonds saw a positive return for the quarter and outperformed government bonds. This outperformance was due to the higher interest rate on corporate bonds relative to government bonds, with an assist from modestly tighter credit spreads. Corporate issuance was robust during the quarter with strong investor demand, as investors were willing to look past U.S. tariffs and their potential impact to global growth. There were 99 corporate bond issuances during Q3 that combined to raise $45 billion for issuers, a new record. Indeed, the new issuance market is tracking ahead of last year, the previous high-water mark for issuance.
   
   Notwithstanding the continued strong performance from corporate bonds, we have maintained a bias towards shorter corporate bonds where the risk and reward are better balanced. We remain ready to invest in longer corporate bonds as valuations become attractive.
   
   
   Stock Markets: Equity markets posted strong gains in Q3. The S&P 500 returned 8.1% for the quarter, led by Information Technology and Communication Services. Investors focused on the expansion of AI infrastructure and a more favourable regulatory environment for blockchain technology. These themes supported risk appetite despite valuations remaining high relative to historical averages. The Canadian market returned 12.5% in Q3, outperforming the U.S. by more than 4%. This was driven mainly by strong returns in the Materials sector. Meanwhile, the Europe, Australasia, and Far East Index (EAFE) returned 5.4%, as international investors re-evaluated the “Sell America” trade trend.
   
   
   
   U.S. Equities: In Q3, U.S. equities rose on strong momentum in AI infrastructure investment and growing interest in blockchain innovation. Mega-cap tech stocks led the rally. Major announcements such as NVIDIA’s $100 billion investment in OpenAI and Oracle’s $300 billion multi-year cloud deal highlighted the rapid growth of hyperscale data centers and the deepening commitment to AI development. A more supportive regulatory environment for blockchain technology also boosted investor interest in digital assets. This was reflected in robust IPO activity from crypto-focused companies such as Figure Technology and Gemini. Both stocks saw sharp gains following their public market debuts. That said, the S&P 500 continues to trade at nearly 23 times its forward earnings, roughly 20% above its 10-year average.
   
   Canadian Equities: Canadian equities rose on better-than-expected economic data and sector-driven earnings, outperforming the U.S. by more than 4% in Q3. The Materials sector drove the rally, contributing nearly half of the gain for the TSX in Q3, as the price of gold surged past US$3850/oz (+45% YTD). The Technology sector also posted solid results, highlighted by Shopify’s continued strong performance. Shopify’s AI-driven product expansion and scalable digital commerce growth pushed the stock to trade around 85 times its forward earnings over the next twelve months. Positive sentiment extended to the Financials sector, where better-than-expected provisions for credit losses helped support a revaluation of bank stocks.
   
   Overall, Q3 marked a risk-on environment across North American equities, underpinned by sector-specific earnings strength and structural growth drivers. In the U.S., enthusiasm around AI and digital infrastructure continued to dominate. In Canada, the rally was driven by surging gold prices and better-than-expected bank earnings. These catalysts helped sustain broad-based market strength across both markets.
   
   Bottom line:  Overall market sentiment improved in the third quarter following the volatility earlier in the year caused by tariffs. Investors benefited from resilient performance in North American equities and positive performance in fixed income. In the U.S., the Federal Reserve resumed its rate-cutting cycle, while strong consumer demand and continued capex-spending acted as key drivers for the market strength. In Canada, gold prices continued to surge amid persistent safe-haven demand driven by geopolitical risks. Looking ahead, we will continue to closely monitor valuation levels and underlying economic data for signals of inflection as the cycle progresses.
   
   
   
   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 Hin Analyst, Credit	Kate (Huyen) Vinh Analyst, Equity	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.
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8. January 2023 eNews

   Responding to Saskatchewan’s biosimilar switch initiative*

   We are changing coverage for some biologic drugs in Saskatchewan in response to the province’s biosimilar initiative. These changes will help protect your clients’ plans from additional drug costs that may result from this new government policy while providing access to equally safe and effective lower-cost biosimilars. 
   
   Saskatchewan’s provincial biosimilar initiative
   Announced in October 2022, the Saskatchewan Biosimilars Initiative ends coverage of ten biologic drugs beginning on April 30, 2023.
   
   Patients in the province who are using these drugs will be required to switch to biosimilar versions of these drugs by April 30, 2023, in order to maintain their Saskatchewan Drug Plan coverage.
    
   Equitable Life’s response
   To ensure this provincial change doesn’t result in your clients’ plans paying additional and avoidable drug costs, we are changing coverage in Saskatchewan for most biologic drugs included in the provincial initiative.
   
   Beginning April 30, 2023, plan members in the province will no longer be eligible for most originator biologic drugs if they have a condition for which Health Canada has approved a lower cost biosimilar version of the drug.** These plan members will be required to switch to a biosimilar version of the drug to maintain coverage under their Equitable Life plan.  
   
   Communicating this change to plan members
   We will inform any affected plan members in early February of the need to switch their medications so that they have ample time to change their prescriptions and avoid any interruptions in treatment or coverage. 
   
   What is the difference between biologics and biosimilars?
   Biologics are drugs that are engineered using living organisms like yeast and bacteria. The first version of a biologic developed is known as the “originator” biologic. Biosimilars are highly similar to the drugs they are based on and Health Canada considers them to be equally safe and effective for approved conditions. 
   
   Questions?
   If you have any questions about this change, please contact your Group Account Executive or myFlex Sales Manager.
   
   **The list of affected drugs is dynamic and will change as Saskatchewan includes more biologic drugs in its biosimilar initiative, as new biosimilars come onto the market, and as we make changes in drug eligibility.
    

   Ontario announces 2023 biosimilar switch program*

   The government of Ontario recently announced the launch of a biosimilar initiative to switch patients from eight originator biologic drugs to biosimilar versions of the drugs.
   
   Patients in Ontario using affected originator biologic drugs will have until December 29, 2023 to switch to a biosimilar version of their medications in order to maintain coverage under the province’s public drug plans.
   
   We are actively monitoring and investigating the impact of this new policy on private drug plans in Ontario. We plan to implement changes to coverage of biologic drugs in the province in 2023 to help prevent this change from resulting in additional costs for our clients’ drug plans. We will provide more details in the coming months.
   
   If you have any questions, please contact your Group Account Executive or myFlex Sales Manager.
    

   Dental fee guide updates*

   Each year, Provincial and Territorial Dental Associations publish fee guides. Equitable Life® uses these guides to help determine the reimbursement limits for dental procedures. For your reference, below is the list of the average dental fee increases for general practitioners that will be used by Equitable Life for 2023.*** 

   Dental fee guide increases over 2022***

   
   
   ***Data for all provinces and territories was not available at the time of publication. This chart will be updated on EquitableHealth.ca as more information becomes available.
    

   Equitable Life ranks high with Canadian group advisors*

   Equitable Life ranked second nationally and first in Ontario among major insurers in a recent survey of Canadian group benefits advisors.
    
   NMG Consulting, a leading global consulting firm, conducted in-depth interviews with 130 leading group consultants, brokers and third-party administrators across the country between May and August 2022 for its annual Canadian Group Benefits Study. Based on these interviews, NMG ranked group insurers in six categories, ranging from operational management to technology.
   
   Nationally, Equitable Life ranked either first or second in four of the six main categories:
   
   Advisors in Ontario, in particular, scored Equitable Life very favourably. We ranked #1 overall in the province, finishing first in four of the six overall categories, including: Relationship Management, Operational Management, Underwriting and Claims Management and Technology.
    
   “The fact that advisors regard us so highly in so many categories is a testament to our mutual status and our ability to focus exclusively on our clients and advisors,” said Marc Avaria, Senior Vice President of Group. “We are truly working together to build strong, enduring and aligned partnerships.”
    
   “While we are happy with these results, we won’t rest on our laurels,” added Avaria. “We will continue to dedicate ourselves to providing our clients and advisors with a better benefits experience.”
   
   Here are more of the highlights from this year’s results:
    
   Nationally, we ranked first in all 10 subcategories in Operational Management, including:
   • Overall service to intermediaries,
   • Overall service to plan sponsors,
   • New quote process,
   • Plan implementation,
   • Renewal process,
   • Information shared at renewal,
   • Accuracy and timeliness of reporting and billing,
   • Administration quality and responsiveness,
   • Taking ownership and
   • Management information quality and availability.
   We also ranked first in Relationship Management, getting top marks in 7 of 10 subcategories, including:
   • Company relationship management,
   • Ease of doing business,
   • Account executive capability,
   • Market knowledge,
   • Visit/call quality,
   • Effective coordination and
   • Advice.
   We ranked second in Underwriting and Claims Management, finishing in the top three for all subcategories, including:
   • Fairness and timeliness of disability claims (1^st)
   • Fairness and timeliness of health claims (2^nd)
   • Fraud management (2^nd)
   • Competitiveness of pooling charges (2^nd)
   • Group underwriting flexibility (3^rd)
   • Health and dental TLR competitiveness (3^rd)
   And we ranked second in Technology, finishing in the top three for:
   • Overall technology – Intermediary (2^nd)
   • Member experience (2^nd)
   * Indicates content that will be shared with your clients.
    
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