Performance Universe for Pension Managers Pooled Funds - September 2025

TELUS Health has released the results of its Performance Universe of Pension Managers’ Pooled Funds for the third quarter of 2025.

According to the report, in the third quarter of 2025, diversified pooled fund managers posted a median return of 5.7 per cent before management fees.

The stock markets reported gains in the third quarter of 2025 within a volatile economic context. The S&P/TSX Composite Index returned 12.5 per cent for the quarter, while the MSCI World Index returned 9.4 per cent (in Canadian dollars). The S&P 500 equity index rose by 10.3 per cent (in Canadian dollars), and the Emerging Markets Index increased by 12.8 per cent (in Canadian dollars) during the same period, according to Jean Bergeron, Partner in TELUS Health’s Investment Consulting Team.

"Over the third quarter of 2025, the funded status of a typical pension plan improved on a solvency basis. We estimate that the average solvency ratio of a typical pension plan increased by about 3.6 percent, driven by strong performance in both stock and bond markets. Since the beginning of the year, the average solvency ratio has increased by about 7.4 per cent", says Jean Bergeron.

In the third quarter of 2025, diversified pooled fund managers reported an average return below the benchmark portfolio. The median manager’s return was 5.7 per cent, which is 1.0 per cent lower than the benchmark commonly used by pension funds, based on an allocation of 55 per cent equity and 45 per cent fixed income.

Click here to read the September 2025 report.