INVESTMENT ADVISORY COMMITTEE CHAIR

With a very strong 2025 fiscal year behind us, we are continuing to look ahead at the 2026 fiscal year. We believe the worst-case scenario of a severe trade war between Canada and the US has likely been averted. However, we expect to still see growth slow significantly as the effects of tariffs filter through production, and as business investment and household consumption both come under pressure. We expect an increased risk of inflation in the US and ongoing pressure on the US dollar. With this in mind, we continue to watch for other global growth opportunities, such as fiscal spending growth out of Europe and Japan, and diversification across international equity and credit markets.

The Investment Advisory Committee remains committed to stewarding the Foundation’s assets through the markets ahead. We will continue to focus on enhancing returns, while reducing risk, and dampening the effects of market volatility. We know how important the portfolio’s returns are to compounding the power of your philanthropy. We are deeply committed to doing all we can to ensure your donations remain a lasting source of funding support, which is so vital for the future of our community.