Quarterly Portfolio Fund update
Stock and bond markets*
| INDEX | CLOSE | Q2 | YTD |
|---|---|---|---|
| S&P/TSX Composite | 34,856.99 | 6.37% | 9.92% |
| Dow Jones Industrial Average | 52,319.20 | 12.90% | 8.85% |
| S&P 500 Index | 7,499.36 | 14.87% | 9.55% |
| NASDAQ Composite | 26,213.72 | 21.41% | 12.79% |
| 10-year Canadian Bond Yield | 3.38% | -0.08% | -0.04% |
| 10-year U.S. Treasury Yield | 4.44% | 0.14% | 0.14% |
| Canadian Dollar | US$0.70 | -1.91% | -3.55% |
| Bank of Canada Prime Rate 4.45% |
*Performance ending June 30, 2026. Sources: Morningstar Direct, Bank of Canada and U.S. Department of the Treasury.
Read our weekly market recap for the latest information on the financial markets, insights around current headlines, special reports, and more.
How Portfolio Funds performed during Q2 2026
Portfolios funds delivered a strong performance in the second quarter, with the growth portfolios outpacing the income portfolios.
Note: Rates of return for each portfolio are provided below on an after-fees (net) basis. Given that fees are only applied at the portfolio level, all references to underlying fund performance are before fees (gross).
Co-operators Income Portfolio: low risk
Designed to achieve interest income, and the preservation and moderate growth of capital, with low levels of volatility.
The Co-operators Canadian Fixed Income Fund was a strong performer in the second quarter. The fund outperformed its benchmark by 0.2% and added 6 basis points (bps) of active return. Representing approximately 30% of the portfolio, the fund remains an important driver of overall results. Performance benefited from declining bond yields as lower oil prices helped ease inflation concerns.
The Co-operators Fidelity Canadian Bond Fund also helped drive returns during the quarter. The fund outperformed its benchmark by 22 bps, primarily due to an overweight allocation to credit risk, particularly within the financial sector.
- Canadian Fixed Income 77.51%
- Canadian Equity 9.75%
- U.S. Equity 5.04%
- International Equity 4.71%
- Foreign Fixed Income 1.94%
- Cash & Other Net Assets 1.05%
| Guarantee level | Q2 | 1 year | 3 year | 5 year | 10 year | Since inception Dec. 22, 2014 |
|---|---|---|---|---|---|---|
| 75-75 | 3.15% | 4.78% | 5.38% | 1.22% | 1.86% | 2.06% |
| 75-100 | 3.13% | 4.66% | 5.26% | 1.11% | 1.75% | 1.95% |
| 100-100 | 3.03% | 4.27% | 4.86% | 0.72% | 1.37% | 1.56% |
| Top 10 holdings | |
|---|---|
| Co-operators BlackRock Canada Universe Bond Index Fund | 29.99% |
| Co-operators Canadian Fixed Income Fund | 29.99% |
| Co-operators Fidelity Canadian Bond Fund | 20.00% |
| Co-operators Mawer Canadian Equity Fund | 5.00% |
| Co-operators Canadian Equity Fund | 4.98% |
| Co-operators Mawer International Equity Fund |
4.96% |
| Co-operators U.S. Equity Fund | 2.54% |
| Co-operators BlackRock U.S. Equity Index Fund | 2.54% |
| The top 10 investments make up 100.00% of the fund. Total number of investments: 8 |
|
Co-operators Balanced Income Portfolio: low to moderate risk
Designed to achieve both interest income and capital growth, with relatively low levels of volatility.
The Co-operators Canadian Fixed Income Fund was a strong contributor in the second quarter. The fund outperformed its benchmark by 0.2%, adding 5 bps of active return. With a portfolio weight of approximately 25%, the fund remains an important driver of overall results. Performance benefited from declining bond yields as lower oil prices helped ease inflation concerns during the quarter.
The Co-operators Mawer Canadian Equity Fund also delivered positive returns as Canadian equities continued to advance. The fund returned 5.39% in Q2; however, it lagged its benchmark and detracted 16 bps from relative performance. Exposure to the financials sector, including several of Canada's largest banks, helped support returns, while positions in the energy and materials sectors weighed on relative performance.
- Canadian Fixed Income 58.28%
- Canadian Equity 19.50%
- U.S. Equity 10.09%
- International Equity 9.40%
- Cash & Other Net Assets 1.46%
- Foreign Fixed Income 1.27%
| Guarantee level | Q2 | 1 year | 3 year | 5 year | 10 year | Since inception Dec. 22, 2014 |
|---|---|---|---|---|---|---|
| 75-75 | 4.67% | 7.77% | 8.00% | 3.21% | 3.69% | 3.71% |
| 75-100 | 4.62% | 7.59% | 7.82% | 3.15% | 3.53% | 3.54% |
| 100-100 | 4.47% | 6.96% | 7.18% | 2.54% | 2.91% | 2.93% |
| Top 10 holdings | |
|---|---|
| Co-operators BlackRock Canada Universe Bond Index Fund | 24.98% |
| Co-operators Canadian Fixed Income Fund | 24.98% |
| Co-operators Mawer Canadian Equity Fund | 10.00% |
| Co-operators Fidelity Canadian Bond Fund |
10.00% |
| Co-operators Canadian Equity Fund | 9.96% |
| Co-operators Mawer International Equity Fund |
9.91% |
| Co-operators U.S. Equity Fund | 5.09% |
| Co-operators BlackRock U.S. Equity Index Fund | 5.08% |
| The top 10 investments make up 100.00% of the fund. Total number of investments: 8 |
|
Co-operators Balanced Growth Portfolio: low to moderate risk
Designed to achieve both interest income and capital growth, with relatively modest levels of volatility.
The Co-operators Fidelity True North® Fund delivered a solid performance during the second quarter. The fund returned 7.33% and added 4 bps of active return to the portfolio. Outperformance was driven by overweight positions in the industrials and consumer staples sectors. Canadian financials were also a key contributor to returns during the quarter, led by strong performance from the major banks and insurance companies.
The Co-operators Canadian Equity Fund also contributed positively to the portfolio’s results. The fund returned 4.49% in Q2 and added 0.67% to the total portfolio return. While the fund generated positive absolute returns, holdings in gold-related companies created headwinds as materials stocks lagged the broader Canadian market during the quarter.
- Canadian Fixed Income 39.14%
- Canadian Equity 33.33%
- International Equity 14.32%
- U.S. Equity 10.54%
- Cash & Other Net Assets 2.07%
- Foreign Fixed Income 0.60%
| Guarantee level | Q2 | 1 year | 3 year | 5 year | 10 year | Since inception Dec. 22, 2014 |
|---|---|---|---|---|---|---|
| 75-75 | 5.96% | 11.39% | 10.87% | 5.59% | 5.55% | 5.34% |
| 75-100 | 5.92% | 11.21% | 10.69% | 5.41% | 5.38% | 5.17% |
| 100-100 | 5.76% | 10.55% | 10.03% | 4.79% | 4.76% | 4.55% |
| Top 10 holdings | |
|---|---|
| Co-operators BlackRock Canada Universe Bond Index Fund | 20.01% |
| Co-operators Canadian Fixed Income Fund | 20.01% |
| Co-operators Canadian Equity Fund | 14.95% |
| Co-operators Mawer International Equity Fund |
14.88% |
| Co-operators Mawer Canadian Equity Fund | 10.01% |
| Co-operators Fidelity True North® Fund | 9.97% |
| Co-operators U.S. Equity Fund | 5.09% |
| Co-operators BlackRock U.S. Equity Index Fund | 5.08% |
| The top 10 investments make up 100.00% of the fund. Total number of investments: 8 |
|
Co-operators Growth Portfolio: low to moderate risk
Designed to achieve long-term capital growth, with some interest income.
The Co-operators Fidelity Global Fund delivered a strong 13.2% return during the second quarter and was a key contributor to performance. However, the fund lagged its benchmark and detracted 36 bps of active return. The primary drivers of relative underperformance were an underweight position in the information technology sector and an overweight position in consumer discretionary sector.
The Co-operators Mawer International Equity Fund provided the largest contribution to portfolio returns, adding 2.46%. International equities posted one of their strongest quarters in recent years, supported by gains in technology-related companies, including memory-chip manufacturers such as SK Hynix and Kioxia,
- Canadian Equity 43.06%
- International Equity 20.31%
- Canadian Fixed Income 19.55%
- U.S. Equity 14.53%
- Cash & Other Net Assets 2.25%
- Foreign Fixed Income 0.30%
| Guarantee level | Q2 | 1 year | 3 year | 5 year | 10 year | Since inception Dec. 22, 2014 |
|---|---|---|---|---|---|---|
| 75-75 | 7.30% | 14.70% | 13.56% | 7.68% | 7.51% | 7.04% |
| 75-100 | 7.25% | 14.52% | 13.38% | 7.50% | 7.34% | 6.87% |
| 100-100 | 7.09% | 13.84% | 12.71% | 6.87% | 6.71% | 6.23% |
| Top 10 holdings | |
|---|---|
| Co-operators Canadian Equity Fund | 19.92% |
| Co-operators Mawer Canadian Equity Fund |
15.00% |
| Co-operators Mawer International Equity Fund | 14.87% |
| Co-operators Fidelity Global Fund | 10.09% |
| Co-operators BlackRock Canada Universe Bond Index Fund | 9.99% |
| Co-operators Canadian Fixed Income Fund |
9.99% |
| Co-operators Fidelity True North® Fund |
9.97% |
| Co-operators U.S. Equity Fund | 5.09% |
| Co-operators U.S. Equity Fund | 5.08% |
| The top 10 investments make up 100.00% of the fund. Total number of investments: 9 |
|
Co-operators Maximum Growth Portfolio: moderate risk
Designed to achieve maximum capital growth over the long term.
The Co-operators Fidelity True North® Fund delivered strong results during the second quarter, returning 7.33% and adding 6 bps of active return to the portfolio. Outperformance was driven by overweight positions in the industrials and consumer staples sectors. Canadian financials were also a key contributor to returns during the quarter, led by strong performance from the major banks and insurance companies.
The Co-operators U.S. Equity Fund also contributed positively as U.S. equities posted strong returns during the quarter. The fund returned 12.1%, benefiting from the rebound in equity markets and continued investor interest in artificial intelligence-related businesses. However, the fund underperformed its benchmark by just over 5%, primarily due to underweight positions in the information technology sector.
- Canadian Equity 57.40%
- International Equity 20.40%
- U.S. Equity 19.78%
- Cash & Other Net Assets 2.40%
- Canadian Fixed Income 0.02%
| Guarantee level | Q2 | 1 year | 3 year | 5 year | 10 year | Since inception Dec. 22, 2014 |
|---|---|---|---|---|---|---|
| 75-75 | 8.64% | 19.36% | 16.86% | 10.24% | 9.66% | 8.84% |
| 75-100 | 8.59% | 19.10% | 16.61% | 10.01% | 9.42% | 8.60% |
| 100-100 | 8.38% | 18.21% | 15.73% | 9.18% | 8.60% | 7.79% |
| Top 10 holdings | |
|---|---|
| Co-operators Canadian Equity Fund | 19.91% |
| Co-operators Mawer Canadian Equity Fund | 14.99% |
| Co-operators Fidelity True North® Fund |
14.94% |
| bold | 14.86% |
| Co-operators Fidelity Global Fund | 10.09% |
| Co-operators BlackRock Canadian Equity Index Fund |
10.01% |
| Co-operators BlackRock U.S. Equity Index Fund | 7.62% |
| Co-operators BlackRock U.S. Equity Index Fund | 7.61% |
| The top 10 investments make up 100.00% of the fund. Total number of investments: 8 |
|
Key take-aways
Canadian, U.S. and international equities delivered strong returns in the second quarter despite ongoing geopolitical tensions and periodic market volatility. In Canada, financial stocks helped drive gains, while weakness in energy and materials shares followed a pullback in oil and gold prices. South of the border, U.S. equities rebounded sharply as investor confidence in artificial intelligence-related opportunities improved, supported by continued demand for the infrastructure and technology required to power AI innovation.
International and emerging market equities also posted strong results as improving risk sentiment and growing demand for AI-related hardware and semiconductor capacity supported markets globally. Meanwhile, fixed income markets continued to provide stability and income, although bond yields experienced periods of volatility as investors weighed inflation concerns against expectations for future monetary policy decisions. Central banks in Canada and the U.S. kept policy rates unchanged during the quarter, choosing to look through energy-driven price pressures while assessing their potential impact on underlying inflation and economic growth.
Bottom line:While markets may react to shifting global events and short-term volatility, a diversified, professionally managed portfolio is designed to help navigate the changing conditions. Staying focused on your long-term goals can help you stay confident and well-positioned for future opportunities as markets evolve. A Co-operators financial representative s always ready to help if you have questions or would like to review your plan.
Interested in more tips and insights? Check out our Market View page for investment basics and weekly updates on market performance. You can even sign up to have this news sent directly to your inbox.
Sales charges, expenses and other fees
Fees and expenses reduce the return on your investment. For details, please refer to your Policy and Information Folder.
Current rates of return are available on our Segregated Fund Performance page. Your personal rate of return will vary, depending on the contributions and withdrawals you make over time. For details, please refer to your Policy Statement.
If you have questions about your investments, contact your Co-operators financial representative.
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Segregated funds and annuities are administered by Co-operators Life Insurance Company. Not all products are available in all provinces. This material is provided for informational purposes only. Please refer to your policy for applicable coverage details, limitations, and exclusions. The information contained in this communication was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This communication is provided as a general source of information and should not be considered personal investment advice or solicitation to buy or sell any investment. Co-operators® is a registered trademark of The Co-operators Group Limited and is used with permission. Versatile Portfolios Navigator™ is an investment product which may include features or options such as segregated funds, portfolios of segregated funds or guaranteed rates. Guaranteed benefits are payable on death or maturity (reduced proportionately by withdrawals from, or investment transfers out of, the segregated funds). No guarantee is provided on surrender or cancellation. Subject to any applicable death and maturity guarantee, any part of the premium or other amount that is allocated to a segregated fund is invested at the risk of the policyholder and may increase or decrease in value. Ask your advisor for details. Versatile Portfolios Navigator™ is a trademark of Co-operators Life Insurance Company. True North® is a registered trademark of Fidelity Investments Canada ULC and used with permission.
Returns, investment segmentation and top holdings as of June 30, 2026. Rates of return for periods less than one year are simple rates of return. All others are annualized rates of return. Securities regulations do not allow us to report performance for a fund that has been available for less than one year. The returns reflect changes in unit value and assume that all income/realized net gains are retained by the segregated fund in the periods indicated and are reflected in higher unit values of the fund. The returns do not take into account sales, redemption, distribution or other optional charges or income taxes payable that would have reduced returns or performance. Past performance of any fund is not necessarily indicative of its future performance.
If you have questions or want to discuss your investments, please contact your authorized financial representative. In Quebec, a licensed insurance advisor is a Financial Security Advisor or a Representative.