Episode 113: 2025 in the rearview—are markets in for another strong year?

Hosts:

Kevin Headland (Co-chief Investment Strategist)

Macan Nia (Co-Chief Investment Strategist)

Special guests:

Emily Roland (Co-Chief Investment Strategist)

Matt Miskin (Co-Chief Investment Strategist)

Episode highlights

• 2025 in review:

• The team discusses the strong performance of markets in 2025, including the

TSX’s impressive 24% return despite a challenging economic backdrop in Canada.

• Key market drivers:

• The role of momentum trading, trend-following strategies, and AI exuberance.

• The ongoing influence of the crypto trade.

• Discrepancies between Canada’s economic data and TSX performance.

• Looking ahead to 2026:

• Will the trends of 2025 continue, or is a shift on the horizon?

• The importance of sentiment as we enter the new year—are markets priced for

perfection?

• Why investing in companies is not the same as investing in the broader economy.

• Risks and opportunities:

• Potential risks for the Canadian economy, especially regarding banks and

financials.

• The importance of being prudent and keeping an eye on domestic economic

indicators.

• The impact of investor confidence and employment on market flows.

• Actionable insight:

Information à usage interne - Internal

• The team provides practical considerations for investors as they position

portfolios for 2026.

• Encouragement to review the team’s full 2026 outlook, available on the Manulife

Investments website.

Additional information

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