{"id":7430,"date":"2022-08-09T16:24:39","date_gmt":"2022-08-09T16:24:39","guid":{"rendered":"https:\/\/elcicgsi.ca\/?p=7430"},"modified":"2024-10-17T18:05:24","modified_gmt":"2024-10-17T18:05:24","slug":"august-pension-newsletter-7","status":"publish","type":"post","link":"https:\/\/dev.elcicgsi.ca\/?p=7430","title":{"rendered":"August 2022 Pension"},"content":{"rendered":"[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][image_with_animation image_url=&#8221;7179&#8243; image_size=&#8221;full&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;Fade In&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;&#8221; border_radius=&#8221;none&#8221; box_shadow=&#8221;none&#8221; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221;][divider line_type=&#8221;No Line&#8221;][vc_column_text]\n<h4>The August Pension Newsletter includes:<\/h4>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><a href=\"#growthfund\">Growth Fund<\/a><\/li>\n<li><a href=\"#fixedincome\">Fixed Income<\/a><\/li>\n<li><a href=\"#question1\">Questions?<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][heading]<b>2022 Q2 Investment Commentary<\/b><\/p>\n<p><b>ELCIC Pension Plan<\/b>[\/heading][vc_column_text]\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">ELCIC Pension Plan Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Jan 1 to Jun 30, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Median Balanced Pension Plan as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Jan 1 to Jun 30, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Excess return<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">-14.6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-12.6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The returns in both equity and bond portfolios have been disappointing so far this year. With the current economic and political crisis, rising interest rates and high inflation we experience an unusual combination where the bond performance suffers from higher interest rates and the equity performance from reduced growth prospects. But there is a good chance of improvement going forward as our investment advisor at PH&amp;N had to say:<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;center&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;incase&#8221; advanced_gradient_angle=&#8221;0&#8243; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_row_inner column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; text_align=&#8221;left&#8221; row_position=&#8221;default&#8221; row_position_tablet=&#8221;inherit&#8221; row_position_phone=&#8221;inherit&#8221; overflow=&#8221;visible&#8221; pointer_events=&#8221;all&#8221; el_id=&#8221;growthfund&#8221;][vc_column_inner column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text max_width=&#8221;880&#8243;]\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">\u201cIt\u2019s certainly been a challenging start to 2022 in financial markets, with both bonds and equities posting negative performance. Generally, in risk off periods, bonds will perform ok given their safety characteristics. However, this time around with the inflationary backdrop where it is, central banks have been raising the overnight level of interest rates quite aggressively to combat inflation; their actions are entirely necessary. The result of these actions has been weak return for bonds so far this year. Equity markets have been falling on slowing growth concerns, negative economic shocks, and the likelihood of a recession in the not too distant future. There will be relief when inflation eventually rolls over, central banks achieve their hiking objectives (end of 2022), and corporate earnings become more clear and resume growth. The positive news is that bonds are now yielding the highest level of interest since before the Financial crisis of 2008\/2009 which provides an attractive level of income. Lastly, we expect volatility in equity markets to lessen in the second half of 2022 and are constructive that most of the adjustment and selloff has been endured.\u201d<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;incase&#8221; advanced_gradient_angle=&#8221;0&#8243; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_row_inner column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; text_align=&#8221;left&#8221; row_position=&#8221;default&#8221; row_position_tablet=&#8221;inherit&#8221; row_position_phone=&#8221;inherit&#8221; overflow=&#8221;visible&#8221; pointer_events=&#8221;all&#8221; el_id=&#8221;growthfund&#8221;][vc_column_inner column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h5>Growth Fund<\/h5>\n[\/vc_column_text][vc_column_text el_class=&#8221;growthfund&#8221;]<div id=\"accordions-7482\" class=\"accordions-7482 accordions\" data-accordions={&quot;lazyLoad&quot;:true,&quot;id&quot;:&quot;7482&quot;,&quot;event&quot;:&quot;click&quot;,&quot;collapsible&quot;:&quot;true&quot;,&quot;heightStyle&quot;:&quot;content&quot;,&quot;animateStyle&quot;:&quot;swing&quot;,&quot;animateDelay&quot;:1000,&quot;navigation&quot;:true,&quot;active&quot;:999,&quot;expandedOther&quot;:&quot;no&quot;}>\r\n                <div id=\"accordions-lazy-7482\" class=\"accordions-lazy\" accordionsId=\"7482\">\r\n                    <\/div>\r\n\r\n    <div class=\"items\"  style=\"display:none\" >\r\n    \r\n            <div post_id=\"7482\" itemcount=\"0\"  header_id=\"header-1651606314810\" id=\"header-1651606314810\" style=\"\" class=\"accordions-head head1651606314810 border-none\" toggle-text=\"\" main-text=\"PH&amp;N Canadian Equity Value Fund\">\r\n                                    <span id=\"accordion-icons-1651606314810\" class=\"accordion-icons\">\r\n                        <span class=\"accordion-icon-active accordion-plus\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\r\n                        <span class=\"accordion-icon-inactive accordion-minus\"><i class=\"fas fa-chevron-right\"><\/i><\/span>\r\n                    <\/span>\r\n                    <span id=\"header-text-1651606314810\" class=\"accordions-head-title\">PH&amp;N Canadian Equity Value Fund<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content1651606314810 \">\r\n                <table>\n<tbody>\n<tr>\n<td>PH&N Canadian Equity Investment Return<\/p>\n<p>Jan 1 to Jun 30, 2022<\/td>\n<td>S&P\/TSX Capped\u00a0as a comparison<\/p>\n<p>Jan 1 to Jun 30, 2022<\/td>\n<td>Excess return<\/td>\n<\/tr>\n<tr>\n<td>-5.9%<\/td>\n<td>-9.9%<\/td>\n<td>+4.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Canadian equities saw better outcomes this past six months than other global markets. The investment manager did one better and outperformed the Canadian equity benchmark by 4%. They attribute this to their positioning and stock selection in the Info Tech and Energy sectors.<\/p>\n            <\/div>\r\n    \r\n            <div post_id=\"7482\" itemcount=\"1\"  header_id=\"header-1651606373294\" id=\"header-1651606373294\" style=\"\" class=\"accordions-head head1651606373294 border-none\" toggle-text=\"\" main-text=\"RBC Global Equity Focus Pension Trust\">\r\n                                    <span id=\"accordion-icons-1651606373294\" class=\"accordion-icons\">\r\n                        <span class=\"accordion-icon-active accordion-plus\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\r\n                        <span class=\"accordion-icon-inactive accordion-minus\"><i class=\"fas fa-chevron-right\"><\/i><\/span>\r\n                    <\/span>\r\n                    <span id=\"header-text-1651606373294\" class=\"accordions-head-title\">RBC Global Equity Focus Pension Trust<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content1651606373294 \">\r\n                <table>\n<tbody>\n<tr>\n<td>RBC Global Equity Investment Return<\/p>\n<p>Jan 1 to Jun 30, 2022<\/td>\n<td>MSCI World ($CAD)\u00a0as a comparison<\/p>\n<p>Jan 1 to Jun 30, 2022<\/td>\n<td>Excess return<\/td>\n<\/tr>\n<tr>\n<td>-23.6%<\/td>\n<td>-18.6%<\/td>\n<td>-5.0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>This portfolio outperformed the benchmark in the second quarter but has not yet caught up from the underperformance of the first quarter. Recall that the investment manager admitted that the underperformance was mainly due to stock selection with their most highly rated stocks performing the worst and vice versa. They made some changes to better withstand environments with the dynamics of the first quarter that appear to be working.<\/p>\n            <\/div>\r\n    \r\n            <div post_id=\"7482\" itemcount=\"2\"  header_id=\"header-1651606494911\" id=\"header-1651606494911\" style=\"\" class=\"accordions-head head1651606494911 border-none\" toggle-text=\"\" main-text=\"Baillie Gifford Global Equity Fund\">\r\n                                    <span id=\"accordion-icons-1651606494911\" class=\"accordion-icons\">\r\n                        <span class=\"accordion-icon-active accordion-plus\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\r\n                        <span class=\"accordion-icon-inactive accordion-minus\"><i class=\"fas fa-chevron-right\"><\/i><\/span>\r\n                    <\/span>\r\n                    <span id=\"header-text-1651606494911\" class=\"accordions-head-title\">Baillie Gifford Global Equity Fund<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content1651606494911 \">\r\n                <table>\n<tbody>\n<tr>\n<td>Baillie Gifford Global Equity Investment Return<\/p>\n<p>Jan 1 to Jun 30, 2022<\/td>\n<td>MSCI World ($CAD)\u00a0as a comparison<\/p>\n<p>Jan 1 to Jun 30, 2022<\/td>\n<td>Excess return<\/td>\n<\/tr>\n<tr>\n<td>-29.1<\/td>\n<td>-18.6%<\/td>\n<td>-10.5<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The first half of this year has been a challenging one for stock markets and this period has extended a run of underperformance for the Global Alpha strategy stretching back to early 2021. Share price weakness has been most acute for high-growth companies, where uncertainty about future rewards is highest, with profits and cash flow weighted to future years. These types of companies are a significant part of Global Alpha portfolios and run by ambitious management teams prepared to take a long-term view. As such they have been in the eye of the storm, with these attributes having been markedly out of sync with the stability and defensiveness craved by the market. The manager believes that the portfolio is well-equipped to navigate the coming months and years whatever emerges from the current uncertainty. This portfolio has resilience embedded within it and is delivering the growth we expect. Resilience\u00a0means not just surviving, but emerging stronger.<\/p>\n            <\/div>\r\n    <\/div>\r\n\r\n\r\n\r\n            <\/div>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;languishing&#8221; advanced_gradient_angle=&#8221;0&#8243; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_row_inner column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; text_align=&#8221;left&#8221; row_position=&#8221;default&#8221; row_position_tablet=&#8221;inherit&#8221; row_position_phone=&#8221;inherit&#8221; overflow=&#8221;visible&#8221; pointer_events=&#8221;all&#8221; el_id=&#8221;fixedincome&#8221;][vc_column_inner column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n<h5>Fixed Income<\/h5>\n[\/vc_column_text][vc_column_text el_class=&#8221;fixedincome&#8221;]<span style=\"font-weight: 400;\"><div id=\"accordions-7485\" class=\"accordions-7485 accordions\" data-accordions={&quot;lazyLoad&quot;:true,&quot;id&quot;:&quot;7485&quot;,&quot;event&quot;:&quot;click&quot;,&quot;collapsible&quot;:&quot;true&quot;,&quot;heightStyle&quot;:&quot;content&quot;,&quot;animateStyle&quot;:&quot;swing&quot;,&quot;animateDelay&quot;:1000,&quot;navigation&quot;:true,&quot;active&quot;:999,&quot;expandedOther&quot;:&quot;no&quot;}>\r\n                <div id=\"accordions-lazy-7485\" class=\"accordions-lazy\" accordionsId=\"7485\">\r\n                    <\/div>\r\n\r\n    <div class=\"items\"  style=\"display:none\" >\r\n    \r\n            <div post_id=\"7485\" itemcount=\"0\"  header_id=\"header-1651606314810\" id=\"header-1651606314810\" style=\"\" class=\"accordions-head head1651606314810 border-none\" toggle-text=\"\" main-text=\"PH&amp;N Core Plus Bond Fund\">\r\n                                    <span id=\"accordion-icons-1651606314810\" class=\"accordion-icons\">\r\n                        <span class=\"accordion-icon-active accordion-plus\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\r\n                        <span class=\"accordion-icon-inactive accordion-minus\"><i class=\"fas fa-chevron-right\"><\/i><\/span>\r\n                    <\/span>\r\n                    <span id=\"header-text-1651606314810\" class=\"accordions-head-title\">PH&amp;N Core Plus Bond Fund<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content1651606314810 \">\r\n                <table>\n<tbody>\n<tr>\n<td>PH&N Core Plus Bond Fund Investment Return<\/p>\n<p>Jan 1 to Jun 30, 2022<\/td>\n<td>FTSE Canada Universe Bond as a comparison<\/p>\n<p>Jan 1 to Jun 30, 2022<\/td>\n<td>Excess return<\/td>\n<\/tr>\n<tr>\n<td>-12.3%<\/td>\n<td>-12.2%<\/td>\n<td>-0.1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The response by the Canadian government to the rising inflation has been to increase the interest rates. This has an affect on the return in the bond portfolio as existing bonds were priced on interest rates at that time. When the rates rise quickly as has occurred this year, the bond returns fall behind causing the result in the chart above.<\/p>\n            <\/div>\r\n    \r\n            <div post_id=\"7485\" itemcount=\"1\"  header_id=\"header-1651606373294\" id=\"header-1651606373294\" style=\"\" class=\"accordions-head head1651606373294 border-none\" toggle-text=\"\" main-text=\"PH&amp;N Mortgage Pension Trust\">\r\n                                    <span id=\"accordion-icons-1651606373294\" class=\"accordion-icons\">\r\n                        <span class=\"accordion-icon-active accordion-plus\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\r\n                        <span class=\"accordion-icon-inactive accordion-minus\"><i class=\"fas fa-chevron-right\"><\/i><\/span>\r\n                    <\/span>\r\n                    <span id=\"header-text-1651606373294\" class=\"accordions-head-title\">PH&amp;N Mortgage Pension Trust<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content1651606373294 \">\r\n                <table>\n<tbody>\n<tr>\n<td>PH&N Mortgage Pension Trust Investment Return<\/p>\n<p>Jan 1 to Jun 30, 2022<\/td>\n<td>FTSE CanadaShort-term Bond<\/p>\n<p>as a comparison<\/p>\n<p>Jan 1 to Jun 30, 2022<\/td>\n<td>Excess return<\/td>\n<\/tr>\n<tr>\n<td>-5.6%<\/td>\n<td>-4.4%<\/td>\n<td>-1.2<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>This portfolio of first rank mortgages is also affected by inflation. As the manager repositions for this current environment, their core focus remains on capital preservation and a disciplined approach to underwriting with an emphasis on quality property and underwriting.<\/p>\n            <\/div>\r\n    \r\n            <div post_id=\"7485\" itemcount=\"2\"  header_id=\"header-1651606494911\" id=\"header-1651606494911\" style=\"\" class=\"accordions-head head1651606494911 border-none\" toggle-text=\"\" main-text=\"PH&amp;N High Yield Mortgage Fund\">\r\n                                    <span id=\"accordion-icons-1651606494911\" class=\"accordion-icons\">\r\n                        <span class=\"accordion-icon-active accordion-plus\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\r\n                        <span class=\"accordion-icon-inactive accordion-minus\"><i class=\"fas fa-chevron-right\"><\/i><\/span>\r\n                    <\/span>\r\n                    <span id=\"header-text-1651606494911\" class=\"accordions-head-title\">PH&amp;N High Yield Mortgage Fund<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content1651606494911 \">\r\n                <table>\n<tbody>\n<tr>\n<td>PH&N High Yield Mortgage Investment Return<\/p>\n<p>Jan 1 to Jun 30, 2022<\/td>\n<td>FTSE CanadaShort-term Bond<\/p>\n<p>as a comparison<\/p>\n<p>Jan 1 to Jun 30, 2022<\/td>\n<td>Excess return<\/td>\n<\/tr>\n<tr>\n<td>1.9%<\/td>\n<td>-4.4%<\/td>\n<td>+6.3<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>This fund has continued to perform well for the Pension Plan. The manager looks for stability and quality. They believe their positioning has made this an attractive risk \/ reward portfolio.<\/p>\n            <\/div>\r\n    <\/div>\r\n\r\n\r\n\r\n            <\/div>\u00a0 <\/span>[\/vc_column_text][vc_column_text]<em>*Please note that information is not intended to be investment advice or to be a recommendation for your personal investment portfolio.<\/em>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;question1&#8243; advanced_gradient_angle=&#8221;0&#8243; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; centered_text=&#8221;true&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; advanced_gradient_angle=&#8221;0&#8243; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221; gradient_type=&#8221;default&#8221;][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][heading subtitle=&#8221;Have a question for GSI?&#8221;][\/heading][vc_column_text]\n<div style=\"text-align: center;\">If you have a question for GSI, please reach out. Information and resources can also be found on the GSI website.<\/div>\n<div style=\"text-align: center;\">GSI Website:\u00a0 <a href=\"https:\/\/dev.elcicgsi.ca\/\">elcicgsi.ca<\/a><br \/>\nWinnipeg Residents: 204-984-9181<br \/>\nToll Free: 1-877-352-4247<\/div>\n[\/vc_column_text][divider line_type=&#8221;No Line&#8221;][nectar_btn size=&#8221;small&#8221; open_new_tab=&#8221;true&#8221; button_style=&#8221;regular&#8221; button_color_2=&#8221;Accent-Color&#8221; icon_family=&#8221;none&#8221; text=&#8221;Email Us&#8221; url=&#8221;mailto:admin@elcicgsi.ca&#8221;][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"<p>[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243;&#8230;<\/p>\n","protected":false},"author":8,"featured_media":10967,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[34],"post_folder":[18,20],"class_list":{"0":"post-7430","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-planmembers","8":"tag-pension"},"featured_image_src":"https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2024\/10\/Pension-News.jpeg?ver=1727747854","author_info":{"display_name":"Lisa Thiessen","author_link":"https:\/\/dev.elcicgsi.ca\/?author=8"},"_links":{"self":[{"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/posts\/7430","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7430"}],"version-history":[{"count":0,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/posts\/7430\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/media\/10967"}],"wp:attachment":[{"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7430"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fpost_folder&post=7430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}