{"id":7822,"date":"2022-11-14T15:33:29","date_gmt":"2022-11-14T15:33:29","guid":{"rendered":"https:\/\/elcicgsi.ca\/?p=7822"},"modified":"2024-10-17T18:04:40","modified_gmt":"2024-10-17T18:04:40","slug":"november-pension-newsletter-8","status":"publish","type":"post","link":"https:\/\/dev.elcicgsi.ca\/?p=7822","title":{"rendered":"November 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 November Pension Newsletter includes:<\/h4>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><a href=\"#pension\">Pension Notes<\/a><\/li>\n<li><a href=\"#investment\">Investment Results &amp; Notes<\/a><\/li>\n<li><a href=\"#growthfund\">Growth Fund<\/a><\/li>\n<li><a href=\"#fixedincome\">Fixed Income<\/a><\/li>\n<li><a href=\"#Planning\">Strategic Pension Review<\/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;][\/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;pension&#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;][image_with_animation image_url=&#8221;7823&#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;][vc_custom_heading text=&#8221;What do this year\u2019s investment returns mean<br \/>\nfor my retirement plan?&#8221; font_container=&#8221;tag:h2|text_align:center&#8221;][vc_column_text]<span style=\"font-weight: 400;\">One of the best ways to maintain calm in volatile markets is to get yourself good, qualified advice. As we suggested at the Learn &amp; Explore conference earlier this year, it\u2019s a wise idea to be open to discussing your options early on in your pre-retirement journey. Even if you have left things to the last minute, there is still room for good financial planning advice. Leading up to retirement, some things that you could look to bring into control are:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Paying off debts including mortgages and credit cards. Heading into retirement with a heavy debt load is daunting and stressful. Is it time to downsize\/rightsize your home? \u00a0 Do you routinely spend more than you earn in a month? Making some changes now to your spending or even really understanding how and why you spend money can assist you in planning your retirement income needs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Look at your retirement plans and set up an expected budget. No one loves the word <\/span><i><span style=\"font-weight: 400;\">budget<\/span><\/i><span style=\"font-weight: 400;\"> (except financial planners), but truthfully that hard work and a little forethought and honesty can significantly set you up for financial success in retirement.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Working with a qualified financial planner to project where you might be given the current state of the markets as well as the history of <\/span><i><span style=\"font-weight: 400;\">recoveries. <\/span><\/i><span style=\"font-weight: 400;\">All down markets rebound and typically with a quick, sharp return that no one sees coming. Historically missing the BEST 10 days in the market in a 10-year period can reduce your market values by up to 20%! Stay invested<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Know what type of investor you are. What is your risk tolerance AND risk capacity?\u00a0 These are different parts of your investor profile, and both are equally important to understand.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">In a volatile market, it can be tempting to \u201chead for the hills\u201d (or a GIC), but don\u2019t despair. Remember that there are a few different types of GUARANTEED income that can be accessed once retirement starts, including Canada Pension Plan and Old Age Security. You may decide to transfer your ELCIC Pension Plan into an annuity to gain some guarantees \u2014 but don\u2019t do anything quickly and without advice.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regardless of where we are in the market cycle, it\u2019s important to take a disciplined approach to investing and stay focused on your long-term goals. This strategy helps you keep your emotions out of investing, which can result in buying high and selling low, like many investors do. Ongoing monitoring and reviewing of your portfolio also ensure it remains on track. Diversifying investments reduces risk as well.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Paula MacMillan CFP, CHS, BA, EPC\u00a0<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">ELCIC Pension Plan \u2013 Investment Committee Member<\/span><\/i>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/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;investment&#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;][image_with_animation image_url=&#8221;7825&#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;][vc_custom_heading text=&#8221;ELCIC Pension Plan&#8221; font_container=&#8221;tag:h2|text_align:center&#8221;][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 Sept 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 Sept 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;\">For the third quarter of the year, July to September, the plan performance was basically flat, with the Growth fund returning -0.6% and the Fixed Income Fund returning +0.6%. Therefore, the year-to-date results are unchanged and still lagging the benchmark.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The market challenges from the beginning of the year continue to linger, as does the high level of inflation. PH&amp;N notes, \u201cWhile it appears that peak inflation may be behind us, it is likely to remain well above the target range for some time to come.\u201d<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Please note that information is not intended to be investment advice or to be a recommendation for your personal investment portfolio.<\/span><\/i>[\/vc_column_text][divider line_type=&#8221;Full Width Line&#8221; line_thickness=&#8221;1&#8243; divider_color=&#8221;default&#8221;][\/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]<span style=\"font-weight: 400;\">Here is a closer look at each portfolio in the Growth Fund.<\/span>[\/vc_column_text][vc_column_text el_class=&#8221;growthfund&#8221;]<div id=\"accordions-7827\" class=\"accordions-7827 accordions\" data-accordions={&quot;lazyLoad&quot;:true,&quot;id&quot;:&quot;7827&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-7827\" class=\"accordions-lazy\" accordionsId=\"7827\">\r\n                    <\/div>\r\n\r\n    <div class=\"items\"  style=\"display:none\" >\r\n    \r\n            <div post_id=\"7827\" 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><span style=\"font-weight: 400\">PH&N Canadian Equity Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Sept 30, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">S&P\/TSX Capped<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Sept 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\">-6.9%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-11.1%<\/span><\/td>\n<td><span style=\"font-weight: 400\">+4.2%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">With the continued volatility, PH&N is reviewing all their decisions and portfolio positions with a sharper and dynamic perspective. Adjustments are made where the risk\/reward review is favorable. This quarter, 0.33% of relative value was added, and year-to-date performance exceeds the benchmark.<\/span><\/p>\n            <\/div>\r\n    \r\n            <div post_id=\"7827\" 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><span style=\"font-weight: 400\">RBC Global Equity Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Sept 30, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">MSCI World ($CAD)<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Sept 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\">-23.6%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-18.6%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-5.0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">This is also a very volatile market, as early quarter gains in the double-digits evaporated by the end of the quarter. The result for the quarter was -0.3%, which outperformed the index\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">of -0.7%, but only slightly improves the year-to-date position. Of interest is that the Health Care and Communications Services sectors were top contributors. PH&N reports that there were \u201cno new initiations or exits in the third quarter; however, we continue to search for great businesses to invest in.\u201d<\/span><\/p>\n            <\/div>\r\n    \r\n            <div post_id=\"7827\" 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><span style=\"font-weight: 400\">Baillie Gifford Global Equity Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Sept 30, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">MSCI World ($CAD)<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Sept 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\">-29.3%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-18.6%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-10.7<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">This quarter Baillie Gifford (BG) returned -0.3%, and they continue to lag far behind the benchmark. They cite their investment choice Prosus, which was a top positive contributor in the second quarter, as the top detractor in this quarter. However, BG believes that it still provides good future opportunities as part of BG\u2019s strategy to \u201cprovide superior returns primarily through capital appreciation \u2026 in a diversified stock portfolio\u2026.\u201d<\/span><\/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]<span style=\"font-weight: 400;\">The Fixed Income portion of the portfolio is managed by PH&amp;N and holds several Funds. Here&#8217;s a closer look at each portfolio in the Fixed Income Fund.<\/span>[\/vc_column_text][vc_column_text el_class=&#8221;fixedincome&#8221;]<span style=\"font-weight: 400;\"><div id=\"accordions-7829\" class=\"accordions-7829 accordions\" data-accordions={&quot;lazyLoad&quot;:true,&quot;id&quot;:&quot;7829&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-7829\" class=\"accordions-lazy\" accordionsId=\"7829\">\r\n                    <\/div>\r\n\r\n    <div class=\"items\"  style=\"display:none\" >\r\n    \r\n            <div post_id=\"7829\" itemcount=\"0\"  header_id=\"header-16758717650\" id=\"header-16758717650\" style=\"\" class=\"accordions-head head16758717650 border-none\" toggle-text=\"\" main-text=\"PH&amp;N Core Plus Bond Fund\">\r\n                                    <span id=\"accordion-icons-16758717650\" 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-16758717650\" class=\"accordions-head-title\">PH&amp;N Core Plus Bond Fund<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content16758717650 \">\r\n                <table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">PH&N Core Plus Bond Fund Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Sept 30, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">FTSE Canada Universe Bond as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Sept 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\">-11.8%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-11.8%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-0.0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\">The bond fund had a positive quarter at 0.63% return, but still shows a significant negative return from the beginning of the year, due to the sharp rise of yields in the first two quarters of 2022. PH&N states,<\/span> <span style=\"font-weight: 400\">\u201cthat this means the yield for your portfolio is significantly higher than at the beginning of the year, which improves prospective returns going forward.\u201d <\/span><\/p>\n            <\/div>\r\n    \r\n            <div post_id=\"7829\" itemcount=\"1\"  header_id=\"header-16758717651\" id=\"header-16758717651\" style=\"\" class=\"accordions-head head16758717651 border-none\" toggle-text=\"\" main-text=\"PH&amp;N Mortgage Pension Trust\">\r\n                                    <span id=\"accordion-icons-16758717651\" 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-16758717651\" class=\"accordions-head-title\">PH&amp;N Mortgage Pension Trust<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content16758717651 \">\r\n                <table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">PH&N Mortgage Pension Trust Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Sept 30, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">FTSE Canada<\/span><\/p>\n<p><span style=\"font-weight: 400\">Short-term Bond<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Sept 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\">-5.3%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-4.7%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-0.6<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\">The portfolio is diversified by the following sectors:<\/span><\/p>\n<p><a href=\"https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2022\/11\/How-to-Improve-Your-Productivity-at-Work-Infographic-Pie-Chart-Graph-2.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-7844 size-medium\" src=\"https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2022\/11\/How-to-Improve-Your-Productivity-at-Work-Infographic-Pie-Chart-Graph-2-e1668457865388-300x296.png\" alt=\"\" width=\"300\" height=\"296\" srcset=\"https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2022\/11\/How-to-Improve-Your-Productivity-at-Work-Infographic-Pie-Chart-Graph-2-e1668457865388-300x296.png 300w, https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2022\/11\/How-to-Improve-Your-Productivity-at-Work-Infographic-Pie-Chart-Graph-2-e1668457865388-768x758.png 768w, https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2022\/11\/How-to-Improve-Your-Productivity-at-Work-Infographic-Pie-Chart-Graph-2-e1668457865388-100x100.png 100w, https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2022\/11\/How-to-Improve-Your-Productivity-at-Work-Infographic-Pie-Chart-Graph-2-e1668457865388.png 995w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400\">Each sector has various conditions that provide opportunities for the investment activities. The Office Sector may have the most uncertainty, as decisions are made on returning to the office or continuing to work from home. The Industrial Sector is the largest in the portfolio, and it is experiencing a very low vacancy rate, which our manager sees as a strong positive for this market. PH&N concludes, \u201cLooking forward, our lending posture favours the stability and quality of the industrial and multi-residential sectors, though we will continue to pursue attractive reward-for-risk opportunities across the market.\u201d<\/span><\/p>\n            <\/div>\r\n    \r\n            <div post_id=\"7829\" itemcount=\"2\"  header_id=\"header-16758717652\" id=\"header-16758717652\" style=\"\" class=\"accordions-head head16758717652 border-none\" toggle-text=\"\" main-text=\"PH&amp;N High Yield Mortgage Fund\">\r\n                                    <span id=\"accordion-icons-16758717652\" 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-16758717652\" class=\"accordions-head-title\">PH&amp;N High Yield Mortgage Fund<\/span>\r\n                            <\/div>\r\n            <div class=\"accordion-content content16758717652 \">\r\n                <table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400\">PH&N High Yield Mortgage Investment Return<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Sept 30, 2022<\/span><\/td>\n<td><span style=\"font-weight: 400\">FTSE Canada<\/span><\/p>\n<p><span style=\"font-weight: 400\">Short-term Bond<\/span><\/p>\n<p><span style=\"font-weight: 400\">as a comparison<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jan 1 to Sept 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\">3.2%<\/span><\/td>\n<td><span style=\"font-weight: 400\">-4.7%<\/span><\/td>\n<td><span style=\"font-weight: 400\">+7.9<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\">PH&N looks for quality in all aspects of structuring this portfolio. Currently, there are no mortgages in arrears, and the metrics of debt-to-service ratios are a testament to this quality.\u00a0<\/span><\/p>\n<p>Reminder: Strategic Pension Review \u2013 <span style=\"font-weight: 400\">banner<\/span><\/p>\n<p><span style=\"font-weight: 400\">Report for Plan Members & Employers - <\/span><span style=\"font-weight: 400\">subtitle<\/span><\/p>\n<p><span style=\"font-weight: 400\">We wanted to remind you that in May 2022, the quarterly pension news included GSI\u2019s report on our findings arising from the task set out at the 2021 Eastern Synod Assembly. If you missed it or would just like to review, it is always available under the News section of GSI\u2019s website.<\/span><\/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;Planning&#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;][image_with_animation image_url=&#8221;7824&#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;][vc_custom_heading text=&#8221;Report for Plan Members &amp; Employers&#8221; font_container=&#8221;tag:h2|text_align:center&#8221;][vc_column_text]<span style=\"font-weight: 400;\">We wanted to remind you that in May 2022, the quarterly pension news included GSI\u2019s report on our findings arising from the task set out at the 2021 Eastern Synod Assembly. If you missed it or would just like to review, it is always available under the <a href=\"https:\/\/dev.elcicgsi.ca\/?page_id=29\">News<\/a> section of GSI\u2019s website.<\/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;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-7822","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\/7822","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=7822"}],"version-history":[{"count":0,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/posts\/7822\/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=7822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7822"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fpost_folder&post=7822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}