Mackenzie North American Value Equity

Mandate commentary
Q2 2025

Highlights

① Positive returns for the mandate underperformed the benchmark. Positive stock selection in the communication services sector in both Canada and the U.S., and positive stock selection in the consumer staples sector in the U.S., contributed positively to returns. This was offset by an underweight position and negative stock selection in the information technology sector.   

② Equities staged a sharp V-shaped recovery after tariff reversal.

③ Investors look ahead to trade-policy clarity.