CANADA - Q3 saw Canadian pension plans suffer their largest quarterly decline in a decade, RBC Dexia Investor Services has revealed.
Year-to date, Canadian pension plans were down 10.1% and Don McDougall, director of advisory services at RBC Dexia, warned the situation was likely to continue: "It hasn't been pretty - and judging by the performance in October so far, the situation is not getting any better."
The hardest hit asset class was Canadian equity which plunged 18.2% as commodity prices dragged the resource-heavy S&P TSX Composite Index to its lowest quarterly result since September 1998.
Energy stocks lost 28.3%, while materials dropped 33.6% over the period. Global equities fell 11.2%, matching the MSCI World Index in the latest quarter.
However, McDougall said, ironically, US stocks and a stronger greenback had helped cushion the blow.
In Canadian dollar terms, the MSCI EAFE index slumped by 16.8% over the quarter, an 18-year record drop. In domestic bonds, Canadian pensions slipped 1.5% in the quarter - far below the 0.4% dip in the DEX Universe broad market benchmark.
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