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The ELCIC Pension Plan has two investment funds. Please refer to the Statement of Investment Policies & Procedures page on our website for detailed investment portfolio construction.

Top 10 Holdings in PH&N Core Plus Bond Fund

Government of Canada 3.00% 1.Nov.24CanadaFederal
Government of Canada 2.750% 1.Sep.27CanadaFederal
United States Treasury Note/Bond 3.00% 15.Aig.52USAFederal
Canada Housing Trust No. 1 1.550% 15.Dec.26CanadaFederal
Province of Quebec 3.25% 1.Sep.32CanadaProvincial
Province of Ontario 1.350% 2.Dec.30CanadaProvincial
Canadian Government Bond 0.50% 1.Dec.30CanadaFederal
Province of Ontario 5.600% 2.Jun.35CanadaProvincial
Canadian Government Bond 2.500% 1.Dec.32CanadaFederal
Province of Quebec 3.1% 1.Dec.51

Fixed Income Fund

The Fixed Income Fund investments are managed by Phillips Hagar & North (PH&N).

On December 31, 2022 the investments included the following:

Investment               $
Money market 442,997
High Yield Mortgage 3,417,283
Mortgage Pension Trust 8,795,794
Core Plus Bond Fund 25,382,286
Total Fixed Income Fund 38,038,660

Growth Fund

The Growth Fund Investments are managed by one Canadian equity managers, and two global equity managers.

On December 31, 2022 the holdings for each manager are as follows:



PH&N Canadian Equity Value Fund


RBC Global Equity Focus Fund


Ballie Gifford Global Equity



Top 10 stocks held in the PH&N Canadian Equity Value Fund

Royal Bank of CanadaCanadaFinancials
Toronto-Dominion BankCanadaFinancials
Enbridge Inc.CanadaEnergy
Canadian Natural Resources LtdCanadaEnergy
Brookfield Asset Management Inc., Class ACanadaFinancials
Canadian Pacific Railway Ltd.CanadaIndustrials
Canadian National Railway CompanyCanadaIndustrials
Bank of MontrealCanadaFinancials
Suncor Energy Inc.CanadaEnergy
Bank of Nova ScotiaCanadaFinancials

Top 10 stocks held in the PH&N RBC Global Equity Fund

United Health Group IncorporatedUnited StatesHealth Care
Microsoft Corp.United StatesInformation Technology
Alphabet Inc., Class AUnited StatesTelecommunication Services
Roche Holdings AG GenusscheineSwitzerlandHealth Care
PepsiCo. IncUnited StatesConsumer Staples
T-Mobile US IncUnited StatesTelecommunication Services IncUnited StatesConsumer Discretionary
Fortive CorpUnited StatesIndustrials
Equinor ASA - Common Shares - VotingNorwayEnergy
AutoZone IncUnited StatesConsumer Discretionary

Top 10 stocks held in Ballie Gifford Global Equity

Elevance Health IncUnited States
Prosus NV Ordinary Shares - Class NNetherlands
Martin Marietta Materials IncUnited States
Microsoft CorpUnited States
Moody's CorporationUnited States
Reliance Industries Ltd ADRIndia
Service Corp InternationalUnited States
Alphabet Inc. CUnited States
Arthur J. Gallagher & Co.United States
BHP Group LtdAustralia