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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.

Fixed Income Fund

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

On September 30, 2023 the investments included the following:

Investment               $
Money market 625,340
High Yield Mortgage 3,394,956
Mortgage Pension Trust 9,390,944
Core Plus Bond Fund 24,633,404
Total Fixed Income Fund 38,044,644

Growth Fund

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

On September 30, 2023 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
Canadian Natural Resources LtdCanadaEnergy
Canadian Pacific Railway Ltd.CanadaIndustrials
Enbridge Inc.CanadaEnergy
Canadian National Railway CompanyCanadaIndustrials
Shopify Inc.CanadaInformation Technology
Brookfield Asset Management Inc., Class ACanadaFinancials
Bank of MontrealCanadaFinancials
Bank of Nova ScotiaCanadaFinancials

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

Microsoft Corp.United StatesInformation Technology
United Health Group IncorporatedUnited StatesHealth Care
AmazonUnited StatesConsumer Staples
Anheuser-Busch InBev SA/NVUnited StatesConsumer Staples
PepsiCo. IncUnited StatesConsumer Staples
Alphabet Inc. Class A sharesUnited StatesTelecommunication Services
AutoZone IncUnited StatesConsumer Discretionary
Visa Inc. Class A sharesUnited StatesFinancials
T-Mobile US IncUnited StatesTelecommunication Services
Taiwan Semiconductor Manufacturing Co. LtdTaiwanInformation Technology

Top 10 stocks held in Ballie Gifford Global Equity

HoldingDescription of BusinessCountry
Microsoft Corpsoftware companyUnited States
Martin Marietta Materials Inccement and aggregates manufacturerUnited States
Elevance Health Inchealthcare insurerUnited States
Amazon.comonline retail and computing infrastructure companyUnited States
Moody's Corporationcredit rating agencyUnited States
Prosus NV Ordinary Shares - Class Nportfolio of online consumer companies including TencentNetherlands
CRHdiversified building materials companyIreland
Alphabet Inc. Conline search engineUnited States
Meta Platforms Incsocial networking websiteUnited States
Reliance Industries Ltd GDRIndian petrochemical companyIndia