Speaking at the Economic Club of Canada on Tuesday, the CEO of the Ontario Municipal Employees Retirement System said the fund’s roughly 55 per cent exposure to U.S. assets reflects the scale of the American economy, noting that Canada accounts for only about two per cent of global GDP. (The Logic)

Talking point: Hutcheson’s remarks came after the pension fund announced its annual returns for 2025 had lagged its internal benchmark by 1.5 percentage points, largely due to a 2.5 per cent loss in private equity and a weakening U.S. dollar, which helped shave 1.3 points off returns. He called the upcoming review of the USMCA trade deal “the next big shoe to drop,” adding that the urgency stems from the U.S midterm elections in November—emphasizing that businesses need clarity on “the rules of the game.” Reversing Canada’s productivity gap—which he called “a real problem”—will require tax reforms and capital attraction, he said. Hutcheson added that Canada’s renewed efforts on housing and defense are “seeds that take a long time to grow.”