Your 2025 in review 📈 A high note

Remember 2025? Let us jog your memory.

A new prime minister. A new president. A trade war. Falling interest rates. A rising dollar. Jays. Dodgers. Justin. Katy. A gold rush. An AI boom – or is it a bubble?

What started as an uncertain year turned into an easy climb for the stock markets, and your Portfolios.

Let’s take trip down memory lane…

Zoom in | Portfolio performance  

Apart from a global stock scare back in April, it was mostly smooth sailing for investors in 2025. Canadian stocks had their best year since 2009, thanks to gold, financials and energy (in that order). The S&P/TSX Composite Index gained 31.7%¹, nearly double the return of U.S. stocks, while outpacing their European and International counterparts as well² – though they all had a strong year too.

The year’s big winner? Diversification. Investors whose assets were less concentrated on the U.S. market may have seen more significant gains than those who didn’t³.

And so it went with Tangerine Portfolios, which delivered positive returns no matter your investing strategy: conservative, balanced or growth. 

­See historical performance here

Zoom out | A 2025 report card

2025 was a year of resilience, ending by most measures on a high note, which we’ve summarized here with a handy report card.

Investor insight 🔎 Do good things come in fours?

The S&P 500 TR Index had double digit returns for three years in a row. Can that momentum be sustained in 2026?

Short answer is that we don’t know what the coming year will bring, but we can look for clues in what’s happened in the past.

Since 1971, the S&P 500 has delivered double-digit returns over nine multi-year periods, typically lasting a little over three years—but on several occasions stretched to four or even five years.

But even if 2026 doesn’t turn out to be one of those four-year runs of double digits, that doesn’t necessarily spell a negative return. In fact, the average streak of consecutive gains since 1971 is nearly six years.

The Big Question

With Mike Allen, Head of Advice at Tangerine Investments

Q: What can we expect from markets in 2026?

A: Many so-called experts will share predictions, but they’re often wrong—it can make palm readers look reliable. 

But there’s one action that smart investors rarely get wrong, and that’s to invest consistently regardless of market conditions.

Ben Graham, Warren Buffett’s mentor, said it best: “Invest as regularly as you buy groceries, not perfume.” It doesn’t have to be a lot, just whatever you can afford.

The easiest way is to set up a pre-authorized contribution to your investment account. This simple step keeps you disciplined. If you’re ever feeling uncertain, talk to one of our licensed Advisors for personalized advice.

💌 Ask Mike a Big (or small) Question

The short of it

Let’s sum up what we’ve learned.

• The TSX/S&P Composite Index had a remarkable year, buoyed by gold, financials and energy stocks.
• While it’s rare to see double-digit returns four years in a row, it is not unheard of—and positive runs can last much longer.
• Diversification has often been called investing’s “only free lunch”—which turned especially true in 2025.

Here’s to more good things, and riding out the bad ones, in 2026.

Remember, Clients can always reach out to a Tangerine Advisor to discuss your investments, at 1-877-464-5678.

Catch you next quarter 👀

¹The S&P/TSX Composite Index returned 31.7% for the year.

²The S&P 500 TR Index in the U.S. returned 12.4% for the year in CAD$. The MSCI EAFE NR index (international equities) returned 25.1% in CAD$ for the year. The MSCI Europe NR index returned 29.1% in 2025 in CAD$. Source: Morningstar

³Diversification does not guarantee a profit or eliminate the risk of loss.