{"id":13997,"date":"2026-01-14T12:00:00","date_gmt":"2026-01-14T17:00:00","guid":{"rendered":"https:\/\/www.lba.ca\/publications\/points-saillants-2025-26\/"},"modified":"2026-09-23T16:08:06","modified_gmt":"2026-09-23T20:08:06","slug":"points-saillants-2025-26","status":"publish","type":"publications","link":"https:\/\/www.lba.ca\/fr\/publications\/points-saillants-2025-26\/","title":{"rendered":"Points saillants 2025-26"},"content":{"rendered":"<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_460a17-00, .wp-block-kadence-advancedheading.kt-adv-heading13685_460a17-00[data-kb-block=\"kb-adv-heading13685_460a17-00\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_460a17-00 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_460a17-00[data-kb-block=\"kb-adv-heading13685_460a17-00\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_460a17-00 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_460a17-00[data-kb-block=\"kb-adv-heading13685_460a17-00\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_460a17-00 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_460a17-00\">Janvier 2026<\/p>\n<style>.kadence-column13685_be04b2-e1 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column13685_be04b2-e1 > .kt-inside-inner-col{flex-direction:column;}.kadence-column13685_be04b2-e1 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column13685_be04b2-e1 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column13685_be04b2-e1{position:relative;}@media all and (max-width: 1024px){.kadence-column13685_be04b2-e1 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column13685_be04b2-e1 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column13685_be04b2-e1 alignwide\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading13685_378841-09, .wp-block-kadence-advancedheading.kt-adv-heading13685_378841-09[data-kb-block=\"kb-adv-heading13685_378841-09\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_378841-09 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_378841-09[data-kb-block=\"kb-adv-heading13685_378841-09\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_378841-09 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_378841-09[data-kb-block=\"kb-adv-heading13685_378841-09\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_378841-09 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_378841-09\">L\u2019\u00e9conomie mondiale a fait preuve d\u2019une r\u00e9silience sup\u00e9rieure \u00e0 ce que beaucoup anticipaient au cours de la derni\u00e8re ann\u00e9e. \u00c0 l\u2019aube de 2025, les attentes consensuelles en mati\u00e8re de croissance demeuraient prudentes, dans un contexte marqu\u00e9 par des inqui\u00e9tudes persistantes entourant le cycle \u00e9conomique, l\u2019incertitude li\u00e9e aux politiques tarifaires et les tensions g\u00e9opolitiques. Malgr\u00e9 cet environnement, l\u2019activit\u00e9 \u00e9conomique mondiale a progress\u00e9 \u00e0 un rythme mod\u00e9r\u00e9. L\u2019inflation dans les march\u00e9s d\u00e9velopp\u00e9s a poursuivi son repli vers les cibles des banques centrales, tandis que l\u2019assouplissement mon\u00e9taire amorc\u00e9 en 2024 s\u2019est poursuivi en 2025, avec des baisses de taux graduelles et mesur\u00e9es.   <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_180a5d-98, .wp-block-kadence-advancedheading.kt-adv-heading13685_180a5d-98[data-kb-block=\"kb-adv-heading13685_180a5d-98\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_180a5d-98 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_180a5d-98[data-kb-block=\"kb-adv-heading13685_180a5d-98\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_180a5d-98 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_180a5d-98[data-kb-block=\"kb-adv-heading13685_180a5d-98\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_180a5d-98 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_180a5d-98\">Les march\u00e9s boursiers mondiaux ont atteint de nouveaux sommets, et les principaux indices ont enregistr\u00e9 une troisi\u00e8me ann\u00e9e cons\u00e9cutive de rendements \u00e0 deux chiffres. Cette progression a toutefois \u00e9t\u00e9 ponctu\u00e9e de p\u00e9riodes de volatilit\u00e9. \u00c0 la fin janvier, un repli marqu\u00e9 a \u00e9t\u00e9 observ\u00e9 parmi certains titres des secteurs technologique et de la production d\u2019\u00e9nergie \u00e0 la suite de l\u2019annonce d\u2019un mod\u00e8le open source \u00e0 faible co\u00fbt par la jeune entreprise chinoise DeepSeek. Nvidia a alors vu sa capitalisation boursi\u00e8re reculer de pr\u00e8s de 600 milliards de dollars am\u00e9ricains en une seule s\u00e9ance, repr\u00e9sentant la plus importante baisse quotidienne de l\u2019histoire des march\u00e9s boursiers am\u00e9ricains. En avril, l\u2019annonce par le pr\u00e9sident Trump de nouveaux tarifs dans le cadre de sa \u00ab Journ\u00e9e de la Lib\u00e9ration \u00bb a entra\u00een\u00e9 un recul significatif des grands indices boursiers. Ces \u00e9pisodes n\u2019ont toutefois pas remis en cause la tendance de fond, et la majorit\u00e9 des cat\u00e9gories d\u2019actifs ont termin\u00e9 l\u2019ann\u00e9e avec des rendements solides.    <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_5cfa36-34, .wp-block-kadence-advancedheading.kt-adv-heading13685_5cfa36-34[data-kb-block=\"kb-adv-heading13685_5cfa36-34\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_5cfa36-34 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_5cfa36-34[data-kb-block=\"kb-adv-heading13685_5cfa36-34\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_5cfa36-34 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_5cfa36-34[data-kb-block=\"kb-adv-heading13685_5cfa36-34\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_5cfa36-34 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_5cfa36-34\">Les gains boursiers se sont \u00e9tendus au-del\u00e0 des grandes soci\u00e9t\u00e9s technologiques am\u00e9ricaines pour toucher un \u00e9ventail plus large de r\u00e9gions et de cat\u00e9gories d\u2019actifs. La progression a \u00e9t\u00e9 particuli\u00e8rement marqu\u00e9e dans les march\u00e9s \u00e9mergents, les actions internationales et l\u2019or, illustrant un \u00e9largissement de la participation apr\u00e8s une longue p\u00e9riode de surperformance des march\u00e9s am\u00e9ricains.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_01c40a-3d, .wp-block-kadence-advancedheading.kt-adv-heading13685_01c40a-3d[data-kb-block=\"kb-adv-heading13685_01c40a-3d\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_01c40a-3d mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_01c40a-3d[data-kb-block=\"kb-adv-heading13685_01c40a-3d\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_01c40a-3d img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_01c40a-3d[data-kb-block=\"kb-adv-heading13685_01c40a-3d\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_01c40a-3d wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_01c40a-3d\">Dans ce contexte, nous demeurons prudemment optimistes. Bien que la volatilit\u00e9 \u00e0 court terme puisse persister, nous estimons que nos portefeuilles sont bien positionn\u00e9s pour g\u00e9n\u00e9rer de la valeur \u00e0 moyen et \u00e0 long terme. En revenant sur les faits saillants de l\u2019ann\u00e9e \u00e9coul\u00e9e, nous profitons \u00e9galement de l\u2019occasion pour vous faire part de nos perspectives pour 2026.<br\/>  <\/p>\n<\/div><\/div>\n<style>.kadence-column13685_fa3998-6f > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column13685_fa3998-6f > .kt-inside-inner-col{flex-direction:column;}.kadence-column13685_fa3998-6f > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column13685_fa3998-6f > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column13685_fa3998-6f{position:relative;}@media all and (max-width: 1024px){.kadence-column13685_fa3998-6f > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column13685_fa3998-6f > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column13685_fa3998-6f alignwide\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading13685_99b06c-9b, .wp-block-kadence-advancedheading.kt-adv-heading13685_99b06c-9b[data-kb-block=\"kb-adv-heading13685_99b06c-9b\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_99b06c-9b mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_99b06c-9b[data-kb-block=\"kb-adv-heading13685_99b06c-9b\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_99b06c-9b img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_99b06c-9b[data-kb-block=\"kb-adv-heading13685_99b06c-9b\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h3 class=\"kt-adv-heading13685_99b06c-9b wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_99b06c-9b\">R\u00e9trospective 2025<\/h3>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_c8088b-53, .wp-block-kadence-advancedheading.kt-adv-heading13685_c8088b-53[data-kb-block=\"kb-adv-heading13685_c8088b-53\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_c8088b-53 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_c8088b-53[data-kb-block=\"kb-adv-heading13685_c8088b-53\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_c8088b-53 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_c8088b-53[data-kb-block=\"kb-adv-heading13685_c8088b-53\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_c8088b-53 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_c8088b-53\">La croissance \u00e9conomique mondiale en 2025 a d\u00e9pass\u00e9 les attentes consensuelles. L\u2019ann\u00e9e a commenc\u00e9 avec des pr\u00e9visions de croissance modestes, dans un contexte de pr\u00e9occupations li\u00e9es \u00e0 un ralentissement potentiel et \u00e0 l\u2019incertitude persistante autour des politiques tarifaires, mais l\u2019activit\u00e9 \u00e9conomique s\u2019est r\u00e9v\u00e9l\u00e9e plus r\u00e9siliente que pr\u00e9vu. Le FMI a r\u00e9vis\u00e9 \u00e0 la hausse son estimation de la croissance r\u00e9elle du PIB mondial, \u00e0 3,2 %, en ligne avec l\u2019ann\u00e9e pr\u00e9c\u00e9dente.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_5dc654-8a, .wp-block-kadence-advancedheading.kt-adv-heading13685_5dc654-8a[data-kb-block=\"kb-adv-heading13685_5dc654-8a\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_5dc654-8a mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_5dc654-8a[data-kb-block=\"kb-adv-heading13685_5dc654-8a\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_5dc654-8a img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_5dc654-8a[data-kb-block=\"kb-adv-heading13685_5dc654-8a\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_5dc654-8a wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_5dc654-8a\">L\u2019inflation dans les pays d\u00e9velopp\u00e9s a continu\u00e9 de se rapprocher de l\u2019objectif de 2 %, et, en cons\u00e9quence, les banques centrales ont proc\u00e9d\u00e9 \u00e0 des baisses de taux tout au long de l\u2019ann\u00e9e (graphique 1).<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_c1811c-98, .wp-block-kadence-advancedheading.kt-adv-heading13685_c1811c-98[data-kb-block=\"kb-adv-heading13685_c1811c-98\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_c1811c-98 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_c1811c-98[data-kb-block=\"kb-adv-heading13685_c1811c-98\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_c1811c-98 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_c1811c-98[data-kb-block=\"kb-adv-heading13685_c1811c-98\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h4 class=\"kt-adv-heading13685_c1811c-98 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_c1811c-98\">Taux directeurs des banques centrales<\/h4>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_451cb8-b7, .wp-block-kadence-advancedheading.kt-adv-heading13685_451cb8-b7[data-kb-block=\"kb-adv-heading13685_451cb8-b7\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_451cb8-b7 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_451cb8-b7[data-kb-block=\"kb-adv-heading13685_451cb8-b7\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_451cb8-b7 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_451cb8-b7[data-kb-block=\"kb-adv-heading13685_451cb8-b7\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_451cb8-b7 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_451cb8-b7\">Graphique 1<\/p>\n\n\n<style>.kb-image13685_809d75-3b .kb-image-has-overlay:after{opacity:0.3;}<\/style>\n<figure class=\"wp-block-kadence-image kb-image13685_809d75-3b size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1980\" height=\"825\" src=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/fr-chart1-2026-1-1.png\" alt=\"\" class=\"kb-img wp-image-13688\" srcset=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/fr-chart1-2026-1-1.png 1980w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/fr-chart1-2026-1-1-625x260.png 625w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/fr-chart1-2026-1-1-843x351.png 843w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/fr-chart1-2026-1-1-480x200.png 480w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/fr-chart1-2026-1-1-768x320.png 768w\" sizes=\"auto, (max-width: 1980px) 100vw, 1980px\" \/><\/figure>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_709e36-92, .wp-block-kadence-advancedheading.kt-adv-heading13685_709e36-92[data-kb-block=\"kb-adv-heading13685_709e36-92\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_709e36-92 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_709e36-92[data-kb-block=\"kb-adv-heading13685_709e36-92\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_709e36-92 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_709e36-92[data-kb-block=\"kb-adv-heading13685_709e36-92\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_709e36-92 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_709e36-92\">Source: R\u00e9serve f\u00e9d\u00e9rale des \u00c9tats-Unis, Banque du Canada, Banque centrale europ\u00e9enne (BCE), LetkoBrosseau.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_72aeb0-47, .wp-block-kadence-advancedheading.kt-adv-heading13685_72aeb0-47[data-kb-block=\"kb-adv-heading13685_72aeb0-47\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_72aeb0-47 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_72aeb0-47[data-kb-block=\"kb-adv-heading13685_72aeb0-47\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_72aeb0-47 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_72aeb0-47[data-kb-block=\"kb-adv-heading13685_72aeb0-47\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_72aeb0-47 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_72aeb0-47\">Le principal risque pesant sur l\u2019\u00e9conomie mondiale \u00e9tait le d\u00e9clenchement d\u2019une guerre commerciale. Le Canada a mieux r\u00e9sist\u00e9 aux vents contraires li\u00e9s aux tarifs douaniers \u00e9lev\u00e9s que pr\u00e9vu. Bien que certains secteurs, dont l\u2019acier et l\u2019aluminium, l\u2019automobile et le bois, aient \u00e9t\u00e9 soumis \u00e0 des tarifs \u00e9lev\u00e9s, les exemptions pr\u00e9vues par l\u2019Accord Canada\u2013\u00c9tats-Unis\u2013Mexique (ACEUM) ont maintenu les taux effectifs en dessous de 5 %, bien loin des 35 % initialement annonc\u00e9s. Les d\u00e9penses publiques en capital devraient passer de 1 % \u00e0 2 % du PIB, et avec une dette nette du Canada actuellement \u00e0 8,3 % du PIB, la plus faible du G7, il existe une marge pour un soutien fiscal suppl\u00e9mentaire si n\u00e9cessaire (tableau 1).   <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Finances publiques du G7<br\/>Pourcentage du PIB, 2025<\/h4>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_e9ff1c-7f, .wp-block-kadence-advancedheading.kt-adv-heading13685_e9ff1c-7f[data-kb-block=\"kb-adv-heading13685_e9ff1c-7f\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_e9ff1c-7f mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_e9ff1c-7f[data-kb-block=\"kb-adv-heading13685_e9ff1c-7f\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_e9ff1c-7f img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_e9ff1c-7f[data-kb-block=\"kb-adv-heading13685_e9ff1c-7f\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_e9ff1c-7f wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_e9ff1c-7f\">Tableau 1<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Pays<\/strong><\/td><td><strong>D\u00e9ficits en pourcentage du PIB<\/strong><\/td><td><strong>Dette nette*<\/strong><\/td><\/tr><tr><td><strong>Canada<\/strong><\/td><td>2.0%<\/td><td>8.3%<\/td><\/tr><tr><td><strong>Allemagne<\/strong><\/td><td>2.7%<\/td><td>27.8%<\/td><\/tr><tr><td><strong>Royaume-Uni<\/strong><\/td><td>5.3%<\/td><td>76.0%<\/td><\/tr><tr><td><strong>France<\/strong><\/td><td>5.4%<\/td><td>78.5%<\/td><\/tr><tr><td><strong>Japon<\/strong><\/td><td>1.6%<\/td><td>87.9%<\/td><\/tr><tr><td><strong>\u00c9tats-Unis<\/strong><\/td><td>6.2%<\/td><td>98.1%<\/td><\/tr><tr><td><strong>Italie<\/strong><\/td><td>3.1%<\/td><td>123.4%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_9628f8-c4, .wp-block-kadence-advancedheading.kt-adv-heading13685_9628f8-c4[data-kb-block=\"kb-adv-heading13685_9628f8-c4\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_9628f8-c4 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_9628f8-c4[data-kb-block=\"kb-adv-heading13685_9628f8-c4\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_9628f8-c4 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_9628f8-c4[data-kb-block=\"kb-adv-heading13685_9628f8-c4\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_9628f8-c4 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_9628f8-c4\">*La dette nette est calcul\u00e9e en soustrayant la valeur des actifs des r\u00e9gimes de retraite publics du total des passifs du gouvernement. Sources : OCDE, chiffre des \u00c9tats-Unis bas\u00e9 sur les derni\u00e8res estimations du Bureau du budget du Congr\u00e8s am\u00e9ricain. <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_5603a9-99, .wp-block-kadence-advancedheading.kt-adv-heading13685_5603a9-99[data-kb-block=\"kb-adv-heading13685_5603a9-99\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_5603a9-99 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_5603a9-99[data-kb-block=\"kb-adv-heading13685_5603a9-99\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_5603a9-99 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_5603a9-99[data-kb-block=\"kb-adv-heading13685_5603a9-99\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_5603a9-99 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_5603a9-99\">Les march\u00e9s actions ont \u00e9galement surpass\u00e9 les attentes, soutenus par une demande des consommateurs stable, une politique mon\u00e9taire largement accommodante et des r\u00e9sultats d\u2019entreprise r\u00e9silients. L\u2019indice S&amp;P 500 a enregistr\u00e9 un rendement de 12,4 % (rendement total en dollars canadiens), tandis que l\u2019indice S&amp;P\/TSX a progress\u00e9 de 31,7 %, l\u2019indice MSCI EAEO de 25,1 %, l\u2019indice Tous les pays du monde de 16,6 % et l\u2019indice MSCI March\u00e9s \u00e9mergents de 27,3 %. <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_903f0d-c4, .wp-block-kadence-advancedheading.kt-adv-heading13685_903f0d-c4[data-kb-block=\"kb-adv-heading13685_903f0d-c4\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_903f0d-c4 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_903f0d-c4[data-kb-block=\"kb-adv-heading13685_903f0d-c4\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_903f0d-c4 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_903f0d-c4[data-kb-block=\"kb-adv-heading13685_903f0d-c4\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_903f0d-c4 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_903f0d-c4\">Au-del\u00e0 des actions des march\u00e9s d\u00e9velopp\u00e9s, deux classes d\u2019actifs se sont particuli\u00e8rement d\u00e9marqu\u00e9es en 2025 : l\u2019or et les march\u00e9s \u00e9mergents. Comme soulign\u00e9 dans <a href=\"https:\/\/www.lba.ca\/perspective\/portfolio-update-november-2025\/\">Le point sur les portefeuilles<\/a> de novembre, le prix de l\u2019or a atteint des niveaux records, port\u00e9s par des achats importants des banques centrales et une demande accrue d\u2019investisseurs recherchant des valeurs refuge alternatives aux bons du Tr\u00e9sor am\u00e9ricain dans un contexte d\u2019incertitude \u00e9conomique et g\u00e9opolitique \u00e9lev\u00e9e. <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_ff5af9-f3, .wp-block-kadence-advancedheading.kt-adv-heading13685_ff5af9-f3[data-kb-block=\"kb-adv-heading13685_ff5af9-f3\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_ff5af9-f3 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_ff5af9-f3[data-kb-block=\"kb-adv-heading13685_ff5af9-f3\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_ff5af9-f3 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_ff5af9-f3[data-kb-block=\"kb-adv-heading13685_ff5af9-f3\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_ff5af9-f3 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_ff5af9-f3\">Les march\u00e9s \u00e9mergents ont \u00e9galement g\u00e9n\u00e9r\u00e9 de solides rendements au cours de l\u2019ann\u00e9e (graphique 2). Il est important de noter que cette performance s\u2019est r\u00e9alis\u00e9e dans un contexte de valorisations attractives. L\u2019indice MSCI EM se n\u00e9gocie \u00e0 un multiple cours\/b\u00e9n\u00e9fice \u00e0 terme de 13,2x, bien en dessous du multiple de 22,0x du S&amp;P 500, renfor\u00e7ant ainsi l\u2019int\u00e9r\u00eat d\u2019une diversification au-del\u00e0 des march\u00e9s am\u00e9ricains. Nos portefeuilles actions et \u00e9quilibr\u00e9s mondiaux ont \u00e9t\u00e9 bien positionn\u00e9s pour capter cette croissance. Les march\u00e9s \u00e9mergents repr\u00e9sentent environ 20 % de l\u2019allocation actions et ont contribu\u00e9 \u00e0 pr\u00e8s d\u2019un quart des gains nets totaux de ces portefeuilles en 2025. La strat\u00e9gie d\u2019actions des March\u00e9s \u00e9mergents de LetkoBrosseau se n\u00e9gocie actuellement \u00e0 un multiple cours\/b\u00e9n\u00e9fice \u00e0 terme de 10,8x pour 2026 et offre un rendement en dividendes de 4,1 %.     <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_c78d5e-c0, .wp-block-kadence-advancedheading.kt-adv-heading13685_c78d5e-c0[data-kb-block=\"kb-adv-heading13685_c78d5e-c0\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_c78d5e-c0 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_c78d5e-c0[data-kb-block=\"kb-adv-heading13685_c78d5e-c0\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_c78d5e-c0 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_c78d5e-c0[data-kb-block=\"kb-adv-heading13685_c78d5e-c0\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h4 class=\"kt-adv-heading13685_c78d5e-c0 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_c78d5e-c0\">Indices boursiers<br\/>Performance en 2025 : rendement total<\/h4>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_df62eb-dd, .wp-block-kadence-advancedheading.kt-adv-heading13685_df62eb-dd[data-kb-block=\"kb-adv-heading13685_df62eb-dd\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_df62eb-dd mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_df62eb-dd[data-kb-block=\"kb-adv-heading13685_df62eb-dd\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_df62eb-dd img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_df62eb-dd[data-kb-block=\"kb-adv-heading13685_df62eb-dd\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_df62eb-dd wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_df62eb-dd\">Graphique 2<\/p>\n\n\n<style>.kb-image13685_980488-93 .kb-image-has-overlay:after{opacity:0.3;}<\/style>\n<figure class=\"wp-block-kadence-image kb-image13685_980488-93 size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1980\" height=\"825\" src=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/fr-chart2-2026-1-1.png\" alt=\"\" class=\"kb-img wp-image-13691\" srcset=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/fr-chart2-2026-1-1.png 1980w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/fr-chart2-2026-1-1-625x260.png 625w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/fr-chart2-2026-1-1-843x351.png 843w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/fr-chart2-2026-1-1-480x200.png 480w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/fr-chart2-2026-1-1-768x320.png 768w\" sizes=\"auto, (max-width: 1980px) 100vw, 1980px\" \/><\/figure>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_463e82-44, .wp-block-kadence-advancedheading.kt-adv-heading13685_463e82-44[data-kb-block=\"kb-adv-heading13685_463e82-44\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_463e82-44 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_463e82-44[data-kb-block=\"kb-adv-heading13685_463e82-44\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_463e82-44 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_463e82-44[data-kb-block=\"kb-adv-heading13685_463e82-44\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_463e82-44 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_463e82-44\">Source : Bloomberg. La zone ombr\u00e9e repr\u00e9sente le rendement total g\u00e9n\u00e9r\u00e9 en 2025 par le composite Actions March\u00e9s \u00c9mergents de LetkoBrosseau. <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_4e9915-c6, .wp-block-kadence-advancedheading.kt-adv-heading13685_4e9915-c6[data-kb-block=\"kb-adv-heading13685_4e9915-c6\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_4e9915-c6 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_4e9915-c6[data-kb-block=\"kb-adv-heading13685_4e9915-c6\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_4e9915-c6 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_4e9915-c6[data-kb-block=\"kb-adv-heading13685_4e9915-c6\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_4e9915-c6 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_4e9915-c6\">Dans l\u2019ensemble, nos strat\u00e9gies d\u2019investissement ont bien perform\u00e9 au cours de l\u2019ann\u00e9e \u00e9coul\u00e9e (graphique 3). En ce qui concerne l\u2019activit\u00e9 des portefeuilles, les ventes ont l\u00e9g\u00e8rement d\u00e9pass\u00e9 les achats, plusieurs positions ayant atteint ou d\u00e9pass\u00e9 notre estimation de leur valeur intrins\u00e8que, ce qui nous a amen\u00e9s \u00e0 r\u00e9duire ou \u00e0 c\u00e9der certaines positions. Cette approche a permis de maintenir un niveau de tr\u00e9sorerie mod\u00e9r\u00e9 dans l\u2019ensemble de nos portefeuilles. Actuellement, les mandats \u00e9quilibr\u00e9s demeurent proches de leurs allocations cibles en actions.<br\/>   <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_f33472-e8, .wp-block-kadence-advancedheading.kt-adv-heading13685_f33472-e8[data-kb-block=\"kb-adv-heading13685_f33472-e8\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_f33472-e8 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_f33472-e8[data-kb-block=\"kb-adv-heading13685_f33472-e8\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_f33472-e8 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_f33472-e8[data-kb-block=\"kb-adv-heading13685_f33472-e8\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h4 class=\"kt-adv-heading13685_f33472-e8 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_f33472-e8\">Strat\u00e9gies d\u2019investissement<br\/>LetkoBrosseau Rendement total en 2025<\/h4>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_5bb74a-92, .wp-block-kadence-advancedheading.kt-adv-heading13685_5bb74a-92[data-kb-block=\"kb-adv-heading13685_5bb74a-92\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_5bb74a-92 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_5bb74a-92[data-kb-block=\"kb-adv-heading13685_5bb74a-92\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_5bb74a-92 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_5bb74a-92[data-kb-block=\"kb-adv-heading13685_5bb74a-92\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_5bb74a-92 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_5bb74a-92\">Graphique 3<\/p>\n\n\n<style>.kb-image13685_f794f8-5e .kb-image-has-overlay:after{opacity:0.3;}<\/style>\n<figure class=\"wp-block-kadence-image kb-image13685_f794f8-5e size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1980\" height=\"990\" src=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/fr-chart3-2026-1-1.png\" alt=\"\" class=\"kb-img wp-image-13694\" srcset=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/fr-chart3-2026-1-1.png 1980w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/fr-chart3-2026-1-1-625x313.png 625w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/fr-chart3-2026-1-1-843x422.png 843w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/fr-chart3-2026-1-1-480x240.png 480w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/fr-chart3-2026-1-1-768x384.png 768w\" sizes=\"auto, (max-width: 1980px) 100vw, 1980px\" \/><\/figure>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_5d2945-c5, .wp-block-kadence-advancedheading.kt-adv-heading13685_5d2945-c5[data-kb-block=\"kb-adv-heading13685_5d2945-c5\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_5d2945-c5 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_5d2945-c5[data-kb-block=\"kb-adv-heading13685_5d2945-c5\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_5d2945-c5 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_5d2945-c5[data-kb-block=\"kb-adv-heading13685_5d2945-c5\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_5d2945-c5 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_5d2945-c5\">Source : LetkoBrosseau, rendement total en dollars canadiens. Les rendements des strat\u00e9gies LetkoBrosseau sont bas\u00e9s sur leurs composites respectifs. Se r\u00e9f\u00e9rer aux notes de fin pour l\u2019information sur les indices de r\u00e9f\u00e9rence.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_151aa4-04, .wp-block-kadence-advancedheading.kt-adv-heading13685_151aa4-04[data-kb-block=\"kb-adv-heading13685_151aa4-04\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_151aa4-04 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_151aa4-04[data-kb-block=\"kb-adv-heading13685_151aa4-04\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_151aa4-04 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_151aa4-04[data-kb-block=\"kb-adv-heading13685_151aa4-04\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_151aa4-04 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_151aa4-04\">Les march\u00e9s des titres \u00e0 revenu fixe se sont ajust\u00e9s \u00e0 une nouvelle ann\u00e9e cons\u00e9cutive de baisses de taux, la partie courte de la courbe des rendements ayant recul\u00e9 d\u2019environ 35 points de base d\u2019ici fin d\u00e9cembre. En revanche, les rendements des obligations gouvernementales canadiennes \u00e0 10 et 30 ans ont cl\u00f4tur\u00e9 l\u2019ann\u00e9e \u00e0 3,4 % et 3,9 % respectivement, soit environ 19 et 59 points de base au-dessus des niveaux de fin 2024. <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_9e0f42-f8, .wp-block-kadence-advancedheading.kt-adv-heading13685_9e0f42-f8[data-kb-block=\"kb-adv-heading13685_9e0f42-f8\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_9e0f42-f8 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_9e0f42-f8[data-kb-block=\"kb-adv-heading13685_9e0f42-f8\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_9e0f42-f8 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_9e0f42-f8[data-kb-block=\"kb-adv-heading13685_9e0f42-f8\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_9e0f42-f8 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_9e0f42-f8\">Au cours des derni\u00e8res ann\u00e9es, nous avons allong\u00e9 la duration de nos portefeuilles et augment\u00e9 nos avoirs en obligations d\u2019entreprises de haute qualit\u00e9. Ces ajustements ont contribu\u00e9 \u00e0 soutenir notre portefeuille de titres \u00e0 revenu fixe, qui a g\u00e9n\u00e9r\u00e9 un rendement solide de 4,2 %, contre 2,7 % pour l\u2019indice de r\u00e9f\u00e9rence sur l\u2019ann\u00e9e civile. Notre strat\u00e9gie globale demeure inchang\u00e9e : nous maintenons une duration inf\u00e9rieure \u00e0 celle de l\u2019indice et continuons \u00e0 \u00e9viter les obligations de plus de dix ans. Actuellement, la duration moyenne de nos portefeuilles est d\u2019environ 3,8 ans, nettement inf\u00e9rieure \u00e0 celle de l\u2019indice de 6,9 ans. Selon nous, les obligations canadiennes \u00e0 long terme restent encore ch\u00e8res. Nous estimons que la juste valeur du rendement des obligations gouvernementales canadiennes \u00e0 10 ans se situe autour de 4,0 %, contre 3,4 % actuellement.<br\/>     <\/p>\n\n\n<style>.kadence-column13685_7564dc-2d > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column13685_7564dc-2d > .kt-inside-inner-col{flex-direction:column;}.kadence-column13685_7564dc-2d > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column13685_7564dc-2d > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column13685_7564dc-2d{position:relative;}@media all and (max-width: 1024px){.kadence-column13685_7564dc-2d > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column13685_7564dc-2d > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column13685_7564dc-2d alignwide\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading13685_4d8ffb-2a, .wp-block-kadence-advancedheading.kt-adv-heading13685_4d8ffb-2a[data-kb-block=\"kb-adv-heading13685_4d8ffb-2a\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_4d8ffb-2a mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_4d8ffb-2a[data-kb-block=\"kb-adv-heading13685_4d8ffb-2a\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_4d8ffb-2a img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_4d8ffb-2a[data-kb-block=\"kb-adv-heading13685_4d8ffb-2a\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h3 class=\"kt-adv-heading13685_4d8ffb-2a wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_4d8ffb-2a\">Faits saillants de 2025 \u00e0 LetkoBrosseau<\/h3>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_f0700f-3a, .wp-block-kadence-advancedheading.kt-adv-heading13685_f0700f-3a[data-kb-block=\"kb-adv-heading13685_f0700f-3a\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_f0700f-3a mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_f0700f-3a[data-kb-block=\"kb-adv-heading13685_f0700f-3a\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_f0700f-3a img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_f0700f-3a[data-kb-block=\"kb-adv-heading13685_f0700f-3a\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_f0700f-3a wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_f0700f-3a\">LetkoBrosseau est rest\u00e9 d\u00e9termin\u00e9 \u00e0 communiquer sa strat\u00e9gie d\u2019investissement \u00e0 ses clients de mani\u00e8re claire, ponctuelle et transparente, par le biais de nos lettres mensuelles <em>Le point sur les portefeuilles<\/em> et de nos rapports trimestriels<em> Perspectives sur la conjoncture \u00e9conomique et les march\u00e9s financiers.<\/em><\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_ab75df-86, .wp-block-kadence-advancedheading.kt-adv-heading13685_ab75df-86[data-kb-block=\"kb-adv-heading13685_ab75df-86\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_ab75df-86 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_ab75df-86[data-kb-block=\"kb-adv-heading13685_ab75df-86\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_ab75df-86 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_ab75df-86[data-kb-block=\"kb-adv-heading13685_ab75df-86\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_ab75df-86 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_ab75df-86\">Dans le prolongement de ce cadre de communication, nous avons lanc\u00e9 des webinaires trimestriels Perspectives de recherche, anim\u00e9s par les membres de notre \u00e9quipe d\u2019investissement, qui ont partag\u00e9 leur point de vue sur la position des portefeuilles, l\u2019\u00e9volution \u00e9conomique et les march\u00e9s financiers. Nous avons \u00e9galement \u00e9t\u00e9 particuli\u00e8rement heureux d\u2019organiser des \u00e9v\u00e9nements en personne de reconnaissance des clients \u00e0 Montr\u00e9al, Toronto et Calgary, offrant une occasion pr\u00e9cieuse de rencontrer nos clients directement, d\u2019\u00e9changer des points de vue et de renforcer nos relations. Nous avons grandement appr\u00e9ci\u00e9 le temps que nos clients ont consacr\u00e9 \u00e0 participer \u00e0 ces \u00e9v\u00e9nements et les conversations r\u00e9fl\u00e9chies qui en ont r\u00e9sult\u00e9.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_a8a898-b4, .wp-block-kadence-advancedheading.kt-adv-heading13685_a8a898-b4[data-kb-block=\"kb-adv-heading13685_a8a898-b4\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_a8a898-b4 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_a8a898-b4[data-kb-block=\"kb-adv-heading13685_a8a898-b4\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_a8a898-b4 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_a8a898-b4[data-kb-block=\"kb-adv-heading13685_a8a898-b4\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_a8a898-b4 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_a8a898-b4\">Notre engagement envers la recherche fondamentale interne est rest\u00e9 au c\u0153ur de notre processus d\u2019investissement. Au cours de l\u2019ann\u00e9e 2025, notre \u00e9quipe de recherche a men\u00e9 plus de 700 rencontres avec les \u00e9quipes de direction des entreprises et des experts sectoriels \u00e0 l\u2019\u00e9chelle mondiale. Ce niveau d\u2019engagement refl\u00e8te la rigueur constante de notre discipline de recherche et constitue un outil important de gestion du risque dans la s\u00e9lection des titres et la construction des portefeuilles.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_2adfcc-1c, .wp-block-kadence-advancedheading.kt-adv-heading13685_2adfcc-1c[data-kb-block=\"kb-adv-heading13685_2adfcc-1c\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_2adfcc-1c mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_2adfcc-1c[data-kb-block=\"kb-adv-heading13685_2adfcc-1c\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_2adfcc-1c img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_2adfcc-1c[data-kb-block=\"kb-adv-heading13685_2adfcc-1c\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_2adfcc-1c wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_2adfcc-1c\">Depuis notre partenariat en 2023 avec Navigator, une soci\u00e9t\u00e9 ind\u00e9pendante de recherche de march\u00e9 et de relations publiques, nous r\u00e9alisons des sondages annuels. Les retours obtenus gr\u00e2ce \u00e0 ces sondages ont \u00e9t\u00e9 essentiels pour orienter nos initiatives et am\u00e9liorer nos services. En 2025, les commentaires des clients ont directement contribu\u00e9 au lancement de nos webinaires <em>Perspectives de recherche<\/em> et ont soutenu les am\u00e9liorations apport\u00e9es \u00e0 notre portail client s\u00e9curis\u00e9 en ligne.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_320ff6-d7, .wp-block-kadence-advancedheading.kt-adv-heading13685_320ff6-d7[data-kb-block=\"kb-adv-heading13685_320ff6-d7\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_320ff6-d7 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_320ff6-d7[data-kb-block=\"kb-adv-heading13685_320ff6-d7\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_320ff6-d7 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_320ff6-d7[data-kb-block=\"kb-adv-heading13685_320ff6-d7\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_320ff6-d7 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_320ff6-d7\">En ce qui concerne nos initiatives commerciales, nous poursuivons le lancement de v\u00e9hicules de fonds communs de placement pour nos strat\u00e9gies d\u2019investissement principales, que nous pr\u00e9voyons de finaliser au cours du premier trimestre 2026. Ces fonds offriront \u00e0 nos clients une plus grande flexibilit\u00e9 et accessibilit\u00e9. De plus, ChapmanCraig, un multi-family office bas\u00e9 \u00e0 Hong Kong, a lanc\u00e9 avec succ\u00e8s \u00e0 l\u2019automne dernier une soci\u00e9t\u00e9 d\u2019investissement \u00e0 capital variable, pour laquelle nous agissons en tant que gestionnaire d\u2019investissement d\u2019une strat\u00e9gie d\u2019actions mondiales. Ce v\u00e9hicule d\u2019investissement s\u2019adresse aux clients bas\u00e9s en Asie.   <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_a06770-b6, .wp-block-kadence-advancedheading.kt-adv-heading13685_a06770-b6[data-kb-block=\"kb-adv-heading13685_a06770-b6\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_a06770-b6 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_a06770-b6[data-kb-block=\"kb-adv-heading13685_a06770-b6\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_a06770-b6 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_a06770-b6[data-kb-block=\"kb-adv-heading13685_a06770-b6\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_a06770-b6 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_a06770-b6\">Par ailleurs, nous continuons \u00e0 renforcer notre pr\u00e9sence internationale gr\u00e2ce \u00e0 notre strat\u00e9gie d\u2019actions des march\u00e9s \u00e9mergents. Aux \u00c9tats-Unis, cette strat\u00e9gie est soutenue par notre partenariat avec Arrow Partners, une firme de marketing tierce bas\u00e9e \u00e0 New York. En Europe, nous agissons en tant que gestionnaire d\u2019investissement pour un fonds UCITS propos\u00e9 par Candoris, une soci\u00e9t\u00e9 bas\u00e9e aux Pays-Bas, offrant aux investisseurs mondiaux situ\u00e9s en dehors des \u00c9tats-Unis et du Canada un acc\u00e8s \u00e0 notre strat\u00e9gie sur les march\u00e9s \u00e9mergents. Pour les clients institutionnels bas\u00e9s aux \u00c9tats-Unis, notre fonds commun 3c7 reste disponible.   <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_4a44e7-92, .wp-block-kadence-advancedheading.kt-adv-heading13685_4a44e7-92[data-kb-block=\"kb-adv-heading13685_4a44e7-92\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_4a44e7-92 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_4a44e7-92[data-kb-block=\"kb-adv-heading13685_4a44e7-92\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_4a44e7-92 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_4a44e7-92[data-kb-block=\"kb-adv-heading13685_4a44e7-92\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_4a44e7-92 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_4a44e7-92\">Du c\u00f4t\u00e9 des d\u00e9veloppements internes, nous avons atteint un jalon important en 2025 en portant notre effectif \u00e0 plus de 100 employ\u00e9s dans nos bureaux de Montr\u00e9al, Toronto et Calgary. Ce jalon refl\u00e8te la force et la profondeur de notre \u00e9quipe ainsi que notre engagement continu \u00e0 offrir une recherche, une gestion de portefeuille et un service client d\u2019exception. <\/p>\n\n\n<style>.kb-image13685_d2e991-6b.kb-image-is-ratio-size, .kb-image13685_d2e991-6b .kb-image-is-ratio-size{max-width:345px;width:100%;}.wp-block-kadence-column > .kt-inside-inner-col > .kb-image13685_d2e991-6b.kb-image-is-ratio-size, .wp-block-kadence-column > .kt-inside-inner-col > .kb-image13685_d2e991-6b .kb-image-is-ratio-size{align-self:unset;}.kb-image13685_d2e991-6b{max-width:345px;}.image-is-svg.kb-image13685_d2e991-6b{-webkit-flex:0 1 100%;flex:0 1 100%;}.image-is-svg.kb-image13685_d2e991-6b img{width:100%;}.kb-image13685_d2e991-6b .kb-image-has-overlay:after{opacity:0.3;}<\/style>\n<figure class=\"wp-block-kadence-image kb-image13685_d2e991-6b size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"834\" height=\"556\" src=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/2025-LB-3-1024x683-1-834x556.jpg\" alt=\"\" class=\"kb-img wp-image-13695\" srcset=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/2025-LB-3-1024x683-1-834x556.jpg 834w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/2025-LB-3-1024x683-1-622x415.jpg 622w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/2025-LB-3-1024x683-1-480x320.jpg 480w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/2025-LB-3-1024x683-1-768x512.jpg 768w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/2025-LB-3-1024x683-1.jpg 1024w\" sizes=\"auto, (max-width: 834px) 100vw, 834px\" \/><\/figure>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_ef566b-10, .wp-block-kadence-advancedheading.kt-adv-heading13685_ef566b-10[data-kb-block=\"kb-adv-heading13685_ef566b-10\"]{text-align:left;font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_ef566b-10 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_ef566b-10[data-kb-block=\"kb-adv-heading13685_ef566b-10\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_ef566b-10 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_ef566b-10[data-kb-block=\"kb-adv-heading13685_ef566b-10\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_ef566b-10 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_ef566b-10\">Nous avons \u00e9galement eu le plaisir d\u2019annoncer la nomination de David Despr\u00e9s au poste de vice- pr\u00e9sident ex\u00e9cutif. M. Despr\u00e9s compte plus de 24 ann\u00e9es chez LetkoBrosseau, incluant une vaste exp\u00e9rience en gestion d\u2019investissements et \u00e0 la t\u00eate des \u00e9quipes de d\u00e9veloppement commercial et de service aux clients. Dans son r\u00f4le \u00e9largi, il supervise \u00e9galement les \u00e9quipes d\u2019op\u00e9rations, de technologie de l\u2019information et de gestion de projets. Son leadership sera essentiel pour continuer \u00e0 servir nos clients et faire progresser les objectifs \u00e0 long terme de la firme.   <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_81f535-c2, .wp-block-kadence-advancedheading.kt-adv-heading13685_81f535-c2[data-kb-block=\"kb-adv-heading13685_81f535-c2\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_81f535-c2 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_81f535-c2[data-kb-block=\"kb-adv-heading13685_81f535-c2\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_81f535-c2 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_81f535-c2[data-kb-block=\"kb-adv-heading13685_81f535-c2\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_81f535-c2 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_81f535-c2\"><br\/>Sur le plan de la gouvernance, nous avons accueilli deux nouveaux membres ind\u00e9pendants au conseil d\u2019administration, le nombre total de membres du conseil d\u2019administration \u00e0 huit. Mme Colleen Johnston et M. Roger Renaud ont rejoint le conseil d\u2019administration \u00e0 compter du 3 mars 2025. <\/p>\n\n\n<style>.kb-image13685_0d2d40-24.kb-image-is-ratio-size, .kb-image13685_0d2d40-24 .kb-image-is-ratio-size{max-width:432px;width:100%;}.wp-block-kadence-column > .kt-inside-inner-col > .kb-image13685_0d2d40-24.kb-image-is-ratio-size, .wp-block-kadence-column > .kt-inside-inner-col > .kb-image13685_0d2d40-24 .kb-image-is-ratio-size{align-self:unset;}.kb-image13685_0d2d40-24{max-width:432px;}.image-is-svg.kb-image13685_0d2d40-24{-webkit-flex:0 1 100%;flex:0 1 100%;}.image-is-svg.kb-image13685_0d2d40-24 img{width:100%;}.kb-image13685_0d2d40-24 .kb-image-has-overlay:after{opacity:0.3;}<\/style>\n<figure class=\"wp-block-kadence-image kb-image13685_0d2d40-24 size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"411\" src=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/Colleen-borders.jpg\" alt=\"\" class=\"kb-img wp-image-13698\" srcset=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/Colleen-borders.jpg 616w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/Colleen-borders-480x320.jpg 480w\" sizes=\"auto, (max-width: 616px) 100vw, 616px\" \/><\/figure>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_8c1425-f4, .wp-block-kadence-advancedheading.kt-adv-heading13685_8c1425-f4[data-kb-block=\"kb-adv-heading13685_8c1425-f4\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_8c1425-f4 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_8c1425-f4[data-kb-block=\"kb-adv-heading13685_8c1425-f4\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_8c1425-f4 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_8c1425-f4[data-kb-block=\"kb-adv-heading13685_8c1425-f4\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_8c1425-f4 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_8c1425-f4\">Mme Colleen Johnston, ancienne directrice financi\u00e8re de la Banque Toronto-Dominion, apporte 14 ann\u00e9es d\u2019exp\u00e9rience chez TD, dont 10 ans en tant que chef de groupe et directrice financi\u00e8re, et 15 ans \u00e0 la Banque Scotia. Elle a \u00e9t\u00e9 reconnue pour son leadership, notamment en \u00e9tant nomm\u00e9e directrice financi\u00e8re de l\u2019ann\u00e9e au Canada en 2012 et en \u00e9tant intronis\u00e9e au Hall of Fame des 100 femmes les plus influentes du Canada en 2007. Mme Johnston est comptable professionnelle agr\u00e9\u00e9e et poss\u00e8de une large exp\u00e9rience au sein de conseils d\u2019administration et d\u2019organismes communautaires.  <\/p>\n\n\n<style>.kb-image13685_fc96f1-36.kb-image-is-ratio-size, .kb-image13685_fc96f1-36 .kb-image-is-ratio-size{max-width:433px;width:100%;}.wp-block-kadence-column > .kt-inside-inner-col > .kb-image13685_fc96f1-36.kb-image-is-ratio-size, .wp-block-kadence-column > .kt-inside-inner-col > .kb-image13685_fc96f1-36 .kb-image-is-ratio-size{align-self:unset;}.kb-image13685_fc96f1-36{max-width:433px;}.image-is-svg.kb-image13685_fc96f1-36{-webkit-flex:0 1 100%;flex:0 1 100%;}.image-is-svg.kb-image13685_fc96f1-36 img{width:100%;}.kb-image13685_fc96f1-36 .kb-image-has-overlay:after{opacity:0.3;}<\/style>\n<figure class=\"wp-block-kadence-image kb-image13685_fc96f1-36 size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"834\" height=\"556\" src=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/Roger-1-1024x683-1-834x556.jpg\" alt=\"\" class=\"kb-img wp-image-13701\" srcset=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/Roger-1-1024x683-1-834x556.jpg 834w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/Roger-1-1024x683-1-622x415.jpg 622w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/Roger-1-1024x683-1-480x320.jpg 480w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/Roger-1-1024x683-1-768x512.jpg 768w, https:\/\/www.lba.ca\/wp-content\/uploads\/2026\/09\/Roger-1-1024x683-1.jpg 1024w\" sizes=\"auto, (max-width: 834px) 100vw, 834px\" \/><\/figure>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_8016bb-71, .wp-block-kadence-advancedheading.kt-adv-heading13685_8016bb-71[data-kb-block=\"kb-adv-heading13685_8016bb-71\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_8016bb-71 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_8016bb-71[data-kb-block=\"kb-adv-heading13685_8016bb-71\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_8016bb-71 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_8016bb-71[data-kb-block=\"kb-adv-heading13685_8016bb-71\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_8016bb-71 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_8016bb-71\">M. Roger Renaud poss\u00e8de plus de 12 ans d\u2019exp\u00e9rience en tant que pr\u00e9sident de soci\u00e9t\u00e9s de gestion d\u2019actifs, ayant notamment occup\u00e9 les fonctions de pr\u00e9sident pour le Canada et chef de l\u2019exploitation mondiale de Gestion d\u2019actifs Manuvie. Il a \u00e9galement \u00e9t\u00e9 pr\u00e9sident d\u2019Investissements Standard Life depuis 2006-2015. M. Roger Renaud est titulaire d\u2019un baccalaur\u00e9at en sciences actuarielles et du titre de CFA<sup>\u00ae<\/sup> et b\u00e9n\u00e9ficie d\u2019une vaste exp\u00e9rience au sein de conseils d\u2019administration et d\u2019organismes \u00e0 but non lucratif.  <br\/><\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_17404c-e1, .wp-block-kadence-advancedheading.kt-adv-heading13685_17404c-e1[data-kb-block=\"kb-adv-heading13685_17404c-e1\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_17404c-e1 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_17404c-e1[data-kb-block=\"kb-adv-heading13685_17404c-e1\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_17404c-e1 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_17404c-e1[data-kb-block=\"kb-adv-heading13685_17404c-e1\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_17404c-e1 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_17404c-e1\">Mme Johnston et M. Renaud sont tous deux respect\u00e9s dans le milieu financier canadien et apportent des perspectives strat\u00e9giques pr\u00e9cieuses. Leur expertise sera d\u00e9terminante alors que LetkoBrosseau poursuit sa croissance et continue de servir ses clients. <\/p>\n\n\n<style>.kadence-column13685_dd0b0f-c8 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column13685_dd0b0f-c8 > .kt-inside-inner-col{flex-direction:column;}.kadence-column13685_dd0b0f-c8 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column13685_dd0b0f-c8 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column13685_dd0b0f-c8{position:relative;}@media all and (max-width: 1024px){.kadence-column13685_dd0b0f-c8 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column13685_dd0b0f-c8 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column13685_dd0b0f-c8 alignwide\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading13685_f5bc9a-e8, .wp-block-kadence-advancedheading.kt-adv-heading13685_f5bc9a-e8[data-kb-block=\"kb-adv-heading13685_f5bc9a-e8\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_f5bc9a-e8 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_f5bc9a-e8[data-kb-block=\"kb-adv-heading13685_f5bc9a-e8\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_f5bc9a-e8 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_f5bc9a-e8[data-kb-block=\"kb-adv-heading13685_f5bc9a-e8\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h3 class=\"kt-adv-heading13685_f5bc9a-e8 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_f5bc9a-e8\">Perspectives pour 2026<\/h3>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_d5b9da-5f, .wp-block-kadence-advancedheading.kt-adv-heading13685_d5b9da-5f[data-kb-block=\"kb-adv-heading13685_d5b9da-5f\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_d5b9da-5f mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_d5b9da-5f[data-kb-block=\"kb-adv-heading13685_d5b9da-5f\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_d5b9da-5f img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_d5b9da-5f[data-kb-block=\"kb-adv-heading13685_d5b9da-5f\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_d5b9da-5f wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_d5b9da-5f\">En entrant en 2026, notre sc\u00e9nario de base pr\u00e9voit une nouvelle ann\u00e9e de croissance positive, bien que mod\u00e9r\u00e9e. Nous anticipons une progression du PIB r\u00e9el mondial de 3,1 % en 2026, l\u00e9g\u00e8rement inf\u00e9rieure \u00e0 la pr\u00e9vision de 3,2 % de l\u2019IMF pour 2025. <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_9d9ec7-1a, .wp-block-kadence-advancedheading.kt-adv-heading13685_9d9ec7-1a[data-kb-block=\"kb-adv-heading13685_9d9ec7-1a\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_9d9ec7-1a mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_9d9ec7-1a[data-kb-block=\"kb-adv-heading13685_9d9ec7-1a\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_9d9ec7-1a img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_9d9ec7-1a[data-kb-block=\"kb-adv-heading13685_9d9ec7-1a\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_9d9ec7-1a wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_9d9ec7-1a\">Par ailleurs, nous pr\u00e9voyons que la croissance du PIB r\u00e9el des \u00c9tats-Unis se mod\u00e9rera entre 1,0 % et 2,0 % en 2026, tandis que celle du Canada devrait \u00e9galement se situer dans une fourchette de 1,0 % \u00e0 2,0 %. Ailleurs, les march\u00e9s \u00e9mergents devraient progresser de 4,0 % en 2026, selon le FMI. Comme nous l\u2019avons soulign\u00e9 dans notre plus r\u00e9cent rapport <a href=\"https:\/\/www.lba.ca\/perspective\/economic-and-capital-markets-outlook-q1-2026\/\"><em>Perspectives sur la conjoncture \u00e9conomique et les march\u00e9s financiers<\/em><\/a>, le principal risque, selon nous, ne r\u00e9side pas dans les fondamentaux \u00e9conomiques, qui demeurent globalement favorables, mais plut\u00f4t dans les valorisations \u00e9lev\u00e9es des actions et les attentes ambitieuses en mati\u00e8re de b\u00e9n\u00e9fices dans certains segments du march\u00e9. Dans cet environnement, nous estimons que l\u2019approche la plus prudente consiste \u00e0 pratiquer une s\u00e9lection rigoureuse des titres et \u00e0 faire preuve de patience dans le red\u00e9ploiement du capital.   <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_3996e9-d9, .wp-block-kadence-advancedheading.kt-adv-heading13685_3996e9-d9[data-kb-block=\"kb-adv-heading13685_3996e9-d9\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_3996e9-d9 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_3996e9-d9[data-kb-block=\"kb-adv-heading13685_3996e9-d9\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_3996e9-d9 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_3996e9-d9[data-kb-block=\"kb-adv-heading13685_3996e9-d9\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_3996e9-d9 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_3996e9-d9\">Notre portefeuille d\u2019actions demeure bien diversifi\u00e9 par entreprise, secteur et r\u00e9gion. Il repose \u00e9galement sur des moteurs structurels de croissance, tels que l\u2019innovation technologique, les changements d\u00e9mographiques et l\u2019\u00e9volution des tendances \u00e9conomiques. Avec des positions cot\u00e9es \u00e0 des valorisations attrayantes, nous sommes confiants que nos portefeuilles devraient g\u00e9n\u00e9rer une cr\u00e9ation de valeur sur un horizon de 3 \u00e0 5 ans.  <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_98ba28-53, .wp-block-kadence-advancedheading.kt-adv-heading13685_98ba28-53[data-kb-block=\"kb-adv-heading13685_98ba28-53\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_98ba28-53 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_98ba28-53[data-kb-block=\"kb-adv-heading13685_98ba28-53\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_98ba28-53 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_98ba28-53[data-kb-block=\"kb-adv-heading13685_98ba28-53\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_98ba28-53 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_98ba28-53\">Du c\u00f4t\u00e9 des services aux clients, nous continuons d\u2019am\u00e9liorer notre portail s\u00e9curis\u00e9 afin d\u2019offrir davantage de commodit\u00e9 et d\u2019accessibilit\u00e9. Nous encourageons nos clients \u00e0 passer aux relev\u00e9s num\u00e9riques afin de r\u00e9duire l\u2019utilisation de papier et invitons ceux qui n\u2019ont pas encore activ\u00e9 leur acc\u00e8s \u00e0 contacter leur repr\u00e9sentant de compte. <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_c34b07-9c, .wp-block-kadence-advancedheading.kt-adv-heading13685_c34b07-9c[data-kb-block=\"kb-adv-heading13685_c34b07-9c\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_c34b07-9c mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_c34b07-9c[data-kb-block=\"kb-adv-heading13685_c34b07-9c\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_c34b07-9c img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_c34b07-9c[data-kb-block=\"kb-adv-heading13685_c34b07-9c\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_c34b07-9c wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_c34b07-9c\">De plus, nous sommes impatients de poursuivre l\u2019organisation d\u2019\u00e9v\u00e9nements en personne ainsi que notre s\u00e9rie de webinaires trimestriels<em> Perspectives de recherche<\/em> tout au long de 2026.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_7c4eec-58, .wp-block-kadence-advancedheading.kt-adv-heading13685_7c4eec-58[data-kb-block=\"kb-adv-heading13685_7c4eec-58\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_7c4eec-58 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_7c4eec-58[data-kb-block=\"kb-adv-heading13685_7c4eec-58\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_7c4eec-58 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_7c4eec-58[data-kb-block=\"kb-adv-heading13685_7c4eec-58\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_7c4eec-58 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_7c4eec-58\">Depuis 1988, notre processus d\u2019investissement a permis de g\u00e9n\u00e9rer un rendement annualis\u00e9 compos\u00e9 de 11,7 % pour l\u2019ensemble des actifs sous gestion, comparativement \u00e0 8,9 % pour l\u2019indice de r\u00e9f\u00e9rence, et un rendement en actions de 13,7 %, surpassant l\u2019indice de r\u00e9f\u00e9rence de 8,9 %<sup>1<\/sup>. Sur cette p\u00e9riode, plus de 42,4 milliards de dollars de gains cumul\u00e9s ont \u00e9t\u00e9 g\u00e9n\u00e9r\u00e9s pour nos clients<sup>2<\/sup>. <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_6b5b3e-50, .wp-block-kadence-advancedheading.kt-adv-heading13685_6b5b3e-50[data-kb-block=\"kb-adv-heading13685_6b5b3e-50\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_6b5b3e-50 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_6b5b3e-50[data-kb-block=\"kb-adv-heading13685_6b5b3e-50\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_6b5b3e-50 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_6b5b3e-50[data-kb-block=\"kb-adv-heading13685_6b5b3e-50\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_6b5b3e-50 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_6b5b3e-50\">Nous avons cl\u00f4tur\u00e9 l\u2019ann\u00e9e avec 20,6 milliards de dollars d\u2019actifs sous gestion, soit une augmentation de plus de 3 milliards par rapport \u00e0 17,5 milliards en 2024.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_876113-d0, .wp-block-kadence-advancedheading.kt-adv-heading13685_876113-d0[data-kb-block=\"kb-adv-heading13685_876113-d0\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_876113-d0 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_876113-d0[data-kb-block=\"kb-adv-heading13685_876113-d0\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_876113-d0 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_876113-d0[data-kb-block=\"kb-adv-heading13685_876113-d0\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_876113-d0 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_876113-d0\">Nous sommes fiers et honor\u00e9s d\u2019offrir nos services d\u2019investissement \u00e0 une multitude de r\u00e9gimes de retraite, fondations et fonds de dotation, family offices, entreprises et particuliers fortun\u00e9s situ\u00e9s partout dans le monde. Nous sommes convaincus que notre approche d\u2019investissement, qui met l\u2019accent sur des soci\u00e9t\u00e9s s\u00e9lectionn\u00e9es pour leurs franchises solides, des \u00e9quipes de direction exp\u00e9riment\u00e9es, des perspectives de croissance attrayantes et des valorisations raisonnables, continuera \u00e0 g\u00e9n\u00e9rer de la valeur \u00e0 long terme. <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading13685_3615b3-1d, .wp-block-kadence-advancedheading.kt-adv-heading13685_3615b3-1d[data-kb-block=\"kb-adv-heading13685_3615b3-1d\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_3615b3-1d mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_3615b3-1d[data-kb-block=\"kb-adv-heading13685_3615b3-1d\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_3615b3-1d img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_3615b3-1d[data-kb-block=\"kb-adv-heading13685_3615b3-1d\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h5 class=\"kt-adv-heading13685_3615b3-1d wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_3615b3-1d\"><strong>Nous vous remercions de nous confier la responsabilit\u00e9 d\u2019investir vos actifs en votre nom.<\/strong><br\/><strong>Toute l\u2019\u00e9quipe de LetkoBrosseau vous souhaite, \u00e0 vous et votre famille sant\u00e9, bonheur et prosp\u00e9rit\u00e9 pour l\u2019ann\u00e9e \u00e0 venir.<\/strong><\/h5>\n<\/div><\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n<div class=\"container-fluid\">\n<div class=\"row\">\n<div class=\"col-12 col-sm-4 col-md-4 col-md-2 mb-5\">\n<p><img decoding=\"async\" src=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2025\/09\/Daniel-B-8.png\" alt=\"\"\/><\/p>\n<h4>Daniel Brosseau<\/h4>\n<p>PR\u00c9SIDENT<\/p>\n<\/div>\n<div class=\"col-12 col-sm-4 col-md-4 col-md-2 mb-5\">\n<p><img decoding=\"async\" src=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2025\/09\/Peter-L-8.png\" alt=\"\"\/><\/p>\n<h4>Peter Letko<\/h4>\n<p>CONSEILLER PRINCIPAL<\/p>\n<\/div>\n<div class=\"col-12 col-sm-4 col-md-4 col-md-2 mb-5\">\n<p><img decoding=\"async\" src=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2025\/09\/David-D-8.png\" alt=\"\"\/><\/p>\n<h4>David Despr\u00e9s<\/h4>\n<p>VICE-PR\u00c9SIDENT EX\u00c9CUTIF<\/p>\n<\/div>\n<div class=\"col-12 col-sm-4 col-md-4 col-md-2 mb-5\">\n<p><img decoding=\"async\" src=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2025\/09\/Stephane-L-8.png\" alt=\"\"\/><\/p>\n<h4>St\u00e9phane Lebrun<\/h4>\n<p>VICE-PR\u00c9SIDENT \u2013<br\/>GESTION D\u2019INVESTISSEMENT<\/p>\n<\/div>\n<div class=\"col-12 col-sm-4 col-md-4 col-md-2 mb-5\">\n<p><img decoding=\"async\" src=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2025\/09\/Rohit-K-8.png\" alt=\"\"\/><\/p>\n<h4>Rohit Khuller<\/h4>\n<p>VICE-PR\u00c9SIDENT \u2013<br\/>GESTION D\u2019INVESTISSEMENT<\/p>\n<\/div>\n<div class=\"col-12 col-sm-4 col-md-4 col-md-2 mb-5\">\n<p><img decoding=\"async\" src=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2025\/09\/Isabelle-G-8.png\" alt=\"\"\/><\/p>\n<h4>Isabelle Godin<\/h4>\n<p>VICE-PR\u00c9SIDENT \u2013 OP\u00c9RATIONS ET CHEF DES FINANCES<\/p>\n<\/div>\n<\/div>\n<\/div>\n<style>.kadence-column13685_71bcc7-5b > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column13685_71bcc7-5b > .kt-inside-inner-col{flex-direction:column;}.kadence-column13685_71bcc7-5b > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column13685_71bcc7-5b > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column13685_71bcc7-5b{position:relative;}@media all and (max-width: 1024px){.kadence-column13685_71bcc7-5b > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column13685_71bcc7-5b > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column13685_71bcc7-5b alignwide\"><div class=\"kt-inside-inner-col\"><style>.kt-accordion-id13685_e1ebb3-e4 .kt-accordion-inner-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:8px;}.kt-accordion-id13685_e1ebb3-e4 .kt-accordion-panel-inner{padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-right:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);padding-left:var(--global-kb-spacing-sm, 1.5rem);}.kt-accordion-id13685_e1ebb3-e4 > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header{padding-top:var(--global-kb-spacing-xxs, 0.5rem);padding-right:var(--global-kb-spacing-xs, 1rem);padding-bottom:var(--global-kb-spacing-xxs, 0.5rem);padding-left:var(--global-kb-spacing-xs, 1rem);}@media all and (max-width: 767px){.kt-accordion-id13685_e1ebb3-e4 .kt-accordion-inner-wrap{display:block;}.kt-accordion-id13685_e1ebb3-e4 .kt-accordion-inner-wrap .kt-accordion-pane:not(:first-child){margin-top:8px;}}<\/style>\n<div class=\"wp-block-kadence-accordion alignnone\"><div class=\"kt-accordion-wrap kt-accordion-id13685_e1ebb3-e4 kt-accordion-has-2-panes kt-active-pane-0 kt-accordion-block kt-pane-header-alignment-left kt-accodion-icon-style-basic kt-accodion-icon-side-right\" style=\"max-width:none\"><div class=\"kt-accordion-inner-wrap\" data-allow-multiple-open=\"false\" data-start-open=\"none\">\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-1 kt-pane13685_f25e4c-8e\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\">Mentions l\u00e9gales<\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\"><style>.wp-block-kadence-advancedheading.kt-adv-heading13685_d54a36-0c, .wp-block-kadence-advancedheading.kt-adv-heading13685_d54a36-0c[data-kb-block=\"kb-adv-heading13685_d54a36-0c\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading13685_d54a36-0c mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading13685_d54a36-0c[data-kb-block=\"kb-adv-heading13685_d54a36-0c\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading13685_d54a36-0c img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading13685_d54a36-0c[data-kb-block=\"kb-adv-heading13685_d54a36-0c\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading13685_d54a36-0c wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading13685_d54a36-0c\">1. Les rendements sont annualis\u00e9s et pr\u00e9sent\u00e9s en dollars canadiens avant d\u00e9duction des frais pour tous les actifs et toutes les actions du 1er janvier 1988 au 31 d\u00e9cembre 2025 et ne se rapportent pas \u00e0 un composite quelconque. L\u2019indice des actifs comprend essentiellement l\u2019indice de rendement global des bons du Tr\u00e9sor \u00e0 91 jours FTSE Canada, l\u2019indice de rendement global des obligations universelles FTSE Canada, l\u2019indice compos\u00e9 plafonn\u00e9 de rendement global S&amp;P\/TSX et l\u2019indice de rendement global MSCI Monde (net). L\u2019indice des actions comprend essentiellement l\u2019indice compos\u00e9 plafonn\u00e9 de rendement global S&amp;P\/TSX et l\u2019indice de rendement global MSCI Monde (net).<br\/>2. Repr\u00e9sente les gains nets sur tous les actifs pour tous les mandats sous gestion du 1er janvier 1988 au 31 d\u00e9cembre 2025.  <br\/><br\/>__<br\/><br\/>Dans ce texte, le \u00ab dollar \u00bb est le dollar US, sauf indication contraire.<br\/>Les informations et opinions contenues dans les pr\u00e9sentes sont fournies \u00e0 titre indicatif seulement, sont sujettes \u00e0 changement et ne visent pas \u00e0 fournir des conseils d\u2019ordre comptable, juridique ou fiscal, ni des recommandations en mati\u00e8re de placement, et ne doivent pas \u00eatre utilis\u00e9es comme tel. Les soci\u00e9t\u00e9s mentionn\u00e9es sont \u00e0 titre indicatif uniquement et ne sont pas consid\u00e9r\u00e9es comme une recommandation d\u2019achat ou de vente. Il ne faut pas supposer qu\u2019un investissement dans ces entreprises \u00e9tait ou serait rentable. \u00c0 moins d\u2019indication contraire, les renseignements sont pr\u00e9sent\u00e9s aux dates indiqu\u00e9es. Bien que ces renseignements soient consid\u00e9r\u00e9s comme exacts \u00e0 la date o\u00f9 ils ont \u00e9t\u00e9 pr\u00e9par\u00e9s, Letko, Brosseau &amp; Associ\u00e9s Inc. ne peut garantir qu\u2019ils sont exacts, complets et \u00e0 jour en tout temps.<br\/>Lorsque les renseignements proviennent ou sont d\u00e9riv\u00e9s de sources externes, les sources sont consid\u00e9r\u00e9es comme fiables, mais la soci\u00e9t\u00e9 n\u2019en a pas effectu\u00e9 une v\u00e9rification ind\u00e9pendante. Aucune repr\u00e9sentation ou garantie n\u2019est fournie quant \u00e0 l\u2019exactitude, \u00e0 l\u2019exhaustivit\u00e9 ou \u00e0 la fiabilit\u00e9 de ces renseignements. Les opinions ou estimations pr\u00e9sent\u00e9es constituent notre jugement \u00e0 cette date et sont modifiables sans pr\u00e9avis.<br\/>Les rendements pass\u00e9s ne sont pas garants des r\u00e9sultats futurs. Tous les placements pr\u00e9sentent un risque de perte et il n\u2019y a aucune garantie que les avantages exprim\u00e9s seront atteints ou r\u00e9alis\u00e9s.<br\/>Les renseignements pr\u00e9sent\u00e9s ne constituent pas une offre ou une sollicitation d\u2019achat ou de vente de titres. Ils ne tiennent pas compte des objectifs, strat\u00e9gies, statuts fiscaux ou horizons d\u2019investissement particuliers des investisseurs. Aucune repr\u00e9sentation ou garantie n\u2019est fournie quant \u00e0 l\u2019exactitude des renseignements ni quant \u00e0 la responsabilit\u00e9 pour des d\u00e9cisions fond\u00e9es sur ceux-ci.<br\/>Certaines informations contenues dans ce document constituent des \u00ab d\u00e9clarations prospectives \u00bb, qui peuvent \u00eatre identifi\u00e9es par l&rsquo;utilisation de termes prospectifs tels que \u00ab peut \u00bb, \u00ab sera \u00bb, \u00ab devrait \u00bb, \u00ab s&rsquo;attendre \u00e0 \u00bb, \u00ab anticiper \u00bb, \u00ab cibler \u00bb, \u00ab projeter \u00bb, \u00ab estimer \u00bb, \u00ab avoir l&rsquo;intention de \u00bb, \u00ab continuer \u00bb ou \u00ab croire \u00bb, ou la forme n\u00e9gative de ces termes, ou d&rsquo;autres variations de ces termes ou une terminologie comparable. Les d\u00e9clarations prospectives sont intrins\u00e8quement soumises, entre autres, \u00e0 des risques, des incertitudes et des hypoth\u00e8ses concernant les devises, la croissance \u00e9conomique, les conditions actuelles et attendues, et d&rsquo;autres facteurs consid\u00e9r\u00e9s comme appropri\u00e9s dans les circonstances, qui pourraient faire en sorte que les \u00e9v\u00e9nements, les r\u00e9sultats, les performances ou les perspectives r\u00e9els diff\u00e8rent mat\u00e9riellement de ceux qui sont exprim\u00e9s ou sous-entendus dans ces d\u00e9clarations prospectives. Les lecteurs sont invit\u00e9s \u00e0 ne pas accorder une confiance excessive \u00e0 ces d\u00e9clarations pr\u00e9visionnelles.               Les informations MSCI sont fournies \u00ab telles quelles \u00bb et leur utilisateur assume l&rsquo;int\u00e9gralit\u00e9 des risques li\u00e9s \u00e0 leur utilisation. MSCI, chacune de ses soci\u00e9t\u00e9s affili\u00e9es et toute autre personne impliqu\u00e9e ou li\u00e9e \u00e0 la compilation, au calcul ou \u00e0 la cr\u00e9ation d&rsquo;informations MSCI (collectivement, les \u00ab parties MSCI \u00bb) d\u00e9clinent express\u00e9ment toute garantie (y compris, notamment, toute garantie d&rsquo;originalit\u00e9, d&rsquo;exactitude et d&rsquo;exhaustivit\u00e9, respect des d\u00e9lais, non-contrefa\u00e7on, commercialisation et de convenance \u00e0 une fin particuli\u00e8re) en ce qui concerne ces informations. Sans limiter la port\u00e9e de ce qui pr\u00e9c\u00e8de, en aucun cas une partie MSCI ne peut \u00eatre tenue responsable d\u2019un dommage direct, indirect, sp\u00e9cial, accessoire, punitif, cons\u00e9cutif (y compris, sans limitation, perte de profits) ou de tout autre dommage. (www.msci.com).   <br\/>L\u2019indice S&amp;P\/TSX est un produit de S&amp;P Dow Jones Indices LLC ou ses soci\u00e9t\u00e9s affili\u00e9es (\u00ab SPDJI \u00bb) et de TSX Inc., utilis\u00e9 sous licence par Letko, Brosseau &amp; Associ\u00e9s Inc. Standard &amp; Poor&rsquo;sMD et S&amp;PMD sont des marques d\u00e9pos\u00e9es de Standard &amp; Poor\u2019s Financial Services LLC (\u00ab S&amp;P \u00bb), Dow JonesMD est une marque d\u00e9pos\u00e9e de Dow Jones Trademark Holdings LLC (\u00ab Dow Jones \u00bb) et ces marques d\u00e9pos\u00e9es ont \u00e9t\u00e9 conc\u00e9d\u00e9es sous licence par SPDJI et conc\u00e9d\u00e9es en sous-licence \u00e0 certaines fins par Letko, Brosseau &amp; Associates Inc. TSXMD est une marque d\u00e9pos\u00e9e de TSX Inc., utilis\u00e9e sous licence par SPDJI et par Letko, Brosseau &amp; Associ\u00e9s Inc. Les produits de Letko, Brosseau &amp; Associ\u00e9s Inc. ne sont pas commandit\u00e9s, approuv\u00e9s, vendus ou promus par SPDJI, Dow Jones, S&amp;P, leurs soci\u00e9t\u00e9s affili\u00e9es respectives ou Bloomberg et aucune de ces parties ne font de d\u00e9clarations au sujet de la pertinence de r\u00e9aliser un placement dans ces produits et ne peuvent \u00eatre tenues responsables d\u2019erreurs, d\u2019omissions ou d\u2019interruptions touchant l\u2019indice S&amp;P\/TSX.<br\/>BLOOMBERGMD \u00bb et les indices Bloomberg mentionn\u00e9s aux pr\u00e9sentes (les \u00ab Indices \u00bb) sont des marques de service de Bloomberg Finance L.P. et de ses soci\u00e9t\u00e9s affili\u00e9es, y compris Bloomberg Index Services Limited (\u00ab BISL \u00bb), l\u2019administrateur des Indices (collectivement, \u00ab Bloomberg \u00bb), et ont \u00e9t\u00e9 conc\u00e9d\u00e9s sous licence pour certaines utilisations par le distributeur des pr\u00e9sentes (le \u00ab Licenci\u00e9 \u00bb). Bloomberg n\u2019est pas affili\u00e9 au Licenci\u00e9 et n\u2019approuve, n\u2019endosse, n\u2019examine ni ne recommande les produits financiers mentionn\u00e9s aux pr\u00e9sentes (les \u00ab Produits \u00bb). Bloomberg ne garantit pas l\u2019actualit\u00e9, l\u2019exactitude ni l\u2019exhaustivit\u00e9 des donn\u00e9es ou informations relatives aux Produits.<br\/>CFA\u1d39\u1d30 : Un certificat professionnel offert par le CFA Institute. La certification qualifie un analyste financier. Pour \u00eatre admissible au CFA\u1d39\u1d30, il faut avoir travaill\u00e9 un certain nombre d&rsquo;ann\u00e9es dans le secteur financier et r\u00e9ussir trois niveaux d&rsquo;examens sur tous les sujets li\u00e9s \u00e0 l&rsquo;investissement. Les titulaires de la charte CFA\u1d39\u1d30 sont tenus d&rsquo;adh\u00e9rer et d&rsquo;attester annuellement de leur conformit\u00e9 au code d&rsquo;\u00e9thique et normes de conduite professionnelle du CFA Institute.<br\/>L\u2019indice de r\u00e9f\u00e9rence du composite de revenu fixe LetkoBrosseau est compos\u00e9 \u00e0 5 % de l\u2019indice FTSE Canada Bons du Tr\u00e9sor \u00e0 91 jours (rendement total) et \u00e0 95 % de l\u2019indice FTSE Canada Obligations universelles (rendement total).     <br\/>L\u2019indice de r\u00e9f\u00e9rence du composite de revenu fixe LetkoBrosseau est compos\u00e9 \u00e0 5 % de l\u2019indice FTSE Canada Bons du Tr\u00e9sor \u00e0 91 jours (rendement total) et \u00e0 95 % de l\u2019indice FTSE Canada Obligations universelles (rendement total).<br\/>L\u2019indice de r\u00e9f\u00e9rence du composite \u00e9quilibr\u00e9 mondial LetkoBrosseau est compos\u00e9 \u00e0 5 % de l\u2019indice FTSE Canada Bons du Tr\u00e9sor \u00e0 91 jours (rendement total), \u00e0 40 % de l\u2019indice FTSE Canada Obligations universelles (rendement total), \u00e0 20 % de l\u2019indice S&amp;P\/TSX Composite plafonn\u00e9 (rendement total) et \u00e0 35 % de l\u2019indice MSCI Monde tous pays (rendement total net).<br\/>L\u2019indice de r\u00e9f\u00e9rence du composite actions mondiales LetkoBrosseau (biais canadien) est compos\u00e9 \u00e0 2 % de l\u2019indice FTSE Canada Bons du Tr\u00e9sor \u00e0 91 jours (rendement total), \u00e0 34 % de l\u2019indice S&amp;P\/TSX Composite plafonn\u00e9 (rendement total) et \u00e0 64 % de l\u2019indice MSCI Monde tous pays (rendement total net).<br\/>L\u2019indice de r\u00e9f\u00e9rence du composite actions des march\u00e9s \u00e9mergents LetkoBrosseau est l\u2019indice MSCI March\u00e9s \u00e9mergents (rendement total net), \u00e0 100 %.<br\/>L\u2019indice de r\u00e9f\u00e9rence du composite actions canadiennes LetkoBrosseau est compos\u00e9 \u00e0 2 % de l\u2019indice FTSE Canada Bons du Tr\u00e9sor \u00e0 91 jours (rendement total) et \u00e0 98 % de l\u2019indice S&amp;P\/TSX Composite plafonn\u00e9 (rendement total).<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Janvier 2026 L\u2019\u00e9conomie mondiale a fait preuve d\u2019une r\u00e9silience sup\u00e9rieure \u00e0 ce que beaucoup anticipaient au cours de&#8230;<\/p>\n","protected":false},"author":8,"featured_media":0,"template":"","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","footnotes":""},"post-category":[79],"investment-stategy":[],"media-type":[99],"publication_type":[63],"suited-for":[84,85],"topic":[],"class_list":["post-13997","publications","type-publications","status-publish","hentry"],"acf":[],"taxonomy_info":[],"featured_image_src_large":false,"author_info":{"display_name":"Paul Mihailescu","author_link":"https:\/\/www.lba.ca\/fr\/author\/paul\/"},"comment_info":"","_links":{"self":[{"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/publications\/13997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/publications"}],"about":[{"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/types\/publications"}],"author":[{"embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/users\/8"}],"version-history":[{"count":1,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/publications\/13997\/revisions"}],"predecessor-version":[{"id":13998,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/publications\/13997\/revisions\/13998"}],"wp:attachment":[{"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/media?parent=13997"}],"wp:term":[{"taxonomy":"post-category","embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/post-category?post=13997"},{"taxonomy":"investment-stategy","embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/investment-stategy?post=13997"},{"taxonomy":"media-type","embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/media-type?post=13997"},{"taxonomy":"publication_type","embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/publication_type?post=13997"},{"taxonomy":"suited-for","embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/suited-for?post=13997"},{"taxonomy":"topic","embeddable":true,"href":"https:\/\/www.lba.ca\/fr\/wp-json\/wp\/v2\/topic?post=13997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}