Embark’s Head of Investments shares regular market recaps to help families understand what moved the markets—and what it could mean for education savings.
About Yelena Stepanyan, CFA, MBA
Yelena Stepanyan, CFA, MBA, is Head of Investments at Embark, overseeing approximately CAD $6.4 billion. With 25+ years in finance, she leads investment strategy, asset allocation, external manager oversight, new product development, and customer education. Yelena holds an MBA from the Ivey Business School and is a CFA Charterholder. She previously served as Chair of the Institutional Asset Management Committee at CFA Society Toronto and is a member of the Secondary School Relations Committee.
Outside of work, Yelena is a proud mother of three who strongly believes in education savings. She speaks four languages and is active in the community, giving back as a leader.
Canadian and U.S. equities posted gains in August despite inflation concerns, trade tensions, and geopolitical developments. Bonds declined modestly, money market investments delivered steady returns, and the Canadian dollar strengthened over the month.
Canadian equities declined while U.S. equities advanced on strong earnings and continued AI-related optimism. Bonds and money market investments posted positive returns, while the Canadian dollar weakened over the week.
Canadian and U.S. equities declined as rising bond yields and inflation concerns weighed on investor sentiment. Bonds posted modest losses, money market investments generated positive returns, and the Canadian dollar strengthened over the week.
Markets moved higher over the week, supported by strong Canadian economic data and easing interest rate expectations in the U.S. Equities and bonds posted gains, money markets remained stable, and the Canadian dollar strengthened against the U.S. dollar.
Markets were mixed in July, with Canadian equities gaining on strength in the energy sector while U.S. equities ended little changed amid volatility around AI spending, oil prices, and interest rates. Bonds declined as inflation concerns resurfaced, money markets remained steady, and the Canadian dollar weakened amid ongoing tariff uncertainty.
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