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 strong gains in 2025 despite periods of volatility, supported by easing inflation and more accommodative central bank policy. Bonds and money markets delivered positive returns, while a stronger Canadian dollar modestly weighed on unhedged U.S. holdings.
Canadian and U.S. stocks finished slightly higher, while bonds and cash remained stable. A weaker Canadian dollar modestly supported U.S. holdings.
Canadian stocks rose on steady inflation and solid jobs data, while a Fed rate cut coincided with a tech-led U.S. pullback. Bonds firmed, money markets were flat, and a stronger loonie modestly weighed on U.S. holdings.
Canadian equities drifted lower while U.S. stocks inched up on growing confidence in potential Fed rate cuts, bonds slipped ahead of jobs data, and the Canadian dollar strengthened.
Canadian stocks led in November, lifted by strong metals and a 3.9 percent TSX gain, while U.S. equities inched higher on shutdown relief and rate cut hopes. Bonds and money markets delivered steady returns, and a slightly stronger Canadian dollar modestly trimmed foreign asset gains.
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