Fiera Capital

November 2025

Letter from the Global President and Chief Executive Officer

As we end 2025, a letter from Maxime Ménard to our clients and partners.
November 2025

Geopolitical, Economic and Financial Updates 

Candice Bangsund from our Global Asset Allocation team offers a Geopolitical, Economic and Financial Update, hosted by Emerson Savage, Head of Public Markets Sales, that explores the economic outlook and implications for financial markets and investor portfolios. 

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We deliver disciplined, high-conviction investment solutions across public and private markets

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Public
Markets

Emerging and Frontier Long/Short Equity (OAKS)

The strategy aims to generate absolute returns by investing both long and short, predominantly in emerging and frontier market equities. The team’s opportunistic process seeks to capitalize on underlying regional macro trends and global macro dynamics which, combined with fundamental bottom-up security selection, may result in more concentrated regional investments. 

Fiera Apex U.S. Small / Mid (SMID) Cap Growth Equity

This strategy is designed to deliver significant capital appreciation over time while also providing stability during market downturns. We seek to achieve this through a proprietary investment process that combines bottom-up stock selection with top-down thematic investing, and a judicious mix of “stable growth” and “emerging growth” companies in the portfolio.

Active and Strategic Fixed Income – Core Plus

This strategy seeks to generate additional return over the benchmark by building a diversified exposure to traditional and alternative credit, including high-yield bonds, commercial mortgages, diversified private loans and real assets. It is built to optimize both the Core and Plus components of the Core Plus portfolio.

Fiera Atlas Global Companies

The strategy invests in 25 to 35 companies with strong wealth creation credentials, backed by sustainable and diversified cash flows that will compound over the long term. The highly experienced team uses a fundamental, bottom-up research driven investment process. The strategy seeks to deliver superior long-term capital growth, with lower risk of capital loss than the broad global equity markets, over a full market cycle.

Private
Markets

Global Agriculture

The strategy is dedicated to building a diversified global portfolio of assets consisting primarily of farmland and generating stable, attractive returns over the long term for investors. The strategy seeks to create unique partnerships with top-tier local operators and invests primarily in the row crop, permanent crop and animal protein sectors.

Global Infrastructure

The fundamental investment objective of the strategy is to provide stable returns primarily through income generation. To attain this objective, the strategy invests directly in transportation, energy and social infrastructure projects or indirectly through other investment vehicles managed by Fiera Capital, its affiliates or other asset managers, which specialize in development, implementation and administration of infrastructure projects.

Global Private Equity

This strategy is a diversified global portfolio of corporate private equity investments, generating attractive downside-protected absolute returns over the long term. The strategy is open-ended, which offers better opportunity for liquidity and less blind pool risk than traditional closed-end private equity strategies, with limited J-curve.

Real Estate Core – Canada

The strategy is an open-ended Canadian real estate investment fund. It offers stable long-term, risk-protected income through a pooled real estate investment strategy. It is designed to provide investors with a stable and steadily growing income stream secured by multi-year, fixed-term tenant rental contracts across the strategy’s real estate portfolio. To date, the strategy has enjoyed above-average core returns and a growing investor base.

Total Portfolio
Solutions

Balanced Growth

This optimized and diversified growth-oriented investment solution is based on active investment management across public and private markets, offering efficient access to private market asset classes such as private credit, real assets and private credit. It implements the firm’s Global Tactical Asset Allocation strategy, and all underlying investment strategies apply strong considerations towards environmental, social and governance (ESG) factors.

Balanced Ethical

This optimized and diversified investment solution is based on active investment management across public and private markets and implements the firm’s Global Tactical Asset Allocation strategy. It provides efficient access to private market asset classes such as private credit, real assets and private equity, while simultaneously applying ethical considerations across all underlying public market strategies.

Global Impact

This strategy offers intentional and measurable alignment with the United Nation’s Sustainable Development Goals (SDGs) that uses the Impact Management Project (IMP) guidance to construct the portfolio. We have adopted the IMP’s guidance so that it can be used to quantify a company’s impact in the form of the Fiera Impact Score (FIS). We use the FIS to rate each investment opportunity to determine its suitability in the Global Impact strategy.

Balanced Integrated

This optimized and diversified traditional 60/40 investment solution is based on actively managed strategies across fixed income and equity asset classes. It implements the firm’s Global Tactical Asset Allocation strategy, and all underlying investment strategies apply strong considerations towards environmental, social and governance (ESG) factors.

Headlines
& Insights

Webinar: Geopolitical and Economic Updates

Click the link below to watch an interview with Candice Bangsund and Emerson Savage, as they explore the economic outlook and implications for financial markets and investor portfolios. 

Global Asset Allocation Team Market Update – November 2025

The fourth quarter got off to a strong start. Solid economic and corporate earnings results in the United States provided a tailwind for global stock markets – while a tentative trade truce between the United States and China added to the optimistic mood in the market.

New Fiera Infra Head Looks Beyond Macro ‘Bumps’ After Taking the Helm

In this article, Bruno Guilmette, Global Head of Infrastructure, joins Infrastructure Investor to discuss his plans to bring the long view to Fiera while streamlining operations.

Opening of Fiera Capital’s new Tokyo office

We proudly celebrated the opening of Fiera Capital’s new Tokyo office - marking an exciting milestone in our global growth journey and a deeper commitment to Japanese investors.

Q3 2025 Financial Results

The Company will issue its financial results for the third quarter of 2025 on Thursday, November 13, 2025, before markets open. A conference call will follow at 10:00 a.m. (ET) the same day.

Q4 2025 Investment Outlook & Portfolio Strategy

Read our latest quarterly Investment Outlook and Portfolio Strategy document, providing a financial market recap for Q3 and our outlook for the next 12-18 months.

Fiera Infrastructure Private Debt Provides Financing for Generate Upcycle

The credit facility will support the continued growth of Generate Upcycle’s North American anaerobic digestion (AD) portfolio.

New LEED Certification for Maestria

As part of Fiera Real Estate’s commitment to sustainable investing, our global platform features several projects that have received LEED® certifications, Global Real Estate Sustainability Benchmark (“GRESB”) Green Star status, BREEAM® Excellent ratings and other leading accreditations.

2024 Sustainability Report

We are pleased to present our Sustainability Report, showcasing our commitment to both sustainable investing and corporate responsibility and highlighting our ongoing efforts to integrate sustainability into every aspect of our business.

2024 Annual Report

Fiera Capital is proud to publish its 2024 Annual Report. Discover how we’ve strengthened our global positioning, our market engagement, and reinforced our commitment to sustainable growth.

QIA Fiera Capital launch USD200m Fiera Qatar Equity Fund

The Fund aims to deliver superior risk-adjusted returns by investing in equities listed on the Qatar Stock Exchange (QSE).

Fiera Comox Global Private Equity Strategy: Portfolio & Returns

In the latest instalment of Fiera Comox’s video series on private equity, Bradley Mashinter, Partner and Head of Private Equity, describes the structure, returns and portfolio composition of our firm’s Global Private Equity strategy. 

Tariff Announcements: Update with Jean-Guy Desjardins & Candice Bangsund

In response to the recent and ongoing tariff announcements, Jean-Guy Desjardins and Candice Bangsund share their perspectives and analysis on their potential impacts on the global economy. Filmed on April 9, 2025.

About Us

We provide institutional and private clients with disciplined, high-conviction investment solutions across public and private markets.

Renowned for our world-class investment talent and our innovative operating model, we offer tailored portfolios of both single- and multi-asset strategies, generating long-term value and stability in an ever-changing global market landscape.

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Sustainability

Fiera Capital aims to create sustainable wealth for clients, while simultaneously being a driver of positive change and mindful of our global impact on people and the planet.

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Corporate
Responsibility

Fiera Capital strives to achieve excellence through strong management practices, sound business principles and adherence to the highest level of ethical conduct, with respect for each individual.

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