Calculation assumptions

• Common 2003-2025 window (23 years), chosen because it is the longest period for which real, public data exists for all six asset classes, notably “Alternatives” — no year is backfilled with an estimated or invented figure.
• Sources by asset class (annual returns, dividends/interest reinvested unless noted): Cash — Canada 91-day Treasury Bills; Fixed income — broad Canadian bond index (proxy for the FTSE Canada Universe Bond Index); Canadian equities — S&P/TSX Composite Index, total return; Foreign equities — MSCI EAFE Index, in Canadian dollars; Alternatives — Canadian REIT ETF (S&P/TSX Capped REIT Index), a convenience proxy rather than a broad alternative-investments index (no sufficiently long, reliable public series was found for a more representative alternatives index).
• US equities: actual S&P 500 index returns, dividends reinvested, in US dollars — no currency conversion or hedging is applied (the CAD/USD exchange-rate effect is not modelled, unlike the other classes which are already in Canadian dollars).
• The “Liquidity” profile (100% cash) was not provided in the source strategic allocation table; it was added by assumption, a “liquidity” profile being by definition entirely composed of cash.
• Each profile’s return, for a given year, is the weighted average of the six asset classes’ returns according to the profile’s strategic allocation.
• Each historical period is a rolling window of N consecutive years (e.g. 2003-2012, 2004-2013, … for N=10); the annualized return of each window is computed from its cumulative growth.
• No rebalancing is explicitly modelled beyond the fixed annual weighting; no tax, management fee or transaction cost is taken into account.
• Past performance does not guarantee future results. This result is provided for informational and educational purposes only and does not constitute a personalized investment recommendation.