Monthly Update Webinar (October 2025)

If you walked into Michael’s living room this week, you’d see a Christmas tree that looks a little different than usual. Because there is a baby in the house, the bottom half of the tree is decorated strictly with stuffed animals—soft enough that if they get pulled down, nothing breaks. Meanwhile, over at Simon’s place, he has been up on an extension ladder trying to finish the top of his tree. Whether your tree is baby-proofed or requires a ladder, we hope you’re enjoying the season. It’s been a busy year and as we head into the final stretch, we wanted to take a moment to wish you and your family a safe and happy holiday season.

During the month of October, we trimmed our position in Advanced Micro Devices, Inc. (AMD), bringing it down to 4 per cent from 6 per cent. AMD is up over 100 per cent year-to-date and is the best performing equity in our portfolio this year. We still believe it’s a great company, but this enables us to redeploy some of our profits into less volatile names. With the proceeds, we’ve increased our weighting in Metro, a Quebec grocery chain operator, and Intact Financial, a Quebec-based insurance company. These two companies tend to underperform when markets rise, and perform well when markets decline. These positions add diversification to stabilize the overall portfolio.