{"id":3626,"date":"2026-05-21T13:59:34","date_gmt":"2026-05-21T17:59:34","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/?p=3626"},"modified":"2026-05-21T16:36:55","modified_gmt":"2026-05-21T20:36:55","slug":"executive-summary-wellington-altus-private-wealth-inc-may-2026-market-update","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/fr\/2026\/05\/21\/executive-summary-wellington-altus-private-wealth-inc-may-2026-market-update\/","title":{"rendered":"R\u00c9SUM\u00c9 \u2013 WELLINGTON-ALTUS GESTION PRIV\u00c9E INC. LE POINT SUR LE MARCH\u00c9 \u2013 MAI 2026"},"content":{"rendered":"<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\">Chers amis et clients,<\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\">Le printemps a enfin commenc\u00e9 \u00e0 se manifester au Canada. Entre les saisons extr\u00eames \u2013 trop froid pour le lac, trop chaud pour les pentes \u2013 c\u2019est le moment parfait pour sortir, allumer le barbecue et reprendre votre souffle apr\u00e8s un hiver charg\u00e9.<\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\">C\u2019est aussi un bon moment pour prendre du recul, faire le point et voir o\u00f9 en sont les choses.<\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\"><span style=\"display: inline-block; height: 1em;\"><span style=\"display: none;\">.<\/span><\/span><\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\"><strong><span style=\"font-size: 12pt;\">Imp\u00f4ts de 2025<\/span><\/strong><\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\">Apr\u00e8s un mois d\u2019avril charg\u00e9, la p\u00e9riode des imp\u00f4ts tire \u00e0 sa fin. Bon nombre d\u2019entre vous ont remarqu\u00e9 une hausse de la facture fiscale cette ann\u00e9e, ce qui est un effet secondaire d\u2019un tr\u00e8s bon \u00ab probl\u00e8me \u00bb \u00e0 avoir, soit nos portefeuilles d\u2019actions conservateurs ayant pris plus de 24 % par ann\u00e9e au cours des trois derni\u00e8res ann\u00e9es. Pour maintenir nos contr\u00f4les stricts du risque, nous avons d\u00fb r\u00e9duire la position que nous d\u00e9tenions de plusieurs grands gagnants comme Nvidia, Tesla et AMD une fois que la pond\u00e9ration de portefeuille de 10 % ait \u00e9t\u00e9 d\u00e9pass\u00e9e. Cela a entra\u00een\u00e9 un gain en capital moyen d\u2019environ 10 % sur l\u2019ensemble des portefeuilles imposables de nos clients. Heureusement, les taux d\u2019imposition des gains en capital au Canada (de 20 % \u00e0 25 % selon la tranche d\u2019imposition) demeurent assez favorables comparativement \u00e0 nos taux d\u2019imposition \u00e9lev\u00e9s.<\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\">Nous continuerons de g\u00e9rer les choses de la fa\u00e7on la plus efficace possible sur le plan fiscal, comme nous l\u2019avons toujours fait. En m\u00eame temps, nous devons \u00eatre vigilants dans la gestion du risque, la protection du capital et nous assurer que notre capital est aussi bien d\u00e9ploy\u00e9 que possible, m\u00eame si cela entra\u00eene parfois des gains en capital.<\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\"><span style=\"display: inline-block; height: 1em;\"><span style=\"display: none;\">.<\/span><\/span><\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\"><strong><span style=\"font-size: 12pt;\">Le point sur le rendement<\/span><\/strong><\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\">Le mois d\u2019avril a produit l\u2019un des meilleurs rendements mensuels que nous ayons vus au cours des 20 derni\u00e8res ann\u00e9es, rivalisant avec le rebond de janvier 2009 et la reprise apr\u00e8s la pand\u00e9mie d\u2019avril 2020. Notre portefeuille d\u2019actions conservateur a augment\u00e9 de plus de 10 % pendant le mois, et le portefeuille cibl\u00e9 de rendement total, de pr\u00e8s de 14 %. Lorsque nous examinons la croissance compos\u00e9e \u00e0 long terme de ces strat\u00e9gies, les chiffres parlent d\u2019eux-m\u00eames :<\/p>\n<table>\n<tbody>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 12pt;\">Rendement des placements (%)<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"display: inline-block; height: 1em;\"><span style=\"display: none;\">.<\/span><\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"display: inline-block; height: 1em;\"><span style=\"display: none;\">.<\/span><\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"display: inline-block; height: 1em;\"><span style=\"display: none;\">.<\/span><\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"display: inline-block; height: 1em;\"><span style=\"display: none;\">.<\/span><\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"display: inline-block; height: 1em;\"><span style=\"display: none;\">.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">As of April 31, 2026<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">Cumul annuel<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">1Y<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">3Y<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">5Y<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">Depuis la cr\u00e9ation<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">PORTEFEUILLE D\u2019ACTIONS CONSERVATEUR \u2013 RENDEMENT TOTAL BRUT ($ CA)<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">4.7%<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">37.8%<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">24.8%<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">13.4%<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">15.6%<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">Ind. <\/span><span style=\"color: #000000; font-size: 8pt;\">(50% DJ US Div 100; 45% S&amp;P\/TSX 60, 5% S&amp;P Can T-Bill)<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">12.3%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">30.9%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">16.4%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">11.6%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">12.3%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">Cat\u00e9gorie Morningstar (Actions mondiales neutre)<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">-2.1%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">12.0%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">13.2%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">8.1%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">9.4%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">PORTEFEUILLE DE REVENU DIVERSIFI\u00c9 \u2013 RENDEMENT TOTAL \nBRUT, $ CA<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">0.8%<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">18.6%<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">13.0%<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">9.3%<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">10.7%<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">Ind.<\/span><span style=\"color: #000000; font-size: 8pt;\"> (35% S&amp;P Can Bond; 25% S&amp;P Can Div; 25% DJ US Div 100; 10% MSCI EAFE, 5% S&amp;P Can T-Bill)<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">7.7%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">19.7%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">11.5%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">8.0%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">N\/A<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">Cat\u00e9gorie Morningstar (\u00c9quilibr\u00e9 mondial neutre)<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">0.0%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">8.9%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">9.6%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">5.8%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">N\/A<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">PORTEFEUILLE CIBL\u00c9 DE RENDEMENT TOTAL \u2013 RENDEMENT \nTOTAL BRUT, $ CA<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">10.1%<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">54.4%<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">31.0%<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">18.1%<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">23.4%<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">Ind.<\/span><span style=\"color: #000000; font-size: 8pt;\"> (40% DJ US Div 100; 35% S&amp;P\/TSX 60, 20% S&amp;P Can Bond, 5% S&amp;P Can T-Bill)<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">9.9%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">24.7%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">13.6%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">9.3%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">N\/A<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">Cat\u00e9gorie Morningstar (\u00c9quilibr\u00e9 tactique)<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">1.2%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">10.3%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">8.8%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">5.3%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">N\/A<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">S&amp;P 500 (NR USD) &#8211; USA<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">5.6%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">30.6%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">21.2%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">12.7%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">S&amp;P TSX 60 (NR CAD) &#8211; CANADA<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">7.3%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">35.3%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">19.5%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">14.3%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">MSCI EAFE (GR CAD) &#8211; EUROPE<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">5.6%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">23.4%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">16.0%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">11.6%<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Vos propres rendements varieront en fonction du montant de titres \u00e0 revenu fixe que vous d\u00e9tenez, des rentr\u00e9es et sorties de fonds ainsi que des frais de gestion.<\/p>\n<table>\n<tbody>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">PLUS GRAND FONDS COMMUN DE PLACEMENT AU CANADA (RFG DE 1,94 %)<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">Cumul annuel<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">1Y<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">3 ans<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">5 ans<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">10 ans<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 53.5032%; vertical-align: bottom;\">\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><span style=\"color: #000000; font-size: 10pt;\">FONDS DE PORTEFEUILLE \u00c9QUILIBR\u00c9 S\u00c9LECT RBC (A) \u2013 RENDEMENT NET, $ CA<\/span><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">4.2%<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">17.9%<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">11.7%<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">6.5%<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 8.75796%; vertical-align: bottom;\">\n<p style=\"text-align: center; margin-top: 0pt; padding-top: 0; margin-bottom: 0pt; padding-bottom: 0; line-height: 1.2;\"><strong><span style=\"color: #000000; font-size: 10pt;\">7.1%<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\"><span style=\"display: inline-block; height: 1em;\"><span style=\"display: none;\">.<\/span><\/span><\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\"><span style=\"display: inline-block; height: 1em;\"><span style=\"display: none;\">.<img decoding=\"async\" class=\"alignnone size-medium wp-image-3631\" src=\"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-content\/uploads\/sites\/165\/2026\/05\/Conservative-Equity-Portfolio-Growth-of-100000-300x160.png\" alt=\"\" width=\"300\" height=\"160\" srcset=\"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-content\/uploads\/sites\/165\/2026\/05\/Conservative-Equity-Portfolio-Growth-of-100000-300x160.png 300w, https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-content\/uploads\/sites\/165\/2026\/05\/Conservative-Equity-Portfolio-Growth-of-100000-768x409.png 768w, https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-content\/uploads\/sites\/165\/2026\/05\/Conservative-Equity-Portfolio-Growth-of-100000-18x10.png 18w, https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-content\/uploads\/sites\/165\/2026\/05\/Conservative-Equity-Portfolio-Growth-of-100000.png 882w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/span><\/span><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-3631\" src=\"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-content\/uploads\/sites\/165\/2026\/05\/Conservative-Equity-Portfolio-Growth-of-100000.png\" alt=\"\" width=\"632\" height=\"337\" srcset=\"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-content\/uploads\/sites\/165\/2026\/05\/Conservative-Equity-Portfolio-Growth-of-100000.png 882w, https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-content\/uploads\/sites\/165\/2026\/05\/Conservative-Equity-Portfolio-Growth-of-100000-300x160.png 300w, https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-content\/uploads\/sites\/165\/2026\/05\/Conservative-Equity-Portfolio-Growth-of-100000-768x409.png 768w, https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-content\/uploads\/sites\/165\/2026\/05\/Conservative-Equity-Portfolio-Growth-of-100000-18x10.png 18w\" sizes=\"(max-width: 632px) 100vw, 632px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\"><strong><span style=\"font-size: 12pt;\">Les changements de portefeuille et la beaut\u00e9 de la simplicit\u00e9<\/span><\/strong><\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\">Nous aimons acheter des entreprises merveilleuses et les laisser faire le gros du travail, mais parfois, le march\u00e9 nous donne un gros coup de pouce. \u00c0 la fin du mois dernier, nous avons r\u00e9duit notre position dans Berkshire Hathaway pour acheter Micron, qui \u00e9tait en recul \u00e0 environ 360 $ US. Aujourd\u2019hui, Micron se n\u00e9gocie \u00e0 plus de 800 $. Lorsque nous avons ajout\u00e9 Micron, le titre se n\u00e9gociait \u00e0 quatre fois les b\u00e9n\u00e9fices futurs, ce qui est tr\u00e8s bon march\u00e9. Des mesures strat\u00e9giques comme celle-ci visent \u00e0 ajouter 1 % ou 2 % d\u2019alpha \u00e0 nos rendements au fil du temps.<\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\">Dans d\u2019autres nouvelles sur le portefeuille, Brookfield explore la possibilit\u00e9 de fusionner sa double structure de fiducie et d\u2019unit\u00e9s organisationnelles en une seule structure organisationnelle. Ce genre de structure existe pour Brookfield Renewable Partners et Brookfield Infrastructure Partners. Bien que les structures de fiducie permettaient auparavant des taux de distribution plus \u00e9lev\u00e9s en \u00e9vitant l\u2019imp\u00f4t des soci\u00e9t\u00e9s, elles ont \u00e9galement g\u00e9n\u00e9r\u00e9 des feuillets d\u2019imp\u00f4t frustrants pour celles qui se trouvaient dans des comptes imposables. Du c\u00f4t\u00e9 des placements, il y a aussi de nombreux grands investisseurs internationaux qui ne sont pas en mesure de poss\u00e9der des parts de fiducie, \u00e0 l\u2019exception des parts de fiducie de nombreux investisseurs potentiels. Si elle se concr\u00e9tise, nous consid\u00e9rons que cette simplification de la structure est en grande partie positive, ouvrant la voie \u00e0 une plus grande inclusion dans les indices de march\u00e9 et \u00e0 l\u2019acc\u00e8s \u00e0 un plus grand bassin d\u2019investisseurs potentiels, ce qui ferait monter le cours de l\u2019action.<\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\">Soit dit en passant, la r\u00e9cente t\u00e9l\u00e9conf\u00e9rence sur les r\u00e9sultats de Cameco a mis en lumi\u00e8re l\u2019int\u00e9r\u00eat massif dans le monde entier pour les micror\u00e9acteurs AP1000. C\u2019est une excellente nouvelle pour Brookfield Renewable, qui poss\u00e8de 51 % de Westinghouse, le cr\u00e9ateur de ces r\u00e9acteurs. La combinaison d\u2019une entreprise extraordinaire dans un secteur en croissance et d\u2019une structure d\u2019actions simplifi\u00e9e renforce notre vision du potentiel des activit\u00e9s de Brookfield.<\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\"><span style=\"display: inline-block; height: 1em;\"><span style=\"display: none;\">.<\/span><\/span><\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\"><strong><span style=\"font-size: 12pt;\">L\u2019\u00e9v\u00e9nement principal : les b\u00e9n\u00e9fices et la course \u00e0 l\u2019infrastructure d\u2019IA<\/span><\/strong><\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\">Nous assistons \u00e0 un changement technologique massif, mais les facteurs limitatifs de l\u2019intelligence artificielle (IA) ne sont pas seulement des logiciels : ce sont des puces physiques et de l\u2019\u00e9lectricit\u00e9. Les mod\u00e8les d\u2019IA des entreprises comme Anthropic font l\u2019objet d\u2019une demande incroyable, mais ils sont congestionn\u00e9s par un manque de puissance de calcul, ce qui les oblige \u00e0 limiter l\u2019acc\u00e8s. Parce que les soci\u00e9t\u00e9s \u00e0 tr\u00e8s grande \u00e9chelle poss\u00e8dent les serveurs, elles d\u00e9tiennent tous les avantages. Nous avons positionn\u00e9 vos portefeuilles pour b\u00e9n\u00e9ficier de ces activit\u00e9s semblables \u00e0 des \u00ab postes de p\u00e9age \u00bb.<\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\">Voici les faits saillants d\u2019une p\u00e9riode de b\u00e9n\u00e9fices exceptionnelle :<\/p>\n<div class=\"ul\" style=\"margin: 0;\">\n<div class=\"li\" style=\"margin: 0;\">\n<div style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39; margin-left: 36pt;\"><span style=\"display: inline-block; position: relative; text-indent: -18pt; font-size: 10pt;\"><span style=\"position: absolute; top: -0.34em; left: 0; font-size: 2em;\">\u2022<\/span>\u00a0<\/span><strong><span style=\"font-size: 12pt;\">Amazon:<\/span><\/strong> Amazon Web Services (AWS) a connu sa plus forte croissance en 15 ans, atteignant 28 %. Le chef de la direction, Andy Jassy, a r\u00e9v\u00e9l\u00e9 que l\u2019entreprise affiche maintenant des revenus annualis\u00e9s d\u2019IA de 15 G$ US. De plus, ses marges de livraison augmentent, atteignant sa marge d\u2019exploitation la plus \u00e9lev\u00e9e jamais enregistr\u00e9e, soit plus de 13 %.<\/div>\n<\/div>\n<div class=\"li\" style=\"margin: 0;\">\n<div style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39; margin-left: 36pt;\"><span style=\"display: inline-block; position: relative; text-indent: -18pt; font-size: 10pt;\"><span style=\"position: absolute; top: -0.34em; left: 0; font-size: 2em;\">\u2022<\/span>\u00a0<\/span><strong><span style=\"font-size: 12pt;\">Google (Alphabet):<\/span><\/strong> Google a peut-\u00eatre \u00e9t\u00e9 le plus grand gagnant de cette p\u00e9riode de b\u00e9n\u00e9fices. Les revenus g\u00e9n\u00e9r\u00e9s par l\u2019informatique en nuage ont augment\u00e9 de 63 %, tandis que les revenus g\u00e9n\u00e9r\u00e9s par l\u2019IA g\u00e9n\u00e9rative ont augment\u00e9 de 800 % par rapport \u00e0 l\u2019ann\u00e9e pr\u00e9c\u00e9dente. Sundar Pichai, chef de la direction, mentionne que l\u2019IA est maintenant le principal moteur de croissance de sa division infonuagique.<\/div>\n<\/div>\n<div class=\"li\" style=\"margin: 0;\">\n<div style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39; margin-left: 36pt;\"><span style=\"display: inline-block; position: relative; text-indent: -18pt; font-size: 10pt;\"><span style=\"position: absolute; top: -0.34em; left: 0; font-size: 2em;\">\u2022<\/span>\u00a0<\/span><strong><span style=\"font-size: 12pt;\">Microsoft:<\/span><\/strong> Microsoft a pr\u00e9vu des d\u00e9penses en immobilisations allant jusqu\u2019\u00e0 190 G$ pour l\u2019ann\u00e9e \u00e0 mesure qu\u2019elle construisait plus d\u2019infrastructures. Elle a \u00e9galement un \u00e9norme carnet de commandes de 400 G$ d\u2019engagements juridiques pour ses services d\u2019intelligence artificielle et d\u2019infrastructure au cours des prochaines ann\u00e9es.<\/div>\n<\/div>\n<div class=\"li\" style=\"margin: 0;\">\n<div style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39; margin-left: 36pt;\"><span style=\"display: inline-block; position: relative; text-indent: -18pt; font-size: 10pt;\"><span style=\"position: absolute; top: -0.34em; left: 0; font-size: 2em;\">\u2022<\/span>\u00a0<\/span><strong><span style=\"font-size: 12pt;\">AMD:<\/span><\/strong> Les activit\u00e9s de centre de donn\u00e9es d\u2019AMD repr\u00e9sentent maintenant son plus important segment, avec une croissance de 57 % sur 12 mois. \u00c9tant donn\u00e9 que l\u2019\u00ab IA agentique \u00bb exige beaucoup plus de processeurs que pr\u00e9vu, AMD a presque doubl\u00e9 son taux de croissance annuel pr\u00e9vu pour le march\u00e9 des processeurs, le portant \u00e0 35 %.<\/div>\n<\/div>\n<div class=\"li\" style=\"margin: 0;\">\n<div style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39; margin-left: 36pt;\"><span style=\"display: inline-block; position: relative; text-indent: -18pt; font-size: 10pt;\"><span style=\"position: absolute; top: -0.34em; left: 0; font-size: 2em;\">\u2022<\/span>\u00a0<\/span><strong><span style=\"font-size: 12pt;\">Apple:<\/span><\/strong> Les ventes de t\u00e9l\u00e9phones d\u2019Apple s\u2019acc\u00e9l\u00e8rent au point d\u2019\u00eatre en situation d\u2019offre restreinte. Plus important encore, le chef de la direction Tim Cook a annonc\u00e9 qu\u2019il prenait sa retraite le 1er septembre, passant le flambeau \u00e0 l\u2019ing\u00e9nieur en mat\u00e9riel John Ternus. Au cours de ses 15 ann\u00e9es d\u2019existence, Cook a fait cro\u00eetre les actions d\u2019Apple \u00e0 un taux moyen de 22 % par ann\u00e9e, un h\u00e9ritage incroyable. Apple a \u00e9galement annonc\u00e9 un important rachat d\u2019actions de 100 G$.<\/div>\n<\/div>\n<div class=\"li\" style=\"margin: 0;\">\n<div style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39; margin-left: 36pt;\"><span style=\"display: inline-block; position: relative; text-indent: -18pt; font-size: 10pt;\"><span style=\"position: absolute; top: -0.34em; left: 0; font-size: 2em;\">\u2022<\/span>\u00a0<\/span><strong><span style=\"font-size: 12pt;\">Eli Lilly:<\/span><\/strong> Eli Lilly a d\u00e9pass\u00e9 les pr\u00e9visions de b\u00e9n\u00e9fices de 23 %, gr\u00e2ce \u00e0 une croissance annuelle de 125 % pour son m\u00e9dicament Mounjaro. La soci\u00e9t\u00e9 va lancer un comprim\u00e9 oral \u00e0 la base de GLP-1 au prochain trimestre, et son m\u00e9dicament de prochaine g\u00e9n\u00e9ration, Retatrutide, pr\u00e9sente des bienfaits incroyables pour la sant\u00e9 en g\u00e9n\u00e9ral, comme la r\u00e9duction des graisses h\u00e9patiques et de la pression art\u00e9rielle.<\/div>\n<\/div>\n<div class=\"li\" style=\"margin: 0;\">\n<div style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39; margin-left: 36pt;\"><span style=\"display: inline-block; position: relative; text-indent: -18pt; font-size: 10pt;\"><span style=\"position: absolute; top: -0.34em; left: 0; font-size: 2em;\">\u2022<\/span>\u00a0<\/span><strong><span style=\"font-size: 12pt;\">Visa:<\/span><\/strong> Les d\u00e9penses de consommation demeurent incroyablement \u00e9lev\u00e9es, et les activit\u00e9s de cryptomonnaies stables de Visa ont connu une croissance impressionnante de 50 % par rapport \u00e0 l\u2019ann\u00e9e pr\u00e9c\u00e9dente.<\/div>\n<\/div>\n<\/div>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\"><span style=\"display: inline-block; height: 1em;\"><span style=\"display: none;\">.<\/span><\/span><\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\"><strong><span style=\"font-size: 12pt;\">Perspectives macro\u00e9conomiques mondiales et Vue du porche<\/span><\/strong><\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\">Malgr\u00e9 les tensions mondiales, comme celles dans le d\u00e9troit d\u2019Hormuz, qui font fluctuer les rendements du p\u00e9trole et des obligations, les march\u00e9s demeurent incroyablement r\u00e9silients. Nous avons commenc\u00e9 le mois dernier avec un \u00ab pic de peur \u00bb et nous l\u2019avons termin\u00e9 avec un immense optimisme en raison de l\u2019excellent rendement des entreprises.<\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\">Les taux de pr\u00eats demeurent quelque peu \u00e9lev\u00e9s, ce qui exerce une pression sur le march\u00e9 de l\u2019habitation. Cependant, \u00e0 mesure que l\u2019inflation ralentit et que les taux finissent par diminuer, parall\u00e8lement \u00e0 l\u2019augmentation des b\u00e9n\u00e9fices des soci\u00e9t\u00e9s, nous entrevoyons un environnement tr\u00e8s constructif pour les actions. Sur le plan g\u00e9opolitique, nous surveillons attentivement la prochaine r\u00e9union entre le pr\u00e9sident chinois Xi Jinping et le pr\u00e9sident am\u00e9ricain Donald Trump, l\u2019examen de l\u2019ACEUM en juillet, et les \u00e9lections de mi-mandat aux \u00c9tats-Unis en novembre.<\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\">Plus pr\u00e8s de chez nous, le Fonds pour un Canada fort propos\u00e9 par le gouvernement f\u00e9d\u00e9ral (un fonds souverain) a suscit\u00e9 beaucoup de d\u00e9bats. Bien que nous demeurions prudents compte tenu du bilan du gouvernement en mati\u00e8re de paperasserie et de stagnation \u00e9conomique au cours de la derni\u00e8re d\u00e9cennie, il y a peut-\u00eatre un c\u00f4t\u00e9 positif. Si la structure est ad\u00e9quate, le co-investissement de fonds publics et de capitaux priv\u00e9s (comme BlackRock ou Blackstone) pourrait favoriser le progr\u00e8s, acc\u00e9l\u00e9rer l\u2019approbation des projets d\u2019infrastructure et permettre au public de profiter de retomb\u00e9es \u00e9conomiques. Seul le temps le dira.<\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\"><span style=\"display: inline-block; height: 1em;\"><span style=\"display: none;\">.<\/span><\/span><\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\"><strong><span style=\"font-size: 12pt;\">Mot de la fin<\/span><\/strong><\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\">Nous maintenons notre cible de 8 000 pour l\u2019indice S&amp;P 500 d\u2019ici la fin de l\u2019ann\u00e9e. Les entreprises fonctionnent exceptionnellement bien, les marges de profit augmentent et les moteurs \u00e9conomiques sont en pleine effervescence.<\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\">Le printemps est arriv\u00e9, les march\u00e9s sont au vert et il est temps de profiter du temps plus chaud. Mon fr\u00e8re et moi-m\u00eame sommes profond\u00e9ment reconnaissants de votre confiance et de votre partenariat continus avec le Hale Investment Group. Si jamais vous avez des questions concernant votre portefeuille, nos lignes sont toujours ouvertes.<\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\">Allumez le barbecue, et nous parlerons avec vous le mois prochain.<\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\">Chaleureusement,<\/p>\n<p style=\"margin-top: 0pt; padding-top: 0; margin-bottom: 8pt; padding-bottom: 0; line-height: 1.39;\"><strong><span style=\"font-size: 12pt;\">Michael <\/span><span style=\"font-size: 12pt;\">&amp; Simon Hale<\/span><\/strong><\/p>","protected":false},"excerpt":{"rendered":"<p>Dear Friends &amp; Clients, Spring has finally started to show up here in Canada. It\u2019s that in-between season\u2014too cold for the lake, too warm for the slopes\u2014but perfect for getting outside, firing up the barbecue, and catching your breath after a busy winter. It\u2019s also a good time to step back, take stock, and look [&hellip;]<\/p>\n","protected":false},"author":193,"featured_media":1889,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-3626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-monthly-updates"],"_links":{"self":[{"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/fr\/wp-json\/wp\/v2\/posts\/3626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/fr\/wp-json\/wp\/v2\/users\/193"}],"replies":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/fr\/wp-json\/wp\/v2\/comments?post=3626"}],"version-history":[{"count":13,"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/fr\/wp-json\/wp\/v2\/posts\/3626\/revisions"}],"predecessor-version":[{"id":3638,"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/fr\/wp-json\/wp\/v2\/posts\/3626\/revisions\/3638"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/fr\/wp-json\/wp\/v2\/media\/1889"}],"wp:attachment":[{"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/fr\/wp-json\/wp\/v2\/media?parent=3626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/fr\/wp-json\/wp\/v2\/categories?post=3626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/fr\/wp-json\/wp\/v2\/tags?post=3626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}