{"id":3555,"date":"2026-04-17T12:29:09","date_gmt":"2026-04-17T16:29:09","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/?p=3555"},"modified":"2026-04-17T14:00:25","modified_gmt":"2026-04-17T18:00:25","slug":"executive-summary-wellington-altus-private-wealth-inc-april-2026-market-update","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/2026\/04\/17\/executive-summary-wellington-altus-private-wealth-inc-april-2026-market-update\/","title":{"rendered":"EXECUTIVE SUMMARY \u2013 WELLINGTON-ALTUS PRIVATE WEALTH INC. APRIL 2026 MARKET UPDATE"},"content":{"rendered":"

Dear Friends and Clients,<\/p>\n

Last month, Michael had the chance to travel to Hong Kong and Shenzhen for a friend’s wedding. The sheer scale of the infrastructure over there is staggering as is the technology and rate of change. Seeing that level of development was a stark contrast to the quiet dirt roads we grew up on in Prince Edward Island, but it reinforced a simple truth: the world is moving fast, and innovation is happening everywhere. Our job is to make sure your portfolios are positioned to benefit from it.<\/p>\n

Before we get into the markets, we have a couple of quick housekeeping items:<\/p>\n

\n
\n
\u2022<\/span>\u00a0<\/span>Tax Documents:<\/span><\/strong> All your tax documents are now posted online. We will be working closely with your accountants over the coming weeks to answer any questions and ensure everything is filed smoothly before the end of the month. If you need anything, please just give us a call.<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>Cheque Deposits:<\/span><\/strong> If you are depositing cheques into your investment accounts, please make them payable to Wellington-Altus Private Wealth Inc. or National Bank Independent Network (NBIN). The banks have recently updated their rules and no longer allow cheques to be written simply in your own name for these deposits.<\/div>\n<\/div>\n<\/div>\n

.<\/span><\/span><\/p>\n

Performance Update<\/span><\/strong><\/p>\n

We\u2019ve had a solid run over the past year. Our Conservative Equity portfolio is up over 22% on a one-year basis, and our Focus Total Return strategy is up 32%. We measure these returns against our benchmarks and comparable Morningstar categories, and we\u2019re very pleased with the steady value we\u2019ve been able to add.<\/p>\n

While our portfolios are negative year to date and the S&P 500 is down about -4.3%, we have been pleased with the relative underlying strength of markets given all that has happened over the last couple of months.<\/p>\n

.<\/span><\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Investment Performance (%)<\/span><\/strong><\/p>\n<\/td>\n

\n

.<\/span><\/span><\/p>\n<\/td>\n

\n

.<\/span><\/span><\/p>\n<\/td>\n

\n

.<\/span><\/span><\/p>\n<\/td>\n

\n

.<\/span><\/span><\/p>\n<\/td>\n

\n

.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

As of March 31, 2026<\/span><\/strong><\/p>\n<\/td>\n

\n

YTD<\/span><\/strong><\/p>\n<\/td>\n

\n

1Y<\/span><\/strong><\/p>\n<\/td>\n

\n

3Y<\/span><\/strong><\/p>\n<\/td>\n

\n

5Y<\/span><\/strong><\/p>\n<\/td>\n

\n

SI<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

CONSERVATIVE EQUITY TOTAL GROSS RETURN (CAD)<\/span><\/p>\n<\/td>\n

\n

-5.4%<\/span><\/strong><\/p>\n<\/td>\n

\n

22.3%<\/span><\/strong><\/p>\n<\/td>\n

\n

21.0%<\/span><\/strong><\/p>\n<\/td>\n

\n

11.8%<\/span><\/strong><\/p>\n<\/td>\n

\n

14.3%<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

Benchmark <\/span>(50% DJ US Div 100; 45% S&P\/TSX 60, 5% S&P Can T-Bill)<\/span><\/p>\n<\/td>\n

\n

7.8%<\/span><\/p>\n<\/td>\n

\n

21.0%<\/span><\/p>\n<\/td>\n

\n

15.3%<\/span><\/p>\n<\/td>\n

\n

11.1%<\/span><\/p>\n<\/td>\n

\n

12.0%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Morningstar Category (Global Neutral Equity)<\/span><\/p>\n<\/td>\n

\n

3.2%<\/span><\/p>\n<\/td>\n

\n

12.9%<\/span><\/p>\n<\/td>\n

\n

16.0%<\/span><\/p>\n<\/td>\n

\n

9.6%<\/span><\/p>\n<\/td>\n

\n

10.3%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

DIVERSIFIED INCOME TOTAL GROSS RETURN (CAD)<\/span><\/p>\n<\/td>\n

\n

-2.5%<\/span><\/strong><\/p>\n<\/td>\n

\n

13.4%<\/span><\/strong><\/p>\n<\/td>\n

\n

12.7%<\/span><\/strong><\/p>\n<\/td>\n

\n

8.8%<\/span><\/strong><\/p>\n<\/td>\n

\n

10.4%<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

Benchmark<\/span> (35% S&P Can Bond; 25% S&P Can Div; 25% DJ US Div 100; 10% MSCI EAFE, 5% S&P Can T-Bill)<\/span><\/p>\n<\/td>\n

\n

4.9%<\/span><\/p>\n<\/td>\n

\n

14.0%<\/span><\/p>\n<\/td>\n

\n

11.0%<\/span><\/p>\n<\/td>\n

\n

7.7%<\/span><\/p>\n<\/td>\n

\n

N\/A<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Morningstar Category (Global Neutral Balanced)<\/span><\/p>\n<\/td>\n

\n

3.5%<\/span><\/p>\n<\/td>\n

\n

10.5%<\/span><\/p>\n<\/td>\n

\n

11.3%<\/span><\/p>\n<\/td>\n

\n

6.7%<\/span><\/p>\n<\/td>\n

\n

N\/A<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

FOCUSED TOTAL RETURN TOTAL GROSS RETURN (CAD)<\/span><\/p>\n<\/td>\n

\n

-3.3%<\/span><\/strong><\/p>\n<\/td>\n

\n

32.4%<\/span><\/strong><\/p>\n<\/td>\n

\n

25.5%<\/span><\/strong><\/p>\n<\/td>\n

\n

16.0%<\/span><\/strong><\/p>\n<\/td>\n

\n

21.1%<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

Benchmark<\/span> (40% DJ US Div 100; 35% S&P\/TSX 60, 20% S&P Can Bond, 5% S&P Can T-Bill)<\/span><\/p>\n<\/td>\n

\n

6.3%<\/span><\/p>\n<\/td>\n

\n

16.7%<\/span><\/p>\n<\/td>\n

\n

12.8%<\/span><\/p>\n<\/td>\n

\n

9.0%<\/span><\/p>\n<\/td>\n

\n

N\/A<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Morningstar Category (Tactical Balanced)<\/span><\/p>\n<\/td>\n

\n

4.4%<\/span><\/p>\n<\/td>\n

\n

11.9%<\/span><\/p>\n<\/td>\n

\n

10.2%<\/span><\/p>\n<\/td>\n

\n

6.1%<\/span><\/p>\n<\/td>\n

\n

N\/A<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

*Your own returns will vary depending on the amount of fixed income you hold, cash flows in and out, and management fees.<\/p>\n\n\n\n\n
\n

LARGEST MUTUAL FUND IN CANADA (1.94% MER FEE)<\/span><\/strong><\/p>\n<\/td>\n

\n

YTD<\/span><\/strong><\/p>\n<\/td>\n

\n

1Y<\/span><\/strong><\/p>\n<\/td>\n

\n

3 yr<\/span><\/strong><\/p>\n<\/td>\n

\n

5 yr<\/span><\/strong><\/p>\n<\/td>\n

\n

10 yr<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

RBC SELECT BALANCED PORTFOLIO FUND (A) NET RETURN (CAD)<\/span><\/p>\n<\/td>\n

\n

0.1%<\/span><\/strong><\/p>\n<\/td>\n

\n

11.6%<\/span><\/strong><\/p>\n<\/td>\n

\n

10.5%<\/span><\/strong><\/p>\n<\/td>\n

\n

6.0%<\/span><\/strong><\/p>\n<\/td>\n

\n

6.5%<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

.<\/span><\/span><\/p>\n

\"\"<\/p>\n

Portfolio Changes<\/span><\/strong><\/p>\n

We don’t trade often. We prefer to find wonderful businesses and hold them. But when Mr. Market offers us a gift, we take it. Recently, we trimmed a little bit of our Berkshire Hathaway position\u2014about 1%\u2014to increase our stake in Micron Technologies.<\/p>\n

We added to Micron at around US $358 a share. With Micron, most analysts anticipate they will earn close to US $100 a share next year. In simple terms, we are buying a business where we expect to get nearly a third of our purchase price back in earnings in just one year. That is a price-to-earnings ratio below 4. It\u2019s a textbook value investment, and we are happy to own it.<\/p>\n

Insights from our Chief Market <\/span>Strategis<\/span>t<\/span><\/strong><\/p>\n

To help us make sense of the broader economic picture, we recently had Dr. James Thorne join our monthly update call. Jim holds a PhD in economics from York University, and had worked previously at several major U.S. banks and investment firms. Jim is brilliant, and he looks at the world through a deeply historical lens. His insights can sometimes be complex, so I want to boil down his main points into plain English:<\/p>\n

\n
\n
\u2022<\/span>\u00a0<\/span>A “Peace Dividend” is Coming:<\/span><\/strong> If you turn on the news, the geopolitical situation in places like Iran and Venezuela sounds terrifying. But Jim sees a different horizon, where the U.S. is pushing back on state-sponsored conflict and securing resources. Jim believes we are moving toward a resolution that will reduce global tensions, comparing it to the fall of the Berlin Wall. When the fear of conflict fades, markets experience a massive sigh of relief, creating a “peace dividend” that should act as a powerful tailwind for our investments.<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>The AI Supercycle:<\/span><\/strong> Everyone is talking about artificial intelligence (AI). Some worry it’s a bubble, much like the dot-com craze in the 1990s. Jim points out that we are simply in the early innings. Right now, the smart money isn’t in guessing which software will win; it’s in the hardware\u2014the physical infrastructure making AI possible. That\u2019s exactly why we own companies like Micron. They are selling the picks and shovels for the AI gold rush.<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>New Contenders:<\/span><\/strong> Jim highlighted that private pure-play AI companies, such as OpenAI, Anthropic, and SpaceX, will eventually move into the public markets. While the current “Magnificent 7” tech stocks could hit new highs, these emerging companies could eventually challenge legacy tech giants for long-term dominance.<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>Canada-U.S. Trade:<\/span><\/strong> With trade negotiations approaching, the U.S. is highly focused on securing access to natural resources. They also want to ensure China doesn’t use Canada as a “backdoor” to bring critical technology or autos into North America. Canada holds a winning hand with our abundant natural resources, and if we embrace our role as a resource superpower, our economy stands to benefit enormously.<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>Growing Out of Debt:<\/span><\/strong> Global debt levels are at extremes, and Jim believes governments will use “supply-side economics” (deregulation and tax cuts) to run economies hot and simply “grow their way out of it,” much like the world did after the Second World War.<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>Interest Rates and Inflation:<\/span><\/strong> We believe underlying inflation is below target and largely in the rearview mirror. Because the Canadian economy is showing structural weaknesses and no growth, we expect the Bank of Canada will need to continue lowering interest rates to stimulate growth and help the real estate market recover. We might see Canadian overnight rates drop to 1.5% for a short period. In the U.S., rates will likely fall to around 2.5% to 3%. Lower rates make it cheaper for businesses to grow, which is good news for the companies we own.<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>Extremely Bullish:<\/span><\/strong> Combining falling interest rates, the AI boom, and a potential calming of global tensions, Jim is highly optimistic. He advised positioning portfolios for a period of historically above-average equity returns through the end of the decade.<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>Price Targets:<\/span><\/strong> He noted that the market’s ability to shrug off negative news indicates a very strong underlying bull market. He suggested the S&P 500 could reach 8,000 by the end of the year, and if the “peace dividend” fully materializes, it could potentially hit 12,000 by 2028.<\/div>\n<\/div>\n<\/div>\n

Our strategy remains unchanged. We will keep ignoring the daily noise and stay focused on buying excellent companies at sensible prices, protecting your capital, and letting the power of compounding do the heavy lifting over time.<\/p>\n

With spring around the corner we look forward to sunnier days ahead, potentially in markets as well.<\/p>\n

Thank you for your continued trust.<\/p>\n

.<\/span><\/span><\/p>\n

Warm regards,<\/p>\n

.<\/span><\/span><\/p>\n

Michael & Simon Hale<\/p>\n","protected":false},"excerpt":{"rendered":"

Dear Friends and Clients,<\/p>\n

Last month, Michael had the chance to travel to Hong Kong and Shenzhen for a friend’s wedding. The sheer scale of the infrastructure over there is staggering as is the technology and rate of change. Seeing that level of development was a stark contrast to the quiet dirt roads we grew up on in Prince Edward Island, but it reinforced a simple truth: the world is moving fast, and innovation is happening everywhere. Our job is to make sure your portfolios are positioned to benefit from it.<\/p>\n

Before we get into the markets, we have a couple of quick housekeeping items:<\/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-3555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-monthly-updates"],"_links":{"self":[{"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-json\/wp\/v2\/posts\/3555","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-json\/wp\/v2\/users\/193"}],"replies":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-json\/wp\/v2\/comments?post=3555"}],"version-history":[{"count":14,"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-json\/wp\/v2\/posts\/3555\/revisions"}],"predecessor-version":[{"id":3562,"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-json\/wp\/v2\/posts\/3555\/revisions\/3562"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-json\/wp\/v2\/media\/1889"}],"wp:attachment":[{"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-json\/wp\/v2\/media?parent=3555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-json\/wp\/v2\/categories?post=3555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/haleinvestmentgroup\/wp-json\/wp\/v2\/tags?post=3555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}