As we step into 2025, the global investment landscape has presented new challenges. A developing trade war within North America and abroad, the ongoing conflict in the middle east, and an upcoming Canadian federal election have introduced additional uncertainty to the markets. These factors will shape economic conditions in the months ahead, reinforcing the importance of staying disciplined and adaptable in our investment approach.
Positioning Going into 2025
.
In our Q4 2024 update, we highlighted how we positioned portfolios for the new year with a cautiously optimistic outlook. We adjusted our equity exposure by reducing downside protection, restructured our digital asset holdings, and continued to refine our fixed income allocations to adapt to declining interest rates. We also began reassessing our energy exposure in light of shifting global stability and demand expectations.
.
These strategic adjustments have allowed us to navigate the first quarter of 2025 with resilience.
Q1 2025 Market Performance & Portfolio Adjustments
.
Equity Markets: Canadian markets have outperformed relative to the United States, although Canada remains only slightly positive for the quarter, while U.S. markets are in negative territory. Our broad equity exposure, particularly in U.S. minimum-volatility stocks, has significantly outperformed.
.
Taking Advantage of Market Corrections: The strong performance of our minimum-volatility equities provided an opportunity to purchase positions in our strategic sectors—technology and energy—that experienced an overcorrection. This disciplined approach allowed us to add exposure at more attractive valuations.
.
Commodity Exposure Adjustments: While we remain confident in commodities as an investment theme, we are evaluating a shift towards companies engaged in mining activities across base metals, precious metals, and critical minerals. This adjustment aligns with long-term demand trends, particularly in areas like electrification and infrastructure development.
.
Fixed Income Enhancements: With declining interest rates, we identified opportunities to enhance returns within our public fixed income allocations and have made strategic adjustments accordingly.
.
New Investment – Music Royalties Fund: Following over a year of due diligence, we are finalizing an investment in Music Royalties, a unique and uncorrelated asset class that offers stable income potential. We anticipate completing this investment in Q2 2025, alongside a broader portfolio rebalance.
Looking Ahead
.
We recognize that the current environment is creating anxiety and uncertainty for many investors. Geopolitical tensions, trade disputes, and political shifts will undoubtedly influence markets in the near term. However, we remain confident in our disciplined approach.
.
Regardless of how these events unfold, we have a clear plan in place to protect your capital and help you achieve your financial goals. Our investment strategy remains focused on navigating uncertainty with resilience, adapting to market conditions, and identifying opportunities for long-term growth.
.
As always, we appreciate your trust and encourage you to reach out if you have any questions or would like to discuss your portfolio in more detail.
.
Sincerely,
The Team at Stonehaven Private Counsel
About the Authors
This commentary was prepared by Jeff Sproul, PFP®, CIM®, Victor Kuntzevitsky, CFA, CAIA, and Grant Dawes, CIM®, CFP®, TEP of Stonehaven Private Counsel at Wellington-Altus Private Counsel. Together, they provide portfolio management and wealth planning guidance to business owners, executives, affluent families, retirees, and multi-generational wealth clients. Learn more about their experience, credentials, and areas of expertise and explore how Stonehaven supports different client needs through its work with business owners, retirees, professionals, families, and next-generation wealth clients.
About the Authors
This commentary was prepared by Jeff Sproul, PFP®, CIM®, Victor Kuntzevitsky, CFA, CAIA, and Grant Dawes, CIM®, CFP®, TEP of Stonehaven Private Counsel at Wellington-Altus Private Counsel. Together, they provide portfolio management and wealth planning guidance to business owners, executives, affluent families, retirees, and multi-generational wealth clients. Learn more about their experience, credentials, and areas of expertise and explore how Stonehaven supports different client needs through its work with business owners, retirees, professionals, families, and next-generation wealth clients.
.
The material contained herein has been provided for information purposes only. The information has been drawn from sources believed to be reliable. Graphs, charts and other numbers are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual’s objectives and risk tolerance. This does not constitute a recommendation or solicitation to buy or sell securities of any kind. Market conditions may change which may impact the information contained in this document. Wellington-Altus Private Counsel (WAPC) does not guarantee the accuracy or completeness of the information contained herein, nor does WAPC assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Before acting on any of the above, please contact your financial advisor.
.
Q1 2025 Portfolio Commentary
As we step into 2025, the global investment landscape has presented new challenges. A developing trade war within North America and abroad, the ongoing conflict in the middle east, and an upcoming Canadian federal election have introduced additional uncertainty to the markets. These factors will shape economic conditions in the months ahead, reinforcing the importance of staying disciplined and adaptable in our investment approach.
Positioning Going into 2025
.
In our Q4 2024 update, we highlighted how we positioned portfolios for the new year with a cautiously optimistic outlook. We adjusted our equity exposure by reducing downside protection, restructured our digital asset holdings, and continued to refine our fixed income allocations to adapt to declining interest rates. We also began reassessing our energy exposure in light of shifting global stability and demand expectations.
.
These strategic adjustments have allowed us to navigate the first quarter of 2025 with resilience.
Q1 2025 Market Performance & Portfolio Adjustments
.
Equity Markets: Canadian markets have outperformed relative to the United States, although Canada remains only slightly positive for the quarter, while U.S. markets are in negative territory. Our broad equity exposure, particularly in U.S. minimum-volatility stocks, has significantly outperformed.
.
Taking Advantage of Market Corrections: The strong performance of our minimum-volatility equities provided an opportunity to purchase positions in our strategic sectors—technology and energy—that experienced an overcorrection. This disciplined approach allowed us to add exposure at more attractive valuations.
.
Commodity Exposure Adjustments: While we remain confident in commodities as an investment theme, we are evaluating a shift towards companies engaged in mining activities across base metals, precious metals, and critical minerals. This adjustment aligns with long-term demand trends, particularly in areas like electrification and infrastructure development.
.
Fixed Income Enhancements: With declining interest rates, we identified opportunities to enhance returns within our public fixed income allocations and have made strategic adjustments accordingly.
.
New Investment – Music Royalties Fund: Following over a year of due diligence, we are finalizing an investment in Music Royalties, a unique and uncorrelated asset class that offers stable income potential. We anticipate completing this investment in Q2 2025, alongside a broader portfolio rebalance.
Looking Ahead
.
We recognize that the current environment is creating anxiety and uncertainty for many investors. Geopolitical tensions, trade disputes, and political shifts will undoubtedly influence markets in the near term. However, we remain confident in our disciplined approach.
.
Regardless of how these events unfold, we have a clear plan in place to protect your capital and help you achieve your financial goals. Our investment strategy remains focused on navigating uncertainty with resilience, adapting to market conditions, and identifying opportunities for long-term growth.
.
As always, we appreciate your trust and encourage you to reach out if you have any questions or would like to discuss your portfolio in more detail.
.
Sincerely,
The Team at Stonehaven Private Counsel
About the Authors
This commentary was prepared by Jeff Sproul, PFP®, CIM®, Victor Kuntzevitsky, CFA, CAIA, and Grant Dawes, CIM®, CFP®, TEP of Stonehaven Private Counsel at Wellington-Altus Private Counsel. Together, they provide portfolio management and wealth planning guidance to business owners, executives, affluent families, retirees, and multi-generational wealth clients. Learn more about their experience, credentials, and areas of expertise and explore how Stonehaven supports different client needs through its work with business owners, retirees, professionals, families, and next-generation wealth clients.
About the Authors
This commentary was prepared by Jeff Sproul, PFP®, CIM®, Victor Kuntzevitsky, CFA, CAIA, and Grant Dawes, CIM®, CFP®, TEP of Stonehaven Private Counsel at Wellington-Altus Private Counsel. Together, they provide portfolio management and wealth planning guidance to business owners, executives, affluent families, retirees, and multi-generational wealth clients. Learn more about their experience, credentials, and areas of expertise and explore how Stonehaven supports different client needs through its work with business owners, retirees, professionals, families, and next-generation wealth clients.
.
The material contained herein has been provided for information purposes only. The information has been drawn from sources believed to be reliable. Graphs, charts and other numbers are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual’s objectives and risk tolerance. This does not constitute a recommendation or solicitation to buy or sell securities of any kind. Market conditions may change which may impact the information contained in this document. Wellington-Altus Private Counsel (WAPC) does not guarantee the accuracy or completeness of the information contained herein, nor does WAPC assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Before acting on any of the above, please contact your financial advisor.
.
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