{"id":761,"date":"2025-09-30T09:00:52","date_gmt":"2025-09-30T09:00:52","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/?p=761"},"modified":"2026-09-04T17:11:40","modified_gmt":"2026-09-04T17:11:40","slug":"q3-2025-portfolio-commentary","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q3-2025-portfolio-commentary\/","title":{"rendered":"Q3 2025 Portfolio Commentary"},"content":{"rendered":"

The third quarter of 2025 was marked by broad market strength, with improving investor sentiment and resilient earnings driving performance across key sectors. Against this constructive backdrop, our team remained highly active\u2014rebalancing portfolios, capturing gains, and positioning for continued long-term success.<\/p>\n

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

Quarter in Review<\/span><\/strong><\/p>\n

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

Markets responded positively to signs of easing inflation and strong corporate results. While geopolitical tensions and trade developments continued to generate headlines, the overall tone improved through the quarter.<\/p>\n

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

In Canada, softer employment data raised expectations for future interest rate cuts, while the U.S. dollar regained strength\u2014benefiting Canadian investors with U.S. exposure.<\/p>\n

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

Portfolio Activity & Strategic Positioning<\/span><\/strong><\/p>\n

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

Equity Adjustments:\u00a0<\/span><\/strong>We executed a mid-July rebalance to take profits from the sharp recovery that began in April. This disciplined move allowed us to lock in gains from high-performing areas\u2014particularly technology \u2014and redeploy capital into more stable, income-oriented strategies. As summer came to an end, September was a very rewarding month with strong performance again in technology along with our active mining position which allowed us to lock in gains and bring those allocations back in line with our targets yet again.<\/p>\n

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

We also upgraded our digital asset exposure, transitioning to a more cost-efficient solution. This change preserves similar market exposure while reducing fees, allowing returns to compound more effectively over time and enhancing long-term outcomes for clients.<\/p>\n

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

Fixed Income Enhancements:\u00a0<\/span><\/strong>Our fixed income strategy remains focused on quality and flexibility. We increased exposure to high-grade government and corporate bonds, with an emphasis on shorter-duration instruments that offer attractive yield and adaptability in a shifting rate environment.<\/p>\n

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

Private Market Developments:\u00a0<\/span><\/strong>We added a new private debt fund to client portfolios. This investment provides uncorrelated income and complements our broader strategy by enhancing diversification and stability without extending duration risk.<\/p>\n

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

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

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

Q3 performance was strong across most mandates, with notable contributions from technology, Canadian equities, mining, digital assets, and select fixed income holdings. Our barbell strategy\u2014balancing lower-volatility core holdings with high-conviction growth exposures\u2014continues to deliver results and navigate market swings effectively.<\/p>\n

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

Looking Ahead<\/span><\/strong><\/p>\n

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

As we move into the final quarter of the year, we remain optimistic but cautious. While some parts of the market look expensive and concentrated, we\u2019re still finding good opportunities. Our goal is to keep building strong, well-balanced portfolios that can handle change, provide steady income, and grow over time.<\/p>\n

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

Thank You<\/span><\/strong><\/p>\n

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

We deeply appreciate the trust you place in us. If you know someone\u2014be it a friend, family member, or colleague\u2014who may benefit from our thoughtful and disciplined approach, we warmly welcome introductions. We\u2019re always open to working with new clients who share our values and can benefit from the care and guidance we provide.<\/p>\n

As always, we encourage you to take full advantage of our financial planning services. Now is a great time to ensure your investment strategy, estate plan, and tax considerations are working together to support your goals.<\/p>\n

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

Sincerely,<\/span><\/p>\n

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

The Team at Stonehaven Private Counsel<\/strong><\/p>\n

 <\/p>\n

About the Authors<\/strong>
\nThis commentary was prepared by Jeff Sproul, PFP\u00ae, CIM\u00ae<\/strong>, Victor Kuntzevitsky, CFA, CAIA<\/strong>, and Grant Dawes, CIM\u00ae, CFP\u00ae, TEP<\/strong> 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<\/strong>. Learn more<\/a> about their experience, credentials, and areas of expertise and explore how Stonehaven supports different client needs<\/a> through its work with business owners<\/strong>, retirees<\/strong>, professionals<\/strong>, families<\/strong>, and next-generation wealth clients<\/strong>.<\/p>\n

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

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

Stonehaven in the News<\/span><\/strong><\/p>\n

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

“The Bank of Canada’s recent rate cut was a shot in the arm that the market was looking for,” said Victor Kuntzevitsky, a portfolio manager at Stonehaven, Wellington-Altus Private Counsel.<\/p>\n

“It’s a clear signal that the bank is confident in the inflation trajectory and is now pivoting to support economic expansion. And in our view, this has fundamentally repriced risk for investors and provided a clear tailwind for Canadian equities.”<\/p>\n

“The surge in gold stocks reflects a disciplined focus on cost management among Canadian producers,” Kuntzevitsky said. “We really feel that investors are rewarding companies with strong operational efficiencies that can turn higher gold prices directly into shareholder value.”<\/p>\n

TSX adds to weekly winning streak as gold mining shares jump | Reuters<\/span><\/strong><\/a><\/p>\n

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

It\u2019s partly those higher rates that have more investors flocking to the asset class in recent years, says Victor Kuntzevitsky, portfolio manager with Stonehaven Private Counsel at Wellington-Altus Private Counsel Inc. in Aurora, Ont.<\/p>\n

\u201cWhen you\u2019re looking at it from the outside, it looks like the ideal space,\u201d Mr. Kuntzevitsky says, but notes that the rates are floating, which means they move up and down with broader interest rates.<\/p>\n

\u201cNot all private credit funds are made equally,\u201d he says, \u201c and you should really watch out for who you are investing with.\u201d<\/p>\n

He recommends paying attention to how they underwrite and originate loans, as well as how they generate their returns, noting that some funds leverage investors\u2019 money and include this in their return figures.<\/p>\n

\u201cWe\u2019re in a time that the macroeconomic picture is really good, but the concern is if and when we\u2019re in a recession, when the economy doesn\u2019t perform so well, when the companies within don\u2019t perform so well, that\u2019s when you\u2019re going to see some issues.\u201d Mr. Kuntzevitsky says.<\/p>\n

Why more retail investors are pouring money into private credit \u2013 and the risks | The Globe and Mail<\/span><\/strong><\/a><\/p>\n

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

“Consumer-facing sectors are likely to remain under pressure, and the ramp-up in AI investment is increasing costs without yet delivering clear revenue uplift,” said Victor Kuntzevitsky, a portfolio manager at Stonehaven, Wellington-Altus Private Counsel. “However, resource and export-oriented companies may help cushion the overall impact.”<\/p>\n

Canada’s TSX stock index predicted to rise 2.3% by year-end on trade certainty hopes: Reuters poll | Reuters<\/span><\/strong><\/a><\/p>\n

The material contained herein has been provided for information purposes only.\u00a0 The information has been drawn from sources believed to be reliable.\u00a0 Graphs, charts and other numbers are used for illustrative purposes only and do not reflect future values or future performance of any investment.\u00a0 The information does not provide financial, legal, tax or investment advice.\u00a0 Particular investment, tax, or trading strategies should be evaluated relative to each individual\u2019s objectives and risk tolerance.\u00a0 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. \u00a0Wellington-Altus Private Counsel\u00a0 (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.\u00a0 Before acting on any of the above, please contact your financial advisor.<\/p>\n

\u200a<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The third quarter of 2025 was marked by broad market strength, with improving investor sentiment and resilient earnings driving performance across key sectors. Against this constructive backdrop, our team remained highly active\u2014rebalancing portfolios, capturing gains, and positioning for continued long-term success. \u00a0. Quarter in Review \u00a0. Markets responded positively to signs of easing inflation and […]<\/p>\n","protected":false},"author":106,"featured_media":1027,"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,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-portfolio-commentary"],"yoast_head":"\nQ3 2025 Portfolio Commentary - Stonehaven Private Counsel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q3-2025-portfolio-commentary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q3 2025 Portfolio Commentary - Stonehaven Private Counsel\" \/>\n<meta property=\"og:description\" content=\"The third quarter of 2025 was marked by broad market strength, with improving investor sentiment and resilient earnings driving performance across key sectors. 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