{"id":769,"date":"2026-06-30T09:00:29","date_gmt":"2026-06-30T09:00:29","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/?p=769"},"modified":"2026-09-04T17:18:41","modified_gmt":"2026-09-04T17:18:41","slug":"769-2","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/769-2\/","title":{"rendered":"Q2 2026 Portfolio Commentary"},"content":{"rendered":"

The second quarter of 2026 reminded us how quickly markets can shift from fear to optimism. In late March and early April, investors were confronted with rising geopolitical tensions, concerns around inflation, and uncertainty regarding the path of interest rates. By quarter-end, many of those same markets had recovered sharply, with technology and other growth-oriented assets once again leading returns.<\/p>\n

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

Perhaps the most remarkable development was the speed of the recovery. April delivered one of the fastest market rebounds on record, reinforcing a point we have made many times over the years: maintaining liquidity and flexibility allows us to respond decisively during periods of market stress. Corrections often feel uncomfortable in real time, but they frequently create some of the best opportunities for long-term investors.<\/p>\n

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

This was also one of our most active quarters in recent years. Across client accounts, we completed several rebalances, introduced new holdings, realized gains in areas that had performed well, and redeployed capital where we believed long-term opportunities had improved. Importantly, our activity is driven solely by portfolio management considerations\u2014we do not receive additional remuneration based on trading activity. Our incentive is simple: make decisions that we believe improve portfolio outcomes over the long term.<\/p>\n

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

Our focus remains unchanged: build diversified portfolios, manage risk carefully, and stay prepared to act when opportunities arise.<\/p>\n

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

What happened in markets<\/span><\/strong><\/p>\n

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

The quarter began in a continuation of the volatility that emerged at the end of Q1. Concerns around Middle East tensions, oil supply disruptions, inflation, and interest-rate expectations weighed on investor sentiment. Markets experienced a sharp correction as investors adjusted expectations for both economic growth and monetary policy.<\/p>\n

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

What followed was a dramatic reversal. As uncertainty stabilized and corporate earnings remained resilient, risk assets recovered quickly. Technology shares, innovation-focused companies, and select areas of the market tied to artificial intelligence and digital infrastructure led the advance.<\/p>\n

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

For perspective, April was one of the strongest monthly recoveries in recent market history. Investors who sold into weakness often missed a meaningful portion of the rebound that followed. While volatility continued through May and June, the quarter served as another reminder that markets often recover long before the underlying concerns have fully disappeared.<\/p>\n

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

This environment reinforced the importance of maintaining a disciplined process rather than reacting emotionally to short-term headlines.<\/p>\n

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

Changes in portfolios<\/span><\/strong><\/p>\n

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

We remained active throughout the quarter, making several portfolio adjustments as opportunities emerged and valuations evolved.<\/p>\n

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

1) Technology and innovation: adding to areas where we see long-term growth<\/span><\/strong><\/p>\n

\n
\n
\u2022<\/span>\u00a0<\/span>During the quarter, we introduced Fidelity Global Innovators, an actively managed global equity strategy led by veteran portfolio manager Mark Schmehl.<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>The fund provides exposure to innovative businesses benefiting from major secular trends, including artificial intelligence, digital infrastructure, and next-generation technology. We funded the position primarily through reductions in traditional technology and minimum-volatility holdings while maintaining a balanced overall portfolio structure.<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>The position performed well following implementation and helped offset weakness in more defensive areas of the portfolio.<\/div>\n<\/div>\n<\/div>\n

2) Berkshire Hathaway: preserving flexibility<\/span><\/strong><\/p>\n

\n
\n
\u2022<\/span>\u00a0<\/span>We also added Berkshire Hathaway to our equity model portfolios.<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>Berkshire is unique in that it combines ownership of high-quality operating businesses with an exceptionally strong balance sheet and substantial cash reserves. We believe this creates an attractive profile during uncertain periods, as management has historically been able to deploy capital opportunistically when other investors are forced to react.<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>The April recovery highlighted exactly why this flexibility matters. Having liquid assets available during corrections allows us to move quickly when opportunities emerge rather than being forced to wait for liquidity or market conditions to improve. Berkshire’s significant cash position and disciplined capital allocation philosophy align well with this approach.<\/div>\n<\/div>\n<\/div>\n

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

3) Energy and commodities: actively managing volatility<\/span><\/strong><\/p>\n

\n
\n
\u2022<\/span>\u00a0<\/span>Energy and commodity markets remained volatile throughout the quarter.<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>We continued managing our exposure actively, realizing gains when prices rose sharply and selectively redeploying capital when valuations became more attractive. Similar to our actions in Q1, we focused on improving risk-reward characteristics rather than simply maintaining static weights.<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>One example was our continued activity within energy and mining-related positions. Earlier profit-taking allowed us to preserve gains, while subsequent purchases and rebalancing enabled us to improve long-term positioning as market sentiment shifted.<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>While energy prices experienced large swings throughout the quarter, we believe long-term supply constraints remain an important theme worth monitoring.<\/div>\n<\/div>\n<\/div>\n

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

4) Fixed income: improving flexibility and diversification<\/span><\/strong><\/p>\n

\n
\n
\u2022<\/span>\u00a0<\/span>We also implemented meaningful enhancements to the fixed-income portion of portfolios.<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>While maintaining our emphasis on quality and downside protection, we introduced additional actively managed strategies designed to provide greater flexibility across varying interest-rate and economic environments. This included broadening our toolkit beyond traditional bond allocations and increasing exposure to managers with the flexibility to adapt as conditions change.<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>Our objective remains straightforward: generate attractive income while maintaining resilience should market conditions become more challenging.<\/div>\n<\/div>\n<\/div>\n

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

Risk management remains a priority<\/span><\/strong><\/p>\n

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

As markets recovered rapidly during the quarter, we continued to monitor portfolio risk closely.<\/p>\n

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

Using BlackRock’s Aladdin\u00ae risk platform and other institutional tools, we regularly review portfolio exposures, stress-test holdings, and evaluate how portfolios may behave under different market environments.<\/p>\n

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

One theme that continues to emerge from our analysis is the importance of diversification. No one can consistently predict geopolitical developments, interest-rate decisions, or market corrections. What we can control is portfolio construction, position sizing, and risk management.<\/p>\n

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

These disciplines become particularly valuable when markets experience the type of volatility we witnessed this quarter.<\/p>\n

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

CRM3 is coming<\/span><\/strong><\/p>\n

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

Many clients may begin hearing more about Client Relationship Model \u2013 Phase 3 (CRM3) over the coming months.<\/p>\n

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

CRM3 is a proposed regulatory initiative intended to improve transparency around investment costs, performance reporting, and the value clients receive from their advisory relationships. While details continue to evolve, the overall objective is to help investors better understand the services they receive and the costs associated with them.<\/p>\n

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

We welcome greater transparency. In fact, one of the principles behind CRM3 aligns closely with how we already operate: investment decisions should be made because they are in clients’ best interests, not because they generate additional remuneration. Whether we complete one trade or several thousand trades across client accounts, our remuneration does not increase based on trading activity. As the industry evolves toward greater transparency, we believe this alignment between advisor and client becomes increasingly important.<\/p>\n

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

It is also important to note that our investment process is focused on net client outcomes. In certain circumstances, we will intentionally select a higher-cost manager or fund if we believe the manager has demonstrated the ability to add sufficient value, improve risk-adjusted returns, provide differentiated exposure, or achieve a specific portfolio objective. Put differently, we are not focused on finding the cheapest solution\u2014we are focused on finding the most appropriate solution. If a top-quartile manager has the potential to generate returns or diversification benefits that justify the additional cost, we are prepared to make that allocation when we believe it serves clients’ best interests.<\/p>\n

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

As additional information becomes available, we will continue to keep clients informed about any changes that may affect reporting or account documentation.<\/p>\n

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

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

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

We remain cautiously constructive on markets.<\/p>\n

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

Economic growth remains reasonably resilient, corporate earnings continue to support equity markets, and many innovative businesses are benefiting from powerful long-term trends such as artificial intelligence, digital infrastructure, and automation. At the same time, inflation, interest-rate expectations, geopolitical risks, and currency fluctuations continue to create uncertainty.<\/p>\n

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

Fortunately, periods of uncertainty often create opportunities for active managers willing to stay disciplined and adapt. The second quarter provided a textbook example. The rapid recovery following the April correction rewarded patience, liquidity, and flexibility\u2014qualities we continue to prioritize in portfolio construction.<\/p>\n

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

We believe our combination of diversification, active management, institutional-quality risk oversight, and willingness to act during market dislocations positions us well for the remainder of the year.<\/p>\n

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

Thank you for your continued trust. If you know of family members, colleagues, or friends who may benefit from the same disciplined and actively managed approach, we would be happy to be a resource and help in any way.<\/p>\n

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

Sincerely,<\/p>\n

 <\/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

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

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

.<\/p>\n

That isn\u2019t just a convenience. It\u2019s a premium feature that becomes most valuable when markets are under stress, says Victor Kuntzevitsky, portfolio manager with Stonehaven Private Counsel at Wellington-Altus Private Counsel Inc. in Aurora, Ont.<\/p>\n

.<\/p>\n

At one end of the spectrum sit traditional hedge funds. They\u2019re often accessed through an offering memorandum and are used more commonly by high-net-worth and accredited investors. These strategies can offer broader flexibility, fewer constraints and the potential for higher alpha. Typically, they also come with more complex liquidity terms, higher fees and a greater burden of due diligence on the part of the allocator.<\/p>\n

.<\/p>\n

In practice, he recommends pairing illiquid private market exposures with more flexible hedge fund strategies, whether through direct allocations or liquid alternatives. That can ensure some portion of the portfolio remains \u201cresponsive,\u201d or functionally liquid, either to preserve capital or take advantage of market dislocations.<\/p>\n

.<\/p>\n

In that context, hedge fund strategies as well as liquid alternatives that adopt them offer something distinct: the ability to go both long and short, adapt positioning as conditions change and, in some cases, generate positive returns even when markets are flat or declining.<\/p>\n

Why more retail investors are pouring money into private credit \u2013 and the risks | The Globe and Mail<\/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

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

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