{"id":807,"date":"2025-06-30T09:00:38","date_gmt":"2025-06-30T09:00:38","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/?p=807"},"modified":"2026-09-04T17:11:11","modified_gmt":"2026-09-04T17:11:11","slug":"q2-2025-portfolio-commentary","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q2-2025-portfolio-commentary\/","title":{"rendered":"Q2 2025 Portfolio Commentary"},"content":{"rendered":"

The second quarter of 2025 proved to be one of the more volatile in recent memory, marked by swift sell-offs, strong recoveries, and geopolitical shocks. Through it all, our disciplined, active approach has once again demonstrated its value, allowing us to protect capital, capitalize on dislocations, and enhance overall portfolio performance.<\/p>\n

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

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

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

April began with sharp market turbulence following\u00a0President Donald Trump\u2019s declaration of \u201cLiberation Day\u201d<\/span><\/strong>\u2014a politically charged response to trade tensions with Canada and Mexico. The announcement triggered a\u00a0global equity market correction exceeding 10%<\/span><\/strong>, compounding pressure from the Q1 trade war.<\/p>\n

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

Thanks to our\u00a0defensive positioning<\/span><\/strong>, portfolios were insulated from much of this downside. This provided us with the opportunity to trim some of those protective holdings and\u00a0purchase high-quality assets at a discount<\/span><\/strong>\u2014a strategy that proved timely as markets quickly rebounded.<\/p>\n

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

By early May, equity markets had recovered to pre-selloff levels and continued their rally into June,\u00a0reaching new all-time highs by quarter-end<\/span><\/strong>.<\/p>\n

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

Tactical Moves and Highlights<\/span><\/strong><\/p>\n

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

Energy Exposure:\u00a0\u00a0<\/span><\/strong>Energy played a significant role in both\u00a0portfolio protection and profit generation<\/span><\/strong>\u00a0this quarter. Following U.S. military action in Iran and broader Middle East escalation, energy prices surged.\u00a0Our energy exposure was actively managed\u2014added to in early <\/span>March, trimmed at month-end, re-added in April, and partially exited in late June<\/span><\/strong>\u2014monetizing volatility and providing meaningful returns.<\/p>\n

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

Commodity Adjustments:\u00a0\u00a0<\/span><\/strong>We refined our broader commodity allocation by reducing energy and\u00a0increasing exposure to base and precious metals<\/span><\/strong>, including gold and critical minerals tied to industrial and military use.\u00a0\u00a0Gold, in particular, was introduced to\u00a0bolster inflation resilience<\/span><\/strong>\u00a0and as a hedge against rapid interest rate reductions globally.<\/p>\n

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

Fixed Income:\u00a0\u00a0<\/span><\/strong>Performance was muted as a portion of our holdings are USD-denominated, and the U.S. dollar weakened by nearly 5% vs. the Canadian dollar in Q2\u2014largely due to the market\u2019s reaction to U.S. trade and fiscal policy.\u00a0\u00a0That said, our fixed income portfolio remains focused on\u00a0high-quality, investment-grade and government debt<\/span><\/strong>, emphasizing consistency and capital preservation in uncertain markets.<\/p>\n

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

Ongoing Rebalancing & Private Markets:\u00a0\u00a0<\/span><\/strong>Our\u00a0active rebalancing<\/span><\/strong>\u00a0across both public and private investments continues to be a major contributor to performance.\u00a0\u00a0Considering future actions, we have:<\/p>\n

\n
\n
\u2022<\/span>\u00a0<\/span>Initiated the\u00a0redemption of a private real estate investment<\/span><\/strong>\u00a0no longer aligned with our forward outlook<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>Finalized a new\u00a0private debt solution<\/span><\/strong>\u00a0to enhance income<\/div>\n<\/div>\n
\n
\u2022<\/span>\u00a0<\/span>Anticipate the addition of a\u00a0Music Royalties Fund<\/span><\/strong>, an uncorrelated, income-generating asset expected to be included in Q3<\/div>\n<\/div>\n<\/div>\n

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

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

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

We\u2019re encouraged by our results year-to-date. Our goal remains clear:\u00a0build resilient portfolios that thrive amid erratic trade and fiscal policy<\/span><\/strong>, while retaining exposure to long-term growth and maintaining key hedges against crisis scenarios.<\/p>\n

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

As always, we are here to support you through uncertain times. We recognize the immense trust you place in us, and we\u2019re grateful for it.<\/p>\n

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

If you know a\u00a0friend, family member, or colleague<\/span><\/strong>\u00a0who could benefit from the same level of care, guidance, and discipline, we would be honoured by your introduction.<\/p>\n

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

Lastly, if you haven\u2019t yet taken full advantage of our\u00a0comprehensive financial planning services<\/span><\/strong>, now is an excellent time to review your overall strategy to ensure all elements\u2014investments, taxes, estate planning, and more\u2014are 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>
\n.<\/span><\/span><\/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

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

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

“While the overall TSX is performing strongly, we’re certainly seeing a divergence between sectors,” said Victor Kuntzevitsky, a portfolio manager at Stonehaven, Wellington-Altus Private Counsel.\u00a0TSX notches record high as metal mining shares climb | Reuters<\/span><\/a><\/p>\n

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

“As companies continue to grapple with the implications of tariffs and recalibrate their inventory strategies, alongside the inclination to delay capital expenditures, profit margins will likely face pressure,” said Victor Kuntzevitsky, a portfolio manager at Stonehaven Private Counsel, Wellington-Altus.\u00a0TSX’s gains set to slow as trade war hits Canada’s economy | Reuters<\/span><\/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","protected":false},"excerpt":{"rendered":"

The second quarter of 2025 proved to be one of the more volatile in recent memory, marked by swift sell-offs, strong recoveries, and geopolitical shocks. Through it all, our disciplined, active approach has once again demonstrated its value, allowing us to protect capital, capitalize on dislocations, and enhance overall portfolio performance. \u00a0. Quarter in Review […]<\/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-807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-portfolio-commentary"],"yoast_head":"\nQ2 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\/q2-2025-portfolio-commentary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q2 2025 Portfolio Commentary - Stonehaven Private Counsel\" \/>\n<meta property=\"og:description\" content=\"The second quarter of 2025 proved to be one of the more volatile in recent memory, marked by swift sell-offs, strong recoveries, and geopolitical shocks. 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