As we reflect on the second quarter of 2024, we\u2019re pleased to report a series of strategic moves and responses that have strengthened our portfolio performance. Here\u2019s a summary of the key activities and insights from the past three months.<\/p>\n
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Market Overview<\/strong><\/p>\n <\/p>\n The second quarter brought a mix of easing inflation and continued geopolitical tensions. Central banks were cautious with their interest rate policies, making the investment environment quite intricate. Despite these challenges, our commitment to a diversified and adaptable approach has helped us manage the ups and downs effectively.<\/p>\n <\/p>\n Equity Markets<\/strong><\/p>\n <\/p>\n During Q2, we decided to take some profits from our investments in the Canadian energy sector and base metal producers. These sectors have been a key part of our strategy due to their connection to commodity prices. While we still see potential in these areas, we are carefully managing our positions to capture gains when the market is favourable and to prepare for future opportunities.<\/p>\n <\/p>\n Our investments in the technology sector have significantly boosted our performance this year. The excitement around artificial intelligence (AI) has created substantial opportunities, similar to past technological breakthroughs. Nvidia, a major player in AI, has performed exceptionally well and contributed greatly to our returns so far. While Nvidia is a part of our technology exchange-trades fund (ETF), we have wisely diversified into other tech companies that are also set to benefit from the AI trend within this ETF. This helps us manage risks and avoid over-reliance on any single stock.<\/p>\n <\/p>\n Digital Assets<\/strong><\/p>\n <\/p>\n In March, as digital assets reached high prices, we adjusted our holdings to align with our target weights. Even though Bitcoin and Ethereum have moved sideways since then, our timing was favourable, and we remain optimistic about their long-term potential. Additionally, our strategy includes dynamically balancing between Bitcoin, Ethereum, and cash, which allows us to earn a good yield on the cash portion. This balanced approach helps us manage both growth and income in the digital asset market.<\/p>\n <\/p>\n Fixed Income and Alternatives<\/strong><\/p>\n <\/p>\n In Q2, we decided to exit an investment in Steep&Co U.S. Bridge Loan Fund, redirecting the proceeds into our existing fixed income solutions. This move has improved the liquidity and flexibility of our portfolio, while still providing strong returns relative to risk.<\/p>\n <\/p>\n We continue to execute our long-term plan to reduce our exposure to alternative assets, in favour of focusing on higher-quality and more reputable managers. This can help ensure that while we continue to benefit from diversification and potential returns, our portfolio remains solid and adaptable.<\/p>\n <\/p>\n Portfolio Review<\/strong><\/p>\n <\/p>\n We have also conducted a thorough review of our portfolios to assess the impact of the new capital gains inclusion rate. This review has helped us identify any necessary adjustments to ensure that we are optimizing for tax efficiency while still aligning with your investment goals. Our approach continues to be proactive in managing changes in the tax landscape.<\/p>\n <\/p>\n Looking Ahead<\/strong><\/p>\n <\/p>\n As we move into the second half of 2024, we remain watchful and prepared for potential market changes.<\/p>\n <\/p>\n <\/p>\n We appreciate your continued trust and support as we navigate these dynamic markets. Our team is dedicated to making sure our strategies align with your long-term investment goals. If you have any questions or would like to discuss your portfolio further, please don\u2019t hesitate to reach out.<\/p>\n Sincerely,<\/p>\n <\/p>\n The Team at Stonehaven Private Counsel<\/strong><\/p>\n <\/p>\n About the Authors<\/strong> 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":" As we reflect on the second quarter of 2024, we\u2019re pleased to report a series of strategic moves and responses that have strengthened our portfolio performance. Here\u2019s a summary of the key activities and insights from the past three months. Market Overview The second quarter brought a mix of easing inflation and continued […]<\/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-926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-portfolio-commentary"],"yoast_head":"\n\n
\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