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Throughout March, stocks continued their upward trajectory, with many of our holdings again achieving new all-time highs.
Our optimism regarding the prevailing economic environment remains bolstered by supportive fiscal policies driving growth, particularly in the U.S. The sustained commitment thus far to maintaining interest rates at current levels, coupled with increasing government debt, are important factors contributing to economic stimulus. As long as interest rates remain at current levels, and the amount of government debt continues to rise, we expect that interest payments on that government debt will continue to flow to bond-holders, thereby ensuring a steady flow of capital for investors to allocate to portfolios or discretionary spending.
Looking ahead, we maintain our optimistic outlook, expecting a continuation of robust gains into year-end.
Model Portfolio Highlights
Growth Portfolio
In March we exited Apple as the stock’s uptrend considerably slowed. With the proceeds we added to our existing position in Colliers Group, one of the world’s largest real estate services companies.
American Growth Portfolio
In March we exited Apple, and used the proceeds to add to our existing position in medical diagnostics company Danaher.
Income Portfolio
We made no changes to the holdings in March.
Small Cap Portfolio
We made no changes to the holdings in March.
Across all portfolios we look for mispriced opportunities, considering only those with a significant margin of safety and minimal risk of permanent capital loss. After identifying such opportunities, patience is the most important factor in realizing our expected long term return.
If you have any questions about your portfolio, financial planning or investments please be in touch. If you’d like to add a friend or family to this email list, please let me know. Click to book a meeting: https://calendly.com/bwk-wapw
Thank you.
Yours,
Ben
Ben W. Kizemchuk
Portfolio Manager & Investment Advisor
Wellington-Altus Private Wealth
Office: 416.369.3024
Email: bwk@wellington-altus.ca
Book a meeting
Ben Kizemchuk offers full-service wealth management for high-net-worth Canadians including families, business owners, and successful professionals. Ben and his team provide investment advice, financial planning, tax minimization strategies, and retirement planning.
Performance reporting disclaimer: Performance results reflect the returns of each representative model portfolio. Returns are calculated using each model portfolio’s monthly performance, including changes in securities values, and accrued income (i.e., dividend and interest), against its market value at the closing of the last business day of the previous month. Performance results are expressed in the stated strategy’s base currency and are calculated on a net of fees basis. Individual account performance may materially differ from the representative performance history set out in this document, due to factors such as an account’s size, the length of time the strategy has been held, the timing and amount of deposits and withdrawals, the timing and amount of dividends and other income, and fees and other costs. Investors should seek professional financial advice regarding the appropriateness of investing in any investment strategy or security and no financial decisions should be made solely on the basis of the information provided in this document. This is not an official statement from WAPW. Please refer to your official WAPW statement for your specific performance numbers.
Market Commentary
April 2024 Update
Join the mailing list here
Throughout March, stocks continued their upward trajectory, with many of our holdings again achieving new all-time highs.
Our optimism regarding the prevailing economic environment remains bolstered by supportive fiscal policies driving growth, particularly in the U.S. The sustained commitment thus far to maintaining interest rates at current levels, coupled with increasing government debt, are important factors contributing to economic stimulus. As long as interest rates remain at current levels, and the amount of government debt continues to rise, we expect that interest payments on that government debt will continue to flow to bond-holders, thereby ensuring a steady flow of capital for investors to allocate to portfolios or discretionary spending.
Looking ahead, we maintain our optimistic outlook, expecting a continuation of robust gains into year-end.
Model Portfolio Highlights
Growth Portfolio
In March we exited Apple as the stock’s uptrend considerably slowed. With the proceeds we added to our existing position in Colliers Group, one of the world’s largest real estate services companies.
American Growth Portfolio
In March we exited Apple, and used the proceeds to add to our existing position in medical diagnostics company Danaher.
Income Portfolio
We made no changes to the holdings in March.
Small Cap Portfolio
We made no changes to the holdings in March.
Across all portfolios we look for mispriced opportunities, considering only those with a significant margin of safety and minimal risk of permanent capital loss. After identifying such opportunities, patience is the most important factor in realizing our expected long term return.
If you have any questions about your portfolio, financial planning or investments please be in touch. If you’d like to add a friend or family to this email list, please let me know. Click to book a meeting: https://calendly.com/bwk-wapw
Thank you.
Yours,
Ben
Ben W. Kizemchuk
Portfolio Manager & Investment Advisor
Wellington-Altus Private Wealth
Office: 416.369.3024
Email: bwk@wellington-altus.ca
Book a meeting
Ben Kizemchuk offers full-service wealth management for high-net-worth Canadians including families, business owners, and successful professionals. Ben and his team provide investment advice, financial planning, tax minimization strategies, and retirement planning.
Performance reporting disclaimer: Performance results reflect the returns of each representative model portfolio. Returns are calculated using each model portfolio’s monthly performance, including changes in securities values, and accrued income (i.e., dividend and interest), against its market value at the closing of the last business day of the previous month. Performance results are expressed in the stated strategy’s base currency and are calculated on a net of fees basis. Individual account performance may materially differ from the representative performance history set out in this document, due to factors such as an account’s size, the length of time the strategy has been held, the timing and amount of deposits and withdrawals, the timing and amount of dividends and other income, and fees and other costs. Investors should seek professional financial advice regarding the appropriateness of investing in any investment strategy or security and no financial decisions should be made solely on the basis of the information provided in this document. This is not an official statement from WAPW. Please refer to your official WAPW statement for your specific performance numbers.
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The opinions contained herein are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Wellington-Altus Private Wealth. Assumptions, opinions and information constitute the author’s judgement as of the date this material and subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Graphs and charts 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. All third party products and services referred to or advertised in this presentation are sold by the company or organization named. While these products or services may serve as valuable aids to the independent investor, WAPW does not specifically endorse any of these products or services. The third party products and services referred to, or advertised in this presentation, are available as a convenience to its customers only, and WAPW is not liable for any claims, losses or damages however arising out of any purchase or use of third party products or services. All insurance products and services are offered by life licensed advisors of Wellington-Altus. Wellington-Altus Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. All trademarks are the property of their respective owners.