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January was another strong month for our portfolios, with both the Growth Portfolio and the Income Portfolio reaching new all-time highs. The American Growth Portfolio, however, ended lower, reflecting broader market volatility.
Despite recent tariff announcements from the President Donald Trump administration, our analysis shows no signs of a broader economic crisis or a heightened risk of major market deterioration. While market uncertainty has led to some short-term fluctuations, equities remain well above their January lows. Current prediction-market pricing indicates a 30% chance that Canadian tariffs will rise before May, and a 65% chance they will be removed. We remain agile, ready to capitalize on any shifts that enhance the prospects of our portfolios.
The ongoing market dynamics, particularly tariff-related impacts on gross domestic product (GDP) growth, may affect consumer spending and export-driven industries. However, central banks are expected to support the economy with rate cuts, and fiscal policies remain favourable. Government spending, which has consistently been higher in the U.S. compared to Canada, plays a pivotal role in driving long-term growth. Should trade policy lead to more domestic investment in Canada, it could provide a significant economic boost.
With strong government and central bank support, we remain confident in the market’s long-term trajectory. The ongoing injection of new money into the economy fuels corporate earnings, consumer spending, and GDP growth—factors that underpin strong stock market returns.
Investor flows remain positive, particularly benefiting the largest indexed stocks. We’ve taken advantage of recent market volatility to strategically increase positions in these high-quality, cash-generating companies, like Alphabet, Amazon and Microsoft, positioning our portfolios for future growth.
We believe this evolving market landscape presents an ideal opportunity for long-term investors. Our disciplined, rules-based approach seeks to ensure that we remain positioned for continued gains, while carefully protecting capital. We are fully committed to maximizing the success of our clients.
For investors with $1 million or more to invest, now is an ideal time to explore how our tailored approach can help you achieve capital preservation and growth. With strategic insights and a strong commitment to your financial goals, we are well-positioned to guide you through today’s market and work toward securing your financial future with confidence.
We would be happy to discuss how we can create a customized investment strategy to meet your long-term objectives. Please reach out to learn more about how we can support your success.
Model Portfolio Highlights
Growth Portfolio In January, we exited positions in Kinaxis, WELL Health, Alimentation Couche-Tard, FirstService, and Definity to increase our positions in Alphabet, Amazon, and Microsoft.
American Growth Portfolio We reduced positions in Moody’s, MSCI, Keysight, and Intuit, reallocating funds to Alphabet, Amazon, and Microsoft. We also reduced our stake in Nvidia to invest in Intel, which we believe will benefit from recent trade policy shifts.
Income Portfolio No changes; we maintain a diversified mix of U.S. and global high-quality stocks.
Our approach targets opportunities with a significant margin of safety with minimal risk of permanent loss. Patience remains essential in realizing long-term gains.
For questions about your portfolio or to schedule a meeting, please contact us. 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
February 2025 Update
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January was another strong month for our portfolios, with both the Growth Portfolio and the Income Portfolio reaching new all-time highs. The American Growth Portfolio, however, ended lower, reflecting broader market volatility.
Despite recent tariff announcements from the President Donald Trump administration, our analysis shows no signs of a broader economic crisis or a heightened risk of major market deterioration. While market uncertainty has led to some short-term fluctuations, equities remain well above their January lows. Current prediction-market pricing indicates a 30% chance that Canadian tariffs will rise before May, and a 65% chance they will be removed. We remain agile, ready to capitalize on any shifts that enhance the prospects of our portfolios.
The ongoing market dynamics, particularly tariff-related impacts on gross domestic product (GDP) growth, may affect consumer spending and export-driven industries. However, central banks are expected to support the economy with rate cuts, and fiscal policies remain favourable. Government spending, which has consistently been higher in the U.S. compared to Canada, plays a pivotal role in driving long-term growth. Should trade policy lead to more domestic investment in Canada, it could provide a significant economic boost.
With strong government and central bank support, we remain confident in the market’s long-term trajectory. The ongoing injection of new money into the economy fuels corporate earnings, consumer spending, and GDP growth—factors that underpin strong stock market returns.
Investor flows remain positive, particularly benefiting the largest indexed stocks. We’ve taken advantage of recent market volatility to strategically increase positions in these high-quality, cash-generating companies, like Alphabet, Amazon and Microsoft, positioning our portfolios for future growth.
We believe this evolving market landscape presents an ideal opportunity for long-term investors. Our disciplined, rules-based approach seeks to ensure that we remain positioned for continued gains, while carefully protecting capital. We are fully committed to maximizing the success of our clients.
For investors with $1 million or more to invest, now is an ideal time to explore how our tailored approach can help you achieve capital preservation and growth. With strategic insights and a strong commitment to your financial goals, we are well-positioned to guide you through today’s market and work toward securing your financial future with confidence.
We would be happy to discuss how we can create a customized investment strategy to meet your long-term objectives. Please reach out to learn more about how we can support your success.
Model Portfolio Highlights
Growth Portfolio In January, we exited positions in Kinaxis, WELL Health, Alimentation Couche-Tard, FirstService, and Definity to increase our positions in Alphabet, Amazon, and Microsoft.
American Growth Portfolio We reduced positions in Moody’s, MSCI, Keysight, and Intuit, reallocating funds to Alphabet, Amazon, and Microsoft. We also reduced our stake in Nvidia to invest in Intel, which we believe will benefit from recent trade policy shifts.
Income Portfolio No changes; we maintain a diversified mix of U.S. and global high-quality stocks.
Our approach targets opportunities with a significant margin of safety with minimal risk of permanent loss. Patience remains essential in realizing long-term gains.
For questions about your portfolio or to schedule a meeting, please contact us. 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.
Recent Posts
January 2025 Update
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December 2024 Update
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November 2024 Update
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October 2024 Update
Join the mailing list here The Growth and Income model portfolios performed well in September,
September 2024 Update
Join the mailing list here We are pleased to report that our Growth and Income
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.