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The recent market pullback has created a window of opportunity for strategic investors. While the Growth and Income Portfolios retraced most of January’s gains, U.S. stock indices remain near record levels, reinforcing the long-term strength of equities.
Sentiment has turned sharply negative—historically a strong contrarian signal. In late February, the American Association of Individual Investors survey recorded a 60% bearish reading, a level typically seen at major market bottoms. Historically, one-year forward returns of the S&P 500 index after such extremes have averaged gains of 24%.
Despite negative headlines, the broader economic landscape remains strong. U.S. government spending is robust, outpacing last year’s levels, credit growth is accelerating, now approaching 4% year-over-year, and U.S. employment remains resilient, supporting continued consumer and business activity. While tariffs introduce some uncertainty, historical patterns show markets adapt, and long-term expansion continues.
Periods of uncertainty often create the best opportunities for disciplined investors. Our focus remains clear: managing risk, identifying opportunities, and positioning portfolios for sustainable long-term growth. A strategic approach allows us to navigate volatility while safeguarding capital for the future.
If you’re considering putting additional capital to work, now is a great time for a conversation. Whether it’s refining your asset allocation, optimizing for income, or preparing for long-term growth, we’re here to guide you. And if you simply want someone to talk to, we’re here for that too. Reach out to discuss how your portfolio is aligned with your financial goals and how we’re taking advantage of the opportunities ahead trajectory.
You can book a time here: Book time with Ben W. Kizemchuk: Portfolio and Plan Review
Model Portfolio Highlights
Growth Portfolio We took some profits on Kinross Gold and increased our position in Shopify to strengthen exposure to high-growth opportunities.
American Growth Portfolio No changes in February.
Income Portfolio With the goal of reducing volatility, we increased diversification into defensive sectors like healthcare, consumer staples, and utilities. We also reduced international and Canadian equity exposure in favour of U.S. assets for improved risk-adjusted returns.
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 time with Ben W. Kizemchuk: Portfolio and Plan Review
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
March 2025 Update
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The recent market pullback has created a window of opportunity for strategic investors. While the Growth and Income Portfolios retraced most of January’s gains, U.S. stock indices remain near record levels, reinforcing the long-term strength of equities.
Sentiment has turned sharply negative—historically a strong contrarian signal. In late February, the American Association of Individual Investors survey recorded a 60% bearish reading, a level typically seen at major market bottoms. Historically, one-year forward returns of the S&P 500 index after such extremes have averaged gains of 24%.
Despite negative headlines, the broader economic landscape remains strong. U.S. government spending is robust, outpacing last year’s levels, credit growth is accelerating, now approaching 4% year-over-year, and U.S. employment remains resilient, supporting continued consumer and business activity. While tariffs introduce some uncertainty, historical patterns show markets adapt, and long-term expansion continues.
Periods of uncertainty often create the best opportunities for disciplined investors. Our focus remains clear: managing risk, identifying opportunities, and positioning portfolios for sustainable long-term growth. A strategic approach allows us to navigate volatility while safeguarding capital for the future.
If you’re considering putting additional capital to work, now is a great time for a conversation. Whether it’s refining your asset allocation, optimizing for income, or preparing for long-term growth, we’re here to guide you. And if you simply want someone to talk to, we’re here for that too. Reach out to discuss how your portfolio is aligned with your financial goals and how we’re taking advantage of the opportunities ahead trajectory.
You can book a time here: Book time with Ben W. Kizemchuk: Portfolio and Plan Review
Model Portfolio Highlights
Growth Portfolio We took some profits on Kinross Gold and increased our position in Shopify to strengthen exposure to high-growth opportunities.
American Growth Portfolio No changes in February.
Income Portfolio With the goal of reducing volatility, we increased diversification into defensive sectors like healthcare, consumer staples, and utilities. We also reduced international and Canadian equity exposure in favour of U.S. assets for improved risk-adjusted returns.
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 time with Ben W. Kizemchuk: Portfolio and Plan Review
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
February 2025 Update
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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,
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.