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The Growth and Income model portfolios once again delivered strong performance in November. The activity in volatility hedges we highlighted in last month’s update helped drive equities substantially higher, as anticipated. Notably, we witnessed three consecutive days with over 70% of U.S. stocks closing higher—a historically reliable signal for strong returns in the months ahead.

Over the past two years, despite widespread pessimism, we’ve consistently worked to identify growth opportunities by focusing on overlooked economic strengths. This approach, rooted in “radical optimism,” has allowed us to capitalize on robust economic fundamentals and position our portfolios for long-term success.

Government spending continues to act as a vital tailwind for economic expansion. While public attention often focuses on deficit concerns, meaningful spending cuts remain unlikely given political and legislative constraints. In this environment, we foresee sustained government investment driving gross domestic product (GDP) growth, improving debt-to-GDP ratios over time without austerity.

Policymakers may increasingly rely on financial repression—strategies such as keeping interest rates below inflation, encouraging domestic capital investment, and prioritizing lending to key sectors. These measures create a stimulative environment for economic growth, though they make traditional fixed-income investments, like bonds, less attractive due to returns below inflation. Equities and real assets, by contrast, are well-positioned to benefit from rising inflation and economic expansion.

This environment creates significant opportunities for our investors. With government spending and credit expansion accelerating, we expect continuing strong performance from high-quality equities and real assets.

We are grateful for your trust and partnership. We wish you a joyful holiday season and look forward to a prosperous 2025.

Model Portfolio Highlights
Growth Portfolio No changes in November.
American Growth Portfolio No changes in November.
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
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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.