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Over the past year, the Growth Portfolio has gained 10.8%, the Income Portfolio is up 14.5%, and the American Growth Portfolio is down 5.0%. While markets pulled back in March, this is precisely the kind of volatility that creates opportunity for disciplined investors. Our focus on high-growth companies—historically the key drivers of long-term wealth—faced short-term pressure due to trade and tariff headlines. But when you step back, the bigger picture is clear: the foundation for strong returns remains firmly in place.
Despite the headlines, the economy is thriving. Government spending continues to expand, consumer spending is outpacing inflation, credit growth remains strong, and employment is rising in both Canada and the U.S. Put simply, the economy is growing with no signs of recession in sight.
Investor sentiment, however, remains deeply pessimistic—which is exactly why we remain optimistic. Historically, when sentiment reaches extreme lows, future returns have been exceptionally strong. Various indicators point to double-digit market growth over the year ahead, and we believe this volatility presents a significant opportunity to put capital to work. Market pullbacks are not a reason for fear—they are an opportunity. Most years see a 10-15% intra-year decline, even in strong bull markets.
The best investors act when others hesitate. Our disciplined, rules-based strategy ensures we capitalize on these moments—identifying opportunity, managing risk, and positioning portfolios for superior returns. While many investors remain on the sidelines, we see this environment as a rare chance to invest ahead of the next upward move.
For investors looking to preserve and grow their wealth, now is the time to position for the future. If you have cash available to invest, please reach out today.
You can book a time here: Book time with Ben W. Kizemchuk: Portfolio and Plan Review
Model Portfolio Highlights
Growth Portfolio In March we trimmed some gains from Kinross Gold and used the proceeds to buy more Shopify.
American Growth Portfolio In March we harvested some gains from Intel and used the proceeds to increase our position in Tesla.
Income Portfolio In March we took profits on our global equity exposure and focused our holdings to growth opportunities in U.S. financials and Canadian utilities.
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
April 2025 Update
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Over the past year, the Growth Portfolio has gained 10.8%, the Income Portfolio is up 14.5%, and the American Growth Portfolio is down 5.0%. While markets pulled back in March, this is precisely the kind of volatility that creates opportunity for disciplined investors. Our focus on high-growth companies—historically the key drivers of long-term wealth—faced short-term pressure due to trade and tariff headlines. But when you step back, the bigger picture is clear: the foundation for strong returns remains firmly in place.
Despite the headlines, the economy is thriving. Government spending continues to expand, consumer spending is outpacing inflation, credit growth remains strong, and employment is rising in both Canada and the U.S. Put simply, the economy is growing with no signs of recession in sight.
Investor sentiment, however, remains deeply pessimistic—which is exactly why we remain optimistic. Historically, when sentiment reaches extreme lows, future returns have been exceptionally strong. Various indicators point to double-digit market growth over the year ahead, and we believe this volatility presents a significant opportunity to put capital to work. Market pullbacks are not a reason for fear—they are an opportunity. Most years see a 10-15% intra-year decline, even in strong bull markets.
The best investors act when others hesitate. Our disciplined, rules-based strategy ensures we capitalize on these moments—identifying opportunity, managing risk, and positioning portfolios for superior returns. While many investors remain on the sidelines, we see this environment as a rare chance to invest ahead of the next upward move.
For investors looking to preserve and grow their wealth, now is the time to position for the future. If you have cash available to invest, please reach out today.
You can book a time here: Book time with Ben W. Kizemchuk: Portfolio and Plan Review
Model Portfolio Highlights
Growth Portfolio In March we trimmed some gains from Kinross Gold and used the proceeds to buy more Shopify.
American Growth Portfolio In March we harvested some gains from Intel and used the proceeds to increase our position in Tesla.
Income Portfolio In March we took profits on our global equity exposure and focused our holdings to growth opportunities in U.S. financials and Canadian utilities.
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
May 2025 Update
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March 2025 Update
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February 2025 Update
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January 2025 Update
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December 2024 Update
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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.