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Markets continued their upward march in June, with major indices reaching new all-time highs. Our portfolios remain well-positioned: The Growth Portfolio is up 24.5% over the past year, the American Growth Portfolio is up 26.8% over the past year, and the Income Portfolio is up 7.6% over the past year.
Momentum remains strong. We’re seeing many of the same signals that preceded powerful rallies in 2009, 2018, and 2020. July has historically been one of the strongest months for equities, and so far, that pattern is holding.
We’ve been tracking the quiet return of credit growth in the U.S., and it’s now unmistakable. Real estate lending, commercial loans, and consumer credit are all accelerating.
This is a key development. For years, fiscal spending has been the primary driver of economic momentum. Now, private credit creation is stepping in to support growth. That dual-engine setup of public plus private growth is a powerful tailwind.
The recently passed U.S. budget bill (nicknamed the “Big Beautiful Bill”) is set to inject even more money into the system. With much of the new debt issued in short-term bills, we expect upward pressure on short-term rates and inflation. Our portfolios are positioned accordingly.
We’re also watching a deeper structural shift in how markets function — what we call the 4Fs:
- Fiscal Dominance: Governments are now the primary driver of economic growth.
- Financial Repression: A ceiling on interest rates help stabilize debt-heavy economies.
- Fiat Liquidity: Money is no longer scarce, it’s programmable.
- Passive Flows: Markets are increasingly automated, with capital flowing by rule, not discretion.
Together, these forces are reshaping markets into something more stable, less volatile, and increasingly policy-aligned. Markets are evolving from price discovery engines into utilities designed for continuity. For investors who understand this shift, the opportunity set is expanding.
Looking ahead, we remain bullish. The data supports it. The structure supports it. And investor sentiment, still cautious in many corners, suggests there’s room to run.
If you have cash on the sidelines, now is a good time to talk.
We’re currently welcoming new client relationships with:
- Households with $1M+ in investable assets
- Ontario lawyers
- Entrepreneurs and early adopters from the digital asset economy
If that sounds like someone you know, or like you, please be in touch.
Model Portfolio Highlights
Growth Portfolio: No changes in June.
American Growth Portfolio: We trimmed gains in Advanced Micro Devices and Nvidia, and initiated a new position in Netflix.
Income Portfolio: We maintained exposure to U.S. financials and a diversified basket of Canadian equities.
Our approach targets opportunities with a significant margin of safety with minimal risk of permanent loss. Patience remains essential in realizing long-term gains.
Thank you for your continued trust,
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
July 2025 Update
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Markets continued their upward march in June, with major indices reaching new all-time highs. Our portfolios remain well-positioned: The Growth Portfolio is up 24.5% over the past year, the American Growth Portfolio is up 26.8% over the past year, and the Income Portfolio is up 7.6% over the past year.
Momentum remains strong. We’re seeing many of the same signals that preceded powerful rallies in 2009, 2018, and 2020. July has historically been one of the strongest months for equities, and so far, that pattern is holding.
We’ve been tracking the quiet return of credit growth in the U.S., and it’s now unmistakable. Real estate lending, commercial loans, and consumer credit are all accelerating.
This is a key development. For years, fiscal spending has been the primary driver of economic momentum. Now, private credit creation is stepping in to support growth. That dual-engine setup of public plus private growth is a powerful tailwind.
The recently passed U.S. budget bill (nicknamed the “Big Beautiful Bill”) is set to inject even more money into the system. With much of the new debt issued in short-term bills, we expect upward pressure on short-term rates and inflation. Our portfolios are positioned accordingly.
We’re also watching a deeper structural shift in how markets function — what we call the 4Fs:
Together, these forces are reshaping markets into something more stable, less volatile, and increasingly policy-aligned. Markets are evolving from price discovery engines into utilities designed for continuity. For investors who understand this shift, the opportunity set is expanding.
Looking ahead, we remain bullish. The data supports it. The structure supports it. And investor sentiment, still cautious in many corners, suggests there’s room to run.
If you have cash on the sidelines, now is a good time to talk.
We’re currently welcoming new client relationships with:
If that sounds like someone you know, or like you, please be in touch.
Model Portfolio Highlights
Growth Portfolio: No changes in June.
American Growth Portfolio: We trimmed gains in Advanced Micro Devices and Nvidia, and initiated a new position in Netflix.
Income Portfolio: We maintained exposure to U.S. financials and a diversified basket of Canadian equities.
Our approach targets opportunities with a significant margin of safety with minimal risk of permanent loss. Patience remains essential in realizing long-term gains.
Thank you for your continued trust,
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
June 2025 Update
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May 2025 Update
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April 2025 Update
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March 2025 Update
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February 2025 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.