Growth Portfolio<\/strong> American Growth Portfolio<\/strong> Income Portfolio<\/strong> Small Cap Portfolio<\/strong> Across all portfolios we look for mispriced opportunities, considering only those with a significant margin of safety and minimal risk of permanent capital loss. After identifying such opportunities, patience is the most important factor in realizing our expected long term return.<\/p>\n If you have any questions about your portfolio, financial planning or investments please be in touch. Click to book a meeting:\u00a0https:\/\/calendly.com\/bwk-wapw<\/a><\/p>\n Thank you.<\/p>\n Yours,<\/p>\n Ben<\/p>\n Ben W. Kizemchuk Office: 416.369.3024 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.<\/p>\n","protected":false},"excerpt":{"rendered":" Stock indices revisited their June lows toward the end of September. Usually when markets go through a bottoming process they revisit their initial lows within a month or two. In that light, September\u2019s swoon looks entirely normal to us as the early stage of a market recovery. In a sign of strength underneath the surface, […]<\/p>\n","protected":false},"author":90,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[14],"tags":[],"class_list":["post-713","post","type-post","status-publish","format-standard","hentry","category-market-commentary"],"_links":{"self":[{"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-json\/wp\/v2\/posts\/713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-json\/wp\/v2\/users\/90"}],"replies":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-json\/wp\/v2\/comments?post=713"}],"version-history":[{"count":2,"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-json\/wp\/v2\/posts\/713\/revisions"}],"predecessor-version":[{"id":715,"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-json\/wp\/v2\/posts\/713\/revisions\/715"}],"wp:attachment":[{"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-json\/wp\/v2\/media?parent=713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-json\/wp\/v2\/categories?post=713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-json\/wp\/v2\/tags?post=713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nIn September we purchased a new position in Canopy Growth Corp. Despite the overall bearish sentiment this month, Canopy and other cannabis producers continued to trade well higher from their June lows — over 40% higher in Canopy\u2019s case \u2013 in a clear signal of renewed strength. The entire sector has been doing the hard work of right-sizing operations and focusing on cashflows, which we expect will lead to significant share price appreciation. We think that valuations could normalize in a similar fashion as energy stocks did in 2020, and gold stocks in 2015 \u2013 both sectors recovering after periods of intense carnage. We expect the Canopy trade to be volatile, but that the share price should be much higher a year or so from now.<\/p>\n
\nWe bought a new position in Uber. Like many pandemic stocks, Uber was annihilated during the economic reopening and inflationary burst of 2021\/22, dropping almost 70% from its high. However since the June lows, the stock remains up by over 40%, a sign of strength. We expect Uber to continue growing operations and cashflow.<\/p>\n
\nWe made no changes to the portfolio in September. Our holdings of US blue-chip dividend growth stocks, Canadian blue-chip high dividend stocks, and global infrastructure stocks remain in long term uptrends with significantly lower volatility than market indices and typical balanced portfolios.<\/p>\n
\nIn September we took advantage of volatility to purchase new positions in Quebec cannabis producer Hexo, organic foods company SunOpta, e-commerce platform mdf commerce, and renewable energy company Xebec Absorption. Each of these companies are trading at a significant discount to our estimates of intrinsic value.<\/p>\n
\nPortfolio Manager & Investment Advisor
\nWellington-Altus Private Wealth![\"\"](\"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-content\/uploads\/sites\/57\/2020\/06\/ben.png\")
<\/p>\n
\nEmail: bwk@wellington-altus.ca<\/a>
\nBook a meeting<\/a><\/p>\n