{"id":989,"date":"2025-09-05T16:00:46","date_gmt":"2025-09-05T20:00:46","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/?p=989"},"modified":"2025-09-04T16:46:11","modified_gmt":"2025-09-04T20:46:11","slug":"september-2025-update","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/2025\/09\/05\/september-2025-update\/","title":{"rendered":"September 2025 Update"},"content":{"rendered":"<p><em>If you&#8217;d like to add friends or family to this email list, <a href=\"https:\/\/app.bigmailer.io\/t\/f\/3bad9314-b979-4521-81dd-e8dcea327019\" target=\"_blank\" rel=\"noopener\" data-cke-saved-href=\"http:\/\/eepurl.com\/hRxoQn\">please sign up here<\/a>.<\/em><\/p>\n<p>August delivered another round of record highs across major stock indices, extending the sharp rebound we anticipated earlier this year. Our proprietary indicators remain constructive, and late-month data confirmed this strength. A rare breadth thrust, where 90% of NYSE-listed stocks and volume advanced, triggered at month-end. This has historically preceded average 12-month S&amp;P 500 gains of over 23%.<\/p>\n<p>Beneath the headlines, the economy is quietly gaining momentum. Lending activity continues to pick up, driven by what we\u2019ve termed a \u201cdual-engine\u201d dynamic: sustained fiscal support is helping de-risk the system, giving banks the confidence to lend again. This shift is meaningful and suggests gross domestic product growth could surprise to the upside in the months ahead.<\/p>\n<p>Our long-term view continues to be shaped by what we call the \u201c4Fs\u201d: Fiat Money, Fiscal Dominance, Passive Flows, and Financial Repression. These forces are reshaping the investment landscape, dampening volatility and driving capital into equities. I recently discussed these ideas on Blockworks\u2019 <em>Forward Guidance<\/em> podcast, which reaches over 190,000 subscribers. You can watch the full episode here:<\/p>\n<p><iframe title=\"Why Everyone Keeps Misreading The New Macro Regime | Ben Kizemchuk\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/ZWZaiyYXLWs?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>We remain optimistic heading into year-end. Strong market internals, improving credit conditions, and supportive macro forces give us confidence in our positioning. As always, our focus is on managing risk while capturing upside.<\/p>\n<p><strong>Model Portfolio Highlights<br \/>\n<\/strong><strong>Growth Portfolio: <\/strong>We made no changes in August.<\/p>\n<p><strong>American Growth Portfolio: <\/strong>We exited a profitable position in NVIDIA and trimmed gains in Advanced Micro Devices, both of which have delivered strong performance. At the same time, we increased our existing exposure to Netflix and Intel.<\/p>\n<p><strong>Income Portfolio: <\/strong>We made no changes in August.<\/p>\n<p>Our approach targets opportunities with a significant margin of safety with minimal risk of permanent loss. Patience remains essential in realizing long-term gains.<\/p>\n<p>If you\u2019re already a client, thank you for your continued trust. If you\u2019re reading this as a friend of a client &#8211;welcome. We specialize in working with households with $1 million+ in investable assets, Ontario-based legal professionals, and early crypto wealth builders. If that sounds like you, we\u2019d love to connect.<\/p>\n<p>As always, thank you for your trust. If you\u2019d like to discuss your portfolio, the market outlook, or anything else on your mind, I\u2019m just a call or email away.<\/p>\n<p>Yours,<\/p>\n<p>Ben<\/p>\n<p>Ben W. Kizemchuk<br \/>\nPortfolio Manager &amp; Investment Advisor<br \/>\nWellington-Altus Private Wealth<img decoding=\"async\" class=\" wp-image-277 alignright\" src=\"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-content\/uploads\/sites\/57\/2020\/06\/ben.png\" alt=\"\" width=\"174\" height=\"218\" srcset=\"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-content\/uploads\/sites\/57\/2020\/06\/ben.png 728w, https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-content\/uploads\/sites\/57\/2020\/06\/ben-240x300.png 240w\" sizes=\"(max-width: 174px) 100vw, 174px\" \/><\/p>\n<p>Office: 416.369.3024<br \/>\nEmail: <a href=\"mailto:bwk@wellington-altus.ca\">bwk@wellington-altus.ca<\/a><br \/>\n<a href=\"https:\/\/bigmail.wellington-altus.ca\/t\/c\/a5e948ef-e547-4f9e-90f0-6859b2ab9983\/01930351-149e-e15e-227f-fdb81c36329b\">Book time with Ben W. Kizemchuk: Portfolio and Plan Review <\/a><\/p>\n<p>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<p>&nbsp;<\/p>\n<p><u>Performance reporting disclaimer:<\/u> Performance results reflect the returns of each representative model portfolio. Returns are calculated using each model portfolio\u2019s 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\u2019s 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&#8217;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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you&#8217;d like to add friends or family to this email list, please sign up here. August delivered another round of record highs across major stock indices, extending the sharp rebound we anticipated earlier this year. Our proprietary indicators remain constructive, and late-month data confirmed this strength. A rare breadth thrust, where 90% of NYSE-listed [&hellip;]<\/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-989","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\/989","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=989"}],"version-history":[{"count":1,"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-json\/wp\/v2\/posts\/989\/revisions"}],"predecessor-version":[{"id":990,"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-json\/wp\/v2\/posts\/989\/revisions\/990"}],"wp:attachment":[{"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-json\/wp\/v2\/media?parent=989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-json\/wp\/v2\/categories?post=989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenwealthmanagement\/wp-json\/wp\/v2\/tags?post=989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}