{"id":2065,"date":"2026-04-24T17:38:00","date_gmt":"2026-04-24T17:38:00","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/?p=2065"},"modified":"2026-04-24T17:38:00","modified_gmt":"2026-04-24T17:38:00","slug":"april-2026-dont-get-scurvy-moving-beyond-the-60-40","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/april-2026-dont-get-scurvy-moving-beyond-the-60-40\/","title":{"rendered":"April 2026: Don’t get Scurvy – Moving Beyond the 60\/40"},"content":{"rendered":"
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INSIDE<\/span><\/strong><\/h3>\n

Moving Beyond the 60\/40<\/span><\/strong><\/h4>\n

A key risk is quietly emerging for Canadian investors as the post COVID environment of persistently high interest rates, large deficits, and rising government debt undermines traditional portfolio assumptions. The longstanding 60\/40 model relied on bonds to provide stability during equity downturns, but inflation shocks and fiscal excess have eroded that protection, turning fixed income into a source of capital risk. The United Kingdom offers a cautionary parallel: years of aggressive policy initiatives, regulation, and deficit spending ultimately forced bond markets to demand higher yields, producing meaningful losses for investors who viewed government debt as safe. Canada appears to be following a similar path, yet bond yields have not fully adjusted, creating the potential for double digit drawdowns if they normalize. In response, TriVest Wealth has eliminated exposure to Canadian government bonds and replaced it with structured notes designed to generate income and manage risk more effectively \u2014 an approach reflected in the strong results of our Risk Managed Balanced Growth Fund, which now holds over half its portfolio in structured notes and no government or corporate bonds.<\/span><\/p>\n

Positioning in This Oil Crisis<\/span><\/strong><\/h4>\n

Since the outbreak of war involving Iran, oil markets have been defined by sharp, unstable price swings driven less by fundamentals and more by rapidly shifting probabilities around escalation and ceasefire headlines. While a prolonged closure of the Strait of Hormuz would represent a severe supply shock with serious global consequences, markets have struggled to sustain rallies as risk became widely recognized and positioning crowded. Investors who treated energy as a one-way trade often paid a high price for poor timing, reinforcing the reality that obvious trades are rarely kind. In our view, energy exposure currently functions best as a near-term hedge rather than a core investment thesis, helping offset portfolio risk during periods of heightened uncertainty rather than serving as the primary return driver. Elevated oil prices tighten financial conditions and act as a tax on consumers, increasing the likelihood of policy responses such as rate cuts and renewed balance sheet expansion, which helps explain why gold and copper have also benefited. Against this backdrop, TriVest Wealth positions energy defensively while remaining focused on assets that respond positively to easing financial conditions \u2014 recognizing that the most effective strategy is not predicting headlines, but understanding how markets react once they arrive.<\/span><\/p>\n

But I Wore the Juice<\/span><\/strong><\/h4>\n

We are entering a new global arms race defined by control over energy, critical minerals, and the infrastructure required to power artificial intelligence \u2014 a race the United States is actively positioning to win by securing supply chains, transportation chokepoints, and geopolitical access to resources. Canada, despite possessing world-class energy and mineral endowments, remains constrained by regulation, policy uncertainty, and an economic framework organized around intention rather than execution, leaving it increasingly sidelined as capital and supply chains move elsewhere. History offers a stark lesson: the British Royal navy solved scurvy by adopting citrus because it addressed a real physical constraint, but mistakes arose when belief drifted from evidence. McArthur Wheeler\u2019s infamous attempt to use lemon juice as \u201cinvisible ink\u201d is a reminder of what happens when partial truths are applied to the wrong problem. The parallel is uncomfortable but clear \u2014 good intentions, aspirational targets, and regulatory virtue only matter if they align with economic reality. If Canada does not remove barriers, accelerate development, and secure direct access to global markets, it risks discovering too late that confidence was mistaken for competence, belief for evidence, and, like Wheeler, we will wake up asking, \u201cBut I wore the juice?\u201d<\/span><\/p>\n

Please reach out to any of our team members should you have any comments or questions about markets, your portfolio or just wanting to catch up<\/span><\/p>\n

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April 2026: Moving Beyond the 60\/40<\/span><\/strong><\/h2>\n

An important risk is quietly building beneath the surface that many Canadian investors may still be overlooking. The issue is not a single policy decision or election outcome, but the structural environment that has emerged in the post\u2011COVID world, where elevated interest rates, persistent deficits, and rising government debt have fundamentally altered how portfolios should be constructed.<\/span><\/p>\n

For decades, the traditional 60\/40 portfolio relied on a simple assumption: when equity markets struggled, bonds would provide both stability and protection. That relationship has broken down. Inflation shocks, fiscal expansion, and rising borrowing needs have left bonds exposed to capital loss at precisely the wrong point in the cycle. Instead of acting as ballast, fixed income has quietly become a source of risk.<\/span><\/p>\n

If investors want a preview of what may lie ahead, especially for Canada, they do not have to look very far. The United Kingdom offers a useful comparison, not because the two economies are identical, but because many of the policy instincts now taking shape in Canada were first tested there, with clear consequences for government debt markets. The issue was not intent, but outcomes, as markets ultimately respond to balance sheets rather than narratives.<\/span><\/p>\n

The U.K. policy mix included aggressive climate initiatives, broader regulation, persistent deficits, centralized spending priorities, and higher taxes. None of these policies appeared destabilizing on their own, and few were introduced abruptly. Over time, however, their cumulative impact eroded investor confidence, particularly in the long end of the bond market.<\/span><\/p>\n

As a result, U.K. gilt yields no longer reflect assumptions of fiscal discipline or stable policy settings. Instead, they incorporate compensation for rising borrowing needs, ongoing state involvement, and the long term costs of expansive policy commitments layered onto an already heavy public balance sheet. As deficits persisted, investors were forced to absorb an ever growing supply of government debt, and yields rose accordingly.<\/span><\/p>\n

Canada increasingly appears to be moving along a similar path. Carbon taxation remains a central policy lever; regulatory burdens continue to weigh on energy, mining, and small businesses, and large deficit spending has become normalized even outside periods of crisis. These choices mirror many of the policy frameworks already familiar to U.K. investors. The key difference is timing: Canadian bond markets have not fully adjusted yet.<\/span><\/p>\n

Bond markets do not always move in anticipation of policy change; they move once the consequences of those policies become unavoidable. In our view at TriVest Wealth, Canadian government bond yields continue to price in a level of stability that no longer reflects the macro, fiscal, or political direction the country is moving toward.<\/span><\/p>\n

For an indication of the potential downside, the U.K. recently issued 10 year government bonds at yields approaching 4.9 percent, the highest level since the global financial crisis. Canada\u2019s 10 year bond, by contrast, still trades closer to 3.4 percent. If Canadian yields were to adjust toward U.K. levels, investors could face capital losses in the range of 10 to 12 percent on assets still widely regarded as \u201csafe.\u201d It is worth asking how many Canadians would knowingly accept a double digit drawdown in the portion of their portfolio designed primarily for capital preservation.<\/span><\/p>\n

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Source: public data sources, charts created by TriVest Wealth<\/span><\/p>\n

This reality brings us back to portfolio construction. Many advisers continue to default to the traditional 60\/40 framework, despite the fact that bonds have lost much of their risk\u2011management function in an environment defined by fiscal excess, currency risk, and policy uncertainty.<\/span>At TriVest Wealth, we have responded by removing exposure to Canadian government bonds altogether. In their place, we have implemented structured notes, both principal protected and principal at risk, linked to diversified equity indices with meaningful downside buffers. These strategies allow us to generate income, manage risk more deliberately, and deliver better outcomes in the types of markets investors are now facing.<\/span><\/p>\n

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A key contributor to our strong performance over the past 12 months has been how we actively deployed different structured\u2011note strategies as market conditions evolved. Following last spring\u2019s market sell\u2011off, we selectively purchased leveraged upside notes with large downside barriers, many of which were fully principal\u2011protected. These structures allowed us to participate in the subsequent recovery wh<\/span>ile maintaining meaningful downside protection.<\/span><\/p>\n

Today, our positioning is more conservative given the current market conditions. For example, we are favouring structured notes with monthly payable coupons, reasonable downside barriers, geared buffers, and, in some cases, twin win structures designed to generate positive returns even during moderate market corrections. In our view, this represents a far more compelling risk reward trade off than owning a Canadian 10 year government bond yielding approximately 3.4 percent while carrying the potential for 10 to 15 percent capital losses should yields normalize toward more realistic levels.<\/span><\/p>\n

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Positioning in This Oil Crisis<\/span><\/strong><\/h2>\n

Oil markets have experienced sharp and often disorienting swings since the war in Iran started just over a month ago. Prices surged as tensions escalated into a shutdown of the Strait of Hormuz, a chokepoint that handles a meaningful share of global oil flows. Prices then partially reversed just as quickly on even the smallest hint of de-escalation or a possible ceasefire. The result has been a market driven less by steady analysis and more by a speculation of outcomes and rapidly shifting probabilities that can change overnight.<\/span><\/p>\n

This environment has proven fertile ground for strong opinions. Many commentators have framed the situation in absolute terms, arguing that oil prices must rise sharply and remain elevated because a reopening of the Strait of Hormuz appears unlikely. That framing has encouraged aggressive positioning in energy stocks at moments when fear was already elevated and expectations have become one sided.<\/span><\/p>\n

That approach has been costly for investors who treated the situation as a one-way trade and got the timing wrong. Investors who entered positions late, convinced prices could only move higher, found themselves exposed to swift drawdowns. Over the years, I\u2019ve learned that markets are rarely kind to trades that feel obvious.<\/span><\/p>\n

This does not diminish the seriousness of the situation. A sustained disruption in the Strait of Hormuz would represent one of the most consequential oil supply interruptions in modern history. The global economy remains deeply dependent on stable energy flows, and replacement capacity remains extremely limited in the near term. These risks are real and deserve respect.<\/span><\/p>\n

However, what matters just as much is how markets absorb and express that risk. Oil prices reflect expectations, probabilities, and timing rather than outcomes alone. When fear becomes widely shared and positioning grows crowded, further upside requires developments that exceed what is already priced in. That dynamic helps explain why oil rallies have struggled to sustain momentum even as troubling headlines continue to surface.<\/span><\/p>\n

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This is where perspective becomes critical. In the current environment, I really believe that energy exposure functions best as a near-term hedge rather than a core investment thesis. Current price levels will be difficult to sustain for extended periods because of the extreme strain they place on consumers and businesses \u2014 pressure that is already becoming visible in economic data. Framed this way, the purpose of oil exposure is to offset near-term risks elsewhere in the portfolio rather than serve as the primary driver of returns.<\/span><\/p>\n

Hedges are not meant to be permanent or precisely timed. Their role is to provide protection when uncertainty rises, and that is exactly how energy has functioned over the past month. Viewing the sector through this lens changes decision making. Position size becomes more disciplined and gains are treated as risk offsets rather than confirmation of a long-held belief.<\/span><\/p>\n

This approach has allowed us at TriVest Wealth Counsel to remain aligned with a broader theme that extends beyond energy. Elevated oil prices act as a tax on consumers and businesses, tightening financial conditions and increasing the risk of a slowdown. History suggests as that pressure builds, central banks respond by cutting rates and expanding balance sheets through renewed government debt purchases.<\/span><\/p>\n

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That expectation continues to play out with regular on-and-off-again reports of a ceasefire triggering sharp moves in oil prices, while certain commodity producers, particularly in gold and copper, move in tandem. That move reflected shifting expectations around interest rates, liquidity, and currency values rather than renewed optimism about economic growth.<\/span><\/p>\n

In particular, gold benefits from falling real rates and expanding monetary balance sheets. Copper benefits when investment cycles remain supported by policy even as demand cools. These dynamics explain why energy currently plays a supporting role rather than the centre of gravity in our client portfolios.<\/span><\/p>\n

Looking ahead, oil markets are likely to remain volatile as geopolitical uncertainty persists. Investors who treat energy as a hedge rather than a conviction trade, and who remain positioned for policy responses to elevated oil prices, are better prepared to navigate uncertainty without being driven by it. Sometimes the most effective positioning is not about predicting the next headline but about understanding how markets are likely to respond once it arrives.<\/span><\/p>\n

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The Lime Lesson: Why Canada Is Missing the AI Arms Race<\/span><\/strong><\/h2>\n

We are entering a new global arms race \u2014 one defined by the desire to rapidly secure control over energy, critical minerals, and the infrastructure required to power one of the most consequential technologies in human history: artificial intelligence (AI). This is because compute at scale is impossible without reliable electricity, secure transportation corridors, and long duration access to scarce inputs. Nations that control these bottlenecks will therefore lead in the global reshaping of economic power for decades.<\/span><\/p>\n

The United States understands this dynamic clearly and has begun acting accordingly. Regardless of one\u2019s view of the current administration\u2019s tactics, the strategic direction is unmistakable. The U.S. is prioritizing supply security for industrial\u2011scale computing, electrification, and national security. It is asserting influence over key transportation routes such as the Suez Canal and the Strait of Hormuz, and increasingly looking north to the Arctic. It is also working to secure energy and resource access in South America through Venezuela and Cuba, and further north through Greenland. These efforts are deliberate moves to ensure the physical inputs required for AI dominance remain available, affordable, and politically aligned.<\/span><\/p>\n

Canada, by contrast, finds itself in a uniquely paradoxical position. Few countries possess comparable endowments of energy, uranium, copper, nickel, potash, and other critical minerals. Yet access to global markets remains constrained by layers of excessive regulation, policy uncertainty, and major infrastructure bottlenecks. Instead of prioritizing competitiveness and scale, carbon neutrality has become the organizing principle around which economic policy is structured \u2014 a choice that will come at great cost. This approach has not meaningfully changed under Prime Minister Mark Carney\u2019s leadership and may, in fact, become more entrenched.<\/span><\/p>\n

Despite improved tone and more reassuring rhetoric from Ottawa, the underlying regulatory framework that deters long term capital investment remains largely intact. Markets respond to outcomes, not intentions, and so when barriers persist, capital flows elsewhere, supply chains form without us, and Canada\u2019s strategic relevance erodes quietly while we congratulate ourselves on having the right values rather than delivering tangible results.<\/span><\/p>\n

This dynamic is best understood through an unsettling but instructive analogy involving lemons. In the 18th century, the Royal Navy discovered that eating citrus fruit could prevent scurvy, a disease that had crippled long distance naval power. The discovery worked because it addressed the real problem: vitamin C. Lemons and oranges were particularly effective, but over time the navy substituted West Indian limes \u2014 not because they were better, but because they were more readily available and easier to supply across the empire. The solution was scalable and convenient, even if not optimal, and British sailors earned the nickname \u201cLimeys\u201d as a result. The lesson from this is that success comes from policies grounded in physical reality and logistical constraints.<\/span><\/p>\n

However, problems arise when that grounding is lost altogether. Fast\u2011forward to 1995, when McArthur Wheeler robbed two banks in Pittsburgh without a mask or disguise, convinced that lemon juice applied to his face would render him invisible to security cameras. Lemon juice, after all, could be used as invisible ink. He even smiled directly into the cameras. He was arrested within the hour. When shown the footage, his response was not denial, but outright disbelief: \u201cBut I wore the juice.\u201d<\/span><\/p>\n

Wheeler\u2019s failure was a catastrophic misreading of reality. He mistook a partial truth for a universal one, confusing anecdote with evidence and belief with proof. His case later inspired what became known as the Dunning\u2011Kruger effect: the tendency to overestimate understanding precisely when knowledge is weakest.<\/span><\/p>\n

The parallel should be uncomfortable. Citrus works when it addresses scurvy but it does nothing when applied to the wrong problem. Likewise, good intentions, aspirational targets, and regulatory virtue only matter if they align with economic reality. When they don\u2019t, global capital remains brutally indifferent.<\/span><\/p>\n

If Canada wants to compete in a world shaped by artificial intelligence, energy security, and geopolitical competition, it must remove barriers, accelerate development, and secure direct access to global markets to achieve competitive pricing for its resources. Otherwise, we risk discovering \u2014 too late \u2014 that confidence was mistaken for competence, and belief for evidence. And worse yet, we will wake up in another decade asking ourselves, \u201cBut I wore the juice?\u201d<\/span><\/p>\n

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Research, In-the-Media, Reads of the Month<\/span><\/strong><\/h2>\n

New RBC report: $1 trillion in investment exited Canada<\/span><\/strong>
\nBetween 2015-2024, more than $1 trillion in investment exited Canada \u2014 the largest capital exodus in Canadian history. Read Here<\/a><\/span><\/p>\n

\u201cMore money left Canada than foreign investors brought in\u201d<\/strong><\/span>
\n\u201cCanadians moved a record amount of money into foreign assets in February, causing more money to leave the country than foreign investors brought in.\u201d Read Her<\/a>e<\/span><\/p>\n

\u201cIn the final quarter of 2025, no identified currency saw its share of the global FX reserve pool trimmed more than CAD…not even the USD\u201d<\/strong><\/span>
\n\u201cOver the whole of last year the Canadian dollar\u2019s share of official reserves dropped 0.34 per cent\u2014the largest year on year reduction since the loonie was added to the IMF\u2019s reserve currency list, said the economist.\u201d\u00a0 Read Here<\/a><\/span><\/p>\n

Latin America the next resource superpower?<\/strong><\/span>
\n\u201cAlmost 50 per cent of the global crude supply growth through 2030 will come from Brazil, Guyana, Argentina & Venezuela. Latin America has a chance to emerge as a winner from today’s geopolitical realignment thanks to it growing energy clout.\u201d Read Here<\/a><\/span>
\n\u201cThe central bank has separately estimated Argentina could triple mining exports by 2030 based on industry forecasts.\u201d \u201cSee Here<\/a><\/span><\/p>\n

Copper<\/strong><\/span>
\nSulphur is a precursor to approximately 20 per cent of global copper production. Some copper producers are operating with less than 30 days of foreseeable sulphuric acid supply. Therefore, the second derivative effect of the disruption in sulphur supply is the potential shutdown of 20 per cent in global copper supply, that\u2019s without considering any of the other pre-cursor risks, such as lack of diesel supply. Read Here<\/a><\/span>
\nChilean copper production continues to slide, with output falling on an annual basis for seven consecutive months. See Here<\/a><\/span><\/p>\n

The world did not abandon the USD, yet<\/strong><\/span>
\nIt however, did stop trusting USD assets under sanction risk. Gold has become the only reserve asset without counterparty risk. Gold is not replacing USD settlement, USD invoicing, or even USD liquidity. However, gold is replacing the USD as the ultimate reserve asset. See Here<\/a><\/span><\/p>\n

\u201cTreasury squabbles are harming Britain\u2019s national security\u201d<\/strong><\/span>
\nIn political terms, Reeves is essentially irrelevant now. The failure to conjure up economic growth, rising government debt and public expenditure representing a proportion of GDP last seen in the 1940s have incinerated her credibility. \u201cRead Here<\/a><\/span><\/p>\n

Weaker 10-year forward returns<\/strong><\/span>
\n\u201cThe share of total market value captured by stocks has historically been a strong predictor of forward returns (R-Square of 0.83) since 1952. The relationship has diverged in recent years due to the +80% gains since 2022. Current levels suggest weaker 10-year forward returns.\u201d See Here<\/a><\/span><\/p>\n

Tariffs\u2019 impact on inflation is undeniable<\/strong><\/span>
\n\u201cThe 2025 tariffs led to an increase in the prices of domestic and imported goods.” See Here<\/a><\/span>
\nShare of consumers saying their financial situation is worse compared to a year ago due to higher prices jumped to 54 percent in April vs. 47 percent in March and is now highest on record. See Here<\/a><\/span><\/p>\n

Housing markets<\/strong><\/span>
\nU.S. home sellers now outnumber buyers by 630,000, the largest gap ever recorded. See Here<\/a><\/span>
\nGiven Canada’s aging population, it’s not surprising that the fastest growing household sizes are 1- and 2-person households. The 3rd fastest? Households with 6+ people. See Here<\/a><\/span><\/p>\n

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On the Positive<\/span><\/h2>\n

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John Cowperthwaite<\/strong><\/span>
\n\u201cIn the aftermath of WW2, Hong Kong was a bombed-out British colony of 600,000 refugees, with no natural resources and a per capita income lower than many African nations. But by the 1980s it had become one of the richest places on earth. The man most responsible was John Cowperthwaite, Financial Secretary from 1961 to 1971. Read More<\/a><\/span><\/p>\n

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How do you like them trees?<\/strong><\/span>
\n\u201cAntoine Moses, a 23-year-old tree planter from Quebec, Canada set a new world record by planting 23,060 trees in 24 hours. Watch Here<\/a><\/span><\/p>\n

In 2022, Deng Youcai\u2019s wife was left paralyzed by a brain tumor<\/strong><\/span>
\n\u201cShe begged him to let her die as she didn\u2019t want to bankrupt the family. But he refused. Instead, he quit his job, spent over $280,000 on treatment, became her full-time caregiver, and danced and sang by her bedside every day to keep her spirits alive. Within months, she made a full recovery. Watch Here<\/a><\/span><\/p>\n

Now that\u2019s some survey<\/strong><\/span>
\nThe Canada Revenue Agency spent $202,000 to conduct a survey asking taxpayers how they like paying taxes. They concluded that “tax filing was seen as a necessary responsibility rather than an activity [Canadians] look forward to.” Read Here<\/a><\/span><\/p>\n

\u201cTo: Admitted Students on Ivy Decision Day, <\/strong><\/span>From: UATX\u201d<\/strong><\/span>
\nCongratulations. Getting in was hard and you should be proud. Now here\u2019s some unsolicited advice so you don\u2019t waste the next four years. Read Here<\/a><\/span><\/p>\n

Citrini Research: Into the Strait<\/strong><\/span>
\n\u201cThis is wild: Citrini sent a dude with $15,000 cash, recording sunglasses, and a pack of Cuban cigars to the Strait of Hormuz. Read Here<\/a><\/span><\/p>\n<\/div>\n

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A Wicked Thief<\/strong><\/span><\/div>\n
If you\u2019re watching a dying man who\u2019s freer than you are, it begs questions that demand answers. Perhaps in those answers we find life and life abundant. Read Here<\/a><\/span><\/div>\n<\/div>\n
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Coherence Breathing<\/span><\/strong><\/div>\n
Rick Rubin has low heart rate variability. <\/span>So he looked up everything that raises it, picked one technique, and started doing it every day. It worked. The technique: coherence breathing. 10 to 20 minutes a day, at least once, sometimes twice. Watch Here<\/a><\/span><\/div>\n
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Self-esteem is a Lie<\/span><\/b><\/span><\/div>\n
“Self-esteem doesn’t even exist. It’s a pathological concept altogether.” “You want confidence that’s based in competence. Otherwise it’s narcissistic.” “How do you develop that? You watch yourself exceed your limits.” “And then you think: there’s something in me that can exceed my limits. That’s your true self.” Read Here<\/a><\/span><\/div>\n

Thanks for visiting<\/h2>\n

To find out more about the TriVest team and how we manage wealth, follow us on <\/span>Twitter<\/a>, or <\/span>LinkedIn<\/a>. <\/span>Please email us <\/a>if you want to find out more about our services.<\/span><\/p>\n

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Trivest Wealth is a trade name of Wellington-Altus Private Counsel Inc. (WAPC). WAPC is a Portfolio Manager and Investment Fund Manager registered with the Manitoba Securities Commission as its primary regulator. The advisors associated with Trivest Wealth are registered with WAPC. WAPC is a subsidiary of Wellington-Altus Financial Inc. The information contained herein has been provided for information purposes only. The information has been drawn from sources believed to be reliable. Graphs, charts and other numbers 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\u2019s objectives and risk tolerance. This does not constitute a recommendation or solicitation to buy or sell securities of any kind. Market conditions may change which may impact the information contained in this document.<\/p>\n

Transactions of the type described herein may involve a high degree of risk, and the value of such instruments may be highly volatile. Such risks may include without limitation risk of adverse or unanticipated market developments, risk of issuer default and risk of illiquidity. In certain transactions counterparties may lose their entire investment or incur an unlimited loss. This brief statement does not disclose all the risks and other significant aspects in connection with transactions of the type described herein, and counterparties should ensure that they fully understand the terms of the transaction, including the relevant risk factors and any legal, tax, regulatory and accounting considerations applicable to them, prior to transacting. This report may contain links to third-party websites. WAPC is not responsible for the content of any third-party website or any linked content contained in a third-party website. The inclusion of a link in this report does not imply any endorsement by or any affiliation with WAPC.<\/p>\n

Structured Notes are not suitable for all investors. The notes do not pay dividends, and any dividends paid on the underlying constituent\u2019s may not factor into the return calculation that determines your return. The protection and potential augmented returns on these notes are only available when<\/p>\n

Wellington-Altus Private Counsel Inc. (WAPC) does not guarantee the accuracy or completeness of the information contained herein, nor does WAPC assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Before acting on any of the above, please contact your financial advisor.<\/p>\n

Wellington-Altus Private Counsel is registered as a Portfolio Manager in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland & Labrador, Nova Scotia, Northwest Territories, Nunavut, Ontario, PEI, Quebec, Saskatchewan, Yukon and an Investment Fund Manager in Alberta, Manitoba, Ontario, and Quebec.<\/em><\/p>\n

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All trademarks are the property of their respective owners.<\/p>\n

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