{"id":2158,"date":"2026-06-26T19:15:42","date_gmt":"2026-06-26T19:15:42","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/?p=2158"},"modified":"2026-06-26T20:48:14","modified_gmt":"2026-06-26T20:48:14","slug":"june-2026-when-bonds-start-talking","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/june-2026-when-bonds-start-talking\/","title":{"rendered":"June 2026: When Bonds Start Talking"},"content":{"rendered":"<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\">\n<p style=\"font-weight: bold\"><span style=\"font-size: 10pt\">When bond markets start talking<\/span><\/p>\n<p><span style=\"font-size: 10pt\">Few if any know that offshore hedge funds are now buying a massive 40 to 50 per cent of newly issued Government of Canada bonds. That level of participation reflects a meaningful change in the composition of demand over the years, as it was only five to 10 per cent a decade or more ago. This is important for many reasons including measuring the level of global liquidity and sovereign debt risks.<\/span><\/p>\n<p style=\"font-weight: bold\"><span style=\"font-size: 10pt\">Dialing back risk amid market strength<\/span><\/p>\n<p><span style=\"font-size: 10pt\">Markets have had a remarkable run. Over the past 12 months, it\u2019s been one of the strongest periods we\u2019ve seen for client portfolios. At times like this, the question becomes less about chasing returns and more about managing what we\u2019ve already earned. There is always a temptation to press harder when markets are working. We take a different approach. After strong performance, discipline matters more than ambition.<\/span><\/p>\n<p style=\"font-weight: bold\"><span style=\"font-size: 10pt\">Sandboxes and motorcycles<\/span><\/p>\n<p><span style=\"font-size: 10pt\">When it comes to managing wealth over many years, I have come to realize that its true value extends well beyond money. Building a nest egg to support a desired lifestyle in retirement is a common and worthwhile goal but the problem is that the habits we rely on to get there often end up standing in the way of finally enjoying it.<\/span><\/p>\n<p><span style=\"font-size: 10pt\">Time is by far your most valuable currency, and its importance sharpens with age, especially as it seems to accelerate. I wrote about this before in a piece titled: <a href=\"https:\/\/financialpost.com\/investing\/if-life-gets-shorter-why-work-so-long\">If life gets shorter, like a roll of toilet paper, why do we work so long? <\/a><\/span><span style=\"font-size: 10pt\">It sounds flippant, but the point is quite serious. The closer you get to the end, the more aware you become of just how finite your time really is.<\/span><\/p>\n<p><span style=\"font-size: 10pt\">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<br \/>\n<\/span><\/p>\n<p><em><span style=\"font-size: 10pt\">Your TriVest Team<\/span><\/em><\/p>\n<h2 style=\", arial, sans-serif;font-size: 16.5pt;color: #3e3e3e;margin-top: 30px\"><strong>June 2026<\/strong><\/h2>\n<h2 style=\", arial, sans-serif;font-size: 16.5pt;color: #3e3e3e\"><strong><span style=\"font-size: 14pt\">When bond markets start talking<\/span><\/strong><\/h2>\n<p><span style=\"font-size: 10pt\">Once in a while, something meaningful turns up in a place most people would not think to look, and we have found that more often than not it begins in the bond market. <\/span><span style=\"font-size: 10pt\">For example, we recently discovered that hedge funds were the major buyers of newly issued United States Treasury debt and it got me wondering if this is also happening in Canada, who these hedge funds were, why they were doing so, are there any auxiliary effects and what would be the consequences if they stopped?.<\/span><\/p>\n<p><span style=\"font-size: 10pt\">This brought us to the Bank of Canada\u2019s (BoC) <a href=\"https:\/\/www.bankofcanada.ca\/2025\/05\/financial-stability-report-2025\/#chart7\">2025 Financial Stability Report<\/a> thanks to <a href=\"https:\/\/betterdwelling.com\/canada-taps-leveraged-hedge-funds-for-over-40-of-new-debt-warns-boc\/\">a piece<\/a> we came across in Better Dwelling that appeared to go down the same rabbit hole. According to the BOC report, hedge funds are now buying a massive 40 to 50 per cent of <a href=\"https:\/\/financialpost.com\/tag\/government-bonds\/\">newly issued Government of Canada bonds<\/a>. That level of participation reflects a meaningful change in the composition of demand over the years, as it was only five to 10 per cent a decade or more ago.<\/span><\/p>\n<p><a href=\"https:\/\/betterdwelling.com\/canada-taps-leveraged-hedge-funds-for-over-40-of-new-debt-warns-boc\/\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-2161 alignnone\" src=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/2.png\" alt=\"\" width=\"481\" height=\"384\" srcset=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/2.png 488w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/2-300x240.png 300w\" sizes=\"(max-width: 481px) 100vw, 481px\" \/><\/a><\/p>\n<\/div>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\">\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\">\n<p><span style=\"font-size: 10pt\">The strategy itself isn\u2019t that complicated. Capital is borrowed in short-term funding markets, often tied to overnight rates such as Canadian Overnight Repo Rate Average (CORRA), and deployed into longer-dated government bonds across the five-, ten- and sometimes thirty-year maturities. The return comes from the spread between those funding costs and bond yields, while using leverage to make what would otherwise be modest differences more meaningful. The trade can also produce significant gains when longer-term yields fall and the yield curve flattens.<\/span><\/p>\n<p><span style=\"font-size: 10pt\">Demand for government bonds therefore becomes directly tied to the shape of the yield curve. As long as the spread between short-term rates and longer-term yields remains sufficient and there is a continued expectation that longer-term rates will drop, the trade attracts capital, and a lot of it. This has supported strong auction demand and allowed a growing amount of government issuance to be absorbed without a significant increase in borrowing costs. The market appears very liquid and well supported, even as supply expands. This is good news for the Canadian federal government, which is running the largest deficits outside of the 2020 COVID-19 pandemic response.<\/span><\/p>\n<p><span style=\"font-size: 10pt\">However, this type of demand brings a completely different set of sensitivities and risks. Because participation is influenced by the relationship between funding costs and bond yields, when that relationship shifts, demand can change with it. Suddenly a government may find half of its buyers gone and then has to choose between cutting back spending or printing money. <\/span><span style=\"font-size: 10pt\">The problem is that adjustments would not remain confined to just the government. Mortgage rates, corporate financing and other borrowing costs tend to move from that same base, also taking liquidity away from the economy and market.<\/span><\/p>\n<p><span style=\"font-size: 10pt\">The same dynamic is widely believed to exist in the U.S., although the structure is a lot more complex and not as directly observable. This is because the Treasury market is significantly larger and more fragmented, involving a broader mix of participants. Much of the activity takes place through repo markets, derivatives and other channels that are not as tied directly to public issuance data.<\/span><\/p>\n<p><span style=\"font-size: 10pt\">Interestingly, when looking at the relationship to broader equity markets, there is a pattern where equities tend to correct when these spreads narrow and strengthen when they widen. It suggests that keeping a close eye on these spreads may offer a useful way to gauge underlying liquidity conditions and, by extension, the general direction of markets.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignleft wp-image-2162\" src=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture3.png\" alt=\"\" width=\"532\" height=\"367\" srcset=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture3.png 624w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture3-300x207.png 300w\" sizes=\"(max-width: 532px) 100vw, 532px\" \/><\/p>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\">\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\">\n<p><span style=\"font-size: 10pt\">In the end, the concern is not simply who is buying government debt but why they are buying it. We do worry that a growing share of sovereign issuance now depends on a large set of investors responding to pricing relationships rather than long-term ownership or fundamental conviction.<\/span><\/p>\n<p><span style=\"font-size: 10pt\">While equity markets tend to capture the headlines, it is often the bond market that sets the tone for everything else. When it is functioning smoothly, liquidity moves freely and risk assets generally find support. As funding conditions begin to evolve, those changes tend to work their way through the system rather than remain contained in one corner.<\/span><\/p>\n<p><span style=\"font-size: 10pt\">Therefore, it is an area that warrants closer attention. Looking past the surface, asking a few additional questions and staying attuned to how capital is actually sourced and priced can offer a different vantage point on both risk and opportunity. That\u2019s a spread worth spending some time on.<\/span><\/p>\n<\/div>\n<\/div>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\">\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\">\n<h2 style=\", arial, sans-serif;font-size: 16.5pt;color: #3e3e3e;margin-top: 30px\"><strong><span style=\"font-size: 14pt\">Dialing back risk amid market strength<\/span><\/strong><\/h2>\n<p><span style=\"font-size: 10pt\">Markets have had a remarkable run. Over the past 12 months, it\u2019s been one of the strongest periods we\u2019ve seen for client portfolios. At times like this, the question becomes less about chasing returns and more about managing what we\u2019ve already earned.<\/span><\/p>\n<p><span style=\"font-size: 10pt\">There is always a temptation to press harder when markets are working. We take a different approach. After strong performance, discipline matters more than ambition. Importantly, we have already exceeded what we would typically expect to achieve in a full year as our TWC Risk-Managed Balanced Growth fund is up 11.5 per cent so far this year, with a one-year gain of 26.8 per cent and three- and five-year annualized returns of 15.1 per cent and 9.9 per cent, respectively (net of fees as of May 31).<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignleft size-full wp-image-2163\" src=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture5.png\" alt=\"\" width=\"624\" height=\"74\" srcset=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture5.png 624w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture5-300x36.png 300w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-2164\" src=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture6.png\" alt=\"\" width=\"694\" height=\"37\" srcset=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture6.png 966w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture6-300x16.png 300w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture6-768x41.png 768w\" sizes=\"(max-width: 694px) 100vw, 694px\" \/><\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 10pt\">With that in mind, we have been selectively trimming some of our better-performing positions and gradually building cash, currently around 10 per cent, with the flexibility to move closer to 15 per cent if markets continue to rally.<\/span><\/p>\n<p><a href=\"https:\/\/www.bnnbloomberg.ca\/video\/shows\/the-close\/2026\/06\/22\/may-inflation-jumps-to-highest-level-in-over-two-years\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-2166\" src=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture7-1.png\" alt=\"\" width=\"780\" height=\"320\" srcset=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture7-1.png 780w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture7-1-300x123.png 300w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture7-1-768x315.png 768w\" sizes=\"(max-width: 780px) 100vw, 780px\" \/><\/a><\/p>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\">\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\">\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 10pt\">\u00a0Cash is often viewed as a drag on performance\u2014and over the long term, it is. But in environments where risks may not fully reflect in asset prices, it serves a different role. It provides optionality. It acts as a form of insurance. And when markets inevitably correct\u2014as they did earlier this year\u2014it gives us the ability to act rather than react.<\/span><\/p>\n<p><span style=\"font-size: 10pt\">Our focus remains consistent: protect capital first and provide peace of mind to our investors. We\u2019re not trying to predict market turning points. That\u2019s a difficult, and often futile, exercise. Instead, we position portfolios so that we can navigate a range of outcomes and respond when opportunities arise. From an asset allocation standpoint, we\u2019ve now raised cash to near 10 per cent, taken equities down to 25 per cent, maintaining a 10 per cent% weighting to commodities and alternative strategies, with the remainder being in structured notes.<\/span><\/p>\n<p><span style=\"font-size: 10pt\">In particular, the market rally this year has meant that a meaningful portion of our structured notes have been called away earlier than expected. Rather than simply replacing them with similar structures, we have taken the opportunity to reposition more defensively within this part of the portfolio. We are redeploying capital into notes that offer more attractive downside protection, including wider barriers that can better absorb potential market volatility. At the same time, we are prioritizing structures that generate consistent income, either through contingent monthly coupons or opportunistic yearly autocalls, so the portfolio continues to work even in a flatter or more uncertain market.<\/span><\/p>\n<p><span style=\"font-size: 10pt\">Equally important is the underlying exposure. We are focusing on more diversified and higher quality indices, reducing single name risk and emphasizing broader, more resilient segments of the market. This allows us to maintain participation if markets continue to grind higher, while being better positioned should conditions deteriorate. It is a subtle shift, but an important one. In periods of strength, the goal is not just to reinvest, it is to upgrade the quality of protection, improve income consistency, and ensure the portfolio is positioned for a wider range of outcomes.<br \/>\nIn global equity markets we have been looking for opportunities, adding to some positions as per below.<\/span><\/p>\n<p><span style=\"font-size: 10pt\"><em><strong>Agnico Eagle Mines (AEM):<\/strong> <\/em>We began building a position last year and have been adding more recently. The stock is down meaningfully from its highs, yet the underlying business remains strong, with high-quality assets and a very solid balance sheet. It\u2019s a leveraged way to own gold, which we continue to favour as a hedge against currency debasement in a world of persistent U.S. deficit spending. <em><strong>WSP Global (WSP):<\/strong><\/em> We initiated this position last summer and have been adding on weakness. The stock has been hit alongside peers on concerns that artificial intelligence (AI) could disrupt parts of the engineering consulting model. Our view is different. We believe AI will enhance productivity across procurement, design, and project execution, ultimately supporting margin expansion. With a ~US$16 billion backlog and continued infrastructure spending tailwinds, the fundamentals remain intact. <\/span><span style=\"font-size: 10pt\"><em><strong>Nutrien (NTR):<\/strong><\/em> We started building this position in early May. The market is currently signalling weaker fertilizer demand due to higher input costs, and the stock has pulled back accordingly. In our view, a lot of this risk is already reflected in the price. Nutrien remains the world\u2019s largest crop input player, with a low-cost potash franchise and strong free cash flow generation. Longer term, demand is supported by the need to maintain crop yields in a world with constrained arable land.<br \/>\n<\/span><\/p>\n<p><span style=\"font-size: 10pt\">Discipline isn\u2019t just about buying\u2014it\u2019s also about knowing when to step back and take some profits.<\/span><\/p>\n<p><span style=\"font-size: 10pt\"><em><strong>Alphabet (GOOGL):<\/strong><\/em> We trimmed roughly half of our position earlier this year after capturing close to a 75 per cent gain. We originally built the position when the market questioned Google\u2019s standing in the AI race, which we believed was overly pessimistic. As the stock re-rated, valuation became more of a consideration. We still like the business. However, recent developments including the departure of key AI leaders from DeepMind and Gemini to competitors highlight that competitive dynamics in this space remain fluid. More broadly, we used the proceeds to reallocate into <em><strong>Microsoft (MSFT),<\/strong><\/em> where we currently see a more attractive risk-reward profile.<br \/>\n<\/span><\/p>\n<\/div>\n<\/div>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\">\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\">\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\">\n<h2 style=\", arial, sans-serif;font-size: 16.5pt;color: #3e3e3e;margin-top: 30px\"><strong><span style=\"font-size: 14pt\">Sandboxes and motorcycles &#8211; <span style=\"font-size: 10pt\"><em>by Martin Pelletier<\/em><\/span><\/span><\/strong><\/h2>\n<p><span style=\"font-size: 10pt\">When it comes to managing wealth over many years, I have come to realize that its true value extends well beyond money. Building a nest egg to support a desired lifestyle in retirement is a common and worthwhile goal but the problem is that the habits we rely on to get there often end up standing in the way of finally enjoying it.<\/span><\/p>\n<\/div>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\"><span style=\"font-size: 10pt\">Time is by far your most valuable currency, and its importance sharpens with age, especially as it seems to accelerate. I wrote about this before in a piece titled, If life gets shorter, like a roll of toilet paper, why do we work so long? It sounds flippant, but the point is quite serious. The closer you get to the end, the more aware you become of just how finite your time really is.<br \/>\nA friend of mine, one of the coolest institutional investment professionals I have ever known, sent me a note after unexpectedly retiring. I had asked him why he pulled the rip cord so abruptly.<\/span><\/div>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\"><span style=\"font-size: 10pt\"><br \/>\n\u201cSorry I jumped without saying goodbye. At this stage of my life, time is worth more than money. There are three phases of retirement: Go Go, Go Slow and No Go. I didn\u2019t want to cut into the first phase anymore. <\/span><span style=\"font-size: 10pt\">I\u2019ve been busy. Gasp\u00e9 snowmobiling, cat skiing in Kazakhstan, an 8,000-kilometre motorcycle ride from London to The Gambia through the Sahara Desert, hitchhiking to Guinea Bissau then Cape Verde, Belfast. I\u2019m leaving this morning to ride offroad from Mexico to Utah. Next year I plan to cycle from Beijing to Istanbul.\u201d<\/span><\/div>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\"><span style=\"font-size: 10pt\"><br \/>\nThere is something honest and raw in that decision. My friend recognized that delaying any longer meant trading away his most valuable years of freedom and he actually took a risk and did something about it.<\/span><\/div>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\"><span style=\"font-size: 10pt\"><br \/>\nThe challenge for most people is that we get comfortable, and comfort is often the enemy of progress. This does not mean you need to cross deserts on a motorcycle, but it does raise reasonable questions: Why not push yourself to actually enjoy the fruits of your labour? Why not start allocating your time differently once you have built the financial foundation to do so? Waiting until \u201cGo Slow\u201d almost guarantees you will run into \u201cNo Go\u201d sooner than expected. There will always be reasons to maintain the status quo, but that usually comes at the cost of deferring what matters most.<\/span><\/div>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\"><span style=\"font-size: 10pt\"><br \/>\nFor younger people earlier in their careers, this perspective can feel completely out of reach, especially given the rising cost of living and worsening affordability crisis. Yet the idea is not to abandon discipline but to rethink how you measure return on your time and your money.<br \/>\nI recently encouraged a younger colleague in the investment business to share his own experience. Instead of chasing expensive vacations, he had been more intentional and directed with how he spends his time. <\/span><span style=\"font-size: 10pt\">He posted this on LinkedIn:<br \/>\n<\/span><\/div>\n<div><\/div>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\"><span style=\"font-size: 10pt\">\u201cY<\/span><span style=\"font-size: 10pt\">esterday, I spent an entire afternoon building a sandbox for my 1-year-old and 4-year-old. Three hundred dollars. Hours of assembly. Back pain. Sand everywhere. And it might be one of the best investments I have ever made. As I sat there with my kids, music playing, Chocolate by The 1975 on repeat, perfect weather, something shifted. I was transported back to a family vacation two years ago. My daughter and I on a beach in Mexico with no agenda, no deadlines, just presence. I felt that same feeling again, right there in my backyard. I have not felt that way in a long time. We spend so much of our lives chasing the next milestone, the next deal, the next achievement. But the moments that actually fill us up are usually the simplest ones. A sandbox. Some music. My kids laughing. That is it. That is the whole return. Sometimes the best investments are not in your portfolio. They are in your presence.\u201d<\/span><\/div>\n<div><\/div>\n<div><\/div>\n<\/div>\n<div><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2168 alignnone\" src=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture9.png\" alt=\"\" width=\"383\" height=\"331\" srcset=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture9.png 504w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture9-300x259.png 300w\" sizes=\"(max-width: 383px) 100vw, 383px\" \/><\/div>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\">\n<div><\/div>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\"><span style=\"font-size: 10pt\">It is hard to read that and not pause for a moment. We spend our professional lives quantifying returns, optimizing portfolios and compounding capital, yet some of the highest returning investments in our personal lives never show up on a statement. <\/span><span style=\"font-size: 10pt\">This is where the conversation comes back to investing. The goal of investing is not simply to accumulate more, it is to create optionality; it is to give you control over how and when you spend your time. If your financial plan is not gradually converting capital into freedom, then something is off, really off.<\/span><\/div>\n<div><\/div>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\"><span style=\"font-size: 10pt\">A well-constructed portfolio should do more than grow. It should support a transition from accumulation to utilization. That transition rarely happens cleanly because the behaviours that build wealth\u2014patience, discipline, deferral\u2014are the opposite of those required to enjoy it. Many investors stay fully in accumulation mode long after they have already won the game and one day they wake up and it\u2019s \u201cNo Go.\u201d<\/span><\/div>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\"><span style=\"font-size: 10pt\"><br \/>\nAt its core, your time is your real wealth, and the returns you experience in life come from how you choose to allocate it. Every day we are deploying our time across work, family, health and experiences. Some of those decisions compound in ways no market return ever could. And so, what are you going to do about it?<\/span><\/div>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\"><span style=\"font-size: 10pt\"><br \/>\nI choose sandboxes and motorcycles because there are no happy endings.<\/span><\/div>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\">\n<h2 style=\", arial, sans-serif;font-size: 16.5pt;color: #3e3e3e;margin-top: 30px\"><strong>Research, in-the-media, reads of the month<\/strong><\/h2>\n<p><a href=\"https:\/\/pbs.twimg.com\/media\/HLNaxi8a8AA_GPx?format=jpg&amp;name=small\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2169 alignnone\" src=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture10.jpg\" alt=\"\" width=\"558\" height=\"379\" srcset=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture10.jpg 624w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture10-300x204.jpg 300w\" sizes=\"(max-width: 558px) 100vw, 558px\" \/><\/a><\/p>\n<p><span style=\"font-size: 10pt\"><strong>Valuations flashing some warning signs: <\/strong><\/span><span style=\"font-size: 10pt\">Tech Stocks are now outperforming the S&amp;P 500 by the largest margin in 30 years. <a href=\"https:\/\/x.com\/Barchart\/status\/2069132096501654011\/photo\/1\">See Here<\/a> Big Tech share buybacks are collapsing as AI spending eats the cash. <a href=\"https:\/\/x.com\/Hedgeye\/status\/2069033961410498654\/photo\/1\">See Here <\/a>\u00a0Since January, the entire S&amp;P 500&#8217;s gains have come from just two corners of the market, AI and energy, while everything else is actually trading at less than where it started &#8211; per Apollo <a href=\"https:\/\/pbs.twimg.com\/media\/HLLSjBFWsAEx_dm?format=png&amp;name=small\">See Here<\/a> Over 51 per cent of the index\u2019s total market value is in companies trading &gt;10\u00d7 sales <a href=\"https:\/\/pbs.twimg.com\/media\/HLHzJKzbcAAYbtp?format=png&amp;name=small\">See Here<\/a> The indicator <a href=\"https:\/\/pbs.twimg.com\/media\/HK8Kkq8WcAAFi1j?format=png&amp;name=900x900\">in this chart<\/a> is based on a wide array of valuation measures, including the price\/earnings (P\/E) ratio, the price to book ratio, EV\/EBITDA, and return on equity, and others. It just exceeded the previous high it made in January. Excellent interview here with Edward Dawd (Founder Phinance Technologies and author of Cause Unknown: The Epidemic of Sudden Death in 2021 &amp; 2022) <a href=\"https:\/\/x.com\/SenseReceptor\/status\/2067123152778612903\/video\/1\">See Here<\/a> History may not always repeat itself but sometimes it sure rhymes. This is a must watch from one of the greats \u2013 Chanos. <a href=\"https:\/\/x.com\/MPelletierCIO\/status\/2067251886865232227\/video\/1\">Watch Here<\/a> \u00a0Former Treasury Secretary Hank Paulson warns the biggest economic risk from the Iran war may come from global shocks spilling into US markets <a href=\"https:\/\/x.com\/MPelletierCIO\/status\/2065159848376094746?s=20\">Watch Here<\/a><\/span><\/p>\n<p><a href=\"https:\/\/www.bnnbloomberg.ca\/video\/shows\/the-open\/2026\/06\/04\/the-number-one-tailwind-is-the-ai-industrialization-rowles-on-biggest-market-driver\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-2170\" src=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture11.png\" alt=\"\" width=\"711\" height=\"338\" srcset=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture11.png 780w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture11-300x143.png 300w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture11-768x365.png 768w\" sizes=\"(max-width: 711px) 100vw, 711px\" \/><\/a> <a href=\"https:\/\/www.bnnbloomberg.ca\/video\/shows\/the-street\/2026\/06\/10\/googles-leading-the-way-for-compute-technology-and-infrastructure-rowles\/\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2171 alignnone\" src=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture12.png\" alt=\"\" width=\"780\" height=\"221\" srcset=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture12.png 780w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture12-300x85.png 300w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture12-768x218.png 768w\" sizes=\"(max-width: 780px) 100vw, 780px\" \/><\/a><br \/>\n<span style=\"font-size: 10pt\"><strong>Inverted vol skew is spiking hard especially in tech stocks: <\/strong><\/span><span style=\"font-size: 10pt\">Traders are now \u201cpaying up\u201d for upside protection as FOMO has taken over. As a risk manager, I really don\u2019t like it when the \u201cfear premium\u201d gets nuked with calls getting way more expensive than puts. <a href=\"https:\/\/pbs.twimg.com\/media\/HK2lH7LXwAEN3Tt?format=png&amp;name=900x900\">See Here<\/a><\/span><\/p>\n<p><span style=\"font-size: 10pt\"><strong>Equity issuance is exploding and why that matters: <\/strong><\/span><span style=\"font-size: 10pt\">Equity issuance is exploding, ending the era of stock scarcity as IPO fever hits. So far 160 companies have announced IPOs with plans to raise over $120 billion, exceeding the combined total from previous two years, which should add $1.5T of stock to the U.S. equity market. <a href=\"https:\/\/pbs.twimg.com\/media\/HK22SX7XcAE-ir_?format=png&amp;name=small\">See Here<\/a> We are living through one of the two largest investment booms in the entire history of the U.S. Bigger than the internet. Bigger than the railroads. Bigger than Apollo. Only the Louisiana Purchase was larger. <a href=\"https:\/\/pbs.twimg.com\/media\/HKx9Gf9XoAAr1E6?format=jpg&amp;name=small\">See Here<\/a> This ties in perfectly to this great piece here Patrick Boyle on how the age of financial engineering may have come to an end. <a href=\"https:\/\/pbs.twimg.com\/media\/HK22SX7XcAE-ir_?format=png&amp;name=small\">See Here <\/a><\/span><\/p>\n<p><span style=\"font-size: 10pt\"><strong>The U.S. dollar recking ball: <\/strong><\/span><span style=\"font-size: 10pt\">Oil prices are no longer the dominant factor driving U.S. Treasury yields, with the correlation between the two breaking down. U.S. two-year yields have reached the highest levels since February 2025, even while crude continues to decline. <a href=\"https:\/\/pbs.twimg.com\/media\/HLaCT6iX0AAUUiV?format=png&amp;name=small\">See Here<\/a> Japanese approaching its weakest level against the U.S. dollar in almost 40 years <a href=\"https:\/\/pbs.twimg.com\/media\/HLY_XlxW0AA8xDD?format=jpg&amp;name=small\">See Here<\/a> U.S. 10-year yields versus Gold (inverted) <a href=\"https:\/\/x.com\/MPelletierCIO\/status\/2068043776095137862\/photo\/1\">See Here<\/a> Monetary policy is tightening again (unweighted average of central banks) according to Bloomberg. <a href=\"https:\/\/x.com\/adam_tooze\/status\/2067948255917334932\/photo\/1\">See Here<\/a> Gold reserves hit $5 trillion, overtaking U.S. Treasuries as the world&#8217;s top reserve asset <a href=\"https:\/\/pbs.twimg.com\/media\/HK8kibAWIAALVSt?format=jpg&amp;name=small\">See Here <\/a>\u00a0If you denominate U.S. GDP in gold instead of dollars, the chart is wild. <a href=\"https:\/\/pbs.twimg.com\/media\/HK29l7PW4AEhdGA?format=png&amp;name=small\">See Here<\/a><\/span><\/p>\n<p><span style=\"font-size: 10pt\"><strong>Is Canada still a place where you can realistically build wealth, or are we watching a shift that most people haven\u2019t fully felt yet?: <\/strong><\/span><span style=\"font-size: 10pt\">Senior portfolio manager with Wellington-Altus, Martin Pelletier breaks down what\u2019s happening beneath the surface of Canada\u2019s economy, from housing becoming increasingly out of reach in major cities, to inflation reshaping the value of money, and why the gap between asset owners and wage earners keeps growing. We also get into what the bond market is signalling about debt and government spending, and why some Canadians, especially entrepreneurs, are starting to look elsewhere for opportunity. <a href=\"https:\/\/www.youtube.com\/watch?v=ydPmf2nBTRc\">Watch Here<\/a><\/span><\/p>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=ydPmf2nBTRc\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-2172\" src=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture13.png\" alt=\"\" width=\"627\" height=\"378\" srcset=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture13.png 780w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture13-300x181.png 300w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture13-768x463.png 768w\" sizes=\"(max-width: 627px) 100vw, 627px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 10pt\"><strong>Big banks and big brother: <\/strong><\/span><span style=\"font-size: 10pt\">TD tells some employees it will use software to monitor their work in an effort to increase productivity <a href=\"https:\/\/t.co\/fhkZMzSqYm\">Read Here<\/a><\/span><\/p>\n<p><span style=\"font-size: 10pt\"><strong>A frontier without an ecosystem is not stable: <\/strong><\/span><span style=\"font-size: 10pt\">In AI era, the firms that come out ahead will be those successfully able to build what Nadella calls a sovereign compounding cognitive learning loop. This is where human capital (judgment, ingenuity, relationships) and token capital (proprietary AI) mutually reinforce each other. If done right, it becomes the firm\u2019s true, defensible IP: a unique hill-climbing machine that grows stronger with use. And it will be human agency that drives it all. <a href=\"https:\/\/x.com\/satyanadella\/status\/2066182223213293753?s=20\">Read Here<\/a><\/span><\/p>\n<p><span style=\"font-size: 14pt\"><strong>On the Positive\u00a0 <\/strong><\/span><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-2173\" src=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture14.png\" alt=\"\" width=\"624\" height=\"392\" srcset=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture14.png 624w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2026\/06\/Picture14-300x188.png 300w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\">\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\">\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\">\n<p><span style=\"font-size: 10pt\"><em><strong>By Martin Pelletier: <\/strong><\/em>Starlight Children\u2019s Foundation Canada, through its Drive for Smiles program, gives seriously ill children a once-in-a-lifetime experience\u2014 track tours in cars like Porsches, Ferraris, Aston Martins, Lamborghinis, and McLarens. More importantly, it creates moments of joy and lasting memories for children and families who truly need them. <\/span><span style=\"font-size: 10pt\">Given my love for cars and my passion for supporting young people, getting involved with this charity felt like a natural fit. I met some truly incredible people that Saturday\u2014young and old. Many of the kids are facing serious illnesses, yet they carry a perspective on life that most of us spend decades trying to learn.<\/span><\/p>\n<p><span style=\"font-size: 10pt\">One young man\u201418 years old\u2014has had much of his digestive system removed. He relies on intravenous feeding every day and lives with constant medical support. When I asked how he manages, he simply said it\u2019s okay\u2014he grew up this way and doesn\u2019t know anything different. That kind of perspective stays with you. <\/span><span style=\"font-size: 10pt\">What also stood out was the impact on families. Events like this give caregivers and especially siblings, who are often overlooked in families dealing with serious illness, a chance to simply be kids for a day. I met one family where the grandparents had moved in to help their daughter care for her child. It\u2019s a reminder that behind every sick child is an entire support system quietly carrying the load.<\/span><\/p>\n<p><span style=\"font-size: 10pt\">Thanks to the generosity of so many supporters, the event raised over $50,000 for local kids. I\u2019m deeply grateful to everyone who contributed and made the day possible.<\/span><\/p>\n<p><span style=\"font-size: 10pt\"><strong>Building with purpose: <\/strong><\/span><span style=\"font-size: 10pt\">Profit is important, but purpose is everything. Success comes from having the biggest impact instead of the biggest margins. This is exactly what playing the long-game means.\u00a0 Relationships over transactions. <a href=\"https:\/\/x.com\/MPelletierCIO\/status\/2067985373779902599\/video\/1\">Watch Here<\/a><\/span><\/p>\n<p><span style=\"font-size: 10pt\"><strong>Nothing captures the shallow decay of our time better than this: <\/strong>S<\/span><span style=\"font-size: 10pt\">ocial media trends have turned the world\u2019s most beautiful places into endless bathroom lines at a concert, where everyone waits for hours just to take the same photo to show to people who couldn\u2019t care less. <a href=\"https:\/\/x.com\/mamboitaliano__\/status\/2067519948285489527\/video\/1\">Watch Here<\/a><\/span><\/p>\n<p><span style=\"font-size: 10pt\"><strong>I wanted to share my nighttime grateful routine in case it may help you as much as it helps me: <\/strong><\/span><span style=\"font-size: 10pt\">I bet you didn\u2019t know: In the U.S., men account for ~70 to 80 per cent of suicide deaths (nearly 4x the rate of women). \u00a0Globally, men die by suicide 2\u20134x more often. Yet only ~17% of men received mental health treatment last year vs ~29% of women. \u00a0Men, if you\u2019re struggling with depression or feeling hopeless, you\u2019re not alone, and it\u2019s not weakness to ask for help. Reach out. Stay. You matter. <a href=\"https:\/\/www.linkedin.com\/posts\/martin-pelletier-cfa-8285a014_i-bet-you-didnt-know-in-the-us-men-account-activity-7473006806005637120-r9e1?utm_source=share&amp;utm_medium=member_desktop&amp;rcm=ACoAAALvKqABjlwOa2a0Wl1auUtqL76PLxnONaA\">Watch Here<\/a><\/span><\/p>\n<\/div>\n<\/div>\n<div style=\", arial, sans-serif;color: #333333;max-width: 900px;margin: 0 auto\">\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section><\/section>\n<section style=\"max-width: 900px;margin: 0 auto\"><span style=\"font-size: 14pt\"><strong>Thanks for visiting<\/strong><\/span><\/p>\n<p style=\"font-family: Arial, sans-serif;margin: 0 0 12px\"><span style=\"font-size: 10pt\">To find out more about the TriVest team and how we manage wealth, follow us on <\/span><span style=\"font-size: 10pt\"><a href=\"https:\/\/trivestwealth.benchmarkurl.com\/c\/l?u=EAD5967&amp;e=155B670&amp;c=26A57&amp;t=1&amp;l=14EDCEC2&amp;email=14EQZVVJkTquuucOV2pnHcUwVYmFuk0yJTjeawJ2Q4s%3D&amp;seq=1\">Twitter<\/a>, or <\/span><span style=\"font-size: 10pt\"><a href=\"https:\/\/trivestwealth.benchmarkurl.com\/c\/l?u=EAD5968&amp;e=155B670&amp;c=26A57&amp;t=1&amp;l=14EDCEC2&amp;email=14EQZVVJkTquuucOV2pnHcUwVYmFuk0yJTjeawJ2Q4s%3D&amp;seq=1\">LinkedIn<\/a>. <\/span><span style=\"font-size: 10pt\">Please <a href=\"mailto:trivestwealth@wellington-altus.ca\">email us <\/a>if you want to find out more about our services.<\/span><\/p>\n<p style=\"margin: 0 0 12px\"><a href=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2025\/03\/TriVest-Brochure-March-28-2025-Updated-Final.pdf\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-838\" src=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2024\/09\/Screenshot-2024-09-10-133259.png\" alt=\"\" width=\"1117\" height=\"544\" srcset=\"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2024\/09\/Screenshot-2024-09-10-133259.png 1117w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2024\/09\/Screenshot-2024-09-10-133259-300x146.png 300w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2024\/09\/Screenshot-2024-09-10-133259-1024x499.png 1024w, https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-content\/uploads\/sites\/119\/2024\/09\/Screenshot-2024-09-10-133259-768x374.png 768w\" sizes=\"(max-width: 1117px) 100vw, 1117px\" \/><\/a><\/p>\n<p style=\"font-family: Arial, sans-serif;font-size: 12px;line-height: 1.45;margin: 0 0 10px\">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<p style=\"font-family: Arial, sans-serif;font-size: 12px;line-height: 1.45;margin: 0 0 10px\">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<p style=\"font-family: Arial, sans-serif;font-size: 12px;line-height: 1.45;margin: 0 0 10px\">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<p style=\"font-family: Arial, sans-serif;font-size: 12px;line-height: 1.45;margin: 0 0 10px\">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<p style=\"font-family: Arial, sans-serif;font-size: 12px;line-height: 1.45;margin: 0 0 10px\"><em>Wellington-Altus Private Counsel is registered as a Portfolio Manager in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland &amp; 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<p style=\"margin: 12px 0 10px\"><img decoding=\"async\" style=\"max-width: 240px;height: auto;border: 0\" src=\"REPLACE_WITH_FOOTER_LOGO_IMAGE_URL\" alt=\"Wellington-Altus Private Counsel\" \/><\/p>\n<p style=\"font-family: Arial, sans-serif;font-size: 12px;line-height: 1.45;margin: 0 0 8px\">All trademarks are the property of their respective owners.<\/p>\n<p style=\"font-family: Arial, sans-serif;font-size: 12px;line-height: 1.45;margin: 0 0 10px\">\u00a9 2026, Wellington-Altus Private Counsel Inc. ALL RIGHTS RESERVED.<\/p>\n<p style=\"font-family: Arial, sans-serif;font-size: 12px;line-height: 1.45;margin: 0\">NO USE OR REPRODUCTION WITHOUT PERMISSION.<br \/>\n<a href=\"http:\/\/www.wellington-altus.ca\" target=\"_blank\" rel=\"noopener\">www.wellington-altus.ca<\/a><\/p>\n<\/section>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Welcome to this month\u2019s Market Strategy. In this edition we share our latest views on the market along with how we\u2019re positioned strategically. <\/p>\n","protected":false},"author":229,"featured_media":2159,"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":[22],"tags":[],"class_list":["post-2158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-monthly-market-research"],"_links":{"self":[{"href":"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-json\/wp\/v2\/posts\/2158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-json\/wp\/v2\/users\/229"}],"replies":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-json\/wp\/v2\/comments?post=2158"}],"version-history":[{"count":25,"href":"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-json\/wp\/v2\/posts\/2158\/revisions"}],"predecessor-version":[{"id":2200,"href":"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-json\/wp\/v2\/posts\/2158\/revisions\/2200"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-json\/wp\/v2\/media\/2159"}],"wp:attachment":[{"href":"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-json\/wp\/v2\/media?parent=2158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-json\/wp\/v2\/categories?post=2158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/trivestwealthcounsel\/wp-json\/wp\/v2\/tags?post=2158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}