PART 1: PORTFOLIO MANAGERS’ BRIEF Conversation With Founder & CIO Richard Croft – October 2023

February 2026 Key Takeaways

The Starting Point

Markets entered January with three dominant assumptions: rate cuts were coming, AI would continue to lead, and safe-haven assets remained in favor.

January tested how durable those assumptions were when confronted with stronger economic data, shifting policy expectations, and crowded positioning.

Market Performance Snapshot

Canadian and U.S. markets finished 2025 with strong returns.

Early 2026 performance reflects a more mixed and selective environment.

Leadership is no longer broad-based, particularly within technology.

Rates: Expectations Were Repriced

Key Takeaways November 2025 Markets at New Highs, But Leadership Is Narrow North American equities hit new highs on cooler inflation and resilient Q3 earnings, but gains are increasingly concentrated in select sectors and mega-cap names. Day-to-day moves are being driven more by central bank messaging than the rate cuts themselves. Index Scorecard (YTD Snapshot) […]

Key Takeaways November 2025 Markets at New Highs, But Leadership Is Narrow North American equities hit new highs on cooler inflation and resilient Q3 earnings, but gains are increasingly concentrated in select sectors and mega-cap names. Day-to-day moves are being driven more by central bank messaging than the rate cuts themselves. Index Scorecard (YTD Snapshot) […]

Key Takeaways U.S. Market Leadership Canadian Market Momentum Index Performance (YTD) (September 25th , 2025) Valuation Concerns Fed Chair Powell’s Caution Technical Indicators Small-Cap Risks Central Bank Shifts Labour Market Cooling U.S. Canada Inflation & Policy Outlook Portfolio Positioning Final Thoughts

https://vimeo.com/1111666187 Key Takeaways – August 2025 Market Overview U.S. markets up ~9% YTD, led by a handful...

A brief review of market conditions and how they are impacting the management decisions of our Investment Review Committee (IRC).