Podcast
Real-Money Portfolio Update
Will Simpson and Greg Wise
February 27, 2026.
An updated look inside a real-money Aretec Wealth portfolio, including allocation, strategy, and performance.
Emerging markets led the charge this week after a big week from Taiwan, up 3.4%, with Japan close behind at 2.3%, and the TSX adding 1.5% as it continues to quietly perform well. In Canada, materials were the standout again, helped by strength in gold and oil, and solid bank earnings added support. The U.S. was weaker across the board, with the S&P down 1.0%, the Dow off 1.8%, and small caps lagging. In alignment with the risk off in the US, bond yields eased, pushing the US 10-year back below 4%. Nice to see bonds acting defensive lately.
It certainly feels like something is stirring in the private credit space. A Blackrock private debt fund trimmed distributions in one of its vehicles, a private credit fund overseen by Apollo marked down assets, and an implosion of little-known UK mortgage provider Market Financial Solutions Ltd. UBS flagged that default rates in private credit could climb meaningfully if an AI-driven slowdown hits earnings.
None of this screams systemic stress yet, and some firms have been quick to point out limited redemptions and contained exposure. Still, after years of easy flows and strong returns, even small cracks in a relatively opaque corner of the market are enough to shift sentiment.
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