Podcast
Top 10 Portfolio Positions
Will Simpson and Greg Wise
June 20, 2025
Breaking down what’s been driving our portfolio and performance this year.
Markets had a strong week overall, especially in the U.S., where the Nasdaq rose 1.1% and the Dow climbed 1.0% in CAD terms. Numbers are looking especially stronger in CAD this week as the USD/CAD rose 1.1%. Japan also stood out with a 1.3% gain, bouncing back after last week, and even the TSX held steady despite weakness in Canadian energy and materials. U.S. energy, on the other hand, rallied 2.0% as oil prices continued to grind higher.
It was a week of policy and politics. The Fed held rates steady as expected but took a slightly more hawkish tone, but most are still expecting two more cuts this year. The Bank of Japan also left rates unchanged but signalled it could reduce bond purchases next month, keeping the yen on watch.
Meanwhile, headlines were dominated by Trump’s shifting stance on potential U.S. involvement in the Middle East. Markets mostly shrugged it off, with volatility staying contained and equity sentiment holding up. But uncertainty on top of uncertainty is not something the market usually enjoys.
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