From lingering “Liberation Day” tariff fears and a shift toward a more pro-growth federal policy stance to changing leadership within key sectors, Canadian equity portfolio manager Mark Rutherford unpacks what moved markets for Canadian equities in 2025. He explains how this backdrop influenced recent positioning in the Canadian equity portfolio, including adjustments within energy, banks, and gold. The conversation then turns to the U.S. intervention in Venezuela and its implications for Canadian oil: how potential increases in Venezuelan heavy crude could affect Western Canadian differentials, why integrated producers may be relatively better positioned, and the role of TMX export capacity in supporting basin pricing. Stepping back, Mark explores the move toward a more transactional, spheres of influence world and how the team is incorporating this evolving U.S.–Canada dynamic into portfolio construction through diversified, incremental shifts rather than binary macro bets. 

As another eventful year draws to a close, we pause to reflect on the stories, surprises, and lessons that shaped the markets in 2025. From pop culture phenomena to policy pivots, from AI’s rapid rise to gold’s enduring allure, our annual holiday poem captures the spirit—and the quirks—of the year gone by. We hope it brings a smile, a moment of perspective, and a reminder that, in investing as in life, a steady approach often wins the day.

Business Development Companies (BDCs) offer a rare public window into the opaque world of private credit, revealing credit risk and valuation trends often hidden in private funds. Recent volatility has exposed a sharp gap between BDC share prices and reported loan values underscoring the value—and the risks—of transparency in private lending, and providing investors with a candid view of where credit risk may be heading next.