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It's been the same themes all year long. If you look at the core sector leadership groups, it's been financials, industrials, and materials really driving the bus. Materials have been exceedingly strong.

There's been continued hedging in portfolios against inflation. Inflation is sticky. While the Fed is now cutting rates, it probably increases the longer-run chances for inflation. You can see that in the long-term treasury bonds.

The TSX is benefiting because the sector makeup in our market is a more inflation-oriented index.

The problem with market-cap-weighted indices is that they can become exceedingly overweight certain sectors. 

So if you look at the S&P, it's underperforming almost all global markets YTD. It's a very growthy index, and some of the sectors that are really working are very small pieces of the S&P. For instance, materials make up ~3%. Whereas in the TSX, the materials sector is a much larger piece (in the teens). 

In a market right now that's uncorrelated, it means that there are haves and have-nots. For active portfolio managers, it means there's an opportunity to add value.

From 2007-2024, the all-world index (ex-US) had almost no return. Whether you were looking at Europe, South America, or Asia. Japan had 33 years of no return.

But in the last 18 months, international equities are outperforming the US. Part of that has to do with ~31-32% of the all-world index being financials, and financials have been very steady. Materials is a much larger piece of the global index. There are also a lot of great industrial companies. 

International investors wound up very focused in the US because it was the only game in town. But now their markets and their currencies are doing a little better, and so we're seeing capital rotate back to international stocks.

He came out earlier this year. He's less bullish on the consumer, especially in Canada -- real estate market and consumer spending are weak, and people are using their homes as an ATM. Technically, pulled back to rising 200-day MA. Long-term uptrend. 

Price performance relative to the market has been weakening. You could certainly look at it here, but other areas might be more constructive.

Within the sector, all of the exchanges have been backing off over the last 3 months. He came out of this name partway through July. Below 200-day MA, and all MAs are moving lower. 70% of S&P companies have performed better over last 12 months. Laggard. Better opportunities.

Materials are currently being revalued. Commodity prices improving. The multiple investors are prepared to pay is expanding. The value of what's in the ground is expanding. We know there's demand for power everywhere in the world. There are only so many copper-producing assets, with very few new ones coming on. This name has been a big position of his for a long time.

Materials are currently being revalued. Commodity prices improving. The multiple investors are prepared to pay is expanding. The value of what's in the ground is expanding. 

Owns a bit of this name. Likes the friendly jurisdiction. Company is big enough for almost any institutional investor to purchase. Not the leader in the group, but really likes the copper group and likes this name.

The new combination of companies could be quite good, looking beyond the QB2 problems.

In early stages of space economy. MDA's products will be in demand for a long time. EchoStar news was a surprise, yet MDA continues to have a large backlog. Pulled back to 200-day MA, which it's done many times over last year and rallied off it. Opportunities are no less than they were. He'd buy here.

Every client situation is different. For example, do these investors have their income needs taken care of or are they close to the edge? So he'll just answer from a stock perspective.

Stock hasn't been performing well. Great for a very long time. Does a lot of business with the US government, and some of that could be in question right now. Broken technically, all of the MAs are moving lower. If he'd owned it, he'd have been stopped out a long time ago.

If something isn't rallying in the middle of a bull market, there's usually an issue. He'd rather own a more productive asset. The question is whether you trade to silver? He's very bullish on silver long term (for a decade, and we're only 18 months in). At some point, there will be a correction in the precious metals.

He'd trade from GIB.A to "something else", and for a seniors couple that would be a dividend grower. If you still want precious metals, look at one of the more conservative names such as AEM.

One of his top 10 positions. Financial sector has been performing nicely. Best income, balance sheet, and technicals. Leader in the sector breaking out in 2013, whereas the sector didn't break out until 8 years later. That tells you what investors think about it. Long-term bull market in financials in front of us.