“No wise pilot, no matter how great his talent and experience, fails to use his checklist.” - Charlie Munger
Last Week’s Overview
| Index | Performance |
| TSX Composite | 2.03% |
| Dow Jones |
1.76% |
| S&P 500 | 0.27% |
| NASDAQ | -0.32% |
Source: Bloomberg (June 4, 2026)
Weekly Insights
Each week, we break down the key events and market movements shaping the investing landscape. From economic data to investor sentiment and global headlines, this section captures what mattered most, and how it impacted markets. Each week, we break down the key events and market movements shaping the investing landscape. From economic data to investor sentiment and global headlines, this section captures what mattered most, and how it impacted markets.
AI Investment Continues to Power Economic Growth
The connection between artificial intelligence investment and corporate earnings remains one of the most encouraging stories in today's market, as companies expanding their data centres and computing power are seeing real earnings benefits.
What makes this especially reassuring is that the improvement is backed by solid economic data, including a resilient job market and healthy company finances, rather than investor excitement alone. For our portfolios, this reinforces a constructive outlook for both stocks and bonds as businesses capture the productivity gains created by the AI boom.
Source: Bloomberg (June 4, 2026)
Massive Infrastructure Spending Reinforces AI Demand
The sheer scale of money flowing into AI infrastructure highlights how much room this trend still has to grow, with Hut 8 seeking to raise more than $4 billion to build a Texas data centre that is fully leased to Nvidia.
On top of that, Alphabet, Amazon, Meta, and Oracle have together issued more than $100 billion in debt this year to fund their own expansion. For investors, this tells us AI is no longer just a technology story but a large economic cycle creating opportunities across construction, energy, manufacturing, and many sectors well beyond the biggest tech names.
Source: Bloomberg (June 4, 2026)
Strong Fundamentals Keep Markets Steady
Even with periodic geopolitical headlines, markets have stayed focused on what matters most: solid economic fundamentals. While negotiations in the Middle East created some uncertainty, oil prices eased, and energy markets avoided the kind of lasting disruption investors often worry about, keeping the environment stable for businesses and consumers. History shows these periods tend to have limited long-term impact when growth stays intact, which is exactly why we keep our portfolios focused on fundamentals rather than short-term news.
Source: Bloomberg (June 4, 2026)
Key Drivers of Our Outperformance
We believe in transparency when it comes to where our outperformance is coming from. This section spotlights a top-performing company we hold, a sector where we've taken a winning position, and a strategy that has driven recent success across our portfolios.
- Top Company: Deere & Company (DE)
- Deere was one of our strongest performers last week, climbing 11.13% as investors grew more confident in the company's earnings outlook amid improving demand for agricultural equipment. Even in a tough farm income environment, Deere has protected its margins through disciplined cost control and its growing leadership in smart, automated farming technology.
- We own Deere because its investments in automation and AI strengthen its competitive edge, while its exposure to construction and infrastructure adds valuable diversification across economic cycles.
- Source: Optimize Asset Management (June 4, 2026)
- Top Sector: Information Technology
The Information Technology sector led our performance again, powered by continued strength in AI infrastructure spending and improving demand for business technology. Companies such as Broadcom, Qualcomm, and ASML posted strong gains as semiconductor and software leaders benefited directly from heavy investment by major cloud providers. While valuations remain above average, we believe the durable growth and strong balance sheets of these market leaders continue to justify our positioning. - Source: Optimize Asset Management (June 4, 2026)
- Top Quant Strategy: Momentum
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Our Momentum strategy was the week's strongest performer, rewarding companies with rising earnings expectations, strong price trends, and clear business execution. This leadership was especially visible in technology and select financial names such as Broadcom, Deere, and Goldman Sachs, where demand trends remain healthy. We see this as a market that continues to favour companies with genuine business momentum, though we stay mindful of concentration and watch carefully for shifts in the broader backdrop.
Source: Optimize Asset Management (June 4, 2026)
What To Look For Next Week
We look ahead to the economic reports, events, and earnings that may influence the week ahead. We also look ahead to the economic reports, events, and earnings that may influence the week ahead. From inflation and jobs data to corporate updates from key market players, this section keeps you informed on what's coming, and why it matters.
- U.S. Consumer Price Index (Wednesday, June 10): Wednesday brings a key reading on U.S. inflation: core consumer prices (which exclude food and energy) recently rose 0.4% in a single month. This is the largest jump in over a year, and partly reflects higher energy costs tied to conflict in the Middle East. This matters because inflation shapes how the Federal Reserve thinks about interest rates, which influence everything from borrowing costs to stock and bond valuations. We'll be watching closely as the path of inflation helps guide our positioning across both equity and fixed-income holdings.
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Source: U.S. Bureau of Labor Statistics (June 4, 2026)
- Bank of Canada Rate Decision (Wednesday, June 10): Also on Wednesday, the Bank of Canada is in focus after holding its key interest rate steady at 2.25%, choosing a cautious approach given the uncertain global backdrop. Encouragingly, the Bank noted that higher energy prices have not yet spread broadly through the economy, and it expects GDP growth of 1.2% this year and 1.7% next year. For our Canadian holdings, the Bank's decisions directly affect borrowing costs and economic growth, making this an important event for portfolios on both sides of the border.
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Source: Bank of Canada (June 4, 2026)
- U.S. Producer Price Index (Thursday, June 11): Thursday brings the Producer Price Index, which measures the prices businesses pay. It recently surged 1.4% in a single month, the biggest increase since 2022, driven largely by a sharp rise in gasoline costs. This data matters because the prices companies pay often flow through to the prices consumers see later, giving us an early read on where inflation may be heading. We watch this closely because it helps us anticipate pressures on company profit margins and position portfolios accordingly.
Source: U.S. Bureau of Labor Statistics (June 4, 2026)
Sources: Bloomberg (June 4, 2026), Optimize Asset Management (June 4, 2026), Bank of Canada (June 4, 2026), and U.S. Bureau of Labor Statistics (June 4, 2026).
Disclaimer: This report is for informational purposes only and does not constitute investment advice. Please consult with your financial advisor before making any investment decisions.