As we close out March 2026, the investment landscape is being shaped by two major themes: strategic innovation in healthcare and infrastructure investment closer to home. Despite a mixed week for the major indices, our focus on quality, scale, and disciplined sector selection has continued to drive outperformance.
As the saying goes: "Predicting rain doesn’t count; building arks does." Here is how we are building for the future.
Weekly Market Snapshot
Data as of March 31, 2026
| Index | Performance |
| TSX Composite | +2.59% |
| Dow Jones | +0.47% |
| S&P 500 | -0.42% |
| NASDAQ | -0.79% |
1. Biotech M&A: A $11B Vote of Confidence
The pharmaceutical sector is making aggressive moves. Biogen and Eli Lilly recently announced acquisitions totalling over $11 billion. By targeting immunology, rare diseases, and neuroscience, these giants are looking to secure near-term revenue while fortifying their long-term pipelines.
The Takeaway: The high premiums paid for these companies signal deep institutional confidence in biotech innovation. For our clients, this reinforces a constructive outlook for healthcare equities, where consolidation remains a powerful engine for growth.
2. Ontario’s $8.8B Infrastructure Blueprint
A landmark federal-provincial agreement is set to deploy $8.8 billion into Ontario’s housing and transit sectors. This plan aims to:
- - Boost Housing Supply: Cutting development costs and lowering construction barriers.
- - Accelerate Transit: Fast-tracking major projects to support a growing population.
- - Job Creation: Stimulating the broader economy through coordinated government spending.
The Takeaway: This commitment strengthens the case for real assets and infrastructure as vital long-term portfolio pillars.
3. Resilience Over Recession
While recession headlines continue to circulate, market internals tell a more nuanced story. Equity risk premiums are stabilizing and market breadth is improving—meaning more companies, not just a few tech giants, are participating in the upside. This suggests the market is positioning for continued expansion rather than a sharp contraction.
Key Drivers of Our Outperformance
We believe in transparency. Here is what moved the needle in our portfolios this week:
Top Company: Exxon Mobil (XOM) [+6.42%]
Exxon was our standout performer as energy markets responded to firmer oil prices. Its diversified model—spanning production, refining, and chemicals—provides a level of earnings stability that pure-play competitors often lack.
Top Sector: Energy
It wasn't just Exxon. The entire sector showed strength, with ConocoPhillips (+4.48%) and Chevron (+2.68%) posting solid gains. Energy remains a dual-purpose tool in our strategy: a growth engine and a natural hedge against inflation.
Top Strategy: Size & Quality
Our "Size" strategy led the way this week. Large-cap leaders like Walmart, Costco, and Linde joined our energy holdings in outperforming the broader market. In uncertain times, owning high-quality businesses with scale advantages and "fortress" balance sheets is a winning formula.
The Week Ahead: Data Points to Watch
The coming days bring several "high-stakes" economic reports that will likely dictate market sentiment through April:
- - April 6 | ISM Services Report: We’ll look for continued strength in the U.S. services sector. A strong reading confirms the economy is on firm footing.
- - April 9 | Core PCE Inflation: This is the Federal Reserve's preferred "temperature check." A reading in line with expectations could pave the way for rate cuts later this year.
- - April 10 | Consumer Price Index (CPI): The broadest look at everyday costs. With inflation recently holding at 2.4%, we are looking for a continuation of this easing trend to support both stocks and bonds.
Our Commitment: We remain focused on helping you achieve your long-term financial goals through disciplined investing and thoughtful management.