“Someone's sitting in the shade today because someone planted a tree a long time ago." – Warren Buffett
Last Week’s Overview
| Index |
Performance |
| TSX Composite |
-0.55%
|
| Dow Jones |
0.22%
|
| S&P 500 |
0.22% |
| NASDAQ |
0.16% |
Source: Bloomberg (September 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.
Services Activity Picks Up as Demand Strengthens
The Institute for Supply Management's services index rose 1.3 points to 55.4 in August, its highest reading since February, with any level above 50 signalling that the sector is growing. The improvement was broad rather than narrow: new orders grew at their fastest pace since early 2023, business activity reached its strongest level since 2022, and 12 service industries expanded during the month. Because services make up the largest part of the economy, this kind of steady demand supports corporate earnings, particularly for the high-quality businesses we own that have the pricing power to protect margins when input costs move.
Source: Bloomberg (September 3, 2026)
Bond Market Rallies as Inflation Progress Continues
Treasury prices rose after Federal Reserve Governor Christopher Waller said he would support holding interest rates steady if inflation keeps moving toward the Fed's target, pulling yields down roughly 3 to 5 basis points across maturities. The 2-year Treasury yield fell as much as 7 basis points to 4.30%, and Waller pointed to inflation easing to 3.7% in July from 4.1% in May. A steadier rate outlook is helpful across the board: it takes upward pressure off yields, which supports the high-quality bonds we hold while also creating a friendlier backdrop for stock valuations.
Source: Bloomberg (September 3, 2026)
Nvidia Broadens Its AI Reach With a $13 Billion Acquisition
Nvidia agreed to acquire Hugging Face, one of the main platforms developers use to share and access AI models, in a transaction valued at approximately $13 billion. Nvidia shares rose about 2% to $227.87, adding more than $100 billion to a market value of roughly $5.5 trillion, and the company committed to keeping the platform open so developers can continue using hardware from other chipmakers. We view this as evidence that AI spending is expanding beyond a single semiconductor cycle into a broader ecosystem of software, models, and applications, which widens the long-term opportunity for the technology leaders in our portfolios.
Source: Bloomberg (September 3, 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.
- Company Highlight: Salesforce Inc. (CRM)
- Salesforce was our strongest weekly performer with a 24.95% gain after quarterly results that eased concerns about AI competing with traditional software platforms, as revenue rose 11% year over year to $11.3 billion and current remaining performance obligations reached $33.5 billion, up 14% in constant currency. Management raised its fiscal 2027 revenue outlook, and the company expanded its AI partnership with Anthropic through the launch of Claudeforce, which brings advanced reasoning capabilities directly into Salesforce data and workflows. This is exactly what we look for in a holding: clear evidence that a major technology shift is strengthening the business rather than threatening it.
- Source: Optimize Asset Management (September 3, 2026)
- Sector Highlight: Information Technology
-
- Information Technology was our leading sector as strength broadened across both semiconductor and enterprise software holdings. NVIDIA gained 7.0% on an outlook that reinforced confidence in durable AI infrastructure spending, Apple added 3.7%, and Salesforce's results lifted sentiment toward software more broadly. We continue to like the sector's exposure to AI adoption, cloud infrastructure, and enterprise digitization, while keeping a close eye on valuations and the concentration of leadership among a small group of companies.
- Source: Optimize Asset Management (September 3, 2026)
- Style Highlight: Size
-
-
Our Size strategy was the week's strongest quantitative style, driven primarily by our largest holdings. NVIDIA and Apple accounted for the majority of that contribution, reflecting continued investor preference for companies with scale, strong balance sheets, and the financial capacity to fund significant technology investment. We remain comfortable with this positioning where earnings growth and cash generation justify the valuations, while actively monitoring the concentration risk that comes with leadership from a handful of very large companies.
-
Source: Optimize Asset Management (September 3, 2026)
-
What To Look For Next Week
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. Producer Prices (Thursday, September 10): Producer prices measure what businesses charge for their goods and services, which often signals where consumer prices are headed a few months later. In the most recent reading, producer prices were unchanged for the month, as a 0.2% increase in services and a 2.2% advance in construction offset a 0.7% decline in goods driven by a 3.1% drop in energy prices, while the annual rate eased to 4.7% from 5.5%. Cooler input costs give companies more room to protect profit margins, which is one of the reasons we follow this report closely.
Source: U.S. Bureau of Labor Statistics (September 3, 2026)-
- U.S. Existing Home Sales (Thursday, September 10): Existing home sales tell us how many previously owned homes changed hands, offering a useful read on household confidence and the health of the broader economy. The most recent report showed sales down 1.7% to a seasonally adjusted annualized rate of 4.05 million units, close to expectations of 4.06 million, with inventory of 1.54 million homes and a median price of $434,100, up 2% from a year earlier. Housing activity influences everything from construction and lending to appliance and furniture demand, so stability here would be a constructive signal for several areas of our portfolios.
-
Source: National Association of Realtors (September 3, 2026)
-
- U.S. Consumer Price Index (Friday, September 11): The Consumer Price Index is the most widely followed measure of inflation and a key input into Federal Reserve interest rate decisions. In the most recent report, prices edged up 0.1% for the month, with shelter accounting for roughly two-thirds of the increase and gasoline prices falling 2.9%. Continued progress on inflation supports the case for a patient Fed, an outcome that generally benefits both bond prices and equity valuations.
Source: U.S. Bureau of Labor Statistics (September 3, 2026)
Source of All Economic Data: Bloomberg
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.