November 2025

Introduction

Enclosed in this edition of the Portfolio Managers’ Notes, we are pleased to share BMO Nesbitt Burns’ latest global markets commentary, providing an update on equity markets and insights from our strategist. Additionally, we have included a report on Rogers, a long-standing holding in our Model Portfolio, which recently announced strong third quarter earnings.

In the Wealth Management section, you will find a summary article on the most recent Federal Budget, as well as an article offering year-end tax planning tips. We have also included an article addressing key considerations for Canadian taxpayers before selling their U.S. properties. As a reminder, we outlined the key dates and contribution limits for RRSPs, TFSAs, and RESPs. If you have not yet completed your 2025 contributions to your registered plans, we encourage you to do so as soon as funds are available.

We are pleased to announce the promotion of Laura Donolo and Branden Hang to the position of Associate Portfolio Managers. Please also note that Laura will now be working more closely with Catherine, while Branden will be working with Tim.

We trust you all had a nice autumn and remind you that we are here to help if you have any questions or would like to review your investment portfolio or your financial plan.

Market Research
 
BMO Nesbitt Burns Global Markets Commentary 

Blissfully Flying Through the Fog

Capital markets continued to forge ahead despite a fog around most official U.S. economic data courtesy of the government shutdown. October saw a minor scare in U.S. private credit markets, gold’s sharp reversal of fortune, and perceived hawkish-leaning policy meetings of central banks in Canada, the U.S. and Europe. Outweighing these negatives was progress on trade relations between the U.S. and China (can kicked, again) and, most significantly, very solid corporate earnings reports.

Capital markets crave information. Share prices move tick-by-tick, digesting changes in the fundamental outlook for economic and corporate earnings growth, interest rates and inflation, among other variables. Not all information is data, and not all data comes from the U.S. government. Importantly, when the U.S. government released its take on inflation, core CPI was slightly softer than expected but still printed warm at 3%. Investors have access to other data that provide insight. For example, the private sector releases reports on employment and housing. Economic activity can be measured through credit card usage, bankruptcy filings, and surveys of consumers and businesses. Serendipitously, the lack of official data coincides with the beginning of a quarterly corporate earnings season. Even when government data flows, the results and commentary from bellwether companies provide great insight into the economy.

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Rogers Comm. : RCI.B-TSX

Please contact us to obtain a copy of the full report.

Q3 Financials Beat; MLSE Consolidated; Stable Cable & Wireless Optimism Building

Bottom Line:
Q3 revenue/EBITDA beat by ~1%. Q3 EPS was $1.37 ($1.24 Street). Mobile phone net adds beat by 7k but reflected a lower loading environment. ARPU decreased -3.2% (-0.2% light). We expect service revenue growth to rebound and grow through 2026 as the wireless competitive environment continues to improve. Volume comps ease in Q4. Organic cable revenue improved to ~0.6% vs. 0.2% last quarter. 2025 capex guide reductions reflect regulatory. FCF expectations were raised ~5%. Sports monetization is expected within ~18 months. Debt leverage is ~3.9x.

Wealth Management
 

First Look at the 2025 Federal Budget