Markets moved. Headlines roared. And yet — portfolios held.

Q3 2026 brought energy shocks, geopolitical turbulence, a new Federal Reserve Chair, and ongoing trade uncertainty. A lot to navigate.

In this quarter's market update, our Chief Investment Officer Matthew Jenkinson breaks down what actually happened beneath the headlines — and what it means for your portfolio heading into the rest of the year.

Geopolitical tensions were a key driver in Q2, with the U.S.–Iran conflict pushing energy prices sharply higher early in the quarter before an interim agreement and ceasefire helped bring oil back down toward pre-conflict levels by late June. Even with occasional renewed hostilities, markets largely treated the improvement in the energy backdrop as supportive for inflation trends and central-bank decision-making.

Q1 was a reminder that markets don’t move in straight lines. When geopolitics, energy prices, and central banks start pulling in different directions, the narrative can change fast—and the noise can get loud.

In our Q2 2026 Quarterly Update, CIO Matthew Jenkinson shares what shifted, what we’re paying attention to next, and how long-term investors can stay anchored to the bigger picture. Because volatility isn’t proof something is broken—it’s often part of the path to meaningful, long-term growth.

The first quarter of 2026 delivered a dramatic swing in markets, beginning with a record run in Canadian equities before a sharp reversal in commodities and an abrupt shift in risk sentiment. The capture of Nicolas Maduro drew headlines, private credit rang alarm bells of imprudence and AI scared SaaS (Software-as-a-Service) providers in their boots but the real story was the volatility in resource markets: gold and silver sold off, then rebounded, while oil moved from a five-year low to a four-year high after the U.S. and Israel attacked Iran.

2025 proved to be a defining year for investors, marked by a rare divergence between markets and the real economy. Canadian equities delivered one of their strongest performances in decades, driven by surging demand for commodities essential to the global AI infrastructure buildout, while U.S. markets grappled with political uncertainty, rising deficits, and higher long-term interest rates. Inflation stabilized but remained structurally elevated, reinforcing a K-shaped economy where asset owners benefited while affordability pressures persisted for many households. Against this complex backdrop, disciplined portfolio construction, global diversification, and active management were critical in navigating volatility and defending purchasing power.

The year saw significant political transitions with Donald Trump's return to the White House and Mark Carney becoming Canada's 24th Prime Minister. Trump's aggressive tariff policies created substantial market turbulence, particularly from February through April when the S&P 500 and S&P/TSX both slumped 19% and 13% respectively following sweeping tariff announcements.

In our Fall Market Update video, Matthew breaks down the latest market and economic trends across Canada and the United States. He covers Q3 stock market performance, equity strength in Canada and international markets, and the impact of central bank rate cuts on bonds. You’ll also see updated inflation data, the Bank of Canada’s policy outlook, U.S. CPI trends, and key shifts in both countries’ labour markets. The update concludes with a look at strong corporate earnings, AI-driven productivity gains, and major U.S. capital investment that could support future growth despite fiscal and trade headwinds.

Investment markets performed strongly in Q3 2025, with major global equity indices reaching new highs by September 30th. Both Canadian and US bonds rose, and gold hit a record high on the quarter's final day. Market performance was driven by anticipated and delivered interest rate cuts from the US Federal Reserve and Bank of Canada in September, though economic data showed a clear divergence between the two economies, with Canada's significantly weaker.

Uncover the driving forces of today's investment market in our Summer update video with Matthew Jenkinson, President of Eastport Private Investment Counsel. Matthew delves into critical areas like benchmark performance, the complexities of US trade policy, global tariffs, the Canadian dollar's climb to a 9-month high, and the market's reaction to the Israel-Iran conflict.

Q2 2025 began turbulently with equity markets plunging after the US announced sweeping global tariffs on April 2. This, coupled with a brief but intense Israel-Iran conflict which saw the USA bomb Iran’s nuclear sites, drove market volatility to extreme levels. Gold reached record highs in June while oil prices, after a brief spike, finished the quarter below their starting point. Despite these challenges, markets staged a remarkable recovery, with major indexes reaching record highs by quarter-end, buoyed by resilient corporate earnings and improved US-China trade relations.

Gain valuable market insights with Matthew Jenkinson, President of Eastport Private Investment Counsel, as you watch our Spring update video. Matthew analyzes benchmark performance, the intricacies of US trade policy, tariffs, and the Canadian election, revealing how these factors shape market trends.

In a quarter marked by significant political transitions and economic uncertainty, markets navigated through complex trade policy shifts and varying regional performance. The return of Donald Trump to the presidency and Canada's leadership change to Mark Carney set the stage for a period of market volatility, particularly driven by new US trade tariff announcements.

Join Matthew Jenkinson, President of Eastport Private Investment Counsel, as he presents our Winter update. Matthew discusses benchmark performance, the prospects of reduced regulation and taxes in the US to stimulate a pro-growth business environment, and the New Tenant Rent Index.

The year 2024 proved to be remarkably strong for equity markets, with US and Canadian markets showing significant gains. US equities achieved back-to-back double-digit returns in 2023 and 2024, driven largely by AI-related technology stocks and a broadening rally across sectors. The S&P/TSX Composite Index posted its best performance since 2021, demonstrating the resilience of Canadian markets despite economic headwinds.

Join Matthew Jenkinson, President of Eastport Private Investment Counsel, as he presents our Fall update. Matthew discusses benchmark performance, the market's rally in the third quarter, and an economic update encompassing job market trends and GDP growth.

The third quarter of 2024 saw global equity markets close higher, with major indices like the S&P/TSX Composite Index and S&P 500 Index showing significant gains. This positive performance was driven by falling inflation rates and interest rate cuts, which outweighed the periods of volatility in August and September. Canadian and U.S. bonds also rose during this period as yields continued to decrease.