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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 14, 2026
Focus Wealth Management reported resilient portfolio performance through the third quarter of 2026 amidst heightened cross-asset dispersion. While broader equity indices advanced moderately—with the S&P 500 gaining 2.38% and the S&P/TSX Composite rising 1.62%—headline equity strength masked severe underlying fragility. Portfolio positioning prioritized defensive quality across public equities, selective exposure to high-grade fixed income, and non-correlated allocations via the Focus Infrastructure & Real Assets Fund to preserve capital against systemic rate pressures. The manager highlights an increasingly strained macroeconomic backdrop defined by persistent inflation, climbing sovereign bond yields, and America's expanding $40 trillion fiscal debt burden. Global monetary conditions tightened markedly as the U.S. Federal Reserve raised its policy rate by 25 basis points to a target of 3.75%-4.00%, pushing 10-year Treasury yields above 5.3% and 30-year yields to 5.6%. Concurrently, extreme equity market concentration saw five megacap technology firms account for 93% of S&P 500 gains since late July, while nearly 80% of index constituents declined in September and over 40% remained in bear market territory. Portfolio activity centered on deploying capital into high-quality companies penalized by temporary headwinds or artificial intelligence disruption fears. The strategy initiated a new position in McDonald's at approximately 19 times earnings following a 30% peak-to-trough decline, benefited from a 45% rebound in Salesforce driven by enterprise Agentforce adoption, and exited Toronto-based Jamieson Wellness following a $45.75 per share cash takeover by Kirin Holdings. Additionally, the manager maintained long-duration private infrastructure exposure through Spanish water utility Global Omnium.
Capitalize on market mispricings by investing in high-quality, cash-generative businesses and essential infrastructure assets that possess resilient pricing power and trade at compelling valuations amidst macro volatility.
The investment team anticipates continued macro fragility as global borrowing costs remain elevated and fiscal deficits strain sovereign debt markets. While equity indices have exhibited headline resilience driven by a narrow cohort of technology leaders, the manager expects broader market vulnerabilities to intensify unless corporate earnings consistently expand. The strategy remains prepared to capitalize on volatility by deploying capital into overlooked high-quality businesses, resilient Canadian equities, and stable non-correlated infrastructure assets.
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