_{Aspira Wealth Team Building 2026, Ottawa, ON}

SUMMARY

• Market positioning: We are maintaining lower-than-usual exposure to U.S. equities, particularly technology, while keeping higher-than-usual exposure to precious and industrial metals, reflecting relative valuations, sector performance, and global capital flows.
• How we define risk: Investment risk is not short‑term market volatility. The real risks are failing to meet long‑term objectives, losing purchasing power to inflation or taxes, and making behavioral mistakes during periods of uncertainty.
• Aspira update: We continue to invest through market volatility, strengthen internal capabilities, and build a resilient culture, highlighted by recent team milestones and our annual team-building event in Ottawa.

MARKETING DEVELOPMENTS

Below are the three most important market developments since our mid‑January 2026 Quarterly Compass publication, and how they influence portfolio positioning:

• Tariffs news (Again!) - U.S. Supreme Court said that the tariffs implemented by the Trump Administration are unlawful. As the world was slowly adapting to the new U.S. trade policy, the recent ruling of U.S. Supreme Court against tariffs, and Trumps announcement of a new 10% (later 15%) tariff added a new element of uncertainty. Some business groups welcomed the ruling and some expressed expectations that companies might be reimbursed for tariffs already paid. Even more confusing is that fact that some countries that struck a deal with the U.S. are now worse off (under new tariff) than some countries that didn’t strike a deal.
  Portfolio implication: We continue to maintain lower‑than‑usual exposure to U.S. equities.

• U.S. Technology sector, particularly software industry, has underperformed significantly. The massive investments in data centers are being scrutinized at hyperscale level – Microsoft (MSFT) contracted 25%+ from record highs, Amazon (AMZN) contracted 15%+, Meta (META) contracted 15%+, Nvidia (NVDA) contracted 10%+, Alphabet (GOOGL) contracted 10%+. Also, the shares of many software companies did contract by 20-40% from recent highs due to fears of disruption from AI.
  Portfolio implication: We are maintaining a lower‑than‑usual allocation to U.S. technology sector.

• Continuous strength in precious and industrial metals. Gold price continued to increase since our latest publication and reached a high of $5600+ per ounce in late January, silver a high of $120+ per ounce, and copper a high of $6.5/lb. The global debt trajectory and geopolitical fragmentation are increasing the appeal of non-sovereign stores of value – so multiple central banks around the world started accumulating gold and are unlikely to reverse any time soon. Demand for silver and copper is currently accelerating while the supply has been lagging for years.
  Portfolio implication: We are maintaining higher‑than‑usual exposure to gold, silver, and copper miners, and actively managing positions by taking partial profits after large advances and buying more during periods of weakness.

GLOBAL MARKET UPDATE

The U.S. and Canadian markets almost doubled in the last 5 years, fueled by the fiscal and monetary policy.

Since the start of 2026:

• Canadian equity market growth has accelerated, helped by the strength in precious metals and Canadian oil companies
• U.S. equity market slowed down, dragged by weakness in technology sector
• Global equity market accelerated, as global investors seem determined to diversify away from U.S.

Aspira Wealth has helped clients benefit from recent market strength and remains focused on protecting and growing portfolios across a wide range of future market environments.

What IS INVESTMENT RISK?

Investment risk is one of the most discussed and the most misunderstood concepts in investing. Below is how we define what investment risk is, and what it is not.

What Investment Risk Is:

1. A normal and unavoidable part of investing in any asset type, not just equities
2. The chance of not meeting long‑term investment goals
3. The “thing” you are rewarded for while investing
4. Losing purchasing power to inflation or taxes
5. The possibility of making behavioral mistakes at the wrong time

What Investment Risk Is NOT:

1. NOT the same thing as market fluctuations
2. NOT eliminated by holding cash, bonds, or GICs
3. NOT reduced simply by choosing familiar investments
4. NOT something that can be fully removed without cost
5. NOT something that should be avoided at all times

Support for Investment Risk Concerns

When you feel uncertain or uneasy about investment risk, please remember that the Aspira Wealth team is here to help. We are always available to discuss how risk applies to your specific situation, and to help you stay focused on long‑term objectives during challenging market periods.

TEAM UPDATES

Exciting developments since our last publication:

• Margo successfully passed the Wealth Management Essentials (WME) exam #1
• Monica is preparing for her upcoming Certified Financial Planner (CFP) exam
• Margo, and her husband Anton, recently had a small and intimate elopement in Qualicum on Judges Row, surrounded by their closest family members. The sun was shining, the ocean was calm, and the setting felt peaceful and full of love. It was a beautiful and meaningful celebration, and they are grateful to have shared such a special moment with the people dearest to them
• Aspira Wealth team had coldest-on-record annual team building event in Ottawa. The top highlights were skating on Rideau Canal, visiting House of Commons, (warming up in coffee shops during) a minus 15’C guided tour of Ottawa, Chris cooking a delicious dinner for the team, and checking the ice sculptures from Winterlude Winter Festival

PLEASE REACH OUT

Let's chat about what is on your mind and the puzzles you are trying to solve.

• Schedule a meeting with Chris, Eileen or Alex
• Read our earlier publications here
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The information contained in this report was obtained from sources believed to be reliable, however, we cannot represent that it is accurate or complete and it should not be considered personal tax advice. This report is provided as a general source of information and should not be considered personal investment advice or solicitation to buy or sell securities. The views expressed are those of the author and not necessarily those of Raymond James. We are not tax advisors and we recommend that clients seek independent advice from a professional advisor on tax-related matters. This provides links to other Internet sites for the convenience of users. Raymond James Ltd./Raymond James (USA) Ltd is not responsible for the availability or content of these external sites, nor does Raymond James Ltd/Raymond James (USA) Ltd endorse, warrant or guarantee the products, services or information described or offered at these other Internet sites. Users cannot assume that the external sites will abide by the same Privacy Policy which Raymond James Ltd/Raymond James (USA) Ltd adheres to. Raymond James Ltd., Member—Canadian Investor Protection Fund. Raymond James (USA) Ltd. (RJLU) advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Raymond James (USA) Ltd. is a member of FINRA/SIPC.