Client Access 
Communications
Introduction
Hello everyone,
The second quarter of 2025 has been one of the most interesting and eventful periods we’ve experienced in recent years. In active portfolio management, the goal is always to generate added value. The more external and macroeconomic events occur, the greater the opportunities to deviate from the index and enhance potential performance. And let’s be honest—quite a lot has happened over the past three months. We’ll explore several of those events in this communication.
But first, I’d like to welcome Julien-Carl Landry to our team. Julien-Carl previously worked as a financial planner at National Bank over the past few years and will undoubtedly be a major asset for our clients. I will also take this opportunity to outline the direction Rivemont is heading in order to better serve a clientele that is becoming increasingly sophisticated.
As always, we will conclude by sharing our market outlook and highlighting our key portfolio positions.
Enjoy!
Second Quarter – 2025
After dropping nearly 20% from their highs to their lows on April 7, North American stock markets have since recovered all of those losses and gone on to reach new all-time highs in recent weeks. It is in these more volatile times that the active management approach we advocate proves to be most effective. By limiting downside during pullbacks, we’re better positioned to benefit fully from subsequent rebounds.
Currently, the gross cumulative return of the “Equities” portion of our portfolios stands at nearly 60% over the past 48 months. You can view the full performance breakdown on our brand-new website at the following link:
https://rivemont.ca/en/performance/
After a decade dominated by U.S. market outperformance, it’s worth noting that the Canadian market was the first to reach new highs in recent months. Markets with stronger exposure to natural resources have posted the best returns lately. In that regard, we continue to maintain strong positions in the gold sector with holdings in Wheaton Precious Metals (WPM), Agnico Eagle Mines (AEM), and Osisko Gold Royalties (OR), the latter of which posted another impressive upswing during the week of July 7.
We also added MDA Space to our portfolio this quarter. This company is Canada’s leader in satellite communications and is very likely—if not certain—to be a future beneficiary of government contracts, particularly in light of commitments made by our new Prime Minister. We had been waiting for the right entry point and acquired shares of the company at $30.10 in mid-June. The stock went on to reach $40 less than a month later.
As you know, in finance, it’s not the past that matters, but the future. That’s why keeping an open mind is essential to identifying the most promising trends to improve portfolio performance. We are currently fully invested, but our portfolios are highly diversified. Over the coming months, our goal is to gradually refocus on the most compelling opportunities.
Financial Planning
It’s now official: we’re getting better. We’re continuing to strengthen our expertise in financial planning, with a particular focus on tax strategies and estate transfer optimization.
That said, it’s important to emphasize that we remain, first and foremost, a portfolio management firm focused on maximizing investment returns. What we are adding is an additional layer of expertise to ensure we can meet the full spectrum of our clients’ financial needs. Feel free to reach out if you believe it’s time to revisit your financial goals and projections.
On that note, Julien-Carl is expected to begin contributing to this financial letter in the future, bringing a more multidisciplinary perspective.
Market Prospects
Favorite Securities
You will find below a list of the individual securities with the largest weight in our portfolios. These stocks were selected based on their respective potential to outperform the market. You will find a short description of their activities, the annual dividend, if any, and the total return since their first inclusion in our portfolio.
Conclusion
After our strongest year ever in equities in 2024, we are significantly outperforming our benchmark indices so far this year. Our assets have naturally reached new highs.
But in finance, things can change quickly. That’s why we never take anything for granted.
Let’s hope the coming weeks will be just as exciting!
Thank you all for your trust,
Martin Lalonde, MBA, CFA
President
P.S. For those of you who are curious, I invite you to listen to my appearance on the show Les malins on Radio-Canada at the following link (in French):
