At a Glance
Advisory Highlight: Donating Securities From Your Corporation
- If your holding company owns investments that have grown in value, giving the shares directly to a registered charity, rather than selling them and donating the cash, can be the more tax-efficient way to support a cause.
- A direct gift can help in three ways: no tax on the growth, a deduction for the corporation, and a larger amount you can later take out of the corporation tax-free through the capital dividend account.
- All three benefits depend on the same decision: giving the shares instead of the cash. Your accountant and Tall Oak advisor can help confirm the numbers and identify which investments make sense to give.
Market Review
- The third quarter tested markets from several directions. Oil moved back above US$100 a barrel, inflation picked up and most developed-market central banks, including the Federal Reserve, raised interest rates.
- Equities absorbed it. The S&P 500 returned 2.5%, the NASDAQ 3.3% and the S&P/TSX Composite 1.6%, with North American indices setting new records. Profits grew faster than prices, so valuations eased even as markets rose.
- Leadership was narrow. Four companies contributed more than the S&P 500’s entire gain, and AI-related spending continues to be revised higher. Emerging markets remain the best-performing region this year, up 28.1%.
Market Theme: Canada at a Crossroads
- September’s Canada Investment Summit brought nearly half a trillion dollars in new commitments, and more than $1 trillion in projects have been announced across energy, defence, AI, mining and transportation.
- The opportunity is real, and so are the obstacles: job losses, rising rates, record household debt and productivity that has fallen to about 73% of U.S. levels.
- Canada is already a meaningful part of our portfolios, in both public and private markets. We will be following these developments closely as we continue to look for great investments in Canada.
Private Markets Update
- Public markets lean on a few names, private capital is scarce and more companies are staying private for longer. Together, these conditions make the private markets opportunity especially compelling today.
- Tall Oak Global Opportunities Fund L.P. completed its first close on July 1, 2026. It applies the experience we have built in alternative investments over many years to a single, diversified portfolio of private equity, real estate and infrastructure.
- Early investments include a co-investment in a European football club, a venture capital fund and a Canadian GP-led secondary fund, with a growing pipeline of private equity and real estate opportunities.
Tall Oak Pooled Funds
Capital Appreciation Pool: Positioned for long-term growth with a disciplined mix of quality equities, fixed income, and alternatives.
Diversified Income Pool: Focused on stable dividends and consistent returns through high-quality bonds, income-oriented alternative investments, and dividend-paying equities.
The views expressed in this commentary are those of Tall Oak Capital Advisors as at the date of publication and are subject to change without notice. This commentary is presented only as a general source of information and is not intended as a solicitation to buy or sell specific investments, nor is it intended to provide tax or legal advice. Statistics, factual data and other information are from sources Tall Oak believes to be reliable but their accuracy cannot be guaranteed. This commentary is intended for distribution only in those jurisdictions where Tall Oak Capital Advisors are registered. Securities-related products and services are offered through Raymond James Correspondent Services Ltd., member Canadian Investor Protection Fund. Insurance products and services are offered through Gryphin Advantage Inc., which is not a member-Canadian Investor Protection Fund. This commentary may provide links to other Internet sites for the convenience of users. Tall Oak Capital Advisors is not responsible for the availability or content of these external sites, nor does Tall Oak Capital Advisors 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 Tall Oak Capital Advisors adheres to.
