In our most recent report, we share the key ideas shaping the investment landscape and how Tall Oak is positioned for long-term success. We review investment performance and portfolio positioning, provide updates from our leadership team on progress across key client initiatives, summarize major market trends, and highlight a long-term investment theme we believe will matter for years ahead.
At a glance:
A message from the Leadership Team: Investment performance & key initiatives
- Strong results: Tall Oak Capital Appreciation Pool (+10.3%) and Tall Oak Diversified Income Pool (+12.6%), supporting an 11.5% gross return for balanced client portfolios.
- In an expensive, top-heavy market, we stayed focused on quality, diversification across the total portfolio, and downside protection.
- Beyond markets, we made progress on HOOPP analysis for physician clients and expanded our support for clients navigating enterprise transitions.
- We also highlighted focus areas for 2026, including driving further expansion of our financial planning toolkit and improving statement readability based on client feedback.
Advisory Highlight: The Total Family Wealth Portfolio
- What it is: a framework that looks at the full family balance sheet, not just the investment account, then builds the portfolio to fit that reality.
- Key lens: in Are You a Stock or a Bond?, Moshe Milevsky frames human capital as stock-like (more cyclical) or bond-like (more stable). That helps guide how much risk the portfolio should take.
- Portfolio implication: if income and private assets are already equity-like, the portfolio should add liquidity, resilience, and diversification. If income is bond-like, the portfolio can often take a greater long-term growth role.
- Key takeaway: the portfolio should complement what you already own, not repeat the same risks.
Market Review & Outlook
- United States: strong returns again in 2025, with concentration still a defining feature. We see a plausible path to broader participation in 2026, particularly beyond the largest stocks.
- Canada: outperformance was led by financials and materials. Trade uncertainty remains elevated, but Canada’s role in North American supply chains continues to matter.
- Europe & Asia: Europe benefited from more supportive conditions and lower starting valuations; Asia improved as policy conditions and tech leadership strengthened.
Investment theme & highlight: Investing in a multi-polar world
- The big idea: global capital is increasingly shaped by resilience, strategic supply chains, and industrial policy — not just lowest-cost efficiency.
- Why it matters: this shift can influence where durable growth and pricing power show up, and how risks emerge across regions and industries.
- How Tall Oak is positioned: we focus on high-quality businesses and real-economy enablers that can compound through different regimes.
Security highlights
- FANUC: a global automation leader positioned for productivity investment and industrial modernisation.
- Pan American Silver: diversified precious metals exposure with scale and durability across commodity environments.
- Southern Copper: direct exposure to electrification and infrastructure demand, supported by long reserve life and low-cost operations.
Tall Oak Capital Appreciation Pool Fact Sheet
- Objective: Long-term capital appreciation through diversified investments in global markets.
- Strategy: Combine a disciplined quantitative and fundamental approach to identify high-quality, growth-oriented public equities, complemented by fixed income and alternatives focused on capital appreciation.
Tall Oak Diversified Income Pool Fact Sheet
- Objective: Predictable income generation through high-quality fixed-income investments, alternatives, and dividend-paying equities.
- Strategy: Provide both income and capital preservation through ownership of strong businesses with track records of paying and growing dividends over time, complemented by income-generating fixed income and alternative investments.
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.
