Quarterly Market Update

January 2026

As we move through the first weeks of 2026, the headlines are dominated by geopolitical tension, the "AI Boom", and shifting central bank policies. To help you cut through the noise, we’ve summarized the 2026 outlooks from our primary research partners:

🇨🇦 Canada: A Solid Foundation Vanguard Canada expects our economy to be resilient, projecting 1.6% growth this year. With the Bank of Canada likely holding rates steady at 2.25%, our domestic market (Banks and Resources) is providing a stable "value" counterweight to more volatile tech sectors.

🌎 Global Markets: The Value Rotation While U.S. markets face "AI Exuberance," Fidelity Canada sees an "Age of Alpha" emerging in International markets. They are finding compelling opportunities in Europe and Japan, where stocks are currently trading at a 35% discount compared to U.S. counterparts.

📉 Fixed Income: Compelling Returns "Bonds are back." Vanguard highlights that high-quality bonds now offer their strongest risk-return profile in a decade. These holdings are finally providing a "real" return above inflation, acting as the essential ballast for your portfolio.

The Bottom Line: Stick to the Plan The most important takeaway for 2026 is the need to stay diversified. Market leadership changes quickly; by maintaining a globally balanced portfolio, we ensure you aren't over-exposed to any single headline or sector. If your personal situation has changed or if you’d like to review your specific goals for the year, please reach out to our office—we’re here to help.

Quick Reads for You:

Best regards,

The Advisory Team

TIPPER FINANCIAL SERVICES LTD.

The information in this letter is derived from various sources, including Bloomberg, Refinitiv DataStream, FMR LLC, and their subsidiary, Fidelity Brokerage Services LLC as at various dates, as well as Vanguard Investments Canada Inc. and Morningstar, Inc. This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources and reasonable steps have been taken to ensure their accuracy. Market conditions may change which may impact the information contained in this document. Before acting on any of the above, please contact us for individual financial advice based on your personal circumstances.

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Disclaimer

Every effort has been made to ensure that the material contained in this document is accurate at the time of publication. Market conditions may change, which may impact the information contained in this document. All charts and illustrations in this document are for illustrative purposes only. They are not intended to predict or project investment results. Any future or forward-looking statements contained in this communication are speculative in nature and cannot be relied upon. There is no guarantee that these events will occur or in the manner speculated. Please speak with us before acting on any information contained in this communication.

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