Monthly Market and Portfolio Review
August is usually a sleepy month for markets, with many professional investors off on holiday and trading volumes thin. But this year, the supposedly quiet stretch turned into another winning month. All four major indexes extended their streaks, with the Nasdaq Composite Index (Nasdaq) chalking up its fifth consecutive monthly gain – up 1.6%, its longest run in nearly a year and a half. The S&P 500 (S&P) added 1.9%, the Dow Jones Industrial Average (DJIA) climbed 3.2%, and the Toronto Stock Exchange Composite Index (TSX) led the pack with a surge of 4.8%, its strongest showing of the summer. For the S&P and DJIA, it marked their longest streak since fall 2024.
The rally was less about confidence in the US economy, which appears to be slowing, and more about strong earnings, especially the heavyweight technology names and the ongoing boom in artificial intelligence (AI) related demand. Inflation held steady, easing pressure on the Federal Reserve (Fed), while earnings season delivered another boost – especially from Nvidia’s blockbuster results and Apple’s massive US investment plans. That mix kept sentiment upbeat, even when a few speed bumps appeared.
On the global stage, trade remained in focus. The US and China extended their tariff truce and opened new rounds of high-level talks. Both countries remain tightly linked through technology and critical materials, and that interdependence has so far prevented a full-blown trade war.
Politics, however, injected another layer of uncertainty. President Trump tried to fire Fed Governor Lisa Cook in an unprecedented move that shook confidence in central bank independence. Cook is fighting back in court, and nearly 600 economists have publicly defended her, warning that politicizing the Fed could damage stability at home and abroad. Investors are now weighing the risk of Trump stacking the Fed with allies who favour aggressive rate cuts.
While US markets leaned on the technology companies, Canada had its own moment in the sun. The TSX hit record highs, lifted by strong earnings from the big six banks – helped by smaller loan-loss provisions – and a standout quarter from Shopify. Rising commodity prices in oil, gold, and copper added fuel to the rally, while the extended US – China truce provided welcome relief for exporters. Despite mid-month jitters tied to the Fed drama, momentum stayed intact, and analysts see room for the TSX to climb further if trade stability and low interest rates hold.
The month wrapped up with a reminder that risks still loom – softening labour and inflation data, Trump’s intensifying trade war tactics, and his escalating fight with the Fed. Historically, August and September have been the toughest months for the S&P 500, but this August held up its end of the bargain. Now all eyes turn to September to see if the win streaks can keep rolling.
| Portfolio | Monthly Streak |
| Portfolio 1: | 4 – month winning streak |
| Portfolio 2: | 5 – month winning streak |
| Portfolio 3: | 4 – month winning streak |
With all four major indexes finishing August in the green, it was no surprise that all three portfolios managed to extend their winning streaks. Still, the results were a bit of a mixed bag. One portfolio underperformed even the weakest index, the Nasdaq which gained 1.6%, while another barely matched it – both weighed down by Nvidia’s (NASD: NVDA) month long stumble.
Portfolio 1 ended the month up 1.6%, a respectable gain given the turbulence. Shopify (TSE: SHOP), Lattice Semiconductor (NASD: LSCC), Celsius (NASD: CELH), and Apple (NASD: AAPL) all delivered strong advances, while Sea Limited’s (NYSE: SE) earnings surprise and Celestica’s (TSE: CLS) multiple record highs added more fuel. Nvidia’s decline clipped momentum in the back half, but Google (NASD: GOOGL), Cameco (TSE: CCO), and Interactive Brokers (NASD: IBKR) helped offset the Nvidia drag. A steady month overall, with technology companies’ volatility keeping things interesting.
Portfolio 2 was the standout, surging 7.2% as it notched weekly gains across the board. The star of the show was MongoDB (NASD: MDB), soaring 44% on the back of strong earnings. Guardant Health (NASD: GH), Mitek Systems (NASD: MITK), TC Energy (TSE: TRP), and record highs for Microsoft (NASD: MSFT) and Fortis (TSE: FTS) also added to the strength. Even with some softness in the energy companies, MongoDB’s leap carried the portfolio to a stellar month.
Portfolio 3 brought up the rear with a 1.4% gain. It came out of the gate hot, jumping 6.2% at the start of the month thanks to Shopify and goeasy (TSE: GSY). But repeated pullbacks in its two largest positions – Nvidia and Shopify – weighed on the portfolio. Many smaller holdings held up well, but with over half the portfolio tied to its giants, the losses were hard to escape.
All in all, August showed the value of balance. While Nvidia’s pullback weighed on two portfolios, strong performances from other holdings kept all three in the green. Portfolio 2’s breadth of winners really stood out, while Portfolios 1 and 3 were a reminder of how a few large positions can heavily sway results. Diversification continues to prove its worth. August was a pleasant surprise, and I’m hopeful September will break from its tradition of being the worst month for the markets. Fingers crossed. 😊
What My Three Portfolios Did in August
Portfolio 1
Portfolio 1 for August 2025: UP 
Activity
No significant activity to report this month.
Dividends Received this month:
Companies followed by DRIP (Dividend Re-Investment Plan) indicate additional shares were purchased with the dividend. Any cash leftover was added to the cash balance.
Canadian $
BSR Real Estate Investment Trust (TSE: HOM.UN)
Bank of Nova Scotia (TSE: BNS)
Pulse Seismic Inc (TSE: PSD) DRIP
Decisive Dividend Corp (TSEV: DE) DRIP
Tourmaline Oil Corp (TSE: TOU)
Dream Industrial Real Estate Investment Trust (TSE: DIR.UN) DRIP
TMX Group Ltd (TSE: X) DRIP
US $
Apple Inc (NASD: AAPL)
Costco Wholesale Corp (NASD: COST)
Quarterly Reports
Telus Corporation
Second quarter 2025 financial results on August 1, 2025
Lattice Semiconductor Corporation
Second quarter 2025 financial results on August 4, 2025
Navitas Semiconductor Corporation
Second quarter 2025 financial results on August 4, 2025
Skyworks Solutions, Inc
Third quarter 2025 financial results on August 5, 2025
Shopify Inc.
Second quarter 2025 financial results on August 6, 2025
Magnite, Inc.
Second quarter 2025 financial results on August 6, 2025
Decisive Dividend Corporation
Second quarter 2025 financial results on August 7, 2025
Celsius Holdings, Inc.
Second quarter 2025 financial results on August 7, 2025
Trisura Group Ltd.
Second quarter 2025 financial results on August 7, 2025
BCE Inc.
Second quarter 2025 financial results on August 7, 2025
Datadog, Inc.
Second quarter 2025 financial results on August 7, 2025
The Trade Desk, Inc.
Second quarter 2025 financial results on August 7, 2025
indie Semiconductor, Inc.
Second quarter 2025 financial results on August 7, 2025
Formula One Group (Liberty Media Corporation)
Second quarter 2025 financial results on August 7, 2025
Docebo Inc.
Second quarter 2025 financial results on August 8, 2025
Sea Limited
Second quarter 2025 financial results on August 12, 2025
The Home Depot
Second quarter 2025 financial results on August 19, 2025
Walmart Inc.
Second quarter 2025 financial results on August 21, 2025
Kraken Robotics Inc.
Second quarter 2025 financial results on August 21, 2025
The Bank of Nova Scotia
Third quarter 2025 financial results on August 26, 2025
Nvidia Corporation
Third quarter 2025 financial results on August 27, 2025
CrowdStrike Holdings, Inc.
Second quarter 2025 financial results on August 27, 2025
TD Bank Group
Third quarter 2025 financial results on August 28, 2025
Portfolio 2 for August 2025: UP
Activity
No significant activity to report this month.
Dividends Received this month:
Canadian $
Dollarama (TSE: DOL)
SmartCentres REIT (TSE: SRU.U)
Bank of Nova Scotia (TSE: BNS) DRIP
Whitecap Resources (TSE: WCP)
TC Energy (TSE: TRP)
Tourmaline Oil Corp (TSE: TOU)
Dream Industrial Properties REIT (TSE: DIR.UN) DRIP
Pulse Seismic (TSE: PSD) DRIP
Decisive Dividend Corp (TSEV: DE) DRIP
US $
Apple (NASD: AAPL)
BSR Real Estate Investment Trust (TSE: HOM.UN)
Costco Wholesale (NASD: COST)
Quarterly Reports
Fortis Inc.
Second quarter 2025 financial results on August 1, 2025
Brookfield Renewable Partners L.P.
Second quarter 2025 financial results on August 1, 2025
Telus Corporation
See report under Portfolio 1.
Zoetis Inc.
Second quarter 2025 financial results on August 5, 2025
The Walt Disney Company
Second quarter 2025 financial results on August 6, 2025
Airbnb, Inc.
Second quarter 2025 financial results on August 6, 2025
South Bow Corp.
Second quarter 2025 financial results on August 6, 2025
Canadian Natural Resources Limited
Second quarter 2025 financial results on August 7, 2025
Mitek Systems, Inc.
Third quarter 2025 financial results on August 7, 2025
Supremex Inc.
Second quarter 2025 financial results on August 7, 2025
SmartCentre Real Estate Investment Trust
Second quarter 2025 financial results on August 7, 2025
Take-Two Interactive Software, Inc.
First quarter 2026 financial results on August 7, 2025
Birkenstock Holding plc
Third quarter 2025 financial results on August 14, 2025
The Bank of Nova Scotia
See report under Portfolio 1.
MongoDB, Inc.
Second quarter 2025 financial results on August 26, 2025
Dollarama Inc.
Second quarter 2025 financial results on August 27, 2025
Portfolio 3 for August 2025: UP
Activity
No significant activity to report this month.
Dividends Received this month:
Canadian $
SmartCentres REIT (TSE: SRU.U) DRIP
Royal Bank of Canada (TSE: RY)
Enghouse Systems (TSE: ENGH)
US $
No US$ dividends this past week.
Quarterly Reports
Brookfield Renewable Partners L.P.
See report under Portfolio 2.
Alvopetro Energy Ltd.
Second quarter 2025 financial results on August 5, 2025
Shopify Inc.
See report under Portfolio 1.
Magnite, Inc.
See report under Portfolio 1.
Brookfield Asset Management Ltd.
Second quarter 2025 financial results on August 6, 2025
SmartCentre Real Estate Investment Trust
See report under Portfolio 2.
Goeasy Ltd.
Second quarter 2025 financial results on August 7, 2025
Brookfield Corporation
Second quarter 2025 financial results on August 7, 2025
Royal Bank of Canada
Third quarter 2025 financial results on August 27, 2025
Nvidia Corporation
See report under Portfolio 1.
TD Bank Group
See report under Portfolio 1.