Monthly Market and Portfolio Review
For the sixth month in a row, all four major North American indexes finished in the green: the Toronto Stock Exchange Composite Index (TSX), the S&P 500 Index (S&P), the Dow Jones Industrial Average (DJIA), and the Nasdaq Composite Index (Nasdaq). The Nasdaq continued to lead the pack, rising more than 4% for the second straight month and marking its seventh monthly gain in a row – its longest stretch since early 2018. The TSX, S&P, and DJIA each posted their sixth straight monthly gain, with the DJIA’s streak being its longest since January 2018, the TSX’s longest since mid-2021, and the S&P’s longest since late 2021.
South of the border, a big driver this month was the Fed cutting its benchmark interest rate to 3.75–4.00%. Cheaper borrowing means businesses can invest more, and households can spend more, which usually helps companies grow profits and lifts stock prices. The Fed did warn that future cuts aren’t guaranteed, so while optimism picked up, investors are still watching the data closely – especially with the US government shutdown adding extra uncertainty.
Corporate earnings season added fuel to the rally. Many large companies – especially in technology and areas tied to artificial intelligence (AI) – reported results that exceeded expectations, helping the Nasdaq outperform. However, the overall pace of earnings growth has slowed compared to earlier this year, so there’s still a sense of caution about how sustainable the strength is.
Trade headlines added some ups and downs. Early in the month, concerns around tariffs and China’s rare-earth export policies weighed on sentiment. But by the end of October, negotiations had taken a more cooperative tone, which helped support US markets. Meanwhile, broader economic data continued to point to a “not too hot, not too cold” backdrop – steady growth with easing inflation – which is generally supportive for equities.
North of the border, the TSX continued its climb, helped by lower interest rates, stronger performance in resource sectors, and signs of stabilization in trade relations. The Bank of Canada (BoC) cut its key interest rate by 0.25% to 2.25%, its second straight cut, acknowledging slower economic growth and softer business investment while inflation remained close to target.
The materials and energy sectors were key contributors to the TSX’s gains, supported by rising oil, precious metals (especially gold), and critical mineral prices. However, Canada’s economic data painted a mixed picture overall. Some labour market figures held up reasonably well, but growth is still weak and export-heavy sectors continue to face headwinds. The BoC’s latest outlook reflects this balance – easing policy to support the economy, but cautious about doing too much too quickly.
Overall, investors ended the month with a fairly positive backdrop: lower interest rates, solid earnings, and some easing in trade tensions. That said, there’s still a sense of caution – markets have already priced in a lot of this good news, so any unexpected data or headlines could shift sentiment quickly.
| Portfolio | Monthly Streak |
| Portfolio 1: | 6 – month winning streak |
| Portfolio 2: | 7 – month winning streak |
| Portfolio 3: | 6 – month winning streak |
It was another strong month for all three portfolios, with each outperforming the Nasdaq – the top-performing index, as shown in Chart 1 below. All three posted gains in four of the five weeks, showing broad consistency across the month.
Portfolio 1 booked another solid month, rising 7.4%. Leadership came from a mix of AI, technology hardware, and industrial names. Navitas Semiconductor (NASD: NVTS) stood out, jumping twice – first after unveiling a new chip for Nvidia’s (NASD: NVDA) next-generation AI systems, and then again on momentum. Shopify (TSE: SHOP), TD Bank (TSE: TD), Nvidia, Formula 1 Group (NASD: FWONK), Celestica ((TSE: CLS), Cameco (TSE: CCO), Walmart (NYSE: WMT), CrowdStrike (NASD: CRWD), Cloudflare (NYSE: NET), Apple (NASD: AAPL) and Alphabet (NASD: GOOGL) all hit new highs, while Hammond Power Solutions (TSE: HPS.A) added a late boost. A few pullbacks – including Carnival Corporation (NYSE: CCL), Ferrari (NYSE: RACE), Sea Limited (NYSE: SE), and Magnite (NASD: MGNI) – had limited impact because they were smaller positions. Overall, winners outweighed losers, and the portfolio’s core themes – AI, cloud security, and global energy infrastructure – remained firmly in play. 😊
Portfolio 2 had a steady month, finishing up 5.2%. Gains were widely spread, with new highs from Take-Two Interactive (NASD: TTWO) and iA Financial (TSE: IAG). Hammond Power Solutions and Guardant Health (NASD: GH) delivered strong boosts at key points, helping maintain upward momentum. A few energy names softened as oil prices dipped, but those declines were minor and didn’t derail the overall trend. This portfolio continues to benefit from broad participation and balance – delivering consistent, steady growth that adds up over time.
Portfolio 3 also had a strong month, rising 7.5%. Momentum came from standout positions that drove performance at different points. Lithium Americas (TSE: LAC) extended its impressive late-September rally with another double-digit gain to start the month, while Vertiv Holdings (NYSE: VRT) and Shopify reached new highs. Cloudflare capped the month with a surge to a record high, adding extra fuel to the portfolio. There were some pullbacks – Lithium Americas saw a couple of sharp declines after its rally at the start of the month, and Magnite dipped – but strong performances from core holdings and broad participation kept the overall trajectory positive.
Overall, October was a solid month for all three portfolios, with a mix of steady, dividend growers and high-growth companies working together to deliver gains. Markets always have ups and downs, but the portfolios’ strong performance this month is a reminder that broad participation and staying invested pay off over time – helping you grow your wealth through investing. 😊
With two of the more volatile months behind us and stronger-than-expected gains in September and October, we head into November – historically one of the best months for investing. I’m cautiously optimistic about a seasonally strong finish to the year, though I’ve been wrong before 😊.
Year to date, Portfolio 1 leads the pack with an impressive 34.9% gain, followed by Portfolio 3 at 29.3%, boosted by its strong October. Portfolio 2 trails with a solid 21.2% increase. Among the major indexes, the TSX has climbed 22.4%, the S&P 16.3%, the DJIA 11.8%, and the Nasdaq has outperformed them all with a 22.9% gain.
What My Three Portfolios Did in October
Portfolio 1 for October 2025: UP 
Activity
Bought: Arista Networks (NYSE: ANET) see October 31 update.
Sold: indie Semiconductor (NASD: INDI) see October 17 update.
Sold: Docebo (TSE: DCBO) see October 24 update.
Sold: PayPal (NASD: PYPL) see October 24 update.
Sold: Skyworks Solutions (NASD: SWKS) see October 31 update.
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 $
Telus (TSE: T) DRIP
Dream Industrial Real Estate Investment Trust (TSE: DIR.UN) DRIP
Decisive Dividends (TSE: DE) DRIP
BCE Inc (TSE: BCE) DRIP
US $
Nvidia Corp (NASD: NVDA)
BSR Real Estate Investment Trust (TSE: HOM.U)
Quarterly Reports
Interactive Brokers Group, Inc.
Third quarter 2025 financial results on October 16, 2025
Hammond Power Solutions Inc.
Third quarter 2025 financial results on October 23, 2025
TMX Group Limited
Third quarter 2025 financial results on October 27, 2025
Celestica Inc.
Third quarter 2025 financial results on October 28, 2025
Visa Inc.
Fourth quarter 2025 financial results on October 28, 2025
Alphabet Inc.
Third quarter 2025 financial results on October 29, 2025
Cloudflare, Inc.
Third quarter 2025 financial results on October 30, 2025
Apple Inc.
Fourth quarter 2025 financial results on October 30, 2025
Amazon.com, Inc.
Third quarter 2025 financial results on October 30, 2025
Canadian National Railway Company
Third quarter 2025 financial results on October 31, 2025
Portfolio 2 for October 2025: UP
Activity
No significant activity to report this month.
Dividends Received this month:
Canadian $
Canadian Natural Resources (T: CNQ)
Telus (TSE: T) DRIP
Brookfield Renewable Partners LP (TSE: BEP.UN)
South Bow Corp (TSE: SOBO)
Whitecap Resources Inc (TSE: WCP) DRIP
SmartCentres Real Estate Investment Trust (TSE: SRU.UN)
Dream Industrial Real Estate Investment Trust (TSE: DIR.UN) DRIP
US $
No US$ dividends this past month.
Quarterly Reports
Whitecap Resources Inc.
Third quarter 2025 financial results on October 22, 2025
Hammond Power Solutions Inc.
See report under Portfolio 1.
Guardant Health, Inc.
Third quarter 2025 financial results on October 29, 2025
Microsoft Corp.
First quarter 2026 financial results on October 29, 2025
Portfolio 3 for October 2025: UP
Activity
Bought: Brookfield Corporation (TSX: BN) see October 10 update.
Bought: Brookfield Wealth Solutions (TSX: BNT) see October 10 update.
Sold: Adyen N.V. (OTCM: ADYEY) see October 10 update.
Sold: Real Matters (TSE: REAL) see October 17 update.
Dividends Received this month:
Canadian $
Brookfield Corp (TSE: BN)
Brookfield Asset Management (TSE: BAM)
TD US Equity Index ETF (TSE: TPU)
Alvopetro Energy Ltd (TSEV: ALV)
SmartCentres Real Estate Investment Trust (TSE: SRU.UN) DRIP
Brookfield Renewable Partners LP (TSE: BEP.UN)
goeasy Ltd. (TSE: GSY)
Brookfield Wealth Solutions (TSE: BNT)
US $
Nvidia Corp (NASD: NVDA)
Quarterly Reports
Vertiv Holdings Co.
Third quarter 2025 financial results on October 22, 2025
Microsoft Corp.
See report under Portfolio 2.
Cloudflare, Inc.
See report under Portfolio 1.