The Home Country Bias Series

In this installment of The Home Country Bias, we feature a core holding across many of our strategies - Canadian Tire (CTC).

The “Buy Canada” movement, paired with resilient consumer spending, targeted merchandising on behalf of CTC’s team, an expanded loyalty offering, and meaningful buyback activity, has positively impacted CTC's stock price this year. But, not all Canadian Tire’s success is due to the “luck” of being the quintessential Canadian retailer at a time of elevated patriotism.

Company Spotlight: Gold

Portfolio Manager, Aleksy Wojcik, covers Sionna's gold exposure and outlines our thesis behind our selected gold holdings.

O Canada (Value Investor Insight)

Kim Shannon was recently interviewed by Value Investor Insight where she discussed some of the investment implications caused by the recent tensions between Canada and the U.S.

Has a U.S. Exceptionalism Theme Left Global Portfolios Exposed to Concentration Risk? (ACPM The Observer)

Stephen Jenkins wrote an article for ACPM's The Observer magazine discussing why investors may want to consider re-balancing away from an over-exposed U.S. stock market.

When Uncertainty Leads to Opportunity

As the saying goes, “may you live in interesting times”, well from an investor’s point of view the past five years, nothing could be closer to the truth. Investors have witnessed some of the fastest moving market conditions with immense uncertainty and market volatility. The question at Sionna is why is this positive for Canada and specifically how could this benefit our portfolios?

The Home Country Bias Series

While auto original equipment manufacturers and suppliers have been at the center of discussions, other major industries are also feeling the effects of tariffs. In this installment of The Home Country Bias, we will look into the U.S. agriculture sector – and on multiple fronts.

A Resemblance to the 1966-1982 Sideways Market

1966-1982 was a period of high inflation and weak economic growth: in short, stagflation. More recently, during the four years since rates bottomed and subsequently rose from the lows in the summer of 2020, the market has delivered a stealth value recovery in major markets outside of the U.S. (the U.S. market is distorted by the Magnificent 7 stocks). This seems reminiscent of the early stages of the 1966-1982 period.

The Home Country Bias Series

Since the U.S. President first threatened tariffs on Canadian goods, there has been a change in sentiment among Canadians that has sparked our investment team’s interest. We’re launching a new series – The Home Country Bias – to address questions investors may have as we continue to navigate through an uncertain environment.

Scott Margach

Scott joined Sionna in 2025 to manage compliance at the firm as Chief Compliance Officer. Scott has more than 25 years of experience in the financial services industry, most recently as Chief Operating Officer and Chief Compliance Officer at an exempt market dealer firm. Previously, Scott managed both Canadian and U.S. equities for institutional and high net worth private client mandates. Scott is a CFA charterholder® and a member of CFA Society Toronto.

Trump’s New Initiative: Impacts on Canada

It’s challenging to measure the full impact of Trump’s statements on the Canadian stock market with any accuracy. Protectionist policies will likely be front and center for the new U.S. administration, and as their largest trading partner, Canada will be a focus.