Q2 2026 Investment Report
Marksman Q2 2026 Investment Report
Strong global equity markets lift all three portfolio strategies
Period ending June 30, 2026
We are pleased to share Marksman's Q2 Investment Report for the period ending June 30, 2026. Global equity markets advanced broadly during the quarter, helping all three Marksman portfolio strategies deliver positive results across the reporting periods available.
The Aggressive Growth strategy led with a 11.5% return in Q2 and 28.8% over the last 12 months. The Moderate Growth strategy returned 9.8% and 24.9%, respectively, while the Balanced strategy returned 8.2% and 20.9%.
Marksman Portfolio Performance
Asset-weighted composite returns as at June 30, 2026
| Portfolio strategy | Target asset mix | 3 mo. | 6 mo. | 12 mo. |
|---|---|---|---|---|
| Balanced | 60% equity / 40% fixed income | 8.2% | 11.0% | 20.9% |
| Moderate Growth | 75% equity / 25% fixed income | 9.8% | 12.6% | 24.9% |
| Aggressive Growth | 90% equity / 10% fixed income | 11.5% | 14.6% | 28.8% |
Performance is shown net of investment management fees. Composite returns reflect all Marksman portfolios managed for Mansha Plan clients and are grouped by portfolio strategy.
Highlights and Portfolio Positioning
Most equity markets surged during the second quarter of 2026. Emerging markets led, rising nearly 25% in Canadian-dollar terms, supported by strong demand for semiconductors and other technology hardware tied to the continued build-out of artificial intelligence.
Large-cap U.S. stocks also posted significant gains as many S&P 500 companies exceeded earnings expectations. Japanese and continental European markets continued to perform well, while U.K. stocks rose more modestly. Canadian equities gained 7.0% but trailed several global markets, with weakness in oil and gold acting as a headwind.
The Canadian dollar declined 2.0% against the U.S. dollar during the quarter, increasing the Canadian-dollar value of unhedged foreign assets. Crude oil and gold both declined materially from their quarter-opening levels, while investor risk appetite remained constructive despite ongoing geopolitical and trade-policy uncertainty.
Both the U.S. Federal Reserve and the Bank of Canada held policy rates steady. Canada's economy began Q2 with limited momentum, although signs of growth later emerged. The CUSMA review process remained a source of long-term uncertainty, even as the agreement stayed in force.
Marksman's overweight position in value stocks detracted from relative performance in Q2, although value remained additive relative to growth on a year-to-date basis, as it was in 2025. Our overweight position in smaller companies also contributed positively to relative performance.
Market Index Returns
Total returns in Canadian dollars as at June 30, 2026
| Market index (CAD) | 3 mo. | 6 mo. | 1 yr. |
|---|---|---|---|
| Canadian short-term bonds | 1.2% | 1.5% | 3.1% |
| Canadian aggregate bonds | 2.0% | 2.2% | 3.5% |
| Canadian equity | 7.0% | 11.2% | 32.9% |
| U.S. equity | 17.0% | 13.9% | 26.7% |
| International equity | 12.4% | 13.0% | 24.6% |
| Emerging markets equity | 24.7% | 26.7% | 45.9% |
Other Market Indicators
| Market index (CAD) | 3 mo. | 6 mo. | 1 yr. |
|---|---|---|---|
| Canadian dollar (vs. U.S. dollar) | -2.0% | -3.8% | -3.9% |
| Crude oil (US$/bbl) | -32.4% | 21.4% | 4.8% |
| Gold (US$ per oz.) | -13.8% | -7.2% | 20.5% |
Index total returns are not derived from investable portfolios and, unlike managed portfolios, do not include management fees or trading costs. Benchmarks: FTSE Canada Bond, S&P/TSX Composite, S&P U.S. Total Market, MSCI EAFE IMI and MSCI Emerging Markets IMI.
Looking Ahead
As always, Marksman portfolios remain highly diversified across asset classes and global markets. Strong recent returns are welcome, but our focus remains on disciplined portfolio construction, thoughtful risk management and positioning portfolios for long-term outcomes rather than short-term forecasts.
We remain available to help clients understand how market developments affect their portfolios and broader financial decisions.
Mark Doyle, CFA
Chief Investment Officer
Marksman Asset Management Inc.
A wholly owned subsidiary of Mansha Financial Group Ltd.
Sources and Methodology
Market index data and positioning commentary: the Chief Investment Officer's Q2 2026 report, citing BlackRock, J.P. Morgan and the OECD. Economic and policy context was checked against the Bank of Canada, the U.S. Federal Reserve, Statistics Canada and Global Affairs Canada.
Important Disclosure
This material is provided for general information only and does not constitute investment, legal, accounting or tax advice, an offer to sell, or a solicitation to buy any security. Past performance is not indicative of future results. All investments involve risk, including possible loss of principal. Indexes are unmanaged and cannot be invested in directly.
