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10. October 2025 Zelos Ridgeline
We are pleased to share the October 2025 edition of the Zelos Ridgeline. As always, you’ll find an update on the Zelos model portfolios and a summary of key market developments over the past month.Market Highlights & Model Portfolio Update
October delivered steady results across the Zelos model portfolios, which returned between 0.5%* and 1.2%* for the month. This brings year-to-date performance to approximately 6.5%* to 10.4%*.
Global equity markets continued to show resilience, supported by stable earnings expectations and clearer visibility on the path toward potential interest rate reductions in 2026. Fixed income remained range-bound as investors weighed moderating inflation data against cautious central bank guidance. We had some nice contribution from our emerging equities and alternative equities asset classes highlighting the benefit of diversification.
In Canada, economic discussion through October remained focused on the rollout of major initiatives tied to the 2025 Federal Budget, including commitments to housing supply, productivity, and infrastructure investment. Of note, Alberta and the Federal government signed an MOU which paves the way for a new pipeline to the west coast and the expansion of an existing pipeline. Markets continue to assess how these measures may influence long-term growth and competitiveness.
Market performance in 2025 has been driven largely by a small group of dominant U.S. technology names and strength in certain resource sectors, areas where we maintain intentional but measured exposure. This reflects our commitment to building portfolios that emphasize balance, durability, and long-term compounding rather than relying on concentrated market trends.
Over the longer term, this disciplined approach has served clients well. Since inception, the Zelos model portfolios have produced strong, competitive returns while experiencing noticeably lower volatility and shallower periods of market decline than broad benchmarks. Managing risk thoughtfully while striving for consistent long-term results remains a central pillar of our investment philosophy.
Thank you for your continued trust in Zelos Investment Counsel.
* Actual performance, net asset values are net of sub-advisory fees and other administrative costs but do not include Zelos management fees or client account custody fees.
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By Zelos Investment CounselWe are pleased to share the October 2025 edition of the Zelos Ridgeline. As always, you’ll find an update on the Zelos model portfolios and a summary of key market developments over the past month.Market Highlights & Model Portfolio Update
October delivered steady results across the Zelos model portfolios, which returned between 0.5%* and 1.2%* for the month. This brings year-to-date performance to approximately 6.5%* to 10.4%*.
Global equity markets continued to show resilience, supported by stable earnings expectations and clearer visibility on the path toward potential interest rate reductions in 2026. Fixed income remained range-bound as investors weighed moderating inflation data against cautious central bank guidance. We had some nice contribution from our emerging equities and alternative equities asset classes highlighting the benefit of diversification.
In Canada, economic discussion through October remained focused on the rollout of major initiatives tied to the 2025 Federal Budget, including commitments to housing supply, productivity, and infrastructure investment. Of note, Alberta and the Federal government signed an MOU which paves the way for a new pipeline to the west coast and the expansion of an existing pipeline. Markets continue to assess how these measures may influence long-term growth and competitiveness.
Market performance in 2025 has been driven largely by a small group of dominant U.S. technology names and strength in certain resource sectors, areas where we maintain intentional but measured exposure. This reflects our commitment to building portfolios that emphasize balance, durability, and long-term compounding rather than relying on concentrated market trends.
Over the longer term, this disciplined approach has served clients well. Since inception, the Zelos model portfolios have produced strong, competitive returns while experiencing noticeably lower volatility and shallower periods of market decline than broad benchmarks. Managing risk thoughtfully while striving for consistent long-term results remains a central pillar of our investment philosophy.
Thank you for your continued trust in Zelos Investment Counsel.
* Actual performance, net asset values are net of sub-advisory fees and other administrative costs but do not include Zelos management fees or client account custody fees.