Commentary Archives

Patient Capital Quarterly Commentary – Q2 2025

North American equity markets delivered robust, though volatile, performance through the second quarter of 2025, buoyed by resilient economic data, moderating inflation, and increasing investor confidence in a potential soft landing. Despite a sharp sell-off in…

Weighing In on the First Half of 2025

Dear Investors, We’re now halfway through the year, and as of June 30th, the Series F units of Lysander-Fulcra Corporate Securities Fund have returned 2.0% for 2025. Credit markets continued to recover from the initial shock…

Canso July 2025 Market Observer

Uncertainty Breeds Market Contempt The theme of our April 2025 Market Observer was that only a fool would try to predict what would happen to the financial markets and the global economies after Donald Trump declared his Tariff…

Corporate Bonds or Government Bonds – What should a risk-averse investor choose in a balanced portfolio?

The Corporate Bond Trifecta One of the most basic choices for investors when building a balanced portfolio is whether to invest in government bonds or corporate bonds1. Intuitively, the thought is government bonds are more appropriate…

Are US Bonds a Free Lunch for Canadian Investors?

Why would anyone invest in Government of Canada bonds when they could achieve greater yields by investing in the US Treasuries? Based on the US and Canada yield curves illustrated in Chart 1, investors could achieve…

Fulcra Commentary – Q1 2025

Trade Wars Dear Investors, In our January and February commentaries we began to discuss the growing risk of political change impacting the financial markets. We did not know the extent to which government policy uncertainty would…

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