August 15, 2026

Now that we have a few weeks of perspective on the first half of the year, I wanted to take a moment to share with you a few reflections on the markets, but above all on the principles that continue to guide each of our investment decisions.

Markets are constantly evolving. The principles that guide our decisions, however, change far less often.

The first six months of 2026 have been full of twists and turns. Yet, despite an economic backdrop that has at times been uncertain and markets that have once again reminded us they can surprise, our portfolios have continued to make solid progress.

These results are not the product of a good prediction, a bet on a particular sector, or a tactical shift made at just the right time.

Rather, they stem from an approach we have applied consistently for several years: investing in high-quality companies around the world, diversifying intelligently, keeping costs among the lowest in the industry, rebalancing portfolios with discipline and, above all, staying invested when emotions lead many investors to do the opposite.

This approach may be less spectacular than what we often see in the financial media. Yet, in our view, it remains one of the most reliable ways to grow wealth over the long term.

When I speak of progress, I am not referring solely to the value of your portfolio.

In my view, performance is only part of the equation.

True progress is measured by the strength of your financial plan, the quality of the companies you own, their ability to create value year after year and, ultimately, the fact that you are moving closer to your goals: a peaceful retirement, your family’s financial security, or the transfer of your wealth.

That is what makes me more confident than ever in our approach.

What Never Changes

At Montclair Gestion Privée, we believe that the best results rarely come from the best predictions.

They come from a sound plan… and the discipline required to stick to it.

Our role is first to gain a clear understanding of your situation, your objectives, and your priorities. Then, we develop a financial strategy tailored to your reality and build a portfolio designed to support that plan.

Our process always remains the same.

• Clearly define your objectives.
• Develop a rigorous plan to achieve them.
• Build a broadly diversified portfolio, grounded in academic research and historical data.
• Maintain the discipline required to let time and the markets do their work.

As long as your objectives remain the same, there is rarely a good reason to change your plan.

And when the plan remains relevant, the portfolio generally should as well.

Contrary to what many believe, our job is not to try to guess where markets will be in six months.

Rather, it is to make each investment decision based on the best available data, academic research, and the expertise of some of the industry’s most respected management partners.

A disciplined approach does not mean we stop learning or questioning our decisions. Quite the opposite.

Each year, we devote significant time to studying new research, meeting with our management partners, exchanging with specialists, and revisiting our own convictions. When a better way to serve our clients is demonstrated, we adopt it.

What we avoid are changes driven by emotions, the headlines of the day, or the belief that someone can consistently predict the markets.

Of course, we closely monitor the markets, the companies in which we invest, tax changes, and developments in the global economy. We continually stress-test our decisions to ensure they are based on the best available data.

However, we believe that the most important decisions are rarely made in haste.

It is precisely this discipline that enables us to stay the course when markets become more volatile.

Markets in 2026

If there is one thing the markets have reminded us since the beginning of the year, it is that they continue to surprise.

Geopolitical conflicts have intensified.

Debates around interest rates and inflation have continued.

Artificial intelligence continues to transform many sectors of the economy.

Major stock indices remain heavily concentrated in a small number of technology companies, while many other sectors are evolving far more quietly.

Listening to the headlines, it sometimes felt as though this time was different.

Yet while the news changed almost every day, one thing remained remarkably stable: the high-quality companies we own continued to innovate, invest, generate profits, and create value for their shareholders.

That is the difference between investing and speculating.

We do not own a ticker symbol.

We are owners of thousands of companies around the world.

And those companies continue to work every day, regardless of what the news says.

Discipline Before Emotions

Markets rarely reward those who react quickly.

They reward those who remain disciplined for long enough.

In fact, our approach leads us to do exactly the opposite of what emotions naturally suggest.

When certain sectors become extremely popular and their value rises quickly, we gradually rebalance portfolios.

In practical terms, this means we slightly reduce our exposure to what has become more expensive in order to increase our allocation to sectors that are temporarily less popular, but often more attractively valued.

This process is rarely spectacular.

It can even be uncomfortable at times.

But it is one of the fundamental principles of our approach.

We do not rebalance because we believe we know what markets will do tomorrow.

We do it because history, research, and experience show that discipline applied consistently offers better odds of long-term success than decisions made under the influence of emotions.

What Truly Matters

Markets will continue to be unpredictable.

They will experience other periods of optimism.

They will also experience other corrections. Some will be modest. Others may be more significant.

We do not know when they will occur, nor what will cause them.

However, there is one thing we are far more certain about.

For more than a century, stock markets have rewarded investors who remain patient, diversified, and fully invested.

Our responsibility, therefore, is not to predict the future.

It is to build a strategy strong enough to navigate the future, whatever it may be.

Headlines will continue to change.

Forecasts will continue to contradict one another.

Markets will alternate between optimism and concern.

Our philosophy, however, will not change.

We will continue to make decisions based on data rather than emotions.

On research rather than predictions.

And, above all, on your plan rather than the headlines.

In Closing

I would like to take a moment to thank you.

The past few months marked an important milestone with the transition of our clients to Montclair Gestion Privée. It was a project I had been preparing for a long time, and I am extremely proud of the result.

But what struck me most throughout this transition was the trust and loyalty you showed me. Many of you have trusted me for many years, and I never take that privilege for granted.

Every day, I appreciate the responsibility that comes with managing your wealth.

It is that trust that motivates me to keep learning, to challenge our ideas, to collaborate with world-class partners, and to always seek the best solutions to support you in achieving your objectives.

I hope these reflections have been helpful to you.

If they raise questions about your situation or your objectives, please do not hesitate to contact me. The best financial decisions often begin with a good conversation.

I wish you an excellent end of summer.

Mathieu Leduc, Pl. Fin.
President
Montclair Gestion Privée