9. September 2025 Zelos Ridgeline

We are excited to bring you the September 2025 edition of the Zelos Ridgeline. We have included the usual overview of the Zelos model portfolios and market commentary but have also included a brief mention of the 2025 Canadian Federal Budget. Market Highlights & Model Portfolio Update September was a strong month for the Zelos model portfolios, which gained between 1.5%* and just over 3%*, bringing year-to-date performance to roughly 6%* to over 9%*. The gains were supported by continued strength in global equity markets and positive contributions from our structured product allocations, which benefited from stable volatility and moderate interest rate expectations. From a broader market perspective, investor sentiment improved through September as inflation trends continued to moderate, prompting renewed optimism for potential rate cuts in early 2026. In Canada, the 2025 Federal Budget emphasized significant spending, about $280 billion over five years, focused on infrastructure, productivity and competitiveness, defense and security and affordable housing. While our managers have modestly lagged broad benchmarks this year, this is primarily due to a lower concentration in the “Magnificent Seven” U.S. technology stocks and more limited exposure to resource-based companies, both of which have led recent index performance. We view this as consistent with our disciplined approach to diversification and risk management. Importantly, since inception, the Zelos model portfolios have delivered comparable or superior returns to their respective benchmarks, while exhibiting significantly lower volatility and downside risk, as measured by standard deviation. This remains a cornerstone of our investment philosophy, to deliver strong, consistent returns with less risk over time. 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. #MarketUpdate #PortfolioPerformance #WealthManagement #CanadianInvesting #ZelosInvestmentCounsel