November Market Update
Markets were broadly higher in November, though signs of fatigue and more choppy trading emerged as earnings season wrapped up. The end of the U.S. government shutdown left a backlog of labour and economic data, keeping investors uncertain about the true state of the economy. Early data showing softness led markets to price in a potential Federal Reserve rate cut in December. With the holiday season approaching and trading volumes typically lower, strong year-to-date performance suggests markets may hold steady into year-end.
We are pleased to announce that the Yorkville Health Care Fund (the “Fund”) has surpassed a major milestone in 2025, raising ~$87 million in new equity. This represents a 34% increase over the $65 million raised in 2024 and exceeds the Fund’s previous record of $73 million. Total AUM for the Fund has also grown 24% year over year.
This year’s growth reflects both the strategic expansion of Yorkville’s distribution network, and a favourable shift in investor preferences toward defensive, non-correlated asset classes that remain resilient amid geopolitical and market uncertainty.
The Rebirth of Nike
In his latest article, Tyler Freier examines Nike’s rebound under new CEO Elliot Hill. After years of stalled innovation and strained retailer relations, Nike is refocusing on athlete-led branding, product differentiation, and retail recovery. Investor confidence is returning, with shares up 20% following renewed earnings guidance.
Yorkville Insights - Quiet Strength: Exploring Overlooked Winners in the Auto Sector
In his latest article, Jackson Arender examines how meaningful opportunities often emerge in less conventional corners of the market. From the resilience of the used car sector to the strength of needs-based businesses like O’Reilly Automotive and AutoZone, he highlights how these steady performers demonstrate that market leadership can come quietly and built on fundamentals, not flash.
August Market Update
Here’s a quick look at August:
Markets stayed positive through August, with stocks and bonds both up. Spending is slowing for lower-income households but holding strong for higher-income groups. The US Federal Reserve and political pressure remain the big focus for investors.
Equities:
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TSX up 5.0%
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S&P 500 up 2.0%
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Dow Jones up 3.4%
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NASDAQ up 1.7%
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International stocks up 4.1%
Other sectors beyond tech did well, especially Materials and Healthcare.
Bonds & rates:
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Canadian bonds up 0.5%
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US 10-year yield down 15 bps
Currencies & commodities:
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US dollar weaker vs CAD
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Oil fell 7.6%
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Bitcoin down 6.3%
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Gold up 4.8%
Outlook:
September is usually a weak month for markets. The Fed’s next rate decision will be key, with concerns about political influence adding uncertainty.
Insights - Leading the Next Generation of Public Safety
An article from Derek Brenzil, highlighting Axon Enterprise as a strong example of Yorkville’s QVR (Quality, Valuation, Risk) model in action. The piece outlines how Axon combines sustainable growth, expanding markets, and long-term shareholder alignment.
Press Release - Yorkville Private Funds Reach $500 Million AUM
August 19, 2025 - Yorkville Asset Management Inc. ("Yorkville") is pleased to announce that the combined assets under management (AUM) of its Canadian Healthcare focused Private Funds (the Yorkville Health Care Fund, the Yorkville Private Lending LP, and the Yorkville Private Equity LP) have surpassed $500 million.
July Market Update
Here’s a quick look at July:
Markets stayed strong in July as trade talks between the US and other countries gained momentum. Good economic data and solid US company earnings helped boost confidence.
Equities performed well:
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NASDAQ was up 3.7%
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S&P 500 rose 2.2%
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Canadian stocks (TSX) increased 1.7%
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International stocks dipped slightly
The tech sector led the way, with big companies like Nvidia, Microsoft, and Amazon driving much of the growth.
Currency & commodities:
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The US dollar strengthened against the Canadian dollar and other currencies, helped by trade deal news
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Oil prices rose about 6% but stayed in a steady range
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Bitcoin gained 8.3% following new US laws supporting cryptocurrency
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Gold dipped slightly but remains steady
Even though markets are near record highs, we are watching carefully. The full impact of tariffs isn’t clear yet, and the upcoming US mid-term elections could bring some uncertainty. Company earnings are still strong, but we’re keeping an eye on any signs of slower growth.
Insights: When Medicine Makes Markets
In his latest article, Tyler Freier breaks down how the rise of GLP-1 weight-loss drugs is reshaping consumer habits, and entire industries. As people eat out less and shift toward healthier choices, brands that adapt through innovation and strategic pivots are best positioned to win in 2025.
Click here to read the article.
Yorkville Asset Management and Aegon Asset Management Announce the Yorkville Aegon Portfolio of Funds
Yorkville Asset Management, Inc. and Aegon Asset Management are excited to announce the formation of a strategic partnership in Canada, aimed at delivering enhanced value to Canadian institutions, financial advisors, and investors.
More...
June Market Update
Here’s a quick recap of June:
Markets moved higher in June as strong economic data and earnings helped ease concerns around tensions and trade talks.
Equities remained strong:
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NASDAQ led again, up 6.6%
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S&P 500 rose 5.1%; TSX up 2.9%
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Top sectors included Information Technology and Communication Services
Currency & commodities:
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The U.S. dollar weakened for the second month in a row
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Oil rebounded +7.1% amid geopolitical concerns
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Gold held steady; Bitcoin rose another 2.6%
Insights: The Restaurant Industry
In his latest article, Tyler Freier breaks down how the food industry evolved in 2024 and what that means for 2025. With restaurant prices rising faster than groceries, more people are choosing to eat at home, forcing restaurants to compete harder for value-focused customers. Fast-casual chains like Chipotle and Cava stood out by offering affordable options without sacrificing quality, while traditional casual dining spots struggled to keep up. Tyler looks at how bankruptcies hit the industry hard and why brands that adapt quickly, through smart pricing, innovation, and leadership changes, are best positioned to succeed moving forward.
May Market Update
Here’s a quick recap of May:
Equities moved higher across the board:
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NASDAQ led with a 9.6% gain
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S&P 500 up 6.3%; TSX up 5.6%
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Top performers included Nvidia, Microsoft, and Meta
Currency & commodities:
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The U.S. dollar continued to weaken
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Oil rose slightly; gold held steady
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Bitcoin jumped over 10%
In his latest article, Jackson Arender explores how small, committed groups can have a major influence on markets, a concept known as the “Minority Rule” from Taleb’s Skin in the Game. From plant-based diets to Bitcoin adoption, he explains how niche trends can lead to powerful investment opportunities.
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