Canada Portfolio Weekly Review – July 13, 2026
The Canada Portfolio continues to reflect a concentrated bet on Canadian technology and industrial innovation, with all six holdings listed on the Toronto Stock Exchange (TSX). This week, the portfolio’s performance was mixed: Lightspeed Commerce (+10.32% since pick) and Nuvei Corporation (+5.71%) led gains, while MDA Space (-17.90%) weighed on returns. Hammond Power Solutions (+3.69%), Shopify (+4.42%), and Kinaxis (+3.37%) posted moderate gains.
Key Developments
- MDA Space (MDA): The stock has declined nearly 18% since its pick on June 8, likely due to sector rotation away from space/defense and broader market volatility. However, the position is protected by the 180-day minimum holding period and remains aligned with Canada’s growing space sector. No closure is warranted.
- Lightspeed Commerce (LSPD): Strong performance driven by positive sentiment in the payments space and potential for continued growth in omnichannel retail. The stock is up over 10% since pick.
- Nuvei Corporation (NVDA): Continued momentum in fintech, with the stock up 5.71% since pick. The company’s expansion in alternative payment methods supports the thesis.
- Hammond Power Solutions (HPS.A:CA): Steady gains in the electrical equipment sector, benefiting from infrastructure spending and electrification trends.
- Shopify (SHOP): Modest gains as the e-commerce platform continues to integrate AI and expand merchant services.
- Kinaxis (KXSCF): Newly added this week, the supply chain management software provider shows early positive momentum.
Portfolio Fit and Discipline
All positions adhere to the TSX exchange discipline, and the portfolio remains focused on Canadian-listed companies with global reach. No concentration issues are present, as each position represents a distinct sub-sector (space, electrical equipment, payments, e-commerce, supply chain software).
Risk and Outlook
The primary risk is the underperformance of MDA Space, which could continue if space sector headwinds persist. However, the holding period rule prevents premature closure. The portfolio benefits from diversification across tech sub-sectors and remains well-positioned for Canadian innovation themes. No changes are recommended this week.
Disclaimer: This is not investment advice. Past performance is not indicative of future results. All investments carry risk. Consult a financial advisor before making investment decisions.