Important Business Updates for 2025

To Our Valued Clients, Friends, and Family:

I hope this message finds you well. I wanted to share some important business updates with you, but first, I’d like to address the recent tariffs announced over the weekend by our largest trading partner and closest ally, the United States. This weekend, the U.S. imposed significant tariffs on Canada, Mexico, and China—an unprecedented but not entirely surprising move among its modern allies, two of which share a border with the U.S. The tariffs include 25% on Canadian goods (10% on energy products), 25% on Mexican goods, and 10% on Chinese goods.

We believe the scope and pace of these actions are aggressive and could be quite damaging to trade relations between our countries if they persist for an extended period of time. Furthermore, the “America First” approach at any cost risks backfiring, potentially leading to an “America Last” stance among global allies and major trading partners in the years ahead. Trade wars, as we have seen historically, and during Trump’s first term, tend to be zero-sum games with no real winners, including the U.S. consumer.

While we see these tariffs primarily as a negotiating tactic to bring relevant parties to the bargaining table, addressing Trump’s concerns over migration and drug trafficking at the border may give him a political win while still leaving Canada vulnerable to future trade barriers and uncertainties. For now, we continue to monitor this fluid situation, viewing periods of uncertainty as opportunities to allocate capital to high-quality businesses. Nonetheless, expect more updates from us on this situation and others that may be relevant to you and your portfolios. 

Exciting Business Updates
As we approach the final year of this century’s first quarter, I’d like to take a moment to reflect on nearly three decades in wealth management and share some exciting developments at Marnoa Private Wealth Counsel. My career began in 1997 in the basement of my first home. Today, our office is on the 10th floor of the Marsland Centre, overlooking Uptown Waterloo. This physical transition reflects the evolution of our industry: paper forms with carbon copies have given way to e-signatures, in-person meetings across the province have expanded to virtual consultations with clients throughout Canada and the U.S., and my role has evolved from an independent advisor focused solely on mutual funds to Founder, CEO, and Portfolio Manager of Marnoa Private Wealth Counsel.

Over the past 28 years, we’ve navigated significant financial events together, from the dot-com boom and bust to the COVID-19 global crisis. Each challenge has strengthened our approach to safeguarding your financial future. I’m also very pleased to introduce our expanded team, which now includes two dedicated client service specialists, two expert Certified Financial Planners, an additional Portfolio Manager, and our newest member, Nadeem Kassam, CFA, MBA, who joins us as Chief Investment Strategist and Chief Operating Officer.

Key Milestones in 2024
This past year marked a period of remarkable achievements for us. We launched Marnoa Private Wealth Counsel Ltd., obtained registration from the Ontario Securities Commission and other Canadian provinces, and secured registration as a Registered Investment Advisor with the U.S. Securities and Exchange Commission. Our model portfolios reached a five-year performance history, validating our “Collectors of Excellent Businesses” investment philosophy.

Looking Ahead to 2025
I’m thrilled to announce the launch of the Marnoa Diversified Income Fund (MDI) on February 28th. MDI offers stable income, capital growth, and non-correlation to public markets, with access to top money managers in Private Credit and Real Assets. It features monthly liquidity and a unique 0/20 cost structure with a 4% hurdle rate and high-water mark. This innovative fee structure aligns our interests with yours, ensuring we only get rewarded when you do.

Please don’t hesitate to reach out if you have any questions or concerns. I look forward to our next meeting and to introducing you to Nadeem at our upcoming Investment Symposium. 

Warm regards,

Pedro Ribeiro, CIM, FCSI
Founder, CEO and Portfolio Manager
519-707-0049
www.marnoa.ca