Order Up! Stan Wong’s Portfolio Is Ready to Serve

Markets steady, tech leads, and Stan Wong doubles down on quality growth with DoorDash, Expedia, and Meta in focus.

Editorial Team (ET)October 11, 2025

Stan Wong, portfolio manager at Scotia Wealth Management, remains confident in the direction of North American equities. His latest outlook strikes a balance between optimism and caution, shaped by moderating inflation and the rising likelihood of further interest rate cuts. Following a weaker U.S. jobs report, investors are betting on a 25-basis-point reduction by the Federal Reserve this month, with the possibility of another move before year-end.

The macro backdrop continues to support risk assets. Global equities have held steady, driven largely by strength in technology and AI-linked sectors. However, valuations remain elevated, forcing investors to be more selective. Wong’s advice is simple but strategic: focus on high-quality, large-cap names with strong earnings visibility and robust balance sheets.

He notes that U.S. money market assets—now exceeding seven trillion dollars—represent a reservoir of capital that could re-enter equities as confidence grows. Historical trends also play in the market’s favour: over the past decade, the S&P 500 has posted an average gain of more than five per cent in the fourth quarter. Wong’s team expects that seasonal tailwind, combined with improving liquidity, to support equities into 2026, where earnings are forecasted to grow by around thirteen per cent.

In Canada, however, the picture looks more subdued. The Bank of Canada’s recent rate cut to 2.5 per cent acknowledges slowing growth and tepid hiring. The loonie remains under pressure, trading below seventy-two cents against the U.S. dollar due to weaker commodity prices. Even so, Wong’s disciplined and diversified strategy remains constructive—anchored in high-quality names across technology, financials, and healthcare, complemented by short- and intermediate-term bonds to manage volatility.

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