The past quarter had a defining characteristic, it was resilience. Despite a steady stream of geopolitical headlines, shifting interest rate expectations, and pockets of short-term volatility, global equity markets continued to advance in an orderly way. The TSX, S&P 500, NASDAQ, and Dow Jones all contributed to a broadly positive tone, with leadership rotating in a healthy fashion rather than narrowing in a concerning way. In practical terms, that meant periods where technology and AI-related names carried momentum, followed by stretches where financials, industrials, and energy helped balance performance. For investors, the experience was less about smooth consistency and more about constructive progress through noise and importantly, that progress held.