Recorded as of April 14, 2025.
Outlook is Nicola Wealth’s flagship annual event, providing an opportunity for clients, prospective clients, advisors, and industry peers to hear directly from the Nicola Wealth leadership team. Typically held in-person across Vancouver, Toronto, Kelowna and Victoria, this year’s edition was delivered virtually to provide timely insights on risk, diversification and opportunity in a world of growing uncertainty.
Recorded just weeks before Canada’s federal election, Outlook 2025 explores the investment implications of a shifting geopolitical climate, tariffs at levels not seen since the 1930s, and rising global polarization, helping investors better understand what to expect for the remainder of the year.
Watch the full presentation.
“Economic uncertainty has left many Canadian investors feeling anxious about their portfolios,” says Chris Nicola, President of Nicola Wealth, in his opening remarks. “It is our hope that Outlook 2025 will provide insights and greater confidence in a proven path forward. At Nicola Wealth, we’ve created a disciplined, strategic approach to wealth preservation and risk management—one that is built to help investors weather the storm and stay on course, no matter the market conditions.”
“May you always live in interesting times.”
John Nicola, Chairman, Chief Executive Officer, Chief Investment Officer, at Nicola Wealth provides a macro view of the current economic landscape.
As John notes, interesting times are rarely easy. In fact, they are often marked by turmoil and hardship. From rising global debt and persistent inflation to shifting alliances and market extremes, significant macroeconomic forces are reshaping our world.
In his keynote, John outlines how Nicola Wealth’s “all-weather” strategy is built to help investors remain resilient through any market cycle. He identifies ten key risks shaping 2025 and beyond, and explains how applying principles of behavioural finance can help investors avoid common missteps during periods of volatility.
“Better performance in a crisis typically equals superior long-term results.”
Watch John Nicola’s full presentation .
Uncovering opportunity amidst volatility and tension
David Sung, Vice Chairman of the Board and President of Institutional, at Nicola Wealth, discusses navigating markets with discipline.
David provides a deep dive into how the firm is positioning across public markets, real estate and private capital.
His message is clear: while today’s volatility, driven by shifting alliances, trade tensions, and political instability, can feel daunting, it also creates opportunity. He emphasizes the importance of staying grounded in a disciplined, diversified approach to investing.
This is where Nicola Wealth’s strategy and three-pillar asset management structure—public assets, real estate, and private capital—comes into play. It gives clients access to asset classes traditionally reserved for large pensions and sovereign wealth funds. Combined with Nicola Wealth’s $10.5 billion real estate platform and a robust suite of private capital solutions, it offers a fundamentally different investment experience than what is typically available to Canadian investors.
As President of Institutional, David also highlights how this same philosophy guides the firm’s work with charities, foundations, endowments, Indigenous communities, and family offices. These organizations are also seeking access to asset classes traditionally limited to large institutional investors.
David introduces the senior leaders who oversee each investment pillar, with deeper insights shared in their respective presentations that follow:
- Mark Hannah, Executive Managing Director, Head of Real Estate
- Ben Jang, Portfolio Manager, Public Assets
- Rob Olsen, Head of Private Capital
“At Nicola Wealth and Nicola Institutional, we are committed to an ‘all-weather’ investment strategy – one that is rooted in true portfolio diversification and structured to both reduce volatility and perform well through the full market cycle.”
Watch David Sung’s full presentation .
Winning in real estate
Mark Hannah, Executive Managing Director & Head of Real Estate, on finding strength by focusing on what you can control.
Mark outlines how the firm has navigated a real estate environment shaped by rising interest rates, stalled transactions and capital scarcity. Through a focus on high-occupancy strategies, tactical dispositions, conservative debt management and long-term on build-to-own developments, Hannah explains how the team has turned market headwinds into long-term opportunities.
With $10.5 billion in real estate assets under management across more than 300 properties in Canada and the U.S., the Nicola Real Estate team concentrates on well-located, income-producing assets with strong fundamentals. A diversified mix of asset types and geographies helps mitigate risk and support stable cash flow.
“By focusing on the things that are within our control, we can turn today’s market challenges into tomorrow’s investment opportunities.”
Learn more about driving real value in real estate and how to capture it in Mark Hannah’s full presentation.
Cutting through the noise
Ben Jang, Portfolio Manager, finds opportunity in public markets.
Ben highlights how Nicola Wealth is playing defense while remaining focused on long-term results. In a time of inflation, elevated U.S. debt, and ongoing geopolitical tensions, he explains how the firm’s approach to global diversification and dividend-focused investing is designed to support portfolio resilience.
Nicola Wealth’s public asset funds are managed with a focus on risk-adjusted returns, drawing on strategies such as tactical positioning, option strategies, and a long-term view. This approach is designed to help support resilience during uncertain market cycles while allowing the team to pursue new opportunities as they arise.
“It’s important to be nimble in this environment. Stay defensive for the time being, but at the same time prepare for the opportunities that will likely present themselves, and be ready to jump into the deep end.”
Learn more about how to identify and prepare for opportunities. Watch Ben Jang’s full presentation.
Unlocking private market access
Rob Olsen, Head of Private Capital, discusses institutional-grade alternative investments.
Rob offers insight into how Nicola Wealth’s in-house Private Capital team is navigating uncertainty through a diversified platform that includes private equity, private debt, venture capital, and real estate lending. From infrastructure to secondaries, he illustrates how access, diversification, and careful selection are key to building resilient portfolios.
He also points to the continued expansion of private markets among Canada’s largest pension funds, the “Maple 8”, reinforcing the growing importance of this rapidly growing asset class. As he explains, it’s an area evolving quickly, and in today’s volatile environment, it’s where some of the most compelling opportunities can be found.
“This is private capital the way it was meant to be: accessible, diversified, and built to last.”
Learn more about where to find opportunity in today’s evolving private markets. Watch Rob Olsen’s full presentation .
Planning in uncertain times
Vanessa Flockton, President, Private Wealth, Client Relationship Manager, brings it home: what it all means for you.
Vanessa ties everything together by helping investors understand how a turbulent economic and political environment can impact their personal financial plans.
She outlines how Nicola Wealth’s process begins with each client’s individual hopes, dreams and fears, and ends with a customized financial plan and diversified portfolio focused on cash flow-producing assets. Our approach has delivered results. Over a 24-year period, a $1 million investment with Nicola Wealth would have grown to a portfolio 72% larger, or $2.3 million more than a typical balanced portfolio (Morningstar Canadian Neutral Balanced). What does this show? Over the long term, the approach works.
“It’s time to get back to basics. We’ve been doing this for 30 years, and we have a secret sauce: a plan, a diversified asset allocation, and cash-flow-producing assets.”
Watch Vanessa Flockton's full presentation.
Outlook 2025: Our view forward
At a time when investors are bombarded with headlines and uncertainty, our message is steady: stay grounded, stay diversified, and don’t go it alone.
With an election around the corner and tariffs on the horizon, market conditions remain unpredictable. But opportunity is always out there for those who know where to look. At Nicola Wealth, we’re here to help you find it—and to guide you through whatever comes next.
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Disclaimer
This material contains the current opinions of the author, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide legal, accounting, tax or specific investment advice. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy, or investment product. Nicola Wealth Management Ltd. (Nicola Wealth) is registered as a Portfolio Manager, Exempt Market Dealer, and Investment Fund Manager with the required securities commissions.
