MEETING DATES DATA SUPPLIED BY ISSUING COMPANIES THROUGH THE SERVICE OF CDS CLEARING AND DEPOSITORY SERVICES INC.

• = CHANGE IN PREVIOUSLY REPORTED INFORMATION % = CANCELLED MEETING; @ = ADJOURNED MEETING; A = ANNUAL; S = SPECIAL; G = GENERAL; X = EXTRA; E = EXTRAORDINARY ANGKOR RESOURCES CORP Dec 19 Jan 29 AS Aether Global Innovations Corp Dec 18 Feb 05 A Agility Capital Holding Inc. Dec 15 Jan 23 AGS AnalytixInsight Inc. Dec 22 Jan 27 AS Aptose Biosciences Inc. Dec 12 Jan 16 S Black Dragon Gold Corp. Dec 01 Dec 31 AG Calian Group Ltd Dec 15 Feb 12 AS Canada Carbon Inc. Dec 17 Jan 21 AG Cannara Biotech Inc. Dec 09 Jan 29 AGS ECN Capital Corp. Dec 16 Jan 20 S ESGAI Technologies Inc. Dec 15 Jan 28 A EV Minerals Corporation *Nov 21 Dec 30 AGS Forte Minerals Corp. Dec 15 Jan 27 A Golden Harp Resources Inc Dec 02 Jan 06 AS Golden Shield Resources Inc. Dec 16 Jan 22 AS Grit Metals Corp. *Nov 14 Dec 30 A Helix BioPharma Corp. Dec 15 Jan 30 AS IMMUTABLE HOLDINGS INC Nov 26 Dec 31 AS MX Gold Corp. Nov 24 Dec 31 AGS Mayo Lake Minerals Inc. Dec 12 Jan 23 AS NUVISTA ENERGY LTD Dec 12 Jan 23 S New Zealand Energy Corp. *Nov 19 Dec 30 AGS Nova Pacific Metals Corp. Dec 15 Jan 28 AS POCML 7 Inc. Dec 08 Jan 08 AS Perimeter Medical Imaging AI Nov 28 Dec 29 AGS Real Matters Inc. Dec 15 Feb 05 AS Repare Therapeutics Inc. Nov 21 Jan 16 S SIQ Mountain Industries Inc. Dec 23 Feb 04 AG Spartan Metals Corp. Dec 15 Jan 19 A Urano Energy Corp. Dec 18 Jan 29 AG Viscount Mining Corp Dec 19 Jan 29 AS Waraba Gold Limited Dec 03 Jan 09 AS Zonetail Inc. Dec 16 Feb 04 AS Morocco Strategic Minerals Dec 16 Jan 20 AG RECORD MEETING TYPE DATE DATE RECORD MEETING TYPE DATE DATE RECORD MEETING TYPE DATE DATE RECORD MEETING TYPE DATE DATE RECORD MEETING TYPE DATE DATE MONDAY, DECEMBER 1, 2025 | THE GLOBE AND MAIL G B11 GLOBE INVESTOR REPORT ON BUSINESS | T he Christmas holidays are near at hand and, after the cooking and cleaning, one might dream about relaxing by the fire with a hot cup of cocoa in hand. Many investors have similar thoughts when they turn to the markets. Some adopt a nearly hands-off approach using low-fee passive funds. But others enjoy success by taking a slightly more active approach and seeking stocks that might be held for a long time. In an effort to help active – and not-quite-so active – stock-pick- ers, we put six Canadian stock portfolios under the microscope to see which ones favour frequent updating (monthly or quarterly) and which ones do well with an- nual updates. The first two portfolios focus on stability and look for stocks with low-prior volatilities with the expectation that they’ll con- tinue to offer relatively smooth rides. The Stable Dividend portfo- lio sticks to a pure low-volatility approach, while the Frugal Divi- dend portfolio specializes in low- volatility value stocks and, in par- ticular, those with low price-to- earnings ratios. The second pair of portfolios use value-oriented bargain hunt- ing techniques in combination with momentum to find cheap stocks on the upswing. The Divi- dend Monster portfolio picks stocks with generous dividend yields that have strong prior one- year returns. The Pink Lemonade portfolio starts with stocks with low price-to-earnings ratios and selects those that have done well over the prior six months. The third pair of portfolios fo- cus on deep value stocks with the Screaming Value portfolio seek- ing stocks with low EV/EBIT ra- tios and the Free Cash portfolio picking stocks with low EV/FCF ratios. (Enterprise value, or EV, is equal to a company’s market cap- italization plus its net debt. EBIT is an abbreviation for a compa- ny’s earnings before interest and taxes. Free cash flow, or FCF, is ap- proximated by subtracting capi- tal expenditures from operating cash flow.) Further details on how the portfolios operate, and the stocks they hold, can be found via a link in the online version of this arti- cle. The portfolios are rebalanced (or refreshed) each month, quar- ter or year. But they all start by looking through the largest 300 stocks on the Toronto Stock Ex- change to find, and buy, their fa- vourites. The stocks are held for one, three or 12 months, depend- ing on the rebalancing period se- lected, and then sold. The process is then repeated to generate a multidecade performance record. The accompanying graph shows the average annual growth rates for the portfolios, depend- ing on rebalancing period, over roughly the past quarter century along with the returns of the S&P/TSX Composite Index, which is a reasonable proxy for the Canadian stock market. (The returns herein are based on back- tests using data from Bloomberg. They include dividend reinvest- ment but not fund fees, taxes, commissions or other trading costs. The portfolios are equally weighted.) The results were mixed from the point of view of investors who prefer infrequent updating. The Stable Dividend, Frugal Dividend, Pink Lemonade, and Free Cash portfolios benefited return-wise from monthly or quarterly up- dates – to varying degrees. On the other hand, the Dividend Mon- ster portfolio fared better with quarterly or annual updates, while the Screaming Value port- folio offered similar returns across rebalancing periods. More positively, in every case the portfolios outperformed the market index when rebalanced monthly, quarterly or annually. The annually rebalanced port- folios were refreshed at the end of October each year and the timing might have been fortuitous, which is something that’ll be ex- plored in the future. In addition, the period used to calculate the compound annual growth rates varied depending on the rebalancing period used. The return record for the monthly, quarterly and annually reba- lanced portfolios began at the end of 1999, the end of January, 2000, and the end of October, 2000, respectively. They all concluded at the end of October, 2025. Corresponding growth rates were also calculated for the market index but they didn’t vary much despite the dif- ferent starting dates. While the returns of many of the portfolios slipped when re- freshed annually instead of monthly or quarterly, the results continued to be generous. As a re- sult, investors might well dream of relaxing with a hot cocoa while earning reasonable returns over the long term. How often should you update your portfolio? We put six under a microscope to see which favour frequent updating and which ones do well with annual updates NORMAN ROTHERY OPINION PhD, CFA, and founder of StingyInvestor.com Rebalancing impacts long-term performance Compound annual growth rate, by portfolio 5 10 15 20% Market Stable Dividend Frugal Dividend Dividend Monster Pink Lemonade Screaming Value Free Cash Monthly Quarterly Annually THE GLOBE AND MAIL, SOURCE: BLOOMBERG MONDAY China PMI Japan capital spending and manufacturing PMI Euro zone manufacturing PMI (9:30 a.m. ET) Canada’s S&P Global Manufacturing PMI for November. (9:45 a.m. ET) U.S. S&P Global Manufacturing PMI for November. (10 a.m. ET) U.S. ISM Manu- facturing PMI for November. Also: Canadian and U.S. auto sales for November. Earnings include: MongoDB TUESDAY Japan consumer confidence Euro zone jobless rate and Nov. 29. Estimate is 223,000, up 7,000 from the previous week. (10 a.m. ET) Canada’s Ivey PMI for November. (10 a.m. ET) U.S. Global Supply Chain Pressure Index for November. Earnings include: Bank of Montreal; BRP Inc.; Canadian Imperial Bank of Commerce; Dollar General Corp.; Hewlett Packard Enterprise Co.; Kroger Co.; Lululemon Athletica Inc.; Toronto-Dominion Bank FRIDAY Japan household spending Euro zone real GDP Germany factory orders (8:30 a.m. ET) Canadian employment for November. The Street expects an un- changed reading month-over- month with the unemployment rate rising 0.1 per cent to 7.0 per cent and average hourly wages up 3.4 per cent year-over- year. (10 a.m. ET) U.S. personal spending and income for Sep- tember. Consensus is month- over-month increases of 0.3 per cent for both. (10 a.m. ET) U.S. core PCE price index for September. The Street is projecting a rise of 0.2 per cent from August and up 2.9 per cent from the same period a year ago. (10 a.m. ET) U.S. University of Michigan Consumer Senti- ment for December. (3 p.m. ET) U.S. consumer credit for October. Earnings include: Laurentian Bank of Canada utilization remaining at 75.8 per cent. (9:30 a.m. ET) Canada’s S&P Global Services PMI for Novem- ber. (9:45 a.m. ET) U.S. S&P Global Services and Composite PMI for November. (10 a.m. ET) U.S. ISM Ser- vices PMI for November. Earnings include: Descartes Systems Group Inc.; Dollar Tree Inc.; EQB Inc.; GameStop Corp.; Ivanhoe Electric Inc.; National Bank of Canada; North West Company Inc.; Royal Bank of Canada; Salesforce Inc.; Snow- flake Inc. THURSDAY Euro zone retail sales (8:30 a.m. ET) U.S. initial jobless claims for week of CPI Earnings include: Bank of Nova Scotia; CrowdStrike Holdings Inc.; Marvell Technologies Inc.; Pure Storage Inc. WEDNESDAY Japan and Euro zone ser- vices and composite PMI (8:15 a.m. ET) U.S. ADP National Employment Report for November. (8:30 a.m. ET) Canada’s labour productivity for Q3. (8:30 a.m. ET) U.S. import prices for September. The Street expects a rise of 0.1 per cent for August and up 0.4 per cent year-over-year. (9:15 a.m. ET) U.S. industrial production for September. Consensus is a rise of 0.1 per cent from August with capacity WHAT INVESTORS NEED TO KNOW FOR THE WEEK AHEAD I f you’ve ever wondered what the cost of procrastination is, one economist has an answer: it’s like a perpetual 14- per-cent consumption tax. It would ef- fectively be the same as doubling or tripli- ng the amount of sales tax Canadians pay, depending on which province they live in. Mind you, that’s an extreme scenario based on a paper just published in The Quarterly Journal of Economics that looks at someone who has the highest degree of “present bias” and is oblivious to it. In plain English, that would be someone who procrastinates all the time (and may not be aware of it because they keep on doing it). Present bias is essentially the tendency to prefer immediate comfort over future benefit. Trade-off decisions generally have two components: the negative emotion of giving something up and the positive emotion of receiving something. If you want to save for retirement and have more money down the road (feels good), you have to trade that off by foregoing con- sumption today in order to set aside mon- ey (feels bad) to invest. But what seems like a good choice on paper is distorted by present bias. The magnitudes of emotions are warped based on how close to the present they are. Whether good or bad, if it happens today it would feel really good or really bad. If the emotion is to be felt 40 years into the fu- ture, it barely registers. But the paper’s author looks at the fi- nancial world and challenges the idea that suboptimal outcomes are primarily a will- power issue. He suggests that the financial landscape of products make it too easy for people to undo the behavioural safeguard- ing strategies needed to overcome their procrastination. Put another way, we need strategies to force our present selves to be- have in ways our future selves will thank us for. For example, putting money into an RRSP for retirement has a “liquidity” pen- alty in the form of taxes, which would have to be paid immediately if the funds were withdrawn. The desire to avoid doing so serves as a barrier for many from raiding their RRSPs for preretirement consump- tion. Similarly, many people like the idea of buying a home because the mortgage pay- ments are a form of forced savings. They may run the math and find the home- price-to-rent ratio in some cities means it makes more sense to rent and invest the savings. But in the end, they opt to buy be- cause they know they wouldn’t actually save and invest the difference. The problem is there are a lot of ways the financial system can tempt you away from self-imposed discipline. Like access to lots of credit on cards that charge dou- ble-digit interest rates, buy-now-pay-later (BNPL) services that allow you to pay in several instalments with no or low inter- est, and the dopamine hit of trading cryp- to or even just straight-up gambling. The paper’s model suggests that beha- viour becomes more impulsive when we have low personal liquidity. If we tie up too much money in accounts or strategies that lock us down in some way, access to any other dollar is more likely to be used frivo- lously. (As our financial stability increases, this effect dissipates.) When you take a big-picture look at bor- rowing money, we are effectively accessing future income and paying a price to do it. There are many useful uses for this, such as buying a home or paying for an educa- tion to increase our lifetime earning po- tential. But frivolous borrowing is very much against the welfare of our future selves. So perhaps the lesson from this re- search is not that we just lack discipline. It’s that the discipline we manufacture by using strategies that are hard to unwind (tax on RRSP withdrawals, higher interest rate for locked-in GICs, forced savings through a mortgage) can too easily be un- done by the ease of borrowing against our future income through other parts of the complex financial world we live in. And that’s another reason why it feels so hard to truly get ahead. It’s not that we don’t know better. It’s that the financial environ- ment makes the worse choice far too easy. Procrastinating about your financial future is like paying another tax PREET BANERJEE OPINION Consultant to the wealth management industry with a focus on commercial applications of behavioural finance research GETTY IMAGES