Brookfield Infrastructure Partners (BIP.UN-T)

Bit of a ride. One of his largest positions across portfolios. Assets are world class, not going anywhere, generating tons of free cashflow. Also hard to purchase, so there's a scarcity value there. In this environment where interest rates are on the decline, it should benefit from closing the gap to what underlying assets trade at.

Likes the way they're not afraid to sell assets and recycle profits into another area that they see as having more potential. Pivoting into areas like pipelines and data centres that should benefit them for years to come. Still extremely cheap valuation. Hopefully we're in for some better  years.

Invests in hard assets, with cashflows either regulated or under long-term contracts. Likes it. Owns it indirectly through the parent, BN. Stable, defensible cashflow stream. Yield in excess of 5%, very safe, track record of increasing annually.

It is technically a utility but owns many different infrastructure assets. It typically buys assets at low valuations and sells at higher prices. It is like owning a private equity firm with one of the strongest management teams in Canada. It generally raises its dividend each year. Lower interest rates are a tailwind. Still a buy.

BIP is more sensitive to interest rates, and will constrained when rates rose. Also, they pay a dividend which was competing with high rates. As rates decline, this will benefit BIP and encourage more building projects. In contrast, BEP is a tougher go, because the transition to renewables will take longer than many expect. But BEP is best in class and its managers are fantastic. BEP's use of AI (with Microsoft) will benefit the stock, but we're ahead of ourselves. 

Great name to look at, hasn't participated that much in the rally. Offence + defense. Really good organic growth of 7%. Good play on decarbonization. Lots of dry powder, probably used for M&A in second half of year. Trading at 9-10x, growing at 11%. Nice yield of 5.3%, growing.

Utility names have all gone down aggressively, it's the interest-rate sensitivity of it all. One of his go-to names. All are very undervalued, but strong dividend yields, so attractive for people looking for income. 

Likes the global growth profile of BIP.UN and the NA one of FTS.

His pick for income-oriented investors. Wonderful dividend yield. Great company with Brookfield as its sponsor. Diversified platform instead of pure play. Probably best growth profile in its space. Global. Valuation 8x FFO, very low end of the range. Massive opportunity for growth. Yield is 6.2%.

Yes, but those names are few and far between. BIP.UN would probably have the best growth profile, as it has access to capital across multiple platforms globally. Its counter-cyclicality is attractive. Data exposure is through towers and warehouses. So BIP.UN can win on many fronts, growing in a variety of areas that some of the more localized firms can't.

Likes it. Well-managed and will benefit from lower interest rates. Has owned it in the past. Stable. They lock in profit and control risk. Are now under pressure because of the higher-for-longer sentiment about rates, but he expects cuts to start in June. Pays a safe dividend of 6.4% that keeps growing. Execs own many shares.

Higher interest rates hard on the business. Debt loads more difficult to service. Also - bond yields are competitive to returns with higher interest rates. Would recommend not buying right now. 

Infrastructure spending will get stronger (ports, bridges). BIP Is like an ETF, given the businesses under its umbrella. The dividend will grow and falling rates will be a tailwind.

Hard assets like toll bridges, cell towers. Things that have long-term, stable cashflow streams. An industry that has a more leveraged balance sheet. Underperformed since rise in rates, as future cashflow is discounted at a higher rate, which decreases net present value and is reflected in the stock price. Hold. Solid. Attractive yield. Lower interest rates will be a tailwind.

Inexpensive valuation at 9x FFO. Unique operating capability, because affiliation with BN lets them do counter-cyclical acquisitions. Access to capital for acquisitions last year when times were tough, reap benefits for years to come. A must-hold for both income and growth investors, for a nice total return. Yield is 5.4%.

It has a big exposure to the utility space but also invests in essential infrastructure businesses. It is geographically diverse and has exposure to natural gas. It focuses on capital recycling - buying undervalued assets and selling them at a premium. She feels that they can continue with this and that there are an infinite number of targets to buy. There is leverage invloved for this but they have access to capital from the Brookfield parent company.           Buy 9  Hold 2  Sell 0

He bought this at the bottom of the pandemic, a great time to buy, and was fantastic for him. He sold it last July, because it got too expensive as interest rates rose. Then, the stock plunged 40%. It's trying to bounce back now.