American Homes 4 Rent (AMH-N)

It rents out over 58 000 single family homes across the U.S. It is unique in that it has its own in-house development pipeline. It can add another 15000 homes on lots that they own or have options on. Their homes are similar quality to ones you could buy from a developer. Has attractive internal rent growth as well as external growth. Trades at a 17% discount to its share value and is a very defensive investment.
Buy 12   Hold 10   Sell 0

A sub-sector he likes in the U.S. are single-family homes. Institutional investors bought up distressed homes during the Recession, then rented out those homes after that period. AMH is a major player in this space and it's trading at a discount to NAV now.

Largest single family home rental owner in the US. Assets across the country. They have an operating platform to manage single family rental homes and he likes it for this reason. Thinks you will see consolidation over the next few years.

Similar to Tricon, but more diversified. AMH-T is focused on buying single family homes and renting them. 20-25 different cities and are a strong operator. They have to maintain and lease single family homes all over the city. Believes they will be a consolidator as home prices have appreciated in the US. There is an opportunity to build a business based on this through acquisition. The industry is fragmented, but can consolidate over time.