Darren Sissons

Over 5 years, the Swiss franc rose 23% vs. the Canadian dollar, 14% by the USD since 2022, and even the Euro has outperformed. So, Canadian investors need exposure to foreign markets and not only in Canada. If you want best of breed drug and semis companies, you need to looks abroad, not here. This outperformance will outperformance weakness in the CAD, and it offers diversification to a portfolio.

An infrastructure manager, buying infrastructure (energy, healthcare mostly) assets around the world. In the last 5 years, it's up 22% annually. A blue chip company. Strong managers.

Challenges: Trump's presidency who was negative towards China before. Revenues continue to rise, but earnings have been cut in half from the peak. Also, regulators in China tend to meddle in companies. 

Has owned this for 9 years, but he's cut it 7 times. Periodically, drug companies hit patent cliffs, which triggers sell-offs. Going forward, LLY will win the obesity drug fight, but this market won't go away and NVO will remain #2. Still a buy.

You always need a portion of your portfolio to generate income, and telcos now look attractive. The challenge is limited growth. He owns a little Telus.

Pays a high 8% dividend and doesn't slide (as much) when markets do. BTI is moving away from traditional smoking. The stock has enjoyed a good run in recent years and is buying back shares. Good at current levels, but not for ESG investors.

It's painful getting into trouble with US regulators (fines and restrictions). How long will it take the market to digest the extra oversight? Typically, at least a year; TD could be dead money for a couple of years. He has sold TD shares. You need a long time frame. He wouldn't buy TD now.

The valuation is always high, that's the problem (88x trailing PE, 50x forward). CSU needs a lot of acquisitions, but it has rewarded shareholders. He prefers Open Text of CGI.

Softbank owns 90% of this, which is challenging. Valuation is too high, and they aren't in the AI business. But if they move into AI, it will be a game-changer. However, ARM offers best-in-breed mobile CPUs.

Tariffs raise the cost for domestic consumers. Example: Canada has heavy oil that US refiners need. Canada, using the new pipeline, can send that oil elsewhere, that will raise costs for the US. Premiers like Doug Ford have warned Trump that if he imposes tariffs, then US costs will increase. Trump surprisingly stopped being so aggressive. People he's talked to aboard aren't worried about Trump, because Trump probably has only two years before he loses control of the House and/or Senate. US companies will see lower taxes, though, but Canada needs political leaders to stand up to bullies and say we won't put up with this nonsense.

The sector is growing--there's a need for law enforcement tools around the world--but AAXN has only recently been profitable. He wants to see a sustained, long-term track record in a company. This is too early.

Still suffering the shut-down of the Panama mine, though new discussions may arise about it. FNV has no debt. Arbitration could happen. Once Panama is back on line, FNV shares will resume their climb. He bought this just after the Panama situation. He's happy to hold this long term.

A good company, but is ahead of itself now. Canada has low interest rates and a weak economy, and yet bank shares have been rallying aggressively. Wouldn't be surprised if this pulled back, but he likes this long term.

Luxury goods face a global recession, but LVMH shares are attractive. If they go lower, he will add shares.

It's the Amazon of South America. The recent downturn is due to profit-taking, but also fears of US tariffs against Latin America. However, this gives you exposure to Latin America.