Jamie Murray

It is one of the largest gas retailers and has done lots of acquisitions. It is all about the margins of gas prices.. People don't fill up their tanks as much with higher prices and will come back more frequently, not just for gas but for all products that the stations sell. It has a low beta.

He owns the debentures from 2021 for income but not the shares. They have a bit better sales momentum but the revenue is chunky. Its technology business is in the right part of the market but it has been a chronic under-performer. Maybe there will be some improvement but he will redeem the debentures when they mature.

It is a very interesting company involving rare and critical minerals from other parts of the world. It provides some components for satellites and solar panels so there is good growth in the end markets. It has a big contract with one of the big US solar companies. Not a lot of competition globally.

It is one of the most expensive of the midstream companies -he owns other pipelines. It is in a good position with natural gas infrastructure and growth of supply. Hold for the long term - he is not concerned about the short term.

It has been acquired by Shell so should trade according to the acquisition price. He owns Whitecap which is very comparable but smaller. Whitecap is executing at a very high level so should go up with increasing oil prices.

The price is down lately due to some concerns around the US consumer since it lends to low quality credit consumers. It has had some tough quarters in the back half of 2025 but came through and had a good first quarter a couple of weeks ago. He just started a position at around $20 in their income fund since he sees a a strong dividend growth profile. It has been raising its dividend by 7 to 8% each quarter.. It has been getting third party capital so is using large investments from outside investors to fund its loans. Growth should accelerate in the back half of the year, Trades at a very low multiple, 6X P/E.

Has owned a long time in the growth fund. It is a leader in GLP 1. Every year the weight loss drugs seem to be able to treat another condition so it is a bit of a miracle drug. Is still early for these drugs. It is expensive so if you want something else you could try Thermo Fisher for broad exposure. The health care sector still has an overhang from Covid and the US government has pulled back on spending.

The stock price has out-performed others in the sector and it pays a 4 1/2 to 5% dividend. It is well run, and as more of a distribution company is considered midstream in the industry. He is looking for $15.

It is second place in the semi conductor space for GPU's and can design them a little cheaper than NVDA. Has owned historically as a good financial model but now more for growth in AI. Has made strong acquisitions and has partnerships with Google and META.

It made a huge move over the past month and he has sold recently. Historically it has been the largest smart phone semi-conductor company, There is still some AI potential in the background but some of its business has been rolling off with Apple.

Has a diversified mix of chemicals. Its products treat drinking and waste water which makes it lower risk since it sells to municipalities. People need good water. It tends to trade at higher multiples and is starting to be picked up by the rest of Bay Street. Has another good 5 years for its strategy.                                                                                                                                    

Owns in the income growth fund. It is very well run and has a huge reserve base in Alberta. Long term it is fine for lower and higher oil prices.

Banks are hitting all time highs and their P/E ratios are much higher than historically. He has been reducing exposure to them but owns TD and BNS for dividend growth. Slowing population growth and high unemployment are a concern but the capital markets are very good. Some internationals are looking to buy Canadian banks.

Travel stocks and airlines are very economically sensitive. Oil prices are spiking but Air Canada is better positioned due to Canada's energy supply. He likes it because it is building out a very strong global network with very unique routes that other carriers don't have. Trades at a discount to its US counterparts so there is lots of upside if the economy allows it. The next catalyst is bringing in a great CEO. Has a strong bench with a management team that has been there for a long time. Navigating the 2030's and beyond is the next big question for Air Canada.