Varun Anand

Infrastructure: essential daily services delivered to a majority of the population in a "supply-constrained manner". For example, look at Pearson International Airport in Toronto. You can't have two large international airports in one city, so we're seeing bottlenecks at the one infrastructure asset. Likes infrastructure assets that can capture the value of increased foot traffic and not have to engage in price wars.

Airlines. The airlines are having a tough time. They had to downsize during Covid, and then bounce back. The processes are not easy to turn off and on. Most airports are now operating quite efficiently, though there is a range. He doesn't own any. Too much volatility and price competition. He wants to focus on companies that benefit from volumes and don't take price risk.

A very concentrated portfolio. For example, CCI is around 11%. Risk is that ETFs don't adjust that much. If there's a downturn, limited ability to be flexible. In contrast SCGI, managed by his firm, has outperformed BGI.UN since inception and can be nimble.

Risk is that ETFs don't adjust that much. If there's a downturn, limited ability to be flexible. In contrast SCGI, managed by his firm, has outperformed BGI.UN since inception and can be nimble.

Undervalued, due to small-cap nature and refinery exposure. Really good run this last few weeks. Growth pipeline, possible doubling of EBITDA in 5-10 years. Built out renewables and midstream opportunities. He also owns the spinoff, LCFS, with its flagship renewable diesel project coming online next year.

Flagship renewable diesel project coming online next year.

His preferred name in the space, but currently underweight. Last year, lots of excitement around infrastructure plans. But now concerns about economic slowdown. Best in class. Excellent job of executing on accretive M&A. Not a bad entry point, but be prepared for volatility next 12-18 months.

Terrific run on the back of energy rebound. Fairly valued. Historically, leverage up the balance sheet during good times, and then cut dividends and restructure during bad. He prefers Canadian mid-streams, like PPL or GEI, both of which are focused on cashflow. Both are approaching fair value, but are good candidates if your quest is a good dividend and dividend growth.

Prefers Canadian mid-streams, like PPL or GEI, both of which are focused on cashflow. Both are approaching fair value, but are good candidates if your quest is a good dividend and dividend growth.

Prefers Canadian mid-streams, like PPL or GEI, both of which are focused on cashflow. Both are approaching fair value, but are good candidates if your quest is a good dividend and dividend growth.

Doesn't own, based on valuation of 10x revenue for 2023. Growth opportunity is there, but not a lot of barriers to entry. Not a lot of value added in the business. Prefers renewable developers with more sustainable cashflow.

Renegotiated main contract, announced a solar acquisition. Diversified cashflows. Excellent job navigating volatility. Small cap is out of favour. A stable and resilient business. A buy below $20. Likes it long term.

(A Top Pick Jul 21/21, Up 12%) Likes it at current levels. He trimmed in the face of a slowdown. He'd add on a meaningful pullback from current $145 levels.

(A Top Pick Jul 21/21, Up 44%) Strong results, and an expanding renewables pipeline. Took profits due to concerns about power prices spiking in Europe, plus EU move to eliminate dependency on Russian fossil fuels. He'd look to add in high $30s.

(A Top Pick Jul 21/21, Down 19%) He's been buying. Plans to expand fleet annoyed some investors. 17-year track record of executing well. Mega-deal with DHL. Concerns about economic slowdown. Still well positioned, dominant market share, freight rates remain high. His top pick in the space.