Rebecca Teltscher

If there's one thing the market doesn't like, it's uncertainty. And we've definitely seen that this year, a bit of a rollercoaster. Doesn't know why the market's up right now. Market's looking for some clarity, as she and everyone else are. 

You want to be able to digest the news and then take it from there. Have to assess the repercussions on Canadian, US, and global markets.

Probably, but the US administration has also said that there's room for negotiation. We've already seen it before, where tariffs have been stated, then reneged on, then postponed. We're all tired of trying to figure out what the implications are.

All we can do is our best in trying to formulate a portfolio that's resilient in any kind of tariff situation. Rather than what amount the tariffs are, the more important question is how long they remain in place.

Automotive and transportation for sure. Consumer discretionary. These are all sectors that her firm didn't have much exposure in to start with, and not because of tariffs. Their portfolios have always been more defensive, shying away from cyclicality. 

She likes a consistent dividend stream. As a result, their client portfolios are focused on utilities, pipelines, telcos, and the like. As it turns out, those sectors aren't prone to tariffs. So their portfolios have been performing really well as people make the flight to safety. Her firm has always liked the flight to safety, it's just that it's more popular now than it was last year.

Yes. They recommended this course of action last year when there was the huge risk-on sentiment related to AI. They were buying defensive names at cheaper prices. Now those defensive names are trading a little more expensively, as money has flown out of the risky stocks and into safe havens. As well, money's come out of the US and into areas such as Canada, which is where her firm has always been.

Still, those defensive names have resilience and can outperform in any kind of market environment. Especially as we're going into a period of potential economic weakness and more volatility.

If she could make this a Top Pick again, she would. Very high conviction on its future. Premier oil company at a discounted price. One of the best management teams in the world. Premier assets and cost structure. Consistently good acquisitions at a good price that are accretive. Strong record of share buybacks and dividend increases.

Revenues are slightly down YOY, but that's a function of oil prices being down. Likes the 60/40 mix of gas to oil.

Won't double this year, but likes the consistent 8.3% dividend yield. As a royalty play, doesn't have the same commodity exposure as producers, though can be impacted by negative sentiment in the energy sector. Recent acquisitions in US, and this seems to be the new focus. Great risk/reward.

Yield is about 12.2% right now, with talk of a cut; she thinks chance of that is greater than 50%. Institutional investors want the cut, retail investors don't. If cut, stock price would probably go up. If you have a very long time horizon, thinks you can do well. Likes its critical infrastructure.

Was doing a bit better this year, but then came off again. Stock may have reached a bottom. A bit further behind Telus in the buildout of fibre to the home. Telus announced potential sale of towers; if BCE were to do that, dividend wouldn't necessarily need to be cut.

Still digesting all its M&A. Mines located in places with higher geopolitical risk. Good run because gold's had a good run. Instead, she owns AEM.

Likes that about 90% of mines are in Canada, with rest being in geopolitical-positive environments. Strong management team are good allocators of capital. Stock's done so well, hard to find entry for new clients; a function of the price of gold and flight to safety. 

Oligopolies, good businesses for the long term. But a lot of the growth seen over the last 10 years is behind them. There's been lots of consolidation in the space. Economic growth is a bit uncertain in Canada right now, in addition to the impact tariffs. Have to consider how each one manages with cost-cutting to increase margins.

Take a look at RY and TD.

The gold standard. Paying a premium valuation for a premium asset. Good opportunity to buy if it came off a bit. Because of its premium status, it's come off less than the others.

Issues in US last year, and growth is probably capped there. Strong Canadian branch presence with consistent earnings and growth. Still have to see new management performance. Increased costs due to compliance and risk assessment procedures. Stock's done well, still some room to go.

Her portfolio is quite concentrated; she'd add this if she could. Low-cost producer. Will need to see what's happening with egress of nat gas in Canada, which could bode well for nat gas prices and production. She owns ARX.

Has more embedded growth due to assets they own, with a bit more wet gas linked to condensate and oil prices. Likes its assets.

Lots of Canadian names are exposed to the US. That tariffs on energy were initially announced at 10%, and not 25%, goes to show how much the US depends on Canadian oil & gas. Working to export gas to Asian markets, which would alleviate some of the risk.

The move in the CAD since tariffs were announced alleviates the impact of the 10% tariff. She's still confident on the Canadian oil and gas sector, despite the risk of tariffs.