Julien Nono-Womdim

January indicates what 2026 will be like, a world beyond the Mag 7, strong performance in small caps and outperformance in the equal-weight S&P vs the S&P. Tariffs have been noisy, but have attracted capital to the US while legislation will stimulate the economy for poorer consumers. January so that start of a move into small/mid-caps that will continue. A reindustrialization of the US economy is driving this cycle. The poorer consumer is hanging in, not concerned.

Is a core holding, but now in the cycle, he prefers other banks, those more sensitive to loan growth and interest rate cuts.

It's clear there's a housing shortage in the US. He owns peers because he's bullish the homebuilders, but rate-cutting has been delayed to this year gross margins for the builders has been reset, and we've seen strength in this group in recent moves.

Medtech companies have been weak. After the post-Covid boom, customer volumes have normalized. It doesn't hurt to own this long term, but he doesn't feel investing here is timely.

Wall Street expectations got too excited and there's more competition now. They recently but then renounced a company. Trades at 22x PE, but cash flow is poor. It was priced for perfection and was punished. Wait and see.

The whole sector is hurt by high medical costs, an aging US population who have higher medical costs, and reimbursements (pressure from Washington). UNH has a good track record, but these problems will persist.

A volatile industry, but GM enjoys a stronghold in the strong US market, and auto demand is recovering.

In recent years, pricing (shrinkflation) was egregious, volumes weakened and these stocks got punished. But now volumes are normalizing. He wouldn't add now. No, weight-loss drugs haven't stopped people buying chocolate bars.

He owns neither. CAT has down really well. Both benefit as agriculture recovers. 

He owns neither. CAT has down really well. Both benefit as agriculture recovers. 

The recovery in M&A in smaller companies has been delayed due to geopolitical noise, and there's been repricing in software down which discourages software deals, but this will change. Still likes PIPR.

There's strong demand for copper while supply has tightened. Also, FCX has gold byproducts, and gold is selling high.

A volatile stock. A recent drug launch has been good, though a little slower than expected. There's a lot of competition, but he expects growth. They so well buying companies and striking relationships with doctors. 

He doesn't know how to value this asset, and can't explain why it's going down or how it can go up. Doesn't invest in this.

They've gone through a serious transformation including cutting their dividend. An activist has come in so that the company focuses on AQN's core utility business. It's improving, and doing fine compared to other utilities. The turnaround has been successful.