Julien Nono-Womdim

He has invested in it in the past. AI demand for memory is accelerating so it is well positioned. Can be considered an oligarchy and should continue to do well.

A 2 to 3 year timeline is the sweet spot for a long term investor. It is generally easier to form a thesis over three years. Acceleration is remarkable and no case has been made for a monopoly. Google can compete on the AI front and there is not as much focus on the search component. The value of the sum of its parts is greater than people realize.

It does really well with metabolic syndrome chronic diseases, eg Diabetes and has leadership in this area.There have been disappointments in the earnings cycle so it is at a 52 week low. The market only rewards companies that have been executing and Novo hasn't. It could recover however so he is on the sidelines to wait and see.

They sounded reasonably positive in the recent quarter and he is positive on the space. Rate cuts should be supportive for net interest margins in the banking industry.

The supply chain and consumer demand is in flux but the valuation is very cheap and doesn't reflect the current and long term fundamentals. He does acknowledge the challenges.

It is a great company and the key benefit lies in the transition from cash to credit. They are adding more add-on services but it has under-performed the S&P 500 for the past few years. It is stable but not accelerating so there are probably better opportunities elsewhere.

It has a track record of discipline for capital allocation and has a good management team. It is an exceptional operator focusing on infrastructure projects around the world.

There were no past picks so he focused on health care in general and specifically. The space has been beaten down with a lot of unloved stocks. There is a hangover from the strong demand during Covid. The Trump administration is making changes on the regulatory front and meaningful reforms. It is a defensive space so there is better growth elsewhere in a bull market, so people move money out of it. 

UNH is affected by the sector. There is cost inflation on the medical device side so stability has gone down. The aging population is a tailwind but at a greater cost to the system.

Regarding Merk if you want to make a certain amount on drugs, a lot will disappear because of drugs coming off patent. He hopes they have more M&A deals or innovate internally. Innovation is positive for the industry. They will still have some valuable assets left when the regulatory picture clears.

Cannabis has had weak returns on capital and he has seen too much capital invested and destroyed. He doesn't see it as a space to invest in. Wants to see major consolidation and improvement in regulation.

It is well balanced between different sectors and good for the long term. His preference is KLA Tencore (KLAC) which is dominant in the space. It is up 29% over the year so you could step in now.

It is a leader with a dominant position and a good management team that knows what they are doing. It is always expensive and others have a cheaper valuation but this is a core holding.

They own it in the Canadian portfolio. There is a big push towards alternative assets and they generate fees on and grow the quality assets they manage. This includes de-carbonization, wind and solar. It also has partnerships with data centres. They have a pretty meaningful presence in any infrastructure project around the world.

It has had competition over the decade but has had a strong presence and leading edge. It is in an enviable position. Tariffs on semi-conductors would slow the US economy and US markets. It has no reason to turn negative.

It is a high quality company and he likes it. He wants to see more consistency and less cyclicality. The industry should do well over time.