4.25% dividend. Was used to lower his Canadian content. Valuation is compelling. Trades at about 1.5 X book whereas Canadian banks trade at about 2.3. He is making a small bet that the flat UK yield curve normalizes. Have a good wealth management business.
A little more leveraged to the trading game so they are a proxy for the equity markets. Short-term, the banks are overvalued, interest rates have hurt them and the yield curve has flattened but overall Canadian banks are still a fundamental buy.
A micro REIT. With small cap REITs you get more volatility. Focuses on the B and C types of office buildings. Distribution is about 140% of their FFO. They are trying to grow into their distribution. Very risky.
Chose a 2029 5.75% Canada Bond as his 3rd Top Pick. Has had an equity like return. Believes that real rates are dropping. Expects there will be a slowdown or recession in the US and that will give bonds a tremendous bid.
