Market. Everyone recognizes that trade wars are extremely negative to global stock markets. We are seeing the impact as low bond yields as well. The impact of the trade wars has started and we will see it in the quarters to come. He has been avoiding cyclicals in the short term. He is staying away from everything that is economically sensitive. Energy producers and resources are not his bag.
It had a nice run on lower interest rates and the safe haven status. It is probably a better time to take some profits than to buy in. But don't get rid of all your utilities. This is a good time to take some money off the table.
electrical utilities
They announced last week another acquisition out of Scotland. They paid a fair multiple. It keeps their debt level at a reasonable level. This is a game changer that will see the stock rise substantially over the next few years.

They are the meal kit market leaders in Canada. They have a 45% market share. He is a happy customer. They are providing a valuable service to consumers. They did a good job at execution. Their subscriber numbers are ahead of analysts' expectations. He thinks there is a lot of growth yet to come. They are spending a lot of money on marketing now but in a reasonable time they will turn a profit on the bottom line.

food processing
They are probably the cheapest stock on the planet. Trades below liquidation levels. He does not understand why they are not buying back shares. They have been slow but are closing business areas that are losing money. Value is not being reflected in the market and management should do a better job of building shareholder value.
It is a core investment for him. They made a lot of acquisitions and ran into challenges, as is common. They have to beef up the executive team over time. The balance sheet is in very solid shape.
other services