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Tax-loss selling is happening for his clients, but he's holding onto candidates like Arc Resources and Manulilfe. The lifecos have done well this year, especially Sun-Life. Both offer relative safety and growth in Asia. In fact, Manulife isn't a tax-loss candidate. But NFI-T is; New Flyer's deliveries are below expectations and their UK acquisition needs time. The stock is overly punished, though, and will stay in this range for a while. There are signs of growth slowing worldwide with manufacturing data declining. Yet, markets are hitting new highs; markets are ignoring these signals. A narrow band of stocks, including tech, are driving these highs. He expects a rollover to come with investors looking for value. Building cash and fixed income isn't a bad idea now.
and Enbridge He owns this and Enbridge, and likes both. They both pay good yields; TC pays around 4.5%. Both are highly levered, though. Pipelines and utilities can maintain revenues in a slowdown. For both, what are their long-term capital plans to maintain growth. They both have buoyant plans. He'd buy both.
(A Top Pick Dec 10/18, Up 4%) His second-biggest energy holding after SU-T. Superb managers with great cost control. It's done well in a tough environment, beating the energy group which is down 10% in this period.
(A Top Pick Dec 10/18, Up 28%) Pays over a 5% yield. They have a $19 billion spending program that they can self-fund without issuing shares. Their leverage is a little higher than their target. They just reported a very good quarter. He's sticking with it. He slightly prefers this over TC Energy.
