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COMMENT
Market focus. He's staying put with stable companies not too much affected by the pandemic. Very little exposure to the reopening trade like banks and commodities. May lag the markets a bit, but still hanging in pretty well. Playing it really safe with companies that are still growing and making lots of money, with or without the pandemic.
COMMENT
Sector focus. As a rule, he doesn't invest in resource businesses. Energy infrastructure is still one of the undervalued areas. Companies like TC Energy, Keyera, ENB. Lots of bubbles out there like crypto and housing. Renewable energy has come way down, so it's a great entry point for the likes of AQN, Boralex, Innergex. Asset managers are really cheap, such as AGF, CI, Guardian. BCE and Telus are very reasonably valued. Industrials such as AGF and KBL, which just announced a big contract. Consumer staples like Loblaw. He's a value investor, doesn't chase momentum. Too many unknowns, and he'd rather play it safe. We really don't know when the Covid situation will end.
BUY ON WEAKNESS
He's buying it under $4. Tremendous value. Underlying tech businesses are growing. Thinks they'll surprise the market with good organic growth. They'll have their day in the sun and capture the market's attention. Helps professionals become more efficient. Unique partnerships, especially one with LTC homes.
Healthcare
PAST TOP PICK
(A Top Pick Jun 16/20, Up 34%) One of his biggest positions. Rose during pandemic. Unaffected by lockdowns. Several large, accretive acquisitions, making them the largest player in Canada at 20% of the institutional pharmacy market. Huge tailwinds with the seniors demographic. Focused strategy, well managed, more consolidation to come, plus organic growth.
Healthcare
PAST TOP PICK
PAST TOP PICK
BUY
Among his top 5 positions. Penalized by Keystone XL and trend to renewables. Solid company. TRP's stumble with Keystone makes ENB's infrastructure that much more valuable. Lots of growth ahead. Dividend is safe and will grow, as will capital. Oil will be around for a while, plus will need to become more sustainable, mainly by acquisition.
oil
gas pipelines
DON'T BUY
He tends to shy away from the construction industry. It's volatile, very low margins, risk of cost overruns. Consulting is more lucrative and steady, as with WSP. Trade it if you want.
REAL ESTATE
