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- Oaktree Capital Group (OAK-N)
- Teekay Shipping Corp. (TK-N)
- Boeing (BA-N)
- Hasbro Inc (HAS-Q)
- Hewlett-Packard Co (HPQ-N)
- Target Corp (TGT-N)
- H&R Block (HRB-N)
- Dollar General Corp. (DG-N)
- Ford Motor (F-N)
- JP Morgan Chase & Co (JPM-N)
- Advanced Micro Devices (AMD-Q)
- Carvana (CVNA-N)
- Pitney Bowes (PBI-N)
- Roots (ROOT-T)
- Gap (GPS-N)
Our competitive advantages include our experienced team of investment professionals, a global platform and a unifying investment philosophy that is complemented by a set of core business principles. Our expertise in investing across the capital structure has allowed us to cultivate a diversified mix of global investment strategies in three categories: credit, equity, and real estate. We emphasize an opportunistic, value-oriented and risk-controlled approach to investing in these asset classes.
Teekay is one of the world’s leading marine services company and a vital link in the global energy supply chain. We bring energy where it’s needed – anywhere in the world – to power the global economy and to improve people’s lives. That’s the Teekay SPIRIT. We put safety first. No compromises. We look after each other and make sure everyone gets home safely. We consider people, planet and profit in all of our decisions and actions. We contribute to a sustainable business, environment and community.
A leading global aerospace company and top U.S. exporter, Boeing develops, manufactures and services commercial airplanes, defense products and space systems for customers in more than 150 countries. Our U.S. and global workforce and supplier base drive innovation, economic opportunity, sustainability and community impact. Boeing is committed to fostering a culture based on our core values of safety, quality and integrity.
We reiterate HRTG as a TOP PICK. Since emerging from last year's California fires, this insurance company has weathered the loss remarkably well. Latest earnings showed EPS doubled over the year. It trades at 10x earnings, 2.3x book and supports a ROE of 27%. We recommend scaling up the stop (from $14.00) to $15.50, looking to achieve $29.00 -- upside potential of 16%. Yield 0%
(Analysts’ price target is $29.00)Following recently reported earnings, we reiterate NCSM as a TOP PICK. Key metrics including margins and revenues exceeded the upper ranges of management guidance. Cash reserves are growing for the frac company and should continue as commodity prices stabilize. Management reported very good progress on business expansion into the Middle East and North Sea regions. We continue to recommend a stop at $25, looking to achieve $40 -- upside potential of 24%. Yield 0%
(Analysts’ price target is $40.00)Following recently reported earnings, we reiterate RPRX as a TOP PICK. Their drug portfolio royalty receipts are showing steady growth - up another 12% this year. Management sees good progress on new projects, including a recent announcement of a partnership with Biogen. It trades at 17x earnings, 2.1x book, and supports a 12% ROE. We continue to recommend a stop at $29, looking to achieve $40 -- upside potential of 21%. Yield 2.5%
(Analysts’ price target is $39.80)These past 6 weeks remind him of a quote from Lenin: "There are decades when nothing happens, and then weeks when decades happen." Between tariff announcements and then reversals, and sudden intraday shocks and moves in the stock market and in currencies, it's been an extremely volatile time. It's very cloudy and confusing. His ETF research desk has been inundated with questions.
On the whole, he's not seeing the market retrench entirely out of equities. Money flows are split almost evenly between fixed income and equities. 2024 was a year of bull markets all the way, a record year for ETF flows both in Canada and in the US, driven mainly by demand for the Mag 7 and the S&P 500.
There's still a lingering desire and wish for those growth stocks to continue driving as the engine for the economy. But we're starting to see branches of flows moving into low volatility equities and certain aspects of fixed income, as well as buffers and other strategies for capital preservation.
They're highly efficient, giving you incredibly diversified exposure to sometimes thousands of stocks all at once. Enormous liquidity. Market makers stand ready throughout the day to execute huge orders. Primary and favoured vehicle for large institutions that want to turn over billions of dollars on a dime.
Incredibly low fees and very tight spreads benefit investors as a whole. Smaller investors can piggyback onto this world-class institutional liquidity built around the ETF ecosystem. People who've just sold their stocks often move into ETFs so that they can maintain some type of market exposure.
ZWU holds Canadian utilities, writes covered calls on ~50% of the portfolio. Use it if you have a neutral or range-bound view of the Canadian utilities market. If you buy near market bottom, won't participate as much in the snap-back.
If you see growth and capital appreciation on the horizon, use ZUT -- almost the same basket, but with no covered call overlay. Lower yield. Money works for you over the long haul.
