| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Barometer Capital Management's Q2 2026 letter describes a quarter defined by elevated volatility, geopolitical uncertainty from the Iran conflict, Federal Reserve leadership transition concerns, and rising inflation. The manager's trend-following strategy faced challenges in the choppy, non-trending environment, requiring defensive positioning at various points. Despite headwinds, semiconductors emerged as clear leaders driven by AI infrastructure demand, with substantial new positions added in SiTime and Lam Research alongside continued NVIDIA holdings. Financials broke out and assumed market leadership, prompting the manager to build exposure from the ground up across Canadian, U.S., and European banks. Industrials contributed strongly on data center power demand, aerospace strength, and resource cycle capital spending. Precious metals detracted significantly as gold corrected after an extended run, leading to exits of multiple gold producers. Energy exposure was reduced as crude weakened. International equities, particularly Taiwan and South Korea, showed real strength tied to semiconductor and memory exposure. The manager maintains positioning aligned with semiconductor, financial, and industrial leadership while preserving flexibility to capitalize on emerging trends, viewing current risks as reasons for discipline rather than pessimism.
Barometer Capital Management employs a trend-following strategy designed to identify and follow durable market trends across multiple pools, currently favoring semiconductors, financials, and industrials driven by AI infrastructure build-out, resilient banking fundamentals, and multi-year capital investment cycles in power generation and aerospace.
The manager moves into the second half of the year mindful of risks but constructive on opportunities ahead. They are staying patient, keeping positioning aligned with the strongest names and clearest areas of leadership in semiconductors, financials, and industrials, and preserving flexibility to lean in as a more durable trend takes hold. The leadership in these sectors appears well supported by durable, multi-year drivers including AI infrastructure build-out, bank quality and strength, and capital investment in power generation, grid, and aerospace. In precious metals, gold's pullback into long-term technical support has left its longer-term uptrend intact and the manager remains attentive to when the complex resumes its trend. Risks remain including inflation creeping higher, Federal Reserve leadership transition, and tenuous Middle East peace, but these are viewed as reasons for discipline rather than pessimism. With exposures aligned to the strongest names and ample flexibility to adjust, the manager believes they are well positioned to lean in as a clearer trend emerges and looks ahead with measured optimism.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Aug 5 2026 | 2026 Q2 | AGI.TO, BBD-B.TO, BMO.TO, C, CAT, CM.TO, CSX, GEV, HBM.TO, HWM, JPM, K.TO, LRCX, MS, MTB, NA.TO, NVDA, SAN, SITM, WPM.TO | AI, Asia-Pacific, Data centers, financials, geopolitics, industrials, Precious Metals, semiconductors |
CAT HWM CSX GEV SITM LRCX NVDA C NA.TO |
Barometer navigated a volatile, choppy quarter dominated by Iran geopolitical risk and policy uncertainty. Semiconductors and financials emerged as clear leaders, prompting substantial position additions in AI infrastructure names and banks. Industrials contributed on data center power and aerospace strength. Precious metals corrected sharply after extended gains, leading to reduced exposure. The manager maintains conviction in semiconductor, financial, and industrial themes while staying disciplined and flexible. |
| Feb 23 2026 | 2025 Q4 | AEM.TO, BBD-B.TO, BVN, CAT, CLS.TO, CPX.TO, FTT.TO, GOOGL, HWM, K.TO, LRCX, MS, NA.TO, POW.TO, RTX, RY.TO, SAN, SE, TTWO, TVE.TO | AI, Canada, Copper, defense, energy, financials, Precious Metals, semiconductors |
CAT LRCX TVE CN |
Barometer delivered solid Q4 2025 results driven by AI infrastructure, defense, precious metals, and copper exposure amid policy uncertainty and sector rotation. The manager remains constructive but disciplined entering 2026, positioned just shy of fully invested with focus on long-cycle themes while preserving tactical flexibility for volatility and maintaining leadership exposure. |
| Sep 30 2025 | 2025 Q3 | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, international, rates, small caps, technology, Valuations, value | BMO CN | Regency Wealth advocates value investing amid AI stock concentration, highlighting significant valuation disparities with small caps and international equities trading at substantial discounts to mega-cap technology. They focus on quality companies below intrinsic value while warning of elevated AI valuations inconsistent with slowing growth expectations. |
| Sep 21 2025 | 2025 Q2 | AEM.TO, BKR, BVN, ERJ, EWA, EWS, FFH.TO, GE, GEV, HWM, IBIT, K.TO, MSFT, NFLX, NVDA, SAN, TMX.TO, TOU.TO, UUP, WSP.TO | aerospace, energy, financials, global, materials, Multi-Strategy, technology, volatility | - | Barometer Capital successfully navigated Q2 2025 volatility by moving from defensive cash positioning to fully invested as markets recovered. Strong aerospace aftermarket demand, datacenter power infrastructure growth, and financial sector volatility trading drove outperformance. Energy weakness prompted selective exits. Management enters Q3 optimistic on trade resolution and fiscal stimulus supporting continued market gains. |
| Mar 31 2025 | 2025 Q1 | AAPL, AEM, ATRL.TO, AVGO, CPX.TO, CRWD, ERJ, GDX, GDXJ, GOOGL, HWM, K, KMI, MDA.TO, PHYS, TMX.TO, TPZ.TO, V, WPM, XGD.TO | Cash, Defensive, gold, inflation, Precious Metals, technology, Trade Policy, volatility |
AEM ERJ HWM TMX |
Barometer Capital adopted a defensive stance in Q1 2025, raising substantial cash while maintaining precious metals exposure as gold outperformed amid policy uncertainty. The firm exited technology positions and benefited from aerospace and gold mining holdings. With economic and political uncertainty at all-time highs, the defensive positioning aims to preserve capital while maintaining optionality for future opportunities. |
| Dec 31 2024 | 2024 Q4 | AAPL, ATRL.TO, AXON, BWXT, CAT, CCO.TO, CM.TO, FFH.TO, GS, HWM, IBIT, JPM, L.TO, MSI, NEE, NVDA, NVS, REGN, TECK-B.TO, V | AI, banks, Deregulation, financials, industrials, nuclear, technology |
AXON HWM ATRL |
Barometer Capital capitalized on Trump's re-election by overweighting financials and industrials, benefiting from deregulation expectations and reshoring themes. Strong performance from banks, AI infrastructure plays, and nuclear power positions drove returns. The firm maintains positive outlook despite expected trade policy volatility, positioning for continued deregulation benefits while hedging with modest cash levels. |
| Sep 30 2024 | 2024 Q3 | AEM.TO, ARX.TO, AVGO, BRBR, BWXT, CCO.TO, CIBC.TO, EFN.TO, FFH.TO, GE, HWM, K.TO, MFC.TO, NEE, NVDA, PGR, QCOM, SO, TRP, VLO | AI, banks, energy, gold, insurance, nuclear, Pipelines, technology | - | Barometer Capital delivered strong Q3 performance by rotating from narrow tech leadership into nuclear energy, gold, and Canadian banks. The firm capitalized on AI infrastructure demand while reducing direct GPU exposure, increased precious metals allocation amid central bank buying, and benefited from Canadian monetary policy leadership. Management maintains optimistic outlook supported by Fed easing and expected fiscal expansion. |
| Jun 30 2025 | 2024 Q2 | AGI.TO, AVGO, CNQ.TO, COP, COST, CS.TO, DIS, DOL.TO, EFN.TO, ETN, K, L.TO, LLY, MSFT, MSI, NVDA, QSR.TO, RIO, TRI.TO, VLO, VMC | AI, Canada, Consumer Staples, energy, healthcare, materials, technology | - | Barometer Capital delivered strong Q2 performance driven by AI leaders NVIDIA and Broadcom, healthcare exposure through Eli Lilly's GLP1 drugs, and consumer defensive names benefiting from trade-down trends. Energy holdings detracted as oil prices softened. The firm maintains a positive outlook, viewing markets as in a structural bull market. |
| Jun 30 2023 | 2023 Q2 | AGI.TO, AVGO, CNQ.TO, COST, CS.TO, DIS, DOL.TO, EFN.TO, ETN, K, L.TO, LLY, MSFT, MSI, NVDA, QSR.TO, RIO, TRI.TO, VLO, VMC | AI, Canada, Consumer Staples, energy, healthcare, materials, Tactical, technology | - | Barometer Capital delivered strong Q2 2023 performance led by AI exposure through NVIDIA and Broadcom, benefiting from explosive generative AI demand. Consumer staples outperformed as consumers traded down amid economic pressures. The firm increased tech allocation while reducing discretionary exposure. Energy holdings detracted on weak crude pricing. Management maintains positive outlook, viewing current environment as structural bull market with continued focus on leadership stocks. |
| Mar 31 2023 | 2023 Q1 | AVGO, AXON, CROX, CS.TO, JPM, MSFT, NVDA, ORCL, STLC, STN | AI, asset allocation, Banking, energy, financials, semiconductors, Tactical, technology | - | Barometer Capital Management delivered mixed Q1 2023 results through tactical asset allocation, capitalizing on AI-driven semiconductor strength while avoiding regional banking stress. Technology exposure increased significantly across pools, with NVIDIA and Broadcom leading gains. Energy and healthcare allocations were reduced due to sector weakness. The firm maintains its dynamic approach, positioning for opportunities while preserving capital. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIAI infrastructure demand drove strong performance in semiconductors, particularly NVIDIA and memory equipment suppliers like Lam Research. Data center build-out by hyperscalers and enterprises continued to fuel investment in AI compute platforms and high-bandwidth memory. The manager added substantially to semiconductor exposure during the quarter, establishing new positions in AI-related names. |
Data Centers Semiconductors NVIDIA Memory Cloud |
SemiconductorsSemiconductors reasserted leadership during the quarter, with renewed strength tied to ongoing demand for computing and AI infrastructure. Memory semiconductors experienced a strong upcycle driven by high-bandwidth memory requirements for AI accelerators. The manager increased Information Technology exposure substantially, adding new positions in SiTime and Lam Research while continuing to hold NVIDIA. |
Memory Semi Equipment AI Foundries Chip Designers | |
Data CentersData center power demand emerged as a major driver across multiple holdings. Caterpillar benefited from engines and gensets used for data center power generation. GE Vernova's gas turbine and grid backlog was supported by multi-year electricity infrastructure build-out to meet surging power demand from data centers and AI. The manager views this as a durable, multi-year trend with strong visibility. |
Power Equipment Grid Upgrade Energy Storage Electrical Equipment Infrastructure Spending | |
GoldGold and precious metals corrected sharply during the quarter after a strong advance earlier in the year. Positioning had become extended, and the metals failed to respond to inflation and geopolitical tensions as expected. The manager exited gold producers Alamos Gold and Kinross and reduced overall exposure. However, gold's pullback brought it back into long-term technical support, leaving the longer-term uptrend intact. |
Gold Miners Silver Precious Metals Safe Haven | |
FinancialsFinancials broke out and assumed market leadership during the quarter, supported by resilient credit and solid capital markets activity. The manager expanded exposure substantially, building positions from the ground up anchored by Citigroup and National Bank of Canada, then broadening to include Morgan Stanley, Banco Santander, M&T Bank, and JPMorgan. Canadian banks Bank of Montreal and CIBC were among the strongest contributors. |
Banks Capital Markets Regional Banks Investment Banks Money Center Banks | |
IndustrialsIndustrials were a standout sector, supported by capital spending tied to the resource cycle, power generation and grid infrastructure build-out, and a strong commercial aerospace cycle. Caterpillar benefited from broad-based demand across construction and mining. Howmet Aerospace leveraged the strong commercial aerospace cycle and robust aftermarket for engine parts. GE Vernova added value on gas turbine and grid backlog strength. |
Aerospace Construction Equipment Power Equipment Grid Upgrade Commercial Aviation | |
Asia-PacificInternational equities across Asia showed real strength, particularly Taiwan and South Korea. Taiwan rallied sharply due to heavy concentration in the global semiconductor and AI hardware supply chain. South Korea benefited from the memory upcycle and corporate governance reforms. Japan continued to be supported by ongoing corporate governance reform and a reflationary backdrop. The manager retained exposure to these opportunities. |
Taiwan South Korea Japan Semiconductors Corporate Governance | |
IranThe outbreak of war involving Iran dominated sentiment during the quarter, injecting geopolitical uncertainty into energy markets and risk assets. The situation showed signs of normalizing by quarter-end, though the peace remains tenuous and fragile. Dislocations from the closure of the Strait of Hormuz are expected to persist, leaving a lingering imprint on energy supply chains, shipping routes, and freight costs. |
Geopolitics Oil Energy Shipping Middle East | |
| 2025 Q4 |
AIAI was a dominant market driver of U.S. stocks and continues to influence market leadership. The AI-driven rally led to historic levels of market concentration with just five stocks accounting for nearly 45% of the S&P 500's total return in 2025. Strong AI-related investment was the backbone of U.S. growth in 2025. |
Artificial Intelligence Technology Market Concentration Growth Innovation |
RatesThe Federal Reserve has cut interest rates 1.75% since 2024, easing financial conditions and supporting markets. The Fed resumed rate cuts in September and markets expect further easing into 2026, albeit at a slower pace. Historically, equities have responded favorably following the restart of easing cycles. |
Federal Reserve Interest Rates Monetary Policy Easing Financial Conditions | |
InflationThe inflation storm that dominated recent years appeared to be easing, at least in the short term. November and December inflation surprised to the downside, easing investor concerns about persistent inflation pressures. However, inflation is likely to remain above target near term. |
Consumer Prices Federal Reserve Monetary Policy Economic Data | |
DollarThe U.S. dollar fell more than 9% during 2025, pressured by a high starting valuation and mounting concerns about global investor concentration in U.S. assets. With the Federal Reserve still focused on easing policy, narrowing interest rate differentials may drive a further decline in the dollar. |
Currency Exchange Rates Federal Reserve International | |
| 2025 Q3 |
AIAI continues to dominate the landscape with companies in the Magnificent 7 reporting significant growth in earnings where AI adoption is credited with positively influencing revenues. However, this concentrated growth has led to elevated valuations that may be inconsistent with an economy positioned for slowing growth. The risks of a potential slowdown in company capital expenditures could have severe implications on broader market sentiment. |
Technology Earnings Valuations Growth Productivity |
ValueThe firm focuses on identifying quality companies trading at a discount to their intrinsic value through prudent fundamental analysis. They highlight significant valuation disparities, with equal-weighted S&P 500 companies trading at a 43% discount to the Magnificent 7, small caps at a 25% discount to the S&P 500, and overseas companies at a 34% discount. |
Discount Fundamental Quality Intrinsic Analysis | |
Small CapsSmall cap companies present compelling opportunities at attractive valuations, trading at a 25% discount to the S&P 500 Index. The rate-cutting environment is seen as a tailwind to smaller companies, offering compelling risk/reward characteristics in the small cap universe. |
Discount Rates Opportunities Risk Reward | |
| 2025 Q2 |
AerospaceStrong performance driven by commercial aircraft production disruptions creating demand for aftermarket parts and services. Embraer received largest-ever executive jet order worth up to $7 billion for 182 aircraft. Howmet Aerospace and GE Aerospace benefiting from persistent aircraft production dislocations forcing extended service life. |
Aircraft Aftermarket Commercial Aviation Defense Manufacturing |
Data CentersGE Vernova experiencing explosive growth in natural gas turbine orders driven by datacenter power demand. Pool positioned to benefit from AI-related infrastructure spending growth through technology exposure including Microsoft and NVIDIA. |
Power Supply Infrastructure AI Cloud Energy | |
GoldMaterials sector exposure through Agnico Eagle Mines and Kinross Gold delivered strong performance as gold prices rallied due to fears of excessive inflation. Gold miners capitalized on strong commodity pricing environment. |
Inflation Hedge Precious Metals Mining Commodity Safe Haven | |
StreamingNetflix cemented position as streaming leader, benefiting from large content producers stepping back from streaming investment. This led to content licensing costs coming down for Netflix as competition reduced content spending. |
Content Entertainment Media Technology Competition | |
FinancialsStrong performance from TMX Group benefiting from sustained market volatility driving equity and derivative activity. Fairfax Financial showing strong insurance results while being selective in new business writing. European banks like Santander gained favor due to capital flight from US. |
Insurance Banking Capital Markets Volatility Europe | |
| 2025 Q1 |
GoldGold and precious metals assumed leadership during Q1 2025 as investors sought safe-haven assets amid rising inflation concerns and economic uncertainty. Multiple gold positions including Agnico Eagle Mines, Wheaton Precious Metals, Kinross Gold, and Sprott Physical Gold Trust contributed significantly to portfolio performance as gold prices reached record highs. |
Gold Miners Precious Metals Inflation Safe Haven Mining |
InflationRising inflation concerns drove significant portfolio positioning changes during the quarter. Barometer pools moved to favor inflation hedges like gold and precious metals while reducing exposure to growth-sensitive sectors. The Federal Reserve maintained elevated rates citing inflation concerns, dampening earlier hopes for rate cuts. |
Rates Gold Commodities Fed Policy Hedging | |
Risk AppetiteBarometer pools substantially increased cash balances during the quarter to hedge against potential downside and preserve optionality. This defensive positioning reflected heightened economic and political uncertainty, with managers taking a cautious stance while maintaining core exposures in defensive sectors. |
Cash Defensive Volatility Positioning Hedging | |
Trade PolicyThe Trump administration's efforts to alter longstanding relationships with allies, trade partners, and adversaries created significant policy uncertainty. Technology stocks and trade-sensitive industries struggled amid fears of escalating tariffs, while the outlook for global trade dynamics remained uncertain. |
Tariffs Trade Policy Uncertainty Global | |
| 2024 Q4 |
AIAI continued to influence markets with focus shifting to future power demand growth as datacenter build-out requires substantial energy investments. Axon Enterprise's AI products allow police officers to automate report writing, freeing up time for more policing, with police departments increasingly eager to implement this high-margin software. |
Data Centers Power Automation Software Police |
DeregulationThe re-election of Trump informed a thematic shift towards deregulation beneficiaries. Bank stocks were buoyed by prospects of rebounding M&A activity as enforcement agencies are to be declawed, with decreased probability of more stringent capital requirements helping both large and regional banks. |
Banks M&A Capital Requirements Enforcement Policy | |
NuclearLarge datacenter operators signed numerous nuclear power supply contracts. AtkinsRealis' nuclear segment represents roughly 13% of revenue and has experienced strong growth amid renewed investment in nuclear energy, well-positioned to capitalize on potential life extensions of existing reactors and construction of new facilities. |
Power Reactors Energy Construction Uranium | |
FinancialsSharp rallies in the financials sector with Barometer portfolios maintaining overweight exposures throughout the quarter. Large-cap US bank exposures like JPMorgan and Goldman Sachs worked well as the election results proved positive for banks, with the incoming administration committed to deregulation. |
Banks Deregulation Capital Markets Insurance M&A | |
| 2024 Q3 |
AIArtificial intelligence remained a focus during the quarter with continued voracious demand by large tech companies for GPUs and datacenter capacity. Investor focus has evolved from GPU suppliers to infrastructure and energy providers supporting datacenter expansion. |
Datacenter GPUs Infrastructure Energy Cloud |
NuclearNuclear energy gained prominence as datacenter power consumption ramps higher. Microsoft's agreement with Constellation Energy to restart a nuclear reactor highlights nuclear's value for consistent baseload power that emits no carbon, aligning with environmental goals of datacenter owners. |
Baseload Carbon Reactors Power Energy | |
GoldPrecious metals performed very well during the quarter as central bank buying provided a consistent bid for gold. Allocation to gold and gold miners were notably increased during the quarter as the price of gold surged. |
Central Banks Miners Precious Metals Commodities | |
PipelinesPipeline stocks got a lift as interest rates came down. The pool's exposure to TC Energy specifically worked well as the company divested some non-core assets to further reduce their debt load. |
Energy Infrastructure Debt Interest Rates | |
| 2024 Q2 |
AIThe firm continues to benefit from exposure to generative AI proliferation through NVIDIA, Broadcom, and Microsoft. NVIDIA remains the supplier of choice for GPUs used for AI development with explosive growth. Broadcom serves as the trusted partner for companies developing custom chips for AI. Thomson Reuters emerges as an AI darling in Canada, integrating AI into their legal and tax accounting business. |
Generative AI GPUs Custom Chips AI Integration AI Development |
GLP1Eli Lilly continued to benefit from the rollout of their GLP1 receptor agonist drugs Mounjaro and Zepbound. These drugs have seen huge demand globally as their efficaciousness has become unquestionable. |
Mounjaro Zepbound Receptor Agonist Global Demand | |
Trade DownCanadian consumers have chosen to trade down to discount stores like Dollarama as economic pressures mount. North American consumers demonstrated increased frugality against increasing economic pressures and began to hunt for bargains, benefiting companies like Costco. |
Discount Stores Economic Pressures Consumer Frugality Bargain Hunting | |
OnshoringIndia remains a key reshoring beneficiary as companies globally seek to shift production out of China in order to derisk their supply chains. |
Supply Chain Production Shift China Risk India Beneficiary | |
Grid UpgradeThe vast amount of computation required to power AI development has provided a tailwind to companies like Eaton, selling equipment into power grids. Eaton saw strength across their business lines, specifically their business selling electrical transmission components. |
Power Grids Electrical Transmission AI Computation Infrastructure | |
| 2023 Q2 |
AINVIDIA and Broadcom continued to deliver excellent performance as investors demonstrated voracious appetite for any stocks with generative AI exposure. NVIDIA's explosive growth demonstrated both the strength of demand for generative AI hardware and a more robust supply picture. Thomson Reuters has emerged as an AI darling in Canada as the company continues to seek ways to integrate AI product offerings to help their clients drive efficiencies. |
Generative AI GPUs Hardware Software Integration |
Trade DownIn Canada, consumers have chosen to trade down to discount stores like Dollarama as economic pressures mount. North American consumers demonstrated increased frugality against some increasing economic pressures and began to hunt for bargains. Costco delivered very strong same-store-sales growth during the quarter and exhibited strong growth in their membership base. |
Discount Stores Consumer Pressure Value Frugality Bargains | |
GoldThe Barometer Global Macro Pool saw precious metals exposure contribute most positively to performance during the quarter as gold and silver prices strengthened. The pool's exposure to gold contributed positively through ownership of Kinross Gold Corp and Alamos Gold Inc. benefitted from better gold prices. |
Precious Metals Gold Miners Silver Pricing Metals | |
CopperThe pool also saw its base metals exposure work well as copper pricing firmed. Copper exposure through ownership of Capstone Copper Corp also contributed positively. The pool owned the Global X Copper Miners ETF throughout the quarter and shares moved steadily higher. |
Base Metals Copper Miners Pricing Industrial Metals ETF | |
GLP1Health care exposure sector contributed positively to pool performance during the quarter as Eli Lilly & Co. continued to benefit from the rollout of their GLP1 receptor agonist drugs Mounjaro and Zepbound. These drugs have seen huge demand globally as their efficaciousness has become unquestionable. |
Diabetes Weight Loss Pharmaceuticals Drug Demand Healthcare | |
| 2023 Q1 |
AIIncreased investor enthusiasm around generative AI fueled strength in the semiconductor industry. NVIDIA Corp. and Broadcom Inc. significantly contributed to pool gains as funds capitalized on this trend by increasing technology sector exposure. |
Generative AI Semiconductors Technology NVIDIA Broadcom |
SemiconductorsThe semiconductor industry provided a bright spot with strength driven by generative AI enthusiasm. Technology sector exposure was increased significantly across multiple pools to capitalize on this performance. |
Semiconductor Cycle Technology AI NVIDIA Broadcom | |
Regional BanksRegional bank failures spooked markets with fears of contagion and broader banking crisis. Funds avoided US regional banks entirely, instead holding select Canadian banks and insurance companies that displayed relative outperformance. |
Banking Crisis Regional Banks Financial Stress Contagion Risk Management |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Aug 5, 2026 | Fund Letters | Barometer Capital Management | CAT | Caterpillar Inc. | Other | Construction Machinery & Heavy Trucks | Bull | - | AI infrastructure, Construction Equipment, Cyclical, Data-Center Power, energy infrastructure, Gensets, Industrials, Mining equipment, Resource Cycle | Login |
| Aug 5, 2026 | Fund Letters | Barometer Capital Management | HWM | Howmet Aerospace Inc. | Other | Aerospace & Defense | Bull | - | Aerospace, aftermarket, Commercial Aviation, Cyclical, Engine Components, Industrials, Maintenance, Spare Parts | Login |
| Aug 5, 2026 | Fund Letters | Barometer Capital Management | - | Bombardier Inc. | Other | Aerospace & Defense | Bull | - | Aerospace, aftermarket, business jets, Canada, debt reduction, Industrials, services, turnaround | Login |
| Aug 5, 2026 | Fund Letters | Barometer Capital Management | CSX | CSX Corporation | Other | Rail Transportation | Bull | - | Freight Rail, Industrials, infrastructure, Intermodal, operating efficiency, Pricing power, Transportation | Login |
| Aug 5, 2026 | Fund Letters | Barometer Capital Management | GEV | GE Vernova Inc. | Other | Electrical Components & Equipment | Bull | - | AI infrastructure, backlog visibility, Data-Center Power, Electrification, Gas turbines, Grid Infrastructure, Industrials, Power generation | Login |
| Aug 5, 2026 | Fund Letters | Barometer Capital Management | SITM | SiTime Corporation | Other | Semiconductors | Bull | - | AI data centers, Chip Content Growth, High-Speed Networking, Mems, Precision Timing, semiconductors, Silicon Timing, technology | Login |
| Aug 5, 2026 | Fund Letters | Barometer Capital Management | LRCX | Lam Research Corporation | Other | Semiconductor Equipment | Bull | - | AI accelerators, Capital equipment, HBM, High-Bandwidth Memory, memory chips, semiconductor equipment, technology, Wafer Fabrication | Login |
| Aug 5, 2026 | Fund Letters | Barometer Capital Management | NVDA | NVIDIA Corporation | Other | Semiconductors | Bull | - | AI accelerators, AI Computing, AI infrastructure, data centers, GPUs, hyperscalers, semiconductors, technology | Login |
| Aug 5, 2026 | Fund Letters | Barometer Capital Management | C | Citigroup Inc. | Other | Diversified Banks | Bull | - | banking, capital return, financials, Franchise Simplification, Profitability Improvement, turnaround, valuation re-rating | Login |
| Aug 5, 2026 | Fund Letters | Barometer Capital Management | NA.TO | National Bank of Canada | Other | Diversified Banks | Bull | - | Acquisitions, Canada, Canadian Banks, Capital markets, fee-based revenue, financials, wealth management | Login |
| Feb 23, 2026 | Fund Letters | David Burrows | CAT | Caterpillar Inc. | Industrials | Construction Machinery & Heavy Transportation Equipment | Bull | New York Stock Exchange | backlog, Cyclicals, data centers, Industrials, infrastructure, Power | Login |
| Feb 23, 2026 | Fund Letters | David Burrows | LRCX | Lam Research Corporation | Information Technology | Semiconductor Materials & Equipment | Bull | NASDAQ | AI, CapEx, Cyclicals, Fabrication, infrastructure, semiconductors | Login |
| Feb 23, 2026 | Fund Letters | David Burrows | TVE CN | Tamarack Valley Energy Ltd. | Energy | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | capital allocation, energy, Free Cash Flow, Heavyoil, oil, Production | Login |
| Sep 30, 2025 | Fund Letters | David Burrows | BMO CN | Bank of Montreal | Financials | Diversified Banks | Bull | New York Stock Exchange | banking, Capital, financials, growth, Loans, wealth management | Login |
| Dec 1, 2024 | Fund Letters | Barometer Capital Management | AXON | Axon Enterprise Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | AI, Body Cameras, growth, high margins, law enforcement, SaaS, subscription services | Login |
| Dec 1, 2024 | Fund Letters | Barometer Capital Management | HWM | Howmet Aerospace Inc. | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket, Commercial Aircraft, Maintenance, Parts, services, Supply Chain Disruption | Login |
| Dec 1, 2024 | Fund Letters | Barometer Capital Management | ATRL | AtkinsRealis Group Inc. | Industrials | Construction & Engineering | Bull | TSX | Canada, CANDU, Consulting, energy, engineering, infrastructure, Nuclear, Reshoring | Login |
| - | Fund Letters | Barometer Capital Management | AEM | Agnico Eagle Mines Ltd. | Materials | Gold | Bull | TSX | Australia, Europe, Gold, inflation hedge, low risk, Mining, North America, organic growth, Precious Metals, Senior Producer | Login |
| - | Fund Letters | Barometer Capital Management | ERJ | Embraer SA | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Aircraft Manufacturing, backlog growth, Brazil, Commercial Aviation, contract wins, Executive Jets, Japan market, Regional Jets | Login |
| - | Fund Letters | Barometer Capital Management | HWM | Howmet Aerospace Inc. | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Aftermarket Parts, Aviation Recovery, Commercial Aviation, Engine Components, manufacturing, Service Business, supply chain | Login |
| - | Fund Letters | Barometer Capital Management | TMX | TMX Group Ltd. | Financials | Capital Markets | Bull | TSX | Canada, Capital Formation, Capital markets, Derivative Markets, Exchange Operator, financial services, market volatility, trading volumes, transaction fees | Login |
| TICKER | COMMENTARY |
|---|---|
| CAT | Caterpillar benefited from broad-based demand across construction and mining tied to the resource cycle, as well as a growing contribution from its energy and transportation business, where engines and gensets used for data center power have become an important source of growth. |
| HWM | Howmet Aerospace leveraged the strong commercial aerospace cycle, and in particular a robust aftermarket for engine parts, where high utilization of the global fleet continues to drive demand for spares and maintenance. |
| BBD-B.TO | Bombardier advanced on healthy business jet demand and a growing, higher-margin services franchise, with continued progress on debt reduction strengthening the equity story. |
| CSX | CSX participated as freight rail benefited from steady volumes, firm pricing, and ongoing operating efficiency gains. |
| GEV | GE Vernova added value on the strength of its gas turbine and grid backlog, supported by the multi-year build-out in electricity infrastructure as power demand from data centers and broader electrification continues to grow. The company sits at the center of a multi-year build-out in electricity infrastructure, as surging power demand from data centers and artificial intelligence, together with broader electrification and the need to modernize aging grids, has driven a deep and growing order book for its turbines and grid equipment. The long lead times on this equipment lend strong visibility to future revenue and reinforce the durability of the trend. |
| SITM | SiTime is the leader in precision timing, supplying the silicon-based timing devices that are increasingly replacing legacy quartz components; as data rates climb across AI data centers and high-speed networking, the need for more precise and reliable timing has driven rising chip content and strong demand for its products. |
| LRCX | Lam Research provided exposure to the strong run in memory semiconductors through its position as a leading supplier of the equipment used to manufacture memory chips, benefiting as memory makers ramped capacity to meet demand for the high-bandwidth memory that AI accelerators require. Lam Research gave the Pool exposure to the strong run in memory semiconductors through its position as a leading supplier of the equipment used to manufacture memory chips; as memory makers ramped capacity to meet demand for the high-bandwidth memory that AI accelerators require, orders for Lam's etch and deposition tools strengthened. |
| NVDA | NVIDIA remained the dominant compute platform for artificial intelligence and continued to benefit from heavy investment by hyperscalers and enterprises building out data center capacity. NVIDIA, for its part, remained the dominant compute platform for artificial intelligence and benefited from continued heavy investment by hyperscalers and enterprises building out data center capacity. |
| C | Citigroup was the standout, as its multi-year turnaround continued to gain traction. The ongoing simplification of the franchise, the exit from non-core consumer markets, steadily improving profitability, and a growing return of capital to shareholders have driven a re-rating of a stock that had long traded at a discount to both its peers and its book value. |
| NA.TO | National Bank of Canada contributed as well, supported by a strong capital markets and wealth franchise and the broader footprint that followed its recent acquisition activity. |
| AGI.TO | Gold producers Alamos Gold and Kinross were exited and exposure to the sector was reduced. Alamos Gold and Kinross were exited and overall exposure was reduced sharply. |
| K.TO | Gold producers Alamos Gold and Kinross were exited and exposure to the sector was reduced. |
| HBM.TO | Newer base metals positions also weighed on results, most notably copper exposure through Hudbay Minerals. While copper carries a compelling structural demand story tied to electrification, the grid, and data centers, the metal is economically sensitive, and it came under near-term pressure as concerns about the durability of global growth resurfaced amid the quarter's macro and geopolitical uncertainty, which in turn weighed on the position. |
| BMO.TO | Bank of Montreal and Canadian Imperial Bank of Commerce were among the strongest contributors within the Pool. |
| CM.TO | Bank of Montreal and Canadian Imperial Bank of Commerce were among the strongest contributors within the Pool. |
| MS | Exposure was broadened beyond the Canadian banks through new positions in Citigroup, Morgan Stanley, Banco Santander, M&T Bank, and JPMorgan, reflecting a deliberate decision to lean into the sector as it took on leadership. |
| SAN | Exposure was broadened beyond the Canadian banks through new positions in Citigroup, Morgan Stanley, Banco Santander, M&T Bank, and JPMorgan, reflecting a deliberate decision to lean into the sector as it took on leadership. |
| MTB | Exposure was broadened beyond the Canadian banks through new positions in Citigroup, Morgan Stanley, Banco Santander, M&T Bank, and JPMorgan, reflecting a deliberate decision to lean into the sector as it took on leadership. |
| JPM | Exposure was broadened beyond the Canadian banks through new positions in Citigroup, Morgan Stanley, Banco Santander, M&T Bank, and JPMorgan, reflecting a deliberate decision to lean into the sector as it took on leadership. |
| WPM.TO | Wheaton Precious Metals, Alamos Gold, and Agnico Eagle were exited and overall exposure was reduced sharply. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
