| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 0% | 0% |
Barometer Capital Management delivered solid results in Q4 2025 across multiple fund strategies, driven by exposure to AI infrastructure, defense spending, precious metals, and copper themes. The quarter was characterized by policy uncertainty and commodity volatility, with frequent sector rotation as investors recalibrated expectations around Federal Reserve actions. AI infrastructure remained a key driver despite some December consolidation, with the market distinguishing between AI-enablers and more cyclical chip segments. Defense spending stayed elevated amid geopolitical uncertainty, supporting aerospace and defense holdings. Precious metals experienced significant volatility but created re-entry opportunities at lower levels. Copper surged on electrification and data center demand. The manager maintains a constructive but disciplined outlook entering 2026, with portfolios positioned just shy of fully invested to preserve tactical flexibility. Market breadth improvements and long-cycle themes are expected to provide durable support, though valuation sensitivity in some areas warrants careful positioning. The focus remains on maintaining leadership exposure while actively managing risk and capitalizing on dislocations.
Barometer Capital Management maintains exposure to durable long-cycle themes including AI infrastructure, defense spending, energy transition, and real assets while actively managing risk in an environment of policy uncertainty and sector rotation.
The manager remains constructive but disciplined entering 2026, with portfolios positioned just shy of being fully invested. They believe the path of least resistance remains higher given constructive market momentum and improving internal strength. Long-cycle themes that have driven recent performance are expected to remain influential, though some consolidation is expected in areas that have experienced significant gains.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| 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 |
|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
|---|---|
| AEM.TO | Agnico-Eagle Mines (4.8%) |
| BBD-B.TO | Industrials were the largest contributor, led by Bombardier (BBD/B.CA) |
| BVN | Materials exposure contributed positively, with Buenaventura Mining (BVN) and Kinross (K.CA) supported by resilient precious metals pricing and ongoing investor demand for real-asset hedges |
| CAT | Construction + Mining at low mid-cycle levels; dealer destock largely complete. Non-Residential + manufacturing starts inflecting (manufacturing starts 5X trailing 12-month average in June). Pricing Re-Accelerating, inventories bottoming → classic machinery trough signals. De-Globalization + OBBB tailwinds (bonus depreciation = ~700bps spend tailwind). Five Prior Cycles = ~150% avg alpha vs. S&P 500® Index from trough to peak. |
| CLS.TO | Non dividend paying technology names Shopify and Celestica had also meaningful contribution to the index returns for the year, detracting our relative outcome. |
| FTT.TO | Shares of global heavy equipment distributor Finning rose after reporting quarterly results that were well above expectations |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| HWM | RTX and Howmet extended gains as commercial aerospace demand remained strong and defense spending stayed elevated amid ongoing geopolitical uncertainty, supporting backlog strength and long-cycle earnings durability |
| K.TO | Materials exposure contributed positively, with Buenaventura Mining (BVN) and Kinross (K.CA) supported by resilient precious metals pricing and ongoing investor demand for real-asset hedges |
| LRCX | we believe it is well positioned to become an approved vendor for Lam Research (a supplier of wafer-fabrication equipment) as well |
| MS | During the quarter, the Fund invested in Morgan Stanley, a leading global investment bank and wealth management firm. Morgan Stanley has successfully diversified its business beyond cyclical banking and trading fees into more recurring wealth and investment management. These businesses collectively oversee $9.3 trillion in client assets that generate predictable, capital-light revenue that grows from inflows and market appreciation. |
| NA.TO | Financials added to returns, led by National Bank (NA.CA), supported by strong wealth and capital markets performance and continued execution following its strategic expansion |
| POW.TO | This is the holding company controlled by Montréal's Desmarais family. It holds many investments, but its largest asset is Great-West Lifeco, one of the largest insurance companies in Canada. Canadians may be more familiar with Great-West's local brand name, Canada Life. I have owned shares in this company for almost 20 years. In August 2021, I wrote a blog about conglomerates. In it, I mentioned Power Corp. and how its stock price had done very little for years, despite decent operating performance. When Greenfield started managing money in September 2021, we bought the stock for $42. The stock continued to languish for a few years, and we added to positions several times. Since August 2024, the stock moved up significantly to about $72. Despite the rise, it still trades for about 12 times earnings. Roughly 20% of our return from Power Corp. came from their dividends. We continue to own shares. I feel the company should continue to benefit from their customers in Canada, America, and Europe saving for retirement. |
| RTX | The top three contributors to this outperformance came from RTX (US Defense) |
| RY.TO | The Royal Bank of Canada is Canada's largest bank, with operations across North America and globally and a workforce of more than 100,000 employees. The bank has a leading position in Canadian retail and commercial banking and multiple levers for organic growth. We expect continued acceleration in core business drivers, execution on key growth initiatives, and a supportive housing backdrop to drive resilient earnings growth and sustain dividend growth. |
| SAN | We purchased Spain-based bank, Banco Santander, SA. We believe the company is well-positioned for meaningful efficiency gains and stronger profitability as it streamlines operations and reduces costs. Upcoming strategic updates are likely to set more ambitious return targets, which could shift market expectations. Easing monetary conditions in key markets like Brazil may further support margins and reduce credit risk. |
| SE | During the quarter, we initiated a new position in Sea Limited, a Southeast Asian consumer internet company with an integrated ecosystem combining e-commerce, digital payments, and entertainment. Sea has a diversified business model, with its Shopee e-commerce platform, a mobile-centric marketplace that provides integrated payments, logistics infrastructure, and seller services. |
| TTWO | Take-Two Interactive Software Inc. develops, publishes, and markets interactive software games. Their game franchise includes Grand Theft Auto, BioShock, Red Dead Redemption, Max Payne, NBA 2 K, LA Noire, Civilization, Midnight Club, and Borderlands. The company delivered solid fiscal second-quarter results, with 20% year-over-year growth in recurring consumer spending. Net bookings projections were therefore increased. Overshadowing earnings was an announcement that its subsidiary, Rockstar Games, will delay the launch of Grand Theft Auto 6 from May to November 2026 to allow for a higher level of polish. GTA6 is the most anticipated game launch in the company's history. Shares of Take-Two fell sharply following that report and we added to our position on weakness. Take-Two's price subsequently rebounded and ended the quarter down on -1%, which far exceeded the benchmark sector average of -20%. |
| TVE.TO | It's rare for us to initiate a new position and have it make a significant run almost immediately, but fortunately, that's what happened with Tamarack Valley, and we are encouraged by their continued progress. |
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