Global fund managers raised their allocation to equities by the
most on record in May, but Chad Larson, who manages the best
performing tactical fund in Canada, is taking a contrarian
approach—holding elevated cash levels while selectively deploying
into his highest-conviction trades.
On this episode of In the Money with Amber Kanwar, the Founder
& Senior Portfolio Manager at MLD Wealth, breaks down why his
largest holding is cash—and why that doesn’t make him bearish.
Instead, he’s running a barbell strategy: staying defensive while
targeting opportunities in small-caps, natural resources, and the
“backbone” of the AI trade. From oil and copper to uranium and
infrastructure, Chad makes the case that we’re still early in a
multi-year commodities supercycle—but warns the easy money has
already been made.
In the Mailbag, Chad shares his top ideas across sectors,
including semiconductors via the SOXX ETF, copper exposure
through Sprott Copper Miners ETF (COPP) and King’s Copper (KCP),
uranium through Global X Uranium ETF (HURA) and Cameco (CCO), and
energy names like Canadian Natural Resources (CNQ). He also
highlights National Bank (NA) as his favourite Canadian bank,
weighs in on MDA Space (MDA) and Lockheed Martin (LMT), and
explains why he’s steering clear of software names like Thomson
Reuters (TRI) despite the AI boom.
In Pro Picks, Chad leans into higher-risk, high-reward ideas. He
highlights Gold X2 Mining (AUXX) as a leveraged gold play with
takeover potential, Trican Well Service (TCW) as a direct way to
play a rebound in oilfield services, and Surge Battery Metals
(NILI) as a speculative lithium story tied to the EV and energy
transition. It’s a classic barbell approach: safe sector exposure
on one side, and “lottery ticket” upside on the other.
If you’re navigating a market driven by liquidity, AI, and
geopolitical shocks, this episode lays out a clear playbook: hold
cash, stay selective—and don’t ignore commodities.
Timestamps
00:00 Trailer
02:20 Intro
05:00 Chad is not bullish or bearish- have to pick the
spots
09:00 Why Chad’s largest holding is cash & thoughts on
gold
12:30 What is 2026’s gold trade?
13:00 Why Chad likes energy
17:50 Hamilton Enhanced Mixed Asset Allocation ETF-
MIX
12:00 ITM Mailbag: Semiconductors (SOXX)
22:00 Thomson Reuters stock(TRI)
23:45 MDA Space stock (MDA)
25:00 Canadian banks & National Bank stock(NA)
26:30 Favourite copper plays: COPP, KCP
29:15 Canadian Natural Resources stock(CNQ)
30:30 Lockheed Martin stock (LMT)
34:00 Uranium (HURA)
35:50 Campbell’s (CPB)
38:30 Chad’s Pro Picks (AUXX, TCW, NILI)
Sponsors
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit https://raymondjames.ca
today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. Visit
https://ATB.com/inthemoney for more information
The mailbag is sponsored by Hamilton ETFs. For more information
on the Hamilton Enhanced Mixed Asset Allocation ETF visit:
https://hamiltonetfs.com/etf/mix/
Links
https://inthemoneypod.com/
https://instagram.com/inthemoneypod
https://facebook.com/profile.php?id=61569721774740
https://twitter.com/inthemoneypod
https://tiktok.com/@inthemoneypod
questions@inthemoneypod.com
DISCLAIMERS
The content provided in this podcast is for informational
purposes only and does not constitute financial, investment, or
professional advice.The views expressed by the host and guests
are their own and do not necessarily reflect the opinions of any
organization or company. The host and guests may maintain
positions in any securities discussed on the podcast. Always
consult with a qualified financial advisor or professional before
making any investment decisions. In this episode we discuss CNQ
which is a stock Amber owns.
Hamilton ETFs Disclaimer
This podcast is sponsored by Hamilton ETFs. The information
contained herein should not be construed as investment advice or
considered as a recommendation to purchase or sell the mentioned
securities.
The index performance returns are for informational purposes only
and are not indicative of the future returns of the ETF. The
returns do not reflect any management fees, transaction costs or
expenses. Investors cannot invest directly in an index.
Certain statements contained in this podcast may constitute
forward-looking information within the meaning of Canadian
securities laws. Forward-looking information may relate to a
future outlook and anticipated distributions, events or results
and may include statements regarding future financial
performance. In some cases, forward-looking information can be
identified by terms such as “may”, “will”, “should”, “expect”,
“anticipate”, “believe”, “intend” or other similar expressions
concerning matters that are not historical facts. Actual results
may vary from such forward-looking information. Hamilton ETFs
undertakes no obligation to update publicly or otherwise revise
any forward-looking statement, whether as a result of new
information, future events or other such factors which affect
this information, except as required by law.
Commissions, management fees and expenses all may be associated
with investments in exchange traded funds (ETFs) managed by
Hamilton ETFs. Please read the prospectus before investing. ETFs
are not guaranteed, their values change frequently, and past
performance may not be repeated.
Source: S&P Global, Solactive AG, Hamilton ETFs. Data from
November 18, 2004, to April 30, 2026.
The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the
S&P 500 Total Return Index with annual compounded total
returns and the potential impact of 1.25x leveraged exposure to
SOLHAMMA. This is discussed for informational purposes only and
intended to demonstrate the historical impact of the indexes
compound growth rate. It is not a projection of future index
performance, nor does it reflect potential returns on investments
in the ETF. Investors cannot directly invest in the index. All
performance data assumes reinvestment of distributions and
excludes management fees, transaction costs, and other expenses
which would have impacted an investor’s returns. SOLHAMMA data
prior to March 14, 2025, is hypothetical back-tested data using
actual historical market data. Actual performance may have been
different had the index been live during that period.
The S&P 500 Index (“Index”) and associated data are a product
of S&P Dow Jones Indices LLC, its affiliates and/or their
licensors and has been licensed for use by Hamilton ETFs 2025
S&P Dow Jones Indices LLC, its affiliates and/or their
licensors. All rights reserved. Redistribution or reproduction in
whole or in part are prohibited without written permission of
S&P Dow Jones Indices LLC. For more information on any of
S&P Dow Jones Indices LLC’s indices please visit
www.spdji.com. S&P is a registered trademark of Standard
& Poor’s Financial Servi...
Kommentare (0)
Melde dich an, um einen Kommentar zu schreiben.