Canada just slipped into a technical recession, stocks are
sitting at record highs— and one renowned $22 billion firm is
leaning in, not backing away.
On this episode of In the Money with Amber Kanwar, Alex Letko,
Portfolio Manager at LetkoBrosseau, explains why he remains
bullish on Canada despite growing skepticism. While headlines
point to slowing GDP, he argues the underlying economy is more
resilient than it feels—supported by real wage growth and steady
consumer spending. He also tackles a debate in the market right
now: Canadian banks trading at record highs and premium
valuations. Rather than calling it a bubble, he makes the case
that strong earnings, oligopolistic structure, and potential
pension fund inflows could continue to support the group.
At the same time, Letko outlines why the firm has been more
cautious globally—pointing to stretched valuations and extreme
concentration in the U.S. market. With over 80% of the S&P
500 trading above 20x earnings, he explains why they’ve been
trimming winners and holding cash to redeploy into better
opportunities, including Canada.
In the Mailbag, the conversation starts with BCE (BCE.TO), where
Letko sees a compelling turnaround story with a sustainable
dividend and limited optimism priced in. He also weighs in on
Canadian telcos more broadly, the surprising strength in auto
parts makers like Linamar (LNR.TO) and Magna (MG.TO) despite
tariff concerns, and why his firm has trimmed energy exposure
even with oil prices pushing higher. The discussion then shifts
globally, breaking down the AI-driven surge in semiconductor
names like Samsung (005930.KS) and SK Hynix (000660.KS), where
tight memory supply could persist—but the cycle remains key. He
also highlights Brazil as an emerging opportunity, where
improving fundamentals and potential political change could drive
a re-rating.
In Pro Picks, Letko doubles down on those global themes—starting
with Copel (CPLE6.SA), a Brazilian utility he sees as a
high-quality, low-cost operator with strong dividend upside. He
also highlights Bolsa Mexicana (BOLSAA.MX), the Mexican stock
exchange, as a “moaty” way to play long-term financial
penetration. And back in Canada, he makes a contrarian call on
Air Canada (AC.TO), arguing that despite near-term volatility,
improving margins and a shift toward premium travel could drive
meaningful earnings growth over time.
Timestamps
00:00 Trailer
02:20 Intro
03:35 The roots of LetkoBrosseau
05:40 Is the firm more cautious right now?
07:35 Do we have to be patient for the pullback
09:00 Are the Canadian banks in a bubble?
12:00 Bringing Canadian pension funds back to Canada
14:30 Why LetkoBrosseau is bullish Canada
19:00 The future of Canada’s energy sector
20:50 LetkoBrosseau’s move into retail
24:30 Hamilton ETFs: MIX
26:30 ITM Mailbag: BCE
30:20 Linamar & Magna (LNR, MG)
34:00 Energy stocks
39:50 Samsung & SK Hynix
43:50 Brazil
46:00 Alex’s Pro Picks (Copel, Bolsa Mexicana, Air Canada)
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/
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