“I hate this market. It’s funny because we
are strongly outperforming, but I still don’t like this market.”
That’s how dividend investor Rebecca Teltscher, Portfolio Manager
at Newhaven Asset Management, sums up today’s market on this
episode of In the Money with Amber Kanwar. Value is working.
Dividend stocks are back. Utilities, pipelines and energy have
seen major inflows. And yet, Rebecca says this is one of the
hardest environments she’s seen to deploy capital, with sectors
moving quickly from unloved to fully valued.
Before we get to the Mailbag, Rebecca explains why she’s staying
patient in TELUS (T.TO) despite dividend concerns and a
leadership transition, why long-held positions like Manulife
(MFC.TO) have rewarded disciplined dividend investors who
reinvested through volatility, and why she believes fixed income
currently offers limited real returns relative to dividend-paying
equities. With bond yields compressed and volatility creeping
into the rate market, she argues dividend stocks have effectively
become the new “safe haven” — even if the easy money has already
been made.
In the Mailbag, we begin with the Canadian banks, including BMO
(BMO.TO) and TD (TD.TO). Rebecca admits she was wrong last
year not adding more exposure as the banks rallied, but says she
now wants more clarity on the Canadian economy and the trajectory
of loan-loss provisions before committing new capital. She then
discusses consumer lender goeasy (GSY.TO) and why subprime credit
risk doesn’t align with her capital-preservation philosophy. From
there, she weighs the valuation debate around Dollarama (DOL.TO),
breaks down the ongoing challenges in office real estate
including Allied Properties (AP.UN), revisits the credibility
issues and dividend reset at Northland Power (NPI.TO), analyzes
Brookfield Asset Management (BAM) versus Brookfield Corp. (BN),
and closes with energy producer Whitecap Resources (WCP.TO) and
the sustainability of its dividend in a volatile oil environment.
In Pro Picks, Rebecca begins by revisiting her past ideas —
including her long-time favourite Canadian Natural Resources
(CNQ), along with Premium Brands (PBH.TO) and AltaGas (ALA.TO).
On CNQ, she explains why its balance sheet strength, capital
discipline and history of never cutting its dividend make it a
core long-term holding she plans to own for decades. She then
shares where she’s putting money to work now: CAE (CAE.TO) for
its long runway in civil aviation and defense training, Algonquin
Power & Utilities (AQN.TO) as a utility turnaround with new
management credibility, and ARC Resources (ARX.TO) as a natural
gas name with embedded growth and optionality.
Timestamps
00:00: Show trailer
02:30 Intro
04:30 Rebecca was right about value stocks over the past
year
06:20 Can investors kick their addiction to tech for more than
just a short while?
07:30 Can Rebecca bring herself to look at software?
10:15 Why Rebecca holds on to the telcos like Telus
(T)
15:00 Why Rebecca considers herself a retail investor
16:30 Is the value sector becoming expensive? There’s been
a sector rotation
19:00 Dividend stocks have become the new safe bet
20:50 How is Rebecca playing this expensive market?
22:45 ITM Mailbag: Canadian banks (BMO, TD)
28:50 goeasy stock (GSY)
32:30 Dollarama stock (DOL)
37:25 Allied Properties REIT & the REIT market (AP.UN)
44:00 Northland Power (NPI)
49:15 Brookfield Asset Management (BAM)
51:20 Whitecap Resources (WCP)
54:30 Rebecca’s Past & Pro Picks (Past: CNQ, PBH, ALA, Pro:
CAE, AQN, ARX)
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
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DISCLAIMERS
The information 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,
Dollarama, goeasy, Telus, CIBC and TD which are all stocks Amber
owns.
In the Money delivers expert stock picks, actionable ideas, and
timely money management tips. Hosted by business journalist Amber
Kanwar, each episode features interviews with top portfolio
managers who suggest ways to achieve good returns. Covering
everything from ETFs and Canadian stocks to global investing
trends, dividend strategies, and risk management, this show is
made for DIY investors, stock market enthusiasts, and anyone
looking to sharpen their financial strategy.
Contact: questions@inthemoneypod.com
#IntheMoney #Investing #StockMarket #CanadianInvesting
#FinancialNews
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