Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
“In Q3/23, the Top 30 list gave up some of its H1/23 outperformance, delivering a total return of negative 5.0 per cent versus the MSCI World Index’s down 3.4 per cent. During the quarter, the best-performing Top 30 stock selections were Diamondback Energy up 18.6 per cent, Canadian Natural Resources up16.4 per cent, and CrowdStrike Holdings up 14.0 per cent ... Year-to-date, the list has delivered a total return of 15.1 per cent, above the benchmark’s 11.
The stocks on the list outside of those mentioned above are Albermarle Corp., Alimentation Couche-Tard, Alnylam Pharmaceuticals, American International Group, Anheuser-Busch InBev, Associated British Foods, Boston Scientific, Constellation Software, Element Fleet management, Ferrari NV, Heico Corp., Illumina Inc., London Stock Exchange Group, Lonza Group AG, M&T Bank, Mastercard Inc., Meta Platforms, Pala Alto Networks, PG&E Corp.
“Second quarter earnings season proved to be a ‘sell the news’ event, with day-after-reporting stock performance nearly as poor as we have seen in over a decade. In retrospect, this makes sense given weakening earnings quality and negative year-on-year growth for many industry groups, coupled with the strong price run-up into mid-July on extended valuations.
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