Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
“The year ahead will be marked by many familiar refrains: a Trump-led government south of our border, a normalization of the yield curve, a potentially weakening Canadian currency, and increased investor demand for yield instruments driving heightened capital markets activity – pull the tarp off the DeLorean and fire up the flux capacitor as it feels like we are going back to the future, a much-welcomed trip for long-suffering REIT investors … Unfortunately, it’s still a rate-driven macro...
“The North American Dividend Growth portfolio was down 2.7 per cent in the fourth quarter, but was up 13.8 per cent in 2024, outperforming the Blended Dividend Aristocrats benchmark by 283 bps in Q4, and outperforming by 520 bps over the 12-month period. Overall, the outperformance this quarter was driven by security selection decisions within Financials and Energy, while our sector allocation decisions, particularly our lack of exposure to the Real Estate sector contributed to performance.
The full portfolio is BCE Inc., Comcast Corporation, TELUS Corporation, Verizon Communications Inc., Canadian Tire Corporation, McDonald’s Corporation, Restaurant Brands International Inc., PepsiCo, Inc., Enbridge Inc., Suncor Energy Inc., TC Energy Corporation, Ameriprise Financial Inc., Bank of America Corp, Brookfield Asset Management Ltd., BlackRock Inc., Goldman Sachs Group Inc., Intact Financial Corporation, JPMorgan Chase & Co.
“We’re looking forward to potentially one of the more interesting panels at our 20th Annual Apartment Conference next Wednesday given prevailing negative investor sentiment. The Rentals.ca December update was released this afternoon . While we’re not rushing into Apartment REITs today, the asset class still ranks well on the stuff that has historically moved REIT unit prices while trading at a bigger discount to NAV.
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