Rising geopolitical tensions tied to the Iran conflict are increasing volatility, but also shifting investor focus toward stability and real assets.
BNN Bloomberg spoke with Matt Kacur, president of FSA Valuation Service, who says Canada’s resource strength and consistent fundamentals position it as an attractive destination for investors.
Key Takeaways
- Investors are rotating toward stable jurisdictions and real assets as geopolitical risk intensifies.
- Canada’s role as a reliable supplier of energy, metals and minerals supports its appeal.
- Maintaining a disciplined portfolio and avoiding overtrading remains critical during volatility.
- Energy companies with strong returns on capital and consistent dividends continue to stand out.
- Gold exposure is being reassessed, with recent pullbacks viewed as potential buying opportunities.
Read the full transcript below:
ANDREW: Okay, the conflict in Iran is now entering its sixth week. America’s allies are said to be pressing for a deal with Iran. However, U.S. President Donald Trump is still talking tough and once again threatening to destroy Iran’s power plants.
Our guest says that during a volatile period like this, Canada’s stability and reliability present an opportunity for investors. Let’s get more from Matt Kacur, president of FSA Valuation Service. Matt, great to see you, and thanks very much. We’ll get to your ideas on oil and gas in a second, stock-wise, but it certainly does cast Canada in a favourable light as a stable supplier.
MATT: Well, yeah, I won’t argue with that. I think Canada is probably the number one supplier in terms of stability and quantity across a number of factors. I don’t have a scorecard on that, but I’m just articulating that Canada is a very secure place for global supply right now, obviously in oil and gas, as well as minerals and precious metals.
ANDREW: Have you changed your portfolio significantly since the end of February?
MATT: Actually, I’ve made very few changes. I didn’t want to overreact to all of this. The volatility has been so high, and I just felt like if you overtrade this, you’re going to chase the wrong thing or sell something too early.
If you have a good, stable portfolio, you don’t have to get caught up in the headlines, and I think it’s a big mistake to do that. The big picture is that geopolitical risk has been elevated for at least 18 months, maybe longer. That part hasn’t changed. Yes, it’s become more volatile, but I wouldn’t take recent moves in materials as a signal that the opportunity is over. I think it’s more of an opportunity.
ANDREW: CNQ and Suncor attracting your attention. Suncor coming out with a pretty bullish forecast at its investor day last week.
MATT: Yeah, we do a lot of quantitative work, so we’re looking at return on capital and the cash flow a company generates. These names have always had a really strong profile for us. They’re solid, dependable holdings.
We’re holding them for strong returns on capital, consistency, dividends and those sorts of things. If they can deliver additional positive news, that’s a bonus, but the core fundamentals are what matter.
ANDREW: Tell us about gold. Are you overweight gold? Do you have a significant weighting in the yellow metal?
MATT: Yeah, I think we’re overweight, although I’m not sure of the exact percentage right now. We had been trimming a little because it had performed so well over the last 18 months. Then we reached a level we were comfortable with, and when it pulled back after the war started, we were actually tempted to buy more.
So I’d say we’re looking at adding at this point rather than selling. I would view this pullback as an opportunity.
ANDREW: In gold?
MATT: Yes, correct.
ANDREW: One name you like is Endeavour Mining. They’re large in West Africa.
MATT: Yes. Again, based on our quantitative model, it has one of the highest returns on capital, and it’s improving. We really like improving returns. It’s moved up significantly based on our calculations, which adjust for cash-on-cash returns.
That said, it probably wouldn’t be my first choice due to its geographic exposure and smaller size. For investors not already in gold, I’d point more toward Agnico Eagle. It’s a larger-cap name with assets in Canada, Finland, Australia and Mexico. It’s a safer way to gain exposure.
ANDREW: What about the telecoms, including BCE, our parent company? TELUS, BCE and Rogers were downgraded last week by TD, which cited ongoing price competition.
MATT: Yeah, I can see that. We have very low weightings there. It’s hard for us to get excited about the space. The one we tend to favour more is Quebecor, but overall, I’d agree it’s a tough environment.
ANDREW: We’ll leave it there. Matt, thank you very much.
MATT: Thank you.
ANDREW: That’s Matt Kacur, president of FSA Valuation Service.
---
BNN Bloomberg is owned by Bell Media, which is a division of BCE.
This BNN Bloomberg summary and transcript of the April 6, 2026 interview with Matt Kacur are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
