With second-quarter earnings season about to begin, investors are watching to see whether leadership broadens beyond the AI-driven rally that has dominated much of 2026. While artificial intelligence remains a powerful long-term theme, opportunities may be emerging in overlooked sectors trading at more attractive valuations.
BNN Bloomberg spoke with Grant White, portfolio manager and investment advisor at Endeavour Wealth Management, who said investors should focus on business fundamentals, cash flow and valuation as earnings season unfolds. He also shared three Canadian stock ideas: MDA Space, Premium Brands Holdings and Power Corporation of Canada.
Key Takeaways
- White expects market leadership to broaden beyond AI as investors place greater emphasis on fundamentals and valuation.
- Short-term volatility remains difficult to predict, but strong businesses continue to offer attractive long-term opportunities.
- White remains positive on the long-term AI investment cycle but cautions against chasing hype and elevated valuations.
- White’s top Canadian stock picks are MDA Space (strong buy), Premium Brands Holdings (buy) and Power Corporation of Canada (buy).
- Financials, energy and other overlooked sectors could outperform if investors rotate toward fundamentally strong companies.
Read the full transcript below:
LINDSAY: For most publicly traded companies, the second quarter ends tomorrow, on June 30, and just around the corner, the next earnings season begins, starting with U.S. banks on July 14. So, let’s get some perspective on how the markets have been doing so far this year and what’s in store for the rest of 2026. Joining us now is Grant White, portfolio manager and investment advisor at Endeavour Wealth Management. Good morning. Great to have you join us.
GRANT: Hey, great to see you, Lindsay. Thanks for having me.
LINDSAY: Okay, so we’re starting another week. Obviously, it’s pretty volatile right now. It has been for a couple of months. What’s your take on what you’re seeing with the market so far today before the opening bell? You know, all in the green at the moment. Does that surprise you after the kind of dips we saw last week?
GRANT: I mean, take a breath, right? It’s, it’s okay. So, yeah, does it surprise me a little bit? What we’re going through right now, I guess a little bit, but at the same time, given where this market has been, what it’s, what we’ve gone through over the last number of years here, it shouldn’t be surprising at all. I mean, I think what we really need to get back to, though, is the fundamentals of businesses right now because, you know, I think there is, with all this volatility, there is a lot of great opportunities out there as well. And so, if you can get down and, like, kind of distill down to the fundamentals of what the business is actually doing, the balance sheets, and what things are looking like, then you can do really well in this market. And so, so it’s definitely not a negative scenario right now at all. I think there’s lots of reasons to be optimistic going forward.
LINDSAY: Okay, so what do you anticipate over the balance of 2026, and is this harder to predict than most years, do you think?
GRANT: Oh, yeah, yeah, certainly. I mean, I think, like, on the short-term basis, day to day, it’s, it’s any, it’s a coin flip, basically, on what’s going to happen here. And so, so it’s very difficult to predict in the short term, but I do think that, again, the fundamentals are starting to rise to the top. You know, we’re getting past the momentum trade that has been largely carried by AI and AI infrastructure build over the last few years. And not to say that that’s necessarily over, but I think that, like, what we’re actually starting to see is some really great opportunities rise to the top. And so, if investors can flip out of the momentum trade into the fundamentals trade, then I think you have a really good opportunity to do well in the next few months. So I think that’s what we’re going to see in the next few months, is more of those fundamentals coming to the top, which I think would be great for investors.
LINDSAY: I do, I know you have some stock picks, and I will get to those in a moment, but without giving those away, like you’re talking about the fundamentals trade and how investors should be looking at that instead. Are there certain sectors that you see that emerging in?
GRANT: Well, yeah. I mean, I think that actually, if you go to some of the more boring, boring companies, if you will, or the more boring sectors, I mean, again, AI and tech have been really hot, although I do think that there are opportunities there, as, you know, we’ll talk a little bit about. I do think that there are opportunities in the tech space, especially if you’re finding a company that might be undervalued. So, you know, a company like Apple, I do think that there’s, like, it’s difficult because they’re, you know, a multitrillion-dollar company at this point, but I think a company like Apple does have room to grow and room to catch up in certain areas. I do think that overall there’s going to be some interesting, interesting trades that go on, whether it’s from the Mag Seven or from other AI companies as well. I think there is going to be some interesting stuff, but I think that if you get back to, like, kind of the more fundamental core holdings of your portfolio, a lot of that’s been left behind in this market. And so, I think that there are actually some really good opportunities, whether it’s financials or energy, you know, in spaces like that, especially here in Canada.
LINDSAY: Are you still constructive, though, on the AI buildout? It sounds as though you think investors should maybe shift away from that a little bit?
GRANT: You know, I’m cautiously optimistic, let’s put it that way. I think that, like, this, this is, I think, it’s a real thing. I think the money is being well spent, to be quite honest. I think that, you know, in some cases we are going to have to wait and see and be patient with it. But, you know, I’m very optimistic about where things are at. But I think that you’ve got to be very careful buying into the hype. There’s a lot of really great companies that fly under the radar that are in a very similar space to companies like, no pun intended, SpaceX, or other companies that have become really hot in the last few months, so, or last few years, for that matter. So, I think that there’s a really good opportunity to look at companies that are kind of flying under the radar that might operate in the exact same space or in a very similar space.
LINDSAY: Okay, let’s get to some of those, then, because Canada Day is just around the corner. You have some Canadian stock picks for us. So, MDA Space is your first one. You say this is a strong buy. Why is that?
GRANT: Yeah, I love this company. I mean, MDA Space has been on our books for a number of years now. And, you know, I was just mentioning competitors to SpaceX. So, MDA Space is not a direct competitor to Starlink, but they develop a lot of the components that go into constellation satellites. And so, if you are looking for an opportunity and maybe you feel like, oh, I missed out on SpaceX, I think there’s a better opportunity to come to than SpaceX, too. But if you feel like you’re missing out on this and you have a little FOMO, MDA Space is a really great company to look at. You know, again, kind of fun fact about them, if you, if you’re a bit of a space nerd like me, this is the same company, it’s gone through some evolutions, but the same company that built the Canadarm way back in the day. And so, there’s a lot of great history there and some really great management. They’ve got a backlog that they’re looking to fill, basically, on their orders. So I think there’s a lot of really good runway with this company. And again, it’s well positioned for the emerging space economy that I, you know, I believe strongly in going forward.
LINDSAY: Second up is Premium Brands Holdings. What’s your investment case here?
GRANT: So, again, this is one of those more boring kind of companies that I think is really great for your core portfolio. So, you know, I actually like to compare this to Constellation Software. Completely different businesses, but if you like Constellation Software and the way that they kind of manage their business and go to acquire and grow, you know, Premium Brands is a very similar business, just in the food space. And this is probably one of the, like, most unknown companies that you’ve probably bought stuff from. You know, if you’ve ever bought McSweeney’s beef jerky or if you’ve ever bought a sandwich at an airport, it’s likely it’s one of Premium Brands’ companies that you bought that from. And so, long story short, this is a company that really does fly under the radar. I think that they’ve gone through some challenges over the last few years, and it’s more perception than it is actually a business challenge. But I think you’re getting it at a really good price. It’s a really high-quality business, and I think they’re going to do really well over the coming three to five years.
LINDSAY: And then, lastly, you’ve got Power Corporation of Canada as a buy as well. Why is that?
GRANT: Yeah, this is a stalwart in our portfolio. We’ve owned it for many, many years. And again, I think that this is a case where the fundamentals are starting to rise to the top again. I think anytime you can buy a company like this, I mean, the dividend’s around four, four and a half per cent. The buyback yield’s another few per cent or so on there. So you’re going to average about a 7 per cent, like, investor yield, basically, if you’re buying this today just to hold it. On top of that, you’re getting it at a pretty good price right now. And I think that, you know, especially where we see things out in the financials right now, if there’s a little bit more pressure to the upside of interest rates, perhaps, then this is a really well-positioned company, especially given their holdings in the insurance businesses and so on. So, Power Corp., again, is a company that continues to truck along, and I think when you can scoop it up at even a reasonable price, I wouldn’t say it’s really cheap right now, but even at a reasonable price, it’s a good opportunity to scoop in and, again, really get back to your portfolio, to some fundamentals that are going to compound at a consistent rate.
LINDSAY: Okay, we’ve got to leave it there. Grant White, portfolio manager and investment advisor at Endeavour Wealth Management, always great to speak with you. Thanks for joining us.
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This BNN Bloomberg summary and transcript of the June 29, 2026 interview with Grant White 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.
