Dan Rohinton’s Top Picks for April 21, 2026

Dan Rohinton, Vice President, Portfolio Manager, iA Global Asset Management

Focus: Canadian and global large caps

Top Picks: Microsoft, Taiwan Semiconductor, Visa

MARKET OUTLOOK:

Markets have staged an impressive recovery over the past few weeks, with the S&P 500 pushing back toward all-time highs and the Nasdaq posting its longest win streak since 1992. But beneath the surface, the picture remains complicated. The Iran situation continues to evolve — the ceasefire is set to expire this week, oil spiked again today, and the Strait of Hormuz remains a wildcard. Sentiment can shift quickly.

We think investors need to stay selective. The rally has been encouraging but a lot of good news is now priced in. Earnings season is underway and execution matters more than ever. We continue to favour high-quality businesses with durable competitive advantages, pricing power, and strong cash generation — the kind of companies that can navigate whatever the macro throws at them.

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TOP PICKS:

Microsoft (MSFT NASDAQ)

Microsoft is still well off its highs and we think the risk-reward remains attractive. Cloud revenue topped US$50 billion in a quarter for the first time, Azure is growing north of 35 per cent, and operating margins near 47 per cent lead mega-cap tech. The market has been punishing heavy AI capex across the sector but that spending is what positions Microsoft as the dominant AI platform. We’re happy to own it here.

Taiwan Semiconductor (TSM NYSE)

TSMC controls about 72 per cent of the global foundry market with no real competitor at the leading edge. Revenue grew 36 per cent in 2025 and the CEO raised AI accelerator growth guidance to over 50 per cent compound through 2029. Every major hyperscaler depends on them. You’re buying a toll road on the entire AI buildout.

Visa (V NYSE)

Visa has been under pressure this year but the fundamentals haven’t changed. Fiscal Q1 revenue grew 15 per cent with margins near 68 per cent. The cash-to-digital shift still has a long runway and they’re expanding into stablecoins across 100+ countries. Capital-light model with exceptional cash generation. We view the weakness as an opportunity.

PAST PICKS: MAY 2, 2025

Amazon.com (AMZN NASDAQ)

Then: US$189.98

Now: US$252.04

Return: 33%

Total Return: 33%

GE Aerospace (GE NYSE)

Then: US$207.70

Now: US$299.26

Return: 44%

Total Return: 45%

Danaher (DHR NYSE)

Then: US$199.05

Now: US$193.67

Return: -3%

Total Return: -2%

Total Return Average: 25%