Brianne Gardner’s Top Picks for April 30, 2026

Brianne Gardner, Portfolio Manager & Senior Wealth Manager, Velocity Investment Partners of Raymond James Ltd

Focus: North American large-caps

Top Picks: Barrick Mining, General Electric, Visa

MARKET OUTLOOK:

It feels like markets are taking a pause to think. After a strong run, things aren’t pulling back in a big way, but investors are starting to look more carefully at what comes next and where the next leg of returns will come from.

In the U.S., major indices finished mixed, but the real story is under the surface. Leadership keeps shifting, with energy and AI-related names holding up, while some consumer and rate-sensitive areas eased. Oil moving above US$105 per barrel is now front and center, because it feeds into inflation and makes it harder for the Fed to cut rates quickly.

The U.S. Fed held rates steady, reinforcing that policymakers are not in a rush to ease, especially with inflation risks tied to energy still in play. At the same time, earnings continue to come in generally better than expected, with companies still pointing to solid demand and resilience despite the more uncertain backdrop.

In Canada, the tone was a bit softer. The Toronto Stock Exchange (TSX) edged lower, with weakness in materials and financials, while energy helped offset some of the pressure. The Bank of Canada also held rates, trying to balance higher inflation from energy with a steady, but not overheating, economy.

Our outlook stays constructive, just a bit more selective. This isn’t a market where everything moves together. We continue to lean into real-economy sectors and long-term themes like AI, while staying disciplined as the backdrop becomes a bit more complex and opportunities become more differentiated.

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TOP PICKS:

Barrick Mining (ABX TSX)

We own Barrick Mining, and it’s one of our core ways to get exposure to gold in the portfolio. Barrick is one of the largest gold producers in the world, with a portfolio of high-quality mines across multiple regions. The reason we like it is the scale and asset quality, including a major joint venture with Newmont Corporation in Nevada, the largest gold complex in the world. It’s not just gold. They also have copper exposure, which adds to the story as demand grows with electrification. One thing that stands out is the balance sheet. They’re in a net cash position of about $2 billion, which gives them flexibility. So for us, it’s a high-quality way to play gold, with strong assets and financial flexibility, and that’s why it remains a core holding

General Electric (GE NYSE)

We own General Electric, especially as the story has become much cleaner and more focused. GE today is really an aerospace company. They build jet engines and then make money servicing them over time, which is where the real value is. What makes it interesting is that every time a plane takes off, GE is earning. Their engines stay in service for decades, creating a very recurring and predictable revenue stream. And demand is strong. Low-income Energy Assistance Program (LEAP) engine deliveries were up 63 per cent, and services continue to grow as more planes stay in the air longer. The market is a bit concerned about a slowdown later this year, but the order book suggests activity should remain solid, especially on the maintenance side. It might even benefit from the Artemis missions to the moon. So for us, it’s a high-quality aerospace story with strong recurring revenue, and that’s the kind of industrial exposure we like to own.

Visa (V NYSE)

We own Visa, and it’s one of those businesses that quietly benefits from almost every transaction happening in the economy. Visa doesn’t lend money. It simply processes payments, acting as the network every time you tap your card or pay online. The key driver is simple: the world is still moving from cash to digital payments, and that shift is far from over globally. This quarter showed that clearly. Revenue grew about 17 per cent, and earnings came in roughly seven per cent ahead of expectations, showing spending remains resilient. Even with growth concerns, U.S. payment volumes are still around nine per cent, which tells you consumers are still active. So we view Visa as a high-quality compounder with a long runway from digital payments, and one we’re comfortable holding over time.

PAST PICKS: JUNE 16, 2025

ATS Corp (ATS TSX)

Then: $42.33

Now: $4.95

Return: 1%

Total Return: 1%

Altius Minerals (ALS TSX)

Then: $27.32

Now: $48.85

Return: 79%

Total Return: 80%

Salesforce (CRM NYSE)

Then: US$263.88

Now: US$181.22

Return: -31%

Total Return: -30%

Total Return Average: 17%