Darren Sissons, Partner and Portfolio Manager, Campbell, Lee & Ross Investment Management
Focus: Global and technology stocks
Top Picks: Mettler Toledo, Alimentation Couche-Tard, JPMorgan Chase
MARKET OUTLOOK:
2026 has been a strong year in the markets. Upside was largely driven by three considerations with questionable sustainability. First, geopolitical risk expressed as the Iranian conflict. Oily stocks, which once a decade or so spike upward, generated outsized 2026 gains. The expectation of peace breaking out led to a retracement of early 2026 gains so risk managed profit taking was prudent.
Second, with U.S. midterms fast approaching, the inflationary impact of the Iranian conflict, supportive policy enactment, and fiscal spending by the White House benefitted American consumers and investors. A supportive White House in midterm election years is expected as presidents target avoiding Lame Duck Status. However, a less supportive administration is likely thereafter. Third, artificial intelligence (AI) generated significant wealth. Low or no exposure to the thematic was a mistake. However, sustainability of the current growth cadence is questionable, so a growth slowdown is inevitable.
Looking forward, is now the time to nibble on segments of the market that lagged in 2026 in pursuit of low-risk Dogs of the Dow mean revision gains? Equally so, will AI, oil, and financials continue generating outsized shareholder returns?
Sudden, sizeable pivots in strategy and or portfolio composition typically drive substantial taxation pain. Equally so, sudden portfolio pivots are unwise if predicated upon a major change in market direction or sector performance. Small tweaks typically generate a better risk adjusted reward. For portfolio tweaking opportunities investors should selectively consider increasing exposure to 2026 sector laggards i.e., consumer discretionary, consumer staples, logistics (Trump tariffs), and med-technology and broader healthcare.
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TOP PICKS:
Mettler Toledo (MTD NYSE)
Mettler Toledo does not pay a dividend but rather implemented an annual share buyback program. In 2026, the stock has sold off so the plus US$800 million buyback should be especially beneficial for longer term shareholders. Further, the company’s buyback program averaged three per cent per annum for 20 years.
MTD is the global leader in scales and weighing solutions. Its products span millionth of a gram weighing solutions for the pharmaceutical industry through trucks scales on highways.
Given the absence of a dividend, the company tends to sell off during recessions and market weaknesses, which periodically creates attractive entry points for new investors.
MTD is a structural revenue grower generating more than five per cent revenue growth on an annualized basis for 20 years. Further, the business model has positive operating leverage so net profit has grown at more than nine per cent, or a four per cent premium to annual revenue growth, over ten years and at a more than 10 per cent annualized growth rate over the 15 and 20 year periods, respectively.
Alimentation Couche-Tard (ATD TSX)
A serial dividend increaser currently yielding 1.10 per cent. Alimentation Couche-Tard has grown from relatively humble beginnings to become the second largest gas and convenience store operator in the U.S. with substantial operations in Europe. Currently, it has 17,300 locations globally of which 13,200 provide roadside refueling.
Further acquisitions are expected and the most recent acquisition of size was the June 2025 acquisition of 235 gas stations in the U.S. from Giant Eagle Inc.
Revenue and net income have grown at an annual average rate of 9.9 per cent and 12.9 per cent respectively, since 2016.
ATD’s buyback program has retired an annual average of two per cent of shares outstanding also since 2016.
JPMorgan Chase (JPM NYSE)
A dividend currently yielding two per cent, which has grown at an annual average rate of 13 per cent since 2016.
JPMorgan Chase has demonstrated industry leading risk management multiple times and most importantly during the global financial crisis when other banks failed or needed government bailouts.
JPM is typically a defacto lender of last resort so has acquired two distressed banks from the Federal Deposit Insurance Corporation (FDIC) at substantial discounts to their valuation history i.e., the First Republic Bank in 2023 and Washington Mutual during the global financial crisis in 2008.
Strong shareholder return profile as Earnings Per Share have grown at an annual average rate of 13 per cent for a decade. Shareholders also benefitted from an active buyback program, which has averaged three per cent per annum over the same ten-year period.
| DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
|---|---|---|---|
| MTD NYSE | Y | Y | Y |
| ATD TSX | Y | Y | Y |
| JPM NYSE | Y | Y | Y |
PAST PICKS: AUG. 26, 2025
Novo Nordisk (NVO NYSE)
Then: US$55.34
Now: US$43.81
Return: -21%
Total Return: -17%
Tourmaline Oil (TOU TSX)
Then: $57.98
Now: $65.55
Return: 13%
Total Return: 16%
Visa (V NYSE)
Then: US$351.18
Now: US$322.15
Return: -8%
Total Return: -8%
Total Return Average: -3%
| DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
|---|---|---|---|
| NVO NYSE | Y | Y | Y |
| TOU TSX | Y | Y | Y |
| V NYSE | Y | Y | Y |
