Dan Rohinton’s Top Picks for Sept. 2, 2026

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

Focus: Canadian and global large caps

Top Picks: Meta Platforms, Amazon.com, CMS Energy

MARKET OUTLOOK:

Markets had a strong summer and the S&P 500 sits not far from record highs, but September has opened on a shakier note. Bond yields have been moving higher on renewed inflation worries and firmer oil prices, and the conversation around the U.S. Fed has shifted from cuts to whether they may need to tighten again.

That is a meaningful change in tone from earlier this year and it is putting pressure on the more rate-sensitive parts of the market.

We think this is a stock picker’s environment. Earnings have been solid and the artificial intelligence (AI) investment cycle is still very much intact, but the market is getting more discerning about who is actually earning a return on that spending.

We continue to favour high-quality businesses with durable competitive advantages, strong cash generation, and the ability to grow through a range of rate and macro outcomes. Where the market has sold good businesses off for macro reasons rather than fundamental ones, we see opportunity.

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TOP PICKS:

Meta Platforms (META NASDAQ)

Meta is a simple case of significant compute investment and latent earnings power. The ad business is firing on all cylinders, with revenue up 28 per cent last quarter and pricing per ad still rising. The stock has been punished because capex has surged and free cash flow has been squeezed in the near term. We think that misses the point. The infrastructure being built today is what drives the next leg of earnings growth, and once the spending curve flattens, the earnings power that has been masked will show through. You are buying a dominant platform at a discount because the market is focused on this year’s cash flow instead of next year’s earnings.

Amazon.com (AMZN NASD)

Amazon is scaled growth at a reasonable price. AWS just posted its fastest growth in 18 quarters at 37 per cent, with a backlog that has roughly doubled and margins near 40 per cent. Advertising grew 26 per cent. Retail is where the quiet upside sits: Amazon is using AI internally to take cost out of logistics, fulfillment, and customer service, and those margin gains compound on a very large base. Between scaling AWS and steadily improving retail profitability, this is a rare combination of size and growth runway.

CMS Energy (CMS NYSE)

CMS is a stable Michigan utility that has sold off along with bonds as rates have moved higher. The business itself is doing exactly what it should. Management reaffirmed 2026 guidance, is tracking toward the high end of its six to eight per cent long-term earnings growth target, has a constructive regulatory backdrop, and has raised the dividend for more than 20 consecutive years. Data centre and industrial load growth in Michigan add to the runway. This is a disciplined compounder that the market is treating like a bond proxy, and we are happy to own it when it is on sale for rate reasons rather than business reasons.

PAST PICKS: SEPT. 24, 2025

CRH Plc (CRH NYSE)

Then: $112.60

Now: $92.00

Return: -18%

Total Return: -17%

LSEG Group (LSEG LON)

Then: £8256.00

Now: £8578.00

Return: 4%

Total Return: 6%

Apollo Global (APO NYSE)

Then: $137.16

Now: $132.94

Return: -3%

Total Return: -1%

Total Return Average: -4%