Bruce Campbell’s Top Picks for Sept. 25, 2026

Bruce Campbell, President & Portfolio Manager, StoneCastle Investment Management

Focus: Canadian Stocks

Top Picks: Altius Minerals, TMX Group, Celestica

MARKET OUTLOOK:

Inflation and interest rates are back at the centre of the market conversation. Higher oil prices have renewed inflation concerns, while U.S. bond yields have moved sharply higher and investors are pricing in further rate hikes. That backdrop can make it harder for gold to outperform, although geopolitical demand could still support it.

Our view is that rates may be approaching a peak if growth and inflation cool into 2027. The risk for investors is what slowing growth could mean for earnings. Recently, market leadership has appeared to narrow toward large caps and the Mag Seven, which we are watching closely. We remain optimistic about opportunities in equities, but increasingly selective as we look ahead.

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TOP PICKS:

Altius Minerals (ALS TSX)

A diversified portfolio of royalty assets. The company has built a portfolio of 13 mining royalty streams and 15 renewable energy royalty streams. It continues to expand and diversify its royalty base across several commodities and renewable power assets.

These long-life assets offer growth potential as mining operations expand. Altius can benefit from higher commodity prices and mine expansion without bearing the associated operating costs. The company also has a strong track record of dividend growth and an active share buyback program.

TMX Group (X TSX)

Operates Canada’s leading capital markets exchanges and is increasingly becoming a diversified global financial infrastructure and data company. Through acquisitions and organic growth, TMX has expanded internationally and increased its recurring revenue, making it less dependent on Canadian trading and financing activity. The company generates strong cash flow, supporting continued investment and dividend growth. Earlier concerns that artificial intelligence, blockchain, and decentralized finance could disrupt traditional exchanges have moderated, allowing investors to refocus on TMX’s expanding global footprint and consistent growth.

Celestica (CLS TSX)

An electronics engineering, design, and manufacturing company at the centre of the AI networking buildout. It has evolved from a traditional contract manufacturer into a key provider of data centre infrastructure.

Demand for AI computing has driven strong double-digit revenue and earnings growth, making Celestica one of Canada’s top-performing stocks. A key question for investors is whether the current buildout is a one-time event. We believe ongoing technology upgrades and growing computing needs could support demand well beyond the initial investment cycle.

The stock is not cheap on a traditional price-to-earnings basis, but its valuation appears more reasonable when measured against its expected growth.

PAST PICKS: MARCH 9, 2026

Cavvy Energy (CVVY TSX)

Then: $1.14

Now: $2.31

Return: 103%

Total Return: 103%

NEO Performance Materials (NEO TSX)

Then: $24.60

Now: $32.68

Return: 33%

Total Return: 34%

Kraken Robotics (PNG TSX)

Then: $9.17

Now: $4.51

Return: -51%

Total Return: -51%

Total Return Average: 29%