Robert Gill, senior vice president and portfolio manager, Goodreid Investment Counsel

FOCUS: Canadian large caps 

MARKET OUTLOOK:

As we start 2023, it’s necessary to understand why 2022 was very different than previous years over the past decade. There are three reasons for this:

  1. After decades of low inflation, in 2022 it roared back.
  2. Central banks hiked interest rates at the fastest pace in decades.
  3. Fears of a recession evolved.

So the investment environment changed. When this happens, we make changes to our portfolio.

To prepare for 2023, we made three key changes.

  1. Increased the quality of our holdings in the portfolio.
  2. Increased the number of holdings in our portfolio
  3. Shifted into better value companies.

We are very pleased with our performance in 2022 at Goodried. Now, we are early in 2023 with a materially different portfolio than we had in 2022. Regardless of the investment environment, our philosophy and process at Goodreid remain the same. We buy high-quality, blue-chip companies, at attractive valuations and employ active risk management.  

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TOP PICKS:

Robert Gill's Top Picks

Robert Gill, senior vice president and portfolio manager at Goodreid Investment Counsel Corp., discusses his top picks: Canadian Tire, TC Energy, and Brookfield Corporation.

Canadian Tire (CTC.A TSX)

This is a familiar brand that trades at attractive valuation multiples and offers an impressive 4.3 per cent dividend yield.

TC Energy (TRP TSX)

Shares of this well-run pipeline declined after cost overruns at one of its projects, presenting a buying opportunity. It trades at 13X P/E and offers a 6.5 per cent dividend yield.

Brookfield Corporation (BN TSX)

Brookfield recently had a pullback in the share price. Currently offers a good buying opportunity for a company with diversified assets and a good management team. 

 

DISCLOSURE PERSONAL FAMILY PORTFOLIO/FUND
CTC.A TSX N Y Y
TRP TSX N N Y
BN TSX N N Y

 

PAST PICKS: November 30, 2022

Robert Gill's Past Picks

Robert Gill, senior vice president and portfolio manager at Goodreid Investment Counsel Corp., discusses his past picks: Richelieu Hardware, BCE, and Bank of Nova Scotia.

Richelieu Hardware (RCH TSX)

  • Then: $39.01
  • Now: $39.63
  • Return: 2%
  • Total Return: 2%

BCE (BCE TSX)

  • Then: $64.06
  • Now: $63.19
  • Return: -1%
  • Total Return: 0.1%

Bank of Nova Scotia (BNS TSX)

  • Then: $70.18
  • Now: $72.34
  • Return: 3%
  • Total Return: 5%

Total Return Average: 2%

 

DISCLOSURE PERSONAL FAMILY PORTFOLIO/FUND
RCH TSX N N Y
BCE TSX N Y Y
BNS TSX Y Y Y