U.S. equities roundtable: Bets on increased spending

TJX's eye-catching cash flow. Cheers for Yahoo! Garbage profits. And more

Sonita Horvitch 29 October, 2010 | 6:00PM

Editor's note: We conclude this week's U.S. equities roundtable with a wide-ranging discussion of the managers' picks in the consumer, technology, industrials and health-care sectors. Our panellists: Brad Willock, vice-president and senior portfolio manager, U.S. equities, at Toronto-based RBC Global Asset Management; Janet Navon, managing director, director of research and a member of the U.S. investment team at New York-based Epoch Investment Partners Inc., whose clients include CI Investments Inc.; and Gavin Ivory, vice-president, global equities, and head of the global equity team at Toronto-based Beutel Goodman & Co. Ltd. They spoke with Morningstar columnist Sonita Horvitch, whose three-part series began on Monday and continued on Wednesday.

Q: Where are the opportunities in U.S. consumer-related stocks?

Navon: The U.S. consumer has been remarkably resilient. College-educated unemployment is at 4.7% versus the overall unemployment rate of under 10%. This explains why some of the retailers are doing quite well, but others like Wal-Mart Stores Inc. WMT are having challenges.

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Sonita Horvitch

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