Canadian equity roundtable: Time for telecom?

Telus praised for rising cash flow and high yield. Mixed reviews for Rogers

Sonita Horvitch 7 May, 2010 | 6:00PM

Editor's note: In today's third and final instalment of this week's Canadian equity roundtable, the managers' discussion turned to stocks in the consumer and telecom sectors. Our three panellists: Kim Shannon, president and chief investment officer of Sionna Investment Management Inc.; Martin Hubbes, chief investment officer at AGF Investments Inc.; and Ian Hardacre, vice-president at Invesco Trimark Ltd. They spoke with Morningstar columnist Sonita Horvitch.

Q: Time to talk about your portfolio strategy and stock selections. Martin, what is your strategy forAGF Canadian Stock, which has assets of $2.1 billion and some 88 holdings?

Hubbes: I am looking abroad. AGF Canadian Stock can have up to 49% in foreign holdings. I am currently at about 20%. The Canadian dollar is strong and we like the valuations in other markets. We are focusing on companies targeting consumers in emerging economies. My style is conservative growth. In Canada, in consumer staples, our biggest position is Metro Inc. MRU.A. We added to our holdings in Shoppers Drug Mart Corp. SC on the pullback.

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Sonita Horvitch

Sonita Horvitch