Canadian equity roundtable: Fuelling returns

Patience on Manulife. Spotlight on Suncor. Good values in golds.

Sonita Horvitch 5 May, 2010 | 6:00PM
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Editor's note: In today's part two of Morningstar's Canadian equity roundtable, the portfolio managers discuss life insurers, energy producers and gold miners. Our three panelists: 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, whose three-part series began on Monday and concludes on Friday.

Q: The consensus around the table is that Canadian banks are expensive. What about the insurers?

Hardacre: We have a big position in Manulife Financial Corp. MFC inTrimark Canadian. It is around 3% of the fund and in our top 10 holdings. We had a smaller position and, as Manulife stumbled over the past 12 months, we built up our position. The return-on-equity level of Manulife is unlikely to be what it was in the past. But the risk-reward on the stock is positive. Manulife is out of favour with investors; it fits our investment philosophy. Sun Life Financial Inc. SLF is also out of favour to a certain extent. I don't own Sun Life.

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Sonita Horvitch

Sonita Horvitch  

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