Canadian equities roundtable: Picks from the pros

Our panellists weigh in with some of their favourite building blocks.

Sonita Horvitch 21 October, 2009 | 6:00PM
Editor's note: With the Canadian equity market's huge rebound from its March lows, portfolio managers must now ponder what sectors and stock picks can best produce further gains or endure potential future shocks. In part one of our inaugural Encounter round table, we focused on broad market trends in Canada. In today's second instalment, our columnist Sonita Horvitch asks Ian Hardacre, vice-president of Invesco Trimark Ltd.; Ted Macklin, managing director at Guardian Capital LP; and Suzann Pennington, chief investment officer at Howson Tattersall Investment Counsel Ltd., to discuss their respective disciplines and stock picks. This week's three-part series concludes Friday with more picks from the pros.

Q: Time to talk about your portfolios. Ian, can you discuss your picks as a value manager.

Hardacre: I will focus onTrimark Canadian , which has $1.6 billion in assets. It can have a maximum 40% in foreign content. It currently has one third, most of which is in the United States. I do not invest in businesses in the foreign content that I can obtain in Canada but use the foreign content, for example, for technology companies such as computer giant, Dell Corp. ( DELL) and consumer discretionary stocks such as travel company Carnival Corp. ( CCL). I do have substantial weightings in both those sectors.

I look for high-quality companies with good management teams that are reasonably valued, because they, perhaps, are under some cloud. Given the size of the fund, I tend to focus on mid- and large-caps. The fund has a low turnover. Some of the names in the top 10 holdings have been there for five to 10 years, I am not in the buy-and-hold category. To me, buy and hold is buy and ignore.

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Sonita Horvitch

Sonita Horvitch