TD Dividend Growth manager looks beyond market malaise

Doug Warwick adds to holdings of energy and pipeline stocks.

Michael Ryval 7 June, 2018 | 5:00PM
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The Canadian market malaise since the start of the year is partly attributable to the impression that Canada is a poor place to invest, says Doug Warwick, managing director of Toronto-based TD Asset Management, and a 38-year industry veteran who is responsible for about $25.5 billion in assets.

"Last fall and into early January, markets were quite excited by President Trump's tax reform, and economic growth was strong around the world," says Warwick, lead manager of the $7.2-billion TD Dividend Growth. "All the good news was out there and there's been a pause. But with Canada specifically, and talking to people that go to the U.S. and Europe and even at home, there is a sense that Canada can't get things done. Such as the pipelines. Even things that are fully approved and sanctioned are held up by the vocal minority. That has hurt our pipeline and energy stocks."

The way to get over the malaise is to "get shovels in the ground," says Warwick, "and show everyone that Canada is open for business." Unfortunately, the ongoing and unresolved talks over the North American Free Trade Agreement have only added a layer of uncertainty. Warwick believes that President Donald Trump is using it to push his America First policy and nudge local and offshore investors to invest in the U.S. rather than in NAFTA's other two partners. "That's all part of Trump's strategy."

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
Enbridge Inc50.66 CAD-0.33Rating
Royal Bank of Canada127.66 CAD-1.47Rating
Suncor Energy Inc24.67 CAD-0.64

About Author

Michael Ryval

Michael Ryval  Michael Ryval, a regular contributor to Morningstar, is a Toronto-based freelance writer who specializes in business and investing.

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