“On December 20, 2022, we downgraded the Big Banks to MARKET WEIGHT from Overweight, citing a fair to modestly attractive valuation, moderating balance-sheet growth through deposit run-off and softer loan growth, and the uncertainty regarding the timing and severity of the next credit cycle.
“With Canadian housing activity largely balancing out in July, let’s step back and take a look at where a number of select markets stand now that they’ve been through a correction and subsequent partial rebound. The bars on the accompanying chart show peak-totrough price declines, which for most markets was February 2022 through February 2023.
“Our selection process starts bottom-up where our analysts have a high conviction, differentiated stock recommendations to generate alpha. We identify catalysts that will trigger outperformance and chose liquid names in which investors in which investor can build positions. Our Focus List is the combination of regional picks from US, Europe, Pan Asia, and LatAm”
The U.S picks are Prologis Inc., Targa Resources Corp., American International Group, Tradeweb Markets, Meta Platforms Inc., Bruker Corp., Fortinet Inc., Quanta Services, Ultragenyx Pharmaceutical, Criteo SA, Liberty SiriusXM, Walmart Inc. and T-Mobil U.S. European ideas on the list that might interest Canadian investors include Novo Nordisk A/S, Vestas, AstraZeneca PLC and Heineken.
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