Why this money manager is trimming U.S. tech stocks and adding more Canadian industrials

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Why this money manager is trimming U.S. tech stocks and adding more Canadian industrials
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Vishal Patel of Scotia Global Asset Management says he looks for growth companies with strong management teams that can withstand swings in business and economic cycles

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“There’s always an opportunity to make money in the market, and I’m extremely bullish longer term,” says Mr. Patel, vice-president and portfolio manager at Scotia Global Asset Management in Toronto. He oversees more than $5-billion in assets across different North American strategies, including Canadian small-caps and separate U.S. and Canadian equity funds.

Currently, the fund includes about 52 per cent Canadian stocks and 48 per cent U.S. stocks. In recent months, Mr. Patel has shifted the holdings steadily toward industrials while trimming technology names.

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