REITs and utilities are the champion asset classes of the past 20 years
Through all the stock market ups and downs of the past 20 years, the best-performing asset classes for Canadian investors have been real estate investment trusts and the utility sector,. It’s almost shocking how much better these two sectors have done in comparison with much riskier corners of the market.
REITs produced average annual total returns of 11.8 per cent for the 20 years to July 31, according to data published by PWL Capital . Utilities gained an annualized 9.4 per cent. The only other asset class with comparable 20-year gains was the U.S. REIT market, at 10.2 per cent on an annualized basis.Canadian bank stocks have failed to generate any meaningful gains over the past two-and-a-half years, but don’t give up on them now,. Dividend yields are above 4.
At Constellation Software Inc.’s annual general meeting in the spring, CEO Mark Leonard joked about how the company’s stock was worth an “infinite amount,” . It was a bit of math humour based on the company growing faster than its own cost of capital, but it raised a legitimate question: What are the limits to Constellation’s growth?Since going public in 2006, its shares have risen by more than 9,400 per cent, which translates into an average annual growth rate of 41 per cent.
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