CIBC analyst recommends defensive portfolio positioning using these ETFs and stocks

“We expect Q3/24E PTPP earnings to increase 8% y/y, reflecting revenue growth of 5.9% and operating leverage of 1.6% . Revenue growth reflects a good balance of mid-single-digit revenue growth across the three major revenue lines, including capital markets revenue, which, until last quarter, had been weak for almost 3 years. Prior to Q2/24, group operating leverage had been negative for 8 consecutive quarters.

“Low Volatility strategies in Canada have a strong long-term track record. Not only have these approaches delivered in-line or better than in-line returns compared to the broader market, they have also typically done this with lower volatility … The combination of falling interest rates, an unwind of some of the exuberance in the Magnificent Seven trade, and yen volatility helped Low Vol regain some of its relative performance after a somewhat disappointing year in Canada.

The analyst recommended ETFs as one option for low volatility exposure : BMO Low Volatility Canadian Equity, Invesco S&P/TSX Composite Low Volatility Index, iShares MSCI Min Vol Canada Index and Fidelity Canadian low Volatility. The analyst also provided a list of top 20 low volatility S&P/TSX companies: Metro Inc, Loblaw Cos Ltd, Waste Connections Inc, Great-West Lifeco Inc, BCE Inc, Fortis Inc, Thomson-Reuters Corp, National Bank Canada, Hydro One Ltd, TMX Group Ltd, Empire Co Ltd, CGI Inc, George Weston Ltd, Altagas Ltd, Element Fleet Management, Stantec Inc, North West Co Inc, Canadian Utilities, Dollarama Inc and Winpak Ltd.

“Wall St has now stopped Bank of Japan hiking; Wall St’s Aug/Sept goal now appears to be bossing the Fed into big rate cuts … lowest interest rate small businesses can borrow at is prime, and in real terms US prime rate is 6.

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