With an increasing number of Canadian stocks enjoying strong performance this year, BMO Capital Markets chief investment strategist Brian Belski believes the TSX is “poised for a strong catch-up trade,” ending a long period of underperforming other developed markets.
In 2023, only two of Mr. Belski’s eight broad investment strategies – the technical term is factors - outperformed the S&P/TSX Composite Index. This indicates that very few stocks drove the benchmark’s 11.8 per cent return. Each broad factor category includes specific investment strategies. For instance, the top performing strategy so far this year is the stocks with the highest five-year forward earnings estimates, which have returned 20.1 per cent year to date. Five-year forward earnings stocks are under the broad future growth category.stocks, under the high-risk category, have returned 16.1 per cent so far in 2024. Companies with the lowest EV/EBITA ratios are also up 16.1 per cent this year.
The outperform rated names on the GARP list are, in alphabetical order, Altagas Ltd., ARC Resources Ltd., Brookfield Corp., B2Gold Corp., CAE Inc., Canadian Apartment Properties REIT, Celestica Inc., Canadian Natural Resources Ltd., Canadian National Railway Co., Cenovus Energy Inc., Canadian Western Bank, BRP Inc., Emera Inc., EQB Inc., Evertz Technologies Ltd., Finning International Inc., CGI Inc., Manulife Financial Corp., Magna International Inc., National Bank of Canada, New Gold Inc.
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