Episode Details

“I hate this market. It’s funny because we are strongly outperforming, but I still don’t like this market.”

That’s how dividend investor Rebecca Teltscher, Portfolio Manager at Newhaven Asset Management, sums up today’s market on this episode of In the Money with Amber Kanwar. Value is working. Dividend stocks are back. Utilities, pipelines and energy have seen major inflows. And yet, Rebecca says this is one of the hardest environments she’s seen to deploy capital, with sectors moving quickly from unloved to fully valued.

Before we get to the Mailbag, Rebecca explains why she’s staying patient in TELUS (T.TO) despite dividend concerns and a leadership transition, why long-held positions like Manulife (MFC.TO) have rewarded disciplined dividend investors who reinvested through volatility, and why she believes fixed income currently offers limited real returns relative to dividend-paying equities. With bond yields compressed and volatility creeping into the rate market, she argues dividend stocks have effectively become the new “safe haven” — even if the easy money has already been made.

In the Mailbag, we begin with the Canadian banks, including BMO (BMO.TO) and TD (TD.TO). Rebecca admits she was wrong last year not adding more exposure as the banks rallied, but says she now wants more clarity on the Canadian economy and the trajectory of loan-loss provisions before committing new capital. She then discusses consumer lender goeasy (GSY.TO) and why subprime credit risk doesn’t align with her capital-preservation philosophy. From there, she weighs the valuation debate around Dollarama (DOL.TO), breaks down the ongoing challenges in office real estate including Allied Properties (AP.UN), revisits the credibility issues and dividend reset at Northland Power (NPI.TO), analyzes Brookfield Asset Management (BAM) versus Brookfield Corp. (BN), and closes with energy producer Whitecap Resources (WCP.TO) and the sustainability of its dividend in a volatile oil environment.

In Pro Picks, Rebecca begins by revisiting her past ideas — including her long-time favourite Canadian Natural Resources (CNQ), along with Premium Brands (PBH.TO) and AltaGas (ALA.TO). On CNQ, she explains why its balance sheet strength, capital discipline and history of never cutting its dividend make it a core long-term holding she plans to own for decades. She then shares where she’s putting money to work now: CAE (CAE.TO) for its long runway in civil aviation and defense training, Algonquin Power & Utilities (AQN.TO) as a utility turnaround with new management credibility, and ARC Resources (ARX.TO) as a natural gas name with embedded growth and optionality.

Timestamps
00:00: Show trailer 

02:30 Intro 

04:30 Rebecca was right about value stocks over the past year 
06:20 Can investors kick their addiction to tech for more than just a short while? 

07:30 Can Rebecca bring herself to look at software? 
10:15 Why Rebecca holds on to the telcos like Telus (T) 
15:00 Why Rebecca considers herself a retail investor 
16:30 Is the value sector becoming expensive?  There’s been a sector rotation 

19:00 Dividend stocks have become the new safe bet 
20:50 How is Rebecca playing this expensive market? 
22:45 ITM Mailbag: Canadian banks (BMO, TD) 
28:50 goeasy stock (GSY)
32:30 Dollarama stock (DOL) 

37:25 Allied Properties REIT & the REIT market (AP.UN) 

44:00 Northland Power (NPI) 
49:15 Brookfield Asset Management (BAM) 
51:20 Whitecap Resources (WCP) 
54:30 Rebecca’s Past & Pro Picks (Past: CNQ, PBH, ALA, Pro: CAE, AQN, ARX)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. Visit https://ATB.com/inthem