Episode Details
Back to EpisodesHold Cash — But Load Up On Commodities
Description
Global fund managers raised their allocation to equities by the most on record in May, but Chad Larson, who manages the best performing tactical fund in Canada, is taking a contrarian approach—holding elevated cash levels while selectively deploying into his highest-conviction trades.
On this episode of In the Money with Amber Kanwar, the Founder & Senior Portfolio Manager at MLD Wealth, breaks down why his largest holding is cash—and why that doesn’t make him bearish. Instead, he’s running a barbell strategy: staying defensive while targeting opportunities in small-caps, natural resources, and the “backbone” of the AI trade. From oil and copper to uranium and infrastructure, Chad makes the case that we’re still early in a multi-year commodities supercycle—but warns the easy money has already been made.
In the Mailbag, Chad shares his top ideas across sectors, including semiconductors via the SOXX ETF, copper exposure through Sprott Copper Miners ETF (COPP) and King’s Copper (KCP), uranium through Global X Uranium ETF (HURA) and Cameco (CCO), and energy names like Canadian Natural Resources (CNQ). He also highlights National Bank (NA) as his favourite Canadian bank, weighs in on MDA Space (MDA) and Lockheed Martin (LMT), and explains why he’s steering clear of software names like Thomson Reuters (TRI) despite the AI boom.
In Pro Picks, Chad leans into higher-risk, high-reward ideas. He highlights Gold X2 Mining (AUXX) as a leveraged gold play with takeover potential, Trican Well Service (TCW) as a direct way to play a rebound in oilfield services, and Surge Battery Metals (NILI) as a speculative lithium story tied to the EV and energy transition. It’s a classic barbell approach: safe sector exposure on one side, and “lottery ticket” upside on the other.
If you’re navigating a market driven by liquidity, AI, and geopolitical shocks, this episode lays out a clear playbook: hold cash, stay selective—and don’t ignore commodities.
Timestamps
00:00 Trailer
02:20 Intro
05:00 Chad is not bullish or bearish- have to pick the spots
09:00 Why Chad’s largest holding is cash & thoughts on gold
12:30 What is 2026’s gold trade?
13:00 Why Chad likes energy
17:50 Hamilton Enhanced Mixed Asset Allocation ETF- MIX
12:00 ITM Mailbag: Semiconductors (SOXX)
22:00 Thomson Reuters stock(TRI)
23:45 MDA Space stock (MDA)
25:00 Canadian banks & National Bank stock(NA)
26:30 Favourite copper plays: COPP, KCP
29:15 Canadian Natural Resources stock(CNQ)
30:30 Lockheed Martin stock (LMT)
34:00 Uranium (HURA)
35:50 Campbell’s (CPB)
38:30 Chad’s Pro Picks (AUXX, TCW, NILI)
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/inthemoney for more information
The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit: https://hamiltonetfs.com/etf/mix/
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DISCLAIMERS
The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization