Greg Newman, senior wealth advisor and portfolio manager, Newman Group, ScotiaMcLeod

FOCUS: North American stocks 

MARKET OUTLOOK:

Rates have dropped quite massively over the last month or so. Combined with a less aggressive U.S. Federal Reserve and supportive economic data, stocks have had an impressive run. Seasonality along with a year-end performance chase may well translate into a strong finish for equities this year as long as inflation continues to trend positively. 

Into 2024, however, the jury is still out as to whether the economy can ultimately have a soft landing. Will inflation continue to trend favourably? Will the economy hold up? Will earnings continue to be supportive? On top of these uncertainties, there are the wars and a very important U.S. election. While we remain constructive, given this level of opaqueness and the rich rewards of owning fixed income at present, we believe staying on your asset allocation remains prudent. 

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TOP PICKS:

Brookfield Infrastructure Partners (BIP.UN TSX) 

Brookfield Infrastructure Partners offers investors a nice growth rate at a reasonable valuation while paying a nice distribution.

Rogers Communications (RCI.B TSX)

Rogers offers investors a nice growth rate at a compelling valuation while paying a decent dividend.

Meta (META NASD)

Meta offers investors a nice growth profile at a reasonable price.