Focusing On The Best Opportunities
Throughout the quarter, the portfolio manager made noteworthy changes to the pool:
Position Sold: Aritzia was sold for over $8.6M in gains, delivering a 33% annualized return in just two years. While Aritzia remains a strong brand in upscale women’s apparel, concerns over a potential consumer spending slowdown prompted the exit.
Position Trimmed: Intercontinental Exchange (ICE) was trimmed to lock in gains after a sharp price increase. We continue to hold ICE and the portfolio manager remains excited about its long-term prospects.
Positions Added To:
- Thermo Fisher Scientific is a global life sciences leader with 80% recurring revenue, a recent 10% dividend hike, and a strategic acquisition enhancing bioproduction capabilities.
- TFI International is a North American logistics powerhouse with strong free cash flow and a history of capitalizing on downturns through acquisitions and share buybacks.
- Brookfield Infrastructure Partners owns essential infrastructure (pipelines, ports, telecom, power). 95% of revenue is contracted, with ongoing dividend growth and buybacks.
- Methanex is a leading methanol producer positioned to benefit from rising demand, backed by valuable physical assets that help mitigate downside risk.
Source: Dixon Mitchell Investment Counsel.
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