McMurtry Investment Report & Model Portfolios

McMurtry Investment Report Portfolios – January 2021

Also available in PDF: MIR Portfolios January 2021

Investment Commentary January 2021

US Yield Curve

The ten minus two- year US Treasury yield curve has jumped to 0.99% as of January 8, 2021 from 0.68% in November. This is positive for the economy. In particular the ten- year US treasury yield has risen to 1.13%.

US Corporate Debt Spreads

As of January 7th of this year both the Aaa and the Baa rated US corporate bond yield spreads over ten year US Treasuries remain at low levels despite rising back marginally in January from year end. Once again this is positive for the US economy and indicates that the probability of the US dipping into another recession at this point is low.

US / China Trade Issues

Joe Biden and the Democrats are expected to be more conciliatory with China, although it is too early to tell at this point.

Covid – 19 Health Stats

Both the number of daily cases and deaths in addition to hospitalizations is sharply increasing in the US and globally. This is anticipated until the positive effects from the distribution of the vaccines are widely completed by the second half of this year.

Equity Market Valuations

Historically both the S&P 500 Forward and Trailing PE multiples are at high levels. However, when you take the current low level of interest rates, equity market valuations seem more reasonable.

US Domestic Economic Growth

The recent rebound in economic growth from the lows recorded during the height of the lockdowns is most definitely now levelling out as evidenced by the weaker than expected US December employment numbers. This is principally a result of the recent spike of new daily cases of the virus both in the US and globally.

US Election Results in Georgia

The Democrats swept both seats in the recent runoff Senate election in Georgia. Consequently, Kamala Harris is now the effective Head of the Senate as the VP – elect and the Democrats will control the Senate as well as the House of Representatives. This is of major significance in terms of the proposed Democratic policies more likely to be passed. We can expect to see a new stimulus package passed shortly once Joe Biden becomes President on January 20th.

Central Bank Monetary Policy

Global central bank policies continue to be very accommodating. Some investment pundits are concerned about the possibility of much higher interest rates this year and next to combat an increase in the rate of inflation. However, Jerome Powell, the Chairman of the Federal Reserve has stated on several occasions that the central bank is prepared for somewhat higher inflation before they are likely to even consider raising rates materially.

Asset Mix

This month I am making two changes to my asset mix percentages. I am reducing cash levels by 6% with a 3% increase in both US High Yield Fixed Income and a 3% increase in equities. I am adding a new fixed income ETF, iShares CHB US High Yield Canadian dollar hedged. This ETF is similar to the iShares XHY US High Yield, but it offers a higher average yield to maturity of 4.83% compared to XHY’s 4.52%. It also trades in Canada.

Equity Sector Weights

Equity markets are in the middle of an equity sector rotation out of defensive and growth stocks into more cyclical ones. This makes sense with the economy rebounding and with positive news on the vaccine front.

In this context, I am increasing both the Materials and Energy sectors to overweight my benchmark 50% Canada 50% US North American benchmark weight. Last month both sectors were market weight. OPEC has recently agreed to cut production to ensure a favourable global supply / demand balance for crude oil. Base metal, precious metals and industrial gas commodity prices are in an uptrend predicated on an economic global rebound commencing in the second half of this year.

After these changes my model portfolios will be overweight the cyclical sectors – namely Financials, Energy, Materials, Industrials and Consumer Discretionary. In addition as I have summarized in my newsletter, I am overweight the REIT sector as it has become much more cyclical in this current economy.

I am increasing my underweight in the Communications sector. The Democrats are quite likely to impose more regulation on the social media companies in particular. However, I would still like to point out that I am not negative on the telecom stocks at this time. It is unfortunate that they are part of the same sector that includes the social media stocks.

I am maintaining my overweight position in Utilities as it is in a secular long- term uptrend from the growth in renewable energy. The election of the Democrats will accelerate this trend. Some of you may question being overweight both Energy and Utilities. The answer lies in the fact that Energy is in a cyclical rebound while Utilities are in a long- term secular uptrend.

Individual Equity Changes

In a portfolio blog dated December 17th, I added General Motors to the Growth Portfolio in the Consumer Discretionary sector. The company is benefitting from a cyclical global pickup in auto demand in addition to the long- term trend of the electrification of cars and trucks. I am also adding Magna International to both portfolios. Despite its recent share price runup, it is still trading at a reasonable Enterprise Value to Forward EBITDA of 6.6 times. The company is benefitting from strong current auto demand and from both the electrification of automobiles and the eventual trend towards autonomous driving. Its recent alliance with Fisker will help both companies’ development of this advanced driver assistance technology. Both Magna’s earnings per share and EBITDA are expected to grow nicely over the next several years.

In the Energy sector I am adding Meg Energy to the Growth Portfolio. The stock currently offers a free cash flow yield of over 15%. However, it does not pay a dividend. While its balance sheet is not as healthy as some of its peers, its debt / equity ratio has declined from 1.5 times in December 2016 to the current level of 0.87 times. This company is a strong generator of both operating and EBITDA. The company has very high price leverage to rising crude prices and continues to focus on lowering its unit costs. This is a speculative play on rising crude prices. Its valuation is also not the cheapest at 8.2 times Enterprise Value / Forward EBITDA, but its EBITDA growth prospects over the next few years in a rising crude pricing environment are quite favourable.

In the Industrials sector, I am making a switch in both portfolios out of 3M into CSX, the US rail company. The recent Democratic victory in both the Senate and the House of Representatives ensures that more regulation in regards to environmental clean up is likely. 3M faces the possibility of a major environmental fine and lawsuits from several of its products. On the other hand, CSX is benefitting from the recent pickup in railcar loadings and the expectation of an economic rebound this year. I am adding CSX to both portfolios with its dividend yield of 1.1% that is well covered by cash flow. Both its earnings per share and EBITDA are expected to grow nicely over the next few years.

I am also adding Finning International to both portfolios in the Industrials sector. The company offers an attractive dividend of 2.78% with a relatively low payout ratio. The company is the western Canada distributor and service provider of Caterpillar products as well as being a distributor in South America as well. In the UK the company is involved with high -speed rail opportunities. A global economic rebound benefitting both energy and base metal and other commodity prices will help the company grow both its earnings per share and EBITDA over the next few years.

In the Financial sector I am adding Citigroup to both portfolios. The stock offers a dividend yield of over 3% with a reasonable PE multiple on forward earnings of 10.95 times. This US bank has much more exposure to Emerging Markets than either JPMorgan or Bank of America. The improvement expected in the global economy will also benefit Emerging Markets and Citibank will benefit from this as well.

In the Healthcare sector I am removing United Healthcare from both portfolios. The company has greatly benefitted over the last several years from Trump’s attempts to decimate Obamacare. The recent election of the Democrats will most likely put pressure on this company’s profitability as one of the largest US private medical insurance providers.

Also, in the Healthcare sector, I am adding Curaleaf, the world’s largest producer of cannabis measured by revenues after its recent acquisition of Grassroots to my Growth portfolio. While the company does not pay a dividend, it is showing a sharp increase in its EBITDA. For the last quarter ending September 30th, the company registered EBITDA of $170.59 million for the trailing twelve- month period compared to only $7.86 million previously. The company is expected to see strong growth of EBITDA continuing this year and next. It has a low debt / equity ratio of 0.2 times with its Financial Debt to trailing twelve- month EBITDA at only 1.68 times. The company is a US company but its main trading platform is in Canada in the Canadian Securities Exchange. Its symbol in Canada is CURA.CX. Once again the recent election of the Democrats will help to speed up the legalization of cannabis throughout the US with individual states wanting to participate in the increase in revenues projected from taxes.

In the Materials sector, I am adding Hudbay Minerals to the Growth portfolio. The company is a Canadian mining company that produces copper, gold, silver and zinc. Its mines are located in both North and South America. The company is currently trading at a reasonable Enterprise Value to Forward EBITDA ratio of 5.31 times. Its projected growth in EBITDA over the next several years is in the range of 118%.

Peter McMurtry, B.Com, CFA
Financial Writer
Objective Investment Advice for Everyone
Monthly Investment Newsletter and Sample Portfolios
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Please see our disclaimer at Copyright ©2019 McMurtry Investment Report™. All rights reserved.

McMurtry Investment Report – Portfolios (January 2021)
  Income Growth
Cash Alterna Bank – High Interest Savings (1.20% current ) Alterna Bank – High Interest Savings (1.20% current)
  EQ Bank – Savings Plus ( 1.50% current) EQ Bank – Savings Plus ( 1.50% current)
Bonds -Regular iShares XSB Short Term iShares XSB Short Term
  iShares CBO 1-5 Ladder Corp iShares CBO 1-5 Ladder Corp
  iShares CLF 1-5 Ladder Gov’t iShares CLF 1-5 Ladder Gov’t
Bonds -High Yield iShares XHY.TO US High Yield Cdn $ iShares XHY.TO US High Yield Cdn $  
  iShares CHB.TO US High Yield Cdn $   iShares CHB.TO US High Yield Cdn. $  
Common Stocks Security Dividend Yield % Security Dividend Yield %
Financials Royal Bank RY 4.00 Royal Bank RY 4.00
  Intact Financial IFC 2.29 Intact Financial IFC 2.29
  Bank of Nova Scotia BNS 5.22 Bank of Nova Scotia BNS 5.22
  Brookfield Asset MGT. BAM.A 1.24 Brookfield Asset MGT. BAM.A 1.24
  TD TD 4.27 TD TD 4.27
  Citigroup C US 3.09 Citigroup C US 3.09
      Fiserv FISV US 0.00
  Sun Life SLF 3.62 Sun Life SLF 3.62
  JP Morgan JPM US 2.65 JP Morgan JPM US 2.65
  Manulife Fin’l MFC 4.67 Manulife Fin’l MFC 4.67
  Bank of America BAC US 2.19 Bank of America BAC US 2.19
  Morgan Stanley MS US 1.87 Morgan Stanley MS US 1.87
  T. Rowe Price TROW US 2.33 T. Rowe Price TROW US 2.33
  Allstate ALL US 1.96 Allstate ALL US 1.96
Energy Suncor SU 3.53 Suncor SU 3.53
  Canadian Natural Resources CNQ 4.94 Canadian Natural Resources CNQ 4.94
  Freehold FRU 4.31 Freehold FRU 4.31
  Enbridge ENB 7.81 Enbridge ENB 7.81
  TC Energy TRP 5.96 TC Energy TRP 5.96
  Whitecap Resources WCP 3.31 Whitecap Resources WXP 3.31
      Meg Energy MEG 0.00
      Parex Resources PXT 0.00
Materials Agnico Eagle AEM 1.85 Agnico Eagle AEM 1.85
  Air Products APD US 1.88 Air Products APD US 1.88
  Pan American Silver PAAS 0.75 Pan American Silver PAAS 0.75
      Capstone Mining CS 0.00
  Barrick Gold ABX 1.46 Barrick Gold ABX 1.46
  Franco Nevada FNV 0.80 Franco Nevada FNV 0.80
  VanEck Vectors Gold ETF GDX US 0.52 VanEck Vectors Gold ETF GDX US 0.52
  BMO Global Base Metals ETF ZMT 1.89 BMO Global Base Metals ETF ZMT 1.89
      Osisko Metals OM.V 0.00
      Hudbay Minerals HBM 0.21
Industrials Toromont TIH 1.42 Toromont TIH 1.42
  Finning Int’l FTT 2.78 Finning Int’l FTT 2.78
  CSX US 1.11 CSX US 1.11
  WSP Global WSP 1.22 WSP Global WSP 1.22
  CNR 1.60 CNR 1.60
  Canadian Pacific CP 0.81 Canadian Pacific CP 0.81
  Raytheon Technologies RTX US 2.72 Raytheon Technologies RTX US 2.72
  Stantec STN 1.46 Stantec STN 1.46
  Aecon Group ARE 3.86 Aecon Group ARE 3.86
  Honeywell HON US 1.75 Honeywell HON US 1.75
  TFI Int’l TFII 1.71 TFI Int’l TFII 1.71
Consumer Discretionary Home Depot HD US 2.25 Home Depot HD US 2.25
  Martinrea International MRE 1.27 Martinrea International MRE 1.27
  Gentex GNTX US 1.31 Gentex GNTX US 1.31
  Target TGT US 1.42 Target TGT US 1.42
  Dollarama DOL 0.35 Dollarama DOL 0.35
  Magna Int’l MG 2.18 Magna Int’l MG 2.18
      General Motors GM US 0.00
      Amazon AMZN US 0.00
  Lowes LOW US 1.47 Lowes LOW US 1.47
Communication Services Rogers B RCI.B 3.31 Rogers B RCI.B 3.31
  Activision Blizzard ATVI US 0.46 Activision Blizzard ATVI US 0.46
  Comcast CMCSA US 1.82 Comcast CMCSA US 1.82
  Telus T 4.73 Telus T 4.73
  Shaw Commications SJR.B 5.25 Shaw Communications SJR.B 5.25
      Facebook FB US 0.00
      Alphabet GOOGL US 0.00
Consumer Staples Alimentation Couche- Tard ATD.B 0.82 Alimentation Couche Tard ATD.b 0.82
  Loblaws L 2.08 Loblaws L 2.08
  Sysco SYY US 2.38 Sysco SYY US 2.38
  General Mills GIS US 3.52 General Mills GIS US 3.52
  Unilever PLC UL US 3.24 Unilever PLC UL US 3.24
Technology Apple AAPL US 0.63 Apple AAPL US 0.63
  Microsoft MSFT US 1.03 Microsoft MSFT US 1.03
  Open Text OTEX 1.82 Open Text OTEX 1.82
  Paychex PAYX US 2.71 Paychex PAYX US 2.71
  Qualcomm QCOM US 1.67 Qualcomm QCOM US 1.67
      SPDR S&P Semi ETF XSD US 0.24
      CGI Inc. GIB.A 0.00
      ETFMG Prime Cyber Sec. HACK US 1.09
      Visa V US 0.60
      Keysight KEYS US 0.00
Utilities Algonquin Power AQN 3.71 Algonquin Power AQN 3.71
  Capital Power CPX 5.73 Capital Power CPX 5.73
  Northland Power NPI 2.49 Northland Power NPI 2.49
  NextEra Energy NEE US 1.77 NextEra Energy NEE US 1.77
  Fortis FTS 3.96 Fortis FTS 3.96
Healthcare AbbVie ABBV US 4.87 AbbVie ABBV US 4.87
  Merck MRK US 3.09 Merck MRK US 3.09
  CVS Healthcare CVS US 2.68 CVS Healthcare CVS US 2.68
  Bristol Myers BMY US 3.14 Bristol Myers BMY US 3.14
      Curaleaf Holdings CURA.CX 0.00
      Danaher DHR US 0.30
      Thermo Fisher Scientific TMO US 0.18
      Perkin Elmer PKI US 0.17
Real Estate Cdn Apt. REIT CAR.un 2.77 Cdn. Apt. REIT CAR.un 2.77
  CT Reit CRT.un 5.11 CT Reit CRT.un 5.11
  Minto Apartment Reit MI.un 2.31 Minto Apartment Reit MI.un 2.31
  Dream Industrial DIR.un 5.43 Dream Industrial DIR.un 5.43
  Granite REIT GRT.un 3.87 Granite REIT GRT.un 3.87
  Summit Industrial REIT SMU.un 4.07 Summit Industrial REIT SMU.un 4.07
European Equity iShares MSCI Europe XEU 1.90 iShares MSCI Europe XEU 1.90
Emerging Markets BMO Emerging Markets ZEM 3.23 BMO Emerging Markets ZEM 3.23


McMurtry Investment Report – Sector Weights (January 2021)
Equity Sector Weights (%)
Sector My Weight TSX Comp S&P 500 50% US /50% CDN
Financials 21.00 30.20 10.40 20.30
Energy 7.00 11.20 2.30 6.75
Materials 8.45 13.70 2.60 8.15
Industrials 11.00 12.50 8.40 10.45
Consumer Disc. 9.30 3.90 12.70 8.30
Comm. Services 5.35 4.90 10.80 7.85
Consumer Staples 4.25 3.80 6.50 5.15
Technology 18.95 10.30 27.60 18.95
Utilities 4.25 5.10 2.80 3.95
Real Estate 3.15 3.10 2.40 2.75
Healthcare 7.30 1.10 13.50 7.30
Totals 100.00 99.80 100.00 99.90


McMurtry Invest. Report Asset Mix January 2021)
Asset Mix – Income and Growth Portfolios
% Income Growth
Cash 14.00 14.00
Bonds – Reg. Bonds 20.00 10.00
Bonds – High Yield 8.00 8.00
Bonds – Tips 0.00 0.00
Preferreds 0.00 0.00
Equities 58.00 68.00
CDN 26.00 31.00
US 26.00 31.00
Europe 3.00 3.00
Emerging Markets 3.00 3.00

Also available in PDF: MIR Portfolios April 2019

Investment Commentary (April 2019)

Asset Mix Changes

Last week both the Canadian and US yield curve inverted where short rates exceeded longer maturities. For most of the past economic recessions, an inverted yield curve occurred 6-18 months before the onslaught of an economic slowdown. Consequently, this signal should not be taken lightly and brushed off as is frequently the case with economists stating that things are different this time.

This week the inversion of the curve went away in both Canada and the US with longer rates now slightly exceeding shorter maturities. However, the negative yield curve is still present in Europe where their economy continues to suffer.

US corporate bond spreads for both investment and High Yield securities had been creeping up in late December. However, year to date corporate spreads over US Treasuries have been coming down once again. Historically when corporate spreads widen this is a danger signal for an economic slowdown. The recent reduction is spreads is a positive sign that the economy may not be as weak as many pundits are saying.

Overall economic activity is definitely slowing globally. This is also true in the US but their economy is still growing on a relative basis much faster than Europe and Canada. Economic growth in the Chinese economy had been coming down sharply, but this week an announcement came out stating that their domestic industrial production started to revive after nearly nine months of decline. Several months ago the Chinese authorities began stimulating their domestic economy by lowering corporate taxes and increasing government spending. Once again this is a positive development.

The Federal Reserve has stopped increasing rates by emphatically stating that there will be no more rate increases for the remainder of the year.

US corporate profit growth has slowed dramatically from last year, while equity prices have rebounded sharply year to date. Equity valuations are no longer cheap as they were in late December.

This week the US / China trade talks have taken a more positive tone which is good for markets.

Taking all these factors into consideration, I have decided to leave the asset mix for both portfolios the same as last month. The jury is still out if an economic recession is imminent or only years away.

McMurtry Investment Report Asset Mix (April 2019)
Asset Mix – Income and Growth Portfolios
%Income Growth
Bonds – Regular20.0010.00
Bonds – High Yield5.005.00
Emerging Markets0.000.00

Equity Sectors

The main change to my equity sector recommendations is to reduce the Financial equity exposure from overweight to market weight the 55% US 45% Canada benchmark. This works out to a new weight of 21.25% of my North American equity exposure.

The reason for my reduction in weight for the Financial sector is all to do with interest rates and the slope of the yield curve. Lower rates combined with either a flat or inverted yield curve is not positive for the bank’s net interest margins. A slowing economy normally results in an increase in loan losses, another possible headwind.

For the other groups I remain market weight Energy, Utilities and Healthcare.

I remain overweight Technology, Industrials, Real Estate, Communication Services and Consumer Staples

I remain underweight Materials and Consumer Discretionary.

McMurtry Investment Report – Sector Weights (April 2019)
Equity Sector Weights (%)
SectorMy WeightTSX CompS&P 50055 % US /45% CDN
Consumer Disc.6.404.1010.107.40
Comm. Services8.505.8010.108.17
Consumer Staples6.253.907.305.77
Real Estate3.753.503.103.28

Common Equity Changes

In the Financial Services sector, I am replacing National Bank with Intact Financial for both portfolios. Intact is the largest property / casualty company in Canada and will benefit from the recent departure of AIG, a large US competitor from the Canadian market. Intact is raising insurance rates in Ontario and this will help to increase operating margins. Differing from life insurance companies, property and casualty insurance companies have much shorter term liabilities and are consequently not as negatively affected from flat to falling interest rates as the life companies are.

In the Technology sector, I am deleting Nokia from both portfolios. Huawei, the Chinese company and major competitor to Nokia has been continuously lobbying the global wireless providers to encourage them to continue buying their products. It is only in the US that the Chinese company has been banned with its alleged cybersecurity activities. Thus, Nokia has not been as much of a beneficiary from the 5G wireless ramp up as originally expected. In addition, a law firm has recently alleged that Nokia’s Alcatel – Lucent division has some very serious potential claims for security law violations. This creates a lot of uncertainty. My recommendation is to sell your Nokia shares and use the proceeds to purchase more Cisco, which will be a major beneficiary from the upcoming 5G implementation.

In the healthcare sector I am adding the Swiss dental implant company, Straumann Holdings ADR to my Growth portfolio. This American Depositary Receipt is not very liquid in the US market, so please always use limit orders when buying and selling this security. Despite this shortfall, this is a good quality company and one of the global leaders in the dental implant industry. The company is experiencing strong annual revenue and gross profit growth in addition to record EBITDA margins. The company has strong organic growth and operates in 100 countries globally. The global dental implant market is expected to grow at 4-5% globally this year and Straumann’s organic growth is sharply outperforming its competitors.

Lastly in the Materials sector, I am adding Osisko Metals to my Growth portfolio. The company is a small cap zinc exploration company that operates in both the Far North and in New Brunswick. The company has no long term debt and the level of insider buying is unusually high. Normally I do not even discuss insider buying, but the level of insider buying for this company is extraordinary. The supply / demand situation for zinc is the most favourable for all the base metals with inventory stockpiles at very low levels. Should the Chinese economy rebound the demand for zinc will increase accordingly.

Peter McMurtry, B.Com, CFA
Financial Writer
Objective Investment Advice for Everyone
Monthly Investment Newsletter and Sample Portfolios
Personalized Portfolio Reviews

Please see our disclaimer at Copyright ©2019 McMurtry Investment Report™. All rights reserved.

McMurtry Investment Report – Portfolios (April 2019)
CashAlterna Bank – High Interest Savings (2.35% current rate)Alterna Bank – High Interest Savings (2.35% current rate)
 EQ Bank – High Interest Savings ( 2.30% current rate)EQ Bank – High Interest Savings ( 2.30% current rate)
Bonds -RegulariShares XSB Short TermiShares XSB Short Term
 iShares CBO 1-5 Ladder CorpiShares CBO 1-5 Ladder Corp
 iShares CLF 1-5 Ladder Gov’tiShares CLF 1-5 Ladder Gov’t
Bonds – High Yield CORPiShares XHY US High Yield CDN$  iShares XHY US High Yield CDN $ 
Common StocksSecurityDividend Yield %SecurityDividend Yield %
FinancialsRoyal Bank RY4.05Royal Bank RY4.05
 Bank of Montreal BMO4.00Bank of Montreal BMO4.00
 Bank of Nova Scotia BNS4.89Bank of Nova Scotia BNS4.89
 Intact Financial IFC2.69Intact Financial IFC2.69
 TD TD4.08TD TD4.08
 Sun Life SLF3.90Sun Life SLF3.90
 JP Morgan JPM US3.16JP Morgan JPM US3.16
 Bank of America BAC US2.17Bank of America BAC US2.17
 Citibank C US2.89Citibank C US2.89
 Morgan Stanley MS US2.84Morgan Stanley MS US2.84
 T. Rowe Price TROW US3.04T. Rowe Price TROW US3.04
 Keycorp KEY US4.32Keycorp KEY US4.32
 PNC Fin’l PNC US3.10PNC Fin’l PNC US3.10
EnergySuncor SU3.85Suncor SU3.85
 Freehold FRU7.43Freehold FRU7.43
 Torc TOG5.62Torc TOG5.62
 Pembina Pipe Lines PPL4.55Pembina Pipe Lines PPL4.55
 Enbridge ENB6.04Enbridge ENB6.04
 Trans Canada TRP4.91Trans Canada TRP4.91
   Parex Resources PXT0.00
MaterialsAgnico Eagle AEM1.15Agnico Eagle AEM1.15
 Franco Nevada FNV1.29Franco Nevada FNV1.29
   Osisko Metals OM.V0.00
   iShares Global Gold ETF XGD0.20
IndustrialsToromont TIH1.55Toromont TIH1.55
 Air Products APD US2.44Air Products APD US2.44
 WSP Global WSP2.06WSP Global WSP2.06
 Canadian Pacific CP0.94Canadian Pacific CP0.94
 CNR 1.79CNR1.79
 Raytheon RTN US2.03Raytheon RTN US2.03
 Aecon Group ARE3.33Aecon Group ARE3.33
 Guggenheim Eq WT IND RGI US1.35Guggenheim Eq Wt IND RGI US1.35
 Honeywell HON US2.07Honeywell HON US2.07
 TFI Int’l TFII2.45TFI Int’l TFII2.45
Consumer DiscretionaryHome Depot HD US2.80Home Depot HD US2.80
 Sleep Canada ZZZ3.77Sleep Canada ZZZ3.77
 Canadian Tire CTC.A2.88Canadian Tire CTC.A2.88
 Amazon AMZN US0.00Amazon AMZN US0.00
 Lowes LOW US1.75Lowes LOW US1.75
Communication ServicesRogers B RCI.B2.78Rogers B RCI.B2.78
   Facebook FB US0.00
   Alphabet GOOGL US0.00
Consumer StaplesAlimentation Couche- Tard ATD.B0.64Alimentation Couche Tard ATD.b0.64
 Loblaws L1.79Loblaws L1.79
 Constellation Brands STZ US1.69Constellation Brands STZ US1.69
 Unilever PLC UL US3.06Unilever PLC UL US3.06
TechnologyApple AAPL US1.54Apple AAPL US1.54
 Microsoft MSFT US1.56Microsoft MSFT US1.56
 Open Text OTEX1.58Open Text OTEX1.58
 Paychex PAYX US2.79Paychex PAYX US2.79
 Cisco CSCO US2.59Cisco CSCO US2.59
   Kinaxis KXS0.00
   ETFMG Prime Cyber Sec. HACK US0.15
   Visa V US0.64
UtilitiesAlgonquin Power AQN4.58Algonquin Power AQN4.58
 Northland Power NPI5.12Northland Power NPI5.12
 Fortis FTS3.64Fortis FTS3.64
HealthcareAbbott Labs ABT US1.60Abbott Labs ABT US1.60
 Becton Dickinson BDX US1.23Becton Dickinson BDX US1.23
 Merck MRK US2.65Merck MRK US2.65
 US Healthcare iShares ETF IYH US1.84US Healthcare iShares ETF IYH US1.84
 United Healthcare UNH US1.46United Healthcare UNH US1.46
   Danaher DHR US0.52
   Thermo Fisher Scientific TMO US0.28
   Straumann ADR SAUHY US *0.63
   IBB Biotech ETF IBB US 0.28
Real EstateCdn Apt. REIT CAR.un2.76Cdn. Apt. REIT CAR.un2.76
 InterRent REIT IIP.un2.03InterRent REIT IIP.un2.03
 Dream Industrial DIR.un5.83Dream Industrial DIR.un5.83
 Summit REIT SMU.un4.35Summit REIT SMU.un4.35
European EquityiShares MSCI Europe XEU2.96iShares MSCI Europe XEU2.96

* Be careful purchasing and selling Straumann ADR’s as it is very illiquid. Always use a limit order.

Peter McMurtry, B.Com, CFA

Please see our disclaimer at disclaimer ©2019 McMurtry Investment Report™. All rights reserved.