{"id":1061,"date":"2023-05-26T21:06:19","date_gmt":"2023-05-26T21:06:19","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/wagner\/?p=1061"},"modified":"2023-05-26T21:21:37","modified_gmt":"2023-05-26T21:21:37","slug":"why-this-portfolio-manager-is-buying-utilities-on-strong-dividends-and-selling-big-energy","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/wagner\/2023\/05\/26\/why-this-portfolio-manager-is-buying-utilities-on-strong-dividends-and-selling-big-energy\/","title":{"rendered":"Why this portfolio manager is buying utilities on \u2018strong dividends\u2019 and selling big energy"},"content":{"rendered":"<p><em>Please click\u00a0<a href=\"https:\/\/www.theglobeandmail.com\/investing\/globe-advisor\/advisor-funds\/article-why-this-portfolio-manager-is-buying-utilities-on-strong-dividends-and\/#comments\">here<\/a> to read the Globe and Mail article by<\/em> <em>Brenda Bouw.<\/em><\/p>\n<p><em>Originally posted on May 26, 2023<\/em><\/p>\n<p class=\"c-article-body__text text-pr-5\">Money manager Patti Dolan is anticipating better times ahead for investors, but not without some short-term pain.<\/p>\n<p class=\"c-article-body__text text-pr-5\"><b>\u201c<\/b>We may see one more bump in [interest] rates in the short term but expect interest rates to decrease by the end of the year or early into 2024, which should stimulate the economy and benefit the markets,\u201d says Ms. Dolan, a senior wealth advisor and portfolio manager at Wellington-Altus Private Wealth Inc. in Calgary, who oversees more than $300-million in assets.<\/p>\n<p class=\"c-article-body__text text-pr-5\">She then expects a \u201cchoppy\u201d recovery. \u201cIt will take time to recover from the latest economic shocks that drove inflation and interest rates higher.\u201d<\/p>\n<p class=\"c-article-body__text text-pr-5\">Ms. Dolan says her client portfolios remained resilient during the challenging markets of 2022. While she could not provide specific performance data, she notes her balanced model portfolio outperformed its benchmark in 2022.<\/p>\n<p class=\"c-article-body__text text-pr-5\">The Globe and Mail spoke with Ms. Dolan recently about what she\u2019s been buying and selling and the financial services stock she wished she had bought, which has since doubled.<\/p>\n<p class=\"c-article-body__text text-pr-5\"><b>Describe your investing style.<\/b><\/p>\n<p class=\"c-article-body__text text-pr-5\">We focus on asset allocation, including equities and fixed income, which allows us to minimize risk while providing growth and income opportunities across asset classes and regions. Our fixed income includes bonds and high-interest savings accounts. For equities, we choose stocks based on criteria including dividend consistency and growth, sector diversification, market capitalization, liquidity and analyst coverage. (A stock needs more than four analysts covering the company).<\/p>\n<p class=\"c-article-body__text text-pr-5\">We also screen for environmental, social, governance and Indigenous factors, so ESGI. The \u2018I\u2019 is an area that\u2019s not often addressed, but we look for companies that focus on reconciliation and responsible investment initiatives.<\/p>\n<p class=\"c-article-body__text text-pr-5\"><b>What have you been buying or adding to your portfolios?<\/b><\/p>\n<p class=\"c-article-body__text text-pr-5\">We are extending the duration of our bonds to three to five years. We\u2019re seeing some incredible returns on those, particularly high-quality corporate bonds.<\/p>\n<p class=\"c-article-body__text text-pr-5\">We have also been buying some utilities and oil and gas services companies. For utilities, we recently bought Atco Ltd.\u00a0<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/ACO-X-T\/\">ACO-X-T<\/a>\u00a0+0.14%<span class=\"sr-only\">increase<\/span>\u00a0and TransAlta Corp.\u00a0<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/TA-T\/\">TA-T<\/a>\u00a0+0.16%<span class=\"sr-only\">increase<\/span>. TransAlta struggled for a while as it converted its coal plants into natural gas and renewables, but it has done well with the transition. We like Atco because of the different facets of the company, not just utilities but also the water side of the business. We like utilities in general because they have strong dividends and are government-regulated, so they\u2019re fairly predictable. Also, when the economy is improving, utility usage will increase, so we expect to see some growth in the future.<\/p>\n<p class=\"c-article-body__text text-pr-5\">One energy infrastructure company we just picked up is Gibson Energy Inc.\u00a0<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/GEI-T\/\">GEI-T<\/a>\u00a0-0.42%<span class=\"sr-only\">decrease<\/span>. Gibson recently raised its yearly growth capital forecast and approved two new tanks at its Edmonton terminal. Gibson understands the responsible transition of energy. It has long-term financial and sustainability targets, such as net zero for 2050. It has also set short and long-term goals for workforce diversity, women, racial and ethnic and Indigenous representation.<\/p>\n<p class=\"c-article-body__text text-pr-5\"><b>What have you been selling?<\/b><\/p>\n<p class=\"c-article-body__text text-pr-5\">In our U.S. portfolio, we have been trimming our positions in drug giant Merck &amp; Co. Inc. <a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/MRK-N\/\">MRK-N <\/a>-1.10%<span class=\"sr-only\">decrease<\/span>, Shell PLC\u00a0<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/SHEL-N\/\">SHEL-N<\/a>\u00a0+0.67%<span class=\"sr-only\">increase <\/span>and Marathon Petroleum Corp.\u00a0<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/MPC-N\/\">MPC-N<\/a> \u00a0-0.65%<span class=\"sr-only\">decrease<\/span>. We\u2019ve had some excellent returns with those names recently, and while we think there\u2019s more upside to them, we wanted to take some profits. We still own them in the portfolio.<\/p>\n<p class=\"c-article-body__text text-pr-5\">In our Canadian portfolio, we sold our entire position in Suncor Energy Inc.\u00a0<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/SU-T\/\">SU-T<\/a>\u00a0+0.18%<span class=\"sr-only\">increase<\/span>\u00a0at a profit, based on some negative ESG issues. We owned the stock for about three years. The company has had some environmental incidents leading to bad press. The company has a new chief executive officer, Rich Kruger, so we are stepping out for a bit to see what he brings to the table.<\/p>\n<p class=\"c-article-body__text text-pr-5\"><b>Name a stock you wished you bought or didn\u2019t sell.<\/b><\/p>\n<p class=\"c-article-body__text text-pr-5\">Intact Financial Corp.\u00a0<a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/stocks\/IFC-T\/\">IFC-T<\/a>\u00a0+0.98%<span class=\"sr-only\">increase<\/span>\u00a0is a stock we looked at when it was trading at around $100 in 2017. I was impressed by its sustainability practices, but financial analysts had a negative outlook on the company due to a lot of natural disasters that had just taken place. There was some skepticism on how the company could get through that. It turned out that it did really well. It\u2019s a very resilient company and has been very profitable. So, we missed the boat on that one. We\u2019re looking at it again, but it\u2019s currently out of our price range.<\/p>\n<p class=\"c-article-body__text text-pr-5\"><b>What advice do you have for new investors?<\/b><\/p>\n<p class=\"c-article-body__text text-pr-5\">Don\u2019t get your financial advice from social media. Instead, work with a professional, set up a financial plan and stick to it. Also, focus on the long-term, not the short-term hype, and you\u2019ll do well.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Please click\u00a0here to read the Globe and Mail article by Brenda Bouw. Originally posted on May 26, 2023 Money manager Patti Dolan is anticipating better times ahead for investors, but not without some short-term pain. \u201cWe may see one more bump in [interest] rates in the short term but expect interest rates to decrease by [&hellip;]<\/p>\n","protected":false},"author":180,"featured_media":1062,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-1061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sustainable-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why this portfolio manager is buying utilities on \u2018strong dividends\u2019 and selling big energy - Wagner Investment Management Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/advisor.wellington-altus.ca\/wagner\/2023\/05\/26\/why-this-portfolio-manager-is-buying-utilities-on-strong-dividends-and-selling-big-energy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why this portfolio manager is buying utilities on \u2018strong dividends\u2019 and selling big energy - Wagner Investment Management Team\" \/>\n<meta property=\"og:description\" content=\"Please click\u00a0here to read the Globe and Mail article by Brenda Bouw. 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