“Q2 earnings season coincided with a busy macro calendar and this is the perfect setup for portfolio management to add value with stock selection.” — J-P Chevalier & Marc Gagnon
Key takeaways from their comment:
- The second quarter earnings season is not as bad as was feared, with the rate of earnings revisions still compatible with a soft landing.
- The Canadian market remains attractive, with a strong relative-value position and multiples broadly below the historical average.
- In the U.S., we continue to see a disconnect between mega caps, below $100 billion and SMID-cap innovators.
Jean-Pierre Chevalier, CFA
Senior Director, Portfolio Manager, US Equities and Thematic Investing
Marc Gagnon, M. Sc., CFA
VP, Portfolio Manager, North American Equities
