News and Insights

News and Insights - February 2026

BNN: Shopify Q4 earnings miss estimates, stock declines

Our Portfolio Manager, Sam LaBell, joined BNN Bloomberg to discuss the markets amid tech profit concerns.

News and Insights - January 2026

Pro Picks: 3 Under-the-Radar Stocks for 2026 | In the Money with Amber Kanwar

Our Portfolio Manager, Sam LaBell, discusses WSP Global, GE HealthCare Technologies, and Brookfield Infrastructure Partners.

News and Insights - January 2026

A Brutally Honest Reality Check on Some of Your Favourite Stocks | In the Money with Amber Kanwar

Sam discusses Barrick, Hudbay Minerals, Agnico Eagle, Bombardier, Fairfax Financial, Constellation Software, Rogers Communications, BCE, Telus, Quebecor and Shopify.

News and Insights - December 2025

Veritas Next Edge Premium Yield December 2025 Performance

Hudbay Minerals Inc. (NYSE, TSX: HBM) rose in December, as gold prices increased 1.9% and copper prices rose 13.6%. HBM was able to resume full operations in Peru following local unrest this fall and remains on track to reach its full-year 2025 guidance.  The company’s long-term outlook is backed by strong mine output and continued cost discipline. 

TFI International Inc. (NYSE, TSX: TFII) rose in December, as the freight market tightened, driving a rally in trucking stocks. Spot truck load rates increased materially in December, reaching year-end pricing levels from 2022. For 2026, TFII management expects TForce Freight to improve its Operating Ratio by 200-300 bps even in a flat demand environment, driven by SMB initiatives, improved fleet utilization, and targeted cost management.

Other top performers included Newmont Corp. (NYSE: NEM), Toronto-Dominion Bank (NYSE, TSX: TD) and Royal Bank of Canada (NYSE, TSX: RY).

Visit Next Edge to learn more about the fund and read the full monthly commentary.

Sources: Veritas Asset Management, Eikon, Bloomberg, as of December 31, 2025

News and Insights - November 2025

Veritas Next Edge Premium Yield November 2025 Performance

Barrick Mining Corp. (NYSE: B, TSX: ABX) rose in November, as gold prices increased 5.9% and copper prices rose 3.3%. Despite production challenges in Q3, Barrick beat expectations on free cash flow and maintained its 2025 financial targets. Spurred on by an activist investor, Barrick’s board is also considering a split of the company into two separate entities, one focused on North America and the other on Africa and Asia, which we expect could boost its valuation.

Agnico Eagle Mines Ltd. (NYSE, TSX: AEM) also rose in November on higher gold prices, with management reiterating its 2025 guidance at the end of October. The company remains on track to achieve its targets this year. We continue to like AEM for its low geographic risk and operating consistency.

Other top performers included Bombardier Inc. (TSX: BBD.b), Loblaw Companies Ltd. (TSX: L) and Dollarama Inc. (TSX: DOL).

Visit Next Edge to learn more about the fund and read the full monthly commentary.

Sources: Veritas Asset Management, Eikon, Bloomberg, as of November 30, 2025

News and Insights - November 2025

BNN: ‘We are cautious on the AI space’: LaBell

Our Portfolio Manager, Sam LaBell, joined BNN Bloomberg to discuss the market pullback and his cautious approach to tech stocks.

News and Insights - October 2025

Veritas Next Edge Premium Yield October 2025 Performance

Rogers Communications Inc. (NYSE: RCI, TSX: RCI.b) rose in October, as the Blue Jay’s playoff run brought renewed attention to its media division and the company upwardly revised its free cash flow guidance. RCI plans to buy out the remaining 25% interest in MLSE, allowing it to combine its media properties and potentially repackage a minority stake that will unlock its value.

Hudbay Minerals Inc. (NYSE, TSX: HBM) rose in October alongside the 3.7% increase in gold and 5.8% increase in copper prices. HBM’s outlook is underpinned by strong mine output, ongoing cost discipline, and management’s reassurance that it can manage through unrest in Peru.

Other top performers included Canadian Imperial Bank of Commerce (NYSE, TSX: CM), Toronto-Dominion Bank (NYSE, TSX: TD) and Loblaw Companies Ltd. (TSX: L).

Visit Next Edge to learn more about the fund and read the full monthly commentary.

Sources: Veritas Asset Management, Eikon, Bloomberg, as of October 30, 2025

News and Insights - October 2025

BNN: Market caught between fear & FOMO: LaBell

Our Portfolio Manager, Sam LaBell, joined BNN Bloomberg to discuss the markets and why he is pulling back on gold.

News and Insights - September 2025

Veritas Next Edge Premium Yield September 2025 Performance

With gold rising a further 11.9% in September to US$3,859 per ounce, our top performers in September included gold producers Hudbay Minerals Inc. (NYSE, TSX: HBM), Barrick Mining Corp. (NYSE: B, TSX: ABX), Agnico Eagle
Mines Ltd. (NYSE, TSX: AEM) and Newmont Corp. (NYSE: NEM). Each of the companies remains on track to achieve their 2025 production guidance and lower their unit costs. Hudbay also benefited from the announcement of its Copper World JV with Mitsubishi and management’s reassurance that it can manage through unrest in Peru.
Another top performer was Bombardier Inc. (TSX: BBD.b), which rose in September as the Business Jet maker outlined its outlook for defence revenues and aftermarket services, which it expects to reach roughly half of future sales. Bombardier sees opportunities from increased government procurement tied to rising NATO spending goals in Canada and other member countries.

Visit Next Edge to learn more about the fund and read the full monthly commentary.

Sources: Veritas Asset Management, Eikon, Bloomberg, as of September 30, 2025

News and Insights - September 2025

BNN: Couche-Tard’s Consolidation Strategy Worked In Past: LaBell

Our Portfolio Manager, Sam LaBell, joined BNN Bloomberg to discuss labour trends, consumer spending, tariffs and a key holding, Alimentation Couche-Tard Inc.

News and Insights - July 2025

Veritas Next Edge Premium Yield July 2025 Performance

The Veritas Next Edge Premium Yield Fund’s top performers in July 2025 included Bombardier Inc. (TSX: BBD.b), which rose after the company announced a firm order for 50 Challenger and Global aircraft to be delivered
beginning in 2027. The US$1.7 billion deal includes a value-added service agreement and options that could increase deliveries to US$4 billion over time.

Other top performers included Rogers Communications Inc. (NYSE: RCI, TSX: RCI.b), Lumine Grup Inc. (TSX: LMN.v), Alimentation Couche-Tard Inc. (TSX: ATD) and Agnico Eagle Mines Ltd. (NYSE, TSX: AEM).

Visit Next Edge to learn more about the fund and read the full monthly commentary.

Sources: Veritas Asset Management, Eikon, Bloomberg, as of July 31, 2025

News and Insights - July 2025

BNN: Alimentation Couche-Tard Fundamentally a Good Company: LaBell

Our Portfolio Manager, Sam LaBell, was on BNN Bloomberg, discussing his view on why the markets are on a bullish run, tariffs, the outlook for the second half of 2025 and one of his favoured picks, Alimentation Couche-Tard Inc.

News and Insights - June 2025

Veritas Next Edge Premium Yield June 2025 Performance

The top performers for the Veritas Next Edge Premium Yield Fund in June 2025 included Bombardier Inc. (TSX: BBD.b), which rose in the month as North Atlantic Treaty Organization (NATO) allies agreed to increase defence spending to 5% of GDP by 2035. We anticipate that Bombardier is well-positioned to land new orders from NATO’s increased spending commitments.

Other top performers included Rogers Communications Inc. (NYSE: RCI, TSX: RCI.b), Barrick Mining Corp. (NYSE: B, TSX: ABX), Atkinsrealis Group Inc. (TSX: ATRL) and Tourmaline Oil Corp. (TSX: TOU).

Visit Next Edge to learn more about the fund and read the full monthly commentary.

Sources: Veritas Asset Management, Eikon, Bloomberg, as of June 30, 2025

News and Insights - June 2025

BNN: Sam LaBell Discusses How Tariffs Have Thrown off Economic Indicators

Our Portfolio Manager, Sam LaBell, recently appeared on BNN Bloomberg’s show, The Close, with host Andrew Bell. They spoke about how tariffs have thrown off economic indicators, as buyers have tried to stock inventory ahead of tariffs and pulled forward demand.

News and Insights - May 2025

Veritas Next Edge Premium Yield May 2025 Performance

The top performers for the Veritas Next Edge Premium Yield Fund in May 2025 included Canada Goose Holdings Inc. (NYSE, TSX: GOOS), which saw its shares rise in the month as its earnings beat expectations and company-specific tariff concerns dissipated. Its earnings were fuelled by a 7% increase in direct-to-consumer comparable sales and 17% year-over-year North American revenue growth for the quarter. We continue to like Canada Goose’s positioning as it broadens its sales mix to lessen seasonality and improve its channel relationships.

Other top performers included AtkinsRéalis Group Inc. (TSX: ATRL), Barrick Mining Corp. (NYSE: B, TSX: ABX), Canadian Pacific Kansas City Ltd. (NYSE, TSX: CP) and Granite Real Estate Investment Trust (TSX: GRT.un).

Visit Next Edge to learn more about the fund and read the full monthly commentary.

Sources: Veritas Asset Management, Eikon, Bloomberg, as of May 31, 2025

News and Insights - April 2025

Veritas Next Edge Premium Yield April 2025 Performance

The top performers for the Veritas Next Edge Premium Yield Fund in April 2025 included Bombardier Inc. (TSX: BBD.b), which rose in the month as the company confirmed that its aircraft comply with the United States-Mexico-Canada Agreement (USMCA) and are therefore shielded from the worst of the U.S. tariff risks. Bombardier and its aircraft industry peers have reported a positive uptick in client interest and stable book-to-bill ratios following the recent easing of tariff tensions. The business jet market continues to do well, with Bombardier set to meet its targets this year, which we expect to drive a re-rating of its shares.

Other top performers included Loblaw Companies Ltd. (TSX: L), Nutrien Ltd. (NYSE, TSX: NTR) and Lumine Group Inc. (TSX: LMN.v).

Visit Next Edge to learn more about the fund and read the full monthly commentary.

Sources: Veritas Asset Management, Eikon, Bloomberg as of April 30, 2025

News and Insights - April 2025

BNN: Sam LaBell Discusses Gold, Tariffs, Banks and Auto Parts

Our Portfolio Manager, Sam LaBell, appeared on two segments on BNN Bloomberg recently to discuss Gold, tariffs, banks and auto parts.

News and Insights - March 2025

Veritas Next Edge Premium Yield Fund March 2025 Performance

Our top performers for our Veritas Next Edge Premium Yield Fund in March 2025 included Wheaton Precious Metals Corp. (NYSE, TSX: WPM), Agnico Eagle Mines Ltd. (NYSE, TSX: AEM) and Barrick Gold Corp. (NYSE: GOLD, TSX: ABX). These stocks benefited from a further 9% increase in gold prices in March to US$3,124, as investors continued to accumulate safe-haven assets in response to proposed U.S. tariffs. With geopolitical and economic risks on the rise, we also expect central banks to continue their recent gold buying as they attempt to diversify their assets and hedge U.S. dollar risks.

Other top performers included Canadian Natural Resources Ltd. (NYSE, TSX: CNQ) and Cogeco Communications Inc. (TSX: CCA).

Visit Next Edge to learn more about the fund and read the full monthly commentary.

Sources: Veritas Asset Management, Eikon, Bloomberg as of March 31, 2025

News and Insights - February 2025

Veritas Next Edge Premium Yield Fund February 2025 Performance

South Bow Corp. (NYSE, TSX: SOBO) rose in February in advance of fourth-quarter earnings and on market speculation that the Keystone XL project could see a revival. In our view, bringing back Keystone XL remains a long shot; however, we continue to like SOBO’s dividend yield of ~8%, which is well supported by the company’s potential for long-term EBITDA growth of 2% to 3% annually.
Our top performers in February 2025 included Wheaton Precious Metals Corp. (TSX, NYSE: WPM), Barrick Gold Corp. (NYSE: GOLD, TSX and Lundin Gold Inc. (S&P/TSX: LUG). These stocks benefitted from a further 2% increase in gold prices in February to US$2,858 per ounce, as investors continued to accumulate safe haven assets in response to proposed U.S. tariffs. With geopolitical and economic risks on the rise, we also expect central banks to continue their recent buying activity, lending further support to gold prices.

Visit Next Edge to learn more about the fund and read the full monthly commentary.

Sources: Veritas Asset Management, Eikon, Bloomberg as of February 28, 2025

News and Insights - February 2025

BNN: Sam LaBell Discusses Tariffs, Energy, Air Canada and TD Bank

Our Portfolio Manager, Sam LaBell, appeared on two segments on BNN Bloomberg recently to discuss potential U.S. tariffs and his top picks.

News and Insights - January 2025

Veritas Next Edge Premium Yield Fund January 2025 Performance

The top performers of our Veritas Next Edge Premium Yield fund in January included Agnico Eagle Mines Ltd. (NYSE, TSX: AEM), Wheaton Precious Metals Corp. (NYSE, TSX: WPM) and Lundin Gold Inc. (TSX: LUG). These stocks benefitted from a 7% rally in gold prices in January to US$2,812, as investors picked up safe haven assets in response to the threat of U.S. tariffs on Canada, Mexico and China. Reportedly, worries over tariffs also led to the movement of gold from London to New York, leading to a shortage in London metal markets that increased upward pressure on prices. Central banks also continued to buy, with the World Gold Council reporting that central bank demand reached a new quarterly high in the fourth quarter of 2024.

Other top performers included Canadian Pacific Kansas City Ltd. (NYSE, TSX: CP) and Canada Goose Holdings Inc. (NYSE, TSX: GOOS).

Visit Next Edge to learn more about the fund and read the full monthly commentary.

Sources: Veritas Asset Management, Eikon, Bloomberg as of January 31, 2025

News and Insights - December 2024

Veritas Next Edge Premium Yield Fund December 2024

Loblaw Companies Ltd. (TSX: L), returned 4.4% in December, capping a 49% return for the year. With earnings estimates rising just under 14% on updated 2025 forecasts, Loblaw’s forward P/E re-rated over the year from 15.3x to just under 20x. We continue to like Loblaw’s defensive characteristics as we navigate 2025.

Bombardier Inc. (TSX: BBD.B) shares advanced 1.0% in December, shrugging off U.S. tariff concerns and ending the year up more than 83%. For buyers of the company’s planes, we expect that some of the tariff risk can be managed through non-U.S. ownership and leasing arrangements, should it come to that. Bombardier has made significant strides in 2024 as it looks set to post a third consecutive year of both double-digit revenue growth and positive free cash flows.

Enbridge Inc. (NYSE, TSX: ENB) was up 0.7% in December, bringing its year-to-date return to 37%, achieved through forward P/E expansion, from 17.5x to 19.8x, and a favourable outlook for 2025 earnings growth, up 9% over initial 2024 estimates. With consistent operations and a well-supported yield close to 6%, we continue to like ENB’s prospects.

Visit Next Edge to learn more about the fund and read the full monthly commentary.

Sources: Veritas Asset Management, Eikon, Bloomberg as of January 16, 2025

News and Insights - November 2024

Veritas Next Edge Premium Yield Fund November 2024

Air Canada (TSX: AC) was the top performer of the Veritas Next Edge Premium Yield fund in November. AC’s shares continued to rise in the month following its new labour agreement with its pilots. AC’s third-quarter results demonstrated its broad earnings power and allowed the company to raise its 2024 EBITDA target to $3.5 billion, from $3.1 to $3.4 billion previously.

Lumine Group Inc. (TSX Venture: LMN) was the second top performer, as it rallied on third-quarter revenues that topped estimates, and it posted a small net profit compared to a loss in the same quarter the year prior. Lumine showed progress on two prior acquisitions, Nokia and CASA, which were acquired at discounts that reflected short-term revenue pressures. By stabilizing these businesses, Lumine demonstrated it can integrate larger deals, which will be key as it seeks to replicate the success of its parent corporation, Constellation Software (TSX: CSU).

Other top performers were AtkinsRealis Group Inc. (TSX: ATRL), Sun Life Financial (NYSE, TSX: SLF) and Manulife Financial Corp. (NYSE, TSX: MFC).

As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation. The fund uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.

Visit Next Edge to learn more about the fund and read the full monthly commentary.

News and Insights - October 2024

Veritas Next Edge Premium Yield Fund October 2024

AtkinsRéalis Group Inc. (TSX: ATRL) was the top performer in the Veritas Next Edge Premium Yield Fund in October, as the shares rose on growing investment interest in the nuclear industry. Revenues in ATRL’s Nuclear segment are set to grow 30% to 35% in 2024, contributing just over one-fifth of the company’s earnings before interest and taxes.

Having finalized a new deal with its pilots, Air Canada’s (TSX: AC) third-quarter results demonstrated its broad earnings power. The company reported $2.00 billion in earnings and raised its 2024 EBITDA target to $3.50 billion, from $3.10 billion to $3.40 billion previously.

The Fund’s investments in gold producers also performed well in October as gold prices rose more than US$100 per ounce to finish at US$2,738, up 3.90% on the month. We have selected our holdings of Agnico Eagle Mines Ltd. (TSX, NYSE: AEM), Wheaton Precious Metals Corp. (TSX, NYSE: WPM), Barrick Gold Corp. (TSX: ABX, NYSE: GOLD) and Lundin Gold Inc. (TSX: LUG) based on their potential for volume growth and cash flow improvement, as well as their operational capabilities and reduced geographic risk.

As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation. The fund uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.

Visit Next Edge to learn more about the fund and read the full monthly commentary.

News and Insights - October 2024

BNN: Sam LaBell Discusses Teck Resources, Copper, Gold and Air Canada

Our Portfolio Manager, Sam LaBell, appeared on BNN Bloomberg with Andrew Bell to discuss his take on Teck Resources Ltd, why he prefers gold over copper and why he favours Air Canada.

News and Insights - October 2024

BNN: How to navigate opportunties in Canadian stocks

Our Portfolio Manager, Sam LaBell, appeared on BNN Bloomberg with Andrew Bell to discuss how investors can expand their portfolios within the Canadian market.

News and Insights - September 2024

Veritas Next Edge Premium Yield Fund September 2024

In September, the market reacted positively to news that Bombardier Inc. (TSX: BBD.b) CEO Eric Martel had met with the Chairman of the Adani Group to explore possibilities for collaboration in India’s growing aviation sector, specifically in the aftermarket services and repair segment. While talks are in their early stages, they demonstrate Bombardier’s global opportunities and reach.

Cogeco Communications Inc. (TSX: CCA) shares continued to gain traction on management’s updated plans to balance network investments and free cash flow. With improving capital efficiency and growing prospects for dividend growth, investors are once again taking notice.

Other top performers include Shopify Inc. (NYSE, TSX: SHOP), Manulife Financial Corp. (NYSE, TSX: MFC) and Sun Life Financial Inc. (NYSE, TSX: SLF).

As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation. The fund uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.

Visit Next Edge to learn more about the fund and read the full monthly commentary.

News and Insights - August 2024

Veritas Next Edge Premium Yield Fund August 2024

In August, Shopify Inc. (NYSE, TSX: SHOP) reported second-quarter revenue growth that exceeded street estimates and increased its third-quarter guidance. Shopify’s shares should continue to perform well as the company outpaces U.S. e-commerce growth and expands its market share of larger enterprise customers.

Quebecor Inc (TSX: QBR.b) rose in August on better-than-expected wireless additions and evidence that its pricing strategies are stabilizing profitability. With an estimated free cash yield of 14% over the next twelve months, QBR remains undervalued.

Other top performers include Lundin Gold Inc (TSX: LUG), Sun Life Financial Inc. (NYSE, TSX: SLF) and Barrick Gold Corp. (NYSE: GOLD, TSX: ABX).

As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation. The fund uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.

Visit Next Edge to learn more about the fund and read the full monthly commentary.

News and Insights - August 2024

BNN: Top economic and political risks this year

Our Portfolio Manager, Sam LaBell, appeared on BNN Bloomberg with Amber Kanwar to discuss the health of consumer spending and investing strategies to withstand market weakness.

News and Insights - July 2024

Veritas Next Edge Premium Yield Fund July 2024

The Veritas Next Edge Premium Yield Fund’s positions in Agnico Eagle Mines Ltd. (NYSE, TSX: AEM), Wheaton Precious Metals Corp. (NYSE, TSX: WPM) and Barrick Gold Corp. (NYSE: GOLD, TSX: ABX) were among the largest contributors to July’s performance as gold prices rallied more than 4%. All three companies posted
second quarter volume increases that benefitted from higher metal prices, while also advancing their long-term plans for growth.

Cogeco Communications Inc. (TSX: CCA) and TC Energy Corp. (NYSE, TSX: TRP) were also amongst the top performers.

As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation. The fund uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.

Visit Next Edge to learn more about the fund and read the full monthly commentary.

News and Insights - June 2024

Veritas Next Edge Premium Yield Fund June 2024

The Veritas Next Edge Premium Yield Fund’s position in Shopify Inc. (NYSE, TSX: SHOP) was a top contributor to the fund’s June performance. SHOP rebounded in June as U.S. retail sales data strengthened and investors continued to weigh management’s Q2 revenue guidance. Despite near-term economic headwinds and the company’s projected increased marketing spend, we note that SHOP is still growing at a healthy clip, with first-quarter Subscription Solutions revenues increasing 34% year-over-year and Gross Merchandise Value (GMV) up 21%.

Restaurant Brands International Inc. (NYSE, TSX: QSR), Constellation Software Inc. (TSX: CSU), HydroOne Ltd. (TSX: H) and AtkinsRealis Group Inc. (TSX: ATRL) were also amongst the top performers.

As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation. The fund uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.

Visit Next Edge to learn more about the fund and read the full monthly commentary.

News and Insights - May 2024

Veritas Next Edge Premium Yield Fund May 2024

The Veritas Next Edge Premium Yield Fund’s position in Bombardier Inc. (TSX: BBD.b) was its biggest contributor to fund performance in May. At its May investor day, the company laid out its plans to grow its high-margin aftermarket and defense businesses, as well as increase its presence in the pre-owned jet market. Bombardier’s success in building out its backlog and generating free cash flow has created renewed enthusiasm for the company, narrowing its valuation gap against peers.

Shares of Dollarama Inc. (TSX: DOL) continued to gain momentum in May following very strong Q4 earnings in early April. This saw the retailer boost EBITDA by 20% year-over-year on 8.7% same-store sales growth. Dollarama continues to pick up traffic from value-conscious shoppers looking to stretch their budgets in the face of inflationary pressures.

Nutrien Ltd. (TSX, NYSE: NTR), Agnico Eagle Mines Ltd. (TSX, NYSE: AEM) and Rogers Communications Inc. (TSX: RCIb, NYSE: RCI) were also amongst the top performers.

As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation. The fund uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.

Visit Next Edge to learn more about the fund and read the full monthly commentary.

News and Insights - April 2024

BNN: Commodities to benefit as long as the U.S. economy can hold up

Our Portfolio Manager, Sam LaBell, appeared on BNN Bloomberg with Andrew Bell to discuss how high, sticky inflation is good for commodities, provided the economy continues to hold up.

“Ultimately, we think we’re entering a nice stable period for oil,” Sam said.

News and Insights - March 2024

Veritas Next Edge Premium Yield Fund – March

The Veritas Next Edge Premium Yield Fund’s positions in Agnico Eagle Mines Ltd. (TSX, NYSE: AEM), Wheaton Precious Metals Corp (TSX, NYSE: WPM) and Lundin Gold Inc. (TSX: LUG) were among the top contributors to Fund performance in March as gold prices crossed US$2,200 per ounce, rising more than 8% on the month. We continue to be constructive on gold prices, given the tight supply and renewed central bank purchases. Gold is also an important hedge against potential inflation and the relative strength of the U.S. Dollar.

At the same time, it is no secret that mining companies are capital and labour-intensive businesses that carry very high operating and geopolitical risks. To counter these negatives, we have chosen our mining picks for their operating consistency and ability to manage costs. We continue to like AEM’s lower-risk mining footprint in Canada, Australia, Finland and Mexico, while WPM benefits from a royalty streaming model that focuses on top-line exposures. The addition of LUG adjusts our positioning towards exploration and development, giving us greater leverage as gold prices rise.

Bombardier Inc. (TSX: BBD.b) and PrairieSky Royalty (TSX: PSL) were also amongst the top performers.

As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation. The fund uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.

Visit Next Edge to learn more about the fund and read the full monthly commentary.

News and Insights - January 2024

Veritas Next Edge Premium Yield Fund – January

Constellation Software Inc. (S&P/TSX: CSU) was the largest contributor to fund performance in January. With over $500 million in deals lined up for the first quarter of 2024, CSU’s acquisition strategy shows no signs of slowing. To further its growth, CSU has recently upgraded its credit facility limit from US$840 million to US$1.08 billion and moved the facility to an unsecured basis, which we view as a vote of confidence from its lenders.

Other top contributors included ARC Resources Ltd. (S&P/TSX: ARX), CGI Inc. (S&P/TSX: GIB.a), Suncor Energy Inc. (S&P/TSX: SU) and Loblaw Cos Ltd. (S&P/TSX: L).

As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation. The fund uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.

Visit Next Edge to learn more about the fund and read the full monthly commentary.

News and Insights - January 2024

BNN: More pain to come in Canadian banks: portfolio manager

Our portfolio manager, Sam LaBell, was a guest on BNN Bloomberg to discuss our outlook for the market for 2024. He also discussed rate cuts, why he likes Air Canada over U.S. airlines and his take on gold companies and banks.

“The consumer in Canada is obviously facing headwinds,” Sam said. “We like stocks here in Canada that have a global outlook because we do see some pockets of strength in the global economy.”

News and Insights - December 2023

Veritas Next Edge Premium Yield Fund – December

Shares of Bombardier Inc. (TSX: BBD.b) rose in December as the Dubai Air Show kicked off and the company highlighted growing interest in its aircraft for military applications. In early January, BBD closed a contract to sell up to three Global 6500 jets to the U.S. army, each carrying a $75 million list price. We continue to like Bombardier’s prospects and free cash flow potential
supported by its current backlog.

Other top contributors included Manulife Financial Corp. (TSX, NYSE: MFC), Loblaw Companies Ltd. (TSX: L), Canadian Pacific Kansas City Ltd. (TSX, NYSE: CP) and Restaurant Brands International (TSX, NYSE: QSR).

As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation, and uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.

Visit Next Edge to learn more about the fund and read the full monthly commentary.

News and Insights - November 2023

Veritas Next Edge Premium Yield Fund – November

The top contributor to the fund in October was Alimentation Couche-Tard Inc (TSX: ATD), which rose after unveiling an updated five-year plan at its October Investor Day. The plan anticipates double-digit EBITDA growth, driven 75% by organic initiatives and 25% by potential acquisitions. On the organic side, the ongoing roll-out of Fresh Food and private labels are pushing up C-store margins, while ATD continues to enjoy very strong fuel margins. ATD remains a best-in-class operator in the retail fuel business.

Other top contributors included Tourmaline Oil Corp (TSX: TOU), Fortis Inc (TSX: FTS), Wheaton Precious Metals Corp (TSX, NYSE: WPM) and Agnico Eagle Mines Ltd (TSX, NYSE: AEM).

As a sub-advisor, Veritas Asset Management Inc. utilizes the award-winning, independent, and in-depth research of Veritas Investment Research Corporation to formulate a diversified portfolio of equities with a bias toward yield, and capital preservation, and uses a covered option overlay to generate additional yield and further mitigate downside risk and volatility.

Visit Next Edge to learn more about the fund and read the full monthly commentary.

News and Insights - October 2023

BNN: Top stock picks in Canadian energy, utilities and REITS

Our portfolio manager, Sam LaBell, was a guest on BNN Bloomberg to discuss our outlook for the market.

Individual stocks discussed included Agnico-Eagle Mines Ltd. (NYSE, TSX: AEM), RioCan REIT (TSX: REI.un), Fortis Inc. (TSX: FTS), TransAlta Corp. (TSX: TA), Canadian Natural Resources Ltd. (NYSE, TSX: CNQ), Suncor Energy Inc. (NYSE, TSX: SU) and Cenovus Energy Inc. (NYSE, TSX: CVE).

Sam Labell is an Advising Representative with Veritas Asset Management Inc., an Investment Fund Manager, Portfolio Manager and Exempt Market Dealer registered in the provinces of Ontario and Manitoba.The opinions and statements expressed by Sam in his appearance are his personal views and do not necessarily reflect those of the Veritas Group of Companies. They are effective as at the date of the broadcast only and may be subject to change.

News and Insights - October 2023

BNN: Bullish on CPKC and Agnico Eagle as they report today

Our portfolio manager, Sam LaBell, was a guest on BNN Bloomberg to discuss our outlook for the market. He discussed the health of Canadian and U.S. consumers and economies, as well as the third-quarter results for Canadian Pacific Kansas City Ltd. (NYSE, TSX: CP).

Sam said he is looking beyond the short-term issues the railway had this quarter, such as with the Port of Vancouver strike.

Railway stocks are usually correlated with the economy, but in the case of CPKC, it has many opportunities to improve its operations after its merger with Kansas City Southern. “We’re looking for self-help opportunities or things that that company can do that other companies cannot that can give them a better performance and outrun any headwinds that might arise.”

Sam Labell is an Advising Representative with Veritas Asset Management Inc., an Investment Fund Manager, Portfolio Manager and Exempt Market Dealer registered in the provinces of Ontario and Manitoba. The opinions and statements expressed by Sam in his appearance are his personal views and do not necessarily reflect those of the Veritas Group of Companies. They are effective as at the date of the broadcast only and may be subject to change

News and Insights - August 2023

BNN: Hot Picks: Six short bets in Canadian large caps

Sam LaBell, our Portfolio Manager, was on BNN Bloomberg with Amber Kanwar discussing his views on the market, as well as long and short positions.

• Canadian Tire’s (TSX: CTC.a) weak sales and financial services exposure;
• Brookfield Corp.’s (NYSE, TSX: BN) problems in real estate;
• Of the Big Six Canadian banks, why Canadian Imperial Bank (NYSE, TSX: CM) and Bank of Nova Scotia (NYSE, TSX: BNS) are the weakest;
• Why Air Canada (TSX: AC) looks fully valued.

Sam Labell is an Advising Representative with Veritas Asset Management Inc., an Investment Fund Manager, Portfolio Manager and Exempt Market Dealer registered in the provinces of Ontario and Manitoba.The opinions and statements expressed by Sam in his appearance are his personal views and do not necessarily reflect those of the Veritas Group of Companies. They are effective as at the date of the broadcast only and may be subject to change

News and Insights - August 2023

BNN: TSX Picks and Pans

Sam LaBell, our Portfolio Manager, was on BNN Bloomberg with Amber Kanwar discussing his views on the market, as well as long and short positions.

•    Why he has a cautious outlook for the TSX;
•    The biggest challenge for Shopify Inc. (NYSE, TSX: SHOP);
•    Why there is pressure on Canadian bank earnings;
•    Sectors that we like, including Consumer Staples (grocers), REITs and Utilities.

Sam Labell is an Advising Representative with Veritas Asset Management Inc., an Investment Fund Manager, Portfolio Manager and Exempt Market Dealer registered in the provinces of Ontario and Manitoba. The opinions and statements expressed by Sam in his appearance are his personal views and do not necessarily reflect those of the Veritas Group of Companies.  They are effective as at the date of the broadcast only and may be subject to change

News and Insights - September 2022

Top Contender for a 2022 Canadian Hedge Fund Award

We launched our Veritas Absolute Return Fund three years ago to action the long and short ideas of our sister company, Veritas Investment Research Corp. Last year was a strong one for the fund as it is a Top Contender for a 2022 Canadian Hedge Fund Award in the Equity-Focused 1-Year Return category. Not that long ago, Canada’s hedge fund space was small and niche. But not anymore, with 246 Canadian hedge funds considered for a 2022 CHFA. The awards will be presented on Tuesday, November 22, 2022, at a gala awards dinner at One King West Hotel in Toronto.

News and Insights - December 2021

Bearish on the overvaluation of renewable energy companies

This article in The Globe & Mail featured long/short ideas of Veritas Asset Management, noting our funds have been bearish on the overvaluation of renewable energy companies (such as TransAlta Renewables Inc.) relative to energy companies pivoting from fossil fuels to renewable energy (such as TransAlta Corp.). “Coal, oil and gas producers are out of favour with investors that have embraced the ESG movement,” said Sam La Bell, an Advising Representative and Director at Veritas Asset Management. “Yet, many are transitioning to renewables and have strong cash flows; moreover, wind, solar and other renewable energy companies have production risks because the wind doesn’t always blow and the sun doesn’t always shine.”

News and Insights - March 2021

Liquid Alt Funds in 2020 – These alternative approaches to diversification delivered last year

This Morningstar article profiles the performance of the top-10 Canadian liquid alternative funds in the tumultuous year ended January 31, 2021, including the Veritas Absolute Return Fund.

News and Insights - September 2020

Downtown Won’t Become a Ghost Town

Veritas President and CEO Anthony Scilipoti discusses how companies will adjust their office footprint after the pandemic and that this will pressure rent.

News and Insights - April 2020

How have liquid alts performed in this downturn?

This Morningstar article notes that the Veritas Absolute Return Fund has posted consistent positive returns in the downturn and since inception.