Archives: News and Insights

Veritas Next Edge Premium Yield Fund March 2026 Top Performers and Options Update

Fueled by the Iran War, WTI crude increased 51% in the month, and the Fund’s top performers included Canadian Natural Resources Ltd. (NYSE, TSX: CNQ) and Tourmaline Oil Corp. (TSX: TOU). Although the December WTI futures trading in the US$70 range signals that markets expect the conflict to be short-lived, shipping constraints in the Strait of Hormuz are likely to remain a critical chokepoint for global energy and commodity markets. In this environment, CNQ remains well-positioned due to its capital flexibility, which should allow it to take advantage
of improved crude prices with additional drilling. As the top condensate producer in the Montney formation, TOU’s liquids-rich gas production also enjoys a lift from WTI, tied to its 20% liquids weighting overall.

South Bow Corp. (NYSE, TSX: SOBO) rose in March, as the company launched a formal open season seeking binding long-term shipping commitments for a revival of part of the Keystone XL oil pipeline, a move that could boost Canada’s crude exports to the United States by more than 12%.

Restaurant Brands International Inc. (S&P/TSX, NYSE: QSR) rose in March, as the company ramped up its Burger King advertising campaign during the 2026 Oscars as part of its ongoing ‘Reclaim the Flame’ strategy. It also introduced a limited edition Wagyu Wellington burger in the United Kingdom as a feature of its Gourmet King menu.

Enbridge Inc. (NYSE, TSX: ENB) rose in March, as investors increased positions in North American energy infrastructure amid the Iran war. With more than 70% of ENB’s $39 billion capital plan for FY2026 to FY2033 allocated to North American natural gas pipelines, the company is set to significantly grow their footprint and EBITDA.

March 2026 was a strong month for the Veritas Next Edge Premium Yield Fund’s option writing program, as rising geopolitical tensions surrounding the Strait of Hormuz pushed volatility levels notably higher across key TSX sectors. The Fund employs a dynamic approach to strike selection, writing call options at approximately one standard deviation above the current market price. Unlike a static strategy that writes at a fixed percentage out of the money, the Fund’s one-standard-deviation target automatically adjusts with the volatility environment. When volatility rises, one standard deviation translates into a wider distance from the current stock price, so the Fund’s strikes move higher in lockstep. This means the probability of being called away remains consistent regardless of the volatility regime, while the premiums collected increase as option prices rise with implied volatility. This dynamic relationship is one of the key strengths of the Fund’s approach.

Visit Next Edge to learn more about the fund and read the full monthly commentary, including additional options commentary.

Sources: Veritas Asset Management, Eikon, Bloomberg, as of March 31, 2026

Veritas Next Edge Premium Yield Fund February 2026 Top Performers

Agnico Eagle Mines Ltd. (NYSE, TSX: AEM) was the top performer for the Veritas Next Edge Premium Yield Fund in February 2026, as gold prices increased 8%. AEM delivered in-line Q4 earnings results and reiterated its 2026-2028 production outlook of 3.3-3.5M oz. We expect year-over-year margins to increase significantly as higher commodity pricing offsets higher royalties, a stronger Canadian dollar, and inflation. AEM is expected to accelerate several growth projects this year, including Detour Lake, Upper Beaver, and Hope Bay.

Other top performers included Hudbay Minerals Inc. (NYSE, TSX: HBM), Bombardier Inc. (NYSE, TSX: BBD.b), Canadian Natural Resources Ltd. (NYSE, TSX: CNQ) and Canadian National Railway Co. (NYSE, TSX: CNR).

February was also an active month for the Veritas Next Edge Premium Yield Fund’s option overlay, with 55 call writes executed across 27 different companies.

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, 2026

Veritas Next Edge Premium Yield Fund January 2026 Top Performers

With gold and copper rising a further 13.3% and 7% in January, respectively, our top performers for the Veritas Next Edge Premium Yield Fund in January 2026 included gold and copper producers Hudbay Minerals Inc. (NYSE, TSX: HBM), Newmont Corp. (NYSE: NEM), and Agnico Eagle Mines Ltd. (NYSE, TSX: AEM).

Hudbay’s mine operations continue to improve. Copper World is expected to increase HBM’s long-term copper output by more than 50%, with a potential sanctioning decision coming in 2026. As the world’s largest gold miner, Newmont has steadily reduced its all-in-sustaining costs, which were down 2.8% year over year in Q3 2025. Agnico’s results also demonstrated strong leverage to metal prices, with earnings and cash flow accelerating twice as fast as gold prices. We expect these companies to deliver further operational improvements in 2026 with continued growth in free cash flow.

Other top performers included Nutrien Ltd. (NYSE, TSX: NTR) and Canadian Natural Resources Ltd. (NYSE, TSX: CNQ).

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, 2026

Veritas Next Edge Premium Yield Fund December 2025 Top Performers

Hudbay Minerals Inc. (NYSE, TSX: HBM) was the top performer for the Veritas Next Edge Premium Yield Fund in December 2025, 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