Barrick Mining Corp. (NYSE: B, TSX: ABX) was the top performer for the Veritas Next Edge Premium Yield Fund in November 2025, 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).
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Sources: Veritas Asset Management, Eikon, Bloomberg, as of November 30, 2025
Our Portfolio Manager, Sam LaBell, joined BNN Bloomberg to discuss the market pullback and his cautious approach to tech stocks.
Rogers Communications Inc. (NYSE: RCI, TSX: RCI.b) was the top performer for the Veritas Next Edge Premium Yield Fund 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).
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Sources: Veritas Asset Management, Eikon, Bloomberg, as of October 30, 2025
Our Portfolio Manager, Sam LaBell, joined BNN Bloomberg to discuss the markets and why he is pulling back on gold.
With gold rising a further 11.9% in September to US$3,859 per ounce, our top performers for the Veritas Next Edge Premium Yield Fund 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.
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Sources: Veritas Asset Management, Eikon, Bloomberg, as of September 30, 2025
Our Portfolio Manager, Sam LaBell, joined BNN Bloomberg to discuss labour trends, consumer spending, tariffs and a key holding, Alimentation Couche-Tard Inc.
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).
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Sources: Veritas Asset Management, Eikon, Bloomberg, as of July 31, 2025
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.
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
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.
