category: News and Insights

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.

 

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

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

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

 

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

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

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

 

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