Brianne Gardner, Portfolio Manager & Senior Wealth Manager, Velocity Investment Partners of Raymond James Ltd
Focus: North American large caps
Top Picks: Wheaton Precious Metals, International Business Machines Corporation, Analog Devices Inc.
MARKET OUTLOOK:
This week, the tone in markets shifted in a way that felt subtle at first, but increasingly hard to ignore. What started as a geopolitical backdrop is now feeding directly into how investors think about inflation, policy, and risk. The situation around Iran is no longer on the sidelines. It has moved to the center of the conversation, and the uncertainty surrounding it that continues to cause swings daily
In the U.S., you could see that adjustment unfold. Oil moved higher still, yields followed higher on inflation worries, and equities, particularly the most crowded growth areas, came under pressure from both of those factors. But this market correction doesn’t feel like panic. It’s more like a recalibration. When energy prices react to potential long-term supply disruptions, markets begin to price a different path forward, one where inflation is a bit stickier and central banks have less room to make conditions easy.
What stands out to us is that the economic backdrop has not yet deteriorated. Jobless claims remain around 210,000, which tells us the labour market is still holding up. That combination of steady growth and rising inflation risk creates tension, and that is usually when market leadership begins to shift.
Canada is an important part of the new path. While the Toronto Stock Exchange (TSX) has pulled back meaningfully, the country is increasingly positioned as a reliable source of energy supply. Pipeline expansions that and continued liquefied natural gas (LNG) progress reinforce that role.
Our view is that this is not about markets rolling over and the bull market ending, it is about markets adjusting. We are leaning into real assets and value, while staying selective in growth, because leadership is starting to broaden beyond the areas that led the last cycle.
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TOP PICKS:
Wheaton Precious Metals (WPM TSX):
We’ve been leaning more toward royalty and streaming companies rather than traditional miners. Commodity prices have been strong, but we still want to see that translate into consistent profitability from miners, and that’s where Wheaton stands out. Even if gold prices become more volatile, Wheaton is in a very strong position, as their model gives them exposure to the upside but with lower costs and more predictable margins since they’re not operating the mines.
On top of that, they have a clean balance sheet, strong cash flow, and no debt, which gives them flexibility through different price environments. And they continue to add new streams, so there’s visible growth ahead.
So for us, it’s a way to stay exposed to gold, but with more stability and less execution risk, which is exactly what we want right now.
International Business Machines Corporation (IBM NYSE):
IBM is a name we like because it’s growing from multiple angles while still trading at a reasonable valuation. At the core, they run some of the world’s most critical systems, so you already have a very stable and embedded business.
On top of that, they’re building new growth drivers, with their consulting business helping companies actually implement AI, which is where the real spending is happening. They’re also strong in hybrid cloud, helping companies manage data across different environments.
And then you have quantum computing, which is still early but already being used to design new real materials that can speed up innovation in areas like energy, healthcare, and manufacturing. And you’re getting all of this at around 19 times earnings, which is attractive for this kind of story.
Analog Devices Inc. (ADI NSDQ):
ADI is a name we like because it’s quietly becoming a key enabler of artificial intelligence (AI) infrastructure. What’s interesting is they’re not the flashy chip name, but they’re essential to how data centers actually function.
As AI demand grows, these servers need more power, more control, and more efficiency, and that’s exactly where ADI plays. They make the components that help move and manage electricity inside data centers, and as AI gets more complex, each server needs more of what they sell.
You can already see it in the business, with data center and related segments now about 20 per cent of revenue and growing quickly, with strong demand coming through. And beyond AI, they’re also exposed to long-term themes like automation, electrification, and industrial recovery, which gives you multiple growth drivers. So for us, it’s a company with strong margins, increasing content, and exposure to long-term trends, but still not as crowded as some of the other AI names.
| DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
|---|---|---|---|
| WPM TSX | Y | Y | Y |
| IBM NYSE | Y | Y | Y |
| ADI NSDQ | Y | Y | Y |
PAST PICKS: MARCH 19, 2025
Meta Platforms (META NASD)
- Then: US$584.06
- Now: US$537.63
- Return: -8%
- Total Return: -8%
Costco (COST NASD)
- Then: US$904.05
- Now: US$980.775
- Return: 8%
- Total Return: 9%
Eli Lilly (LLY NYSE)
- Then: US$837.01
- Now: US$896.20
- Return: 7%
- Total Return: 8%
Total Return Average: 3%
| DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
|---|---|---|---|
| META NSDQ | Y | Y | Y |
| COST NSDQ | Y | Y | Y |
| LLY NYSE | Y | Y | Y |
