Andrew Pink’s Top Picks for July 24, 2026

Andrew Pink, Portfolio Manager, Pink Wealth Partners, Raymond James Investment Counsel

Focus: Canadian equities, fixed income and preferred shares

Top Picks: Chartwell Retirement Residences, GFL Environmental, Vital Infrastructure Property Trust

MARKET OUTLOOK:

We remain constructive on the outlook for equities despite an environment that continues to be dominated by geopolitical headlines and policy uncertainty. Markets have already delivered strong returns in 2026, supported by resilient corporate earnings, stable economic conditions, and a meaningful broadening in market participation beyond the narrow leadership that characterized much of 2025.

Importantly, the current bull market began in late 2022 and is now approaching its fourth year. While no two market cycles are identical, bull markets have historically proven capable of lasting considerably longer than many investors expect, particularly when economic growth remains positive and corporate earnings continue to expand.

The risk we are monitoring most closely is not geopolitical in nature, but rather the sustainability of capital spending related to artificial intelligence (AI).

AI has become a powerful engine of economic growth, with large technology companies collectively committing hundreds of billions of dollars annually to data centres, computing infrastructure, power generation, and related investments. Current estimates suggest hyper-scaler capital spending alone is approaching US$700 billion in 2026, with cumulative spending expected to exceed US$1 trillion over a multi-year period.

While we do not expect this investment cycle to slow meaningfully in the near term, the eventual requirement to generate attractive returns on these investments will become increasingly important. To the extent that monetization falls short of expectations, spending growth could moderate, creating uncertainty across a broad range of sectors that have benefited from the AI buildout.

For now, however, we see little evidence that the fundamental drivers supporting equity markets are deteriorating, and believe the conditions remain in place for the current market cycle to extend further, even if the path forward is not without occasional setbacks.

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TOP PICKS:

Chartwell Retirement Residences(CSH-U TSX)

Chartwell is Canada’s largest publicly traded senior housing real estate investment trust (REIT) and represents an attractive way to invest in one of the most compelling long term demographic themes in the market today. With a market capitalization of approximately $7.5 billion and a 2.7 per cent dividend yield, the company is well positioned to benefit from Canada’s aging population and the resulting growth in demand for retirement living.

Fundamentals have improved materially over the past several years. Same property occupancy has recovered to 94.7 per cent in the first quarter of 2026 from roughly 80 per cent in 2023, while leverage has been reduced to approximately 6.3 times debt to earnings before interest, taxes, depreciation, and amortization (EBITDA), from more than 11 times, resulting in a significantly stronger balance sheet. The business generates stable and recurring monthly revenue through its private pay model, supported by decades of home price appreciation that have preserved affordability for many seniors.

The sector also benefits from favourable supply dynamics, as elevated construction costs has limited new development. Chartwell is well positioned to drive rental rate growth within its largely unregulated market segment. Recent investments, including its partnership with Fengate Capital and a 30 per cent interest in Seasons Retirement Community, further expand growth opportunities. While the company’s automated teller machine (ATM) issuance program has created some investor debate and periodic volatility, the market has generally responded positively as management continues to deploy capital into attractive long term opportunities.

GFL Environmental (GFL TSX)

GFL Environmental is the fourth largest diversified environmental services company in North America, with a market capitalization of approximately $21 billion. Waste management remains one of the most attractive infrastructure-like business models in public markets, supported by recurring demand, strong pricing power, high barriers to entry, and mission critical services that are largely insulated from economic cycles.

Over the past decade, GFL has established itself as one of the industry’s most effective consolidators, building scale through disciplined acquisitions. The recently proposed acquisition of Secure Waste Infrastructure would further strengthen the company’s position in Western Canada, particularly in energy related waste services where Secure historically maintained a leading regional market share. As the business has matured, management’s focus has shifted from aggressive acquisition activity toward operational efficiency, free cash flow generation, and balance sheet improvement.

GFL offers investors exposure to essential infrastructure assets with the ability to compound capital through a combination of organic growth, pricing initiatives, and selective acquisitions. Recent media reports that the company is exploring strategic alternatives, including a potential take private transaction or significant equity investment, have added a further layer of interest to the story. While no transaction is assured, the speculation highlights many of the qualities private equity firms seek: recurring cash flows, high barriers to entry, consolidation opportunities, and the ability to prudently leverage stable and predictable EBITDA. In our view, these same attributes make GFL an attractive long term holding regardless of whether a transaction ultimately materializes.

Vital Infrastructure Property Trust (VITL-U TSX)

Vital Infrastructure Property Trust is a Canadian listed healthcare infrastructure REIT with a market capitalization of approximately $1.4 billion and a 6.5 per cent distribution yield. Formerly known as Northwest Healthcare Properties REIT, the company owns a diversified portfolio of hospitals, outpatient clinics, ambulatory surgery centres, diagnostic facilities, and rehabilitation properties across North America, Europe, Brazil, and Australia.

We view Vital as an attractive combination of demographic and infrastructure investment themes. Over the past decade, the REIT expanded aggressively through acquisitions, creating one of the largest global healthcare real estate platforms. However, rising interest rates exposed an overleveraged balance sheet and led management to undertake a significant repositioning strategy focused on deleveraging and simplifying the business. Through the sale of non core assets, monetization of management businesses, and strategic portfolio dispositions, the company has materially strengthened its financial position and sharpened its focus on high quality healthcare infrastructure.

Under a refreshed management team and new corporate identity, Vital is now focused on disciplined capital allocation, balance sheet strength, and sustainable long term growth. The portfolio benefits from essential, necessity based demand, long term indexed leases, and high quality tenants that are often government backed or supported. Combined with aging populations, increasing healthcare spending, and its global diversification across multiple healthcare systems, we believe Vital Infrastructure is well positioned to deliver stable cash flows and attractive long term returns for investors.

TOP PICKS: OCT. 30, 2025

Exchange Income Corp (EIF TSX)

Then: $76.75

Now: $125.84

Return: 64%

Total Return: 67%

Granite REIT (GRT-U TSX)

Then: $77.51

Now: $98.05

Return: 26%

Total Return: 30%

WSP Global (WSP TSX)

Then: $272.23

Now: $163.88

Return: -40%

Total Return: -39%

Total Return Average: 19%