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Alex RuusTibor Kolley/The Globe and Mail

Alex Ruus is portfolio manager at Arrow Capital Management. His focus is North American equities.

Top Picks:

Alaris Royalty (AD.TO)

Alaris is a leading alternative financier to non-resource companies. The company has excellent management, a conservative balance sheet and an excellent track record of building value and increasing dividends since its inception. We own it and believe the stock is undervalued at 14x earnings and 5.3 per cent dividend yield. Last purchased April 13th at $29/share.

Gilead Sciences (GILD.O)

Gilead is the world leader in developing and selling AIDS and hepatitis medicines. The company is growing swiftly on the back of the launch of two new "best in class" hepatitis medicines that are going to be the most successful drug launches in history. Trades at an inexpensive 8x earnings. Last purchased February 26th at $89/share.

Magna International (MG.TO)

Magna is the world's second-largest auto parts and auto tech company, which continues to grow as it takes advantage of the globalization of the automobile business. The company continues to grow profitably and trades at an inexpensive 7x earnings and pays a growing dividend. Last purchased March 30th at $55/share.

Past Picks: April 9, 2015

Anthem (ANTM.N)

Then: $153.49 Now: $145.89 -4.95% Total return: -3.30%

Element Financial (EFN.TO)

Then: $16.98 Now: $15.03 -11.48% Total return: -11.19%

Neptune Technologies & Bioressources (NTB.TO)

Then: $2.30 Now: $1.28 -44.35% Total return: -44.35%

Total Return Average: -19.61%

Market outlook:

Economic cross-currents continue to buffet the financial markets. Despite gloom and doom from some market prognosticators, the global economy continues to grow slowly, as the U.S. continues to grow, supported by low unemployment levels and income growth. The continued slow growth accompanied by low interest rates and reasonable market valuation provides an attractive backdrop for investors in the Leaders and Conservative Growth funds, as our portfolio of value-building companies trading at discounted valuations should appreciate strongly over coming periods.

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