Andy Nasr is managing director and senior portfolio manager at Middlefield Group. His focus is on North American dividend stocks and REITs.
Walgreen Co. (WAG NYSE)
We expect an increase in North American prescription volumes due to the implementation of the affordable care act (ACA) and synergies from the pending acquisition of Alliance Boots.
Enbridge Inc. (ENB TSX)
We expect double-digit long-term EPS and dividend growth to materialize as the company executes its pipeline of development projects.
Brookfield Office Properties Canada (BOX.UN TSX)
Brookfield has the highest quality office portfolio in Canada and the units trade at a material discount to NAV.
Past Picks: August 30, 2013
Northern Property REIT (NPR.UN TSX)
Then: $26.32; Now: $29.57 +12.35%; Total return: +18.27%
Boralex Inc. (BLX TSX)
Then: $10.60; Now: $13.67 +28.96%; Total return: +31.52%
Gluskin Sheff + Associates (GS TSX)
Then: $20.83; Now: $31.50 +51.24%; Total return: +74.07%
Total return average: +41.29%
Several emerging markets are currently experiencing more moderate growth as they address trade imbalances, currency depreciation and inflation. Conversely, we believe developed economies, such as the U.S and Europe, will continue to benefit from policy-driven initiatives that should support global trade and offset weakness in smaller and structurally challenged emerging countries. U.S. consumers and corporations remain very well positioned to increase spending after enduring several years of debt reduction. Sustained growth in the U.S. is also expected to have a positive impact on corporate profitability in Canada, which remains America’s largest trading partner. We remain focused dividend paying issuers in developed markets, such as Canada, the U.S. and Europe.
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