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Bruce Campbell.

Ryan Carter/The Globe and Mail

Bruce Campbell is president of Campbell, Lee & Ross Investment Management. His focus is on Canadian large caps

Top picks:

Crescent Point Energy Corp.
Production and cash flow growth will be surprisingly good this year and that, combined with a 7-per-cent yield, makes the stock quite attractive.

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Bank of America
Bank of America is a safe way to play the U.S. general economic recovery and also the housing recovery as it has above-average exposure to the consumer mortgage side. It also has a good chance of increasing the dividend this year. It's still at roughly a 25-per-cent discount to tangible book with good capital ratios.

RioCan REIT
Riocan is the senior REIT in Canada. Yield is now 5.2 per cent and rising and the recent pullback provides a good entry point. It is well-diversified with increasing U.S. exposure.

Past picks: Feb. 06, 2012

Iamgold Corp.
Then: $17.12
Now: $8.42
Total return: –49.73 per cent

TransCanada Corp.
Then: $41.38
Now: $48.26
Total return: +21.35 per cent

Paramount Resources Ltd.
Then: $36.12
Now: $32.16
Total return: –10.96 per cent

Total return average: –13.11 per cent

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Market outlook:

Canadian growth appears to have improved recently and the U.S. appears to have bottomed and is grinding slowly higher.

We continue to hold a core portfolio of high-yielding stocks, modest cash levels and a balance between defensive industries and growth companies, preferably with yield protection.

We have been spending the cash down further as the noise of the U.S. government fiscal cliff fades. Fourth-quarter GDP will be weak and then should improve throughout the year.

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