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3 top stock picks from Campbell, Lee & Ross’s Bruce Campbell

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 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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