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People wait in a line to receive a COVID-19 vaccine at a Loblaws grocery store pharmacy in Ottawa, on April 26, 2021.Justin Tang/The Canadian Press

Let’s not mince words: It’s been a lousy year to be an investor. Everything seems to be down: stocks, bonds, gold, cryptos, real estate – even cash, if you consider the loss of buying power because of rising inflation.

Sometimes, you just can’t make a buck. This year proves the point.

Well, almost. The TSX has been hammered so far in 2022, down 10 per cent so far. That’s not a bear market (a loss of 20 per cent or more from the most recent peak), but it is correction territory. Almost every sector except energy is in the red.

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But there are a few non-fossil fuel stocks that have bucked the trend. Here are three from the recommended list of my Internet Wealth Builder newsletter.

Winpak Ltd. (WPK-T). Winnipeg-based Winpak is a manufacturer of packaging and packaging machinery. Its products are used primarily in food, beverage and health care applications. Its modified-atmosphere packaging is used to extend the shelf life of perishable goods such as meats, poultry, and cheeses as well as health care products.

The stock was first recommended in August, 2021, at $41.08. It drifted down to $37.17 at the end of December but has since rebounded strongly. It closed Monday at $45.73, up 23 per cent year-to-date.

The stock is doing well because the company is doing well. Second-quarter results released on July 21 showed an increase of 27 per cent in revenue from the year before, to US$310.3-million from almost US$244-million in 2021. Note that the company reports in U.S. currency.

EBITDA in the second quarter was US$58.7-million compared with US$49.8-million last year. (EBITDA stands for earnings before interest, taxes, depreciation and amortization.)

Net income in the quarter was US$34.1-million (52 US cents a diluted share), up from US$29.4-million (44 US cents) the year before.

Despite supply chain problems, labour shortages, and higher prices for raw materials, the company expressed optimism that sales growth will continue at a comparable rate for the rest of the year.

Loblaw Cos. Ltd. (L-T). It’s been a good year to be in the groceries business. The shares of all the big players are in the black or close to it year-to-date. But Loblaw is far ahead of its competitors when it comes to share price. The stock ended 2021 at $103.64. It closed Monday at $119.43, for a gain of 15.2 per cent so far in 2022. Investors have also benefited from an 11 per cent rise in the quarterly dividend, to 40.5 cents ($1.62 a year).

The company reported strong first-quarter results (second-quarter figures will be released on Wednesday). Revenue was $12.3-billion, an increase of $390-million or 3.3 per cent over last year. Operating income was $738-million, up $121-million (19.6 per cent) over 2021. Adjusted EBITDA was $1.3-billion, an increase of $125-million (10.3 per cent) from a year ago.

All this resulted in a big profit gain of $124-million, or 39.6 per cent, to $437-million. On a per share basis, the company earned $1.30, up 44.4 per cent from 90 cents in the same quarter of 2021.

Cameco Inc. (CCO-T). Uranium prices have fallen from their mid-April peak of about US$65 a pound to around US$47 now. Obviously, that hasn’t helped the share price of Cameco, which is one of the world’s major uranium producers. The stock was trading at around $41 at the time the uranium price peaked. It has since pulled back to $29.46, but that’s still 6.8 per cent ahead of its 2021 exit price of $27.58.

There’s a reason why the future of Canadian uranium is looking a little brighter than it did a year ago: Russia. The attack on Ukraine and the subsequent sanctions have radically changed the energy picture in Europe. The European Union has said it may have to ration natural gas next winter. The projected squeeze has prompted Germany to revisit the planned shutdown of its remaining nuclear facilities, which departed chancellor Angela Merkel had ordered closed.

Even more significant, the European Commission recently proclaimed that nuclear and natural gas are “clean” energy sources. It’s unclear what this will eventually mean for Europe’s efforts to achieve carbon-neutrality, but the announcement was positive news for uranium producers.

One other point to consider is that Russia has been one of the world’s major uranium suppliers. The imposition of sanctions may dramatically change that, to Cameco’s advantage.

The company reported adjusted first-quarter earnings of $17-million (4 cents a share), compared with a loss of $29-million (minus 7 cents), in the same quarter last year.

Even with the recent pullback, the stock’s trading range this year is higher than at any time since 2011.

Gordon Pape is editor and publisher of the Internet Wealth Builder and Income Investor newsletters.

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