Canada Weekly Portfolio Manager's Summary

Research evidence excerpt

Canada Weekly Portfolio Manager's Summary

ness in the oil sands remain shared policy objectives under the vision of Prime

Minister Carney and Alberta Premier Danielle Smith. In our view, these initiatives are strategically sound, but should neither be mutually

dependent nor carried out in a manner which jeopardizes the global competitiveness of Canada’s energy sector. From where we sit, Canada’s

oil majors are unlikely to support such policy thrusts until suitable regulatory and fiscal frameworks solidify. Simply put, there is no substitute

for regulatory reform when it comes to energizing investment, as Alberta’s generic oil sands royalty regime has proven. This Energy Insights

report builds on Awakening the Northern Giant.

Canadian REITs and REOCs: Q1 2026 recap; Results ahead; seniors housing on a heater by Pammi Bir, May 22, 2026

Our view: Post better-than-forecast earnings growth, we can’t help but feel more constructive on our preferred subsectors, particularly

seniors housing, industrial, and retail. Notably, upward revisions to earnings and NAV estimates were once again the strongest in seniors

housing, while firmer tailwinds are also forming in industrial. Retail remains operationally resilient, with some extra juice to NAVs from cap

rate compression on the back of recent transactions. Among our top picks, we see a particularly compelling entry point on CSH, with its

PEG ratio among the lowest in our coverage. We also flag GRT (above average growth profile), REI (accelerating core earnings growth), the

visible high-single digit growth of APR, MHC, and SVI, and encouraging (surprising) positive momentum in KMP’s operating performance.

Other Outperform ratings include: BEI, CAR, CIGI, DIR, EXE, GO, HR, PMZ, and SRU.

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BCE Inc.