Top Canadian Investor Divests Energy Switches to Banks
IA Clarington Canadian Leaders Fund has been outperforming more than 95% of its competitors, and now portfolio manger Pierre Bernard has sold more than half the C$100mln fund’s energy holdings and increased investment in banks by 44%.
According to Bernard, energy companies are about to start feeling the rising costs of materials and won’t be making the same kinds of profits for much longer, while banks — having weathered the credit crunch — look primed for a rebound in earnings.