NUTRIEN LTD. $84 is a buy. The company (Toronto symbol NTR; Aggressive Growth Portfolio, Resources sector; Shares outstanding: 485.9 million; Market cap: $40.8 billion; Price-to-sales ratio: 1.1; Dividend yield: 3.6%; TSINetwork Rating: Average; www.nutrien.com) is the world’s largest producer of agricultural fertilizers, including potash, nitrogen and phosphate. It also sells seeds, fertilizers and agricultural products to farmers through some 1,900 stores spread across the Western Hemisphere and Australia.

ENBRIDGE INC. $68 is a buy. The pipeline giant (Toronto symbol ENB; Conservative Growth and Income Portfolios, Utilities sector; Shares outstanding: 2.2 billion; Market cap: $149.6 billion; Price-to-sales ratio: 2.4; Dividend yield: 5.5%; TSINetwork Rating: Above Average; www.enbridge.com) gets a high 98% of its earnings before interest, tax, depreciation and amortization (EBITDA) from pipelines and related assets that are either rate regulated or backed by long-term take-or-pay contracts. Under those contracts, shippers continue to pay fees even if they do not use their allotted capacity.

CENOVUS ENERGY INC. $25 is a buy. The company (Toronto symbol CVE; Conservative Growth Portfolio, Resources sector; Shares outstanding: 1.8 billion; Market cap: $45.0 billion; Price-to-sales ratio: 0.8; Dividend yield 3.2%; TSINetwork Rating: Average; www.cenovus.com) has raised its takeover offer for MEG Energy Corp. (Toronto symbol MEG) by about 5%. That firm operates an oil sands property near Cenovus’s operations at Christina Lake in northern Alberta. The deal will increase Cenovus’s production by 110,000 barrels a day; overall, MEG produced 832,000 barrels a day in the third quarter of 2025.

Canadian Tire’s class A shares fell to below $140 earlier this year as investors feared new U.S. tariffs would add to its costs and hurt consumer spending. However, only about 15% of the amount it spends on acquiring or manufacturing products is tied to the U.S. The company is also adjusting its supply chains to further minimize the tariff impact. As a result, the stock is now up 12% since the start of 2025.


The company recently announced a new strategy that mainly involves making better use of customer shopping data to spur sales. At the same time, it’s closing unprofitable stores and cutting administrative costs.

Both the U.S. Federal Reserve and the Bank of Canada edged their benchmark interest rate down in September. We may see more cuts before the new year.

Understandably, falling interest rates spark demand for dividend-paying stocks. That’s because lower rates generally reduce the income investors receive from their fixed-income investments.

While falling interest rates spur fresh demand for dividend-paying stocks, don’t forget about the hugely positive impact of share buybacks. (See below for one IC member’s question.)

A: Pacer U.S. Cash Cows 100 ETF, $57.45, symbol COWZ on the CBOE (Units outstanding: 333.5 million; Market cap: $19.0 billion; www.paceretfs.com) aims to select and hold the top 100 companies of the Russell 1000 index based on their free cash flow yields.


Pacer defines free cash flow as the cash remaining after a company has paid expenses, interest, taxes, and long-term investments. Free cash flow can then be used to buy back stock, pay dividends, or participate in mergers and acquisitions.

A: We don’t publish targets for several reasons. One is that they draw too much attention to the least reliable part of the investment decision-making process—price. Price targets also spur investors to quit buying or even to sell our best picks way too early. After all, by definition, your best picks are those that did way better than you ever anticipated.

A: H.B. Fuller Company. $58.51, symbol FUL on New York (Shares outstanding: 54.1 million; Market cap: $3.2 billion; www.hbfuller.com), is a leading maker of adhesives, sealants, and other specialty chemical products. It has 7,500 employees worldwide.

Founded in 1887 and incorporated in Minnesota in 1915, the company sells its products in over 140 countries. Its sales operations span 35 countries in North America, Europe, Latin America, Asia Pacific, India, the Middle East, and Africa.

Fuller’s core product is industrial adhesive. The company’s customers use its glues in the making of common consumer and industrial goods, including food and beverage containers, disposable diapers, medical products, windows, sportswear and footwear.

A: Group Dynamite Inc., $63.68, symbol GRGD on Toronto (Shares outstanding: 107.8 million; Market cap: $6.9 billion; www.groupedynamite.com), is a Montreal-based fashion retailer with two brands: Garage (220 stores) and Dynamite (79). Revenue is split about evenly between the U.S. and Canada.


The Garage chain of stores views its typical customer as someone in her early twenties and focused on fashion trends. Dynamite’s typical shopper is in her early thirties, is also fashion-conscious and looking for value.



On November 20, 2024, the company launched its IPO with a listing on the Toronto exchange. It sold subordinate voting shares at $21. The company got none of these proceeds—the funds went to sole owner and CEO Andre Lutfy.