Featured Research

Annual energy outlook
Bullish on natural gas while oil needs to overcome a potentially ugly early 2026 - Energy in 2025 continued its recent string of years with volatility and intense news flow. AI/power generation and its impact on natural gas markets remained at the forefront of the broader market conversation, while intense geopolitics continued to drive oil price volatility. AI remains the number-one story in the energy sector once again, and accommodating this incremental demand will take an all-of-the-above strategy: gas, renewables, and nuclear.

Life & Health 2026 outlook
Picking the winners in a competitive environment - Annuity sales will likely remain robust in 2026 on good demographic and wealth trends. Small face amount life insurance policies should grow in 2026, as this attractive segment draws in new entrants. In group life and disability, leave management is a “make or break” priority for larger employers, as state leave requirements are complex and constantly in flux.

2026 annual banking industry outlook
Regionals and SMID-cap banks have their day in the sun - We are bullish on U.S. banks for 2026, particularly the regional and small- and mid-cap banks. The operating backdrop has become increasingly favorable for banks, but the flow of negative headlines related to credit has spooked many generalist investors and long-only portfolio managers (PMs), leaving the banks trading at the lower end of historical forward P/E ranges on both an absolute and relative basis.

Canadian bank primer – look to the North
We are initiating coverage on Canada’s six largest banks (the “Big 6”). Together, these institutions dominate the domestic banking landscape, representing roughly 95% of total industry assets and deposits. Near term, we would characterize our stance as relatively neutral on the banks. While long term we remain positive, most of the Big 6 are trading near peak P/E multiples, leaving the group sensitive to shifts in market sentiment, particularly around the credit outlook.

The great wood reset
Six investable themes for 2026 - In our view, 2025 marked the trough of a four-year downturn in Forest Products. Sector equities are down roughly 25%–70%, and many names are trading at or near all-time-low valuations. The sector has been left for dead, but we think that’s exactly why alpha potential is rising. We see 2026 shaping up as a “reset” year, supported by low valuations, tightening supply, and several identifiable catalysts.

Infrastructure & construction
What’s in store for 2026? On balance, our Infrastructure & Construction stocks are entering 2026 with momentum, thanks to the big efforts management teams have expended to eliminate end-market concentration, reinforce balance sheets, and tailor service offerings that answer critical infrastructure needs. Having said that, we are of the view rising material costs, shifting investment priorities, digital disruption, elevated geopolitical tensions, and evolving tariffs all make for another volatile year.

2026 outlook
More Goldilocks as industrial policy keeps the economy expanding. Will the rate sensitive economy finally kick in? Our big picture thoughts are the economy starts reaccelerating, and the bond market’s reaction will determine equities.

Pharma and biotech 2026 policy outlook
The pharmaceutical industry faced heated rhetoric and the threat of real policy actions that could negatively impact the space, yet managed to skate away largely unscathed, in our view. Events at the Food and Drug Administration created the most unsettling drama. In this outlook report, we discuss some of the 2025 policy developments and what we are watching for 2026.

FDA state of play: ghost of FDA yet to come
In this note, we cover a variety of topics that show the current state of FDA, including: staffing shortages; slowing approvals; early stage engagement in the approval process; uncertain regulatory environment; competing statements; and overall ennui at the agency. We frame the note through a Dickens “Christmas Carol” framework that allows the reader to be visited by the Ghost of FDA Past, the Ghost of FDA Present, and the Ghost of FDA Yet to Come.

2026 Outlook
Public and private pricing gap driving Canadian REIT sector consolidation - Despite the improved total return performance last year, Canadian REITs generally still trade at relative lower P/AFFO multiples versus average historical levels experienced in the last five years. In addition, many Canadian REIT/REOCs still trade at discounts to respective underlying real estate values. We believe the potential exists for further consolidation of the publicly-traded Canadian REIT sector in the next 12 to 24 months, which may further reduce the number of investable stocks within the broader Canadian REIT/REOC universe.

2026 Housing outlook
The U.S. housing market enters 2026 still deeply challenged by affordability pressures. Compounding this issue, many potential homebuyers have recently stepped back from the market due to lackluster job market conditions, tariff/inflation uncertainties, and deteriorating consumer confidence. As a result, many homebuilders are starting the year still looking to rationalize last year’s excess spec-home production.

New speedway boogie
Resuming coverage of commercial real estate mortgage REITs - After several years of working in, and through, “darkness” (i.e., COVID fallout, FOMC policy tightening, borrower issues, asset valuation resets, etc.), the darkness is beginning to give. As the darkness gives, our view on the space, broadly speaking, is constructive. Despite a negative pall lingering over most things real estate amidst the current macro environment, the sector’s 2025 total return has been acceptable, and in some cases noteworthy, especially against many property REIT and financial indices' performance.

Technical perspectives and 2026 outlook
Positioning for a transition into phase 2 - Our technical work suggests that a new four-year cycle (three- to five-year cyclical bull market) took hold at the April 8th, 2025 equity market lows. The recent corrective phase in equity markets from October to November 2025 likely marked the transition into phase 2 of the market cycle model (the “boring middle”), and should be a tailwind for the technology, industrials, and materials sectors through 2026.

Annual review of telecom, cable, data centers, content delivery networks (CDN), and contracted services
This report is intended to be a broad-based primer for the telecom, cable, data center, infrastructure construction, and CDN industries, which we believe make up an even more critical communications infrastructure, as the industries converge and demand for data-based products and services continues to accelerate. We have attempted to balance the report as a basic introduction into the technologies and networks involved for those new to the sector, while incorporating broader developments and trends that we see happening today and over the course of the year.

Investing for the fifth defense revolution
The fifth defense revolution is underway, creating a potential $500B investing opportunity triggered by technology and doctrine that is disrupting traditional vendor ecosystem, acquisition processes, and redefining warfare, creating a once in generation super cycle for investors. The democratization of technology, rapidly compressing design cycles, and escalating global threats are breaking the post-Cold-War industrial model.

Who’s on first? Making sense of the confusing sports watching ecosystem
In one sense, the sports watching experience has grown more accessible, more customizable, and in some cases more affordable, and has seen improvements such as multi-view, viewing on mobile devices, no need for contracts and equipment, etc. However, the sports-watching user experience has undeniably become more complicated and confusing, and for hardcore fans of certain sports who need to watch everything, more expensive. In this report, we break down the sports streaming ecosystem