Top picks from John Zechner, chairman and founder, J. Zechner Associates.
MARKET OUTLOOK:
The stock market has been surprisingly resilient so far this year as the Silicon Valley Bank failure was unable to keep the averages down as the tech stocks rallied on more optimism that interest rates are close to peaking. While stocks have never started a new bull market before a recession has actually begun, we believe that we’ve already seen the lows for this cycle last October.
On stock exposure, we went into March with an equity weight of about 40 per cent, right at the bottom end of our normal 40-65 per cent range. We used the weakness from the banking crisis to add back some stocks and move that weight back to around 45 per cent. We added Canadian and U.S. bank exposure, but that was from a position of almost no holdings in the sector, and we still remain underweight the group until we see how the current crisis unfolds.
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