In short: His April-2025 pick and still "the anchor utility name for us" — can't say enough about the execution — but he agrees with the recent CIBC downgrade that "it's not cheap anymore." Has been trimming utilities for a year, in hindsight a bit early.
Fortis is a regulated electric and gas utility — a steady, dividend-growing business whose profits are set by regulators based on the assets it invests in ("rate base"). It was one of his April-2025 picks and has since been re-rated upward as the data-centre and electrification build-out convinced investors that long-term rate-base growth is secure.
He agrees with the recent CIBC downgrade: "I wouldn't argue that it's cheap anymore." He has been trimming utilities generally for the past year — in hindsight a little early, since several kept rising after he sold.
Fortis nevertheless remains "the anchor utility name" in the strategy and he can't say enough about its execution. His caveat is the episode's refrain: "when stocks move this much, it probably means weaker returns at some point in the future."
39:46really shining, those long-term dividend growth stories. We've been trimming utilities in the last year or so, in hindsight maybe a little bit too early, Amber, because in many cases they've even moved up after we've sold them. But Fortis is still the anchor utility name for us on the strategy and yeah, we just can't say enough about the execution there.
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