We are looking for favourably valued stocks linked to commodities
Favourably valued stocks linked to commodities that can provide portfolio diversification.U.S. Federal Reserve Chair Jerome Powell recently testified to Congress and suggested that rate cuts in the near term remain a pipe dream. On the contrary, he stated that interest rates are “likely to be higher than previously anticipated.
Certain alternative asset classes, such as commodities, have historically performed well during inflationary periods and may offer savvy investors an opportunity to diversify their portfolios. While commodity futures, derivatives and specialized funds may offer more direct exposure to the asset class, they can often be inaccessible to retail investors because of knowledge constraints or requisite accredited investor status.
We began identifying these equities by using FactSet’s Universal Screening tool to pull every security listed on a Canadian exchange. We further narrowed down our list using the parameters below:Market capitalization greater than $1-billion.We ranked the 50 remaining companies by a multifactor ranking of price to earnings; enterprise value to earnings before interest, taxes, depreciation and amortization; net debt to EBITDA; and dividend yield.
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