When market turbulence strikes, few voices carry the steady authority of Brian Madden, Chief Investment Officer at First Avenue Investment Counsel. As North American equities stumble through a volatile spring, Madden offers a sharp, experience-forged perspective on where opportunity still flourishes. His focus remains steadfast: navigate the trade war whiplash by locking into resilient, high-quality businesses trading at unjustifiably low valuations.
U.S. stocks have endured a rocky start to the year, with the "Liberation Day" tariff announcements sending the market briefly crashing into bear territory. Although a confusing medley of concessions, carve-outs, and delays has soothed the initial panic, the broader environment remains fragile. Investors, once confident in America’s market supremacy, are questioning the very foundation of "American exceptionalism." The bond and currency markets are no longer the unshakable fortresses they once seemed. Amid this unsettling backdrop, Madden's strategy is clear: stay defensive, capitalize on dislocations, and selectively reinforce portfolios with "trophy" businesses pulled unjustifiably into the storm.
Madden’s market positioning over recent quarters has leaned heavily on gold, consumer staples, utilities, telecoms, and real estate—sectors built to weather growth slowdowns and policy-driven storms. Yet in recent weeks, he’s also seized upon the chaos, deploying fresh capital into core holdings at discounted prices. For Madden, the current environment is not a reason for fear, but a rare opportunity to "high-grade" portfolios, taking profits in stretched names and redeploying into undervalued giants.
Nutrien: Fertile Ground for Growth
Among his top picks, Nutrien stands out as a fundamentally mispriced powerhouse. As the world’s largest crop nutrient business, Nutrien’s vertically integrated model spans from potash mines to farm gate sales. Fertilizer prices, hammered in the wake of pandemic-era spikes, have stabilized, while improving cash crop prices hint at a resurgence in nutrient demand. Despite a 21 percent bounce from September lows, Nutrien’s shares remain half their all-time high, trading at just 1.1 times book value—a stark discount to their historical 1.3 average. With a juicy 4.1 percent yield, aggressive dividend growth, and a 23 percent share count reduction since its 2018 merger, Nutrien offers what Madden sees as a compelling blend of value, income, and future upside.
UnitedHealth: A Health Care Titan at a Discount
UnitedHealth Group is another name Madden isn't hesitating to back. As America’s largest provider of health insurance and managed care, UnitedHealth’s scale is unrivaled, covering 50 million lives across individual, corporate, Medicare, and Medicaid plans. While government healthcare reimbursement pressures have dented sentiment, generous Medicare Advantage rate increases on the horizon for 2026 inject a dose of optimism. UnitedHealth’s strategy of short-term sacrifice for long-term dominance—taking market share at the cost of immediate margins—resonates with Madden. Trading at just over 15 times earnings, far below its five-year average of 19.4, UnitedHealth offers what he calls a rare blue-chip bargain, especially given its fortress balance sheet and A+ credit rating.
Bombardier: A High-Flying Comeback Story
Bombardier rounds out Madden’s trio of conviction picks. Once written off as a corporate disaster, Bombardier’s transformation is a lesson in resilience. Shedding its legacy businesses and focusing solely on private aviation, Bombardier now boasts a streamlined operation with a $14.4 billion order backlog and a decisive technological lead in medium- and long-range jets. Demand is booming, not just for new jets but also for lucrative aftermarket parts and services, as the installed base of Challenger and Global Express aircraft expands. Bombardier’s strategic pivot toward military contracts with NATO allies offers an underappreciated growth lever. Despite an eye-popping 1250 percent rebound from pandemic lows, Madden believes Bombardier still trades at a discount to its potential, priced at a mere 10 times expected earnings. For him, the lingering skepticism among burnt investors offers a contrarian edge—a classic "long memory" stock finally earning its redemption.
In Madden’s view, the recent relief rally in stocks is no signal to grow complacent. Tariffs may have been deferred, but they haven't been cancelled. The underlying geopolitical tensions remain unresolved. As such, Madden continues to view any rally not as a safe harbor, but as a window to methodically upgrade portfolio quality, sidestepping overvalued froth and positioning for the next leg of this volatile cycle.
The strategy is clear, the logic unflinching: embrace defensiveness where warranted, strike opportunistically where value has been unfairly punished. Nutrien, UnitedHealth, and Bombardier each represent a different facet of this philosophy—stability, secular growth, and turnaround momentum, respectively. In a market starved for clarity, Madden’s disciplined blueprint offers a refreshing sense of purpose.
Conclusion
Brian Madden’s top picks for April 24, 2025, reflect a strategist undistracted by noise and unshaken by turbulence. By focusing on resilient sectors, seeking out undervalued giants, and embracing volatility as an opportunity rather than a threat, Madden sketches a blueprint for survival—and success—in an increasingly unpredictable market. Nutrien’s rebound potential, UnitedHealth’s demographic tailwinds, and Bombardier’s rebirth story all converge into a portfolio strategy that is built not just to endure, but to thrive when calmer days inevitably return.
