Christine Poole's Best Stock Picks for July 2024

A Strategic Guide to Navigating the Current Market with Christine Poole's Expert Picks

Editorial Team (ET)May 8, 2025

Navigating the complexities of the stock market requires expertise and a keen eye for detail. Christine Poole, the CEO and managing director of GlobeInvest Capital Management, is a seasoned professional who has honed her investment strategies to maximize returns. In this article, we delve into Christine Poole’s top picks for July 15, 2024, and explore the market outlook that shapes her investment decisions. Poole’s focus on North American large-cap stocks highlights the potential of well-established companies like McDonald’s, Pembina Pipeline, and RTX Corporation.

Market Outlook

The global economy is experiencing a slowdown, but it’s not coming to a standstill. This deceleration is a deliberate result of restrictive monetary policies aimed at achieving a soft landing. Inflation is on a downward trend, moving closer to target ranges, which offers central banks the flexibility to start reducing policy rates. As long as inflation readings remain subdued, we can expect rate cuts to continue.

In Canada, the labour market has been cooling over the past two years. The unemployment rate, which was at a low of 4.9% in June 2022, has edged up to 6.4% in June 2024. This increase reflects the cumulative impact of rising interest rates, leading to fewer job openings and an increase in job seekers due to population growth. A further softening in the labour market would reassure the Bank of Canada that inflation pressures are likely to diminish, paving the way for additional rate cuts.

Meanwhile, the U.S. employment situation has been more resilient. Although the unemployment rate has risen to 4.1% from a recent low of 3.4% in April 2023, population growth in the U.S. has been relatively modest compared to Canada. The U.S. Federal Reserve is carefully balancing the task of curbing inflation without causing significant job losses. Fed Chair Jerome Powell has indicated that a sudden deterioration in employment growth could lead to quicker rate cuts. Current expectations point to the first policy rate cut happening in the fall.

The narrowing breadth of equity markets is a concern. A broader increase in prices across more sectors would be a positive development. To support equity prices, there needs to be upside potential in corporate profit expectations and clear visibility into future profit growth.

Christine Poole’s Top Picks

Christine Poole’s investment strategy is focused on building wealth over the long term by owning a diversified portfolio of financially sound, well-managed, and reasonably priced companies. Her top picks for July 15, 2024, are McDonald’s Corporation, Pembina Pipeline, and RTX Corporation. Let’s dive into each of these companies to understand why they stand out.

McDonald’s Corporation (MCD NYSE)

McDonald’s is a household name and the world’s largest fast-food restaurant chain, serving over 69 million customers daily in more than 100 countries. With over 41,000 restaurants at the end of 2023, 95% of them franchised, McDonald’s revenue model is robust. The company earns from rent, royalties, and fees paid by franchisees, along with sales from company-operated restaurants.

The global scale of McDonald’s provides an underlying “value for money” focus, which is crucial as consumers look to trade down in a slowing economy. McDonald’s has a strong history of returning value to shareholders, with 47 consecutive years of dividend increases, currently offering a yield of 2.7%. This stability and consistent performance make McDonald’s a reliable investment.

Looking ahead, McDonald’s continues to innovate and adapt to changing consumer preferences. The company’s investment in digital technology, delivery services, and menu innovation keeps it competitive. As economic conditions fluctuate, McDonald’s ability to provide affordable options while maintaining quality positions it well for sustained growth.

Pembina Pipeline (PPL TSX)

Pembina Pipeline is a leading North American energy infrastructure company offering transportation and midstream services. The company’s business is well-diversified across the energy sector, with close to 70% of its cash flow coming from long-term, take-or-pay or cost-of-service agreements. This contractual stability ensures a steady cash flow, even in volatile market conditions.

Pembina’s attractive dividend yield of 5.4% is a significant draw for investors. The company’s commitment to returning capital to shareholders is underpinned by its strong financial health and prudent management. Pembina’s strategic investments in growth projects and its focus on operational excellence support its long-term value proposition.

As the energy sector evolves, Pembina is well-positioned to capitalize on opportunities in renewable energy and other emerging markets. The company’s infrastructure network and expertise provide a solid foundation for future growth, making it a compelling investment choice.

RTX Corporation (RTX NYSE)

RTX Corporation, formerly known as Raytheon Technologies, is a global leader in aerospace and defense. The company provides advanced systems and services for commercial, military, and government customers worldwide. RTX’s product portfolio includes avionics, interiors, aircraft engines, sensor and communication systems, and missile defense systems.

The commercial aerospace segment of RTX benefits from the resurgence in global air travel, while the defense segment is bolstered by ongoing geopolitical conflicts and increased defense spending. This dual-market presence provides RTX with diverse revenue streams and resilience against market fluctuations.

RTX offers a dividend yield of 2.5%, reflecting its strong financial performance and commitment to shareholder returns. The company’s focus on innovation and technological advancement positions it well to meet future demand in both commercial and defense sectors. As global security concerns persist, RTX’s defense products remain in high demand, supporting its growth trajectory.

Conclusion

Christine Poole’s top picks for July 15, 2024, reflect her strategic focus on financially sound, well-managed companies with robust market positions. McDonald’s, Pembina Pipeline, and RTX Corporation each offer unique strengths and growth prospects, making them attractive investments in the current economic landscape. As the global economy navigates a slowdown, these companies’ stability and potential for future growth provide a solid foundation for building long-term wealth.

Bloomberg

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