Christine Poole's Strategic Stock Selections for June 2024

Top Investment Picks for June 2024: Insights from Christine Poole, CEO of Globe Invest Capital Management

Editorial Team (ET)June 5, 2025

Christine Poole, the esteemed CEO and Managing Director of Globe Invest Capital Management, has once again provided her insightful market outlook for June 2024. As a seasoned investor with a sharp eye for North American large-cap stocks, Poole's analysis is highly anticipated by the investment community.

Price pressures are moderating, and the monetary easing cycle has begun with several central banks in advanced economies announcing interest rate cuts. The Swiss National Bank led with a rate cut in March, followed shortly by Sweden’s Riksbank, and more recently, the Bank of Canada and the European Central Bank. While central banks are starting to pivot, they have warned that future rate cuts would be gradual and data-dependent. Notably, ongoing strength in the U.S. labor market has pushed back expectations of a rate cut by the U.S. Federal Reserve at least until fall.

In Canada, employment growth is lagging population growth, with job gains insufficient to keep the unemployment rate from rising to 6.2 percent. The lagged impact of higher interest rates is still not fully felt here due to variable mortgages with fixed monthly payments and fixed-rate mortgages that come due for renewal over the next two years. Higher debt servicing costs combined with a weak employment situation will pressure household income. As evidenced by higher provisioning for credit losses by Canadian banks in their most recent quarterly reports, this is a headwind to economic growth, but year-over-year gross domestic product (GDP) growth is expected to remain positive, nonetheless.

Notwithstanding restrictive monetary policy, the U.S. economy is benefiting from an accommodative fiscal policy through providing incentives for on-shoring of semiconductor plants and the Inflation Reduction Act. While cognizant that employment data is a coincident indicator, the U.S. employment situation is healthy, with the unemployment rate hovering at four percent. The U.S. personal savings rate at 3.6 percent has retraced back below the historical trend, signaling households are more sensitive to higher prices for goods and services as well as job gains, particularly in lower-income households.

Equity markets are discounting a soft landing – a combination of slower economic growth and lower interest rates. Consensus corporate profit growth for the broad equity indices is positive and supportive for future price appreciation. We continue to advocate investing in companies that have the financial capacity to withstand and grow through an economic cycle.

Christine Poole's Top Picks

Christine Poole has identified three standout stocks for June 2024: Brookfield Renewable Partners, The Home Depot, and S&P Global Inc. These companies are well-positioned to thrive in the current economic environment, making them excellent choices for investors looking to strengthen their portfolios.

Brookfield Renewable Partners (BEP.UN – TSX)

Brookfield Renewable Partners (BEP.UN – TSX) stands out as a leading international renewable energy producer with assets in hydroelectric, wind, and solar power. The company’s cash flows are bolstered by a robust contract profile, with 90 percent of total generation under long-term contracts and a weighted average contract duration of 13 years. This provides a solid foundation for consistent distribution growth, currently offering a yield of 5.4 percent. The recent purchase price around $36.75 makes it an attractive option for those seeking reliable returns in the renewable energy sector.

The Home Depot (HD – NYSE)

The Home Depot (HD – NYSE), the premier home improvement specialty retailer, operates over 2,300 stores across the United States, Canada, and Mexico. Despite facing some near-term cyclical challenges, the long-term outlook for the home improvement sector remains strong, driven by home value appreciation and an aging housing stock. Home Depot’s strategic investments in supply chain efficiency and e-commerce capabilities ensure it maintains its industry-leading position. Offering a dividend yield of 2.7 percent, with a recent purchase price around $330, it remains a solid pick for investors.

S&P Global Inc. (SPGI – NASD)

S&P Global Inc. (SPGI – NASD) is a diversified financial information services company, operating in five key segments: market intelligence, ratings, commodity insights, mobility, and indices. Each of these segments plays a critical role in their respective markets, providing essential data and analytics. With 72 percent of its revenue base being recurring, SPGI offers a stable and predictable income stream. The company’s growth opportunities are significant, driven by the increasing demand for data and analytics services. The dividend yield stands at 0.8 percent, with a recent purchase price around $428, making SPGI a valuable addition to any investment portfolio.

Conclusion

Christine Poole’s top picks for June 2024 reflect her strategic approach to investing in companies with strong financial foundations and growth potential. By focusing on Brookfield Renewable Partners, The Home Depot, and S&P Global Inc., investors can position themselves to navigate the current economic landscape with confidence. These selections underscore the importance of choosing companies capable of enduring and prospering through economic cycles.

Bloomberg

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