David Burrows’ Strategic Picks for September 2024: Stocks to Watch

David Burrows’ Latest Stock Picks for September 2024: Navigating Dividend Growers, Gold, and Financials

Editorial Team (ET)June 23, 2025

David Burrows, president and chief investment strategist at Barometer Capital Management, has released his top stock picks for September 2024. As a seasoned expert with a focus on North American large caps, Burrows is widely respected for his keen market insights. His latest selections, including Imperial Oil, Sprott Physical Gold Trust, and JP Morgan, reflect his outlook on a rapidly evolving market. With the global tightening cycle behind us and easing monetary policies taking hold, Burrows is optimistic about the future, particularly in sectors with strong dividend payers and assets that offer inflation protection.

Market Outlook for September 2024

The tightening cycle that dominated global markets has officially ended, and a new era of easing monetary policy is beginning to take shape. This shift, led by the U.S. Federal Reserve, is seen as a critical factor in engineering what many now view as a successful soft landing for the economy. Key indicators, such as employment data, earnings revisions, and credit markets, suggest that the worst is behind us.

Burrows and his team at Barometer Capital are confident that equities, particularly dividend payers and growers, remain the preferred asset class for investors. These stocks not only provide reliable income but also offer pricing power that can outpace inflation. Furthermore, gold has reemerged as a strong contender in balanced portfolios due to its stability and ability to hedge against market volatility.

Top Picks for September 2024

Imperial Oil (IMO TSX)

Imperial Oil, one of Canada’s leading integrated producers, is a standout pick for Burrows. Known for its long-life assets and impeccable operational track record, Imperial Oil has maintained a rock-solid balance sheet while continuing to reward investors through substantial share buybacks and dividend growth. Over the past five years, the company’s dividend growth has posted an impressive compound annual growth rate of 23 percent.

Burrows highlights that the energy sector has finally exited a long bear market, with Imperial Oil positioned to benefit from a broader expansion in valuations over the next few years. With its strategic allocation of free cash flow to both share buybacks and dividends, Imperial Oil offers investors a strong total return and a solid hedge against inflation.

Sprott Physical Gold Trust (PHYS TSX)

Gold has once again become a central asset for central banks and balanced portfolios alike. The Sprott Physical Gold Trust allows investors to gain exposure to this precious metal, which has been outperforming other traditional safe-haven assets like treasuries. In recent years, treasuries have become less attractive due to skyrocketing government debt, making gold an appealing alternative for those seeking stability.

According to Burrows, gold’s performance in 2024 has been particularly noteworthy, rising more than 20 percent. The trust offers investors a low-volatility option that outperforms traditional bonds, and it stands as a strong hedge against inflation in today’s unpredictable fiscal environment. With demand for gold likely to increase further, Burrows believes this position is set to deliver consistent returns.

JP Morgan (JPM NYSE)

JP Morgan, a long-time favorite of Barometer Capital, is regarded as the top financial institution globally. With a strong track record of avoiding the pitfalls of the 2009 financial crisis, JP Morgan has only strengthened its leadership in the banking sector. Burrows notes that the bank’s leadership team, advanced technology platform, and industry-leading dividend growth make it a must-have in any portfolio.

JP Morgan continues to dominate the financial sector, with an unmatched capital base and the strongest market share among global banks. As financial stocks have been leading the markets higher throughout 2024, owning JP Morgan offers attractive risk/reward, especially for those looking to capitalize on the ongoing bull market in equities.

Why Barometer Capital is Bullish on Dividend Payers

Dividend payers have been outperforming the bond market since the lows of October 2023, drawing significant inflows from income investors. For Burrows, dividend payers and growers with pricing power provide a compelling alternative for those seeking stable returns in an inflationary environment.

Energy stocks like Imperial Oil, alongside financials such as JP Morgan, have been leading the charge in this new bull market. With the ability to offer both income and inflation protection, these stocks are well-positioned to continue their outperformance in the coming months.

The Role of Gold in a Balanced Portfolio

Gold’s resurgence in 2024 is no coincidence. As treasuries lose their appeal due to growing debt concerns, gold has stepped in as a lower-volatility asset with the potential for significant upside. Investors have been selling gold despite its strong performance, but Burrows believes this trend could soon reverse, leading to increased demand.

For those looking to hedge against inflation and market volatility, gold offers a unique value proposition. The Sprott Physical Gold Trust provides easy access to this asset, making it a critical component of a diversified portfolio.

U.S. Equities Leading the Way in 2024

The U.S. equity markets have been on a tear since January 2024, with indices hitting new highs and broadening to include previously underperforming sectors. Dividend growers, in particular, have seen outsized gains as income investors flock to stable, cash-flow-generating stocks.

At Barometer Capital, Burrows emphasizes the importance of owning high-quality dividend payers like JP Morgan and Imperial Oil. These companies have been at the forefront of market gains and are expected to continue delivering strong returns as the bull market progresses.

Barometer’s Sector Allocations

Over the past four months, Barometer has increased its exposure to technology stocks, which are benefiting from the broader market rally. Burrows sees technology as a key driver of growth in the current cycle, with companies across the sector offering strong upside potential.

Financials have been a core holding for Barometer throughout 2024, representing 25 percent of the firm’s overall portfolio. Energy stocks, particularly large-cap Canadian producers like Imperial Oil, have also been strong performers.

Barometer has recently added utilities, pipes, and residential REITs to its portfolio mix. These sectors offer stable cash flows and are likely to benefit from ongoing infrastructure growth in North America.

For Burrows, diversification is key to managing risk in today’s market. By spreading investments across sectors like energy, financials, technology, and gold, Barometer Capital ensures that its portfolios are well-positioned to weather any market turbulence.

Conclusion

David Burrows’ top picks for September 2024—Imperial Oil, Sprott Physical Gold Trust, and JP Morgan—reflect his confidence in the current bull market and his focus on dividend payers, inflation protection, and sector diversification. As the global economy enters a new phase of monetary easing, these picks represent strong opportunities for investors looking to navigate an evolving market landscape.

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