Dividends Don’t Sleep: Bushell’s Canadian Market Shield
Canadian Dividend Strength: Bushell’s Picks Balance Yield, Growth, and Resilience
Global markets in 2025 are doing what they do best—surprising investors. Despite tariffs, geopolitical frictions, and sluggish economic readings, equities have continued to push higher. Ryan Bushell, President and Portfolio Manager at Newhaven Asset Management, emphasizes that markets often move opposite to consensus expectations. When everyone is braced for bad news, strength can appear where it’s least expected.
Yet, as September nears, the stakes are rising. The U.S. Federal Reserve’s September meeting could deliver the first rate cut in years. With hopes already baked into valuations, any hesitation by the Fed risks triggering a negative reaction. Inflation data remains inconclusive, further complicating the backdrop. In such an environment, Bushell continues to lean on a strategy that mixes dividend reliability with cautious positioning in infrastructure and cash reserves.
Northland Power (TSX: NPI): Renewables With Momentum
Northland Power has been executing under the radar, but its achievements are stacking up globally. The Oneida battery storage project was wrapped up earlier this year, ahead of schedule and under budget. In Taiwan, first power has been achieved at Hai Long, and in Poland, turbine installations at Baltic Power are progressing steadily. These milestones reinforce Northland’s role in the global shift toward renewable energy.
Bushell praises the new management team’s steady hand and disciplined execution. Looking ahead, catalysts include the potential monetization of assets purchased under prior leadership and a possible re-entry into North America’s gas-fired power sector. Combined with the broader push for cleaner electricity and re-contracting opportunities exceeding expectations, Northland is positioned as a quiet but powerful growth story in the renewables space.
BCE Inc. (TSX: BCE): A Dividend Giant Reclaiming Its Narrative
Bell Canada Enterprises has long been a cornerstone of Canadian dividend investing, but recent quarters tested investor patience. The Ziply acquisition sparked skepticism, sending the stock sliding as analysts questioned management’s judgment. However, Bushell remained a buyer at depressed levels, confident that BCE’s asset base remained sound.
Now sentiment is turning. Analysts have begun to upgrade their outlooks, and the company is making a clearer case for its acquisition strategy. For Bushell, BCE’s history and resilience point to a familiar turnaround pattern seen before in Canadian stalwarts like Manulife and TD. As the market regains confidence, BCE offers both a recovery trajectory and a healthy dividend yield, making it a compelling choice for long-term investors.
Canadian Natural Resources (TSX: CNQ): Yield and Value in Energy
Canadian Natural Resources continues to reward patient shareholders, even as oil prices lack excitement. The company’s recent deal to supply feedgas for a Gulf Coast LNG project was a landmark first, showcasing the underappreciated strength of its natural gas portfolio. It’s a move that highlights CNQ’s ability to adapt and seize opportunities in evolving energy markets.
Delays in guidance around the Athabasca Oil Sands Project with Shell, along with general investor fatigue, have left shares trading at what Bushell sees as unjustifiable discounts. With a nearly 6 percent dividend yield, strong free cash flow, and a track record of increasing payouts and buybacks, CNQ stands out as one of the cheapest dividend-heavy names in Canada. Bushell views the stock as simply too inexpensive to ignore.
A Defensive Yet Opportunistic Strategy
Taken together, Bushell’s picks reflect a portfolio that balances stability with upside. Northland Power represents growth in renewable infrastructure, BCE offers a high-yield recovery story in telecom, and CNQ provides dependable dividends alongside global energy exposure. Each name anchors itself in reliable cash flow while offering catalysts that could drive further shareholder returns.
As uncertainty builds heading into fall, Bushell is keeping clients positioned defensively yet opportunistically. Dividends, infrastructure, and strong management teams remain the cornerstones of his strategy—qualities that historically shine brightest when markets wobble.
Conclusion
Ryan Bushell’s August 2025 selections showcase a disciplined approach to investing in uncertain times. By focusing on companies with robust dividends, global execution, and undervalued potential, he highlights a path for investors seeking stability and growth. Whether it’s renewable expansion at Northland Power, a turnaround at BCE, or the consistent strength of Canadian Natural Resources, Bushell’s picks underline a central message: reliable cash flow and patience remain the ultimate shields against volatility.