From Construction to Cold Cuts: Rebecca Teltscher’s All-Weather Portfolio
How a top Canadian portfolio manager is navigating market volatility with steady dividend payers like Aecon, Premium Brands, and Altagas.
Editorial Team (ET)February 15, 2026
In a market rattled by geopolitical tremors and tariff tension, Rebecca Teltscher, portfolio manager at Newhaven Asset Management, is doubling down on a strategy that’s weathered storms before: Canadian dividend stocks. With a laser focus on income stability and long-term defensiveness, Teltscher’s picks—Aecon, Premium Brands, and Altagas—aren’t just resilient. They’re quietly thriving in today’s uncertain environment. Navigating Market Chaos With Discipline
The first quarter of 2025 has been anything but ordinary. The global economic picture has been reshaped by erratic moves from U.S. President Donald Trump’s administration, particularly regarding tariffs that have been rolled out, postponed, and then left dangling in regulatory limbo. This level of unpredictability is the kind of backdrop that typically spooks investors—and for good reason.
However, Teltscher sees opportunity in the chaos. While uncertainty is typically a red flag, she argues that the relative outperformance of the Canadian market compared to the U.S. this year is no fluke. Canada never saw the same speculative bubble inflate post-COVID, and as the American market corrects, Canadian equities are holding up surprisingly well.
At Newhaven, her strategy is grounded in one word: consistency. Defensive, dividend-paying Canadian companies that generate strong cash flow and reward shareholders with reliable income form the backbone of her portfolio. And this approach has paid off.
Aecon: Building on Stability and Utility Strength
One of Teltscher’s top picks, Aecon, is no stranger to economic cycles. The Canadian infrastructure giant, with deep roots in both public and private construction projects, has seen a rebound since its pandemic-era cost challenges. While some of those gains have tapered in 2025 amid fresh economic jitters, Teltscher sees this as a strategic buying window.
What makes Aecon stand out is its dual-pronged resilience. Nearly half of the company’s revenues stem from utility and nuclear projects—sectors that are historically less volatile and highly regulated. Moreover, Aecon’s contracts often include operations and maintenance after construction is completed, providing a long-term revenue stream that’s hard to ignore.
Despite recent softness in share price, Aecon’s growing project backlog tells a story of demand strength. Governments continue to invest in infrastructure to stimulate growth, and Aecon is well-positioned to benefit from that momentum. With a 4.5 percent dividend yield and a 10-year dividend growth rate averaging seven percent, it’s easy to see why Teltscher is bullish.
Premium Brands: Patience Pays Off in the Food Sector
Premium Brands Holdings may have flown under the radar in recent quarters, but Teltscher believes that’s about to change. The food investment platform has long been focused on acquiring high-quality, convenience-oriented brands that cater to evolving consumer tastes—specifically, those prioritizing health, transparency, and ready-to-eat options.
While recent earnings have been underwhelming and M&A activity slower than usual, Teltscher appreciates the discipline shown by Premium Brands’ management. Rather than rushing into deals, they’ve waited for the right opportunities—and that patience now appears to be paying off.
Over the past few months, Premium Brands has announced four acquisitions. Coupled with a significant U.S. capacity expansion nearing completion, the company is positioning itself for a new era of growth. This isn’t just about bolstering supply—it’s about meeting the needs of massive partners like Costco, who demand reliability and scale.
Despite tariff fears pressuring consumer stocks across the board, Premium Brands has kept its exposure to cross-border trade below five percent. Recent U.S. acquisitions help to further insulate the company from geopolitical risks. In Teltscher’s eyes, this makes it a smart, forward-looking play in an uncertain world.
Altagas: A Hybrid Model With Hidden Upside
Perhaps the most overlooked name on Teltscher’s list is Altagas. The Calgary-based company operates in both the midstream energy and regulated utility sectors—an unusual mix that often confuses investors. But for Teltscher, that hybrid model is exactly what makes the stock compelling.
Altagas has been executing steadily on major growth initiatives. Its Ridley Island Export Facility is set to boost the company’s capacity to ship liquified propane to Asia, tapping into a growing demand from global markets looking to diversify beyond U.S. suppliers. Given the current geopolitical friction, that export capability adds a layer of strategic value.
On the utility side, Altagas’ operations across Washington, D.C., Maryland, and Virginia are seeing healthy rate base growth, expected to average around eight percent. With demand for power climbing, especially in urban regions, this regulated segment provides a strong, predictable income base.
Although the stock recently touched new highs, Teltscher argues the valuation remains attractive, especially when you factor in a 3.3 percent dividend yield and annual dividend growth clocking in at six percent. For long-term investors looking for a stable core holding with upside potential, Altagas checks all the boxes.
Why Canadian Dividend Stocks Are Having a Moment
Teltscher’s conviction in Canadian dividend payers isn’t just about safety. It’s about strategic positioning in a market that’s shifting beneath our feet. As global equity markets reprice risk and reassess growth assumptions, Canada’s more conservative market profile is finally gaining some appreciation.
Dividend stocks are providing more than just yield—they’re offering consistency in a time where few things feel predictable. While the U.S. market has been grappling with inflated valuations and speculative excesses, Canadian stocks have largely stayed in their lane. That’s helped investors avoid the kind of dramatic corrections we’ve seen south of the border.
Moreover, in an inflationary environment where real returns are harder to come by, reliable dividend income becomes even more valuable. It’s not just about price appreciation—it’s about total return and the comfort of knowing your money is working for you, even when markets get shaky.
Final Thoughts: Playing Offense With Defensive Names
Rebecca Teltscher’s picks—Aecon, Premium Brands, and Altagas—might not be the flashiest names on the TSX. But that’s the point. In a volatile and politically charged environment, these companies offer durability, dependability, and dividends. They’re built to last, and they’re quietly performing even as others falter.
As the world grapples with uncertainty, these picks offer a sense of calm in the storm. They’re not just defensive—they’re smart plays for investors who want to stay invested without losing sleep at night. And as Teltscher continues to prove, sometimes the best offense is a good defense.
