Key Investments for November 2024: David Burrows’ Top Large-Cap Picks

Strategic Investment Insights from David Burrows: M&T Bank, Motorola Solutions, and Atkins-Realis Poised for Growth

Editorial Team (ET)July 8, 2025

As a highly respected investment strategist, David Burrows, President and Chief Investment Strategist at Barometer Capital Management, brings a clear-eyed perspective to the dynamic landscape of North American large-cap stocks. With a focus on strategically positioned sectors, Burrows has outlined his top picks for November 6, 2024, which include M&T Bank, Motorola Solutions, and Atkins-Realis. His selections reflect a keen awareness of market cycles, current fiscal policies, and the regulatory shifts that stand to impact these stocks significantly.

Market Outlook Overview

Burrows believes that the market itself is the most astute analyst, offering valuable insights into economic health and investor sentiment. The strength of the market, as measured by the performance of individual stocks, remained resilient even during turbulent months, underscoring the solid foundation upon which investors are positioning for the next economic cycle. According to Burrows, large-cap stocks that stand to gain from U.S. deregulation and a pro-business environment show the most promise.

The current market landscape is notably favorable for financials, industrials, and cyclical sectors. Burrows highlights that these sectors have been moving ahead of defensive sectors, an indication that investors are gearing up for economic expansion. He observes that fiscal and trade policies proposed under Republican leadership are particularly beneficial to smaller and mid-sized companies that operate closer to the domestic economy. This pro-growth stance is expected to drive momentum for cyclicals as well as financial and industrial players.

Seasonal factors add a layer of optimism to Burrows’ outlook. The upcoming months, traditionally strong periods for stocks, align with his projection of further market gains. From now through the next half-year, seasonal tailwinds may play a significant role in bolstering investor confidence and amplifying returns, particularly in sectors that have already shown resilience in the face of economic uncertainty.

Barometer Capital’s approach has been to underweight technology and defensive sectors that could be disadvantaged by rising long-term bond yields. Instead, Burrows has placed a strong emphasis on financials and industrials, positioning Barometer to capitalize on deregulation and pro-growth policy measures. This tactical shift underscores his commitment to sectors that align with cyclical recovery trends.

Top Pick #1: M&T Bank (MTB)

M&T Bank, a full-service regional bank based in the northeastern U.S., is well-positioned to benefit from regulatory easing. With a significant presence in wealth management, M&T stands out as a robust player in the regional banking sector. The bank’s prospects for growth through acquisitions are likely to be amplified as regulatory constraints potentially loosen, allowing for expansion and strategic positioning in the next economic cycle.

With a favorable yield curve, M&T Bank has the opportunity to improve its net interest margins, which would directly enhance profitability. Regional banks like M&T are closely linked to the domestic U.S. economy, and with renewed focus on cyclical growth, MTB is positioned to capitalize on its foundational strengths.

Top Pick #2: Motorola Solutions (MSI)

Motorola Solutions has established itself as a leader in security technology, particularly with its body-worn cameras and mobile radios for police and first responders. The company has also benefited significantly from a U.S. federal ban on Chinese-made security cameras, providing it with a competitive advantage. Motorola’s security solutions, spanning cameras to software services, position it well within a market projected for robust growth.

With 65% of revenue derived from product sales and 35% from software and service subscriptions, Motorola enjoys a balanced revenue stream. The expansion of body-worn cameras and land-based mobile radios, along with a rising demand for subscription-based services, reflects a well-rounded business model. These recurring revenue channels not only stabilize cash flow but also justify a valuation premium.

Top Pick #3: Atkins-Realis (ATRL)

Atkins-Realis, a global leader in infrastructure and energy consulting, offers a unique investment opportunity within the expanding green and nuclear energy markets. With 20% of its revenue coming from the U.S., Atkins-Realis stands to benefit directly from policies aimed at bolstering American infrastructure. Furthermore, the company’s involvement in sustainable projects aligns well with increasing global demands for environmentally responsible solutions.

Approximately 15% of Atkins-Realis’ revenue is derived from its nuclear division, a segment poised for strong growth amid the resurgence of nuclear power as a viable energy source. Through its CANDU nuclear technology, Atkins-Realis is positioned to capitalize on the potential life extensions of existing nuclear reactors, as well as new construction projects in various countries.

Investment Strategy Insights from David Burrows

Burrows’ investment philosophy hinges on identifying value and growth opportunities that align with broader economic cycles. His focus on sectors driven by pro-growth policies, along with his strategic selection of cyclicals, underscores his adaptive approach to market fluctuations.

Why Cyclicals are Gaining Ground in 2024

Cyclicals have taken the lead over defensive stocks, a shift that reflects investor optimism in a recovering economy. By focusing on financially sensitive sectors, Burrows seeks to harness the advantages of this positive sentiment. His emphasis on financials and industrials highlights an expectation of increased economic activity, supported by favorable central bank actions.

Navigating Uncertainty with Fiscal and Monetary Policies

As central banks continue to influence the market, Burrows emphasizes the importance of understanding fiscal policies and their effects on sector performance. The Fed’s easing stance has bolstered economically sensitive sectors, providing a stable foundation for future growth in the areas Burrows has highlighted.

Conclusion

David Burrows’ top picks—M&T Bank, Motorola Solutions, and Atkins-Realis—offer a well-rounded investment strategy aimed at capturing growth in key North American large-cap stocks. By leveraging regulatory shifts, fiscal policy advantages, and sector-specific trends, Burrows provides a roadmap for investors seeking to benefit from the next business cycle. His emphasis on cyclicals and economically sensitive sectors reflects a confidence in the resilience of the U.S. economy and the opportunities it presents.

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