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theglobeandmail.comAUG 213 min read$CVE

Why this $25-billion money manager added Couche-Tard and sold Telus

RBC Global Asset Management's Scott Lysakowski, overseeing $25.6B, remains optimistic about Canadian equities. His PH&N Dividend Income Fund, with 17.6% YTD returns, added Alimentation Couche-Tard (ATD.TO) and Cenovus Energy (CVE.TO), citing growth prospects, and sold Telus (T.TO) due to free cash flow pressures.

Original reporting
theglobeandmail.com
Published Aug 21, 2026, 8:45 AM UTC
Analysis
AlphAI AI DeskAI-generated
Added to AlphAI Aug 21, 2026, 9:17 AM UTC. Informational, not investment advice.
How this was made
AlphAI summarizes source reporting and applies a structured AI analysis for relevance, timing, sentiment and ticker impact. Always verify material claims with the original publisher.
About AlphAI AI DeskScoring methodologyReport an issue
Why this $25-billion money manager added Couche-Tard and sold Telus — source image
Source · theglobeandmail.com
Decision brief

The 30-second read

$CVEBullishLow
01

Why it matters

The commentary provides insight into institutional positioning but does not disclose any new corporate actions or earnings data.

02

Market read

The article offers a snapshot of fund flows into select Canadian stocks, useful for gauging institutional sentiment but low on actionable trading triggers.

03

What to watch

Potential regulatory changes in Canadian telecom and fuel markets could alter the outlook for both Telus and Couche‑Tard.

Relevance 4/10Novelty 2/10Timing: current fund commentary (August 2026)

Background

A senior portfolio manager at RBC Global Asset Management discussed recent buying and selling decisions within its $25.6 billion Canadian equity fund.

Company-level read

Ticker impact

$CVEBullishLow confidence
Context

Fund added Cenovus Energy after its acquisition of MEG Energy, noting production boost and cash‑flow generation.

Expected impact

Limited upside unless market rewards higher oil prices.

Evidence & confidence

Acquisition already completed; fund commentary adds no new material information.

$TFIIBullishLow confidence
Context

Fund started buying TFI International after a 50% jump in operating income and higher freight rates.

Expected impact

Potential modest rally if earnings trend continues.

Evidence & confidence

Quarterly results already public; fund’s purchase is secondary commentary.

Market effects

Sector

Highlights continued interest in Canadian energy, materials and financials among institutional investors.

Regional

May influence Canadian equity sentiment, especially for consumer‑discretionary and energy stocks.

Global

Limited; primarily relevant to investors focused on Canadian markets.

Counterpoint

What could challenge this read

Fund’s sell of Telus could be premature if dividend cut is temporary and new CEO stabilizes the business.

Key entities

  • Asset Manager
    RBC Global Asset Management

    Manages the PH&N Dividend Income Fund.

  • Portfolio Manager
    Scott Lysakowski

    Senior portfolio manager overseeing the fund.

Read at source← All news

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