BN

Over the past 12 months, the TSX gained about 20%. Some well-known Canadian companies went the other way, with double-digit losses. So are they falling knives that will cut you or good buying opportunities? Some of them are in my portfolio. FirstService is not in my portfolio, but it caught my attention. It is down about 11% over the past 12 months, even after a bounce on its third-quarter results.

We seek to purchase our target companies at share prices that incorporate a margin of safety. We estimate that the companies in PSH's investment portfolio will have average annual EPS growth of about 20% over the next three to five years. Our companies also have higher profit margins, better returns on capital, more favorable competitive positioning, and, in our view, more capable management teams than the average company in the S&P 500.

Retiring on dividends requires more than a high yield. I look for defensive business models, investment-grade balance sheets, sustainable payouts, and inflation-beating dividend growth. Two high-quality dividend growth machines currently offer yields exceeding 5%, attractive valuations, and compelling long-term growth opportunities. Both companies have extensive histories of growing their payouts and generate stable cash flows supported by essential infrastructure assets.

Brookfield Corporation is a Buy ahead of Q3, as legacy carried interest monetization is set to ramp, driving significant cash generation. BN's BAM stake alone covers ~74% of its share price; the remaining value offers exposure to carry, insurance, and real estate at a discount. Immediate catalysts include accelerating carry realization, higher buybacks, and growing insurance/asset management earnings, with Q3 expected to show tangible progress.

HHH and BN offer diversified growth opportunities, but their earnings momentum, capital strength and investment risks set them apart.

Valuations seemed much more favorable for international property companies, particularly in comparison to some of the larger U.S. companies involved with senior housing and data centers. Along these lines, the Fund initiated positions in the common stock of Scentre Group and Home Depot during the quarter. Third Avenue Real Estate Value Fund trimmed back WESCO and Freddie Mac preferred, exited D.R. Horton, and extended its British Pound and Hong Kong Dollar hedges for portfolio management purposes.

Leading alternative asset managers have tumbled nearly 50% from their highs. AI and infrastructure investments could fuel enormous growth. Historically low valuations could offer exceptional long-term returns.

Investors often make decisions in haste, without properly examining the company and its cash flow sources and quality. We discuss two asset-backed income picks with growing payouts and resilient business models. Energy Transfer and Brookfield Asset Management are positioned for durable, growing cash flows, providing reliable income and portfolio resilience through market cycles.

CALGARY, Alberta, Oct. 07, 2026 (GLOBE NEWSWIRE) -- Brookfield Residential Properties ULC (“Brookfield Residential” or the “Company”) today announced that its 2026 third quarter results will be released after market closes on Wednesday, October 28, 2026. The financial results and information relating to the 2026 third quarter will be posted on the Company's website at BrookfieldResidential.com.

NEW YORK, Oct. 01, 2026 (GLOBE NEWSWIRE) -- Brookfield today announced the final close of Oaktree's Asset-Backed Finance Fund (“ABF I”) with $2 billion of commitments across the Fund and related investment vehicles, achieving its target fundraise. The Fund attracted a globally diversified base of institutional investors, including U.S. public pension plans and sovereign wealth funds, reflecting strong institutional demand for asset-backed finance solutions.