BCV Bulletin - Recent Trading Activity - July 28, 2026
SELL: Gildan Activewear Inc. (TSE: GIL)
BCV sold its position in Gildan Activewear (GIL). Gildan had been an attractive investment to us over the last two years. However, we decided to exit our position as the company's underlying business has become increasingly complicated with the integration of Hanesbrands and aggressive revenue targets. The concerning rise in accounts receivables alongside shifting sales practices suggest a higher risk environment where short-term results may be prioritized over long-term stability. Consequently, our confidence in management's ability to sustain their current level of growth has deteriorated. While Gildan served us well in the past, we believe it is prudent to reallocate these funds into opportunities we view have greater transparency and a more reliable outlook.
BUY: Stantec Inc. (TSE:STN), Waste Connections Inc. (TSE:WCN), McDonalds Corporation (NYSE:MCD)
With the proceeds from Gildan, BCV added to its positions in Stantec, Waste Connections and McDonalds. Stantec is a highly diversified engineering, architectural and design firm benefiting from robust global public infrastructure spending and a steadily growing project backlog. Waste Connections is the third-largest solid waste management company in North America, operating a resilient business within a recession-resistant industry. McDonalds is a high-quality franchisor and restaurant operator recently added to the BCV Model. All three companies currently trade at what we view as attractive valuations relative to the investment opportunity.
This BCV Bulletin is intended for residents of the provinces and territories in which we are registered, is not meant to be a solicitation to any persons not resident in those jurisdictions and does not constitute an offer to buy or sell our products or services. Any opinions expressed are just that and are subject to change. Information is provided on a best-effort basis and its accuracy cannot be guaranteed. Information may also be provided from third party sources which are believed to be reliable, but we do not guarantee its accuracy or completeness. Certain statements may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. This BCV Bulletin has been prepared for general informational purposes only, is not intended as investment and/or financial advice on any subject matter and the securities mentioned should not be construed as a recommendation for any specific securities. ©BCV Asset Management Inc. 2026.
