Global fund managers raised their allocation to equities by the most on record in May, but Chad Larson, who manages the best performing tactical fund in Canada, is taking a contrarian approach—holding elevated cash levels while selectively deploying into his highest-conviction trades. On this episode of In the Money with Amber Kanwar, the Founder & Senior Portfolio Manager at MLD Wealth, breaks down why his largest holding is cash—and why that doesn’t make him bearish.
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We are going to the Calgary Stampede again this year! We will have a feature interview with Enbridge CEO Greg Ebel and I’d love for you to be part of our audience if you will be in town. The taping is on July 8th in the morning. If you would like to be part of it please email stampede@inthemoneypod.com and we will get you on the list!
Here are five things to know:
Fed day: Stocks are flat ahead of the Fed rate decision later today – the first under new Fed Chair Kevin Warsh. There is bound to be volatility as he will try to get the market used to a new style of communication. Warsh has telegraphed he prefers a “less is more” approach when it comes to chatting to the markets but his boss might have something to say about that if it leads to volatility. Details of the framework agreement between the US and Iran have emerged and it includes the ending of the war, a promise to reach a final agreement within 60 days, for the US to lift the naval blockade and for Iran to allow passage through the Strait of Hormuz, and importantly the promise that Iran will never produce nuclear weapons. The agreement is meant to be signed this Friday. Oil prices are higher today for the first time in five days – but the selloff has been brutal with crude down 30% from the April peak. Under the hood, the market rotation has been interesting. Magnificent Seven is flat in 2026, small caps are outperforming. Canadian financials are at record highs and US financials are at a 6-month high. Software continues to underperform semis. In June and in 2026, the TSX is outperforming the S&P 500.
Not interested: Lionsgate is falling 7% from a record high after Netflix came out and said they aren’t interested in buying the studio. Lionsgate shares have ben rallying on merger buzz. This comes amidst a torrent of deals in the media space with Netflix’s failed bid for Warner Brothers which ultimately went to Paramount Skydance. Earlier this week Fox bought Roku. Netflix reportedly lost out on that bid too. Shares of Netflix haven’t really recovered since it first signaled its interest in Warner Brothers. After a brief rally, the stock is back sitting at a 5-month low and is down 40% from the 2025 peak. Investors know they are still looking for a deal and the fear of equity issuance and concerns about what the means for the core business is weighing on the stock. I own Netflix.
About face: Shares of UniQure are surging 63% after a dramatic turn of events for the Huntington’s Disease drug maker. Big shout out to Eden Rahim for putting this stock on our radar (cued up to where he talks about it – highly encourage a watch, he basically described exactly what happened). He was on the podcast in February talking about how the stock plunged because of an about face by the FDA which had become highly politicized under Vinay Persaud. “They just can’t do something like that,” said Rahim at the time. He went long. I wish I did too. The FDA announced today they would accept their trial data for consideration under accelerated approval. This is the first step toward accelerated approval, something Rahim sees as likely because the drug works.
Shorts season: Gildan plunged 18% after Jehoshaphat Research came out with a negative report. This is the same outfit that called out goeasy which is now down 75% over the past year. Jehoshaphat says that Gildan is “stuffing” its channels with excess inventory which is inflating its growth numbers. They said their true organic growth is negative. In interviews with former employees and customers, Jehoshaphat documents a process whereby Gildan calls up their distributor and asks them to take delivery of goods so they can hit their quarterly sales numbers. In a short response, Gildan said they are aware of Jehoshaphat claims and reiterate their 2026 financial targets. The rebuttal wasn’t very forceful, didn’t directly refute the accusations and said they wouldn’t be commenting any further. Meanwhile, shares of Abaxx are buckling under the pressure of short seller Viceroy Research. Unlike Gildan, the CEO is not staying quiet. Josh Crumb posted a tweet storm a few days ago accusing them of playing dirty but not directly speaking to their accusations.
Yesterday’s news: Shares of Groupe Dynamite plunged 36% after growth came in lower than expected and its forecast suggested a deceleration. Price targets are being cut across the board but everyone is keeping their buy ratings (there are no holds or sells). In fact, Raymond James is upgrading the stock to Strong Buy calling the sell off an “extremely outsized reaction” to a well telegraphed scenario. The forecasted sales growth was in line with analyst expectations and shouldn’t have been a major surprise. “We do not think it is going to take much to move GRGD higher from these levels as the stock would appear to be embedding scenarios where (same-store-sales growth) trends worsen,” said Michael Glen of Raymond James, “There remains a very substantial growth curve in front of the company from both a new store opening and (same-store-sales growth) perspective, and we see considerable runway for the business to expand and early indications on UK market remain encouraging.”
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