John Zechner's CommentsOn stock exposure, we went into March with an equity weight of about 40 per cent, right at the bottom end of our normal 40-65 per cent range. We used the weakness from the banking crisis to add back some stocks and move that weight back to around 45 per cent. We added Canadian and U.S. bank exposure, but that was from a position of almost no holdings in the sector, and we still remain underweight the group until we see how the current crisis unfolds. Our preference is for the major players in both markets, including Bank of America, Citigroup, Visa, TD and Bank of Montreal. In terms of overweight sectors. we added to energy stocks on the recent weakness. Oil prices are supported by low inventories, reduced production in the U.S. and a bump in demand from the re-opening of the Chinese economy. Meanwhile, the valuation of these stocks is exceptional, with free cash flow yields of over 20 per cent at the current WTI oil price of US$75 and cash flow multiples of under four times. Most energy companies are also returning more of their excess capital to shareholders via stock buybacks, increased dividends and debt re-payment. Top names include Cenovus, Crescent Point and Baytex Energy. We also still like the pipeline stocks for their moderate valuations and high dividend yields. Ditto for the Telecom Sector (BCE, Rogers and Telus) where they also have continued growth from data services.