Jordan Zinberg, president and chief executive officer, Bedford Park Capital

FOCUS: Canadian small and mid-cap stocks


Equity markets have rallied nicely year to date, with some of the hardest-hit sectors of 2022 outperforming so far in 2023. Risk-on sectors such as technology are leading the way, while defensive sectors that proved to be safe havens for investors last year are lagging.  

Notably, one of the key themes we are seeing is elevated merger and acquisition activity. While some of the premiums paid by acquirers were in line with historical norms, others have been eye-popping (Maxar 129 per cent, Freshii 143 per cent). In addition, several Canadian companies are examining various types of value maximization initiatives, including formal strategic reviews.   

Earnings season in Canada will begin in earnest next week. Without diminishing the importance of fourth-quarter results, we expect investors to be keenly focused on any updates to 2023 guidance. Valuations in various segments of the market declined significantly in 2022, presenting many attractive opportunities for astute investors.    

  • Sign up for the Market Call Top Picks newsletter at
  • Listen to the Market Call podcast on iHeart, or wherever you get your podcasts