Energy & Utilities

Over the course of the year, the QUIC E&U Canadian portfolio returned 24.5%, underperforming the benchmark by 16.2%, while the United States portfolio returned 25%, underperforming the benchmark by 20.6%. The team’s investment in Secure Waste Infrastructure (SES) generated strong returns, particularly following the company’s acquisition by GFL.

Looking forward, The Energy & Utilities sector remains a market weight in upstream, matching the index's exploration and production exposure, but is underweight in downstream due to the limited number of names available. Conversely, the team is overweight on oilfield services. This bullish view stems from improving pricing power and operating leverage, offering strong cycle-driven returns with more indirect commodity exposure than upstream producers.