Feeding Dividends and Powering Growth—Teltscher’s Summer Moves
Why Rebecca Teltscher is doubling down on dividend-paying stocks in a high-risk, high-reward market
Canadian dividend stocks may not always command the headlines, but for seasoned portfolio managers like Rebecca Teltscher of Newhaven Asset Management, they remain an essential cornerstone in a strategy built for volatility, value, and long-term yield. Teltscher, known for her prudent approach to market cycles, isn’t buying into the euphoria that’s gripping the North American indices. Her latest top picks—NFI Group, Brookfield Renewable Partners, and Premium Brands—are rooted in sectors offering stability, government support, and defensible margins in uncertain times.
Despite the TSX, Nasdaq, and S&P 500 all reaching record highs, Teltscher isn’t fooled by what she calls “a wild ride.” The data, she argues, tells a different story beneath the surface. Retail sales are weakening, GDP is slipping into the red, consumer confidence is crumbling, and job growth is slowing. Pair that with geopolitical unease and an erratic trade policy landscape, and it’s clear why she’s leaning into dividend payers with strong cash flow, solid fundamentals, and staying power.
NFI Group: Driving the Future of Transit
NFI Group is hardly the flashiest name on Bay Street, but its fundamentals are tough to ignore. This Winnipeg-based bus manufacturer is deep into a strategic transformation as North American transit agencies push hard toward fleet electrification. With recent contract wins from Brampton Transit and New Jersey Transit, NFI is now booking orders through to the end of 2026. That kind of visibility is rare in today’s market.
While the company faced recent supply chain friction, particularly around seat availability, those issues are now easing. Teltscher sees clear skies ahead as delivery schedules stabilize and procurement bottlenecks unclog. With a record backlog and rising demand for zero-emission buses, NFI Group looks poised to capitalize on the public sector’s commitment to decarbonization. The competitive landscape remains favorable and funding at the municipal level in the U.S. appears steady, making NFI a clear long-term play on sustainable infrastructure.
Brookfield Renewable: Powering the Data-Driven Future
Brookfield Renewable Partners is riding a multi-decade wave, fueled by the intersection of clean energy policy and tech-sector hunger for carbon-neutral power. Teltscher zeroes in on the May 2024 deal between Brookfield and Microsoft—a jaw-dropping 10.5 gigawatt agreement to provide wind and solar energy across North America and Europe from 2026 to 2030. This isn't just another corporate partnership, it's a signal flare for where institutional energy demand is heading.
That single deal is set to expand Brookfield’s output by nearly a third. For Teltscher, the opportunity isn’t just the scale—it’s the precedent. Tech giants are scrambling to power their data centers cleanly and reliably, and Brookfield’s platform, including its nuclear exposure through Westinghouse, makes it a top-tier utility for the digital age. Governments are increasingly open to nuclear’s role in energy grids, and Brookfield’s positioning gives it both long-term defensibility and upside.
Premium Brands: Food Security Meets Growth
The consumer landscape may be shaky, but Teltscher believes Premium Brands is walking the tightrope with precision. The company operates in a sector that’s classically defensive—food—but it has layered on a growth engine by aggressively building U.S. capacity and winning new contracts. The near-term outlook includes expanding margins and shrinking leverage. Longer term, macro tailwinds like improving consumption trends and consolidation across foodservice channels could add torque to its earnings.
Consumers are still looking for value, and Premium Brands has had to navigate shifting tastes and cost pressures, but it’s emerging leaner and more strategically positioned. Teltscher sees the company reaching an inflection point, with rising sales and improving profitability just ahead. For investors hunting for upside in a market that feels stretched, this one could deliver more than just defensive yield.
A Market That Feels Great Until You Look Closer
Teltscher doesn’t sugarcoat the current backdrop. Yes, the indices are screaming higher, but she’s quick to remind investors that market action doesn’t always mirror the economy. In this case, she says the disconnect is glaring. Stock valuations are rich, yet economic indicators are flashing warning signs. Employment is weakening. Consumer spending is falling. And global risks, from conflict to trade tension, are rising.
This is why Newhaven Asset Management is staying conservative, even while others chase the rally. Teltscher believes volatility will spike again in the back half of 2025. Government policy is still too unpredictable, and corporate earnings may not hold up if the consumer pulls back harder. The strategy? Anchor your portfolio with companies that offer consistent cash flow, pricing power, and the ability to navigate inflationary shocks. That’s where dividend stocks still shine.
Why Rebecca Teltscher’s Picks Stand Out
It’s not just about dividends. It’s about resilience. Each of the three names Teltscher has selected provides exposure to themes with staying power. NFI rides the electrification of public transport. Brookfield is deeply embedded in the global shift toward clean, scalable energy. Premium Brands brings scale, agility, and steady demand in a sector that people can’t live without—literally.
These aren’t just yield plays. They’re businesses with visibility, contracts, pricing power, and capital discipline. In a market full of speculative tech runs and inflated valuations, Teltscher’s approach is refreshingly grounded. She’s not reaching for returns, she’s protecting capital and positioning her clients to benefit from structural shifts in energy, mobility, and food security.
Conclusion: Don’t Confuse Momentum with Safety
The markets may look like they’re celebrating, but Rebecca Teltscher is scanning the exits. Her top picks are grounded in conservative fundamentals and built to weather a storm. NFI Group gives visibility and order book strength. Brookfield Renewable offers scale, relevance, and partnership-driven growth. Premium Brands is positioned for both offense and defense as U.S. investments come online.
Investors may feel bullish, but the data tells a more nuanced story. In times like these, high-quality dividend stocks aren’t just a cushion, they’re a compass. Teltscher isn’t betting against the market—she’s just not chasing it either. She’s playing the long game, and in 2025, that may be the smartest move of all.