Shane Obata's Top Picks: July 22, 2022

Top picks from Shane Obata, portfolio manager, Middlefield Capital

FOCUS: Global large-cap stocks

MARKET OUTLOOK:

June was an extremely volatile month for equities with the S&P 500, TSX Composite and MSCI World, all declining by more than eight per cent. The S&P 500 closed the first half of 2022 in a bear market, down 20.6 per cent, making it the worst start to a year since 1970. No S&P 500 sectors except energy generated a positive return in the first half, leaving few places for investors to hide.