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Executive Summary

Utilities Rebound But the Market’s Still Flashing Yellow

By Roger S. Conrad on Apr. 10, 2023

Is the Federal Reserve about to wrap up this tightening cycle? Many investors appear to be betting on it, with the Nasdaq 100 up almost 20 percent year-to-date.

Tech is the 21st century’s most interest rate-sensitive sector because stocks trade on the promise of future cash flows. But traditional income stocks too enjoyed a big rebound last month: After being deep in the red, the Dow Jones Utility Average is now solidly in the black. And a substantial majority of stocks in my Utility Report Card had a positive Q1, while adding to gains so far in April.

Encouragingly, many of last year’s largest decliners are among 2023’s biggest winners so far. That includes Algonquin Power & Utilities (TSX: AQN, NYSE: AQN), which we now own in the Aggressive Holdings through its 7.75 percent mandatory convertible preferred of June 15, 2024 (AQNU).

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