CIBC Asset Manager Craig Jerusalim's Stock Picks: DRI Healthcare Trust, Element Fleet, Fairfax, and Energy Giants

Craig Jerusalim, senior portfolio manager at CIBC Asset Management, is buying Element Fleet and Fairfax, and trimming two energy giants. He believes global trading partners, including Canada, have been spoiled by access to the US consumer market at low prices, but tariffs imposed by the Trump administration are changing that. Jerusalim is using market swings to buy underappreciated companies and sell those that have run up too fast. He owns DRI Healthcare Trust, Element Fleet, and Fairfax, and has been buying DRI steadily this year.

Title: Craig Jerusalim of CIBC Asset Management on Tariffs, Market Shifts, and Strategic Investments

July 02, 2025

Craig Jerusalim, senior portfolio manager at CIBC Asset Management Inc., has been navigating the evolving landscape of global trade and market volatility to make strategic investments. In a recent interview with The Globe and Mail, Jerusalim discussed his approach to investing and highlighted three stocks he is currently buying: DRI Healthcare Trust, Element Fleet Management Corp., and Fairfax Financial Holdings Ltd. [1]

Jerusalim believes that the cost of doing business with the United States is increasing due to the tariffs imposed by the Trump administration. He notes that while the trade threat is constantly changing, companies that can navigate through the uncertainty will come out ahead. He has been using market swings to buy stocks he believes will outperform and sell those that have run up too fast in the recent rebound.

DRI Healthcare Trust, a Toronto-based pharmaceutical royalties company, has been a consistent performer for Jerusalim. The company has achieved two transformative milestones in 2025, including the internalization of its manager and the U.S. Food and Drug Administration's approval of a Stage 3 drug. Despite these achievements, the stock continues to trade at a double-digit discount to its net asset value, providing a robust dividend yield of 4% [1].

Element Fleet Management Corp., the world's largest publicly traded fleet management company, is another stock that Jerusalim has been adding to his portfolio. He expects the company's double-digit growth trajectory to continue, and the passage of the One Big, Beautiful Bill in the U.S. is expected to enhance profitability further [1].

Fairfax Financial Holdings Ltd., a Toronto-based reinsurance and property and casualty insurance company, is a more recent addition to Jerusalim's portfolio. He believes the company is undervalued and expects significant windfalls from its investment portfolio in the next quarter [1].

Jerusalim has also been trimming positions in energy companies Suncor Energy Inc. and Canadian Natural Resources Ltd. after the recent spike in oil prices. He anticipates a stabilization in prices to the high US$50- to mid-US$60-a-barrel range and has put the money to work in other sectors [1].

Meanwhile, the global copper market has been impacted by a stronger U.S. dollar and profit-taking after Trump's announcement of a 50% tariff on copper imports. Analysts predict that U.S. copper prices will gradually decline as traders sell off accumulated stockpiles, with weak domestic demand and a surplus of 440,000 tons in U.S. stockpiles [2].

References

[1] The Globe and Mail. "Why this $9.5 billion money manager is buying Element Fleet and Fairfax." Retrieved from https://www.theglobeandmail.com/investing/globe-advisor/advisor-funds/article-why-this-95-billion-money-manager-is-buying-element-fleet-and-fairfax/

[2] Economies.com. "Copper prices fall on stronger dollar, profit-taking." Retrieved from https://www.economies.com/commodities/copper-news/copper-prices-fall-on-stronger-dollar,-profit-taking-46849