Welcome to Episode 1 of Foyston For Thought.
In this episode, recorded on March 17, 2026, Gabriel Lopezpineda, FGP’s Head of Institutional, speaks with Zubaida Mirza, FGP’s Energy analyst, about how the conflict in Iran has unsettled global energy markets and what that may mean for investors in Canadian equities.
They discuss why geopolitical shocks can move far beyond the energy sector, how higher oil and natural gas prices can affect broader equity markets, and why portfolio construction matters during periods of uncertainty. Zubaida explains how FGP’s Canadian Equity portfolio entered this period with a meaningful overweight in Energy, not as a short-term geopolitical trade, but as a result of a long-standing bottom-up focus on high-quality companies with long-life assets, capable management teams, strong balance sheets and attractive valuations.
The conversation also explores why the duration of the conflict matters so much for energy prices, and how FGP is thinking about risk in an environment where valuations across many sectors may be elevated. Along the way, Gabriel and Zubaida highlight the role of diversification, downside protection and disciplined stock selection in helping portfolios navigate sudden macroeconomic shocks.
This episode offers a timely look at how FGP’s investment philosophy is being applied in real time: staying calm, staying selective and continuing to focus on high-quality businesses that pay dividends and trade at attractive valuations.
Disclosure:
This podcast is intended for informational purposes only and does not constitute legal, tax, security or investment advice, an opinion regarding the suitability of any investment nor a solicitation of any type. The opinions expressed are as at the date the podcast was recorded and are subject to change without notice. Foyston, Gordon & Payne is registered as a Portfolio Manager in every jurisdiction in Canada, an Exempt Market Dealer in every province in Canada, an Investment Fund Manager in Ontario, Quebec and Newfoundland & Labrador, and as an Investment Advisor in the United States. Foyston, Gordon, and Payne manages a number of pooled funds referred to as FGP Pooled Funds that are offered through a prospectus exemption to residents of Canada. The values of the FGP Pooled Funds change frequently. All investment involves risk. Unless otherwise stated, performance is on an annualized basis, in Canadian dollars and is gross of management fees. Past performance is not indicative of future performance. This podcast may contain forward-looking statements based on our views, information and assumptions as of the date of the recording. Listeners are cautioned that actual events may differ significantly. For further information on Foyston, Gordon, & Payne, please visit our website at www.foyston.com.
