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  5. BNS: Hi Guys I hold both of these and was going to add to one of them. [Bank of Nova Scotia (The)]
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Q: Hi Guys
I hold both of these and was going to add to one of them. At this point in time, but looking out 5 years, which stock would you add to? If you could provide a brief rational that would be great too.

Much thanks

Stuart
Asked by Stuart on October 07, 2025
5i Research Answer:

SLF is cheaper, which leads us to it. Also, if both are already owned, we think SLF also has a bit less economic cyclicality. Over five years, it is quite likely we will see a recession, and banks may suffer more than insurance companies simply because of their business mix (insurance premiums vs loans which could default). Insurance companies also tend to do better if rates rise, and SLF thus can provide a bit of a hedge if rates do not fall as much as expected.