Episode
Hold Cash — But Load Up On Commodities
- Published
- Jun 16, 2026
- Duration seconds
- 2889
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- https://share.transistor.fm/s/6c9c1be6
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Summary
Global fund managers raised their allocation to equities by the most on record in May, but Chad Larson, who manages the best performing tactical fund in Canada, is taking a contrarian approach—holding elevated cash levels while selectively deploying into his highest-conviction trades. On this episode of In the Money with Amber Kanwar , the Founder & Senior Portfolio Manager at MLD Wealth, breaks down why his largest holding is cash—and why that doesn’t make him bearish. Instead, he’s running a barbell strategy: staying defensive while targeting opportunities in small-caps, natural resources, and the “backbone” of the AI trade. From oil and copper to uranium and infrastructure, Chad makes the case that we’re still early in a multi-year commodities supercycle—but warns the easy money has already been made. In the Mailbag, Chad shares his top ideas across sectors, including semiconductors via the SOXX ETF, copper exposure through Sprott Copper Miners ETF (COPP) and King’s Copper (KCP), uranium through Global X Uranium ETF (HURA) and Cameco (CCO), and energy names like Canadian Natural Resources (CNQ). He also highlights National Bank (NA) as his favourite Canadian bank, weighs in on MDA Space (MDA) and Lockheed Martin (LMT), and explains why he’s steering clear of software names like Thomson Reuters (TRI) despite the AI boom. In Pro Picks, Chad leans into higher-risk, high-reward ideas. He highlights Gold X2 Mining (AUXX) as a leveraged gold play with takeover potential, Trican Well Service (TCW) as a direct way to play a rebound in oilfield services, and Surge Battery Metals (NILI) as a speculative lithium story tied to the EV and energy transition. It’s a classic barbell approach: safe sector exposure on one side, and “lottery ticket” upside on the other. If you’re…