The Globe and Mail reports in its Tuesday, Jan. 27, edition that Stephenson & Co. Capital Management manager John Stephenson sees domestic banks as a "sideways bet" for investors in the coming months because of the pressure lower rates will put on its profits. The Globe's Brenda Bouw writes that Mr. Stephenson believes many real estate investment trusts, telecoms and utilities will do well, but his firm is more interested in the Canadian-dollar impact of lower rates on sectors such as industrials, including auto part makers such as Magna International and Linamar or aviation manufacturer CAE. He says, "Anything that is manufacturing here in Canada will do well." Mr. Stephenson says while materials should do well, lower commodity prices will continue to weigh on mining, and oil and gas stocks. StoneCastle Investment Management president Bruce Campbell is seeing benefits from companies with United States sales, such as Interfor, which has jumped about 15 per cent since the rate cut was announced last week. Other forestry stocks have also surged. Mr. Campbell's firm owns shares of Air Canada, which dropped after the rate cut because of its large American-debt exposure.