The Globe and Mail reports in its Thursday, March 8, edition that Guardian Capital Group fund manager Michele Robitaille says: "We are already pretty defensive, but are thinking of shifting more defensively as we get to the end of this business cycle. Whether that's the end of 2018 or in 2019, we're not sure yet. We are underweight utilities and telecom, energy and infrastructure. We will gradually add some weight to those sectors. We still see this as a very stock-specific market in terms of where we're seeing opportunities and where to add and where to trim." The Globe's Brenda Bouw writes that Ms. Robitaille has been buying Bank of Nova Scotia. Ms. Robitaille says Scotiabank has lagged the rest of the banking group. She says: "It recently posted solid earnings and we think they have good operating momentum, particularly in their Latin American operations. I think there's a bit of an overhang because of the impact of NAFTA, which we think is quite manageable. We have been adding to our Enbridge position in energy infrastructure. That name came under pressure last year. We think it represents good value. SNC-Lavalin is another name we've been adding." She believes the market is undervaluing the firm.