Boralex is an independent producer of onshore wind, hydro, thermal, and solar power. It develops, builds, and operates renewable energy power facilities in Canada, France, and the U.S.

Montreal-headquartered National Bank has been the best performing amongst the group, doubling over the last five years and up 56% over the last year. Having grown by taking over Canadian Western Bank (CWB), the eighth-largest bank in Canada, for $5 billion, it subsequently bought the retail business of Quebec-based Laurentian Bank with its $10.9 billion in assets and $1.4 billion in small- and medium-sized enterprise loans.

Scotiabank has been the worst-performing of the Big Six Canadian chartered banks, as investors were unenthusiastic about its exposure to what were regarded as higher risk Latin American markets, such as Mexico, Peru, and Chile. That resulted in write downs when it exited certain markets. Those included $379 million for the sale of its stake in Bank of Xian in 2024 and $1.36 billion in the first quarter of 2025 for the sale of operations in Colombia, Panama, and Costa Rica, receiving a 20% stake in Colombia-based Bank Davivienda in return.

New CEO Scott Thomson, appointed in 2023, has refocused Scotiabank’s business on North America, with spectacular results. Up only 20% before dividends over the last five years, the share price has climbed 40% in the last year, helped by the acquisition of a 15% stake in Cleveland based Keycorp (NYSE: KEY). The civil unrest in Mexico after the death of a notorious criminal drug lord in March is not expected to affect Scotiabank’s operations.

Femsa is the operator of the 25,300-store chain of OXXO convenience stores, 4,400 pharmacies, and 558 gas stations through Central and South America. It also owns 2,700 Valora convenience stores in Germany, Switzerland, and Austria. And it recently bought the 249-store Delek convenience store chain in the US Southwest. Femsa is operating in Central and South America, as the largest bottler in the Coca-Cola system.

London-headquartered Rio Tinto is one of the longest established diversified mining companies in the world, with exposure to iron ore in Australia and Canada (it is the world’s largest iron ore producer) aluminum, lithium, and copper, as well as borates and titanium, which it is looking to dispose of.