CWYUF - Canadian Retail And Diversified REITs: Vaccines Vs. Delta Variant

• The Delta variant and other future variants could lead to interruptions to a full economic reopening, and require continued measures like mask-wearing and/or booster shots.
• On the plus side, the vaccine rollout has progressed well in Canada, and has been closing the gap with other countries that had a quicker start.
• I continue to be optimistic about Canadian retail and diversified REITs in general, given their resiliency and strong rent collection.
• I would view Canadian retail/diversified REITs as a better option than more popular reopening bets like airlines or cruise lines, which have had to raise capital and burn cash.
• The biggest risk likely comes from large unvaccinated populations, worldwide, that could help to fuel the emergence of new variants that are even more virulent.

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