Jamie Murray’s Top Picks for October 23,2025

Jamie Murray’s Top Picks for October 23,2025

By BNNBloomberg.ca Staff

Published: October 23, 2025 at 3:00PM EDT

Jamie Murray, Portfolio Manager & Head of Research, Murray Wealth Group

Focus: Global equities

Top picks: Nu Holdings, Exchange Income Corp, Northwest Healthcare REIT

MARKET OUTLOOK:

We believe the market will rally through year-end. This is based on seasonal factors.

Q4 is typically the strongest period of the year and a strong nine month start portends strength to close out the year.

Massive fiscal and monetary stimulus in both the U.S. and Europe as military spending increases flow through to general economy.

Central banks are in an interest rate cutting cycle which should provide additional support for equities. Of course, the big thematic trade in AI needs to continue to push broad markets higher given the large weighting towards the sector.

We believe the trade still has a leg as large language model (LLM) adoption continues to grow strongly and the compute requirements to run these models continues to expand.

Nu Holdings (NU NYSE)

Nu Holdings, the parent company of Nubank, is a rapidly growing player in the fintech space with a strong footprint in Brazil and growing presence in Mexico and Colombia.

It has a 15 per cent market share in Brazil and thinks it can double its position over the next decade. Additionally, consumers are rapidly adopting its new products.

Fifty-seven per cent of customers use two or more products. Uptake in Mexico and Colombia has been strong with 13 per cent and 10 per cent adoption rates. We expect new markets will launch in the mid-term including the U.S.

As a branchless operation, the company has a very low cost to serve. Revenue should grow 70 per cent over the next three years at strong margins.

Exchange Income Corp (EIF TSX)

Exchange Income Corp has a toehold on Canadian Northern and Arctic development. It has ~60 per cent market share in the passenger airline business.

It’s the largest med-evac company in the region and its access matting and network tower service operations provide multiple touchpoints to Arctic development.

Additionally, the ISR business (air recon and surveillance) is growing globally and EIF is a burgeoning player in this market. A win in Australia would cement this position. As aerospace revenue grows, the multiple on EIC should improve which supports a higher target price (closer to US$100 if Australia hits). The capital structure is much cleaner than years past.

Northwest Healthcare REIT (NWH-U TSX)

Northwest has dramatically improved its financial profile in the past 18 months through asset sales and debt repayment. The payout ratio is now well under 100 per cent and falling with an attractive seven per cent yield.

Some of its assets are grade A infrastructure-like assets, like hospitals, that have no competition and are government-backed.

The remaining assets are still long leased to doctors and other medical service providers, providing economic resilience. New CEO from Brookfield is excited to bring focus back to return on capital with further asset sales, more scaled geographies, and a strong development focus. Board chair owns less than 10 per cent of the units.

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Source

https://www.bnnbloomberg.ca/markets/2025/10/23/jamie-murrays-top-picks-for-october-232025/