Why this money manager bought UnitedHealth, Palantir and sold Zoetis

THE MOVER Why this money manager bought UnitedHealth, Palantir and sold Zoetis BRENDA BOUW SPECIAL TO THE GLOBE AND MAIL PUBLISHED YESTERDAY Open this photo in gallery: Paul Harris, partner and portfolio manager at Toronto-based Harris Douglas Asset Management Inc. Illustration by Jacqueline Oakley THE GLOBE AND MAIL COMMENTS SHARE SAVE FOR LATER Listen to this article Learn more about audio Log in or create a free account to listen to this article. Money manager Paul Harris describes himself as an active manager, but not in the way many investors view the term today. Instead of trading securities regularly, the partner and portfolio manager at Toronto-based Harris Douglas Asset Management Inc. likes to buy quality stocks and hold them for years through market ups and downs. “The hard part of our business is trying to do nothing; to separate yourself from the noise that’s out there – to not get caught up in it and do something foolish in your portfolio,” says Mr. Harris, who oversees about $185-million in assets. “When I sell or add a company, it’s more about risk management.” Mr. Harris also holds about 10 per cent cash at all times. “I think of cash as a strategic asset class,” he says. “It allows me to have a lot of flexibility, especially in bad times in the stock market when I don’t necessarily want to sell something [to be able to buy another stock].” The strategy has helped him provide steady returns for his clients in recent years: The Harris Douglas Equity Portfolio, which holds 29 stocks, returned 12.3 per cent over the past year. Its three-year and five-year annualized returns were 11.7 per cent and 8.2 per cent, respectively. The performance is based on total returns, net of fees, as of Aug. 31. The Globe spoke with Mr. Harris recently about what he’s been buying and selling: Name three stocks you bought recently. UnitedHealth Group Inc. UNH-N +0.45% increase , the Eden Prairie, Minn.-based multinational health care products and services company, is a stock we bought in August. We think it’s undervalued at current levels. UNITEDHEALTH GROUP 376.90+40.21 (11.94%) PAST YEAR SEPT. 19, 2025 336.69 SEPT. 18, 2026 376.90 SOURCE: BARCHART The company has gone through several issues in recent years, including its chief executive officer being shot and killed in a targeted attack in late 2024. Its new management has improved operational discipline after underestimating some insurance costs. The company is also a massive data…