HMAX owns securities entirely in the financial sector, so this becomes a question of diversified financial exposure versus one company in communications. HMAX's call option strategy will ensure a higher yield over Telus, so it becomes a question of upside/downside. In a rising market, HMAX will likely lag the overall market as positions get called away. It can still rise, but may not rise to the same degee as the financial sector. Lower rates 'might' lower call option premium, if volatility decreases as a result. Lower rates should add to the appeal of Telus a bit more, as its upside is not capped by call options. But, T has a growth issue also. 2024 earnings are expected to improve over 2023, but even so are going to be 30% less than they were six years ago. With diversification and higher yield, we would side with HMAX here is a straight-up contest.
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