Fidelity Investments chief investment officer Robert Haber made a case for Canadian equities today, saying Canadian stocks still offer good value against other markets.

Speaking to advisors at the annual meeting of the Canadian Association of Financial Planners, Haber said the long-term performance of the Toronto Stock Exchange 300 has been slightly better than that of the Dow Jones industrial average.

On a total return basis, the TSE 300 has returned 10.2% per year over the past 50 years vs 9.6% for the Dow over the past 100 years.

Moreover the TSE is “neither over-sold, nor over-bought” compared with a U.S. market that he described as considerable over-bought at the moment. As well, the outlook for the Canadian dollar is stable because it is being supported by record-high trade surpluses.

Overall, Canadian markets are cheap compared with those in the United States and Europe. But the key, Haber told advisors, is to apply the “department store” approach to purchasing stocks — always buy low.