Hi there,
Whether you should add to your pipeline exposure is dependent on your portfolio profile and risk tolerance. Simply adding TRP is not a signal that you are over exposed if you have 100 shares of ENB. In general, a well diversified portfolio means keeping your positions at no more than 5% of your portfolio. Important to note, this is a general rule that may change depending on individual risk tolerance. For example, I am comfortable going as high as 10% if I have high conviction in a particular position. If you are thinking you would be too exposed, maybe its a sign you are uncomfortable with that risk.
In terms of TRP vs ENB - I believe TRP is the better buy today. This coming from and ENB shareholder. TRP's dividend looks more sustainable and the company's operations have not been materially impacted by the pandemic. The company has come out several times and said this. For its part, ENB is seeing lower throughput volumes but not enough to be overly concerning. I think both are strong pipelines and are best in class.
In terms of U.S. election - yes, it will likely have an impact over the short-to-medium term. Biden has already come out against Keystone XL, so it is likely to impact TRP more than ENB. That being said, I believe this to be short term. TRP has many other projects in the hopper not named Keystone XL. All this being said, typically election specific results are short term in nature. Furthermore, the market may already be pricing in a Biden win (if the polls are any indication). All this to say - hard to time the market, especially when it is so volatile currently.
Mat