Sell Telus

This would be an interesting move as all 3 companies stand to benefit from a reduction in policy rates.

If someone did this, I wouldn't necessarily disagree with it. Although I do feel Telus is discounted at this current price, I do like the growth profile of Brookfield Renewables and I do feel it has a bit better runway for growth with the emergence of AI and the current demand for power in this regard.

I would view Brookfield Renewables as the higher risk/higher reward play than Telus. I wouldn't necessarily deem Brookfield "high risk", however it's in an industry that is relatively new and still undergoing a lot of regulatory changes and adoptions, whereas Telus is the more mature business with an incredible moat.

If you were to force me to predict which combination outperforms, I'd say a combo of BEP and BIP over T.