(Business Edge columnist Gyle Konotopetz regularly profiles the top three stock picks of some of Canada's most accomplished investment pros.)

FEATURED PRO: Steve MacInnes is chief investment officer of Real Assets Investment Management (www.realassets.ca). He has assumed leadership of the company's investment management from Deb Abbey, who recently resigned. MacInnes was formerly chief investment officer of HSBC (Canada) Inc. and has 30 years of investment management experience. Real Assets manages the Real Assets Social Leaders Fund and the Real Assets Social Impact Balanced Fund.

Fund Form: The Real Assets Social Leaders Fund has a one-year return of -2.3 per cent (through June 30) compared to the group average of +1.2 per cent.

Management Expense Ratio: 3.05 per cent.

Steve MacInnes

MacInnes' Perspective: "Markets had a much more positive tone in the second quarter than the first and bond yields headed down as investors began to price in much lower expectations of future inflation. As a result, bonds once again led returns. Stock markets finally took note of this sea change in thinking on inflation and also responded more positively. The Canadian market was once again a global leader spurred on by continued gains in oils on the back of higher oil prices.

"The global economy still appears to be healthy, and interest rates and inflation are likely to remain lower for longer. And, most importantly, if the valuation of our holdings is any indication, markets, other than possibly housing, have not become exuberant and remain reasonably valued."

First Star

* Novo Nordisk (NYSE: NVO)

* Recent Price: $50.56 US.

* 52-Week Range: $49.09-$60.18.

* Snapshot: Novo Nordisk is a pharmaceutical company focused on diabetes care products and delivery systems. It has the broadest diabetes product portfolio in the industry.

* CEO: Lars Rebien Sorensen.

* Head Office: Bagsvaerd, Denmark.

* Vital Stats (U.S. dollars): Current Price/Earnings Ratio, 18.4; Revenue (last 12 mos), $5.4 billion; 5-Yr Revenue Growth, 15.8 per cent; Earnings (last 12 mos), $933 million; 5-Yr Earnings Growth, 24.5 per cent; Market Cap, $16.85 billion; Shares Outstanding, 333.2 million; Dividend Yield, 1.6 per cent.

* MacInnes' View: "Novo Nordisk is recognized as a world leader in environmental reporting and management. The pandemic global increase in diabetes offers considerable long-term growth potential for Novo, which dominates this relatively less competitive market.

"Additionally, the ongoing substitution of insulin analogues for human insulin will boost its growth rate and improve margins. Finally, the company has a promising pipeline of new drugs and little of the risk faced by most other pharma companies from the loss of patent status for blockbuster drugs."

* MacInnes' Risk Rating: Medium.

* Web Watch: www.novonordisk.com

Second Star

* The Timberland Co. (NYSE: TBL)

* Recent Price: $39.76 US.

* 52-Week Range: $26.29-$41.01.

* Snapshot: Timberland designs, licenses and markets footwear, apparel and accessories under the Timberland label.

* CEO: Jeffrey Swartz.

* Head Office: Stratham, N.H.

* Vital Stats (U.S. dollars): Current Price/Earnings Ratio, 16.9; Revenue (last 12 mos), $1.5 billion; 5-Yr Revenue Growth, 8.4 per cent; Earnings (last 12 mos), $163.8 million; 5-Yr Earnings Growth, 12.9 per cent; Market Cap, $2.67 billion; Shares Outstanding, 67.1 million.

* MacInnes' View: "Timberland's management excels in balancing both the social and financial requirements of its shareholders. Over the past five years, Timberland has grown revenues at an average rate of 14 per cent while increasing earnings per share by an average of 20 per cent annually.

"Using conservative valuation parameters, we can see reasonable upside for the shares from current levels and - who knows - maybe the market will one day value the shares more in line with its superb financials."

* MacInnes' Risk Rating: Medium.

* Web Watch: www.timberland.com

Third Star

* Nokia Corp.

(NYSE: NOK)

* Recent Price: $15.18 US.

* 52-Week Range: $10.89-$18.07.

* Snapshot: Nokia is the world's largest mobile handset manufacturer.

* CEO: Jorma Ollila.

* Head Office: Espoo, Finland.

* Vital Stats (U.S. dollars): Current Price/Earnings Ratio, 16; Revenue (last 12 mos), $40.8 billion; 5-Yr Revenue Growth, 11 per cent; Earnings (last 12 mos), $4.4 billion; 5-Yr Earnings Growth, 9.8 per cent; Market Cap, $70.8 billion; Shares Outstanding, 4.7 billion; Dividend Yield, 2.8 per cent.

* MacInnes' View: "Despite near saturation in some developed markets, the mobile handset business remains one of the world's best growth industries. Nokia has taken a lifecycle approach towards design and manufacture of its products, restricting materials to those that can be recycled rather than disposed in a landfill. High historical profitability has generated enormous free cashflow and a current cash balance of over $14 billion.

"The high valuations of the tech bubble era have long been eradicated and we find Nokia's valuation compelling, even excluding the cash, a below-market earnings multiple and a 20-per-cent share value discount to its peer group."

* MacInnes' Risk Rating: Medium.

* Web Watch: www.nokia.com Disclosure: The featured stocks are held in the Real Assets Social Leaders Fund. MacInnes owns units of that fund.

(This feature is presented for information purposes. Investors are advised to do their own research or consult a registered investment professional before making investment decisions.)