STOCKCHASE

Power generation trust. His least favourite sector as there is very limited pricing power. This one has a water processing business in the southwest US that is quite fascinating. Hopes they are able to surface the value in this business. A business that recycles and reprocesses a scarce commodity like water is one that you can grow a net value with. At an interesting price.

2008-05-05

SELL

8.360

Robert Lauzon

Has always over distributed. Debt levels are a little high. Would avoid this one.

2007-03-30

DON'T BUY

8.540

Michele Robitaille

She doesn't like the power space in general because of the limited growth and limited upside. This is not one of the top-quality names in that group. High payout ratio.

2007-03-23

DON'T BUY

8.930

Acquiring Clean Power (CLE.UN-T), which should be accretive to the company. There are some synergies with this acquisition, but they're not the quality he likes to see.

2007-03-02

HOLD

9.700

John Stephenson

One of the names that he is a little nervous about in the power/income trust space. They wear over distributing and then came out with a convertible bond issue. Actually have some pretty good assets, but had a high payout ratio. Might sell into strength.

2006-11-16

BUY on WEAKNESS

10.110

David Cockfield

There might be a new issue lurking in the background. Under $10, it's not a bad buy.

2006-08-16

DON'T BUY

10.340

Gavin Graham

Have not been able to pay their distributions due to water problems. These utilities similar to bonds and when interest rates go up, it suffers.

2005-12-29

DON'T BUY

9.720

Patrick Kim

In the near term, believes there is significant positive catalysts in terms of where electricity prices are. Over the longer term, this is a bit of a messy story in terms of assets. A fairly complex portfolio with a lot of complex contracts which are not clear to investors.

2005-11-04

DON'T BUY

10.550

Leslie Lundquist

Has consistantly disappointed in terms of what it's been able to do operationally. Payout ratio has been substantially above 100% for a long time. Not a stable or secure trust.

2005-07-22

BUY

10.300

Likes.

2005-06-29

HOLD

9.810

Recently acquired by StarPoint Energy (SPN.UN-T). APF had too high a payout ratio which was unsustainable. The acquisition allows APF to be managed more efficiently.

2005-05-13

BUY

10.150

Matt Baillie

Distributions are fine. A utility and a high yield. Doesn't see any growth, so own it for the yield.

2004-10-22

DON'T BUY

9.950

Greg Guichon

Did a new issue at $11.30. A more aggressive oil/gas situation.

2004-10-08

DON'T BUY

9.440

Sold their holdings because they didn't like the debt level.

2004-04-19

HOLD

10.370

Good dividend but wouldn't buy.

2004-01-09

TOP PICK

9.680

David Cockfield

Pays 9 1/2 percent. Have a good spread of assets. Good management.

2003-10-23

DON'T BUY

9.770

Expects that more and more people will focus on the power sector.Prefers Calpine.

2003-08-27

PAST TOP PICK

9.790

(Was a top pick June 19/03.No change.) Came in with a good second quarter.Still like it.

2003-08-25

TOP PICK

9.350

Has had a rough go for a couple of years because of dry conditions. Now getting a lot of moisture. Should surprise on their income.

2003-06-19

DON'T BUY

9.270

Gavin Graham

May have trouble meeting their disbursement because of a dry spell. Very stable. This is not the trust sector they like at this time.

2003-05-22

DON'T BUY

8.730

Ben Stadelmann

A favourite, but has gone up in price. A lot of money has been shifted to trusts.

2003-05-13

DON'T BUY

8.680

Had a problem meeting their distribution goals. May be OK from now on. A "show me" stock.

2003-05-07

DON'T BUY

8.570

John Priestman

Made a lot of acquisitions, but have not increased distributions.

2003-04-02

DON'T BUY

9.200

Jim Doak

Too expensive. Poor assets.

2003-02-05

DON'T BUY

8.970

Good balance sheet so could make acquisitions. Moving into water treatment sector and not sure if they can handle.

2002-12-09

BUY

9.900

Has had a run up. Likes the power trusts. Buy for long term.

2002-10-03

BUY

9.950

Good yield/growth.

2002-09-09

BUY

9.850

Good dividend.

2002-07-18

DON'T BUY

9.900

Shorter reserve life. Prefers others.

2002-07-12

BUY

9.690

9% yield. No longer totally relying on hydro electricity, but is now 50% natural gas powered. Buy for the yield as the stock won't appreciate much.

2002-05-23

WEAK BUY

9.280

Has restructured successfully. A diverse base.

2002-04-22

WEAK BUY

9.230

Eric Bushell

Will be interest sensitive. Defensive money will be moving out. There could be water shortage concerns.

2002-04-09

DON'T BUY

9.850

Distributions have been flat. Water shortage could be a problem.

2002-03-20

BUY

9.920

John Priestman

A good trust. 50 power plants gives it good diversfication.

2002-03-19

DON'T BUY

9.990

Lack of rain/snow can affect distributions. Not a fan of management and their disclosures.

2002-02-26

DON'T BUY

10.300

Ray Steele

Yields are lower. Prefers others.

2002-01-16

DON'T BUY

10.240

3/5% cash earnings increase because of takeover of KMS.

2001-12-03

BUY

9.700

Over a long term it should be positive.

2001-10-02

BUY on WEAKNESS

10.070

2001-07-10

BUY

10.240

Made a good acquisition which should do well once its integrated.

2001-06-08

BUY

10.340

Good high quality assets and long term power contracts

2001-05-23

BUY

10.230

Long term power agreements. Stable. Conservative. 8/9% yield

2001-04-26

BUY

9.000