| BUY | 8.130 | Bruce Campbell | Have announced a deal to sell their managed trust business and got a good price for it. Also selling their real estate. What will be left is a trust with a whole big pile of cash and a small oil/gas business. Expect they will pay a special dividend or collapse the company down. Pays 12%. | 2008-05-09 | |
| BUY | 8.000 | Bruce Campbell | A diversified smaller trust. Part financial (owns Inervest Financial), part oil and part real estate. The real estate is about to close on a sale giving them about $30 million in net proceeds and will help pay the debt down. 13% - 14% yield with a payout of only about 60%. Feels it is really safe. | 2008-04-11 | |
| DON'T BUY | 7.350 | Michael Simpson, CFA | Diversified conglomerate trust. Doesn't like this model. Over the years they have sold off some of their oil/gas service properties. He doesn't follow it closely anymore. There are better ways to invest in the trust base. | 2008-01-22 | |
| BUY | 7.740 | Bruce Campbell | A combination of oil/gas financial services and real estate. Announced the divestiture of the real estate side in the next few weeks and will be debt-free. Asset value is about $9. Yield of about 14%. A good place to hide as far as gas goes. | 2007-12-31 | |
| BUY | 7.340 | Bruce Campbell | 15.6% distribution should be safe. Announced they will be selling their real estate division for about $35 million. Balance sheet will be in superb state after that. A mispriced asset because it is relatively illiquid and relatively unknown. | 2007-11-22 | |
| Comment | 8.120 | Ben Cheng | Manages the Enervest Fund, which has grown significantly. May have difficulty growing it is fast. Also have upstream oil/gas assets and real estate. A little complicated to research and understand. | 2007-09-05 | |
| PAST TOP PICK | 8.620 | Bruce Campbell | (A Top Pick July 27/06. Up 7%.) Yielding 14%, so your total return would have been 21%. Still has and 11%-12% yield. Perfect takeover candidate. Part oil/gas, part real estate and part financial services. Asset value of around $10. | 2007-07-09 | |
| BUY | 7.960 | Bruce Campbell | Was a former Top Pick and he still likes it. 60% oil, 30% real estate and 10% financial services. Spun out Essential Energy Services last year and there are rumours they may spin out the real estate assets into a REIT. About 12.5% yield. Good growth. 10% undervalued. | 2007-05-09 | |
| BUY | 7.420 | Bruce Campbell | Roughly 2/3 oil, 25% real estate and a little financial. Payout is relatively low in the low 70’s, so he is not worried about distributions. Relatively high yield at about 13%. There are rumours that they could spin off real estate assets into a REIT. | 2007-02-05 | |
| BUY | 7.230 | Bruce Campbell | A growth trust. Will probably be a spinout of the real estate next year. Drop in June was the dividending out of another trust. Also fell with other trusts. Yields about 14%. Just came out with some real estate development giving 11% return. Payout is only 75%. Extremely attractive price. | 2006-12-21 | |
| DON'T BUY | 6.660 | Michael Sprung | Oil/gas drilling and exploration. More into heavy oil, which gets hit the hardest when there are energy concerns. Has been punished severely. | 2006-12-08 | |
| BUY | 8.000 | Bruce Campbell | Impacted by the trust tax ruling. Reported good numbers. Part oil/gas, part real estate and part financial services. Recently made some real estate purchases and with another one, they could probably spin off a REIT, which is what they planned to do. Oversold. | 2006-11-15 | |
| BUY | 10.030 | Robert Toole | Likes their diversity. Have oil and gas exposure along with some real estate, particularly in western Canada. Have shown an ability to grow distributions. Aggressive management. Good track record of accretive acquisitions. | 2006-10-27 | |
| BUY | 8.600 | Bruce Campbell | In a buy range. Diversified with some oil, some gas, some real estate and financial services. Very low payout ratio. | 2006-10-05 | |
| PAST TOP PICK | 9.400 | Bruce Campbell | (A Top Pick July 5/06. Up 10.3%.) Dividended out its energy services and the rest of the company, some real estate, some financial and 2 thirds oil/gas production was undervalued. 11% yield. | 2006-09-11 | |
| BUY | 9.400 | Jason Zandberg | Has holdings in oil and gas, real estate and financial services. Feel that their assets are undervalued. Management has a very strong track record in making acquisitions. | 2006-09-07 | |
| WAIT | 9.820 | Bruce Campbell | Part oil/gas producer and part Alberta real estate and part Alberta lending business. With all those things, it has an asset value of about $14. Went up very fast, so wait to see if it has a natural pullback before buying. 10% yield. | 2006-08-25 | |
| BUY | 8.630 | Bruce Campbell | They dividended out their energy services side which is the reason for the big drop in price. Still likes. Trying to grow the real estate side and will probably dividend that out in a year or two. Under $9 it's a good price. | 2006-08-10 | |
| TOP PICK | 7.990 | Bruce Campbell | A diversified trust consisting of an oil/gas producer, real estate division and financial services lending side. Also had an energy division which they spun out in the form of a new business. Stock dropped off after the spin off. About an $11 NAV. Making a lot of money. | 2006-07-27 | |
| WEAK BUY | 7.940 | Ravi Sood | Chart shows a precipitous drop, but this is the result of them spinning out a division. Excellent management with a lot of their own money in it. Yield should be safe, but shouldn't be a core holding. | 2006-07-21 | |
| TOP PICK | 8.250 | Bruce Campbell | They dividended out their energy services side, Essential Energy Services (ESN.UN-T) and paid it in the form of a stock dividend. This was the amount the stock dropped by. Expect they will do the same with their other groups. A good entry point. | 2006-07-05 | |
| DON'T BUY | 8.940 | Ravi Sood | Spinning off oil/gas assets into an income trust, Essential Energy Services, and is a wise move. Have to be careful with this one. | 2006-05-26 | |
| BUY | 13.100 | Bruce Campbell | This is a diversified trust. He likes it and it was a previous pick. Buy under $13.00.
| 2006-02-25 | |
| BUY | 12.550 | Bruce Campbell | 70% energy with a little bit of real estate and financial services. Good set of assets in western Canada. Some production growth. Trading at a discount to its asset value of $14. Low $12’s is pretty good value. | 2006-01-24 | |
| PAST TOP PICK | 11.250 | Bruce Campbell | (A Top Pick Sept 12/05. Down 13%.) About 2/3 oil and real estate and financial services, so a diversified trust. Took a hit. There's probabl;y another dividend increase coming. | 2005-11-21 | |
| DON'T BUY | 11.920 | Ravi Sood | A unique name in that it has real estate, oil and gas as well as a financial services component. Good management team which owns a large part of this trust. Can't see much upside in it. Best to buy it when they do a financing. | 2005-10-14 | |
| TOP PICK | 12.100 | Bruce Campbell | Paying 11%. 2/3 oil and 1/3 financial and real estate. Cash flow's over $2. Thinks they will raise the dividend again. | 2005-10-12 | |
| TOP PICK | 13.000 | Bruce Campbell | About 2/3 energy, some financial services, cash chequing services and about 10% real estate. Double digit yield. Will probably see another dividernd increase in the next couple of quarters. | 2005-09-12 | |
| BUY | 10.440 | Bruce Campbell | A good entry price. A little bit illiquid and a little bit less known. Roughly 2/3 oil and 1/3 real estate and financial services. Only trading at 5 X cash flow and paying out about 65%. | 2005-04-20 | |
| TOP PICK | 10.700 | Bruce Campbell | 70% oil, 20% real estate and 10% financial service credit lending business. The small size is really appealing. They are able to make acquisitions and when they do make one at a reasonable valuation, you get huge jumps in the payout. Make 70/75% payouts. | 2004-12-23 | |
Experts that have talked about Avenir Diversified Income Trust
