| HOLD | 21.320 | Michael Sprung | Affected because of the current malaise in the market. Very tough environment for selling mutual funds. This is one of the dominant players and has excellent backing from Sun Life (SLF-T). | 2008-08-14 | |
| BUY | 22.430 | Michael Simpson, CFA | One of the largest and best run mutual fund company in Canada. Just increased their distribution by $0.01. Expect they will convert to a corporation in 2011 and continue to pay their free cash flow as a dividend. Likes the demographics of this long-term. | 2008-05-14 | |
| BUY | 22.510 | Gavin Graham | Will be returning to a corporation in 2010. Got hit with market concerns. One of the largest players. Good distribution. | 2008-04-09 | |
| HOLD | 21.680 | Norman Levine | Companies such as this tend to suffer when investment trading decreases. In the short term it’s not a great place to be. Wait for the market to bottom. If you own, hold. | 2008-03-27 | |
| HOLD | 21.490 | Laura Wallace | Greatly admire their management. She owns Investors Group (IGM-T), which she feels is safer due to its size and distribution network. It will revert back to a corporation that will involve some machinations and costs. Well capitalized. If you are comfortable with the inherent volatility, continue to Hold. 8.9% yield. | 2008-03-12 | |
| BUY | 23.500 | Sandy McIntyre | Very good entry point. Extremely well run. The selloff is cyclically related. People are concerned about the health of the asset management industry. He is a bull on this industry long-term and believes in buying them in cyclical troughs. | 2008-02-26 | |
| DON'T BUY | 21.910 | Laura Wallace | Very well managed company. All mutual fund companies are high beta stocks on the market. Most of their earnings come from their high margin products. She prefers IGM Financial (IGM-T). (See Top Picks.) | 2008-01-30 | |
| DON'T BUY | 23.480 | Gordon Higgins, CA, MBA, CFA | Just cut their distribution. It is trading at a premium multiple to the corporations such as the AGF (AGF.B-T). He would prefer AGF. | 2008-01-25 | |
| BUY | 26.560 | Kevin Hall BComm, CFA | In a pretty tight trading range for the last year between $26 and $28. Pretty decent value at today's price. Rumoured to be one of the bidders for Dundee Wealth. The risk is of a sustained downturn in the equity markets. Very well run company. Longer term, a good place to be. | 2007-12-04 | |
| HOLD | 26.030 | Michele Robitaille | (Market Call Minute.) Great quality stock but a negative stock market will affect the unit price. | 2007-11-28 | |
| BUY | 25.550 | Gavin Graham | One of the best plays of the whole asset management area. Has gone nowhere over the last year. Continues to be a great place to be. About a 9% yield. | 2007-11-19 | |
| DON'T BUY | 27.100 | Bill Carrigan | If you are bullish on the markets then you are bullish on this. But he would be careful. Don't be overweight, be lightweight.
| 2007-10-17 | |
| WATCH | 26.450 | Chyanne Fickes | Has done extremely well. The issue right now is what is going to happen with Dundee (DW-T). She would wait until that is cleared up. They could get stuck in a bidding war. | 2007-10-01 | |
| DON'T BUY | 26.980 | David Burrows | Very efficient. Cash flow machine. Like. Efficiently managed. Should not be committing capital to this space going forward. | 2007-09-19 | |
| HOLD | 26.060 | Norman Levine | One of the premier mutual fund companies in Canada. Was the November 1 with the government change on trusts. As the equity market peaked and has come down, the stock has come with it. Short term there will probably be some weakness, but long-term it's a | 2007-09-11 | |
| BUY on WEAKNESS | 25.150 | Michele Robitaille | A good long-term holding. Good cost control. Environment for mutual funds is getting more and more competitive. Outlook is good. | 2007-08-23 | |
| BUY | 25.330 | Sandy McIntyre | One of the best fund companies in Canada. Good price. Well-run company. | 2007-08-13 | |
| HOLD | 25.140 | Robert Floyd | Has come under a lot of pressure because of what has been happening in the market. It is dependent on the growth of their mutual funds. Be patient and wait for a little more stability in the market. | 2007-08-10 | |
| BUY | 27.050 | Laura Wallace | Well-managed company. Mutual fund companies are high beta companies. As a class, they are a good medium to long term investment. Will be volatile. May be vulnerable to some fee pressure. | 2007-08-02 | |
| BUY on WEAKNESS | 27.440 | Sandy McIntyre | With treat it as a buy in the $26.50 area. One of the best marketers of investment funds in Canada. | 2007-07-03 | |
| STRONG BUY | 27.100 | Peter Brieger | Loves CI financial. Is the cheapest according to the price bearings metric. Has a significant ownership from Sunlife which will help them in the future.
Great buy here. | 2007-06-29 | |
| BUY | 28.100 | Michael Decter | On his watch list. Could prove to be a very powerful continuing consolidator in the sector. There is some question on how well financials will do in this economy. 8% yield. | 2007-06-20 | |
| BUY | 29.350 | Norman Levine | One of the major Canadian mutual funds. | 2007-05-30 | |
| TOP PICK | 30.550 | Pat McHugh | This will stay an income trust until 2011. Very profitable with about 35% ROE. Expect distribution increases in the mid-to high teens. | 2007-05-28 | |
| HOLD | 30.550 | Michael Sprung | Has very good sponsorship with its alliance with Sun Life (SLF-T), etc. A very well run mutual fund company. Have a wealth division that they are attempting to grow. | 2007-05-28 | |
| Comment | 30.000 | Andrew Guy, CFA | Very strong management. Generates lots of very steady continuous free cash flow. Valuation is high and tends to fluctuate with the swings in the market. If there is a large correction, this would be a good way to play it. | 2007-05-25 | |
| PAST TOP PICK | 29.100 | Gavin Graham | (A Top Pick May 3/06. Down 9.4%.) Became an income trust and got whacked. Will turn itself back into a corporation, and in the meantime you're picking up yield. | 2007-04-23 | |
| HOLD | 27.720 | Andrew Guy, CFA | Very shareholder friendly. Generates good cash flow and returns to investors on a regular basis. Very high beta, so when the market is strong, it tends to be strong. | 2007-04-09 | |
| BUY | 27.600 | Robert Lauzon | Great company and great management team. Will probably continue to go sideways. | 2007-03-30 | |
| HOLD | 27.570 | Michele Robitaille | A high-quality company. Had a very strong 1st quarter. Relatively stable holding. Be patient in looking for an entry point. | 2007-03-23 | |
| BUY | 27.050 | Neil Wickham | Probably the best managed company in mutual funds. Have a good stable of businesses. On a long-term basis, will continue to do well. | 2007-03-20 | |
| HOLD | 26.460 | David Baskin | The acquisition of Rockwater (RCC-T) won't have a profound effect on their business. Probably the right thing to do. | 2007-02-13 | |
| BUY | 26.100 | Michele Robitaille | A good name and very well managed. Should continue to generate very strong cash flows supporting its distributions. | 2007-02-02 | |
| DON'T BUY | 26.100 | John O'Connell, CFA | Doesn't like trusts in general with this 4-year ticking clock that they have to deal with. The fund business in general has been a great growth story. Assets may continue to grow and his company may continue to grow its business but feels there will be margin pressure. | 2007-01-25 | |
| Comment | 26.840 | Peter Brieger | Will be interesting to know what the yield will be once they convert back to a corporation. IGM (IGM-T) is one of the cheapest in the group at 15 X earnings and a 3.37% yield and this is a benchmark for them. If they come in with something similar, it’ll be particularly attractive to people looking for income. | 2007-01-15 | |
| BUY | 26.010 | David Burrows | Asset companies both in Canada and the US have a very firm trend in place, where the fee revenue, is in favour. Right now, there are probably more sellers than there are buyers. Good business model. Would probably prefer AGF Management (AGF.B-T) but both companies are good. | 2007-01-08 | |
| DON'T BUY | 26.050 | Brian Acker, CA | Doesn’t have any in his fund, but he did pick some up for a pension that he does. He has a model price of $38.50, a 48% positive differential. Will be happy to have it back when it becomes a corporation again. | 2006-12-21 | |
| BUY | 26.480 | Michele Robitaille | Outlook is quite good, particularly from a cash flow generation. Has had good movement, so could see a bit of a tail off in the next year or two. Very wide and broad portfolio of mutual funds. | 2006-12-15 | |
| BUY | 26.840 | Alex Ruus | A great business in a good area. Expect they will take advantage of the 4-year window given on income trusts. | 2006-11-22 | |
| BUY | 24.480 | James Cole, BA, CFA | A tremendous long-term business. Low cost producer. Great demographics. | 2006-11-13 | |
| DON'T BUY | 23.700 | John Zechner | Ideally designed for the income trust structure. Will convert back to a corporate tax structure in 2011. Would be cautious and not jump back in yet. | 2006-11-08 | |
| HOLD | 23.940 | Ian Nakamoto | Expects this company will continue to grow. Very good with expense control. Will convert back to an ordinary stock at the end of 4 years. | 2006-11-07 | |
| BUY on WEAKNESS | 24.280 | Michael Simpson, CFA | A well-run company. Expects they will buy back some of their shares. He would buy more units on weakness. | 2006-11-03 | |
| DON'T BUY | 24.000 | Patrick Kim | Being hit with a double whammy. Not only are they getting hit with a tax, the TSX has dropped 300 points, which will hit their assets under management. The main focus should be how their assets under management will do. Wouldn't go in at this time. | 2006-11-01 | |
| BUY on WEAKNESS | 29.400 | Kevin Hall BComm, CFA | Very well-run company. A reasonable entry point would be $27-$28 . One of the top managers left, so there could be some defections and money moving out. | 2006-10-27 | |
| Comment | 28.070 | Gordon Higgins, CA, MBA, CFA | As a mutual fund company, their growth comes from the growth in the market, so you have to decide where you think the market is going. | 2006-10-12 | |
| WEAK BUY | 28.550 | Jonathen Wellum, B. Comm, B. Sc | Doesn't require a lot of capital, so as an income trust, it is probably not that bad thing. You have to be cautious, because if there is a market pull down, there would be challenges going forward. Have grown by acquisition and will have a tougher time in future. | 2006-10-10 | |
| BUY | 28.900 | Neil Wickham | Very good company. Converting to an income trust has proved up a lot of extra value. One of the better managed mutual fund companies. Exceptionally strong in marketing. | 2006-10-03 | |
| VAGUE | 29.660 | Peter Brieger | It's the leading mutual fund company in the country. It's a leveraged way to play the market. Believes they will do everything in their power to hold their distribution. | 2006-09-26 | |
| BUY | 30.540 | David Burrows | Companies that have consistent fee generation are pretty attractive. Somewhat dependent on market performance, but investors are interested in consistency. | 2006-09-13 | |
| BUY | 30.490 | Bruce Campbell | One of the top fund companies. There will be long-term growth. Well-run and pretty diversified. Expects 3/4% growth as well as distributions. | 2006-09-11 | |
| BUY | 30.490 | Ian Nakamoto | A leader in its space. Very low costs. Excellent management. Yield of 6.6% and very strong possibility of this continuing to go up. | 2006-09-11 | |
| BUY | 30.900 | Robert Lauzon | It will be the general equity markets that move this trust. If you think the TSX is going to have a good year this is a good proxy. Pretty expensive on an evaluation standpoint but it is a very solid company. | 2006-09-08 | |
| BUY | 29.400 | Peter Brieger | One of the top income fund companies in the country. Expected to continue making acquisitions. Yield of 6.8%. One of the best ways of playing the market. | 2006-08-14 | |
| BUY | 29.280 | Patrick Kim | One of the best names to hold in this space. Represents a new kind of trust. We'll obviously follow the fortunes of the market. Has great market share and great branding products. | 2006-08-04 | |
| BUY | 29.200 | Ian Nakamoto | An excellent company. | 2006-08-03 | |
| DON'T BUY | 29.130 | Brian Acker, CA | Has a model price of $27.86. A -4% differential. As rates go higher, there has been somewhat of a dip in earnings. | 2006-08-02 | |
| WEAK BUY | 28.550 | Michael Sprung | Balance sheet is not in bad shape. The question is, are they going to maintain or increase their market share against all their competitors that are out there. As long as their payout is low, compared to their earnings, there is not too much to worry about. | 2006-07-18 | |
| Comment | 29.500 | Leslie Lundquist | Although it is a mature business and has done well over the years, it is in the wealth management business and its results will likely be correlated to how well the market does overall. | 2006-07-13 | |
Experts that have talked about CI Financial Income Fund
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