STOCKCHASE

Not a typical income trust in that they are being paid to hold particular properties. The whole idea is to farm out as much as they can. Overall assets are good. Probably in better shape than other income trusts regarding conversion.

2009-12-21

BUY

15.390

Douglas Kee

Likes the story longer-term. Very good assets. Have raised the dividend.

2009-11-19

PAST TOP PICK

12.270

Jean-Francois Tardif

(A Top Pick May 27/08. Down 28.65%.) 9% distribution is safe. One you can hold for many years into the future. Very little leverage.

2009-05-21

Comment

11.950

Hap (Robert) Sneddon FCSI

CN (CNR-T) pension fund is a significant shareholder and may need to re-jig its ownership interest. Taxable investors will be beneficiaries as he expects it will become some form of a dividend paying security after 2011. Will be at a 15%-20% lower rate.

2009-05-14

HOLD

11.260

(Market Call Minute)

2009-04-20

TOP PICK

10.120

Jean-Francois Tardif

His 3 Picks are resistance to recession/depression. Thinks we will resume the bull market in oil but not triple digit before 2010 or 2011. This is a royalty company, which gets a percentage no matter what oil or gas prices are giving you downside protection. Have 16% pre-cash flow yield at $50 oil. If oil went back to its old highs, the stock price gain would be 50%.

2009-04-07

BUY

10.850

Although a smaller trust, it is attractive. He would prefer a couple of others of the more senior producers such as Arc (AET.UN-T) or Crescent Point (CPG.UN-T).

2009-01-02

HOLD

11.370

(Market Call Minute.) Will probably have to cut their payout. Wait until that happens before Buying.

2008-12-05

Comment

14.500

Robert Lauzon

Not really in the business of operating the oil wells but just earns royalties off of them. Thinks there's a good chance this will be acquired by a non-taxable entity.

2008-10-29

BUY

14.620

(Market Call Minute.) A cheap stock and people do all their drilling for them. Great opportunity.

2008-10-24

DON'T BUY

13.810

Michael Sprung

Risk at collecting royalties.

2008-10-16

BUY

20.000

Michael Simpson, CFA

Unique in that the majority of their cash flow comes from royalties. An oil/gas company could drill on their land and they get a royalty. Well-managed, conservative company. In 2011 they may be paying taxes in the 15% to 17% range. Distributions should be safe.

2008-09-19

BUY on WEAKNESS

22.350

He is picking away at trusts he likes and tries to Buy on weakness. Buying for yield. Thinks oil and gas will stabilize.

2008-08-01

TOP PICK

20.550

Jean-Francois Tardif

Mostly own royalties from oil production in Western Canada. 10.6% yield. Only affected by the price in commodities, not any costs. Free cash flow currently is $4.75 pre-tax. With taxes, it is $3.20.

2008-05-27

HOLD

16.220

Alex Ruus

This trust is a royalty model, which makes it a little more stable than some of the other oil/gas businesses.

2008-02-25

BUY

14.980

Have a bit of a different model. They don't operate their assets, but get royalty payments from the production. They don't have the cost issues so much. Defensive.

2007-11-12

BUY

14.590

These are the old freehold lands that were attached to the CN Railway. They get a royalty on companies that want to explore on their lands. Very low-cost production for them and high net back.

2007-07-03

BUY

14.120

Have parcels of land that other companies develop at no cost to them. 12.8% yield.

2007-04-13

BUY

13.850

Probably one of the blue-chip names. Wouldn't hold it for appreciation, because all trusts are going to face taxation in four years. Distribution is relatively secure.

2007-01-05

HOLD

13.740

Would put it in the surviving category.

2006-11-16

HOLD

13.970

Glenn MacNeill, P.Eng.

In the middle category of performers. Relatively immune to cost increases.

2006-11-10

BUY

19.560

Started buying under $20. It's a royalty trust, i.e., it collects royalties rather than drilling. Yield is over 10%. Good company.

2006-10-26

DON'T BUY

18.300

Neil Wickham

Structured differently than most energy trusts. Don’t operate anything, but hold royalties instead. The negative is that when production declines, your royalties are reduced, so they have to continue to buy more and more royalty interests.

2006-10-03

BUY on WEAKNESS

21.480

Has a solid building block. Yield is around 10%. Royalty trust. Buying for new accounts. Try to buy under $20.

2006-08-30

BUY on WEAKNESS

20.640

Have been buying under $20. They have lots of drillable land.

2006-07-13

PAST TOP PICK

20.680

Greg Guichon

(A Top Pick Jan 20/06. Up 7.7%.) Still likes it. Currently yielding about 10%. Its unique in that it owns properties and farms out for other companies to drill on and then collect a royalty. Very conservative management.

2006-04-28

BUY

19.500

Michael Simpson, CFA

A smaller oil/gas trust with more exposure to oil. Unique, in that they are a royalty structure. They allow others to drill on their properties and they collect the royalties. In high oil/gas prices, they benefit from the amount of drilling. Solid management.

2006-03-31

TOP PICK

19.200

Greg Guichon

This is the one trust that the bulk of their assets have a gross overriding royalty. Payout ratio is 78%, but because they don't have to do capital expenditures the higher payout ratio is okay. Yield of about 11%.

2006-01-20

HOLD

18.700

Michele Robitaille

A very solid name. She sold her holdings for better opportunities. A little different than others in that they hold underlying royalty interest in a number of the properties which means there is no risk on operating costs. Well managed. If you own, you might consider taking a little bit of profit.

2005-09-16

BUY

15.230

Greg Guichon

Unusual oil/gas trust. Other oil/gas trusts you participate after cash flow. This one you participate right at the top. Management is like a landlord, just collects rent and not involved in exploration/development of oil/gas. By its nature it has the potential to be one of the most sustainable of oil/gas trusts as they have no capital expenditure. Have large land postitions that others want to drill on. Pull back is due to financing of an acquisition during a soft market. Good time to Buy.

2005-05-20

BUY on WEAKNESS

17.260

Michele Robitaille

Unique company in the oil/gas royalty space. About 75% of income is from royalties so it doesn't have the operating/production risks of its underlying company. Should trade at a premium to the group. Have been able to grow their production/reserves on a per unit basis. Good management team. Conservative balance sheet. Expensive.

2005-01-28

VAGUE

17.450

John Priestman

Has had a great run and have been trimming back their positions. Good substitutions for a 2/3 year hold would be Arc Energy or Canadian Oil Sands.

2004-12-31

HOLD

16.550

Garth Jestley

Has been a very good performer over time. 2/3's of its earnings comes from royalties, so doesn't have the risks of costs, etc.Has shopwn good growth in reserves. Trades at a premium valuation compared to its competition.

2004-10-29

BUY

16.200

Glenn Paradis, BA, CFA

An ultra conservative energy trust. Very little debt. Most of their money is from royalties. If oil prices stay high, it will do very well, but if it drops, this is a safer one to be in.

2004-10-14

BUY

15.320

Leslie Lundquist

Had an excellent second quarter. Boosted their distributions from $.10 to $.12 a month. Also declared a top up distribution of $.13.

2004-08-13

BUY

14.350

Ben Cheng

Different than oil and gas trusts in this class. Not operators. Has always traded at a premium compared to other oil and gases. If you wish to collect income, Buy.

2004-02-05

BUY

12.880

Structure is different than an income trust. They hold lands and then lease them for royalty fees. A safer type of trust.

2003-06-26

BUY

11.300