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| BUY | 11.720 | Douglas Kee | Consulting company for pension funds. Good, safe yield of 6%+. It is fairly illiquid so today’s spike is probably just more buyers than sellers. Well-managed company. At levels not seen since 2008. | 2012-03-14 | |
| TOP PICK | 9.750 | Norman Levine | Human resources, outsourcing, pension fund, benefit administration, etc. 8.4% payout, which is reasonably safe. Some growth. Can see it getting back to the $10.50+ area. | 2011-10-24 | |
| PAST TOP PICK | 10.050 | Norman Levine | (A Top Pick July 09/10. Up 13.17%.) Good steady income if you are looking for income. | 2011-06-29 | |
| Comment | 10.440 | Michael Sprung | Consultants in the financial industry, which is a growth area. Over time they will do well. Recently converted from an income trust so distribution has been impaired and will take awhile to grow back to where it was. Have been gaining market share. | 2011-01-14 | |
| Comment | 10.400 | Ben Cheng | Recession resistant and had fairly consistent numbers during the pull back in the economy. Would prefer names that have more influence in terms of the actual recovery. | 2011-01-11 | |
| DON'T BUY | 9.580 | Michael Simpson, CFA | Pension benefits consulting. Long term contracts. Good customer retention. Debt level is about 2.9X debt to EBITDA. Have to come down to 2.5X by June 30/11. | 2010-12-02 | |
| BUY | 9.150 | Jim Huang | Pension consulting and employee assistance services. Some of the run company. Like that long-term but short-term is a matter of getting momentum in quality of earnings and performance. | 2010-09-30 | |
| HOLD | 9.350 | Michael Sprung | Would continue to hold. More recent results disappointed market. Are a significant and growing player in the financial services sector. Distribution will have to be tax adjusted when they convert. | 2010-08-25 | |
| PAST TOP PICK | 9.450 | Norman Levine | (A Top Pick June 8/09. Up 13.22%.) | 2010-08-11 | |
| TOP PICK | 9.500 | Norman Levine | Largest Canadian owned/based benefits and actuarial company. Help companies manage pension benefits, HR issues, health issues, etc. Very profitable business. When they convert to a corporation, they will cut their distribution in such a way that the after-tax amount will be the same. | 2010-07-09 | |
| PAST TOP PICK | 9.550 | Norman Levine | (Top Pick Jun 8/09, Up 10.78%) | 2010-06-09 | |
| PAST TOP PICK | 10.280 | Norman Levine | (A Top Pick March 30/09. Up 46.94%.) Still a buy. | 2010-04-06 | |
| DON'T BUY | 10.650 | Barry Schwartz | Pension benefits consulting and healthcare plans for big 500 Fortune companies. Big acquisition ruined their balance sheet so growth is going to be constrained, as they have to pay off their debt. Will have to cut distributions when they convert and doesn't know if there'll be a lot of money left over. | 2010-03-24 | |
| Comment | 9.700 | Michael Sprung | Pension fund consultants and intermediaries. Developing into a full-service competitor with others in the industry. Not sure they will be able to maintain distributions at the same levels once they convert but this is a very good growth industry. | 2010-01-27 | |
| PAST TOP PICK | 10.150 | Glenn MacNeill, P.Eng. | (A Top Pick May 20/09. Up 29.28%.) Wouldn't Buy at this time, but still a Hold. | 2010-01-19 | |
| Comment | 9.900 | Robert Lauzon | Likes their underlying business but has only 2 or 3 big customers, which worries him as most cash flow is spun off in distributions. Probably need to raise a bit of equity some it be a pullback on a financing. | 2010-01-06 | |
| BUY | 9.800 | Michael Sprung | Do a lot of consulting in the investment industry, which is a growth industry. They have been gaining market share within that growth. 9-1/2%, reasonable multiple. Distribution will not necessarily remain in tact during the conversion. | 2009-12-22 | |
| PAST TOP PICK | 9.490 | Michael Simpson, CFA | (A Top Pick Nov 20/08. Up 37.78%.) Still likes. | 2009-12-03 | |
| Comment | 9.610 | Prakash Hariharan | They may have to trim their distributions when they convert to a corporation in order to maintain growth. But it depends on management (50/50). | 2009-12-01 | |
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| DON'T BUY | 9.650 | Michael Sprung | Pension consulting, etc. is an expanding industry. However, they have a very high payout ratio so not sure their distribution will be sustainable post-2011. | 2009-11-27 | |
| HOLD | 8.910 | Jason Donville | Feels all the financial services income trusts seem to be working their payout ratios as trusts so that they can maintain these as common dividends. His only issue with this company is that it is one of the more expensive ones. 10.6% yield is safe. | 2009-10-16 | |
| BUY | 8.820 | Michael Sprung | Investment consulting. Yielding close to 11% so on conversion there could be a bit of a cut. Growth business and cash flows are pretty dependable. Should do quite well longer term. | 2009-10-14 | |
| BUY | 8.800 | Prakash Hariharan | (Market Call Minute) Safe play, leveraged to consulting services. | 2009-09-29 | |
| PAST TOP PICK | 8.450 | Michael Simpson, CFA | (A Top Pick Sept 19/08. Down 13.91%.) Pension benefits consulting industry. Generates a lot of free cash flow. Acquired some tax losses so when they convert to a Corp. they won't be fully taxed. Still a Buy. | 2009-09-17 | |
| BUY | 8.400 | Norman Levine | Human resources, pension consulting, etc. Extremely secure payout that will continue after they have to incorporate. 11.3% yield. | 2009-09-11 | |
| HOLD | 9.050 | Ben Cheng | Good strong management. Very active in pension consulting so are benefiting from bad times. Also moving towards employment consulting and benefiting from layoffs. 10.5% yield. | 2009-07-13 | |
| PAST TOP PICK | 9.000 | Jean-Francois Tardif | (A Top Pick June 23/08. Down 11.68%.) Consultants to pension funds. Very recession resistant. Nice dividend. | 2009-07-07 | |
| TOP PICK | 9.000 | Michael Simpson, CFA | Benefits/pension consulting firm. Also has an employee assistance program. One of the few companies that has revenue growth. Low payout ratio. Made an acquisition with some tax pools so won't have full taxing in 2011. Industry has some consolidation happening. | 2009-07-06 | |
| BUY | 8.650 | Michael Sprung | (Market Call Minute.) In a bit of a growth phase right now. Taking market share from some of the big players in their industry. | 2009-06-26 | |
| TOP PICK | 9.380 | Norman Levine | Got its start as an actuarial company and is now one of the biggest pension fund benefit administrators in Canada. Companies outsource their pension funds to them. About 10% yield, which is. Not a lot of economic sensitivity. | 2009-06-08 | |
| TOP PICK | 8.500 | Glenn MacNeill, P.Eng. | Specializes in human resources consulting such as pension plans, health benefits, disability, etc. Very little capital expenditure needed. Management owns a good piece of this. | 2009-05-20 | |
| TOP PICK | 7.800 | Norman Levine | One of the leading companies in the pension fund, benefits and administration. Great business. Company is a beneficiary when the economy goes down. Expects to maintain the payout after converting to a corporation. 12.1% yield. | 2009-03-30 | |
| TOP PICK | 7.750 | Michael Simpson, CFA | Pension and benefits consulting company. Also assist in employee assistance programs. Can gain a lot of extra work because of pension fund difficulties because of the stock market. | 2008-11-20 | |
| TOP PICK | 9.000 | Jean-Francois Tardif | Recession proof type of company. Basically a consultant for pensions. Business has grown every year for a long time. Very profitable business. About 14% free cash flow yield. | 2008-10-17 | |
| TOP PICK | 10.800 | Michael Simpson, CFA | Pension benefiting consulting. Employees’ assistance program area. This is a growing area in the corporate world. About 85% payout ratio. Thinks they can grow their cash flow at 6% to 7%, which is not being reflected in the market. | 2008-09-19 | |
| TOP PICK | 11.500 | Jean-Francois Tardif | Pension plan management. Large market share, just bought company that provides services to employees – growing at 20%+ per year. Thinks will beat numbers. Safe. Will grow over time. 8.3% yield. | 2008-06-23 | |
| HOLD | 13.000 | Andrew Guy, CFA | Consultant on pension plans. Largest Canadian company in this sector. Carved out a very nice niche in the mid-caps. 7% yield. Good long-term hold. A little bit expensive. | 2007-06-27 | |
| PAST TOP PICK | 12.990 | James Leung | (A Top Pick Nov 11/05. Up 25%.) Revenues are very steady. Should continue to do very well. Continue to hold. | 2006-01-27 | |
| PAST TOP PICK | 13.000 | Greg Guichon | (A Top Pick Oct 21/05. Up 32%.) Still likes it. Still buying. | 2006-01-20 | |
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| TOP PICK | 10.400 | James Leung | One of 3 benefit/pension consultants in Canada. A lot of their revenues are locked into multi-year contracts. There is a constant need for companies to outsource their pension/health benefits programs. | 2005-11-11 | |
| TOP PICK | 9.750 | Bruce Hartman | A great Canadian success story. A benefits consulting firm. Yields a little over 9%. Extremely good quality trust in that about 95% of its revenues recur every year. Once they start consulting to a company, it essentially becomes a recurring stream of revenue. | 2005-10-21 |
