STOCKCHASE

Retailer in northern communities. Delivers fairly consistent results even in today's environment.

2012-01-23

TOP PICK

18.920

Karl Berger

Fantastically run company in the Arctic as well as the Caribbean. Likes them because they are a little bit of a play on continued development of the mining sectors in northern Canada. Good dividend yield of 5%. Good operators. Nice sustainable competitive advantage.

2011-11-22

TOP PICK

19.410

Charles Lannon

Can grow despite adverse economic conditions. Stores across northern Canada. Dividend is attractive and they can grow that over time. Margins are larger than average for grocery.

2011-09-22

PAST TOP PICK

21.880

(A Top Pick March 17/10. Up 29.21%.) Operates stores in northern communities. Usually the only game in town. Extremely well managed. Also have some franchises in Giant Tiger and Cost-U-Less stores. If you own, consider taking some profits in the near term.

2011-03-03

PAST TOP PICK

21.180

(A Top Pick April 23/10. Up 16.78%.) Still likes and would be a Buyer on dips.

2011-02-02

PAST TOP PICK

21.950

(A Top Pick Dec 22/09. Up 28.8%.) Operates general merchandise/foods stores in the far north. Extremely well run. Now a Hold.

2010-12-01

PAST TOP PICK

19.480

Charles Oliver, HBSc CFA

(A Top Pick Oct 16/09. Up 25.84%.) Still likes but sold his holdings. May put it back on again.

2010-09-29

HOLD

21.090

It is a significant holding for him. People are looking for safety. They dominate communities where their stores are. Yield is not too bad. Suspects distribution will be tax adjusted. Well run company. They have franchise area for Giant Tiger. If it goes a few more dollars, they will be tempted to take profits.

2010-08-25

TOP PICK

18.960

Northern community stores. There is a young, fast-growing population as well as new energy/Mining projects. 7.14% distribution will be cut in the 25% range.

2010-04-23

TOP PICK

18.050

Retail facilities in the far north where they tend to be the only player in town. Also own Giant Tiger chain. Will convert to a corporation in early 2011 so they pay out could be adjusted at that time. 7.7% yield. Defensive play.

2010-03-17

BUY

17.900

Northern community stores. One of the original trusts. Have a very good business model. Good company at a good price.

2010-01-27

TOP PICK

18.580

Value investors favour this. Outlets in rural and urban settings. In far north are the only game in town. Strong management and will be able to go through conversion, maintaining something close to the distribution. Insulated in retail world.

2009-12-22

TOP PICK

16.800

Charles Oliver, HBSc CFA

Very boring, steady Eddie kind of company paying 8%. About 200 general merchandise stores in Northern Ontario. Relatively immune to significant downfalls.

2009-10-16

TOP PICK

15.890

A leading food/staple goods retailer in northern or remote communities in Canada and Alaska. Recently did an acquisition in the Caribbean. They tend to be the only retailer in a community so it tends to be defensive. Well positioned.

2009-05-22

TOP PICK

15.190

Leading retailer of food and everyday products and services to the northern communities. Also have some operations in the Caribbean. Very defensive because they are the only provider. Strong management. Conservative balance sheet.

2009-04-02

BUY on WEAKNESS

16.100

Focused on retail to northern and remote communities. Recession resistant. Made an acquisition of a similar company in the Caribbean, which is working out quite well. Near-term there could be softness in their quarter over quarter numbers because of the Indian residential schools settlement check last year. Outlook is quite good.

2009-02-03

BUY

16.500

Ben Cheng

Operate the Giant Tiger and Cost-U-Less (?) Stores in northern Canada and Alaska. Prospects in the immediate term look pretty good. Good price.

2008-09-24

BUY

14.240

Ben Cheng

One of the largest operators of Giant Tiger stores in Northern Canada so it is like the Wal-Mart of the North. Won't be affected by a cyclical downturn. Very cheap.

2008-08-07

HOLD

17.640

Very good model for an income trust. They are often the only store available for long distances in the far north. Cash flow tends to be fairly steady. Influenced by the level of consumer spending. With the current outlook for a slowdown, the price has dropped.

2008-03-05

HOLD

20.630

Very high-quality company. They are the leading retailer of food and everyday products and services in northern Canada and Alaska. Stable business. Conservative management team. Not cheap.

2007-08-23

BUY

18.870

This is the right way to run and income fund. They pay out less than net income. There is no return of capital. They invest actively in improving their stores and inventory turns.

2007-07-03

HOLD

19.270

Andrew Guy, CFA

Excellent management team. Very strong free cash flow over time. Would prefer buying around $18-$18.50.. Hold for the long-term.

2007-06-27

PAST TOP PICK

16.200

(A Top Pick Mar 31/06. Up 23.6%.) Rural stores in northern Canada and Alaska. Very good sales numbers. Same-store sales growth of about 5%. Conservative payout ratio.

2007-03-20

BUY

15.960

Patrick Kim

An excellent buy. One of the major grocers and general merchandise retailers up in northern Canada and Alaska. Fantastic organic growth. Limited competition.

2007-01-26

BUY

14.050

Operate stores in remote areas and tend to do quite well. Has some good growth ahead of it.

2006-11-14

PAST TOP PICK

16.050

(A Top Pick March 31/06. Up 14.4%.) Retail stores in northern Canada. Have some growth opportunities. Expanding their Internet pharmacy. Very well run.

2006-11-03

BUY

17.520

A great company with one of the most sustainable payouts amongst trusts. Distributions are less than net income. Very good balance sheet. Good trust structure.

2006-10-13

BUY

17.600

Extremely well managed. Stores are located where there is limited competition. Just announced good earnings and a 3 for 1 stock split.

2006-09-19

TOP PICK

52.650

Ian Nakamoto

Recently increased distributions 22%. Retail stores located in northern Canada as well as Alaska. Relatively low payout ratio.

2006-09-11

BUY

39.850

Have a lot of outlets in the northern part of Canada. With stronger oil/gas exploration, there will be more activity for them. A good-quality name.

2006-06-01

TOP PICK

39.350

The original Hudson's Bay company. Successful because it has a tax rate of about 25%. About 193 stores all over Canada. A lot of them in northern Canada and quite often the only store in town. Recently released good earnings and strong same store growth. Some growth opportunities in providing northern pharmacy services. Strong ROE.

2006-03-31

BUY

32.000

One of his favourites. Pays out less than its net income in distributions, reducing debt, remerchandising and reformatting stores to improve its operating margins. Located in a market were it's dominant. Well managed.

2005-08-12

BUY

30.500

Prefers this over other retailers as it has characteristics that he keeps pushing for. It pays out its net income, not its depreciation. Good balance sheet and high return on capital.

2005-05-13

BUY on WEAKNESS

20.100

Getting a little rich. Good performance. Great company.

2002-08-12

BUY on WEAKNESS

19.500