| TOP PICK | | Arc Energy Trust Units | AET.UN-T | 27.210 | Payout ratio is well within his acceptable limits. Through good and bad times, management has consistently added value to the company. Benefiting from the tight gas exposure in the Montne play in B.C. | 2008-04-16 | |
| TOP PICK | | Calloway REIT | CWT.UN-T | 20.750 | Real estate market in Canada is very different than in the US. One of the things overhanging the stock is a large acquisition they made of various Wal-Mart centres but they have just announced restructuring which is much better for the REIT. | 2008-04-16 | |
| TOP PICK | | Ag Growth Income Fund | AFN.UN-T | 30.850 | Enthusiastic about the entire agricultural industry. One of the largest producers of grain augurs in North America. Glitches have been resolved and he is expecting much better things from them. | 2008-04-16 | |
| PAST TOP PICK | | Cineplex Galaxy Income Fund | CGX.UN-T | 16.500 | (A Top Pick July 23/07. Up 2% including distributions.) Took some profits last fall. The go-forward slate of movies for them is quite strong. Good management. The major growth engine has been their advertising but overall advertising has been in a slump. | 2008-04-16 | |
| PAST TOP PICK | | Chartwell Seniors housing | CSH.UN-T | 9.370 | (A Top Pick July 23/07. Down 35% including distributions.) Always followed a philosophy of growing internally and through acquisition. Last year investors lost patience with the continued acquisition strategy with no benefits on the bottom line. Integration has proved difficult for them. New management will be focusing more on the bottom line. Still a Buy. | 2008-04-16 | |
| PAST TOP PICK | | Canadian Oil Sands Trust | COS.UN-T | 44.650 | (A Top Pick July 23/07. Up 34% including distributions.) Continuing to bring on production. Still a Buy. | 2008-04-16 | |
| BUY on WEAKNESS | | Crescent Point Energy Trust | CPG.UN-T | 33.350 | Management team is one of the best in the industry. Exploiting some of the Bakken region in southeast Saskatchewan, which is all the rage. Has gotten a little ahead of itself and it wouldn't surprise him if it pulled back a little. Depends on where crude oil trades in the next 2 or 3 months. | 2008-04-16 | |
| BUY | | Baytex Energy Trust | BTE.UN-T | 24.740 | Very well run income trust. Focused on heavy oil. Recently made an acquisition of Burmis Energy (BME-T) that adds to their natural gas and light oil production. Good management team. | 2008-04-16 | |
| Comment | | Brick Group Income Fund | BRK.UN-T | 8.630 | Yield of 13.9%. Has had a difficult time raising interest amongst the institutional investors. Real estate has been separated, so what you are buying is essentially a pure play retailer. Given all that is happening in the US housing market, the weakness could transfer to Canadian retailers, particularly southern Ontario. The strength in Western Canada is supporting their Ontario and Quebec cash flow. | 2008-04-16 | |
| Comment | | Trinidad Drilling | TDG-T | 13.240 | Was an income trust and is forging a new path in converting back to a corporation. Thinks this was a good move. | 2008-04-16 | |
| Comment | | General Electric | GE-N | 32.230 | Their ability to access markets and to finance many of the power, infrastructure projects and aerospace is going to be quite difficult. If you have a 2 to 3 year time frame, it's probably not a bad entry point. | 2008-04-16 | |
| BUY | | BFI Canada Income Fund | BFC.UN-T | 21.400 | Much of their revenue and bottom line is derived from the US. As the US new home construction market slows, this will affect them. Doesn't expect earnings or cash flow to rebound in 2008. Longer term, it is in a very good business. 8.4% yield should be safe. Not a bad entry point. | 2008-04-16 | |
| BUY | | Pizza Pizza Royalty Income Fund | PZA.UN-T | 9.250 | Not worried about the distributions. Quick service restaurants tend to be a little more resilient in tough economic times. Have better growth aspects with their acquisition they made in Western Canada. Doesn't expect the stock price to rally much in the next 6 to 9 months. Near 10% yield. | 2008-04-16 | |
| Comment | | Pengrowth Energy Trust | PGF.UN-T | 20.030 | This is a trust with a wealth of opportunity. Some enhanced recovery plays, some oil sands potential and coal bed methane. He has been critical because of their consistently high payout strategy. Prefers to be more conservative with his income investments. | 2008-04-16 | |
| BUY | | Progress Energy Trust | PGX.UN-T | 13.740 | Has a wonderful inventory of assets that they can develop over the next few years. They’re farm-in and management partners with ProEx Energy (PXE-T). One of the best drilling and management teams in the western basin. Latest results show record production. A little concerned with the debt, but given commodity prices, this can alleviate a lot of balance sheet concerns. | 2008-04-16 | |
| STRONG BUY | | Canadian Helicopters Income Fund | CHL.UN-T | 13.800 | You are looking at a derivative play on everything that is happening in the resource industry. They fly a lot of their helicopters for the oil/gas industry, particularly up in Fort McMurray. Do a lot of work in the mining and forestry area. 8% distribution. | 2008-04-16 | |
| DON'T BUY | | Connors Bros. Income Fund | CBF.UN-T | 7.390 | There are quite a few things in play with this trust. Had a recall that forced them to shut down production and for a longer period than expected. There are some headwinds that food, tin manufacturers will be facing. Steel and tin prices are continuing to move higher. Also expecting protein prices to move higher. There are better places to go. | 2008-04-16 | |
| Comment | | Harvest Energy Trust | HTE.UN-T | 24.510 | Focused on heavy oil production but also have a significant part of their business in a refinery in Come- by-Chance Newfoundland. Refinery had some down time, which affected their cash flow and earnings. Concerned about their balance sheet because of their higher debt relative to their peers. | 2008-04-16 | |
| BUY | | Penn West Energy Trust | PWT.UN-T | 30.380 | Substantial oil/gas land inventory, which will be exploited over the next couple of years. | 2008-04-16 | |
| BUY | | Canexus Income Fund | CUS.UN-T | 5.000 | Good management team. Solid ownership backing behind it. Prospects are going to look better over the next 12 months. Factories are being taken down in North America, which should help from the supply side. Also have some wonderful opportunities in South America, which will be the primary pulp and paper producer for the planet. 11% yield should be safe. | 2008-04-16 | |
| BUY | | Bank of Montreal | BMO-T | 46.150 | (Market Call Minute.) Think they have written down their balance sheet correctly and is worth looking at. | 2008-04-16 | |
| HOLD | | Precision Drilling Corp. | PD.UN-T | 25.550 | (Market Call Minute.) The 800-pound gorilla in the oil patch. | 2008-04-16 | |
| HOLD | | National Bank of Canada | NA-T | 50.540 | (Market Call Minute.) There are some headwinds continuing from Quebec. | 2008-04-16 | |
| BUY | | Inter Pipeline Fund | IPL.UN-T | 9.360 | (Market Call Minute.) A volatile holding. Prospects look pretty decent. | 2008-04-16 | |
| BUY | | Keg Royalties Income Fund | KEG.UN-T | 11.200 | (Market Call Minute.) Has had a tremendous beating, which he thinks was unwarranted. | 2008-04-16 | |
| TOP PICK | | Crescent Point Energy Trust | CPG.UN-T | 21.980 | Oil focused and will probably continue to be one of the top performing trusts for 2008. Have been active in acquisitions in the Bakken regions. Severely under priced. Yield is very safe. | 2008-01-21 | |
| TOP PICK | | Rogers Communcations (B) | RCI.B-T | 37.760 | Federal government opening up wireless for more competition produced some weakness, but they are generating fabulous amounts of free cash flow and are buying back stock. Dividend was increased substantially and is very safe. Looking for continuing increased growth. | 2008-01-21 | |
| TOP PICK | | Yellow Pages Income Fund | YLO.UN-T | 11.890 | An analyst recently severely downgraded, primarily based on expected weakness in the US directory business. This one does not have the competition there is in the US. They have 97% market share plus a serious online product. | 2008-01-21 | |
| PAST TOP PICK | | AutoCanada Income Fund | ACQ.UN-T | 8.700 | (A Top Pick Mar 2/07. Down 8.9% including distributions.) Been a tough market for auto retailers. This is about the only way you can own an auto retailer. Reported sales up 12% to 15% in each of the last 3 quarters. 70% of their dealerships are in Western Canada, particularly in Alberta and B.C. Distribution is safe. | 2008-01-21 | |
| PAST TOP PICK | | Retrocom Mid-Market REIT | RMM.UN-T | 3.760 | (A Top Pick Mar 2/07. Down “total return” 22.2%.) Had gone through the last year without following through on promises they made to investors, including a stock buyback program and better cash flow numbers. Trades at a significant discount to its net asset value. A “deep value” play at this point. | 2008-01-21 | |
| PAST TOP PICK | | Canadian Helicopters Income Fund | CHL.UN-T | 11.000 | (A Top Pick Mar 2/07. Up 26.3%.) Very well run company. Benefiting from some of the strength in the oil sands projects and mining. Although commodities are very volatile, they are still very much in demand. Solid balance sheet and good management. | 2008-01-21 | |
| BUY | | Boston Pizza Royalties | BPF.UN-T | 12.270 | Very capable management team. Market is worried if the growth pattern is sustainable in the present economic environment. Excellent royalty trust if you want to be in the restaurant space, but you may see some weakness in same-store sales growth. 11.5% distribution should be safe and continue after 2011 changes in trusts. | 2008-01-21 | |
| WATCH | | Enerplus Resources Fund | ERF.UN-T | 36.150 | Good balance sheet and one of the strongest oil/gas income trusts. One of the few trusts that will migrate more readily to the E & P structure post 2011. Missed production numbers and to recover will take a lot of work. Integration risk with Focus Energy (FET.UN-T). | 2008-01-21 | |
| BUY | | Bank of Nova Scotia | BNS-T | 43.700 | 4.2% dividend and PE is at about 11. Dividend should be safe. About 30% of their earnings come from outside of Canada. Financial services are going to be under a lot of pressure because they are rolled into the same basket as US financials and concerns will rub off. | 2008-01-21 | |
| BUY | | Jazz Air Income Fund | JAZ.UN-T | 7.320 | Canadian Airlines, particularly this one and Westjet (WJA-T) have been painted with the same brush as the national and regional carriers in the US. This one operates outside of the major hubs, catering more to the regional destinations, which are not as economically sensitive. Have been somewhat sheltered from the rise in jet fuel costs. | 2008-01-21 | |
| Comment | | Pengrowth Energy Trust | PGF.UN-T | 16.320 | Very good set of assets. As a big Cap X budget slated for 2008, which could create some balance sheet issues. Relatively high payout ratio will create some concerns on the sustainability of distributions. | 2008-01-21 | |
| Comment | | Peyto Energy Trust | PEY.UN-T | 15.500 | Very focused on natural gas. Has a wonderful asset in the western basin. In the current natural gas pricing market, many of these trusts are pulling back on new Cap X they are willing to spend. | 2008-01-21 | |
| HOLD | | Armtec Infrastructure Income Fund | ARF.UN-T | 20.790 | Specializes in the growing infrastructure need in roads, hospitals and airports. Not particularly economically sensitive but currently is trading at a relatively high valuation. Would like to see it around $18. | 2008-01-21 | |
| BUY | | BCE Inc. | BCE-T | 34.420 | To be acquired by Ontario Teachers at $42.75. Takeout date is speculated as May 1st. This would amount to a very generous rate of return. There would be serious consequences if they were to back out of the deal. Risk/reward is good. | 2008-01-21 | |
| Comment | | InStorage REIT | IS.UN-T | 0.770 | One of the smaller cap REITs. Has been on a very aggressive acquisition path. In this environment, being a smaller REIT, and investors treating this cautiously, there has been quite a drop in price. Reported slightly weaker results in the last quarter. General direction for them is correct but in an uncertain economic environment, it can be riskier. | 2008-01-21 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold: Has moved quite dramatically because of the weaker US$ and the expansion of the Asian economy. There has been a little bit of weakness, which could continue. With the US economy starting to slow he believes many investors are much too optimistic on growth in the Far East, but the US is still their #1 customer. | 2008-01-21 | |
| Comment | | Wajax Income Fund | WJX.UN-T | 25.380 | Thinks the payout is safe, but there has been a tremendous decline in natural gas drilling in the western Canadian basin, which will create some spin-off effects on them. There is still a great demand from agriculture and oil sands. Some of the business might be moderating a bit. | 2008-01-21 | |
| DON'T BUY | | Essential Energy Services | ESN.UN-T | 2.880 | Not a fan of oil/gas services today. Have now moved to and on-cash distribution, but at the end of the day there is still a tremendous amount of pressure. Cost of capital is quite high and with low gas prices, there are still not robust enough cost structures for gas producers. Could be a potential distribution cut. | 2008-01-21 | |
| Comment | | Trinidad Energy Services | TDG.UN-T | 8.800 | Recently converted to a common stock structure, so reduced their payout significantly for 2008. Have moved a significant amount of their business outside of Canada. Sees drilling rigs and economics much more favourable in the US than it is here. All the drilling/oil services are currently in a bit of a head wind. | 2008-01-21 | |
| BUY | | Arc Energy Trust Units | AET.UN-T | 20.000 | Very solid management team. Had very positive news out of their NE BC properties. Undervalued. Should remain as one of the premier mid-cap E & P companies in Canada. | 2008-01-21 | |
| HOLD | | RioCan Real Estate Investment | REI.UN-T | 18.650 | This one has been a matter of concern. REITs in the US and Canada have been taken down quite severely. Undervalued. | 2008-01-21 | |
| BUY | | Bonavista Energy Trust | BNP.UN-T | 25.590 | (Market Call Minute.) Very cheap. Management team owns a lot of stock. This is a natural gas play that you want to stick with. | 2008-01-21 | |
| DON'T BUY | | Precision Drilling Corp. | PD.UN-T | 16.450 | (Market Call Minute.) It will be a bit of a rocky market for them in 2008. Wait 6 to 12 months in order to get a better picture. | 2008-01-21 | |
| Comment | | Paramount Energy Trust | PMT.UN-T | 6.400 | (Market Call Minute.) Potential for an acquisition and consolidation with their parent Paramount Resources (POU-T). Doesn't think it will occur for the next 12 months. Tremendous yield may not be safe going forward. | 2008-01-21 | |
| HOLD | | Bell Aliant | BA.UN-T | 27.000 | (Market Call Minute.) Probably at little more recession resistant. Has good growth in their wireless sector. | 2008-01-21 | |
| HOLD | | FP Newspapers Income Fund | FP.UN-T | 11.710 | (Market Call Minute.) Focused in Manitoba. Thinks the company will be a little bit more recession resistant. | 2008-01-21 | |
| Comment | | Rogers Sugar Income Fund | RSI.UN-T | 4.830 | (Market Call Minute.) Doesn't think it will go up with other agricultural stocks. No natural gas price has helped the stock. | 2008-01-21 | |
| TOP PICK | | Crescent Point Energy Trust | CPG.UN-T | 19.260 | Oil/gas. Good management team. Solid balance sheet. Growth will come predominantly from the Bakken region. Undervalued and is looking for 20%-25% upside. | 2007-09-05 | |
| TOP PICK | | Jazz Air Income Fund | JAZ.UN-T | 7.750 | Ridership and capacity had been setting new levels. Operates under a capacity purchase agreement with AC. Like a glorified 12% bond. As long as they keep costs, mostly labour, under control they will continue to have stable cash flow. (Labour contracts g | 2007-09-05 | |
| TOP PICK | | Calloway REIT | CWT.UN-T | 24.300 | Likes real estate in Canada. REITs have declined significantly, but represent tremendous value. NAV is about $28/$30. Owns one of the best retail portfolios in Canada and they are the predominant landlord for Wal-Mart. | 2007-09-05 | |
| PAST TOP PICK | | AutoCanada Income Fund | ACQ.UN-T | 10.800 | (A Top Pick March 2/07. No change.) Only publicly traded auto dealership in Canada. Grown to 19 dealerships. Auto sales in Canada look much healthier than in the US. 9.3% yield. Very cheap at less than 6X cash flow for 2008. | 2007-09-05 | |
| PAST TOP PICK | | Retrocom Mid-Market REIT | RMM.UN-T | 5.370 | (A Top Pick March 2/07. Down 3%.) Yield of over 10%. Cheap relative to other REITs. Still likes. | 2007-09-05 | |
| PAST TOP PICK | | Canadian Helicopters Income Fund | CHL.UN-T | 10.470 | (A Top Pick March 2/07. Up 5%.) Still likes. Double-digit yield. | 2007-09-05 | |
| DON'T BUY | | Trinidad Energy Services | TDG.UN-T | 13.690 | One of the most active acquirers of other drillers/service companies in the oil patch. Have done a tremendous job in the US. Going forward, because of natural gas prices, it is going to have some tough quarters ahead of it. Good management. | 2007-09-05 | |
| Comment | | Peyto Energy Trust | PEY.UN-T | 16.880 | Even though they have a significant hedging program in place they will be running up against their credit lines in 2008. Have some tremendous properties in the western basin. This would be one of the companies that would benefit higher from natural gas p | 2007-09-05 | |
| HOLD | | Penn West Energy Trust | PWT.UN-T | 30.930 | Has dropped significantly in the last 2 months, he would not be a seller. Production has been a little bit disappointing, but not significantly so. Produces in excess of 120,000 equivalent a day. | 2007-09-05 | |
| Comment | | Baytex Energy Trust | BTE.UN-T | 18.550 | Recent acquisition has increased their exposure a little bit too light oil. Historically has been in heavy oil. Has quite a bit of promise in the Seal territory. | 2007-09-05 | |
| Comment | | Supremex Income Fund | SXP.UN-T | 7.000 | Move in the Cdn$ has put pressure on the stock. Going forward, the Cdn$ has pretty much seen its peak. This is important for them as their competitors are all based in the US. | 2007-09-05 | |
| HOLD | | Bonavista Energy Trust | BNP.UN-T | 28.520 | One of the premier oil/gas trusts. Solid producer. Good balance sheet. | 2007-09-05 | |
| Comment | | Vault Energy Trust | VNG.UN-T | 3.900 | Has declined significantly in the last 2 months. Part of it is due to the decline in gas prices. Also, their payout ratio is a little high. Market is looking for a distribution cut. Currently they are up for sale. | 2007-09-05 | |
| BUY | | Enerplus Resources Fund | ERF.UN-T | 45.420 | Could spin out their Montana assets into a US based MLP, which could be very accretive to them. Equal to 11,000 barrels a day in production. | 2007-09-05 | |
| BUY | | Extendicare REIT | EXE.UN-T | 14.840 | Have been doing a very good job. Their long-term care facilities are providing a good base going forward and will help sustain distributions as well as acquiring other businesses. | 2007-09-05 | |
| Comment | | Avenir Diversified Income Trust | AVF.UN-T | 8.120 | 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 | |
| BUY | | Canadian Oil Sands Trust | COS.UN-T | 31.320 | Prospects going forward are very good. Good balance sheet and they have their finances in place. Could possibly increase their distributions. 5.25% yield. | 2007-09-05 | |
| DON'T BUY | | TransForce Inc. | TFI-T | 12.000 | There is some question about their balance sheet. When they were acquiring other companies, they were able to issue units at higher prices to pay for them. With the cost of capital being higher, they only have a limited number of options. | 2007-09-05 | |
| DON'T BUY | | Trilogy Energy Trust | TET.UN-T | 7.790 | Rising costs in the western Canadian basin and gas not trading at the traditional 6 to 1 heating ratio has put considerable pressure on them. Some questions on their balance sheet. Possible distribution cuts or another share issue. | 2007-09-05 | |
| DON'T BUY | | Consumers Waterheater Fund | CWI.UN-T | 14.960 | Fairly well run trust. Business is sound, but also dependent on new home construction. US housing sales could potentially spread into Ontario, which is a concern. | 2007-09-05 | |
| DON'T BUY | | Pengrowth Energy Trust | PGF.UN-T | 17.980 | Concerned about balance sheet strength. Good operations team is making them a better oil/gas company going forward but payout ratio is too high and debt levels are something he is concerned about. Expect they will have a secondary issue of new units. | 2007-09-05 | |
| Comment | | Cinram | CRW.UN-T | 19.200 | Potentially interesting territory given the low price. The company is the last piece of the puzzle concerning production/screening of movies, the movement of movies into DVDs and DVD production and distribution. Given the extremely strong slate of recent | 2007-09-05 | |
| TOP PICK | | Cineplex Galaxy Income Fund | CGX.UN-T | 17.250 | Slate of movies for 2007 has been spectacular and attendance has gone back to 2004 levels. Expect this will continue into 2008. There will also be a digital rollout (versus reels of films), which is almost complete. Give them good flexibility in changing movies. | 2007-07-23 | |
| BUY | | Progress Energy Trust | PGX.UN-T | 12.600 | Feels the market has fully discounted the price of natural gas. Prospects for higher prices for the rest of this year and into 2008 are probably pretty good. | 2007-07-23 | |
| HOLD | | Peyto Energy Trust | PEY.UN-T | 17.680 | A big constraint is that they are right up against their bank lines. Their assets are fairly high quality. | 2007-07-23 | |
| BUY on WEAKNESS | | Mullen Group Income Fund | MTL.UN-T | 21.000 | Have had a problematic year, especially with drilling for shallow gas in the western basin having fallen off quite dramatically. One of the better operators within the oil patch. Would buy on any weakness. | 2007-07-23 | |
| BUY | | Calloway REIT | CWT.UN-T | 25.600 | Trading underneath its asset value and is very cheap. Should be closer to $30. Has one of the best portfolios of retail space in Canada. | 2007-07-23 | |
| Comment | | Canetic Resources Trust | CNE.UN-T | 17.050 | Have fairly decent assets. Feels the market is discounting too much of an effect on cash flows post 2011. Market is forecasting a 31.5% tax rate and he feels it will be closer to 9%. | 2007-07-23 | |
| Comment | | Arctic Glacier Income Fund | AG.UN-T | 14.200 | A very seasonal business, but have mitigated this with some acquisitions in the southern US. Could be an acquisition. | 2007-07-23 | |
| TOP PICK | | Chartwell Seniors housing | CSH.UN-T | 15.500 | Seniors housing space is going to continue to have very good fundamentals driving it. With recent acquisitions, it has moved into the #3 spot in North America. | 2007-07-23 | |
| Comment | | Canexus Income Fund | CUS.UN-T | 6.650 | Very exposed to the Cdn$, which has had a negative effect on the price. This is the low-cost operator within their space, because of their access to very cheap power. | 2007-07-23 | |
| SELL | | Brick Group Income Fund | BRK.UN-T | 9.900 | Tried to move up to more expensive furniture and also tries to compete with Sleep Country. Benefited from having most stores in western Canada. Expecting problems in 2008 because of the weakening economy in southern Ontario. Would buy if the price dropped below $9.00. | 2007-07-23 | |
| TOP PICK | | Canadian Oil Sands Trust | COS.UN-T | 34.500 | Could be an acquisition target going forward. | 2007-07-23 | |
| BUY | | Western Oil Sands Inc. | WTO-T | 37.000 | Could be an acquisition target going forward. | 2007-07-23 | |
| BUY | | Opti Canada Inc. | OPC-T | 23.400 | Could be an acquisition target going forward. | 2007-07-23 | |
| DON'T BUY | | Penn West Energy Trust | PWT.UN-T | 34.790 | This has not being the most efficient operator on the exploration side. There are better oil/gas trusts out there such as Arc (AET.UN-T) or Enerplus (ERF.UN-T). | 2007-07-23 | |
| BUY | | Crescent Point Energy Trust | CPG.UN-T | 20.500 | One of the better operators. Have been good through the drill bit as well as through acquisitions. Good prospects going forward. | 2007-07-23 | |
| WAIT | | Precision Drilling Corp. | PD.UN-T | 24.690 | Had a big drop and the prices are starting to look attractive again. Very Conservative payout ratio. Would wait to see where gas prices are going. | 2007-07-23 | |
| Comment | | Harvest Energy Trust | HTE.UN-T | 31.910 | Many investors are questioning where refinery crack spreads will be by the end of the summer, so the price has dropped. | 2007-07-23 | |
| TOP PICK | | Crescent Point Energy Trust | CPG.UN-T | 20.330 | Very good management team. Good set of oil/gas assets, especially with the merger of Mission Oil. Bullish on oil/gas. Undervalued. | 2007-05-29 | |
| TOP PICK | | Cineplex Galaxy Income Fund | CGX.UN-T | 17.630 | Strong movie attendance which he can see continuing. Expecting better long-term prospects than the market is giving credit for. Movie studios and producers have figured out that sequels make money. Can see 13 sequels coming up for the summer. | 2007-05-29 | |
| TOP PICK | | Chartwell Seniors housing | CSH.UN-T | 15.860 | Very good set of assets. Management team is one of the best in the business. Undervalued. | 2007-05-29 | |
| PAST TOP PICK | | Armtec Infrastructure Income Fund | ARF.UN-T | 19.100 | (A Top Pick Dec 1/06. Up 15%.) Fully valued in the infrastructure repair space, especially in southern Ontario. | 2007-05-29 | |
| PAST TOP PICK | | Canadian Helicopters Income Fund | CHL.UN-T | 10.770 | (A Top Pick Dec 1/06. Up 28%.) One of the best onshore helicopter operators. Good management. 9.6% yield. | 2007-05-29 | |
| BUY | | InStorage REIT | IS.UN-T | 1.390 | Good management and will continue to consolidate these self-storage space in Canada. Undervalued. | 2007-05-29 | |
| PAST TOP PICK | | AutoCanada Income Fund | ACQ.UN-T | 10.950 | (A Top Pick Dec 1/06. Up 23.2%.) The only publicly run car dealership in Canada. Still growing. 9.3% yield should grow. Still a Buy. | 2007-05-29 | |
| BUY | | CCS Income Trust | CCR.UN-T | 38.450 | Oil/gas service stock. Involved in the treatment of waste products from the drilling processes. Drilling dropped off considerably in 06 and 07, which affected them considerably. Expect drilling activity will pick up. | 2007-05-29 | |
| BUY | | Canadian Oil Sands Trust | COS.UN-T | 32.180 | Has been benefiting recently from the considerable international interest in acquiring oil sands properties. 5% yield. | 2007-05-29 | |
