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| Bill Shaw of Mavrix Fund Management |
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| BUY | BCE Inc. | BCE-T | 35.800 | Feels the deal will get completed. The biggest issue right now is the bondholders trying to go to court. | 2008-02-19 | ||
| Comment | Bonavista Energy Corp | BNP-T | 29.600 | If you think long-term oil is going to remain at these levels, this is a buy. Payout ratio is fairly reasonable. Reserve life index is not bad. | 2008-02-19 | ||
| SELL | Connors Bros. Income Fund | CBF.UN-T | 7.000 | Will have to get their fiscal house in order before they can go back to the prior distribution level. There are facing increases in commodity prices. Will possibly take another year or so before they can realistically raise distributions. | 2008-02-19 | ||
| BUY | Dundee REIT | D.UN-T | 33.510 | Not a bad REIT to own. Trading fairly cheaply at about 30% cheaper than its NAV. Sold their Eastern office portfolio so now 70% of their assets are in Alberta. Very short average lease life at about 4.1 years so there is significant upside on the rents. | 2008-02-19 | ||
| TOP PICK | Labrador Iron Ore | LIF.UN-T | 52.610 | Just signed contracts at 65% increases to 5 major producers. This will mean that the distributions can increase. Reserve life is estimated at more than 35 years. | 2008-02-19 | ||
| TOP PICK | Northbridge Financial | NB-T | 32.500 | A fairly conservatively managed property/casualty insurance company. Making money on underwriting and they have done that fairly consistently. Profitability continues to improve. Reasonably cheap price to book. Good price. | 2008-02-19 | ||
| HOLD | Norbord Inc. | NBD-T | 5.920 | If you look at the replacement value of the assets, it is about $11 to $12. Oriented strand board pricing is at the lower end. Correlated to the US housing market. Over time, these are great facilities. A potential takeout candidate. | 2008-02-19 | ||
| BUY | Suncor Energy Inc | SU-T | 99.590 | Very positive on this one. Likes the project and the opportunities. | 2008-02-19 | ||
| TOP PICK | Thomson Reuters Corp | TRI-T | 34.550 | Dividend is now over 3%. Looks like they are getting approval for the Reuters transaction. This will provide them with some great synergies. Very attractive price. | 2008-02-19 | ||
| BUY | Telus Corp | T-T | 42.710 | Good long-term hold for income and growth. Yields about 4.5%. Considering this for his fund. There could be a significant cost integrating GMS but would be offset by the revenue they would receive. | 2008-02-19 | ||
| BUY on WEAKNESS | Arctic Glacier Income Fund | AG.UN-T (Dead) | 12.000 | Distribution is not too bad. Have done a good job of integrating the smaller acquisitions they have done over the years. Management team seems to know what they are doing. If there were a bit further pullback in price, he would consider buying for his fund. | 2008-02-19 | ||
| BUY | Allied Properties REIT | AP.UN-T | 19.440 | Brick and beam. Have properties in Quebec city, Montreal, Toronto, Winnipeg and Kitchener. Typically light industrial. Well managed. Good lease rates. Reasonable yield. Trades at about 20% discount to his estimated NAV. | 2008-02-19 | ||
| BUY | Chorus Aviation Inc | CHR.B-T | 8.010 | Performing relatively well. The agreement it has with Air Canada is solid and provides some upside. | 2008-02-19 | ||
| Comment | Bell Aliant | BA-T | 29.440 | Distribution is fairly safe and solid. Decent yield. Should continue to do reasonably well. There are more attractive opportunities in the telecom sector such as Telus (T-T), Bell Canada (BCE-T) and Manitoba Tel (MBT-T) and the yields are not too far off this one. | 2008-02-19 | ||
| DON'T BUY | Arc Resources Ltd | ARX-T | 19.210 | Have done a reasonably good job in replacing their production, about 85%. Yield will depend on the price of oil/gas. Feels that oil/gas will be lower. Fair value is somewhere in the $19/20 range. Would probably take profits in the sector right now. | 2005-02-22 | ||
| HOLD | Advantage Oil & Gas Ltd | AAV-T | 20.980 | It really comes down to where you think the price of oil is going to be in 1/2 years out. Feels the price of oil is going to trend a little bit lower for the next year or so, so thinks there will be distribution cuts in oil trusts. | 2005-02-22 | ||
| DON'T BUY | Bonavista Energy Corp | BNP-T | 30.530 | Management has done a great job in expanding production. Their cost structure is reasonable. Distributions have been increasing, but at some point in time, oil will fall back and distributions will come off. Would consider taking some profits. | 2005-02-22 | ||
| HOLD | Bank of Nova Scotia | BNS-T | 40.120 | A good holding. | 2005-02-22 | ||
| BUY | Boston Pizza Royalties | BPF.UN-T | 15.000 | Will probably add another 60 stores in the next year or so. Management have been growing the business quite successfully. Refresh the concept every 7 years. Yield is pretty reasonable. As the chain grows, the distribution should also grow. | 2005-02-22 | ||
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| DON'T BUY | Chemtrade Logisitics Inc. | CHE.UN-T | 16.750 | Last quarter has been a little more difficult for them. An announcement was made that a potential competitor was going to start a chemical plant, but doesn't see this as a big issue. Their last earnings statement was a little weaker than expected. On a longer term basis they should do OK. Fully valued now. | 2005-02-22 | ||
| BUY | Canadian National R.R. | CNR-T | 76.550 | Prefers this over Canadian Pacific (CP-T) as it is much better managed and slightly cheaper. On a going-forward basis, CNR is definitely the better choice. Better profit margins. | 2005-02-22 | ||
| BUY | Canadian Oil Sands | COS-T | 80.000 | 35 year proven reserves. Good for a long term hold. A fabulous asset, one of the best in Canada. | 2005-02-22 | ||
| DON'T BUY | Canadian Pacific Rail | CP-T | 41.680 | Prefers CNR (CNR-T) as it is much better managed and slightly cheaper. On a going-forward basis, CNR is definitely the better choice. | 2005-02-22 | ||
| DON'T BUY | Heating Oil Partners | HIF.UN-T | 5.330 | They're in a liquidity crisis. Not certain of the financial viability of the trust. They need to be refinanced. | 2005-02-22 | ||
| DON'T BUY | Harvest Energy Trust | HTE.UN-T | 25.620 | The reserve life is a little bit shorter than the average royalty trust. Have done a great job in acquiring properties. Fully priced. Would probably take profits in the sector right now. | 2005-02-22 | ||
| TOP PICK | Kingsway Financial Services | KFS-T | 19.420 | Had some issues with their reserves, but thinks that is finally behind them. The combined ratio (ratio of expenses paid out to premiums taken in is finally getting a little more respectable and is now below 100. Forcasting $2.50 in a go forward basis. Just instituted a dividend of roughly 1%. | 2005-02-22 | ||
| STRONG BUY | Labrador Iron Ore | LIF.UN-T | 26.100 | Iron ore prices have been on a tear. Steel production needds this and demand for steel has been strong. Rio Tinto (RTP-N) owns a majority position, so they may want to take out the balance. Definitely upside from here. | 2005-02-22 | ||
| TOP PICK | Manitoba Telecom Services | MBT-T | 49.190 | Break-up value would be about $53. Allstream revenues seem to be stabilizing. Cheap. Good dividend yield of 5.25%. | 2005-02-22 | ||
| BUY | Norbord Inc. | NBD-T | 12.900 | A principal producer of oriented strand board. Prices for this product have been rising and he continues to see very strong demand. Earnings are very good. Expects strong cash flows in 2005, perhaps in the $3 range on a go-forward basis. | 2005-02-22 | ||
| BUY | Inco | N-T | 48.110 | Has a positive outlook on nickel. Expects to see very strong commodity prices. Looking for Voisey's Bay to come on line. | 2005-02-22 | ||
| HOLD | Pembina Pipeline Corp | PPL-T | 14.030 | Should continue to perform well in the near term. A little above fair value right now. The beauty of this trust is it's 35 year contract with Canadian Oil Sands (COS.UN-T). As Cdn Oil Sands grows its production, toll revenues will continue to grow. Short term not a BUY, but on a long term, a good HOLD. | 2005-02-22 | ||
| BUY on WEAKNESS | PRT Growing Services | PRT-T | 10.200 | Sales are continuing to rise. There are acquisition opportunities for them. Have been performing pretty steadily. Fully valued. | 2005-02-22 | ||
| BUY | RioCan Real Estate Investment | REI.UN-T | 18.900 | There are concerns on valuations of REIT's at this time. This one trades at a significant premium. Has a history of increasing distributions. The premier shopping centre REIT in Canada. Probably a candidate for index inclusion, so would expect pension funds to buy it. | 2005-02-22 | ||
| SELL | Rothmans Inc | ROC-T | 43.170 | 2 lawsuits have just been certified in Quebec which caused a 10% pull-back. A little more expensive than its peers. Concerned that the legal risks are much higher than in the past. Cash flows are excellent. Are currently selling their holdings. | 2005-02-22 | ||
| HOLD | Retirement Residences REIT | RRR.UN-T | 10.130 | Earnings were disappointing. Outlook for retirement homes, on a demographic basis is positive. Preferred the debentures rather than the actual stock. Wouldn't sell at this point, but would wait and see what management does. | 2005-02-22 | ||
| DON'T BUY | Shiningbank Energy Income Fund | SHN.UN-T | 22.650 | Principally on the gas side in its production profile. If he had to choose, it would be for the gassier as opposed to the oil side of things. Concerned that the payout ratio is almost 100%. Expensive compared to its peers. | 2005-02-22 | ||
| DON'T BUY | Transalta Power Lp | TPW.UN-T | 10.250 | Fully valued. A high quality trust in power generation. Expect a coupon type of return, somewhere in the 7.5/8% range. Haven't done much in terms of acquisition. High quality assets. | 2005-02-22 | ||
| BUY on WEAKNESS | Trans Canada Corp | TRP-T | 30.210 | At fair value right now. Dividend yield is pretty good. Stable revenues. Good long term hold. | 2005-02-22 | ||
| TOP PICK | The Brick Ltd | BRK-T | 14.100 | Expect them to grow quite significantly, probably 10 stores in the next couple of years. Not cheap right now, but on a longer term basis, they have a target price of $16. | 2005-02-22 | ||
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| BUY | Allied Properties REIT | AP.UN-T | 14.600 | Results have been OK. Has been performing fairly steadily. | 2005-02-22 | ||
| WEAK BUY | Emera Inc | EMA-T | 16.500 | Mature slow growth company. Worth buying for dividend. | 2004-06-11 | ||
| TOP PICK | Kingsway Financial Services | KFS-T | 15.300 | Reserve issue is being resolved. May see lift in stock price. Trading at 7.5 times percent forwards earning. | 2004-06-11 | ||
| BUY | Manitoba Telecom Services | MBT-T | 45.550 | Could have value in excess of $55. The dividend will be increased to 260. Will be yielding 5.7%. Free cash flow is excellent. | 2004-06-11 | ||
| DON'T BUY | Methanex Corp | MX-T | 17.150 | Surpassed target price. Significant risk. Some price risks. | 2004-06-11 | ||
| WEAK BUY | Petro-Canada | PCA-T | 57.550 | Feel it's worth $60 based on lower oil prices. Has opportunity for exploration. | 2004-06-11 | ||
| SELL | Retirement Residences REIT | RRR.UN-T | 10.600 | Wouldnt buy at current price. A name i would sell | 2004-06-11 | ||
| BUY | Just Energy Group | JE-T | 14.100 | Favourable short term. Good managment of growth. Would buy at current price. Target of $17.50 | 2004-06-11 | ||
| BUY | Teck Resources Ltd. (B) | TCK.B-T | 23.090 | Demand for copper continues to increase. | 2004-06-11 | ||
| HOLD | Trans Canada Corp | TRP-T | 26.100 | An excellent company, well managed. Interest sensitive. | 2004-06-11 | ||
| WEAK BUY | Yellow Media Inc | YLO-T | 11.150 | Not as interest sensitive as other stocks. Like Yellow pages | 2004-06-11 | ||
| HOLD | Dominion Resources Inc | D-N | 22.300 | Continue to like owning. | 2004-06-11 | ||
| BUY | Gateway Casinos Income Fund | GCI.UN-T | 17.490 | Like. Focuses on casinos. Very profitable. Well managed. $18 in one years time. | 2004-06-11 | ||
| VAGUE | BCE Inc. | BCE-T | 28.950 | Doesn’t think they are in a great position to raise their dividends. Will need a couple of more quarters of solid earnings before they can consider it. | 2003-10-14 | ||
| BUY | Bonavista Energy Corp | BNP-T | 17.370 | Management has a 24% interest in the trust. Expect management will grow the company “by the drill bit”. Very experienced management. | 2003-10-14 | ||
| SELL | Davis + Henderson | DH-T | 15.310 | Overpriced at the current level. Feels it is better valued at $13/$14 range. | 2003-10-14 | ||
| TOP PICK | Atlas Cold Storage Income Trust | FZR.UN-T | 8.740 | Feels all the major bad news is now out. A great business with 56 refrigerated warehouses. Expect distributions will resume at about $.90. Expect a nine-dollar target price, which would give you a total of 15% return. | 2003-10-14 | ||
| SELL | Keg Royalties Income Fund | KEG.UN-T | 9.210 | Restaurant business is tough, but they have done a relatively good job. Last year's results are not terribly impressive. | 2003-10-14 | ||
| TOP PICK | Kingsway Financial Services | KFS-T | 13.050 | Revised his earnings estimates to two dollars, which is a multiple in the 6 1/2 range. Trading near book value. | 2003-10-14 | ||
| BUY | Methanex Corp | MX-T | 12.900 | Have had some significant challenges over the past couple of quarters. Commodity prices have been off a bit, but expect this to improve. | 2003-10-14 | ||
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| BUY | Inco | N-T | 41.530 | Feels that the price of nickel will continue to rise because of the strong demand from the Asian market. | 2003-10-14 | ||
| BUY | Fibrek Inc. | FBK-T | 6.680 | Abitibi will be receiving some of the distributions, which will cut the amounts received by shareholders. The share price is now an attractive buying opportunity for a 3 to 5 year holding. | 2003-10-14 | ||
| HOLD | Just Energy Group | JE-T | 24.150 | Has become fairly expensive. | 2003-10-14 | ||
| TOP PICK | Toronto Dominion | TD-T | 42.550 | Has had a strong third-quarter. Results have been tracking well on a year-to-year basis. Tier one capital is up to 9.7%, which is the top of the banks. Thinks TD Waterhouse is undervalued. | 2003-10-14 | ||
| BUY | Trans Canada Corp | TRP-T | 25.480 | A good buy for people with a longer-term horizon. Continually spins off great cash flows. Expect to see continued increases in earnings and dividends. | 2003-10-14 | ||
| HOLD | Viking Energy Royalty Trust | VKR.UN-T | 6.460 | An oily trust. With the present strength of oil, would expect to see some appreciation. | 2003-10-14 | ||
| SELL | Yellow Media Inc | YLO-T | 11.690 | Has grown considerably and doesn't feel it has much more room to go. Expect there will be another issue, which would limit the up side from here. | 2003-10-14 | ||
| WEAK BUY | Arc Resources Ltd | ARX-T | 12.590 | Reserve life of 12 years. Likes management. Has some concerns on the price of oil going forward. | 2003-07-09 | ||
| BUY | Barclays Adv S&P/TSX | BAI.UN-T | 10.550 | A good way to hold income trusts without having to look at individual trusts. | 2003-07-09 | ||
| DON'T BUY | Bombardier Inc (B) | BBD.B-T | 5.040 | Has always liked this stock, but airline problems have hurt. Relatively expensive now. | 2003-07-09 | ||
| WEAK BUY | Boston Pizza Royalties | BPF.UN-T | 10.050 | Expects good growth via new stores. Sales are relatively good. Has concerns on restaurants in trusts. | 2003-07-09 | ||
| DON'T BUY | Enbridge Income Fund Holdings | ENF-T | 11.000 | A high quality trust. At fair value now. | 2003-07-09 | ||
| PAST TOP PICK | Fairfax Financial | FFH-T | 208.000 | Was a top pick on Feb 21. Sold. Not sure of future earnings. | 2003-07-09 | ||
| HOLD | Fortis Inc. | FTS-T | 58.250 | As long as interest rates stay low, it should perform well. Expensive. | 2003-07-09 | ||
| BUY | General Electric | GE-N | 8.620 | Great management team. Has some issues re: Alberta Energy Board. Expects they will make some form of re-imbursement. | 2003-07-09 | ||
| DON'T BUY | Great West Lifeco | GWO-T | 38.890 | Likes the Canada Life takeover, but stock is expensive now. | 2003-07-09 | ||
| BUY | Industrial-Alliance Life Ins | IAG-T | 37.300 | A steady performer. Take out rumours. Good management. | 2003-07-09 | ||
| BUY | Innergex Renewable Energy | INE-T | 10.940 | Hydro electric facilities tend to be sasfer. 9.25% yield. Almost at fair value. | 2003-07-09 | ||
| TOP PICK | Kingsway Financial Services | KFS-T | 16.900 | Was a top pick on Feb 21. Good management. US sector is doing well.t | 2003-07-09 | ||
| BUY | Manulife Financial | MFC-T | 37.790 | Well managed. Fair value in the short term, but expects it will have a price of $44 in 18 months. Stable. | 2003-07-09 | ||
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| HOLD | Pengrowth Energy Trust (US) | PGH-N | 16.980 | Just did an equity issue which impacted the share price. Well managed. Near its fair value. | 2003-07-09 | ||
| DON'T BUY | Paramount Resources | POU-T | 9.270 | Great management team. Has some issues re: Alberta Energy Board. | 2003-07-09 | ||
| DON'T BUY | Prime West Energy Trust | PWI.UN-T | 26.390 | Not a bad trust to own. Has concerns on the quality of the deals they are doing. Made a cut in their distribution. | 2003-07-09 | ||
| TOP PICK | Royal Bank | RY-T | 58.350 | Likes their US strategy. Great execution. | 2003-07-09 | ||
| BUY | Fibrek Inc. | FBK-T | 7.730 | A cyclical and near its bottom. May be a good time to buy. Tremendous upside possible on pulp prices. | 2003-07-09 | ||
| DON'T BUY | Shiningbank Energy Income Fund | SHN.UN-T | 17.150 | Production continues to grow. Getting close to fair value. | 2003-07-09 | ||
| WATCH | Transalta Corp | TA-T | 18.730 | Starting to refocus more on their core business. Management is starting to do better. | 2003-07-09 | ||
| TOP PICK | Toronto Dominion | TD-T | 37.700 | Was a top pick on Feb 21. Good management. Retail banking should pay off. | 2003-07-09 | ||
| DON'T BUY | TransForce Inc. | TFI-T | 8.050 | A lot of competition. Not a fan of cyclical business's in trusts. | 2003-07-09 | ||
| DON'T BUY | Telus Corp | T-T | 24.290 | Has had a lot of difficulties and terrible results. | 2003-07-09 | ||
| DON'T BUY | A Comment -- General Comments From an Expert | A Commentary | 35.970 | Margins are pretty good. Reasonable dividend. At full value now. | 2003-07-09 | ||
| DON'T BUY | Acclaim Energy Trust | AE.UN-T (Dead) | 4.160 | Gas weighted trust. Not a fan of oil/gas trusts now. Could suffer with a drop in commodities. | 2003-01-30 | ||
| HOLD | Arc Resources Ltd | ARX-T | 12.050 | May be a little high now. Likes the trust. | 2003-01-30 | ||
| DON'T BUY | Progressive Waste Solutions Inc | BIN-T | 11.890 | There is still opportunity for growth. Fairly priced now. | 2003-01-30 | ||
| DON'T BUY | CAE Inc | CAE-T | 5.240 | Cheap, but for now price is appropriate. | 2003-01-30 | ||
| BUY | Cascades Inc | CAS-T | 14.700 | Trading is really cheap at 7.5 X book. | 2003-01-30 | ||
| TOP PICK | Fairfax Financial | FFH-T | 97.680 | Assets are worth more than the stock price. | 2003-01-30 | ||
| DON'T BUY | IGM Financial Inc. | IGM-T | 25.500 | May be tough to maintain its value. | 2003-01-30 | ||
| TOP PICK | Kingsway Financial Services | KFS-T | 13.560 | A great value stock. They have applied for premium increases which would improve margins. | 2003-01-30 | ||
| DON'T BUY | Nortel | NT-T (Dead) | 3.690 | A continued lack of profitability.. Needs product development. | 2003-01-30 | ||
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| DON'T BUY | Rothmans Inc | ROC-T | 29.030 | Always concerned about litigation risks. | 2003-01-30 |
