| HOLD | | Chemtrade Logisitics Inc. | CHE.UN-T | 18.050 | Unit price has dropped about 10% because a perceived US competitor wanted to increase their production of sodium sulphate from 0 to 11% of North American production. Should they be successful, it could be a potential risk. No impact on product price yet. Pull back was too much. | 2005-01-18 | |
| HOLD | | Arc Energy Trust | AET.UN-T | 18.480 | Great track record. Good management. Believes that royalty trusts are discounting long term oil prices. Fully valued. Bonavista would be a better choice. | 2005-01-18 | |
| BUY | | Bonavista Energy Trust | BNP.UN-T | 28.480 | A top pick in the oil/gas royalty trust sector. Made a significant acquisition that adds to their reserve life. | 2005-01-18 | |
| TOP PICK | | Yellow Pages Income Fund | YLO.UN-T | 13.720 | A sector outperform. Has a lot of trading liquidity. High operating margins of 55/58%. Expects an increase in to yield of 7.3% in 2005 and even higher in 2006. | 2005-01-18 | |
| BUY on WEAKNESS | | Superior Plus Income Fund | SPF.UN-T | 30.020 | Management has done an extremely good job in growing cash distributions. Have also diversified away from just propane and into propane, pulp chemicals and gyprock and have been able to lock in profit margins. About an 8% yield. Fairly valued. | 2005-01-18 | |
| BUY | | Legacy Hotels | LGY.UN-T | 7.100 | As a result of weaker sales because of weaker tourism they cut their distributions in order to maintain their operations. Now turning around. Has a sector outperform with a high risk caveat. | 2005-01-18 | |
| TOP PICK | | Inter Pipeline Fund | IPL.UN-T | 9.220 | Sector outperform recommendation at a target price of $8.75. This is lower than current price, but it offers a level of income that gives a positive rate of return over the next year which may not happen with the rest of the group. Very strong management team. | 2005-01-18 | |
| SELL | | Gateway Casinos Income Fund | GCI.UN-T | 21.000 | Have been very successful in raising distribution in the past and expects a jump to $1.57 in 2005. Has a 3 sector underperform. | 2005-01-18 | |
| TOP PICK | | Allied Properties REIT | AP.UN-T | 14.160 | Offers a higher than average yield. Also has an element of growth. Expects distributions to go from $1.14 to $1.18. Has been very effective in growing its portfolio of office space properties. Focused in Toronto, but moving into Montreal as well. | 2005-01-18 | |
| BUY | | Acclaim Energy Trust | AE.UN-T | 14.800 | 70% of their development capital expenses come from their operating cash flows which is good. Above average yield. | 2005-01-18 | |
| HOLD | | Progress Energy Trust | PGX.UN-T | 13.450 | Neutral towards this trust at this time. Have a 2-sector perform recommendation. A mid to high cap in the oil/gas trusts. A solid hold at this point. | 2005-01-07 | |
| BUY | | Transalta Power Lp | TPW.UN-T | 9.950 | Distributions should be stable. Comfortable with the long term contracts that they have. | 2005-01-07 | |
| DON'T BUY | | Shiningbank Energy Income Fund | SHN.UN-T | 21.000 | The majority of its production comes from natural gas. A larger cap fund. Has a 3-sector underperfom with an $18.75 target price which would give you a flat return over the next year or so. | 2005-01-07 | |
| HOLD | | IPC US Income Commercial REIT | IUR.UN-T | 10.960 | A smaller cap trust, so doesn't trade a lot. Would like to see more yield for something this size. Neutral to this one at this time. | 2005-01-07 | |
| BUY on WEAKNESS | | TransForce Inc. | TFI-T | 15.230 | Canada's largest trucking company and known for its success in integrating acquisitions. Solid balance sheet. Has a sector outperform on this trust. Would buy on a lower level. | 2005-01-07 | |
| BUY | | Bonavista Energy Trust | BNP.UN-T | 26.910 | Has a sector outperform on this trust. Now have 4 key areas that they derive their natural gas from. The majority of their acquisitions are funded from their cash flows. | 2005-01-07 | |
| HOLD | | Enbridge Income Fund | ENF.UN-T | 13.450 | The attractiveness behind the pipeline portion of the trust is that 100% of their revenues are backed by "ship or pay" contracts. A lower risk trust. Yield is under 7%. Fully valued at this level. | 2005-01-07 | |
| BUY | | Clearwater Seafoods Inc. Fund | CLR.UN-T | 8.770 | Has a 2-sector perform recommendation on this trust. Payout ratio is high at 111% and could go higher at the end of '05 on an adjusted basis. Not in a situation where they will have to cut distributions. Some risks due to foreign exchange issues. | 2005-01-07 | |
| DON'T BUY | | A Comment -- General Comments From an Expert | A Commentary | 11.700 | A smaller trust. Has a 2-sector perform recommendation on this trust. One concern is that on developement capital expenditures one component comes from bank debt. High payout ratio of 231% versus an average of 150%. | 2005-01-07 | |
| BUY | | Acclaim Energy Trust | AE.UN-T | 14.040 | More room to the upside. May have a 9/10% return over the next year. The majority of their capital expenditures comes from their operating cash flows. | 2005-01-07 | |
| BUY | | Energy Savings Income Fund | SIF.UN-T | 18.000 | Entering the Alberta natural gas and electricity markets. In line with what they have done in the past. A steady growing type of income trust with a great business profile. Yield is not as attractive as others, but growth is expected to continue. | 2004-11-26 | |
| BUY | | Bonavista Energy Trust | BNP.UN-T | 27.560 | One of the concerns on royalty trusts is their ability to maintain distributions through a cycle. Watch how they fund acquisitions. This trust does it 100% through their operating cash flows. | 2004-11-26 | |
| BUY | | Legacy Hotels | LGY.UN-T | 6.750 | Good management. The slowdown in tourists have created a decline in cash flows. Doesn't feel that business or group US tourists will be down much. Have an outperform, high risk caveat. | 2004-11-26 | |
| DON'T BUY | | Progress Energy Trust | PGX.UN-T | 13.940 | Looks a little bit expensive and is not on their recommended list. One of the concerns on royalty trusts is their ability to maintain distributions through a cycle. Only 30% of acquisitions are funded through operating cash flows. | 2004-11-26 | |
| DON'T BUY | | NAL Oil & Gas Trust | NAE.UN-T | 13.800 | Basically have no oil/gas hedges, but in the present market this is OK. Have a 3 sector underperform rating. A concern on royalty trusts is their ability to maintain distributions through a cycle. Only 20% are funded through cash flow. | 2004-11-26 | |
| HOLD | | Petrofund Energy Trust | PTF.UN-T | 15.540 | !00% of their capital expansion is supported by their operating cash flow meaning they do not have to borrow. Great business model. A little expensive, but over the next year they have a positive rate of return. | 2004-11-26 | |
| BUY | | RioCan Real Estate Investment | REI.UN-T | 17.550 | For a conservative trust and will be more interest sensitive. On their Recommended list. Valuation is somewhat high. | 2004-11-26 | |
| BUY | | Transalta Power Lp | TPW.UN-T | 9.340 | For a conservative trust and will be more interest sensitive. On their Recommended list. Valuation is somewhat high. | 2004-11-26 | |
| BUY | | H&R Real Estate Inv Trust | HR.UN-T | 17.860 | A conservative trust, so more interest sensitive. Was recommended, but came off due to valuation. | 2004-11-26 | |
| BUY | | Consumers Waterheater Fund | CWI.UN-T | 14.870 | For a conservative trust and will be more interest sensitive. On their Recommended list. Valuation is somewhat high. | 2004-11-26 | |
| HOLD | | Timberwest Forest | TWF.UN-T | 14.670 | Have a 2 sector perform recommendation (neutral). With the distribution, you have a positive rate of return. | 2004-11-26 | |
| WAIT | | Summit Real Estate Investment | SMU.UN-T | 18.550 | A diversified REIT with properties in industrial, residential and office spaces. A high quality trust, but concerned with the valuation so has a neutral recommendation. | 2004-11-26 | |
| HOLD | | Superior Plus Income Fund | SPF.UN-T | 29.130 | Has one of the best track records for stable and growing distributions. Management is very good at maintaining profit margins. Valuation is a little expensive. Have a 2 sector perform. | 2004-11-26 | |
| HOLD | | Pengrowth Energy Trust (B) | PGF.B-T | 19.220 | Has a neutral recommendation. A great market cap and decent record, but long term neutral. | 2004-11-26 | |
| DON'T BUY | | Stelco Inc | STE-T | 1.480 | Shareholders will probably end up with nothing. | 2004-11-10 | |
| DON'T BUY | | Boralex Power Income Fund | BPT.UN-T | 10.680 | Pays out more cash than it generates at about 114%. Will be interest sensitive. Fully valkued. | 2004-11-10 | |
| TOP PICK | | Barrick Gold | ABX-T | 26.900 | Has not moved with the price of gold, but is the most attractively valued among the seniors. | 2004-11-10 | |
| BUY | | Acclaim Energy Trust | AE.UN-T | 14.120 | Has a sector outperform. Distributions average higher than its group. | 2004-11-10 | |
| WAIT | | Retirement Residences REIT | RRR.UN-T | 10.120 | Has just cut its distribution down to $0.84 per unit per year. Expect price will drop on this news. | 2004-11-10 | |
| BUY | | Vincor International Ltd. | VN-T | 31.990 | Has had a slow and steady move upwards over the last year. Makes acquisitions out of its own cash flow. This also allows it to distribute its other brands internationally. | 2004-11-10 | |
| TOP PICK | | Rona Inc | RON-T | 34.980 | Earnings will be announced tomorrow, so see what they are before buying. Estimated that they will be $0.63/0.64 a share. Strong balance sheet and a great history of consolidating. Valuation is about 16 X this year's earnings. 15% growth is expected. | 2004-11-10 | |
| BUY | | Power Financial Corp | PWF-T | 30.020 | Has a sector outperform on it. Consitantly raises its dividend. | 2004-11-10 | |
| DON'T BUY | | Advantage Energy Income Fund | AVN.UN-T | 21.110 | Has a 3 sector underperform on it. Expected return is just under 4% on a one year basis. Too expensive. | 2004-11-10 | |
| HOLD | | Trans Canada Corp | TRP-T | 27.530 | The LNG won't come into affect until 2010/2012. Would like to see them have the ability grow their earnings at a higher clip. | 2004-11-10 | |
| TOP PICK | | Yellow Pages Income Fund | YLO.UN-T | 12.880 | Pays about 7% and expects that will rise. Payout ratio is about 92% so that gives them the flexibility to increase. Cash flow growth has been very strong. | 2004-11-10 | |
| BUY | | Viking Energy Royalty Trust | VKR.UN-T | 6.670 | Has a sector outperform on it. Yield of about 14.8%. | 2004-11-10 | |
| HOLD | | Bombardier Inc (B) | BBD.B-T | 2.720 | Neutral recommendation. Biggest risk is whether they get down graded on their credit rating. | 2004-11-10 | |
| HOLD | | Nortel | NT-T | 4.280 | High risk name. Neutral rating on it. | 2004-11-10 | |
| DON'T BUY | | Livingston Int'l Income Fund | LIV.UN-T | 19.000 | Has had problems in the past with a higher Cnd$. Target price is lower than current price. | 2004-10-01 | |
| HOLD | | Shiningbank Energy Income Fund | SHN.UN-T | 22.000 | Likes the story, but have a neutral recommendation on it. Sector perform. Likes their gas exposure. | 2004-10-01 | |
| BUY | | Crescent Point Energy Trust | CPG.UN-T | 16.490 | Has a sector outperform recommendation on it. Trading at 100% of its implied net asset value. Reserve life of 5.1 years. Distributions should continue at the current rate. | 2004-10-01 | |
| DON'T BUY | | A Comment -- General Comments From an Expert | A Commentary | 11.810 | Has paid a higher yield than many of its peers. Has a sector "underperform" recommendation on it. Trading at about 188% of its NAV. | 2004-10-01 | |
| HOLD | | Superior Plus Income Fund | SPF.UN-T | 27.750 | Has a neutral position on it. | 2004-10-01 | |
| WEAK BUY | | Northland Power Income Fund | NPI.UN-T | 11.690 | In a sector that is most sensitive to interest rates. | 2004-10-01 | |
| BUY | | A Comment -- General Comments From an Expert | A Commentary | 33.460 | One of the highest quality trusts on the board. Strong stability rating.Has paid a higher yield than many of its peers. Has a sector "outperform" recommendation on it. At its target price, but likes the stability of its distribution. 7 1/2% yield. | 2004-10-01 | |
| WEAK BUY | | Retirement Residences REIT | RRR.UN-T | 10.640 | Has a neutral recommendation on it. Doesn't believe its covering its distributions from adjusted funds from operations. | 2004-10-01 | |
| BUY | | Clearwater Seafoods Inc. Fund | CLR.UN-T | 9.650 | Has a 2-sector perform recommendation on it. Cut distributions to subordinated unit holders, so price dropped. | 2004-10-01 | |
| BUY | | Yellow Pages Income Fund | YLO.UN-T | 12.150 | Sector outperform recommendation. Expects higher distributions going forward. | 2004-10-01 | |
| TOP PICK | | Inter Pipeline Fund | IPL.UN-T | 7.970 | One year target of 8 dollars per unit. Slow and steady. Management team is strong. | 2004-08-31 | |
| TOP PICK | | Telus Corp | T-T | 26.760 | Target of $34.00. Expect to see some strong earnings growth. | 2004-08-31 | |
| TOP PICK | | Toronto Dominion | TD-T | 45.330 | Strong earnings growth. This company will have a better experience than other competitors. | 2004-08-31 | |
| VAGUE | | Bombardier Inc (B) | BBD.B-T | 2.970 | Neautral at this point. The value of this stock may go up but there have been many concerns. | 2004-08-31 | |
| VAGUE | | Vermilion Energy Trust | VET.UN-T | 18.600 | Perform very well. Operating profits have been a success. Target is 18.25 dollars. | 2004-08-31 | |
| BUY | | Fairfax Financial | FFH-T | 169.190 | Last third quarter, there have been sell-off. Comfortable with balance sheet. Target of 270 dollars CAN. | 2004-08-31 | |
| VAGUE | | Canadian Pacific Ships | TEU-T | 15.430 | Recommend with target of 17.50 dollars. Neutral on this name | 2004-08-31 | |
| HOLD | | Shoppers Drug Mart Corp | SC-T | 34.010 | Longterm: Recommend. Low risk. Hold and buy this stock. | 2004-08-31 | |
| VAGUE | | Arc Energy Trust | AET.UN-T | 15.800 | Great track record. High quality. Stock may fall, but this company will go through that fall and go back up. | 2004-08-31 | |
| WAIT | | Canadian Oil Sands Trust | COS.UN-T | 49.600 | Long life vertizon. Cost is coming down. Wait for the new money. | 2004-08-31 | |
| PAST TOP PICK | | Nova Chemicals Corp. | NCX-T | 42.650 | (A Top Pick June 15/04. Then: $36.50) Further upsides, which it is believed to be in company's future. | 2004-08-31 | |
| PAST TOP PICK | | Rona Inc | RON-T | 30.850 | (A Top Pick June 15/04. Then: $29.06) Trading cheaper than it did in the past. 30 dollars or below is the establishing position. | 2004-08-31 | |
| VAGUE | | Nortel | NT-T | 4.970 | One of the best position to sell products. | 2004-08-31 | |
| WAIT | | Agrium | AGU-T | 20.160 | Prefer chemical vs fertilizers. Stock is slightly overvalued. Wait until 15% is down. Target is 21 dollars, but now it is little bit over. | 2004-08-31 | |
| VAGUE | | Clearwater Seafoods Inc. Fund | CLR.UN-T | 10.500 | One year target of 11.20dollars. Do not see much upsides. | 2004-08-31 | |
| HOLD | | Power Corp | POW-T | 28.270 | Dividends are excellent. Hold onto these stocks. | 2004-08-31 | |
| BUY | | TransForce Inc. | TFI-T | 11.550 | Recommend the stock. Low pay-out. Not a high risk. | 2004-08-31 | |
| VAGUE | | Shiningbank Energy Income Fund | SHN.UN-T | 19.450 | Concern about the energy level. At this point, they got a solid market cap. | 2004-08-31 | |
| VAGUE | | Loblaws | L-T | 59.530 | Recommend the stock. Solid and steady earnings. | 2004-08-31 | |
| WAIT | | C.I.Fund Management | CIX-T | 16.060 | Stock is bit expensive. Not recommending much money in the stock, but wait for a bit. Dividend growth has been great. | 2004-08-31 | |
| BUY | | Canadian Imperial Bank of Commerce | CM-T | 66.730 | Recommend this stock. One year target of 84 dollars. High quality earnings. | 2004-08-31 | |
| BUY | | Bonavista Energy Trust | BNP.UN-T | 23.480 | Has a sector outperform on this stock. | 2004-07-22 | |
| BUY | | Talisman Energy | TLM-T | 30.700 | Evaluation of exploration companies is very attractive versus income trusts. Second choice would be CNQ. | 2004-07-22 | |
| BUY | | Canadian Natural Rsrcs | CNQ-T | 41.800 | Evaluation of exploration companies is very attractive versus income trusts. First preference would be Talisman. | 2004-07-22 | |
| BUY on WEAKNESS | | Canadian Oil Sands Trust | COS.UN-T | 46.550 | Just reported results that were a blockbuster with earnings. A good holding as a core position. Try to buy at $42. | 2004-07-22 | |
| DON'T BUY | | Bombardier Inc (B) | BBD.B-T | 3.490 | Expect to see high volatility. Still haven't seen a turn in the aerospace business. Have some cost savings to work through. Has a target of $5.50 which is contingent on them generating more stable earnings. Will remain in a tight range. | 2004-07-22 | |
| BUY | | Fairfax Financial | FFH-T | 221.000 | The insurance companies to date have been one of the best performing financial subsectors so valuation becomes a concern. Relatively cheap compared to its peers. | 2004-07-22 | |
| BUY | | AbitibiBowater Inc. | ABH-T | 8.570 | Has a sector outperform on this stock. High risk caveat. Target price is contingent upon continued improved economy and higher commodity prices. | 2004-07-22 | |
| BUY | | Transalta Corp | TA-T | 15.920 | Have yet to prove that they can maintain costs through an operating and maintenance basis. Has a sector outperform recommendation with a target of $21 with a high risk caveat. Presume that the dividend will not be cut. | 2004-07-22 | |
| BUY | | Yellow Pages Income Fund | YLO.UN-T | 11.280 | Has a sector outperform recommendation. Great stability in operating cash flow. Expects them to raise their distribution again. | 2004-07-22 | |
| BUY | | BCE Inc. | BCE-T | 26.720 | A sector outperform recommendation. Decent dividend north of 4%. | 2004-07-22 | |
| WEAK BUY | | Petro-Can | PCA-T | 60.000 | There is an overhang with respect to the government's potential sale of their 18% ownership. In the next 2/3 years they have to take steps to establish some growth. | 2004-07-22 | |
| PAST TOP PICK | | Rona Inc | RON-T | 27.300 | (Past top pick June 15/04. Down 7%.) In a sector that is out of favor with higher interest rates and lower housing starts. Good price, but you may have to hold onto it for a while. | 2004-07-22 | |
| TOP PICK | | Nova Chemicals Corp. | NCX-T | 40.000 | (Past top pick June 15/04. Up 11%.) Still likes. Demand for plastics and consumer related commodities from China continues to be very strong. A trading oriented stock. | 2004-07-22 | |
| PAST TOP PICK | | Toronto Dominion | TD-T | 43.950 | (Past top pick June 15/04. Down 2%.) Still likes. | 2004-07-22 | |
| BUY | | Nortel | NT-T | 5.630 | There are a lot of issues with this company, least of which is they have not given out audited statements. Gross margins are being generated. A great company in its position in the router area. Sales contracts continue to be strong. High risk. | 2004-07-22 | |
| DON'T BUY | | Alimentation Couche-Tard (B) | ATD.B-T | 27.300 | Just reported better-than-expected results. Would not commit new money at this time. | 2004-07-22 | |
| DON'T BUY | | A Comment -- General Comments From an Expert | A Commentary | 11.600 | If oil/gas prices are going to stay at current levels, then distributions should continue at their current rate for the next two years. Does not favor this trust. | 2004-07-22 | |
| DON'T BUY | | Paramount Energy Trust | PMT.UN-T | 13.900 | Has made an acquisition, so it has come back. Concerned about the valuation. | 2004-07-22 | |
| DON'T BUY | | Emera Inc | EMA-T | 17.180 | A wonderful company. Very slow and steady growth. In an environment of higher interest rates, the stock price will suffer. | 2004-07-22 | |
| TOP PICK | | Enbridge | ENB-T | 49.540 | A sector outperform recommendation. A low risk profile. If your energy weighting is greater than 15%, this would be a good choice as you have a lower level of earnings growth but it still has 9/11% on an annual basis. | 2004-07-22 | |
| HOLD | | Arc Energy Trust | AET.UN-T | 15.820 | Q:Arc versus Vermillion. A:Tip top management team. Have been able to maintain distribution even when oil prices dropped. A little bit expensive, but would continue holding for the long haul. | 2004-07-22 | |
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