| TOP PICK | | Altus Group Income Fund | AIF.UN-T | 15.060 | The company does real estate services eg. property taxes, evaluations etc. The demand profile looks fantastic. The company just bought a large, busines property in the UK. The company will benefit when the banks are doing evaluation of assets. | 2007-10-19 | |
| TOP PICK | | Armtec Infrastructure Income Fund | ARF.UN-T | 18.400 | This company makes drains and just bought a cement company. Infrastructures and roads across the country are up. He believes that it has a lot of upside and has bought some himself. Believes it may go 20% higher. Currently has a 9.3% yield. | 2007-10-19 | |
| TOP PICK | | Canadian Helicopters Income Fund | CHL.UN-T | 11.600 | He likes this trust a lot. He has bought some recently and is happy to own it. He only buys when he thinks he can make 20% or higher. Canadian Helicopters brings people up to remote sites in the mining industry by helicopters. The demand profile looks great. | 2007-10-19 | |
| HOLD | | Yellow Pages Income Fund | YLO.UN-T | 13.780 | It is a high quality asset. The company has been moving to an online business model and doing fairly well. Believes it is fairly valued and slightly expensive. He doesn't think they will make a lot of money but thinks they will do fine. | 2007-10-19 | |
| VAGUE | | Keystone North America Inc. | KNA.UN-T | 7.900 | Be patient, may take a year or two. | 2007-10-19 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Believes that in the next 52 weeks there will be continueing change in the space and more take outs will occur. Business trusts are not being helped by the high Canadian dollar. | 2007-10-19 | |
| PAST TOP PICK | | The Data Group Income Fund | DGI.UN-T | 11.650 | (Up 22.4% since Sept. 25 2006) He owns it currently and thinks it is great. Management team has a good reputation. It is down for now, but feels it will go higher. | 2007-10-19 | |
| PAST TOP PICK | | Sterling Shoes Income Fund | SSI.UN-T | 16.890 | (Up 21.7% since Sept. 2006)He does not own any more. He likes the shoe store. Believes it is a reasonable place to have money invested. Also, believes it is fairly valued. 8.5% yield | 2007-10-19 | |
| BUY | | Holloway Lodging REIT | HLR.UN-T | 4.050 | It is slowing down because it's in the oil field services and is in the small cap reach.
It has extraordinary value for long term is an excellent place to put some money. | 2007-10-19 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | The Alberta economy is slowing down. Their electricity use is lower, because they have less manufacturing companies. Less people are moving out there, the moving companies aren't as busy as they were.
| 2007-10-19 | |
| PAST TOP PICK | | Davis & Henderson Income Fund | DHF.UN-T | 19.060 | (Up 10.8% since September 2006)
When he had picked it they had just made a substantial acquisition, in the mortgage brokerage services. Since then the market has softened.
| 2007-10-19 | |
| VAGUE | | Futuremed Healthcare Income Fund | FMD.UN-T | 11.750 | It's appropriately priced. A fairly stable business.
They do the distribution of medical products.
| 2007-10-19 | |
| DON'T BUY | | Strongco Inc | SQP.UN-T | 6.800 | Was hit with the income trust tax. Had a bad quarter, and is smaller then their competition. | 2007-10-19 | |
| VAGUE | | Wajax Income Fund | WJX.UN-T | 35.760 | Much stronger then Strongco, and have been able to maintain their revenues, in particular the mining sector. Which has offset the weaknesses in the forestry. | 2007-10-19 | |
| VAGUE | | Big Rock Brewery Income Trust | BR.UN-T | 18.100 | Very stable demand, no debt, feels it is high.
Constrained by production capacity.
| 2007-10-19 | |
| HOLD | | Rogers Sugar Income Fund | RSI.UN-T | 4.830 | They are making more profit then they have historically.
There is two sugar companies (Rogers and Atlantic) that have been able to effectively raise prices on refining which is pretty unusual. They have duopoly, which allows them to set the prices.
| 2007-10-19 | |
| HOLD | | Cinram | CRW.UN-T | 16.390 | DVD consumption is low. Distribution is not safe. History of the business, is that with each new technology (cassettes, cds, dvds) there is a good profit. This eventually dies down.
It's at a hold now, because it's so cheap, someone will "just take it"
or possibly take it private. | 2007-10-19 | |
| BUY | | Newalta Income Fund | NAL.UN-T | 19.670 | good quality assets. | 2007-10-19 | |
| SELL | | AutoCanada Income Fund | ACQ.UN-T | 10.220 | Demand in Alberta is going to soften and they are going to have a hard time with the exchange rates. | 2007-10-19 | |
| HOLD | | TransForce Inc. | TFI-T | 11.410 | Cheap valuation, tough industry fundamentals. | 2007-10-19 | |
| BUY | | Premium Brands Income Fund | PBI.UN-T | 14.150 | They've done a great job on shifting their product mix. | 2007-10-19 | |
| DON'T BUY | | Consumers Waterheater Fund | CWI.UN-T | 17.150 | Doesn't think there is a chance this will ever be purchased by private equity because it is not an operating business, just a securitization vehicle. | 2007-07-13 | |
| DON'T BUY | | Contrans Corp | CSS.UN-T | 11.650 | Trucking. Will be difficult making money owning this one right now. Freight traffic is going to decline. Multiple is pretty rich. | 2007-07-13 | |
| HOLD | | Legacy Hotels | LGY.UN-T | 12.450 | Being acquired by Caisse de depot. | 2007-07-13 | |
| Comment | | InnVest Reit | INN.UN-T | 12.500 | One of the cheaper, larger hotel REITs. With the acquisition of Legacy (LGY.UN-T) they will own 11 hotels and will have about 26% of the acquisition. Expect all the hotel REITs will be taken out over the next couple of years. | 2007-07-13 | |
| TOP PICK | | Canadian Helicopters Income Fund | CHL.UN-T | 10.320 | Services the mining industry. There is a lot of demand so the activity is very good. 10% yield. Could be worth 30%-40% more if somebody else where to buy it. | 2007-07-13 | |
| DON'T BUY | | CML Healthcare Income Fund | CLC.UN-T | 16.470 | Very good quality asset. Trades at a pretty substantial premium to its overall assets. There are others at a lower price. | 2007-07-13 | |
| BUY | | BFI Canada Income Fund | BFC.UN-T | 28.720 | Long-term outlook is very good. Great organic growth. A large portion of their business is in the US, so there is currency risk. | 2007-07-13 | |
| DON'T BUY | | Mullen Group Income Fund | MTL.UN-T | 21.290 | 60% of their business is oilfield services and 40% is in trucking. Oilfield services have softened because the government has made it harder for oil/gas complex capital so there is less activity. Oilfield services hasn't touched bottom yet and it is too early to get into it. | 2007-07-13 | |
| DON'T BUY | | Newport Partners Income Fund | NPF.UN-T | 6.360 | Might be OK for mad money. An amalgamation of privately held businesses created a little holding company. 15.75% yield. Has above average business risks from time to time. Have increased their distributions a couple of times. | 2007-07-13 | |
| TOP PICK | | The Data Group Income Fund | DGI.UN-T | 11.770 | A commercial printer that prints bank statements, concert tickets and annual reports. Doubled in size last year. Dirt-cheap. 10% yield. | 2007-07-13 | |
| DON'T BUY | | Davis & Henderson Income Fund | DHF.UN-T | 19.410 | Rock solid asset but a bit expensive at 9.5 X EBITDA. | 2007-07-13 | |
| WEAK BUY | | TerraVest Income Fund | TI.UN-T | 5.720 | Half of their business is in oilfield services, which has not quite bottomed yet. The other half is in several derivative forms attached to the housing market. Really cheap at 5 X pro forma EBITDA. OK with a basket of risks. | 2007-07-13 | |
| TOP PICK | | Keystone North America Inc. | KNA.UN-T | 9.190 | Funeral home operator. This is an industry that consolidates from time to time. Substantial US exposure, so there is currency risk. | 2007-07-13 | |
| BUY | | Colabor Income Fund | CLB.UN-T | 10.360 | Food distribution in Quebec province. Have reasonable business prospects. Won't be a high grower. | 2007-07-13 | |
| SELL | | Fording Canadian Coal Trust (Inc Trust) | FDG.UN-T | 36.390 | The metallurgical coal has been doing very well. You will do a lot better with almost any of the other coal producers. | 2007-07-13 | |
| BUY | | AutoCanada Income Fund | ACQ.UN-T | 11.850 | AutoCanada is priced in line with other automotive retailers. They've got Dennis DeRosia on their board which is a huge win for them. (He's mister auto).
For the next year it looks pretty good. | 2007-06-08 | |
| BUY | | Boston Pizza Royalties | BPF.UN-T | 14.850 | Resturant royalty trusts are a beautiful thing. You won't find a better more stable cash flow anywhere.
He will buy at $15.10
He thinks they are fairly valued but will be rock solid during the coming turbulence. | 2007-06-08 | |
| DON'T BUY | | Strongco Inc | SQP.UN-T | 8.030 | Is a bit of a "gong show" right now.
Have some debt issues right now.
hold rating of $8.50
| 2007-06-08 | |
| HOLD | | Wajax Income Fund | WJX.UN-T | 35.840 | In the construction business. Housing in Canada is declining. They are also in the mining business, and have a pretty good balance sheet, so they will be okay. | 2007-06-08 | |
| DON'T BUY | | Resolve Business Outsourcing Income Fund | RBO.UN-T | 8.910 | Very little organic growth. They provide outsourcing. Grown through acquisition.
Doesn't like their accounting practices. | 2007-06-08 | |
| DON'T BUY | | TerraVest Income Fund | TI.UN-T | 5.730 | A mini holding company. Bought a variety of businesses related to housing, and oil field businesses.
Thinks q2 will look pretty ugly.
Yield is currently 17%, which he doesn't think is sustainable. | 2007-06-08 | |
| BUY | | Badger Income Fund | BAD.UN-T | 16.850 | A beautiful business. Glorified vacuum trucks, which are used for non-invasive servicing.
Does have some oil field services.
Feels this is a very strong steady stock.
"Hold forever, then wake up one day and cash out" | 2007-06-08 | |
| DON'T BUY | | Total Energy Services Trust | TOT.UN-T | 11.250 | Oil field services exposure.
Hard to see oil field services appreciating right now. | 2007-06-08 | |
| PAST TOP PICK | | The Data Group Income Fund | DGI.UN-T | 10.950 | From sept 25 2007
Then $10.25
Up a little over 7%, plus a special distribution as well, for a total of 17%. | 2007-06-08 | |
| PAST TOP PICK | | Sterling Shoes Income Fund | SSI.UN-T | 18.010 | Then 14.85
It's a screamer.
Consumer spending in Canada is very strong.
| 2007-06-08 | |
| PAST TOP PICK | | Davis & Henderson Income Fund | DHF.UN-T | 19.160 | Then $18.75
Up 2% which is good from the prospect of Oct's.
| 2007-06-08 | |
| DON'T BUY | | Yellow Pages Income Fund | YLO.UN-T | 13.800 | Is the most expensive of this type of business.
It's out of favor.
Thinks it's going to pull back further and faster. | 2007-06-08 | |
| DON'T BUY | | Drive Products Income Fund | DPI.UN-T | 6.060 | A back end capital goods provider to a segment of the economy BC, which is now gone.
The best days are behind it. | 2007-06-08 | |
| Comment | | Cinergy Corp | CIN-N | 45.410 | Manufacture DVD's and CD's. Heavily owned by US hedge funds. Hstory of company is that they would invest a lot of money in new plants, and he's not sure they have the money to do that this time.Doesn't know why it's gone up so well recently. | 2007-06-08 | |
| SHORT | | Pollard Banknote Income Fund | PBL.UN-T | 10.540 | Going against consensus. They print lottery tickets, and ship to Canada and US.
Revenue is going down due to the US dollar. They have been loosing customers because they are no longer price competitive.
He sees risk here. | 2007-06-08 | |
| SELL | | Sun Gro Horticultural Inc Fund | GRO.UN-T | 7.550 | Get peat moss out of Canada and ship to the US.
Double whammy is
1. Foreign exchange exposure.
2. Peat moss is used for landscaping and US housing is going down.
Thinks is should be $4 -$4.5 per unit. | 2007-06-08 | |
| DON'T BUY | | Sleep Country Canada | Z.UN-T | 24.240 | Sleep Country is a fantastic retailer.
Not sure that it's a good play right now.
Thinks sterling shoes might be better. | 2007-06-08 | |
| BUY | | Second Cup Royalty Income Fund | SCU.UN-T | 10.460 | $10.5 target price.
Sales performance is extraordinary.
Their cash flow goes up 1 for 1 with inflation.
Not likely to be a buyout target. | 2007-06-08 | |
| DON'T BUY | | Timberwest Forest | TWF.UN-T | 16.150 | Forest products
Very cautious on it.
| 2007-06-08 | |
| TOP PICK | | Keycorp | KEY-N | 35.440 | Has appreciation written all over it.
Plenty of room. "If it get's big it will get big well."
| 2007-06-08 | |
| TOP PICK | | The Data Group Income Fund | DGI.UN-T | 10.950 | Document management services. eg. Bank statements
Closing plants, will earn 7 million dollars in profit from the cost savings.
| 2007-06-08 | |
| TOP PICK | | Bird Construction Income Fund | BDT.UN-T | 18.440 | Not in the housing market.
Involved in infrastructure.
This business is priced for very modest growth, but infastructure spending is up big. | 2007-06-08 | |
| TOP PICK | | Swiss Water Decaf Coffee | SWS.UN-T | 9.710 | Issued equity and then went out and did a major plant expansion. Customers didn't come. They cut distributions and the price dropped. At that point they were 5 X EBITDA. As of today they have no leverage and trade at 7.5 X EBITDA. The US coffee roasters have much higher EBITDA and someone could look at this as a possible takeover. | 2007-02-09 | |
| TOP PICK | | SIR Royalty Income Fund | SRV.UN-T | 9.480 | One of the smallest restaurant trusts with concentration based in greater Toronto area and high-end restaurants. There is inflation protection and business is very good right now. | 2007-02-09 | |
| TOP PICK | | Altus Group Income Fund | AIF.UN-T | 12.500 | Provides valuation, appraisal and cost estimating services to the real estate industry. All of these fields have a good demand profile. | 2007-02-09 | |
| BUY | | Richards Packaging Income Fund | RPI.UN-T | 8.750 | Distributions are reasonably safe. Trades at a price that is consistent with a private equity transaction. There is some room for appreciation. | 2007-02-09 | |
| BUY | | TransForce Inc. | TFI-T | 14.130 | Trading at a discount to its comparables. Expect there is some money to be made with this company. | 2007-02-09 | |
| BUY | | Westshore Terminals Inc. | WTE.UN-T | 11.930 | Will stand to benefit from increasing trade over time. | 2007-02-09 | |
| BUY | | Strongco Inc | SQP.UN-T | 12.500 | Construction activity out west is pretty good. | 2007-02-09 | |
| BUY | | Superior Plus Income Fund | SPF.UN-T | 11.720 | Sold off their aluminum asset, which was a positive. They now have reasonable leverage. Chemical division is very reliant on the Ontario power market for supply. There has been a reduction in wholesale rates, which gives them underlying support. Thinks it will do very well here. | 2007-02-09 | |
| PAST TOP PICK | | The Data Group Income Fund | DGI.UN-T | 9.170 | (A Top Pick Sept 25/06. Down 11.2%.) Recently bought some. A very good place to be. Could appreciate some. | 2007-02-09 | |
| PAST TOP PICK | | Davis & Henderson Income Fund | DHF.UN-T | 15.420 | (A Top Pick Sept 25/06. Down 17.6%.) Thinks it will weaken further. | 2007-02-09 | |
| PAST TOP PICK | | Sterling Shoes Income Fund | SSI.UN-T | 15.000 | (A Top Pick Sept 25/06. Down 1%.) A fantastic business. Pretty fully valued right now. | 2007-02-09 | |
| DON'T BUY | | CML Healthcare Income Fund | CLC.UN-T | 14.220 | Very high quality business. Rock solid revenues and profitability. Trading at a premium to what he would consider comparables. He can find other laboratory businesses in the US with much higher growth rates for lower prices. | 2007-02-09 | |
| DON'T BUY | | Yellow Pages Income Fund | YLO.UN-T | 12.920 | If you run a leveraged buyout model and look at the current state of credit markets, the only positive argument you can make is that credit markets are offering more money today than they have offered in the last 5 years. Trading at 11.6 EBITDA. Doesn't see the stock price appreciating. | 2007-02-09 | |
| BUY | | Newalta Income Fund | NAL.UN-T | 26.160 | Feel that this one will appreciate. | 2007-02-09 | |
| Comment | | OFI Income Fund | OFB.UN-T | 9.200 | Trades at a price that is consistent with 1) going private transactions and 2) where other building manufacturers are trading today. Expect it will trade sideways for a couple of years. Have a substantial expansion under way that should lead to substantial increase in earnings. 14% yield and doesn't see any distribution cuts. | 2007-02-09 | |
| HOLD | | Sun Gro Horticultural Inc Fund | GRO.UN-T | 7.370 | Reserve life of 50 years. Controls 70% of the market. Very cheap at 6.5 EBITDA. | 2007-02-09 | |
| DON'T BUY | | Clearwater Seafoods Inc. Fund | CLR.UN-T | 4.950 | Has extraordinary foreign exchange exposure. Have Cdn$ labour. Have made substantial investments in their fleet giving them slightly superior products with lower labour costs. Feels the valuation is pretty high. | 2007-02-09 | |
| Comment | | KCP Income Fund | KCP.UN-T | 8.900 | Have an extraordinary amount of currency exposure and stand to benefit from the weakening Cdn$. Had a pretty substantial price move over the last month. Have put them selves up for sale, but would be surprised if it sold for more than its current price. Expect it will weaken. | 2007-02-09 | |
| Comment | | Rogers Sugar Income Fund | RSI.UN-T | 3.970 | Doesn't feel they will benefit from the ethanol cycle. | 2007-02-09 | |
| Comment | | BFI Canada Income Fund | BFC.UN-T | 27.450 | A great business with the ability to pass on price increases. Payout ratio of about 94%. | 2007-02-09 | |
| BUY | | Hardwoods Distribution Income Fund | HWD.UN-T | 5.730 | Will be volatile because of its exposure to the housing cycle. A reasonable amount of leverage. Have a history of expanding their outlets. Statistically very cheap. 6 X distributable cash flow. If you can deal with the volatility, it has every reason to be able to appreciate. | 2007-02-09 | |
| HOLD | | CANWEST MEDIAWORKS INCOME FUND | CWM.UN-T | 8.200 | The news is that Canwest Global (CGS-T) is considering a bid to take in the publicly traded stake. There will be a slight gain for trust owners. | 2007-02-09 | |
| Comment | | Connors Bros. Income Fund | CBF.UN-T | 11.500 | Pretty solid where it is. May have little appreciation room, but not much. Has a fair amount of debt, but has the right currency exposure. | 2007-02-09 | |
| DON'T BUY | | Mullen Group Income Fund | MTL.UN-T | 19.610 | The pullback in price was going on through the entire year and was because of concern of the oil patch. Could be a decline in oil services activity, partly because of the decline in oil prices, but also because oil/gas trusts now have to conserve capital in order to expand. | 2007-02-09 | |
| DON'T BUY | | Genivar Income Fund | GNV.UN-T | 15.620 | A very active acquisitor and, generally speaking, there is all sorts of activity in the infrastructure space. This is a good space to be. In this case, the unit price has increased substantially and you will find better value with other infrastructure names. | 2007-02-09 | |
| WEAK BUY | | Brick Group Income Fund | BRK.UN-T | 9.000 | A marginally good place to put money. Has some basis for appreciation here. | 2007-02-09 | |
| DON'T BUY | | Yellow Pages Income Fund | YLO.UN-T | 14.300 | In 2005 this was the biggest income trust. Now people are backing off. He does not think it will appreciate a lot. | 2006-09-25 | |
| BUY | | Golf Town Income Fund | GLF.UN-T | 11.050 | Fanastic fund. It has double digits earning growth. Fund is a little bit seasonal though. ($14.00 buying target price) | 2006-09-25 | |
| BUY | | Badger Income Fund | BAD.UN-T | 16.550 | This is an excellent company. They have no debt. It is a good time to pick it up. | 2006-09-25 | |
| DON'T BUY | | Superior Plus Income Fund | SPF.UN-T | 12.280 | It is not a good time to enter. Company is trying to sell J.W. Alluminum. It is a risky time to enter.
| 2006-09-25 | |
| WEAK BUY | | Gateway Casinos Income Fund | GCI.UN-T | 17.650 | It has had a great year. It is a small cap business. It might advance a little. If you are a risk taker you might want to consider this trust. | 2006-09-25 | |
| WAIT | | Mullen Group Income Fund | MTL.UN-T | 23.000 | This is an oil service and trucking business. Don't rush in as the trust could bottom out more. | 2006-09-25 | |
| BUY | | CML Healthcare Income Fund | CLC.UN-T | 15.670 | This is a safe trust. It is not likely to blow up. Believes that there is room to appreciate. | 2006-09-25 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Qualitites Of A Good Income Trust-It has the ability to increase distrubution over time. low pay out ratio and low debt. (consider foreign exchange as well) | 2006-09-25 | |
| DON'T BUY | | Connors Bros. Income Fund | CBF.UN-T | 10.720 | This trust has a lot of debt. Not a good time to get in. | 2006-09-25 | |
| BUY | | Consumers Waterheater Fund | CWI.UN-T | 15.760 | Trading up at the present time. It is a very safe trust. The growth is low. It is a great place to put money because of the volatility of the market . | 2006-09-25 | |
| TOP PICK | | The Data Group Income Fund | DGI.UN-T | 10.250 | He participated in some financing a few months ago for this company. Margins are stable. Recently they bought a new business which has extended their customer base. | 2006-09-25 | |
| TOP PICK | | Sterling Shoes Income Fund | SSI.UN-T | 14.850 | He recently acquired some shares with this trust. It has had growth in the double digits and trades at 10 times earnings. It is relatively cheap. | 2006-09-25 | |
| TOP PICK | | Davis & Henderson Income Fund | DHF.UN-T | 18.750 | It has room to appreciate. It is cheap, safe and stable. | 2006-09-25 | |
| BUY | | Telus Corp | T-T | 64.150 | Telus is in the process of converting to a trust. He predicts it will be the name to choose. | 2006-09-25 | |
| SELL | | Boston Pizza Royalties | BPF.UN-T | 18.590 | Fanastic trust, industry leader. Recommends selling though and taking money off the table. | 2006-09-25 | |
| VAGUE | | Armtec Infrastructure Income Fund | ARF.UN-T | 20.160 | Good demand profile. Posiive operation. May be fully valued. | 2006-09-25 | |
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