| TOP PICK | | Crescent Point Energy Trust | CPG.UN-T | 23.960 | About 35% of its production comes from a relatively new but promising Bakken field in southeast Saskatchewan. Good growth profile. | 2008-01-29 | |
| TOP PICK | | Vermilion Energy Trust | VET.UN-T | 34.600 | Has production in France, Netherlands and Australia where it is producing much more economically than in Canada. Lowest payout ratio in the sector. | 2008-01-29 | |
| TOP PICK | | Zargon Energy Trust | ZAR.UN-T | 19.990 | Gas weighted. Relatively small but very conservative management team. Acquired Rival Energy last year. Low payout ratio. | 2008-01-29 | |
| PAST TOP PICK | | Mullen Group Income Fund | MTL.UN-T | 15.510 | (A Top Pick Nov 10/06. Down 10% including distributions.) Still likes. Generally avoids transportation, but this company does it well. Well positioned to take advantage of a huge and continued expenditure in Alberta, building out the oil sands assets and infrastructure. Thinks 12% distribution for 08 will remain intact. | 2008-01-29 | |
| PAST TOP PICK | | Canadian Oil Sands Trust | COS.UN-T | 36.310 | (A Top Pick Nov 10/06. Up 24.8% including distributions.) Excellent company. Basically a cash-generating machine. Should be a core holding in any energy portfolio. Still a Buy. | 2008-01-29 | |
| PAST TOP PICK | | BFI Canada Income Fund | BFC.UN-T | 24.250 | (A Top Pick Nov 10/06. Up 5.8% including distributions.) Waste management. Still likes. A relatively recession resistant business. Low payout ratio. | 2008-01-29 | |
| BUY | | Enerplus Resources Fund | ERF.UN-T | 38.200 | First oil/gas trust that was formed. 13 year reserve life. Recently has not performed as well as some of its competitors. Income will continue to be high. Given the nature of assets, management feels the best use of their cash flow is not to reinvest, but to pay out to its investors. Don't expect huge growth. | 2008-01-29 | |
| BUY | | NAL Oil & Gas Trust | NAE.UN-T | 12.160 | Has good capital behind it if it needs to make acquisitions. Distribution is sustainable in 08. Stock has been beaten up and this is a good entry point, giving a 12%/13% yield. Well run. | 2008-01-29 | |
| DON'T BUY | | Harvest Energy Trust | HTE.UN-T | 21.950 | Has stumbled in the past. Became more negative on it when it bought the refinery in Newfoundland. Refinery business is very difficult to run a lack of sustainability of cash flow. 90% payout ratio so he could see a distribution cut. | 2008-01-29 | |
| Comment | | Oilsands Quest Inc. | BQI-A | 3.430 | Have oil sands assets in Saskatchewan. This is a newer area for oil sands. This company is not bad, but his focus is on some of the newer oil sands areas but through the private arena. | 2008-01-29 | |
| BUY | | Arc Energy Trust | AET.UN-T | 22.180 | Very well run business. Conservative management team on a relative basis. Well positioned to replace production this year and maintain current distributions. | 2008-01-29 | |
| Comment | | Chartwell Seniors housing | CSH.UN-T | 9.930 | This REIT has struggled since inception. Payout ratio is over 100%, which is usually a negative. Put itself up for sale unsuccessfully last year. Expect someone will take the business out as it has good assets. Hard to tell if there will be a cut in distributions. | 2008-01-29 | |
| BUY | | Progress Energy Trust | PGX.UN-T | 11.550 | Gas weighted. If you are looking for natural gas exposure and trying to get some high yield, this is a great name. | 2008-01-29 | |
| DON'T BUY | | Trilogy Energy Trust | TET.UN-T | 7.200 | Gas weighted. Relatively short reserve life. Has a history of putting distributions. Instability historically. | 2008-01-29 | |
| BUY | | UTS Energy | UTS-T | 5.190 | Have done a good job with some good partners and taking their project up to the next level. Have also started some leases on their own outside of their partnership with PetroCanada (PCA-T). A good name to own if you are looking for exposure to oil sands. | 2008-01-29 | |
| DON'T BUY | | Superior Plus Income Fund | SPF.UN-T | 11.260 | Sold most of his holdings near its highs. Original CEO, one of the best in the trusts, is back in the saddle and focused on the business. This won't be a high yield investment. | 2008-01-29 | |
| BUY | | Nexen Inc | NXY-T | 32.470 | This is a buying opportunity.
Large cap blue chip player. Has natural gas, oil sands producer.
Lots of upside in this name.
Just be patient, it will do well in the long term. | 2007-06-14 | |
| HOLD | | Baytex Energy Trust | BTE.UN-T | 20.900 | Heavy oil player. Higher costs. The management team has done a really good job on de-risking it. | 2007-06-14 | |
| BUY | | Uranium Focused Energy Fund | UF.UN-T | 9.350 | Excited about this uranium, because the only viable long term solution for electrical power generation is nuclear, and the only commercial fuel for a nuclear reactor is uranium. Canada is in a good position since it is the worlds leading producer of uranium.
Think we are in the very early stages of high prices. (5 to 10 years). | 2007-06-14 | |
| BUY | | UTS Energy | UTS-T | 5.750 | Be careful and look at each of these projects. UTS is a good way to get exposure to the oil sands business. | 2007-06-14 | |
| BUY | | Yellow Pages Income Fund | YLO.UN-T | 14.180 | You've seen some softness in the market right across the board. If you are interested in income, this company is as good as it gets. Their strategy is that they will continue to maintain their 1.09 distribution and increasing their cash flow, so that by 2011, they will be able to pay the new taxes, and still maintain their 1.09 distribution.
Are making efforts to grow their online business. | 2007-06-14 | |
| PAST TOP PICK | | Vermilion Energy Trust | VET.UN-T | 34.510 | Oct 6 2006
Then $33.20
There is a continuity of management. Still likes them. | 2007-06-14 | |
| PAST TOP PICK | | Arc Energy Trust | AET.UN-T | 22.740 | Then $25.39
Continues to be a great company. Pay out high yields. | 2007-06-14 | |
| PAST TOP PICK | | Crescent Point Energy Trust | CPG.UN-T | 20.180 | Then $17.60
At the time they were in the middle of their transaction to buy Mission Oil and gas. That has concluded now, and he feels that this is still a good entry point for this stock. | 2007-06-14 | |
| BUY | | Canadian Oil Sands Trust | COS.UN-T | 31.810 | Not a takeover target. Have owned it for about 10 years now. If you are in this for the long haul, buy it and put it away. | 2007-06-14 | |
| BUY | | Pengrowth Energy Trust (A) | PGF.A-T | 25.300 | The name has been around for a long time. Have recently hired on some good people and made some good acquisitions, and are now positioned to make some good organic growth. | 2007-06-14 | |
| DON'T BUY | | True Energy Trust | TUI.UN-T | 6.250 | One of the lower quality trusts.
Post Halloween tried to convert back into a corporation, but because of a nasty proxy battle, they were forced to remain as a trust and continue to pay out the high yield. Stems from disappointment of investors, in the management teams. | 2007-06-14 | |
| TOP PICK | | Mullen Group Income Fund | MTL.UN-T | 18.380 | Has been hit by about 15% since Oct 31, but continues to be one of the dominant logistics players in Alberta. Will be a primary player in the western sedimentary basin. | 2006-11-10 | |
| TOP PICK | | Canadian Oil Sands Trust | COS.UN-T | 29.650 | 35 year plus reserve life. Just completed stage 3 expansion. Q3 numbers show production levels of close to 125,000 barrels a day. Expects to see cash flow ramp up here. | 2006-11-10 | |
| TOP PICK | | BFI Canada Income Fund | BFC.UN-T | 24.850 | (A Top Pick June 23/06. Down 7.2%.) A good quality business trust. 4th or 5th largest waste management in North America. Q3 numbers show a 12% increase in Canada and 10% in the US. | 2006-11-10 | |
| PAST TOP PICK | | Crescent Point Energy Trust | CPG.UN-T | 16.120 | (A Top Pick June 23/06. Down 25.7%.) Still likes. Resource play in southern Saskatchewan. Good quality management. Relatively low payout ratio. Good assets. | 2006-11-10 | |
| PAST TOP PICK | | Chartwell Seniors housing | CSH.UN-T | 13.800 | (A Top Pick June 23/06. Up 2.1%.) Four years will give them time to re-structure their business to change their tax. | 2006-11-10 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Downside: - This has to be looked at on a case-by-case basis. If 100% of the cash flow is income, then the value will go down by the tax of 31.5%. A lot of the trusts have tax pools. E.g. on energy trusts it is only the taxable portion that is subject to 31.5% in 2011. | 2006-11-10 | |
| Comment | | Bell Aliant | BA.UN-T | 28.320 | Possibility of further volatility. Volatility in the early days seems to be in the big liquid names. It is fundamentally sound and will continue to pay out high levels of income. | 2006-11-10 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | De-conversions: - Expects you’ll see the dust settle first. It will probably be some of the more senior players leading the way. One of the issues is that when they converted to a trust, it was a taxable event and the government received a one-time capital gains tax form investors. Will they tax again on the way out? | 2006-11-10 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Buy/Sell Income Trusts? – There will be some attractive buying opportunities due to a lot of panic selling. | 2006-11-10 | |
| Comment | | Yellow Pages Income Fund | YLO.UN-T | 12.130 | Big liquid issuers suffered a sell-off as investors who wanted out, sold off the most liquid issue first. Good stability of cash flow. | 2006-11-10 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Timing: - Could be some additional downside between now and December 31st, partially due to tax-loss selling by individual investors as well as US selling. | 2006-11-10 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Hybrid Income Trusts: - Companies like Student Transportation (STB.UN-T) or Keystone (KNA.UN-T) are not captured by the legislation. Doubts if you’ll see income trusts converting into hybrid trusts. | 2006-11-10 | |
| HOLD | | Teranet Income Fund | TF.UN-T | 8.650 | Continues to like this one. A good business with a monopoly position in the Ontario Land Registry. The fundamentals of this business will continue to drive higher levels of cash flow and you may be able to see them build some tax pools before 2011. Very high competitive yield. | 2006-11-10 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Junior oil/gas: - Expect they will really feel the affect of this. Typically, when they start to get near the 10,000 BOE’s a day, exit and sell to an oil/gas trust and then went back into a junior. An effective allocation of capital. This will create less demand for the juniors. | 2006-11-10 | |
| Comment | | Newalta Income Fund | NAL.UN-T | 26.550 | Waste oil recovery. This business will continue to be strong, as the energy market should continue to be strong. Low payout ratio and low debt. | 2006-11-10 | |
| Comment | | CCS Income Trust | CCR.UN-T | 35.300 | Basically dominates the oil field waste business. Expects the energy market should continue strong, so this should do well. | 2006-11-10 | |
| PAST TOP PICK | | Progress Energy Trust | PGX.UN-T | 15.250 | (A Top Pick Mar 10/06. Down 7.5%.) A good quality, gas weighted trust. Expects it to continue to perform well. | 2006-10-06 | |
| PAST TOP PICK | | Cathedral Energy Services Income Trust | CET.UN-T | 8.750 | (A Top Pick Mar 10/06. Down 19%.) A smaller name, so more volatility. Law payout ratio and little debt on the balance sheet. | 2006-10-06 | |
| PAST TOP PICK | | CCS Income Trust | CCR.UN-T | 35.600 | (A Top Pick Mar 10/06. Down 6.5%.) Great company. Would be one of his best oil service insurers in his portfolio. | 2006-10-06 | |
| TOP PICK | | Vermilion Energy Trust | VET.UN-T | 33.200 | Has about 60% of its business offshore. 40% payout ratio. Well positioned from a downside perspective. There will be a lot of growth, particularly outside of Canada. | 2006-10-06 | |
| TOP PICK | | Arc Energy Trust | AET.UN-T | 25.390 | One of the top management teams in the trust sector. About 2-3 years of drilling inventory. Hasn't had to resort to acquisitions. | 2006-10-06 | |
| TOP PICK | | Crescent Point Energy Trust | CPG.UN-T | 17.600 | Has been pretty beaten up because of an acquisition of Mission Oil and Gas. He can see some real upside on this with a real growth in reserves.. | 2006-10-06 | |
| DON'T BUY | | Advantage Energy Income Fund | AVN.UN-T | 12.690 | This one wouldn't be a name he would include in his portfolio right now. He actually had a short position earlier this year. Gas weighted, high payout ratio and a relatively high amount of debt. | 2006-10-06 | |
| DON'T BUY | | Daylight Energy Trust | DAY.UN-T | 11.580 | Merged with Sequoia (SQE.UN-T). He would be very cautious about this one. Relatively high payout ratio. Gas weighted. Relatively low reserve life. | 2006-10-06 | |
| BUY | | Penn West Energy Trust | PWT.UN-T | 38.820 | A great long-term hold in a portfolio. There may be a cut in distributions in the short-term as they like to operate in a 60% payout ratio rather than an 80% payout ratio as they are now. Doesn't think the market will be overly concerned with a cut. | 2006-10-06 | |
| DON'T BUY | | Thunder Energy Trust | THY.UN-T | 6.950 | This resulted from three companies merging into a trust. This is typically a recipe for disaster. Management continuing on, doesn't have much knowledge of the new business. | 2006-10-06 | |
| BUY | | Mullen Group Income Fund | MTL.UN-T | 27.880 | A dominant player in the oil services. A very good-quality holding. Represents good value in this market. | 2006-06-23 | |
| BUY | | Canadian Oil Sands Trust | COS.UN-T | 32.400 | Will continue to be strong based on high oil prices. Attempting to secure a natural gas by making an offer for Canada Southern. A good price. | 2006-06-23 | |
| HOLD | | Canetic Resources Trust | CNE.UN-T | 22.000 | Just completed its acquisition of Starpoint. Basically, it is an aggregation of a bunch of different companies and assets. Would like to see how they integrate these assets before buying. | 2006-06-23 | |
| SELL | | Tree Island Wire Income Fund | TIL.UN-T | 8.570 | Highly tied to the construction industry. Has come off quite a bit in the last little while. Payout ratio is very high. High risk. | 2006-06-23 | |
| DON'T BUY | | Retirement Residences REIT | RRR.UN-T | 7.520 | Has been forced into putting itself up for sale. They have been notorious over payers. If a buyer does not materialise, there will probably be a distribution cut. | 2006-06-23 | |
| WAIT | | C.I.Fund Management | CIX-T | 30.290 | Canada's largest independent income fund. Converting into an income trust. Yield would probably be in the 6.5/6.8% range. Before buying, delve into the outlook as a trust for their business and their ability to grow. | 2006-06-23 | |
| BUY | | Bonavista Energy Trust | BNP.UN-T | 33.140 | Has had a decent pullback and is at a good price. High quality management team. Superb track record. | 2006-06-23 | |
| BUY | | Yellow Pages Income Fund | YLO.UN-T | 15.900 | An excellent income trust. Have a dominant position in their market. Low capital expenditure requirements. Relatively low payout ratio. | 2006-06-23 | |
| BUY | | Peyto Energy Trust | PEY.UN-T | 23.280 | Has a very high level of confidence in the management team. Very focused. 80/85% natural gas. 60% payout ratio. Reserve life of about 19 years. | 2006-06-23 | |
| PAST TOP PICK | | Precision Drilling Corp. | PD.UN-T | 34.600 | (A Top Pick Feb 3/06. Down 10%.) Expect that prices will move up in the latter half of the year. Service companies are a lot more volatile than their oil/gas counterparts. The #1 driller in Canada. Still likes. | 2006-06-23 | |
| PAST TOP PICK | | Penn West Energy Trust | PWT.UN-T | 41.920 | (A Top Pick Feb 3/06. Up 3%.) Just got listed on the New York stock exchange. Has held up very well during this market correction. Have a significant land base as well as some assets in the oil sands. | 2006-06-23 | |
| TOP PICK | | Crescent Point Energy Trust | CPG.UN-T | 21.770 | (A Top Pick Feb 3/06. No change.) Oil weighted. Aggressive management team. Focused on acquisitions in Saskatchewan. 11.1 years reserve life which is better than average. A very good entry point. | 2006-06-23 | |
| BUY | | IPC US Income Commercial REIT | IUR.UN-T | 9.700 | Owns US office properties. Have done a very good job in creativity and generating value for shareholders. Good quality management team. Research on it is limited. Do not have an overweight exposure on this, but a good way to play real estate outside of Canada. | 2006-06-23 | |
| DON'T BUY | | Teranet Income Fund | TF.UN-T | 9.650 | They try to give exposure to a broad array of different types of relatively small to mid-market companies. Questions some of the companies they have acquired. | 2006-06-23 | |
| BUY | | CCS Income Trust | CCR.UN-T | 36.000 | Own about 60% of the oilfield waste management industry in western Canada. Dominant in their space. Good defensive play in the oil/gas sector. Make good acquisitions on an accretive basis. | 2006-06-23 | |
| DON'T BUY | | Cineplex Galaxy Income Fund | CGX.UN-T | 13.790 | Can't get too excited about this industry. You are a reliant on their movie releases which has too much volatility in it. Competitive. | 2006-06-23 | |
| BUY | | Vermilion Energy Trust | VET.UN-T | 32.250 | Good quality holding. They have been effectively able to grow their asset base on an accretive basis. Off shore oil and gas. You could see a distribution increase later this year. | 2006-06-23 | |
| BUY | | Davis & Henderson Income Fund | DHF.UN-T | 17.140 | Made an acquisition that is primarily involved in the brokerage business. The stock has fallen off quite a bit. There should be continued growth and thinks the stock has been oversold. Good value at these prices. | 2006-06-23 | |
| BUY | | Newalta Income Fund | NAL.UN-T | 30.100 | Owns about 40% of the oilfield waste management industry in western Canada. Represents a more defensive play in the oil/gas business. Expanding into other types of waste industries which is a positive. | 2006-06-23 | |
| DON'T BUY | | New Flyer Industries Inc. | NFI.UN-T | 8.350 | Manufacturer of transit buses. Most of their orders come from municipalities and they can be quite fickle. That has been a concern. There was recently a work stoppage at one of their plants and was closed for a number of weeks so guidance was reduced. Too risky for him. | 2006-06-23 | |
| Comment | | Pengrowth Energy Trust (B) | PGF.B-T | 25.140 | As other trusts were running down their payout ratios, this one continued to pay on a relatively high level and relied on acquisitions to replace production. That model doesn't work any more. They are now changing. From a fundamental basis, they are improving. | 2006-06-23 | |
| TOP PICK | | BFI Canada Income Fund | BFC.UN-T | 27.350 | One of the better quality business trusts. 5th largest waste management company in North America. Made a number of tuck-in acquisitions but have also acquired some landfill companies. Should continue to see growth. Pullback gives a good buying opportunity. | 2006-06-23 | |
| TOP PICK | | Chartwell Seniors housing | CSH.UN-T | 13.500 | The senior care part of the REIT sector has been really hammered over the last few months. They know how to grow their asset base outside of Ontario and Canada. Sees some very positive trends in this company. Good price. | 2006-06-23 | |
| N/A | | Middlefield High Income Trust | MID.UN-T | 13.000 | This is a fund this expert's company launched ten years ago and it focuses on the income trust sector. It has had a few challenges, but now the portfolio is performing quite well. It is well diversified., good energy exposure. | 2006-03-12 | |
| PAST TOP PICK | | Canadian Oil Sands Trust | COS.UN-T | 155.410 | Cdn Oil Sands Trust is up 42% since Oct.18, 2005. They still like it and still own it. Stage 3 is now complete. He believes that you will see a distribution increase late this year and maybe in 07. It is still a core holding in his funds. | 2006-03-12 | |
| PAST TOP PICK | | Penn West Energy Trust | PWT.UN-T | 40.850 | Penn West is up 23% since Oct. 18, 2005. This one converted to a trust last year. It has about 4.5 million of net undervalued acres. It is now being creative taking advantage of its real estate base. | 2006-03-12 | |
| PAST TOP PICK | | Enerplus Resources Fund | ERF.UN-T | 56.940 | Enerplus went up 9%. Their top 3-4 oil and gas trusts. Has been around since the first trusts were launched in 1986. Reserve life today is higher than it was in 1986. Producing more and has exposure to oil sands deposits. It is in very good shape. | 2006-03-12 | |
| TOP PICK | | Progress Energy Trust | PGX.UN-T | 16.410 | Progress Energy is a gas weighted trust, it has been around for a few years. They have a good quality team. They have been able to replace 2005 production, 170 % has been replaced, mostly through the drilling. Maintaining costs at a reasonable level. Company is very cost efficient. | 2006-03-11 | |
| TOP PICK | | Cathedral Energy Services Income Trust | CET.UN-T | 10.980 | Cathedral Energy Services is a smaller cap name. He owns a small position in it and is considering expanding on it. Low pay out ratio and no debt on the balance sheet. Low evaluation. | 2006-03-11 | |
| TOP PICK | | CCS Income Trust | CCR.UN-T | 37.710 | CCS Income Trust is a larger service company involved in the oil field waste management business. Dominant market share in Canada-60% market share in Canada. More industrial waste type of business in the US. This guest likes that the business is based on production as opposed to drilling. Low pay out and low yield. But the growth has been great. | 2006-03-11 | |
| HOLD | | Canetic Resources Trust | CNE.UN-T | 24.350 | There is a bit of integration risk because of all the acquisitions made prior to this trust being created. This will be the 2nd largest oil/gas income trust. They will have a US listing which is positive. The valuation is decent. | 2006-02-03 | |
| DON'T BUY | | Cineplex Galaxy Income Fund | CGX.UN-T | 13.250 | Generally, he has a policy of not investing in a trust that is in the entertainment sector. Thinks they will continually be challenged by the growth of home entertainment. | 2006-02-03 | |
| HOLD | | Shiningbank Energy Income Fund | SHN.UN-T | 27.850 | 75/80% gas weighted. There has been downward pressure due to the decline in natural gas prices. Fundamentals are strong. | 2006-02-03 | |
| HOLD | | Superior Plus Income Fund | SPF.UN-T | 22.600 | Has a fantastic track record with an excellent management team. Propane demand has been decreasing so management diversified into areas, a lot of which were related to the housing market. Management has proven time after time that it is able to perform. | 2006-02-03 | |
| HOLD | | Viking Energy Royalty Trust | VKR.UN-T | 9.290 | Would rank as a tear 2/3 player. Good quality people are running the trust. Has a lot of heavy oil exposure. Management has good heavy oil experience. | 2006-02-03 | |
| BUY | | Fairborne Energy Trust | FEL.UN-T | 15.720 | Gas weighted. Longer term, the gas market is going to be strong. Good value at these prices. They are experts in coal bed methane drilling which is a real upside. | 2006-02-03 | |
| PAST TOP PICK | | Enerplus Resources Fund | ERF.UN-T | 62.320 | (A Top Pick Oct 18/05. Up 20%.) Feels that commodity prices are going to stay quite strong and he still likes this trust. | 2006-02-03 | |
| TOP PICK | | Penn West Energy Trust | PWT.UN-T | 43.200 | (A Top Pick Oct 18/05. Up 28%.) Has 4.5 million net acres which are relatively undeveloped. Thinks there is another $3 a share because of land that has not been included by analysts. Increasing distributions. | 2006-02-03 | |
| PAST TOP PICK | | Canadian Oil Sands Trust | COS.UN-T | 157.000 | (A Top Pick Oct 18/05. Up 43%.) By fire, one of the best oil/gas trusts in the market. 40/50 years reserve life. Stage 3 production will likely come on this summer. Looking for distribution increases in the latter part of 2006 and in 2007. | 2006-02-03 | |
| BUY | | Yellow Pages Income Fund | YLO.UN-T | 16.240 | A high-quality name and would rank it in the top 5/6 trusts. Good history of being able to increase cash flows at a stable level. The acquisition of Auto Trader makes a good fit. You could very well see a distribution increase in the latter part of 2006. | 2006-02-03 | |
| DON'T BUY | | Canwel Building Materials Ltd. | CWX.UN-T | 4.450 | Distributing products to the Home Depots and Ronas of the world. Highly levered to forest products which can be quite volatile. Housing starts have been a lot lower. Too cyclical for his portfolio. | 2006-02-03 | |
| BUY | | Peak Energy Services Trust | PES.UN-T | 12.270 | Oil service sector. Likes the fact that it has a relatively low payout ratio. Relatively low debt. There could be some consolidation in the sector and given the size of this one, it could very well be a candidate. | 2006-02-03 | |
| DON'T BUY | | Transalta Power Lp | TPW.UN-T | 9.240 | Power generation is very interest-rate sensitive. You are not likely to see distribution increases. Reported a pretty bad quarter. | 2006-02-03 | |
| DON'T BUY | | Boyd Group Income Fund | BYD.UN-T | 1.670 | This is a business that should never have been a trust. | 2006-02-03 | |
| DON'T BUY | | Boston Pizza Royalties | BPF.UN-T | 15.610 | He does not own any restaurants. Long-term, it is a tough, tough industry. This one looks like it has done a decent job. | 2006-02-03 | |
| DON'T BUY | | Jazz Air Income Fund | JAZ.UN-T | 10.000 | Generally does not like airlines. | 2006-02-03 | |
| BUY | | Armtec Infrastructure Income Fund | ARF.UN-T | 18.250 | In the infrastructure industry. Basically manufacture steel, aluminum and polyethylene plastic pipe for a drainage system. Canada has had a significant amount of money delegated to improve infrastructure. This company is a leading player. | 2006-02-03 | |
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