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| Greg Guichon of Rockwater Asset Management |
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| BUY | Arc Resources Ltd | ARX-T | 27.840 | Equally weighted in oil/gas. Excellent management. Actively traded in the US. | 2006-07-14 | ||
| BUY | Bonavista Energy Corp | BNP-T | 35.600 | 58% gas weighted. Excellent management. Current yield of about 11% but has a very low payout ratio. | 2006-07-14 | ||
| DON'T BUY | Connors Bros. Income Fund | CBF.UN-T | 11.460 | When they emerged in with Bumble Bee they strayed away from their core competencies. It has taken 1 or 2 years for the integrated company to put through all the cost savings. The cost savings may be starting to kick in. Very competitive business. | 2006-07-14 | ||
| BUY | Canadian Oil Sands | COS-T | 34.200 | 35% in the Syncrude oil sands project. Yield is low as they have focused on paying down debt rather than increasing distributions. Acquiring Canada Southern Petroleum which has reserves in the high Arctic. | 2006-07-14 | ||
| SELL | Cinram | CRW.UN-T | 25.960 | Excellent management and balance sheet. Didn't like the changes in technology were they were going from CDs and DVDs to a new format and the new format is unclear. Also not sure what the CapX requirements would be to move over. | 2006-07-14 | ||
| WATCH | Focus Energy Trust | FET.UN-T | 22.790 | A gas based trust. Following it with interest. Management is excellent, but there is integration risks with their new merger. | 2006-07-14 | ||
| DON'T BUY | Harvest Energy Trust | HTE.UN-T | 34.330 | Oil-based trust with a yield in the 14% range. Payout ratio is in the 70% range. The assets they took on from Viking are not the highest quality. Sold his holdings because of the integration risks. | 2006-07-14 | ||
| BUY | Newalta Corp | NAL-T | 32.750 | Low yield of about 6.7%. This is a growth part of a portfolio. They clean up waste in the oil patch. Very high margins. Low payout ratio of about 67%. | 2006-07-14 | ||
| BUY | Provident Energy Ltd | PVE-T | 14.020 | 67% oil. 10% yield with a 71% payout. A combination of oil production and gas refining. | 2006-07-14 | ||
| DON'T BUY | Shiningbank Energy Income Fund | SHN.UN-T | 21.160 | Just made an acquisition. Made 2 distribution cuts this year. Payout ratio is too high. | 2006-07-14 | ||
| PAST TOP PICK | Trinidad Energy Services | TDG.UN-T | 16.860 | (A Top Pick Apr 28/06. Down 7.4%.) Getting caught in the decline of need of drilling rigs. A very good trust. | 2006-07-14 | ||
| DON'T BUY | Tree Island Wire Income Fund | TIL.UN-T | 9.090 | 16% yield in their market is expecting a decrease. Can have a lot of competition in nail production and weakening housing sales can be a problem. | 2006-07-14 | ||
| SELL | Baytex Energy Corp | BTE-T | 24.630 | A heavy oil trust. The spread between heavy oil and light oil has narrowed so the trust has done very well. This is a seasonal stock and demand is highest in the summer, so you might want to take profits now. | 2006-07-14 | ||
| TOP PICK | Crescent Point Energy Corp | CPG-T | 22.600 | An excellent play on oil. They made some interesting acquisitions. Good management. Excellent technical expertise. 10.5% yield. | 2006-07-14 | ||
| BUY | Chartwell Seniors housing | CSH.UN-T | 14.130 | This was an amalgamation of 3 large senior citizens residences and initially there was disappointment in the lack of synergies. Believes it is a good place to be in the long-term. | 2006-07-14 | ||
| Comment | Trilogy Energy Corp | TET-T | 18.620 | 8% gas. 13% yield. All bets are off regarding distribution cuts. Doesn't think there is much risk to the underlying trust however. Good management. | 2006-07-14 | ||
| BUY | Penn West Petroleum | PWT-T | 43.750 | A core holding in the oil/gas sector. | 2006-07-14 | ||
| DON'T BUY | Teranet Income Fund | TF.UN-T | 10.040 | Passed on the original IPO as the government would be selling their holdings in 6 months. Also was not convinced that management would stick around. Likes the model and the business. | 2006-07-14 | ||
| TOP PICK | First National Financial | FN-T | 11.500 | Current yield of 8.5%. Mortgage broker, but also manages mortgages. Have software that allows mortgage brokers to get real-time information about mortgage applications. Gives them a very strong niche. | 2006-07-14 | ||
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| BUY | Resolve Business Outsourcing Income Fund | RBO.UN-T | 8.390 | Looked like an OK 1st quarter and believes they are going to have a very good 2nd quarter. Business model they have is a good one but the market is waiting to see. He is betting they will. | 2006-07-14 | ||
| BUY | Arc Resources Ltd | ARX-T | 27.000 | A premier income trust. Management continues to do a good job in replacing reserves and making small acquisitions. | 2006-04-28 | ||
| BUY on WEAKNESS | Progressive Waste Solutions Inc | BIN-T | 27.850 | A waste management trust. Market is a little concerned about the rising costs they are facing. Long-term, have an excellent franchise. Sensitive to interest rates. | 2006-04-28 | ||
| DON'T BUY | Connors Bros. Income Fund | CBF.UN-T | 10.050 | Sold his holdings when they acquired Bumblebee. Wasn't comfortable with the business on a going forward basis. Felt margins were too narrow on the business they were moving in to. Very competitive market. | 2006-04-28 | ||
| BUY | Canadian Oil Sands | COS-T | 175.000 | A unique trust in that it is a mining oil/gas trust. Just increased their distributions from $1 to $1.50. Have announced a 5 for 1 split. Last quarter had high operating costs because of high gas prices. Gas prices have dropped some next quarter should be good. | 2006-04-28 | ||
| PAST TOP PICK | Calloway REIT | CWT.UN-T | 24.900 | (A Top Pick Jan 20/06. Down 6.3%.) Still likes it. Feels it's one of the highest quality REITs out there. | 2006-04-28 | ||
| DON'T BUY | Fording Canadian Coal Trust (Inc Trust) | FDG.UN-T | 41.000 | Has been reducing his holdings in light of their rising costs. It looks like there is a surplus of coal right now. Their customers, especially the Chinese, are turning back orders. | 2006-04-28 | ||
| PAST TOP PICK | Freehold Royalties | FRU-T | 20.680 | (A Top Pick Jan 20/06. Up 7.7%.) Still likes it. Currently yielding about 10%. Its unique in that it owns properties and farms out for other companies to drill on and then collect a royalty. Very conservative management. | 2006-04-28 | ||
| SELL | Peyto Exploration & Develop. | PEY-T | 26.600 | Management disappointed the market. They have a very solid business model, but the model is predicated on them aggressively finding and replacing their reserve. | 2006-04-28 | ||
| TOP PICK | Trinidad Energy Services | TDG.UN-T | 18.410 | A drilling trust. Good management. Payout ratio of about 60%. Made 2 acquisitions, one in Canada and one in the US. This gives them a firm foothold in the US. Rigs are in very sharp demand. Looking for further distribution increases this year. | 2006-04-28 | ||
| BUY | Crescent Point Energy Corp | CPG-T | 22.750 | Reserve life is 7/8 years. Likes management which is a very conservative group. Have consolidated in a geographic area and have got to know the area very well. Made some smart acquisitions. | 2006-04-28 | ||
| BUY | Progress Energy Resources Corp | PRQ-T | 17.400 | Has a shorter reserve life and is a gas weighted trust. Yield is in the 10/11% range. Feels the management is doing a fine job in replacing their reserves. In time it will become a growth trust. | 2006-04-28 | ||
| BUY | Armtec Infrastructure | ARF-T | 18.510 | A thinly traded trust, so he can't hold it in his portfolio. Likes the business model. Public infrastructure spending continues to go up. They have a cost advantage in the products they use. 20% of their revenues are from the oil/gas business. Low debt. Very conservative management. | 2006-04-28 | ||
| BUY | Daylight Energy Ltd | DAY-T (Dead) | 12.880 | In the process of merging with Sequoia (SQE.UN-T) and will become a much bigger trust. Expects they will go for a US listing which probably would result in an uptick. | 2006-04-28 | ||
| BUY | Penn West Petroleum | PWT-T | 43.270 | Since becoming a trust, they have made substantial improvement in their cost structure. Farming out a lot of their properties so they are moving towards being a landlord. A very solid trust. Just made a strategic acquisition. | 2006-04-28 | ||
| HOLD | Chorus Aviation Inc | CHR.B-T | 9.150 | Not a growth play. Has a covenant from Air Canada to meet the revenues. You have to be comfortable with that covenant. Recent sell off has been a function of interest rates and the perception that oil prices are going to hurt them. Thinks management will turn this into a growth play, maybe next year. | 2006-04-28 | ||
| BUY | Arc Resources Ltd | ARX-T | 26.650 | Just made an acquisition that the market felt was too high a price. They feel the acquisition, even though it is expensive, is an excellent one and they are continuing to buy. Expecting news on a secondary recovery scene that should increase the value. | 2006-01-20 | ||
| SELL | Alexis Nihon REIT | AN.UN-T (Dead) | 13.150 | Montréal based. Has quite a mix of properties, commercial and office. They have had problems with occupancy as well as renovation expenses. More attractive trusts out there. | 2006-01-20 | ||
| DON'T BUY | Chemtrade Logisitics Inc. | CHE.UN-T | 12.000 | Has a spectacular history. Raised its distributions several times. Recently went into some chemicals that are destined for the paper industry but hurricanes destroyed refineries which cut off some raw materials. Yield of 11% indicates some concerns. Distributions are expected to be cut. | 2006-01-20 | ||
| TOP PICK | Calloway REIT | CWT.UN-T | 26.050 | Sees the REIT sector as a good growth area. This is the one REIT that has double-digit growth. 30% of its revenues come from Wal-Mart with the rest coming from the top 10 retailers in Canada. One of the more solid REITs. | 2006-01-20 | ||
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| WEAK BUY | Enbridge Income Fund Holdings | ENF-T | 14.160 | A pipeline trust moving oil across western Canada. Very low growth rate but very stable distributions. A very good trust, but there are better trusts out there. | 2006-01-20 | ||
| Comment | Veresen Inc | VSN-T | 11.920 | Just cut their distributions, largely because of a stronger Canadian$. Offsetting this is a new contract which should add stability which wasn't there before. | 2006-01-20 | ||
| TOP PICK | Freehold Royalties | FRU-T | 19.200 | This is the one trust that the bulk of their assets have a gross overriding royalty. Payout ratio is 78%, but because they don't have to do capital expenditures the higher payout ratio is okay. Yield of about 11%. | 2006-01-20 | ||
| SELL | Peyto Exploration & Develop. | PEY-T | 24.910 | A low yielding growth trust. Believes the growth rate is slowing down and they sold their holdings. | 2006-01-20 | ||
| SELL | Superior Plus Corp | SPB-T | 23.630 | The acquisitions they were making bothered them. They were turning into a mini conglomerate. Prefers purer trusts. As much more commodity risks than other trusts. | 2006-01-20 | ||
| BUY | Trinidad Energy Services | TDG.UN-T | 18.510 | Likes the sector they are in. Management owns a large stake in the trust. Increased distributions six times since becoming a trust. Made some exciting acquisitions. Transforming themselves into an international player. | 2006-01-20 | ||
| DON'T BUY | Transalta Power Lp | TPW.UN-T | 9.500 | A co-generation power trust. His concern is that their long-term gas contracts are going to be coming to an end over the next couple of years. Will they be able to convert to a higher priced in gas and sell their electricity. Too risky. | 2006-01-20 | ||
| HOLD | Viking Energy Royalty Trust | VKR.UN-T | 9.500 | This one is merging with Harvest Energy (HTE.UN-T). The combined trust will be attractive to large institutional investors which will create an improved valuation. It is possible they could get a US listing that would improve the valuation. On Mergers, there is always integration risks but in 6/9 months, it will be a good trust. | 2006-01-20 | ||
| PAST TOP PICK | Yellow Media Inc | YLO-T | 16.850 | (A Top Pick Oct 21/05. Up 29%.) It continues to do exactly what it was expected to do. | 2006-01-20 | ||
| DON'T BUY | Hot House Growers Income Fund | VEG.UN-T | 5.850 | In 2004 and early 2005, they had a good hothouse crop, but unfortunately regular crops were exceptionally good. They were forced to reduce their distributions materially. Just recently they partially reinstated the distributions. A very seasonal business. Would avoid this one. | 2006-01-20 | ||
| BUY | Penn West Petroleum | PWT-T | 42.230 | Payout ratio is about 60%. A gas weighted trust. Excellent management. Likes the way it is progressing. | 2006-01-20 | ||
| BUY | Groupe Aeroplan Inc | AIM-T | 12.950 | Likes its growth profile. Current yield are about 5.5/6%. Looking to increase retailers that will give out miles. A very good trust. | 2006-01-20 | ||
| PAST TOP PICK | Pollard Banknote Ltd | PBL-T | 13.570 | (A Top Pick Oct 21/05. Up 25%.) They are in an enviable position where they print material such as gambling chips, lotto tickets etc where others cannot get licensed. | 2006-01-20 | ||
| TOP PICK | Mullen Group Ltd | MTL-T | 31.250 | A very old family owned company. Basically, anything in the oil patch that moves, they move it. Basically have a lock on this business in western Canada. Down the road, the development in northern Canada is going to be really critical to their continued growth. | 2006-01-20 | ||
| PAST TOP PICK | Morneau Shepell Inc | MSI-T | 13.000 | (A Top Pick Oct 21/05. Up 32%.) Still likes it. Still buying. | 2006-01-20 | ||
| BUY | Canetic Resources Trust | CNE.UN-T | 23.850 | This was the result of a merger of two trusts. They owned both. Excellent management. Working towards a US listing in February which will give it a higher valuation. About 11% yield. Payout ratio will be about 65/70%. | 2006-01-20 | ||
| BUY | Duke Energy Income Fund | DET.UN-T | 11.690 | This is a midstream gas producer. Has 6 plants between Calgary and Edmonton. A good solid trust. | 2006-01-20 | ||
| BUY | Arc Resources Ltd | ARX-T | 21.260 | A high quality trust. This and Enerplus Resources (ERF.UN-T) are the blue chip trusts in the market place. Sensitive to the prices of oil and gas. | 2005-10-21 | ||
| DON'T BUY | Connors Bros. Income Fund | CBF.UN-T | 11.800 | An industry that is too competitive for him. Margins are not stable enough. | 2005-10-21 | ||
| BUY | Canadian Oil Sands | COS-T | 105.500 | A direct play on oil and as a result is probably the highest visibility trust in the market. Has 25/50 years of reserves. Has gone through a phase 3 expansion which has cost billions of dollars and they have loaded up the balance sheet. They are now taking advantage of these high prices and are paying down their debt. | 2005-10-21 | ||
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| BUY | Enerplus Corp | ERF-T | 48.890 | A high quality trust. This and ARC Energy (AET.UN-T) are the blue chip trusts in the market place. Sensitive to the prices of oil and gas. If you feel that oil/gas prices are going to be stronger, than this is a core holding. | 2005-10-21 | ||
| BUY | Fording Canadian Coal Trust (Inc Trust) | FDG.UN-T | 43.960 | Coal price is fixed once a year in the spring. Price is now about $120 per ton which is up from $30. At this point you don't know what the price f coal will be. This will depend a lot on China and the economic activity going on there. Feels it is still going to be strong. Feels the yield will stay at 12%. | 2005-10-21 | ||
| PAST TOP PICK | IPC US Income Commercial REIT | IUR.UN-T | 10.860 | (A Top Pick May 20/05. Down 5.25% not including distributions.) | 2005-10-21 | ||
| DON'T BUY | KCP Income Fund | KCP.UN-T | 9.390 | In a very competitive industry. Very small margins. A tough business in which to make money. | 2005-10-21 | ||
| PAST TOP PICK | Keyera Corp | KEY-T | 16.600 | (A Top Pick May 20/05. Up 2% not including distributions.) | 2005-10-21 | ||
| PAST TOP PICK | Northland Power Inc | NPI-T | 11.950 | (A Top Pick May 20/05. Down 18% not including distributions.) Has continued to increase its distributions. Expect their Quebec wind farm will be coming on stream next year and are looking for big things. | 2005-10-21 | ||
| WAIT | Peyto Exploration & Develop. | PEY-T | 24.700 | A quality growth trust. Ranks in the lower end of yields in oil/gas trusts at 6/7%. However, distribution increases are expected next year. You may want to wait before buying until the tax question is cleared up. | 2005-10-21 | ||
| BUY | Perpetual Energy | PMT-T | 20.040 | 100% natural gas. Raised the distribution and with their hedging can continue the increase through to 2007. Management has a long history in oil/gas and he really likes them. | 2005-10-21 | ||
| SELL | Superior Plus Corp | SPB-T | 23.750 | Has moved from a very simple trust to a very complex one covering many industries. These industries are very cyclical. Too complex to follow. | 2005-10-21 | ||
| TOP PICK | Yellow Media Inc | YLO-T | 12.980 | With its decline to $13, it yields about 8%. On a going forward basis, he is seeing distribution increases between 4% and 6%. Feels the company is morphing and changing, almost into a tech company, because they've built a search engine into their yellow pages. This could be very powerful. | 2005-10-21 | ||
| HOLD | Gateway Casinos Income Fund | GCI.UN-T | 14.750 | The market in this sector is becoming over crowded. Expects this stock will bounce back in the short term. | 2005-10-21 | ||
| BUY | StarPoint Energy Trust | SPN.UN-T | 19.320 | An oil based trust. Has been growing by acquisition. Recently made 3 acquisitions and is currently being merged with Acclaim (AE.UN-T). Likes the management. They have got a lot to prove in putting this together. There will be synergies that will be accretive to unit holders. | 2005-10-21 | ||
| BUY | Penn West Petroleum | PWT-T | 31.600 | A gas prone trust. Has the largest land position in Canada. | 2005-10-21 | ||
| TOP PICK | Pollard Banknote Ltd | PBL-T | 10.590 | A printer of tickets into the lotto industry. They're clients are governments and theyare #2 in North America. A utility type trust. Very conservative. Shows good growth profile. | 2005-10-21 | ||
| DON'T BUY | Associated Brands Income Fund | ABF.UN-T (Dead) | 5.000 | This is a sector that they stay away from. The consumers product area is an extremely competitive market. Small guys can be squeezed by the big players. | 2005-09-09 | ||
| BUY | CCS Income Trust | CCR.UN-T | 34.980 | Have a very good growth profile and very little competition. Good management. | 2005-09-09 | ||
| BUY | Canadian Oil Sands | COS-T | 128.020 | This is a very important call on oil on this investment. Won't be any further distribution increases this year. Expects there will be a lot of pressure on them to increase next year. Their 1st objective is to pay down debt. | 2005-09-09 | ||
| WEAK BUY | Fording Canadian Coal Trust (Inc Trust) | FDG.UN-T | 51.700 | Payout ratio of about 85/90% after they've paid their CapX. Coal price is negotiated once a year and the risk is that you don't know what the price wil be next year. Have to watch what's happening in China. If their growth rate stays where it is, then prices should remain high. | 2005-09-09 | ||
| PAST TOP PICK | IPC US Income Commercial REIT | IUR.UN-T | 11.820 | (A Top Pick May 20/05. Up 7%.) Up until the Katrina hurricane, they were very high on this one. They have a property there so make take time to work through this. | 2005-09-09 | ||
| PAST TOP PICK | Keyera Corp | KEY-T | 20.510 | (A Top Pick May 20/05. Up 23%.) Still likes. | 2005-09-09 | ||
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| BUY | Newalta Corp | NAL-T | 24.050 | In a very nice niche in oil, used oil and clean up oil in western Canada. The strong B.C. markets in forestry and oil/gas has been a great boon. May have gotten ahead of itself, but on a going forward basis it's a very good growth trust | 2005-09-09 | ||
| BUY | Noranda Income Fund | NIF.UN-T | 12.110 | Sold their position in this trust. Saw other trusts that had a better growth profile. This one has a very stable distributions. | 2005-09-09 | ||
| PAST TOP PICK | Northland Power Inc | NPI-T | 15.070 | (A Top Pick May 20/05. Up 4.5%.) Moving into wind power and the economics on wind power is very attractive because of their contracts with the Quebec government. Can see distribution increases coming here. | 2005-09-09 | ||
| BUY | Precision Drilling | PD-T | 59.100 | Have started purchasing on its announcement of converting to a trust. Expects that energy prices are going to stay very high for a very long time because of the basic supply/demand characteristics of the world. | 2005-09-09 | ||
| BUY | Peyto Exploration & Develop. | PEY-T | 31.860 | A very interesting trust model. Distribution from the beginning was going to be very low in order to have surplus for reinvestments. Last quarter they mis-stepped, but could be because of having a rainy quarter. Thinks it's OK now. | 2005-09-09 | ||
| BUY | Trinidad Energy Services | TDG.UN-T | 16.000 | Really likes this company. Energy prices are going to stay very high for a very long time because of the basic supply/demand characteristics of the world. | 2005-09-09 | ||
| TOP PICK | Yellow Media Inc | YLO-T | 15.720 | Management has done an excellent job of making themselves a monopoly in Canada. | 2005-09-09 | ||
| DON'T BUY | Baytex Energy Corp | BTE-T | 16.850 | A heavy oil producer, so are subject to heavy oil prices. A seasonal commodity. Right now they are having a phenominal quarter and expects the same with the 3rd quarter. He tends to stay away from the seasonal stocks. | 2005-09-09 | ||
| BUY | Savanna Energy Services | SVY-T | 26.250 | Energy prices are going to stay very high for a very long time because of the basic supply/demand characteristics of the world. | 2005-09-09 | ||
| BUY | Stoneham Drilling Trust | SDG.UN-T (Dead) | 24.000 | An excellent driller. Energy prices are going to stay very high for a very long time because of the basic supply/demand characteristics of the world. | 2005-09-09 | ||
| BUY | StarPoint Energy Trust | SPN.UN-T | 22.230 | A situation where some very far sighted managers have taken a trust and made 3 very interesting acquisitions and bringing them together in one geographic area in southwest Saskatchewan. Creating synergies. | 2005-09-09 | ||
| TOP PICK | Penn West Petroleum | PWT-T | 36.480 | Have been buying this week. A very exciting trust. Have a very large land position and are in the process of reworking it. Have farmed out 25% of their land to other trusts and exploration companies. Very low debt level. 7/8% yield. | 2005-09-09 | ||
| BUY | Pollard Banknote Ltd | PBL-T | 12.060 | Prints lottery tickets. One of three in North America. Government agencies are their major customers. Because of the security needs, there are real barriers to this industry. Not a cyclical business, so fits his criteria. Also recession proof. An excellent trust. | 2005-09-09 | ||
| DON'T BUY | Canadian Oil Sands | COS-T | 74.840 | Has been lightening up on his position. The issue is their cost overruns. Keep hearing that they are going to get it right, but 2 years later and still haven't got it right. A "show me" trust. | 2005-05-20 | ||
| BUY | Freehold Royalties | FRU-T | 15.230 | Unusual oil/gas trust. Other oil/gas trusts you participate after cash flow. This one you participate right at the top. Management is like a landlord, just collects rent and not involved in exploration/development of oil/gas. By its nature it has the potential to be one of the most sustainable of oil/gas trusts as they have no capital expenditure. Have large land postitions that others want to drill on. Pull back is due to financing of an acquisition during a soft market. Good time to Buy. | 2005-05-20 | ||
| TOP PICK | IPC US Income Commercial REIT | IUR.UN-T | 11.000 | Interesting diversification for a Canadian investor as it is the only US$ trust and pays in US$ if you choose. Good management. | 2005-05-20 | ||
| TOP PICK | Northland Power Inc | NPI-T | 14.400 | A sleepy utility type trust. A gas fired co-generation producing power and steam operation based largely in Ontario. Excited about their inclusion of wind power into their assets. They will be put up in rural Quebec. | 2005-05-20 | ||
| VAGUE | Peyto Exploration & Develop. | PEY-T | 52.450 | An unusual trust. Low yield of about 4/4.5%. Recently increased its distribution. A growth trust. Redeploys 60% of its cash flow into capital expenditures. His concern is that it doesn't have a large land position. | 2005-05-20 | ||
| DON'T BUY | Rogers Sugar Inc | RSI-T | 4.330 | The good news over the last couple of years is that the company has built themselves into a pretty good financial position and their balance sheet is in very good shape. The bad news is they still have a lot of competition. A big US producer pushes out a lot of subsidized sugar. | 2005-05-20 | ||
| BUY | Westshore Terminals Inc. | WTE.UN-T | 11.250 | Operates largest coal loading facility on the N.A. west coast. Last quarter took a currency hedge loss. Also, last year showed a large profit from their Fording Coal (FDG.UN-T) holdings, so the comparison was a problem. Actually, tonnage and profitability is increasing. Still likes it. Note: Management's percentage of ABITDA increases. | 2005-05-20 | ||
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| BUY | Gateway Casinos Income Fund | GCI.UN-T | 19.450 | A perfect model for a trust. Very low capital expenditures and very strong cash flow; therefor the ability to push off very high distributions. Last quarter's numbers were a little disappointing because of competition so the trust has pulled back. Should be able to wade through it with a little more marketing and aggression. | 2005-05-20 |
