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| John Priestman of Guardian Capital |
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| BUY | Acclaim Energy Trust | AE.UN-T (Dead) | 14.400 | A good trust, especially if you are looking for income. About 2/3 of its distribution is tax deferred income. Yield is about 12 1/2%. Good up front tax-effective income. | 2004-12-31 | ||
| BUY | Arc Resources Ltd | ARX-T | 17.900 | Good holdings for 2/3 years would be Arc Energy or Canadian Oil Sands. | 2004-12-31 | ||
| BUY | Altagas Ltd | ALA-T | 23.150 | A terrific core holding. Has grown at 15%+ every year. Great management and make smart acquisitions. | 2004-12-31 | ||
| BUY | Connors Bros. Income Fund | CBF.UN-T | 18.650 | A good trust in the seafood industry is Connor Bros. Low payout ratio at 70%. Good balance sheets. | 2004-12-31 | ||
| DON'T BUY | Clean Power Income Fund | CLE.UN-T | 6.940 | The embarrassment of the year in income trusts. Standard Poor ranked it as a very stable trust. A lot of the acquisitions they have made have not produced cash flow. | 2004-12-31 | ||
| DON'T BUY | Clearwater Seafoods Inc. | CLR-T | 8.780 | Distributions have been high at 13% or so which was 138% of cash flow in the 3rd quarter. There will probably be a cut. A better trust in the seafood industry is Connor Bros. Low payout ratio at 70%. Better balance sheets. | 2004-12-31 | ||
| BUY | Canadian Oil Sands | COS-T | 67.610 | Good holdings for 2/3 years would be Arc Energy or Canadian Oil Sands. | 2004-12-31 | ||
| WEAK BUY | Davis + Henderson | DH-T | 22.700 | They have been doing some profit taking. Had a spectacular run. Increased their distribution 4 times. Pays $1.44 (about 6%.) Has a monopoly in cheque printing. | 2004-12-31 | ||
| VAGUE | Freehold Royalties | FRU-T | 17.450 | Has had a great run and have been trimming back their positions. Good substitutions for a 2/3 year hold would be Arc Energy or Canadian Oil Sands. | 2004-12-31 | ||
| HOLD | H&R Real Estate Inv Trust | HR.UN-T | 18.990 | Very expensive. Has had a huge move. Trading at over 20% premium to its net asset value. 7% yield. Do some profit taking. Can repurchase at a cheaper price down the road. | 2004-12-31 | ||
| BUY | Keyera Corp | KEY-T | 14.390 | 8% yield. Payout ratio of about 90%. Has a very high tax deferment. | 2004-12-31 | ||
| BUY | RioCan Real Estate Investment | REI.UN-T | 17.750 | Has increased distributions every year for 11 years. Low payout ratio. Great balance sheet and terrific management. Could be a core holding. | 2004-12-31 | ||
| BUY | Retirement Residences REIT | RRR.UN-T | 10.300 | Retirement home business is very fragmented so it's an area where there is the opportunity to make accretive acquisitions. Likes all 3 of the plays in this space including Chartwell and Sunrise Senior. Had surplus capacity and a high yield, so cut its distribution, so it's a good turnaround story. | 2004-12-31 | ||
| BUY | Viking Energy Royalty Trust | VKR.UN-T | 6.750 | Has new management from top to bottom and a new game plan. Currently merging with Calpine which will make it into a much larger trust. Will be a big high quality name with an equal balanced production between natural gas and oil. High yield. | 2004-12-31 | ||
| HOLD | Westshore Terminals Inc. | WTE.UN-T | 12.520 | A reasonable distribution for next year would probably be around $1.20/1.25 which is a substantial increase from what they have been paying for the last 4/5 years. Volumes and coal prices will be going up. | 2004-12-31 | ||
| BUY | Chartwell Seniors housing | CSH.UN-T | 14.100 | Retirement home business is very fragmented so it's an area where there is the opportunity to make accretive acquisitions. Likes all 3 of the plays in this space including Retirement REIT and Sunrise Senior. This one will be the most aggresive. Have doubled their assets in less than 18 months. | 2004-12-31 | ||
| WAIT | A Comment -- General Comments From an Expert | A Commentary | 12.300 | You have to believe in natural gas to own this trust. Natural gas looks shaky for the next 2/3 months. Storage levels are high. Has a nice reserve life and a good balance sheet. You'll have a better opportunity to buy or add in the spring time. | 2004-12-31 | ||
| BUY | Sunrise Senior Living REIT | SZR.UN-T | 11.540 | Retirement home business is very fragmented so it's an area where there is the opportunity to make accretive acquisitions. Likes all 3 of the plays in this space including Retirement REIT and Chartwell. This one caters to high income earners. Will be a little slower growing. | 2004-12-31 | ||
| BUY | Arc Resources Ltd | ARX-T | 22.810 | A unique vehicle. What you are really buying into is ARC Energy which is one of the best trusts in Canada. | 2004-05-26 | ||
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| DON'T BUY | Advantage Oil & Gas Ltd | AAV-T | 19.770 | Good fundamentals. 80% gas. Getting expensive compared to some of the other royalty trust. If you own, take some profit. | 2004-05-26 | ||
| BUY | Connors Bros. Income Fund | CBF.UN-T | 15.300 | With their acquisition of Bumblebee, they are a much larger and more liquid trust. Revenue base is more diversified. | 2004-05-26 | ||
| BUY | Chemtrade Logisitics Inc. | CHE.UN-T | 18.300 | Likes the outlook for this trust. Have done a good job of making acquisitions. Some distribution increases have occurred. | 2004-05-26 | ||
| BUY | Cominar Real Estate Inv Tr | CUF.UN-T | 14.700 | A favorite holding. Extremely well-managed. Good balance sheet. Would be a prime target in any merger/acquisition activity. | 2004-05-26 | ||
| BUY | H&R Real Estate Inv Trust | HR.UN-T | 15.670 | A good REIT. | 2004-05-26 | ||
| BUY | Shiningbank Energy Income Fund | SHN.UN-T | 18.980 | A core holding. Has retained its reserve life index through acquisitions. | 2004-05-26 | ||
| BUY | Summit Real Estate Investment | SMU.UN-T | 16.450 | A good REIT in industrial properties. 10% yield. | 2004-05-26 | ||
| PAST TOP PICK | Vermilion Energy Inc | VET-T | 18.130 | (A top pick Jan 21/04. Up 9.6%.) Like this one because it's a different business model. Their focus is in international markets. | 2004-05-26 | ||
| BUY | Petrofund Energy Trust | PTF.UN-T | 15.850 | Very attractive at this price. | 2004-05-26 | ||
| BUY | Osprey Media Income Fund | OSP.UN-T | 10.080 | Likes the newspaper business. Deadly dull, but predictabe stable income. | 2004-05-26 | ||
| VAGUE | FP Newspapers Inc | FP-T | 12.700 | This has been a good little trust, but too small for their holdings.Likes the newspaper business. Deadly dull, but predictabe stable income. | 2004-05-26 | ||
| PAST TOP PICK | Arc Resources Ltd | ARX-T | 14.800 | (A top pick Nov 7/03. Up 9.2%.) A good story that is getting better. They do everything well. Low cost operators. Exceptional track record. | 2004-01-21 | ||
| BUY | Clean Power Income Fund | CLE.UN-T | 9.990 | A middle of the pack power trust. They haven't earned their distribution for the last three quarters. Expect them to start earning is by the middle of 2004. | 2004-01-21 | ||
| TOP PICK | Calloway REIT | CWT.UN-T | 14.370 | A 2nd.tier REIT, which has the potential to become a 1st tier REIT. Getting some good contracts in February. This company is first choice of Wal-Mart's. | 2004-01-21 | ||
| WEAK BUY | Specialty Foods Ltd. | HAM.UN-T | 7.880 | Has had a very rocky ride because of the mad cow scare. Seems to be recovering and compared to some equity stocks is not too bad. | 2004-01-21 | ||
| PAST TOP PICK | KCP Income Fund | KCP.UN-T | 12.000 | (A top pick Nov 7/03. Down 1.7%.) A whole slew of things have affected this fund. It still is a good trust. Management has a significant ownership stake. | 2004-01-21 | ||
| DON'T BUY | Pengrowth Energy Trust (US) | PGH-N | 19.560 | Any kind of bad news, such as energy prices, will drop the price very quickly because of the amount of US investment. Nervous about this. | 2004-01-21 | ||
| DON'T BUY | Provident Energy Ltd | PVE-T | 11.290 | Any kind of bad news, such as energy prices, will drop the price very quickly because of the amount of US investment. Nervous about this. | 2004-01-21 | ||
| BUY on WEAKNESS | Canadian Real Estate Investment | REF.UN-T | 16.840 | Real estate is a late cycle play, so with the current economic recovery, buy on any weakness. | 2004-01-21 | ||
| DON'T BUY | Fibrek Inc. | FBK-T | 7.300 | Highly cyclical. Canada is becoming less competitive in the global market in exporting pulp. | 2004-01-21 | ||
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| DON'T BUY | Viking Energy Royalty Trust | VKR.UN-T | 5.850 | The oil patch is coming under stricter standards. Has had some management problems. A bad acquisition diluted their distributions. | 2004-01-21 | ||
| BUY | Yellow Media Inc | YLO-T | 11.760 | Dominant in its market. The income should be safe and could possibly grow. A high quality trust | 2004-01-21 | ||
| WATCH | Baytex Energy Corp | BTE-T | 11.050 | A heavy oil play, which is a part of the market they don't care for. They have a lot of Proven Undeveloped Reserves with the risk that they could be downgraded. | 2004-01-21 | ||
| BUY | UE Waterheater Income Fund | UWH.UN-T | 11.470 | An ideal business for an income trust. They have a dominant market position. | 2004-01-21 | ||
| TOP PICK | Arc Resources Ltd | ARX-T | 13.420 | Have a good track record. Strong management. Evenly balanced between gas and oil. | 2003-11-07 | ||
| BUY | Bonavista Energy Corp | BNP-T | 17.210 | Has a great balance sheet. Payout ratio is targeted at 70/75%. Have a huge land base that they can exploit. Should be able to increase their reserve life through the drill bit as well as the checkbook. | 2003-11-07 | ||
| HOLD | Connors Bros. Income Fund | CBF.UN-T | 13.750 | A very stable business. Fully valued with a 9% yield. Balance sheet is in good shape. Consider taking some profit if you own. | 2003-11-07 | ||
| BUY | Enerplus Corp | ERF-T | 36.970 | A really good trust. Reserve life index is just under 14 years. Good balance sheet. Strong management. Well followed. US investors like this trust. | 2003-11-07 | ||
| BUY | Fording Canadian Coal Trust (Inc Trust) | FDG.UN-T | 34.740 | Price of coal is rising. | 2003-11-07 | ||
| WEAK BUY | Versacold Corp | ICE.UN-T | 8.920 | Has had a nice run, probably from money leaving Atlas Cold Storage. Fundamentals are OK. | 2003-11-07 | ||
| BUY | Labrador Iron Ore | LIF.UN-T | 17.300 | One way to play coal. The price of coal is rising. | 2003-11-07 | ||
| BUY | Pengrowth Energy Trust (US) | PGH-N | 18.270 | Had a very good third quarter. Acquired 8 ½% in the Sable offshore oil fields. Profitability on that production should go up dramatically. | 2003-11-07 | ||
| BUY | Westshore Terminals Inc. | WTE.UN-T | 6.710 | One way to play Fording Coal. The price of coal is rising. | 2003-11-07 | ||
| BUY | Gateway Casinos Income Fund | GCI.UN-T | 13.300 | Too small a market cap for them to hold, but gambling is a big revenue generating business. Have a good track record. | 2003-11-07 | ||
| BUY | Advantage Oil & Gas Ltd | AAV-T | 15.350 | 17% yield. One of the best. Biased to gas. Great track record. | 2003-07-30 | ||
| HOLD | Clearwater Seafoods Inc. | CLR-T | 12.480 | Good management. Have moved up quite a bit and may need a copnsolidation period. | 2003-07-30 | ||
| DON'T BUY | Contrans Group Inc | CSS-T | 9.100 | Competitive business and low margins | 2003-07-30 | ||
| BUY | Gaz Metro Ltd Partnership | GZM.UN-T (Dead) | 20.670 | Good trust, but very thinly traded. | 2003-07-30 | ||
| DON'T BUY | Morguard Real Estate Inv Trust | MRT.UN-T | 8.750 | Using 100% of their cash flow with only a 10% low yield. | 2003-07-30 | ||
| BUY | Pembina Pipeline Corp | PPL-T | 12.080 | A solid holding. Reasonably valued. Nice steady growth. | 2003-07-30 | ||
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| PAST TOP PICK | Retirement Residences REIT | RRR.UN-T | 11.550 | (Was a top pick on June 25/03. Up 9.9%.) Bought for a quick trade. Wouldn't buy now. | 2003-07-30 | ||
| DON'T BUY | Just Energy Group | JE-T | 23.000 | Has been a great trust. Very expensive now. | 2003-07-30 | ||
| HOLD | Viking Energy Royalty Trust | VKR.UN-T | 6.580 | A steady Eddy. Reserve life of 9/10.5 years. Good management. Biased to oil. | 2003-07-30 | ||
| BUY | IAT Air Cargo Trust | ACF.UN-T (Dead) | 8.110 | A good trust, but Air Canada has created problem. | 2003-04-02 | ||
| DON'T BUY | Algonquin Power & Utilities Corp | AQN-T | 8.570 | Made a lot of acquisitions, but have not increased distributions. | 2003-04-02 | ||
| STRONG BUY | EnerCare Inc | ECI-T | 10.900 | Very stable. Strong credit. | 2003-04-02 | ||
| TOP PICK | H&R Real Estate Inv Trust | HR.UN-T | 13.970 | Well managed. 99% occupance leased. | 2003-04-02 | ||
| BUY | Inter Pipeline Fund | IPL.UN-T | 6.200 | Making good acquisitions. Yield of 11%. | 2003-04-02 | ||
| DON'T BUY | Perpetual Energy | PMT-T | 13.240 | Great management/balance sheet. Reserve life should be 10 years and this one is only 5.. | 2003-04-02 | ||
| WEAK BUY | Retirement Residences REIT | RRR.UN-T | 10.200 | A terrific play on demographics. There's a short term overcapacity in Ontario plus competition. Long term is good. | 2003-04-02 | ||
| BUY | Arc Resources Ltd | ARX-T | 12.390 | Likes oil trusts. Could be volatile. | 2002-08-06 | ||
| PAST TOP PICK | Canadian Oil Sands | COS-T | 37.800 | (Was a top pick Mar 19. Down 12%.) Still likes. Could be volatile. | 2002-08-06 | ||
| TOP PICK | Davis + Henderson | DH-T | 11.150 | Market dominant. Limited competition. Good management. | 2002-08-06 | ||
| TOP PICK | Veresen Inc | VSN-T | 7.720 | Very good price. Yield at about 8.5%. | 2002-08-06 | ||
| STRONG BUY | Atlas Cold Storage Income Trust | FZR.UN-T | 11.730 | Trustworthy trust. Prefers over Versacold. | 2002-08-06 | ||
| BUY | Versacold Corp | ICE.UN-T | 8.100 | A very trustworthy trust. Good yield. | 2002-08-06 | ||
| DON'T BUY | Nortel | NT-T (Dead) | 1.520 | Too many shares outstanding, so earnings per share will be low. | 2002-08-06 | ||
| BUY | Power Corp | POW-T | 39.500 | Ina a good buying range. | 2002-08-06 | ||
| BUY | RioCan Real Estate Investment | REI.UN-T | 12.720 | Commercial real estate REITs should remain strong. | 2002-08-06 | ||
| PAST TOP PICK | Superior Plus Corp | SPB-T | 18.660 | (Was a top pick Mar 19. Up 1.3%.) Still likes. | 2002-08-06 | ||
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| BUY | Algonquin Power & Utilities Corp | AQN-T | 9.920 | A good trust. 50 power plants gives it good diversfication. | 2002-03-19 | ||
| BUY | Clean Power Income Fund | CLE.UN-T | 10.750 | A solid trust. Well managed. | 2002-03-19 | ||
| BUY | Enerplus Corp | ERF-T | 26.020 | Good assets/ track record/diversification. | 2002-03-19 | ||
| DON'T BUY | Legacy Hotels | LGY.UN-T | 8.750 | Now overvalued. | 2002-03-19 | ||
| DON'T BUY | Northland Power Inc | NPI-T | 11.200 | Excellantly structured between gas price and electricity values. Fully valued now. | 2002-03-19 | ||
| DON'T BUY | Prime West Energy Trust | PWI.UN-T | 7.220 | Has had some acquisition problems. Credibility problems with management. | 2002-03-19 | ||
| BUY | Rothmans Inc | ROC-T | 30.600 | Good dividends. Could be making a special dividend in the next few months. | 2002-03-19 | ||
| TOP PICK | Summit Real Estate Investment | SMU.UN-T | 15.350 | Good properties. Should grow. | 2002-03-19 | ||
| BUY | Timberwest Forest | TWF.UN-T (Dead) | 13.600 | Good assets. 100% taxable. | 2002-03-19 | ||
| BUY | Viking Energy Royalty Trust | VKR.UN-T | 7.460 | Good trust. Steady. | 2002-03-19 |
